1. CORPORATE INFORMATION The financial report of St George Mining Limited (“St George Mining” or “the Company”) for the year ended 30 June 2024 was authorised for issue in accordance with a meeting of the directors on 26 September 2024. St George Mining Limited is a company limited by shares, incorporated in Australia on 19 October 2009. The consolidated financial statements of the Company for year ended 30 June 2024 comprise of the Company and its subsidiaries together referred to as the Group or consolidated entity. The nature of the operations and principal activity of the Group is mineral exploration. 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (a) Statement of compliance The financial report complies with Australian Accounting Standards, which include Australian equivalents to International Financial Reporting Standards (“AIFRS”). Compliance with AIFRS ensures that the financial report, comprising the financial statements and notes thereto, complies with International Financial Reporting Standards (“IFRS”). (b) Basis of preparation of the financial report The financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Accounting Standards and Interpretations and complies with other requirements of the law. The financial report has also been prepared on a historical cost basis. The financial report is presented in Australian dollars. The following material accounting policies have been adopted by the consolidated entity. Going concern The directors have prepared the financial statements on a going concern basis, which contemplates continuity of normal business activities and the realisation of assets and extinguishment of liabilities in the ordinary course of business. The Consolidated Entity has recorded a net accounting loss of $8,282,592 and net operating cash outflows of $7,915,881 for the year ended 30 June 2024. The net assets of the consolidated entity have increased from $1,819,975 at 30 June 2023 to net assets of $2,058,682 as at 30 June 2024. At 30 June 2024 the Group held a cash balance of $2,520,498. Equity raisings or debt financing arrangements will be required in the future to fund the Group’s activities. The Directors are assessing a number of options in respect of equity and debt financing arrangements, and have reasonable expectations that further funding will be arranged to meet the Group’s objectives. There is no certainty that new funding will be successfully completed to provide adequate working capital for the Group. The Board is confident that the Group will have sufficient funds to finance its operations in the 2024/2025 year following successful completion of equity raisings or debt financing arrangements. (c) Principles of consolidation The consolidated financial statements incorporate all of the assets, liabilities and results of the parent St George Mining Limited and all of the subsidiaries. Subsidiaries are entities the parent controls. The parent controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. A list of the subsidiaries is provided in Note 22. The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statements of the Group from the date on which control is obtained by the Group. The consolidation of a subsidiary is discontinued from the date that control ceases. Intercompany transactions, balances and unrealised gains or losses on transactions between Group entities are fully eliminated on consolidation. Accounting policies of subsidiaries have been changed and adjustments made where necessary to ensure uniformity of the accounting policies adopted by the Group. Equity interests in a subsidiary not attributable, directly or indirectly, to the Group are presented as “non controlling interests”. The Group initially recognises non-controlling interests that are present ownership interests in subsidiaries and are entitled to a proportionate share of the subsidiary’s net assets on liquidation at either fair value or at the non-controlling interests’ proportionate share of the subsidiary’s net assets. Subsequent to initial recognition, non-controlling interests are attributed their share of profit or loss and each component of other comprehensive income. Non-controlling interests are shown separately within the equity section of the statement of financial position and statement of comprehensive income. Notes to the Consolidated Financial Statements for the year ended 30 June 2024 28 St George Mining Limited Annual Report 2024
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