Notes to the Consolidated Financial Statements for the year ended 30 June 2024 22. RELATED PARTIES The Group has 100% ownership of five subsidiaries Blue Thunder Resources Pty Ltd, Desert Fox Resources Pty Ltd, Destiny Lithium Pty Ltd, Niobium Dragon Pty Ltd, Lithium Blue Pty Ltd and 90% ownership of Lithium Star Pty Ltd. St George Mining is required to make all the financial and operating decisions of these subsidiaries. Percentage Owned % Subsidiaries of St George Mining Limited Country of Incorporation 30 June 2024 30 June 2023 Desert Fox Resources Pty Ltd Australia 100% 100% Blue Thunder Resources Pty Ltd Australia 100% 100% Destiny Lithium Pty Ltd Australia 100% 100% Niobium Dragon Pty Ltd Australia 100% 100% Lithium Star Pty Ltd Australia 90% 100% Lithium Blue Pty Ltd Australia 100% – At 30 June 2024 balances due from the subsidiaries were: 30 June 2024 $ 30 June 2023 $ Blue Thunder Resources Pty Ltd 31,948,031 31,100,168 Desert Fox Resources Pty Ltd 23,365,378 23,365,254 Destiny Nickel Pty Ltd 1,916,105 719,237 Niobium Dragon Pty Ltd 157,004 156,694 Lithium Star Pty Ltd 949,444 55,925 Lithium Blue Pty ltd 726 – 58,336,688 55,397,278 These amounts comprise of funds provided by the parent company for exploration activities. The amounts were fully provided for as at 30 June 2024 and have been eliminated on consolidation. During the year, the Company paid $162,581 (2023: $63,546) on behalf of American West Metals Limited (American West Metals), of which John Prineas is a director. American West Metals fully reimbursed the company $162,581 (2023: $63,546) for these expenses during the year. 23. SEGMENT REPORTING For management purposes, the Group is organised into one main operating segment, which involves the exploration of minerals in Australia. All of the Group’s activities are interrelated, and discrete financial information is reported to the Board as a single segment. Accordingly, all significant operating decisions are based upon analysis of the Group as one segment. The financial results from this segment are equivalent to the financial statements of the Group as a whole. The accounting policies applied for internal reporting purposes are consistent with those applied in the preparation of these financial statements. 24. JOINT VENTURES The Group recognises that joint ventures are a key mechanism for sharing of risk on individual exploration projects. Where appropriate for a particular project, the Group will consider a joint venture with a suitable party in order to share the exploration risk. Those funds otherwise set aside for the project will be employed to advance another project. There were no joint ventures in place during and at the end of the financial year. 48 St George Mining Limited Annual Report 2024
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