Announcement PDF ANNUAL REPORT 2024 Contents Corporate Particulars ....................................................................................................................................................................................... 1 Chairmans Letter ............................................................................................................................................................................................... 2 Operations Report ............................................................................................................................................................................................. 3 Directors’ Report ............................................................................................................................................................................................ 12 Auditor’s Independence Declaration ....................................................................................................................................................... 25 Independent Auditor’s Report ................................................................................................................................................................... 26 Directors’ Declaration ................................................................................................................................................................................... 30 Statement of Profit or Loss and Other Comprehensive Income .................................................................................................... 31 Statement of Financial Position ................................................................................................................................................................. 32 Statement of Changes in Equity ................................................................................................................................................................ 33 Statement of Cash Flows.............................................................................................................................................................................. 34 Notes to and Forming Part of the Financial Statements................................................................................................................... 35 Consolidated Entity Disclosure Statement as at 30 June 2024 ...................................................................................................... 57 Shareholder Information ............................................................................................................................................................................. 58 Tenement Schedule ....................................................................................................................................................................................... 61 Yandal Resources Limited Annual Report 2024 1 Corporate Particulars DIRECTORS Mr Chris Oorschot Mr Tim Kennedy Mr Greg Evans Ms Katina Law Technical Director (appointed 22 September 2023) and Managing Director (appointed 1 July 2024) Managing Director (resigned 1 July 2024), Executive Director (appointed 1 July 2024) Non-Executive Chair Non-Executive Director COMPANY SECRETARY Mr Greg Fitzgerald PRINCIPAL PLACE OF BUSINESS 5/62 Ord Street West Perth WA 6005 Telephone +61 8 9389 9021 www.yandalresources.com.au REGISTERED OFFICE 5/62 Ord Street West Perth WA 6005 SHARE REGISTRY Automic Level 5, 191 St Georges Terrace Perth WA 6000 AUDITORS HLB Mann Judd Level 4, 130 Stirling Street Perth WA 6000 STOCK EXCHANGE LISTING Australian Securities Exchange Home Exchange: Perth Code: YRL Yandal Resources Limited Annual Report 2024 2 Chairman’s Letter Dear fellow shareholders, As the Chair of Yandal Resources Limited, I hope this annual report finds you all in good health. As we reflect on the past year, I am filled with a sense of pride in the advancements we have made with our highly prospective projects. Our commitment to strong technical focus in our exploration approach has yielded impressive results and set a solid foundation for our future programs. This success is a testament to the collective effort and dedication of every individual associated with our company. In fiscal year 2024 we have completed some 9,000 metres of reverse circulation drilling and circa 2,000 metres of diamond drilling, with more to come. These drilling programs have advanced our understanding of our key prospects and enabled us to prioritise future work. Our ground gravity survey and soil sampling at the Ironstone Well-Barwidgee project have highlighted large scale gold anomalies across the emerging Caladan and Irulan targets, which will be the focus of future exploration. To our team, your hard work has been instrumental in driving our exploration forward. Your perseverance and commitment to technical excellence in every facet of your roles have not gone unnoticed. It is your pursuit of innovation, review and informed questioning and high standards that has enabled us to achieve our goals, remain safe and operate without harm, and maintain the high standards of our company. To our recently retired Managing Director, Mr. Tim Kennedy, your stewardship of our Company, during what was certainly a challenging time for junior explorers in the capital market, contemporaneous with a transition of our strategy, your leadership has been exemplary. I would most like to acknowledge your mentorship of your successor, Mr. Chris Oorschot, who took over the CEO and Managing Director role effective 1 July 2024. Together with Chris, your ability to guide the team has been pivotal in the successful execution of our exploration programs. I particularly thank you for your preparedness to remain in a part time role to ensure Chris’ success. We welcome your ongoing participation on the Board of Directors. To our valued shareholders, your support and confidence in our leadership team are appreciated. Your belief in our strategic direction and the potential of our exploration targets has been a driving force behind our accomplishments. We remain committed to delivering value, and maintaining the highest standards of transparency and accountability, together with ensuring shareholder funds are allocated to exploration in the optimal manner. Finally, I thank my colleagues on the Board, together with our Company Secretary, Mr. Greg Fitzgerald and specialist advisor, Mr. Eduard Eshuys, for their dedication, commitment, input, and guidance to your people and company. We are fortunate to enjoy such a positive working relationship. We have very strategically located and highly prospective tenement packages, which are increasingly valuable as the gold price moves to new record highs and our mining neighbours seek to maintain depleting reserves. We remain focused on our goal of a major discovery within the prospective Yandal and Norseman-Wiluna belts and remain optimistic about the opportunities that lie before us. The exploration successes of this year have only strengthened our resolve to maintain our strategy. We look forward to building on our achievements and making the upcoming year even more successful. Kind regards, Gregory Evans Chair, Board of Directors 18 September 2024 Perth, WA Yandal Resources Limited Annual Report 2024 3 Operations Report INTRODUCTION The Company's primary focus is exploration, discovery, and development of gold projects within the northeastern and eastern Goldfields of Western Australia. Our strategic objective is delineating valuable resources in locations with a proven gold endowment; in the case of our projects, the endowment is confirmed by the proximity of multi-million-ounce gold mines such as Jundee, Bronzewing, and Kanowna Belle. With a long mining history, the areas which we are exploring have well-established infrastructure, thereby facilitating rapid, cost-effective development of future discoveries. All three projects have strong potential for significant new discoveries. Figure 1- Regional map of the Company’s gold projects, greenstone belts, regional towns and significant resource projects Yandal Resources Limited Annual Report 2024 4 Operations Report INTRODUCTION continued In 2024, our field exploration efforts were concentrated on the Ironstone-Well Barwidgee Gold Project. At Ironstone Well-Barwidgee, exploration focused on the Oblique, Quarter Moon and New England Granite Prospects. All three Prospects demonstrated the potential to host a large-scale mineralised system and, along with the Flushing Meadows deposit, were included in the generation of Exploration Target. RC and diamond drilling activities during the year have been focussed on pursuing the Exploration Target over each Prospect. In addition to this, there was also an emphasis on improving project-wide datasets with the completion of the first large-scale soil sampling program and ground gravity survey. These regional datasets will enhance the Company’s understanding of known prospects and facilitate the identification of new exploration targets. At Mt McClure RC drilling completed across the HMS Sulphur Prospect was used to generate a maiden Inferred Mineral Resource Estimate (MRE) of 1,010,000t @ 1.2g/t Au for 39,000oz reported using a 0.5g/t Au lower cut-off grade. This estimate, combined with the Gilmore Inferred MRE of 34,000t @ 1.7g/t Au for 7,200oz reported using a 1.0g/t Au lower cut-off grade, saw the Mt McClure Mineral Resource Inventory increase by 34% to 182,200oz @ 1.7 g/t Au. The combined MRE Inventory across all Projects now stands at 470,200oz @ 1.4g/t Au. During the year, the exploration team placed an emphasis on applying a scientific and systematic approach to exploration, focusing on developing effective exploration strategies to test significant exploration targets. Our commitment to nurturing crucial, long-term relationships with key stakeholders, including Native Title holders, remains a priority. We express our sincere gratitude for their ongoing support. CORPORATE The Company maintained a high level of activity throughout the year, spending approximately $4.5M exploring its three exploration projects. A very high proportion of the exploration spend was on drilling-related activities, which included approximately 9,000m of RC drilling and 2,000m of diamond drilling. To sustain these activities, the Company executed a capital raise of $4m (before costs) via a strongly supported placement launched in November 2023. A second “top-up” capital raise of $2.5m (before costs) was completed in February 2024. Yandal’s cash position at 30 June 2024 was $5.8m. The Company executed a succession plan during the year that saw the appointment of the Exploration Manager, Mr. Chris Oorschot, to the board as an Executive Technical Director in September 2023, adding a fourth member to the small but effective Board. In May 2024, as part of the succession plan, Mr. Tim Kennedy transitioned to a part-time executive director on July 1st, 2024, and Mr. Chris Oorschot took-up the role of Managing Director and CEO. We commend our small but dedicated exploration team for their enthusiastic contribution to advancing our projects during the year. ENVIRONMENT, SUSTAINABILITY AND GOVERNANCE The Company ESG responsibilities are a key consideration when planning and conducting its activities, whether in the corporate office or in the field. Our core responsibilities are outlined in our Corporate Governance Codes and Policies. The areas of particular focus are: ▪ People: We aim to foster a working environment that is collaborative, enjoyable, and stimulating and where our employees can fully use their expertise and develop new skills to the benefit of the Company and their ongoing careers. Our people drive our ESG efforts, so we value and place high value on new initiatives in this regard. ▪ Safety: The health safety and wellbeing of our people including employees and contractors is of the utmost importance. We have well developed safety procedures and recognise that a safe work environment comes when a culture of safety is fostered amongst our people such that it becomes an inherent part of all we do. We are pleased to advise that there were no injuries incurred by our workforce during the period. ▪ Stakeholders: We value and respect all stakeholders in the regions where we work and recognise the unique long-term relationship Indigenous Stakeholders have with the land. We respect the traditional owners of the land on which we work and endeavour to build longterm mutually beneficial relationships with our Indigenous stakeholders. Yandal Resources Limited Annual Report 2024 5 Operations Report ENVIRONMENT, SUSTAINABILITY AND GOVERNANCE continued ▪ Environment: We have a dual focus when it comes to our environmental impact. Firstly, we strive to minimise the impact that our activities have on the areas in which we work. Secondly, we place high importance on our land rehabilitation obligations and aim to leave no long-term adverse environmental impact. IRONSTONE WELL-BARWIDGEE The 100% owned Ironstone Well-Barwidgee Project covers approximately 380km2 of contiguous tenure, covering 53km of strike of highly prospective and under-explored greenstone between the Jundee and Bronzewing mines in the northern Yandal Greenstone Belt. The Yandal Belt has less than 2% outcrop, and exploration is hampered by a thick weathering profile and widespread transported cover, which masks the bedrock geochemistry. Within the project tenure, less than 6% of historic drill holes are deeper than 100m, and less than 30% are deeper than 50m, and as a result, much of the tenure has been poorly tested by past exploration efforts. The Company's overarching strategy involves identifying regions of significant geological and geophysical potential and then juxtaposing this information with historical exploration drilling data to pinpoint the most promising targets. These targets are then tested with effective drill programs for the presence of significant gold mineralisation. Yandal already has an established Resource of 268,000oz (see Table 1) of gold at Flushing Meadows and considers there to be strong potential to make discoveries and expand this resource base within the extensive tenure holding. At the start of the year, the Company released an Exploration Target for the Oblique, Quarter Moon, Flushing Meadows and New England Granite Prospects within the Ironstone Well-Barwidgee Gold Project. During the year, the company completed three RC drilling programs across the Oblique, Quarter Moon and New England Granite Prospects resulting in a revision to the Exploration Target as disclosed in an ASX announcement dated 3 September 2024. In addition to RC drilling, a diamond drilling program commenced in May. Diamond drilling across the Oblique Prospect aimed to test mineralisation within fresh rock and understand the scale of the mineralised system. At Quarter Moon, the diamond drilling program looked to confirm the geometry of high-grade mineralisation hosted within a broad dolerite package. Diamond drilling continued into July 2024 with the completion of an Exploration Incentive Scheme co-sponsored diamond holes at the New England Granite Prospect. The year also saw a strong focus on building high-quality regional datasets to enhance existing targets and enable the definition of new targets across the Project. This initiative included collecting soil samples across the northwest of the project and completing a ground gravity survey across the northeast portion of the project. Both datasets significantly impacted exploration targeting across the Project; most notable was the definition of new large-scale structures from the ground gravity survey, including the Caladan Fold. Yandal Resources Limited Annual Report 2024 Operations Report IRONSTONE WELL-BARWIDGEE continued Figure 2 -Regional geology plan showing key prospects and tenure at the Ironstone Well- Barwidgee project 6 Yandal Resources Limited Annual Report 2024 7 Operations Report MT MCCLURE The Mt McClure Project is located 15km SW of the historic Bronzewing gold mine and 10km from the Orelia gold mine, both owned by Northern Star Resources Ltd (ASX: NST) in the southern Yandal Belt (Figure 6). The greater Mt McClure gold camp, which covers a strike length of some 30km and includes Northern Star’s Orelia mine (+1Moz), has a total gold endowment of +1.8Moz. Yandal’s Mt McClure Project contains several historical open-cut pits from which approximately 100,000z of gold was mined to maximum depths of 60 to 100m, mainly in the 1990s. During the year, the Company completed initial Inferred Mineral Resource Estimates (“MRE’s”) on mineralisation within the HMS Sulphur Prospect of 1,010,000t @ 1.2g/t Au for 39,000oz reported using a 0.5g/t Au lower cut-off grade. The MRE is located adjacent to the Success MRE and hosted in a parallel footwall sequence. An Inferred MRE was also calculated over the Gilmore Prospect of 34,000t @ 1.7g/t Au for 7,200oz reported using a 1.0g/t Au lower cut-off grade. The MRE’s saw the combined Mt McClure Mineral Resource Inventory increase by 34% to 182,200oz @ 1.7 g/t Au (See Table 1). Yandal Resources Limited Annual Report 2024 Operations Report MT MCCLURE continued Figure 3 - Plan view of the Mt McClure project showing the regional geology, tenements, location of key prospects 8 Yandal Resources Limited Annual Report 2024 9 Operations Report GORDONS The 100%-owned Gordons Project is located 35km north of Kalgoorlie. The project covers approximately 112km2 of tenure adjacent to operating mines at Gordon Sirdar and Mulgarrie and is close to both third-party and publicly owned haulage infrastructure. Significantly, it is located on the flank of the Scotia-Kanowna Dome, a key regional geological feature that is an important control on the formation of gold mineralisation, including the multi-million-ounce Kanowna Belle and Paddington deposits. During the year, the company completed a compilation of historical data within E 27/701 (currently in application) and exploration targeting focussed along an interpreted splay of the Gordons-Sirdar Shear Zone. A project-wide soil sampling program was also completed to support targeting and further aid in exploration. At the time of this report assay results were pending. Figure 4 - Regional geology map of Gordons Project showing key prospect locations and nearby mines. Yandal Resources Limited Annual Report 2024 10 Operations Report MINERAL RESOURCES Table 1 – Yandal Resources Ltd - Mineral Resource Summary Indicated Inferred Deposit Tonnes Grade Au Tonnes Grade Au Tonnes (‘000s) (g/t) (oz) (‘000) (g/t) (oz) (000’s) Ironstone Well Flushing Meadows1 2,141 1.3 91,000 5,245 1.1 177,000 7,386 Mt McClure Challenger2 718 1.9 44,000 718 Success3 1,255 1.9 75,000 1,255 Parmelia4 252 2.1 17,000 252 HMS Sulphur5 1010 1.2 39,000 1010 Gilmore6 134 1.7 7,200 134 Sub-total - MMC 3,369 1.7 182,200 3,369 Gordons Gordons Dam7 365 1.7 20,000 365 Grand-total8 2,141 8,979 1.3 379,200 11,120 1.3 91,000 Due to the effects of rounding, totals may not represent the sum of the individual components. 1. 2. 3. 4. 5. 6. 7. 8. Total Grade (g/t) Au (Oz) 1.1 268,000 1.9 1.9 2.1 1.2 1.7 1.7 44,000 75,000 17,000 39,000 7,200 182,200 1.7 1.4 20,000 470,200 Reported above 0.5g/t Au lower cut-off grade; refer to Yandal Resources Ltd ASX announcement dated 4 November 2020 for full details. Reported above 1.0g/t Au lower cut-off grade; refer to Yandal Resources Ltd ASX announcement dated 22 August 2022 for full details Reported above 1.0g/t Au lower cut-off grade; refer to Yandal Resources Ltd ASX announcement dated 6 September 2022 for full details. Reported above 1.0g/t Au lower cut-off grade; refer to Yandal Resources Ltd ASX announcement dated 20 September 2022 for full details Reported above 0.5g/t Au lower cut-off grade within this announcement Reported above 1.0g/t Au lower cut-off grade within this announcement Reported above 1.0g/t Au lower cut-off grade; refer to Yandal Resources Ltd ASX announcement dated 6 April 2023 for full details All Resources are reported as global estimates, not constrained by optimised pit shells. COMPETENT PERSONS STATEMENT The information in this document related to Exploration Targets and Exploration Results, geology and data compilation is based on information reviewed or compiled by Mr Christopher Oorschot, a Competent Person who is a Member of The Australasian Institute Geoscientists. Mr Oorschot is the Managing Director of the Company, is a full-time employee and holds shares and options in the Company. Mr Oorschot has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Oorschot consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. The information in this announcement that relates to the Flushing Meadows, Mt McClure and Gordons Dam Mineral Resource Estimates is based on information compiled and generated by Andrew Bewsher, an employee of BM Geological Services Pty Ltd (“BMGS”). Both Andrew Bewsher and BMGS hold shares in the Company. BMGS consents to the inclusion, form and context of the relevant information herein as derived from the original resource reports. Mr Bewsher has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. YRL confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. Yandal Resources Limited Annual Report 2024 11 Operations Report FORWARD-LOOKING STATEMENTS This document may contain certain forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Yandal Resources Limited’s (Yandal’s) current expectations, estimates and projections about the industry in which Yandal operates, and beliefs and assumptions regarding Yandal’s future performance. When used in this document, words such as “anticipate”, “could”, “plan”, “estimate”, “expects”, “seeks”, “intends”, “may”, “potential”, “should”, and similar expressions are forward-looking statements. Although Yandal believes that its expectations reflected in these forward-looking statements are reasonable, such statements are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Yandal and no assurance can be given that actual results will be consistent with these forward-looking statements. Drilling results presented indicate geological potential for mineralisation but there can be no certainty that these results will eventually form part of a Mineral Resource Estimate. Yandal Resources Limited Annual Report 2024 12 Directors’ Report Your Directors present their report on Yandal Resources Limited for the financial year ended 30 June 2024. DIRECTORS The following persons held office as Directors of Yandal Resources Limited during the financial period and up to the date of this report unless otherwise noted: Mr Chris Oorschot Mr Tim Kennedy Mr Greg Evans Ms Katina Law Technical Director (appointed 22 September 2023) and Managing Director (appointed 1 July 2024) Managing Director (resigned 30 June 2024), Executive Director (appointed 1 July 2024) Non-Executive Chair Non-Executive Director INFORMATION ON DIRECTORS AND OFFICERS CHRIS OORSCHOT B.Sc (Applied Geology) First Class Honours, MAIG, MSEG TECHNICAL DIRECTOR (appointed 22 September 2023) and MANAGING DIRECTOR (appointed 1 July 2024) Mr Oorschot has a very successful track record working in the Western Australian gold sector, from greenfield and brownfield targeting and exploration through to resource definition and development. He has over 12 years’ experience in exploring, developing and mining Western Australian projects predominately within Achaean greenstone belts. His development and mining experience includes open pit and underground deposits across various deposit styles. Mr Oorschot brings a high level of technical expertise to Yandal with a strong background in exploring and developing projects within complex stratigraphic environments and structurally controlled mineralised systems. He has previously served as the Exploration Manager for Dacian Gold, during which he oversaw the re-structuring of the company’s Mineral Resources and Ore Reserves, led the geological due diligence for numerous strategic opportunities, and implemented revised targeting and exploration strategies. Current and Former Directorships held in the past three years: Mr Oorschot has no other public company directorships. TIMOTHY KENNEDY B.App Sc (Geology), MBA, MAusIMM, MGSA MANAGING DIRECTOR (resigned 1 July 2024) and EXECUTIVE DIRECTOR (appointed on 1 July 2024) Mr Kennedy is a geologist with a successful 30+ year career in the mining industry, including extensive involvement in the exploration, feasibility and development of gold, nickel, platinum group elements, base metals and uranium projects throughout Australia. His most recent executive role was as exploration manager with IGO Limited, which during his 11 years IGO grew from being a junior explorer to a multi-commodity mining company. Mr Kennedy played a key role as part of the team that represented IGO on the exploration steering committee with AngloGold Ashanti during the multi-million ounce Tropicana, Havana and Boston Shaker discoveries and the discoveries by IGO of the Rosie magmatic nickel sulphide deposit; the Triumph VMS deposit and the Bibra orogenic gold deposit. Prior to that Mr Kennedy held senior positions with global miner Anglo American, including as Exploration Manager – Australia and Principal Geologist/Team Leader – Australia. He also held senior technical positions with Resolute Limited, Hunter Resources and PNC Exploration Pty Ltd. Current and Former Directorships held in the past three years: Helix Resources Limited Sipa Resources Limited Non-Executive Director Non-Executive Director/Chair Appointed 16 February 2018, Resigned 18 March 2022 Appointed 13 December 2016, Chair 28 August 2018 Resigned 28 February 2022 Yandal Resources Limited Annual Report 2024 13 Directors’ Report INFORMATION ON DIRECTORS AND OFFICERS continued GREG EVANS BCom, DipApp Fin, GAICD NON-EXECUTIVE CHAIR Mr Evans has over 25 years in advising corporates, boards, directors, executive management teams, and providers of debt and equity and other financial sponsors on capital raisings, mergers and acquisition transactions, equity and debt structuring, public offers, takeover defence, and strategic and growth options. He specialises in energy and natural resources with a particular focus on the mining sector. He has a Bachelor of Commerce, a Diploma in Applied Finance and is a Graduate of the Australian Institute of Company Directors. Mr Evans is Principal of his own advisory business. Current and Former Directorships held in the past three years: Mr Evans has no other public company directorships. MS KATINA LAW BCom, FCPA, MBA, GAICD NON-EXECUTIVE DIRECTOR Katina Law has over 30 years’ experience in the mining industry covering corporate and site based roles across several continents. She has worked with a number of ASX listed resources companies in strategic financial advisory and general management roles. Ms Law has worked on several development and evaluation projects which were later subject to corporate transactions including the Deflector gold and copper project and the King Vol polymetallic zinc project. Ms Law was Executive Director and CEO of East Africa Resources Limited from 2012 to 2015, and also held senior positions at Newmont Mining Corporation’s Batu Hijau copper gold project in Indonesia and their head office in Denver, USA and at LionOre International based in Perth. Ms Law has a Bachelor of Commerce degree from UWA, is a Certified Practising Accountant and has an MBA from London Business School. Current and Former Directorships held in the past three years: DGO Gold Limited Non-Executive Director Falcon Metals Limited Non-Executive Director Appointed 1 June 2020, Resigned 30 June 2022 Takeover from Gold Road Resources occurred on 30 June 2022 Appointed 27 September 2023 MR GREG FITZGERALD BCom COMPANY SECRETARY (appointed 1 February 2023) Mr Fitzgerald was a Chartered Accountant with over 30 years of resources related experience obtained through current and past roles as a Non-executive Director, Chief Financial Officer and Company Secretary. He has extensive commercial experience across the exploration, evaluation, development and operational phases of projects based in Australia and Africa. Mr Fitzgerald is currently Company Secretary of several ASX listed companies. CORPORATE INFORMATION Yandal Resources Limited is a Company limited by shares that was incorporated on 16 April 2004 and is domiciled in Australia. The Company was converted to a public company and changed its name from Orex Mining Pty Ltd to Yandal Resources Limited on 27 March 2018. The Company listed on the Australian Securities Exchange on 14 December 2018 (ASX: YRL). PRINCIPAL ACTIVITIES The principal conti