Announcement PDF BUXTON RESOURCES LIMITED ABN 86 125 049 550 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2023 FINANCIAL REPORT JUNE 2023 1 Contents CORPORATE INFORMATION ................................................................................................................ 3 DIRECTORS’ REPORT ............................................................................................................................. 4 REVIEW AND RESULTS OF OPERATIONS ............................................................................................ 6 AUDITOR’S INDEPENDENCE DECLARATION .................................................................................... 22 CONSOLIDATED STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME......... 23 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ................................................................ 24 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ............................................................... 255 CONSOLIDATED STATEMENT OF CASH FLOWS ............................................................................ 266 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ......................................................... 277 DIRECTORS’ DECLARATION ............................................................................................................... 53 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BUXTON RESOURCES LIMITED 54 SHAREHOLDER INFORMATION .......................................................................................................... 55 FINANCIAL REPORT JUNE 2023 2 CORPORATE INFORMATION Buxton Resources Limited ABN: 86 125 049 550 Directors Seamus Cornelius Eamon Hannon Anthony Maslin Stuart Fogarty Interim Chief Executive Officer Martin Maloney Company Secretary Sam Wright Registered office and principal place of business Suite 1, 1st Floor. 14-16 Rowland Street Subiaco WA 6008 PO Box 661 Nedlands WA 6909 Ph: 08 9380 6063 Fax: 08 9381 4056 Web: www.buxtonresources.com.au Auditors Rothsay Audit & Assurance Pty Ltd Level 1, Lincoln Building 4 Ventnor Avenue West Perth WA 6005 Share Register Computershare Investor Services Pty Limited Level 2, 45 St Georges Terrace Perth WA 6000 Home Exchange Australian Securities Exchange Level 40 Central Park 152-158 St Georges Terrace Perth WA 6000 ASX Code: BUX FINANCIAL REPORT JUNE 2023 3 DIRECTORS’ REPORT Your directors are pleased to present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the “consolidated entity” or “group”) consisting of Buxton Resources Limited (referred to hereafter as the “Company’ or “parent entity”) and the entities it controlled at the end of, or during, the year ended 30 June 2023. DIRECTORS The names of the directors who held office during the year and until the date of this report are: Seamus Cornelius Eamon Hannon Anthony Maslin Stuart Fogarty Directors were in office for the entire period unless stated otherwise. COMPANY SECRETARY Sam Wright INFORMATION ON DIRECTORS Mr Seamus Cornelius - Non-Executive Chairman Qualifications: B.Juris, LLB, LLM Mr Cornelius brings to the Board 22 years of corporate experience in both legal and commercial negotiations. Mr Cornelius lived and worked as a corporate lawyer in China for 17 years. He was based in Shanghai and Beijing between 1993 and 2010. From 2000 to 2010 he was an international partner with one of Australia’s leading law firms and specialised in dealing with cross border investments, particularly in energy and resources. Mr Cornelius has for many years advised large international companies on their investments in China and in recent years has advised Chinese state-owned entities on their investments in natural resource projects outside of China including in Australia. Mr Cornelius is also currently the Non-Executive Chairman of Duketon Mining Limited (since 8 February 2013), E25 Limited (since 30 June 2011) and Danakali Limited (since 15 July 2014). Mr Eamon Hannon - Managing Director until 9 August 2023, Non-Executive Director from 9 August 2023 Qualifications: BSc (Geol) Mr Hannon, a geologist and Fellow of the AusIMM, has a wealth of experience within the minerals industry from grass roots exploration through to project development., Having previously worked for Fortescue Metals Group (ASX: FMG) from early 2004 to late 2012 in the role of Director, Exploration and Evaluation, he led the teams to delineate in excess of 10 billion tonnes of iron ore resources and greater than 1 billion tonnes of iron ore reserves. During his 21 years of experience, Mr Hannon has explored for and developed gold, base metals and industrial materials over 4 continents and more than 10 countries including Tanzania, Mexico, Mongolia, New Zealand, Sweden and Australia. He was integral to the major mining development of the Svartliden gold mine in Scandinavia. In addition, Mr Hannon was the Director for the Bankable Feasibility Study of Fortescue Metals Group’s Solomon mine. The Solomon mine at 60 million tonnes per annum iron ore production was the single biggest tonnage start up mine in Australia’s mining FINANCIAL REPORT JUNE 2023 4 DIRECTORS’ REPORT history. The feasibility was signed off for construction by the Fortescue Board with full Environmental Approval in under 18 months. During the past 3 years Mr Hannon has not served as a director of any other listed company. Mr Anthony Maslin - Non-Executive Director Qualifications: B.Bus (Finance and Enterprise) Mr Maslin brings to the Board over 20 years of corporate experience in both management and promotion, along with an extensive understanding of financial markets. In his 6 years as a stockbroker at Hartley Poynton Stockbrokers in Perth, Mr Maslin was instrumental in the capital raisings and promotion of several resource development companies. In the subsequent 7 years in his role as founding Managing Director of Solar Energy Systems Ltd (Now Solco Ltd (ASX Code: SOO)) he had significant experience in capital raisings and management of both people and projects. Mr Maslin has also worked as a corporate promotion consultant to a number of listed companies. Mr Maslin is the founder and Non-Executive Chairman of Wide-Open Agriculture Limited (since 23 March 2015) During the past 3 years Mr Maslin has not served as a director of any other listed company. Mr Stuart Fogarty - Non-Executive Director Qualifications: B.Sc (Geology) (Hons) Mr Fogarty has over 20 years of exploration experience with BHP Billiton and Western Mining Corporation. Stuart was BHP's Senior Exploration Manager for North and South America and currently serves as the Managing Director of Duketon Mining. Mr Fogarty has a very strong background in nickel exploration, having commenced his career at Kambalda Nickel Operations in 1994. He has had senior roles with BHP including Senior Geoscientist for nickel exploration in the Leinster and Mt Keith region, Project Manager WA Nickel Brownfields and Regional Manager Australia/Asia where he was responsible for $100 million per annum exploration budget. Mr Fogarty is currently Managing Director of Duketon Mining Limited (since 21 October 2013). More recently, Mr Fogarty was a Non-executive Director of Windward Resources during the successful takeover of the company by Independence Group. Mr Sam Wright - Company Secretary Sam Wright has twenty years’ experience in the administration of ASX listed companies, corporate governance and corporate finance. He is a member of the Australian Institute of Company Directors, the Financial Services Institute of Australasia, and the Chartered Secretaries of Australia. Mr Wright is currently a Director of ASX listed companies, PharmAust Limited, Reach Resources Limited and Structural Monitoring Systems plc. Mr Wright is Company Secretary for ASX listed companies, Buxton Resources Limited and Wide Open Agriculture Limited. He has also filled the role of Director and Company Secretary with a number of unlisted companies. FINANCIAL REPORT JUNE 2023 5 DIRECTORS’ REPORT Mr Wright is the Managing Director of Perth-based corporate advisory firm Straight Lines Consultancy, specialising in the provision of corporate services to public companies. Mr Wright has extensive experience in relation to public company responsibilities, including ASX and ASIC compliance, control and implementation of corporate governance, statutory financial reporting, and shareholder relations with both retail and institutional investors. Interests in the shares and options of the Company and related bodies corporate As at the date of this report, the interests of the directors in the shares and options of Buxton Resources Limited were: Options over Ordinary shares Ordinary Shares Unlisted Seamus Cornelius 2,552,713 1,000,000 Eamon Hannon 936,150 3,000,000 Anthony Maslin 943,829 1,000,000 Stuart Fogarty 292,763 1,000,000 PRINCIPAL ACTIVITIES The principal activities of the consolidated entity during the year were the acquisition of mining tenements, and the exploration and evaluation of these tenements with the objective of identifying economic mineral deposits. DIVIDENDS No dividends were paid or declared during the year. No recommendation for payment of dividends has been made. OPETRATING AND FINANCIAL REVIEW REVIEW OF OPERATIONS During FY2023, Buxton has embarked on detailed studies and exploration at the Graphite Bull project, and commenced a drilling program at Copper Wolf, the first such program at that project in over 30 years. Substantive exploration was also undertaken at the Narryer Project, with airborne and ground EM surveys that followed on from the previous years’ gravity and reconnaissance work. Buxton also executed a Heritage Protection Agreement with Wajarri Yamaji Aboriginal Corporation. During FY2023 Buxton has also progressed technical due diligence on the extensive suite of high quality grassroots exploration plays, including Shogun, Royale, Centurion and Lateron. FINANCIAL REPORT JUNE 2023 6 REVIEW OF OPERATIONS DIRECTORS’ REPORT Graphite Bull Project (BUX 100%) The Graphite Bull Project (formerly Yalbra Graphite Project) is location within Exploration License E09/1985, 280 km East of Carnarvon in the Murchison Region of Western Australia. In 2014, Buxton released an updated, JORC 2012 compliant, Mineral Resource Estimate for the main zone of graphite mineralisation. The Inferred Mineral Resource at Yalbra is 4.0Mt @ 16.2% TGC, using a 4% TGC cutoff (see ASX announcement 24th October 2014). During FY2023, Buxton have continued to progress a range of project development studies including metallurgical testwork and optimisation aimed at defining a low-cost flowsheet to produce purified spherical graphite. Buxton also undertook portable XRF and hyperspectral analysis of historic pulps, flora and fauna surveys, geological modelling, a heritage survey, several ground EM surveys, waste rock characterisation, and a drone magnetics and photogrammetry / digital elevation survey. Buxton also undertook a 990-metre extensional RC drilling program. Collectively this work has provided a high level of confidence that the existing resource at Graphite Bull can be substantially expanded, with substantive targets extending from shallow depths to over 1 km below surface. Buxton has also lodged applications for two miscellaneous licenses for infrastructure and groundwater search. West Kimberley Project (3 separate JVs with IGO - BUX 16% – 20%) The West Kimberley Project is targeting Nova-style magmatic Ni-Cu sulphide mineralisation in Proterozoic belts of the West Kimberley Region of Western Australia. Buxton have Farm In and JV agreements over three separate Project areas (Merlin Project, Quickshears Project and West Kimberley Regional Project) which fall within the overall West Kimberly Region. On the 4th October 2022, Buxton received shareholder approval for Buxton and IGO to amend the existing Merlin Project Joint Venture in the West Kimberley (then at IGO 51% and BUX 49% ownership level) allowing IGO to earn a further 29% interest to take IGO to 80% for a cash payment to Buxton of $1,000,000. During FY2023, IGO undertook exploration drilling at the Sentinel area within the West Kimberley Regional Project. Buxton remain free carried until completion of a feasibility study. FINANCIAL REPORT JUNE 2023 7 DIRECTORS’ REPORT REVIEW OF OPERATIONS Fraser Range Project (BUX 10% / IGO 90%) Exploration at the Fraser Range Project is targeting magmatic Ni-Cu sulphide mineralisation along strike from IGO’s operating Nova mining operation. During FY2023 IGO have continued their thorough exploration of these licenses. Buxton remain free carried until completion of a feasibility study with Buxton retaining an exclusive right to explore and develop iron ore on the Tenements. Narryer Project (BUX 100%) The Narryer Project is targeting magmatic Ni-Cu-PGE sulphide mineralisation along the Yilgarn Craton margin within the Murchison Region of WA. The three Narryer Project ELs covering > 1800 km2 were granted early in FY2022. During FY2023 Buxton has undertaken regional km HeliTEM2 airborne EM survey and added another EL to the package. On 4th October 2022, Buxton received shareholder approval for Buxton and IGO to enter into a subscription agreement and option over the Narryer Project. By the Earn-In and Joint Venture Agreement (upon exercise of an initial option), IGO may earn a 51% interest in the Narryer tenements by spending $3,000,000 within a 3-year period. Upon IGO incurring the $3,000,000 of earn-in expenditure and electing to exercise the earn-in, Buxton and IGO will form an unincorporated Joint Venture with the interests being IGO 51% and Buxton 49%. IGO subsequently undertook a program of reconnaissance and Ground EM to follow-up the Airborne EM results, identifying several drill targets. IGO’s option lapsed in June 2023, returning 100% ownership to Buxton. Buxton also entered into a Heritage Protection Agreement with WYAC. Copper Wolf Project (BUX 100% / IGO earning 70% subject to shareholder approval) Buxton’s Copper Wolf Project BLM Lode Mining Claims and ASLD Mineral Exploration Permits covering approximately 29.5 km2 in Yavapai County Arizona over a historic copper exploration project. The Copper Wolf Project has multiple historical resource estimates available that confirm the presence of a large porphyry Cu-Mo system. Porphyry Cu-Mo mineralisation at Copper Wolf has been dated at 70.3 Ma (Laramide age) and is largely concealed by a post-mineral (Tertiary) sequence of volcanic and sedimentary rocks. The Project is located within one of the most prolifically endowed copper belts in the world (Figure 10), yet it has not seen any drilling since the early 1990s. Buxton’s 2022 airborne magnetic survey was the first geophysical work undertaken since the early 1960s. Historic exploration has consisted of relatively wide spaced drilling which focussed on significant supergene copper mineralisation located FINANCIAL REPORT JUNE 2023 8 DIRECTORS’ REPORT REVIEW OF OPERATIONS Copper Wolf Project (BUX 100% / IGO earning 70% subject to shareholder approval) where the NW trending Cow Creek Fault intersects Laramide hypogene porphyry style mineralisation. Buxton is targeting high grade, underground bulk mineable copper-molybdenum mineralisation. In this context, Buxton’s exploration approach can leverage the significant advances and ready availability of modern geophysical targeting tools and mineral systems knowledge that have been developed since exploration in this area ceased many decades ago. On the 4th October 2022 Buxton received shareholder approval for Buxton and IGO Limited (“IGO”) to enter into an earn-in and joint venture agreement for the Copper Wolf Project (Arizona, USA) then held as 100% by BUX. By that agreement, IGO has an exclusive option to earn a 51% interest in the Copper Wolf Project tenements by incurring and sole funding A$350,000 of exploration expenditure in a 24-month period from 4 October 2022 (Stage 1 earn-in). Upon Having incurred the A$350,000 earn-in expenditure, IGO may elect to strike the option and form a 51% IGO/49% BUX unincorporated joint venture. During the option and Stage 1 earn-in period, BUX will be the project manager. IGO will be the initial manager of the joint venture. Within 6 months of the commencement of the joint venture, IGO has the exclusive right to elect to earn a further 19% joint venture interest (to take its joint venture interest to 70%) by sole funding exploration expenditure of A$5,000,000 over 3 years (Stage 2 earn-in). Any IGO-funded exploration expenditure incurred in excess of the initial Stage 1 A$350.000 expenditure during the 2-year option period is credited towards the Stage 2 earn-in on IGO exercising its option. In late 2022, Buxton undertook several visits to the Project and established a field office in northern Phoenix. By April 2023, Buxton had commenced the first drilling program in the Project area in over 30 years. Difficulties with the drilling contractor’s equipment caused Buxton to abandon the first hole CPW0001DD above the target depth of 1100m, and by the end of FY2023, Buxton had commenced drilling CPW0002DD. Centurion Project (BUX 100%) The Centurion Project consists of Exploration License E80/5579 located approximately 180 km southsouthwest of Balgo Western Australia on unclaimed crown land and accessible via shire roads and several 1960s-1980s seismic lines. This license covers a prominent dipolar magnetic anomaly exceeding 1,500 nanoteslas in amplitude and 3,500 m by 5,000 m in extent. Recently released data from a 2017 Falcon airborne gravity gradiometer survey reveals a similarly dipolar gravity high in a slightly offset position to the magnetic feature. Such relationships between magnetic and gravity features is characteristic of Iron Oxide Copper Gold deposits including Olympic Dam and Prominent Hill. Results from Magnetic Vector Inversion of open file 400 m line spaced magnetic data indicates that the target is remnantly magnetised and is approximately 700 metres below ground level. FINANCIAL REPORT JUNE 2023 9 DIRECTORS’ REPORT REVIEW OF OPERATIONS Centurion Project (BUX 100%) On 28 March 2022, Buxton announced that the company has entered into a Farm-In and Joint Venture (JV) Agreement with ASX listed Trek Metals Ltd (ASX:TKM) for the Centurion Project. During FY2023 Trek undertook extensive negotiations with Native Title holders, including attendance at several on-country meetings in Balgo. Trek also undertook inversion and forward modelling of the open-file Falcon airborne gravity gradiometer survey data. Trek subsequently advised Buxton that they would withdraw from the Farm-In agreement, returning 100% ownership to Buxton. Shogun & Royale Projects (BUX 100%) The Shogun and Royale Projects form a contiguous package covering 2617 km2 located in the Paterson Region of Western Australia. Exploration on the two (2) Shogun Project ELA 45/6533 and 45/6534 is targeting magmatic Ni-Cu-Co-PGE sulphide deposits. The five (5) Royale Project ELAs (E45/6228 through E45/6232) cover exploration targets for hydrothermal Cu +/- Au – Mo deposits. During FY2023, Buxton conducted detailed analysis of historical core progressed negotiations of Native Title agreements. Lateron Project (BUX 100%) The Lateron Project Exploration License E80/5545 was granted during FY2023. The Lateron Project is located on unclaimed crown land approximately 10 km East of Billiluna and 150 km South of Halls Creek in Western Australia. During FY2023 Buxton conducted LA-ICPMS analysis of polished sections of historical drill cuttings collected during an initial field reconnaissance trip. FINANCIAL REVIEW The consolidated entity recorded a loss after tax for the year of $2,826,343 (2022; $1,551,924). At the reporting date the consolidated entity had cash and term deposit investments of $4,145,740 (2022: $2,100,312). During the year total exploration expenditure incurred by the consolidated entity amounted to $3,327,025 (2022: $636,884). In line with the consolidated entity’s accounting policies all exploration expenditure is written off as incurred. Other significant expenses for the year included salaries of $832,252 and share based payments of $421,462. Basic loss per share for the year was 1.77 cents (2022: 1.13 cents). FINANCIAL REPORT JUNE 2023 10 DIRECTORS’ REPORT CORPORATE The Company held its Annual General Meeting on 4 October 2022 at Suite 1, First Floor, 14-16 Rowland Street, Subiaco, Western Australia. All resolutions that were put to shareholders were passed by a poll. On 2 October 2022 the Company issued 750,000 unlisted options under the Company Employee Incentive Plan. The options have an exercise price of 15 cents and an expiry date of 30 November 2023. The options have a fair value of $15,962. Details are included in Note 17 in the notes to the consolidated financial statements. On 25 October 2022 the Company issued 8,975,000 shares to IGO Limited at an issue price of 11.2 cents following approval by shareholders at a general meeting of the Company held on 4 October 2022. The sum of $1,005,200 was raised through the issue. The subscription for shares formed part of an agreement for the Narryer project entered into on 19 August 2022 which takes IGO’s interest in Buxton from 15.08% to 19.90%. On the same date, also following approval by shareholders, 789,474 shares were issued to Directors and management on the same terms as the placement which occurred on 8 April 2022. The sum of $75,000 was raised through the issue. Also, on the same date, shareholders approved the issue of 4,500,000 unlisted options to directors of the Company. A further 3,000,000 options were issued to company management and contractors. The options have an exercise price of 14 cents and an expiry date of 25 October 2022. The options have a fair value of $349,260. On 13 March 2023 1,000,000 options were issued to employees of the company. The options have an exercise price of 14 cents and an expiry date of 25 October 2025. The options have a fair value of $56,240. On 11 April 2023 the Company announced a Share Purchase Plan offering eligible shareholders the opportunity to purchase up to $30,000 of ordinary shares at an issue price of 16 cents per share. The Plan closed with total application funds of $2,791,000 exceeding the targeted amount of $2,500,000. The 15,625,000 shares were issued on 9 May 2023. The funds raised will be used to fund exploration and development activities in support of the Graphgite Bull project, the consolidated entity’s existing grass roots exploration portfolio in WA, for other ongoing project assessments, for working capital and the costs of the offer. FINANCIAL REPORT JUNE 2023 11 DIRECTORS’ REPORT RISK MANAGEMENT The Board is responsible for ensuring that risks and opportunities, are identified on a timely basis and that activities are aligned with the risks and opportunities identified by the Board. The Company believes that it is crucial for all board members to be a part of this process, and as such the board has not established a separate risk management committee. The board has a number of mechanisms in place to ensure that management's objectives and activities are aligned with the risks identified by the board. These include the following: Board approval of a strategic plan, which encompasses strategy statements designed to meet stakeholder’s needs and manage business risk. Implementation of board approved operating plans and budgets and board monitoring of progress against these budgets. EXTERNAL FACTORS AND MATERIAL BUSINESS RISKS AFFECTING CONSOLIDATED RESULTS The consolidated entity operates in an uncertain economic environment when trying to deliver results in accordance with its strategic objectives. Its financial results are subject to various risks and uncertainties, some of which are outside the reasonable control of the consolidated entity. Climate change The consolidated entity and its operations may be impacted by the emergence of new or expanded regulations associated with the transition to a lower carbon economy and market changes related to climate change mitigation. Changes to local or international regulations related to climate change mitigation efforts, or specific taxation or penalties for carbon emissions or environmental damage, among other things, could impact the future profitability of the group. Climate change may cause certain physical and environmental risks that cannot be predicted by the group, including events such as increased severity of weather patterns and incidence of extreme weather events (e.g., Cyclones and tropical storms, or heatwaves) and longer-term physical risks such as shifting climate patterns. All these risks associated with climate change may significantly change the industry in which the group operates. The areas in which the Group operates may be subject to longer term physical impacts of climate change including but not limited to, increased mean daily temperatures, increasing evaporation rates, continuing reductions in annual rainfall and increases in flooding intensity. FINANCIAL REPORT JUNE 2023 12 DIRECTORS’ REPORT Geopolitical risk The Chinese market is a significant source of global demand for minerals under exploration by the group. The group’s exposure to China’s economic position and economic policies is material. If economic growth in China slows it could result in lower prices and demand for minerals under exploration thereby reducing future revenues and earnings. Geopolitical risks can affect the Group through various channels, including commodity prices, capital flows, macroeconomic indicators and general confidence and sentiment. In particular, the Group could be exposed to geopolitical risks between China and Australia which have become more prevalent in recent times including China imposing import restrictions on Australian commodities. Whilst the group will endeavour to manage these risks and limit any consequential impacts, there can be no guarantee that the group will not be impacted by such occurrences. Information Technology and Cyber Security Risk The Group’s operations are supported by information technology systems, consisting of infra structure, networks, applications, and service providers. The Group could be subject to network and systems interference or disruptions from a number of sources, including security breaches, cyberattacks and system failures which could result in technology systems interferences or disruption resulting in operational delays, destruction or corruption of data, disclosure of sensitive information and data breaches, any of which could have a material impact on the Group’s business, operations, financial condition and performance. Disaster recovery plans are in place, together with cyber security monitoring systems. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS Other than as disclosed in this Annual Report, no significant changes in the state of affairs of the Group occurred during the financial year. SIGNIFICANT EVENTS SUBSEQUENT TO REPORTING DATE On 9 August 2023 the Company announced Managing Director and CEO, Eamon Hannon will be stepping down from his role to take up a non-executive position. Mr Hannon will be succeeded by Martin Maloney as Interim CEO. Marty has been with the Company for four years in the roles of Chief Geologist and Head of Resources. Mr Hannon will remain on the Buxton Board of Directors. Other than the above no matter or circumstance has arisen which has significantly affected, or may significantly affect the operations of the group, the result of those operations, or the state of affairs of the Group in subsequent financial years. FINANCIAL REPORT JUNE 2023 13 DIRECTORS’ REPORT LIKELY DEVELOPMENTS AND EXPECTED RESULTS The consolidated entity expects to maintain the present status and level of operations and hence there are no likely developments in the entity's operations. ENVIRONMENTAL REGULATION AND PERFORMANCE The consolidated entity is subject to significant environmental regulation in respect to its exploration activities. The consolidated entity aims to ensure the appropriate standard of environmental care is achieved, and in doing so, that it is aware of and is in compliance with all environmental legislation. The directors of the Company are not aware of any breach of environmental legislation for the year under review. The directors have considered the National Greenhouse and Energy Reporting Act 2007 (the NGER Act) which introduces a single national reporting framework for the reporting and dissemination of information about greenhouse gas emissions, greenhouse gas projects, and energy use and production of corporations. At the current stage of development, the directors have determined that the NGER Act will have no effect on the consolidated entity for the current, nor subsequent, financial year. The directors will reassess this position as and when the need arises. REMUNERATION REPORT (Audited) This report, which forms part of the directors’ report, outlines the remuneration arrangements in place for the key management personnel (“KMP”) of Buxton Resources Limited for the financial year ended 30 June 2023. The information provided in this remuneration report has been audited as required by Section 308(3C) of the Corporations Act 2001. The remuneration report details the remuneration arrangements for KMP who are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Company, directly or indirectly, including any director (whether executive or otherwise) of the Company. Key Management Personnel The directors and other key management personnel of the Company during or since the end of the financial year were: Directors Seamus Cornelius – Non-Executive Chairman Eamon Hannon – Non-Executive Director (resign