Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jun. 30, 2019shares | |
Cover [Abstract] | |
Entity Registrant Name | Piedmont Lithium Ltd |
Entity Central Index Key | 0001728205 |
Current Fiscal Year End Date | --06-30 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Shell Company | false |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | true |
Entity Common Stock, Shares Outstanding | 670,380,352 |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
CONSOLIDATED STATEMENTS OF PROF
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Continuing operations | |||
Interest income | $ 128,377 | $ 132,752 | $ 33,936 |
Exploration and evaluation expenses | (7,107,146) | (6,021,506) | (1,132,846) |
Corporate and administrative expenses | (1,711,475) | (1,160,608) | (444,388) |
Business development expenses | (928,097) | (1,207,907) | (233,538) |
Share based payments | (438,375) | (1,172,164) | (861,973) |
Foreign stock exchange listing expenses | 0 | (580,922) | 0 |
Other income/(expenses) | 234,090 | 52,538 | (619) |
Loss before income tax | (9,822,626) | (9,957,817) | (2,639,428) |
Income tax expense | 0 | 0 | 0 |
Loss for the year | (9,822,626) | (9,957,817) | (2,639,428) |
Loss attributable to members of Piedmont Lithium Limited | (9,822,626) | (9,957,817) | (2,639,428) |
Items that may be reclassified subsequently to profit or loss: | |||
Exchange differences arising on translation of foreign operations | (366,083) | (249,205) | 58,802 |
Other comprehensive income/(loss) for the year, net of tax | (366,083) | (249,205) | 58,802 |
Total comprehensive loss for the year | (10,188,709) | (10,207,022) | (2,580,626) |
Total comprehensive loss attributable to members of Piedmont Lithium Limited | $ (10,188,709) | $ (10,207,022) | $ (2,580,626) |
Basic loss per share (cents per share) | $ (0.02) | $ (0.02) | $ (0.01) |
Diluted loss per share (cents per share) | $ (0.02) | $ (0.02) | $ (0.01) |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 | |
Current Assets | |||
Cash and cash equivalents | $ 4,432,150 | $ 7,238,489 | |
Trade and other receivables | 59,679 | 72,110 | |
Total Current Assets | 4,491,829 | 7,310,599 | |
Non-Current Assets | |||
Exploration and evaluation assets | [1] | 2,265,121 | 742,017 |
Property, plant and equipment | 26,195 | 3,982 | |
Total Non-Current Assets | 2,291,316 | 745,999 | |
TOTAL ASSETS | 6,783,145 | 8,056,598 | |
Current Liabilities | |||
Trade and other payables | 2,144,071 | 1,989,084 | |
Total Current Liabilities | 2,144,071 | 1,989,084 | |
TOTAL LIABILITIES | 2,144,071 | 1,989,084 | |
NET ASSETS | 4,639,074 | 6,067,514 | |
EQUITY | |||
Contributed equity | 48,853,707 | 40,483,348 | |
Reserves | 1,990,135 | 1,966,308 | |
Accumulated losses | (46,204,768) | (36,382,142) | |
TOTAL EQUITY | $ 4,639,074 | $ 6,067,514 | |
[1] | The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial exploitation or sale of the respective areas of interest. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) | Total | Contributed Equity [Member] | Share Based Payments Reserve [Member] | Foreign Currency Translation Reserve [Member] | Accumulated Losses [Member] |
Balance at Jun. 30, 2016 | $ 1,383,185 | $ 24,908,762 | $ 0 | $ 259,320 | $ (23,784,897) |
Net loss for the year | (2,639,428) | 0 | 0 | 0 | (2,639,428) |
Exchange differences arising on translation of foreign operations | 58,802 | 0 | 0 | 58,802 | 0 |
Total comprehensive loss for the year | (2,580,626) | 0 | 0 | 58,802 | (2,639,428) |
Issue of shares | 3,840,034 | 3,840,034 | 0 | 0 | 0 |
Share issue costs | (236,003) | (236,003) | 0 | 0 | 0 |
Share based payments | 861,973 | 0 | 861,973 | 0 | 0 |
Balances at Jun. 30, 2017 | 3,268,563 | 28,512,793 | 861,973 | 318,122 | (26,424,325) |
Net loss for the year | (9,957,817) | 0 | 0 | 0 | (9,957,817) |
Exchange differences arising on translation of foreign operations | (249,205) | 0 | 0 | (249,205) | 0 |
Total comprehensive loss for the year | (10,207,022) | 0 | 0 | (249,205) | (9,957,817) |
Issue of shares | 12,304,000 | 12,304,000 | 0 | 0 | 0 |
Exercise of options | 187,525 | 324,271 | (136,746) | 0 | 0 |
Share issue costs | (657,716) | (657,716) | 0 | 0 | 0 |
Share based payments | 1,172,164 | 0 | 1,172,164 | 0 | 0 |
Balances at Jun. 30, 2018 | 6,067,514 | 40,483,348 | 1,897,391 | 68,917 | (36,382,142) |
Net loss for the year | (9,822,626) | 0 | 0 | 0 | (9,822,626) |
Exchange differences arising on translation of foreign operations | (366,083) | 0 | 0 | (366,083) | 0 |
Total comprehensive loss for the year | (10,188,709) | 0 | 0 | (366,083) | (9,822,626) |
Issue of shares | 8,831,759 | 8,831,759 | 0 | 0 | 0 |
Conversion of performance rights | 0 | 48,465 | (48,465) | 0 | 0 |
Share issue costs | (509,865) | (509,865) | 0 | 0 | 0 |
Share based payments | 438,375 | 0 | 438,375 | 0 | 0 |
Balances at Jun. 30, 2019 | $ 4,639,074 | $ 48,853,707 | $ 2,287,301 | $ (297,166) | $ (46,204,768) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Operating activities | |||
Payments to suppliers and employees | $ (9,937,002) | $ (7,713,845) | $ (1,365,603) |
Interest received | 127,190 | 131,849 | 34,008 |
Net cash flows used in operating activities | (9,809,812) | (7,581,996) | (1,331,595) |
Investing activities | |||
Purchase of exploration and evaluation assets | (1,523,104) | (564,217) | (177,800) |
Purchase of property, plant and equipment | (14,407) | (1,346) | (4,055) |
Payment of deposits | (15,000) | (36,617) | 0 |
Net cash flows used in investing activities | (1,552,511) | (602,180) | (181,855) |
Financing activities | |||
Proceeds from issue of shares | 8,831,759 | 12,491,525 | 3,840,034 |
Share issue costs | (509,865) | (657,716) | (236,003) |
Net cash flows from financing activities | 8,321,894 | 11,833,809 | 3,604,031 |
Net increase/(decrease) in cash and cash equivalents | (3,040,429) | 3,649,633 | 2,090,581 |
Net foreign exchange differences | 234,090 | 52,538 | 65,379 |
Cash and cash equivalents at beginning of year | 7,238,489 | 3,536,318 | 1,380,358 |
Cash and cash equivalents at the end of the year | $ 4,432,150 | $ 7,238,489 | $ 3,536,318 |
STATEMENT OF SIGNIFICANT ACCOUN
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2019 | |
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES | 1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies adopted in preparing the consolidated financial statements of Piedmont Lithium Limited (“Piedmont” or “Company”) and its consolidated entities (“Consolidated Entity” or “Group”) for the years ended June 30, 2019, 2018 and 2017 are stated to assist in a general understanding of the consolidated financial statements. Piedmont is a for profit company limited by shares, incorporated and domiciled in Australia. Our ordinary shares are listed on the Australian Securities Exchange, or ASX, under the symbol “PLL” and our American Depositary Shares, or ADRs, each representing 100 of our ordinary shares, are traded on the Nasdaq Capital Market, or Nasdaq, under the symbol “PLL”. The Bank of New York Mellon, acting as depositary, registers and delivers the ADRs. The principal activities of the Group during fiscal 2019, fiscal 2018 and fiscal 2017 consisted of the identification, acquisition, exploration and development of resource projects. During fiscal 2017, the Group identified and acquired the Piedmont Lithium Project (“Project”) located in the United States and subsequently the Group has focussed on the exploration, appraisal, and development of the Project. The consolidated financial statements of the Group for the years ended June 30, 2019, 2018 and 2017 were authorised for issue in accordance with a resolution of the Directors on October 30, 2019 (a) Basis of preparation The consolidated financial statements are general purpose financial statements, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The financial statements comprise the consolidated financial statements of the Group. For the purposes of preparing the consolidated financial statements, the Company is a for-profit entity. The financial report has also been prepared on a historical cost basis, except for other financial assets, which have been measured at fair value. The financial report is presented in United States dollars (US$). Going concern The financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the normal course of business. The Group incurred a loss of US$9,822,626 (2018: US$9,957,817), and experienced net cash outflows from operating and investing activities of US$11,362,323 for the year ended June 30, 2019 (2018: US$8,814,176). Cash and cash equivalents totalled US$4,432,150 as at June 30, 2019 (30 June 2018: US$7,238,489). As disclosed in Note 20 to the financial statements, on July 10, 2019, the Company announced that it had completed an institutional placement of 145 million shares at an issue price of A$0.145 per share to institutional investors to raise gross proceeds of A$21 million. As a result, the Directors are of the opinion that the Group will have sufficient funds to meet its obligations as and when they fall due and that the use of the going concern basis is appropriate. (b) New standards, interpretations and amendments adopted by the Group In the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the IASB that are relevant to its operations and effective for annual reporting periods beginning on or after July 1, 2018. New and revised standards and amendments thereof and interpretations effective for the current reporting period that are relevant to the Group include: • IFRS 9 Financial Instruments • IFRS 15 Revenue from Contracts with Customers • Amendments to IFRS 2 Share-based Payments – Classification and Measurement of Share-based Payment Transactions • IFRIC 22 Foreign Currency Transactions and Advance Consideration The adoption of these new and revised standards and amendments has not affected the amounts reported for the current or prior periods. A discussion on the impact of the adoption of IFRS 9 and IFRS 15 is included below. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. IFRS 9 Financial Instruments IFRS 9 Financial Instruments The Group has adopted IFRS 9 from July 1, 2018 which has resulted in changes to accounting policies and the analysis for possible adjustments to amounts recognised in the financial statements. In accordance with the transitional provisions in IFRS 9, the reclassifications and adjustments are not reflected in the balance sheet as at June 30, 2018 but recognised in the opening balance sheet as at July 1, 2018. The Group made an assessment of the impact of the new impairment model introduced by IFRS 9 noting no material impact. Classification and Measurement On July 1, 2018, the Group has assessed financial instruments held by the Group and have classified them into the appropriate IFRS 9 categories. The main effects resulting from this reclassification are shown in the table below. On adoption of IFRS 9, the Group classified financial assets and liabilities measured at either amortised cost or fair value, depending on the business model for those assets and on the asset’s contractual cash flow characteristics. There were no changes in the measurement of the Group’s financial instruments. There was no impact on the statement of comprehensive income or the statement of changes in equity on adoption of IFRS 9 in relation to classification and measurement of financial assets and liabilities. The following table summarises the impact on the classification and measurement of the Group’s financial instruments at July 1, 2018: Presented in statement of financial position IAS 39 Classification IFRS 9 Classification Reported $ Restated $ Cash and cash equivalents Loans and receivables Amortised cost No change No material impact Trade and other receivables Loans and receivables Amortised cost No change No material impact Trade and other payables Loans and payables Amortised cost No change No material impact The Group does not currently engage in any hedging activities and accordingly any changes to hedge accounting rules under IFRS 9 do not impact on the Group. Impairment IFRS 9 introduces a new expected credit loss (“ECL”) impairment model that requires the Group to adopt an ECL position across the Group’s trade and other receivables from July 1, 2018. The loss allowances are based on the assumptions about risk of default and expected loss rates as opposed to the previously applied incurred loss model. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s past history, existing market conditions as well as forward looking estimates at the end of each reporting period. The Group has assessed that the risk of default is minimal for trade receivables, and therefore the loss allowance is immaterial. As such, no allowance for expected credit losses has been recognised against these receivables at June 30, 2019. IFRS 15 Revenue from Contracts with Customers The adoption of IFRS 15 has not had an impact on the Group’s financial statements. During the year, the Group generated no revenue from sale of goods or rendering of services. (c) New standards, interpretations and amendments not yet applied by the Group International Financial Reporting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been adopted by the Group for the annual reporting period ended June 30, 2019. Those which may be relevant to the Group are set out in the table below, but these are not expected to have any significant impact on the Group's financial statements: Standard or Interpretation Application Date of Standard Application Date for Group IFRS 16 Leases January 1, 2019 July 1, 2019 Interpretation 23 Uncertainty over Income Tax Treatments January 1, 2019 July 1, 2019 Annual Improvements to IFRS Standards 2015–2017 Cycle January 1, 2019 July 1, 2019 Amendments to IAS 19 Employee Benefits January 1, 2019 July 1, 2019 The impact of the adoption of IFRS 16 Leases IFRS 16 Leases IFRS 16 was issued in February 2016 and is mandatorily effective for financial years commending on or after 1 January 2019. The adoption of IFRS 16 will result in almost all leases being recognised on the balance sheet, as the distinction between operating and finance leases (for lessees) is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognised. The exceptions are short-term and low-value leases. The Group has reviewed the Group’s leasing arrangements in light of the new lease accounting rules in IFRS 16. The standard will affect primarily the accounting for the Group’s operating leases where the Group is the lessee in the lease arrangement. The Group intends to apply the simplified transition approach and will not restate comparative amounts for the year prior to first adoption. As at the reporting date, the Group has non-cancellable operating lease commitments of approximately US$135,000 (refer Note 19). Of these commitments, approximately US$26,000 relate to short-term and low value leases which will both continue to be recognised on a straight-line basis as an expense in profit or loss. For the remaining operating lease commitments, the Group expects, on 1 July 2019, to recognise right-of-use assets of approximately US$109,000 with a corresponding lease liability of approximately US$109,000 (d) Principles of Consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the Company as at June 30, 2019 and 2018 and the results of all subsidiaries for the three years ended June 30, 2019, 2018 and 2017. Control is achieved when the Company has power over the investee, is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company's voting rights in an investee are sufficient to give it power. Subsidiaries are all those entities (including special purpose entities) over which the Company has the power to govern the financial and operating policies, so as to obtain benefits from its activities, generally accompanying a shareholding of more than one-half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases. Intercompany transactions and balances, income and expenses and profits and losses between Group companies, are eliminated. Investments in subsidiaries are accounted for at cost in the Statement of Financial Position of the Company. (e) Foreign Currencies (i) Functional and presentation currency The functional currency of each of the Group's entities is measured using the currency of the primary economic environment in which that entity operates. The Company’s functional currency is Australian dollars. The consolidated financial statements are presented in United States dollars which is the Company's presentation currency. (ii) Transactions and balances Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined. Exchange differences arising on the translation of monetary items are recognised in the income statement, except where deferred in equity as a qualifying cash flow or net investment hedge. Exchange differences arising on the translation of non-monetary items are recognised directly in equity to the extent that the gain or loss is directly recognised in equity, otherwise the exchange difference is recognised in the income statement. (iii) Group companies The financial results and position of foreign operations whose functional currency is different from the group's presentation currency are translated as follows: • assets and liabilities are translated at year-end exchange rates prevailing at that reporting date; • income and expenses are translated at average exchange rates for the period; and • retained earnings are translated at the exchange rates prevailing at the date of the transaction. Exchange differences arising on translation of foreign operations are transferred directly to the group's foreign currency translation reserve in equity. These differences are recognised in profit or loss in the period in which the operation is disposed. (f) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of 3 months or less, and bank overdrafts. (g) Trade and Other Receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less allowance for expected credit losses. If collection of the amounts is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are generally due for settlement within 30 days and therefore are all classified as current. As the majority of receivables are short term in nature, their carrying amount is assumed to be the same as their fair value (h) Property, Plant and Equipment (i) Cost and valuation All classes of property, plant and equipment are measured at cost. (ii) Depreciation Depreciation is provided on a straight-line basis on all property, plant and equipment. 2019 2018 2017 Major depreciation periods are: Plant and equipment: 5 years 5 years 5 years (i) Exploration and Development Expenditure Expenditure on exploration and evaluation is accounted for in accordance with the 'area of interest' method and with IFRS 6 Exploration for and Evaluation of Mineral Resources Exploration and evaluation expenditure encompasses expenditures incurred by the Group in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. For each area of interest, expenditure incurred in the acquisition of rights to explore is capitalised and recognised as an exploration and evaluation asset. This includes option payments made to landowners under the Group’s option agreements with local landowners which are considered part of the acquisition costs. Exploration and evaluation assets are measured at cost at recognition and are recorded as an asset if: (i) the rights to tenure of the area of interest are current; and (ii) at least one of the following conditions is also met: • the exploration and evaluation expenditures are expected to be recouped through successful development and exploitation of the area of interest, or alternatively, by its sale; and • exploration and evaluation activities in the area of interest have not at the reporting date reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in, or in relation to, the area of interest are continuing. All other exploration and evaluation expenditures are expensed as incurred. Once the technical feasibility and commercial viability of a program or project has been demonstrated with a bankable feasibility study, the carrying amount of the exploration and evaluation expenditure in respect of the area of interest is reclassified as a “mine development property” and future expenditures incurred in the development of that area of interest is accounted for in accordance with the Group’s policy for Property, Plant & Equipment, as described in note 1(h). Impairment Capitalised exploration costs are reviewed each reporting date to establish whether an indication of impairment exists. If any such indication exists, the recoverable amount of the capitalised exploration costs is estimated to determine the extent of the impairment loss (if any). Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in previous years. Where a decision is made to proceed with development, accumulated expenditure is tested for impairment and transferred to development properties, and then amortised over the life of the reserves associated with the area of interest once mining operations have commenced. Recoverability of the carrying amount of the exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. (j) Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 60 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months from the reporting date. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature. (k) Provisions Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. (l) Interest income Interest income is recognised on a time proportionate basis that takes into account the effective yield on the financial asset. (m) Income Tax The income tax expense for the period is the tax payable on the current period's taxable income based on the national income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively enacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary differences to measure the deferred tax asset or liability. An exception is made for certain temporary differences arising from the initial recognition of an asset or a liability. No deferred tax asset or liability is recognised in relation to these temporary differences if they arose on goodwill or in a transaction, other than a business combination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss. Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in controlled entities where the Company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity. Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against tax liabilities and the deferred tax liabilities relate to the same taxable entity and the same taxation authority. (n) Employee Entitlements Provision is made for the Group's liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled wholly within 12 months have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than 12 months have been measured at the present value of the estimated future cash outflows to be made for those benefits. (o) Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing the net profit attributable to members of the Company for the reporting period, after excluding any costs of servicing equity, by the weighted average number of ordinary shares of the Company, adjusted for any bonus issue. Diluted EPS is calculated by dividing the basic EPS earnings, adjusted by the after tax effect of financing costs associated with dilutive potential Ordinary Shares and the effect on revenues and expenses of conversion to Ordinary Shares associated with dilutive potential Ordinary Shares, by the weighted average number of Ordinary Shares and dilutive Ordinary Shares adjusted for any bonus issue. (p) Goods and Services Tax Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables in the Statement of Financial Position are shown inclusive of GST. Cash flows are presented in the Statement of Cash Flows on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. (q) Use and Revision of Accounting Estimates, Judgements and Assumptions The preparation of the financial report requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amount recognised in the financial statements are described in the following note: • Recognition of tax losses (Note 3); • Impairment of exploration and evaluation expenditures (Note 7); and • Share-based payments (Note 15). (r) Operating Segments An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity), whose operating results are regularly reviewed by the entity's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. This includes start up operations which are yet to earn revenues. Management will also consider other factors in determining operating segments such as the existence of a line manager and the level of segment information presented to the board of directors. Operating segments have been identified based on the information provided to the chief operating decision makers – being the board of directors. The group aggregates two or more operating segments when they have similar economic characteristics, and the segments are similar in each of the following respects: • Nature of the products and services, • Nature of the production processes, • Type or class of customer for the products and services, • Methods used to distribute the products or provide the services, and if applicable, • Nature of the regulatory environment. Operating segments that meet the quantitative criteria as prescribed by IFRS 8 Operating Segments Information about other business activities and operating segments that are below the quantitative criteria are combined and disclosed in a separate category for “all other segments”. (s) Impairment of Assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of its fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets and the asset's value in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as part of the cash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its recoverable amount. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An assessment is also made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. After such a reversal the depreciation charge is adjusted in future periods to allocate the asset's revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. (t) Fair Value Estimation The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosure purposes. The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and available-for-sale securities) is based on quoted market prices at the reporting date. The quoted market price used for financial assets held by the Group is the current bid price; the appropriate quoted market price for financial liabilities is the current ask price. The fair value of financial instruments that are not traded in an active market (for example, over the counter derivatives) is determined using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance date. Quoted market prices or dealer quotes for similar instruments are used for long-term debt instruments held. Other techniques, such as discounted cash flows, are used to determine fair value for the remaining financial instruments. The fair value of interest-rate swaps is calculated as the present value of the estimated future cash flows. The fair value of forward exchange contracts is determined using forward exchange market rates at the reporting date. The nominal value less estimated credit adjustments of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. (u) Issued and Unissued Capital Ordinary Shares and Performance Shares are classified as equity. Issued and paid up capital is recognised at the fair value of the consideration received by the Company. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. (v) Dividends Provision is made for the amount of any dividend declared on or before the end of the year but not distributed at balance date. (w) Share-Based Payments Equity-settled share-based payments are provided to officers, employees, consultants and other advisors. These share-based payments are measured at the fair value of the equity instrument at the grant date. Fair value is determined using the Black Scholes option pricing model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the Company's estimate of equity instruments that will eventually vest. At each reporting date, the Company revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss over the remaining vesting period, with a corresponding adjustment to the share-based payments reserve. Equity-settled share-based payments may also be provided as consideration for the acquisition of assets. Where ordinary shares are issued, the transaction is recorded at fair value based on the quoted price of the ordinary shares at the date of issue. The acquisition is then recorded as an asset or expensed in accordance with accounting standards. |
OTHER INCOME AND EXPENSES
OTHER INCOME AND EXPENSES | 12 Months Ended |
Jun. 30, 2019 | |
OTHER INCOME AND EXPENSES [Abstract] | |
OTHER INCOME AND EXPENSES | 2. OTHER INCOME AND EXPENSES 2019 2018 2017 Note US$ US$ US$ Other income Net foreign exchange gain 234,090 52,538 — 234,090 52,538 — Other expenses Net foreign exchange loss — — (619 ) Depreciation, amortisation and impairment Included in corporate and administrative expenses: Depreciation of plant and equipment 8 (8,812 ) (1,259 ) (1,133 ) Included in exploration and evaluation expenses: Impairment of exploration and evaluation asset 7 — — (39,251 ) (8,812 ) (1,259 ) (40,384 ) Employee benefits expense (including KMP) Wages, salaries and fees (1,983,144 ) (1,649,294 ) (432,101 ) Defined contribution plans (51,432 ) (18,876 ) (14,179 ) Other employee benefits (159,030 ) (66,735 ) — Share based payments 15 (438,375 ) (1,172,164 ) (861,973 ) (2,631,981 ) (2,907,069 ) (1,299,253 ) |
INCOME TAX
INCOME TAX | 12 Months Ended |
Jun. 30, 2019 | |
INCOME TAX [Abstract] | |
INCOME TAX | 3. INCOME TAX 2019 2018 2017 US$ US$ US$ Recognised in profit or loss Current income tax: Current income tax benefit in respect of the current year — — — Deferred income tax: Origination and reversal of temporary differences — — — Income tax expense reported in profit or loss — — — Reconciliation between tax expense and accounting loss before income tax Accounting loss before income tax (9,822,626 ) (9,957,817 ) (2,639,428 ) At the Australian income tax rate of 30% (2017: 27.5%) (2016: 30%) (2,946,788 ) (2,738,400 ) (725,843 ) Expenditure not allowable for income tax purposes 435,641 612,788 301,266 Income not assessable for income tax purposes (70,227 ) (14,448 ) — Effect of different income tax rate in the United States 1,774,721 (551,859 ) (81,129 ) Effect of change in income tax rate in Australia (233,013 ) — 216,833 Exchange differences on translation of foreign operations 142,627 105,045 7,236 Adjustments in respect of deferred income tax of previous years (159,852 ) (56,213 ) (87,522 ) Effect of deferred tax assets not brought to account 1,056,891 2,643,087 369,159 Income tax expense reported in profit or loss — — — Deferred Tax Assets and Liabilities Deferred Tax Liabilities: Accrued interest 3,856 3,292 2,835 Deferred tax assets used to offset deferred tax liabilities (3,856 ) (3,292 ) (2,835 ) — — — Deferred Tax Assets: Accrued expenditures 35,587 25,160 6,640 Exploration and evaluation expenditure- capital allowances (1) 2,649,626 — — Tax losses available to offset against future taxable income 3,902,255 5,504,853 2,879,828 Deferred tax assets used to offset deferred tax liabilities (3,856 ) (3,292 ) (2,835 ) Deferred tax assets not brought to account (2) (6,583,612 ) (5,526,721 ) (2,883,633 ) — — — Notes: (1) For U.S. income tax purposes, exploration costs are generally capitalised and then amortized for tax purposes unless an election is made to deduct the exploration costs as incurred. On finalisation of its U.S. tax return, the Group did not make such an election for the year ended June 30, 2018, and consequently exploration costs have been treated as capitalised for tax purposes, with deductions available in future periods. This election has no impact on the total deferred tax assets available to the Group at either June 30, 2019 or June 30, 2018. (2) The benefit of deferred tax assets not brought to account will only be brought to account if: (a) future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be realised; (b) the conditions for deductibility imposed by tax legislation continue to be complied with; and (c) no changes in tax legislation adversely affect the Group in realising the benefit. |
DIVIDENDS PAID OR PROVIDED FOR
DIVIDENDS PAID OR PROVIDED FOR ON ORDINARY SHARES | 12 Months Ended |
Jun. 30, 2019 | |
DIVIDENDS PAID OR PROVIDED FOR ON ORDINARY SHARES [Abstract] | |
DIVIDENDS PAID OR PROVIDED FOR ON ORDINARY SHARES | 4. DIVIDENDS PAID OR PROVIDED FOR ON ORDINARY SHARES No dividends have been paid or proposed for the year ended June 30, 2019 (2018: nil) (2017: nil). |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Jun. 30, 2019 | |
CASH AND CASH EQUIVALENTS [Abstract] | |
CASH AND CASH EQUIVALENTS | 5. CASH AND CASH EQUIVALENTS 2019 2018 2017 US$ US$ US$ Cash at bank and on hand 2,224,380 2,714,776 844,118 Short term deposits 2,207,770 4,523,713 2,692,200 4,432,150 7,238,489 3,536,318 Reconciliation of loss before income tax to net cash flows from operations Loss for the year (9,822,626 ) (9,957,817 ) (2,639,428 ) Adjustment for non-cash income and expense items Depreciation and impairment 8,812 1,259 40,384 Share-based payments expense 438,375 1,172,164 861,973 Net foreign exchange loss/(gain) (234,090 ) (52,538 ) 619 Change in assets and liabilities Decrease/(increase) in trade and other receivables 10,814 (1,516 ) (22,907 ) (Decrease)/increase in trade and other payables 154,987 1,505,657 433,536 Exchange differences arising on translation of foreign operations (366,084 ) (249,205 ) (5,772 ) Net cash outflow from operating activities (9,809,812 ) (7,581,996 ) (1,331,595 ) |
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES | 12 Months Ended |
Jun. 30, 2019 | |
TRADE AND OTHER RECEIVABLES [Abstract] | |
TRADE AND OTHER RECEIVABLES | 6. TRADE AND OTHER RECEIVABLES 2019 2018 US$ US$ Accrued interest receivable 12,599 11,411 Deposits 35,000 36,617 GST receivable 12,080 24,082 59,679 72,110 |
EXPLORATION AND EVALUATION ASSE
EXPLORATION AND EVALUATION ASSETS | 12 Months Ended |
Jun. 30, 2019 | |
EXPLORATION AND EVALUATION ASSETS [Abstract] | |
EXPLORATION AND EVALUATION ASSETS | 7. EXPLORATION AND EVALUATION ASSETS 2019 2018 US$ US$ Areas of interest Piedmont Lithium Project (1) 2,265,121 742,017 Carrying amount at June 30 (3) 2,265,121 742,017 Reconciliation Carrying amount at July 1 742,017 177,800 Additions (2) 1,523,104 564,217 Carrying amount at June 30 (3) 2,265,121 742,017 Notes: (1) As at 30 June 2019, the Company owns or has entered into exclusive option agreements or land acquisition agreements with local landowners, which upon exercise, allow the Company to purchase (or in some cases long-term lease) approximately 2,207 acres of surface property and the associated mineral rights from the private landowners. (2) During fiscal 2019, the Group made land acquisition payments and land option payments totalling US$1,523,104 (2018: US$564,217) to landowners which have been treated as acquisition costs and capitalised as ‘exploration and evaluation assets’. No liability has been recorded for the consideration payable to landowners if the Group chooses to exercise the options (refer to Note 18 for further details of contingent liabilities). (3) The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial exploitation or sale of the respective areas of interest. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Jun. 30, 2019 | |
PROPERTY, PLANT AND EQUIPMENT [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 8. PROPERTY, PLANT AND EQUIPMENT 2019 2018 2017 US$ US$ US$ Plant and equipment At cost 36,426 5,401 30,045 Accumulated depreciation and impairment (10,231 ) (1,419 ) (26,150 ) Carrying amount at June 30 26,195 3,982 3,895 Reconciliation Carrying amount at July 1 3,982 3,895 991 Additions 31,025 1,346 4,134 Depreciation (8,812 ) (1,259 ) (1,133 ) Exchange differences — — (97 ) Carrying amount at June 30 26,195 3,982 3,895 |
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES | 12 Months Ended |
Jun. 30, 2019 | |
TRADE AND OTHER PAYABLES [Abstract] | |
TRADE AND OTHER PAYABLES | 9. TRADE AND OTHER PAYABLES 2019 2018 US$ US$ Trade creditors 1,434,439 1,901,870 Accrued expenses 709,632 87,214 2,144,071 1,989,084 |
CONTRIBUTED EQUITY
CONTRIBUTED EQUITY | 12 Months Ended |
Jun. 30, 2019 | |
CONTRIBUTED EQUITY [Abstract] | |
CONTRIBUTED EQUITY | 10. CONTRIBUTED EQUITY 2019 2018 Note US$ US$ Issued capital 670,380,352 fully paid ordinary shares (2018: 559,030,352) (2017: 454,030,352) 10(a) 48,853,707 40,483,348 (a) Movements in issued capital Date Details Number of Ordinary Shares Issue Price US$ 2019 1 Jul 2018 Opening balance 559,030,352 40,483,348 31 Jul 2018 Conversion of performance rights 200,000 — 27,828 7-13 Dec 2018 Share placement 107,590,909 $ A0.11 8,560,221 1 Feb 2019 Share placement 3,409,091 $ A0.11 271,538 1 Feb 2019 Conversion of performance rights 150,000 — 20,637 Share issue costs — — (509,865 ) 30 Jun 2019 Closing balance 670,380,352 48,853,707 2018 1 Jul 2017 Opening balance 454,030,352 — 28,512,793 3 Nov 2017 Share placement 100,000,000 $ A0.16 12,304,000 30 May 2018 Exercise of incentive options 5,000,000 $ A0.05 187,525 30 May 2018 Transfer from share-based payment reserve — — 136,746 Share issue costs — — (657,716 ) 30 Jun 2018 Closing balance 559,030,352 40,483,348 (b) Rights attaching to ordinary shares The rights attaching to fully paid ordinary shares (“Shares”) arise from a combination of the Company's Constitution, statute and general law. Shares issued following the exercise of Options or conversion of Performance Rights in accordance with notes 11(c) and 11(d) will rank equally in all respects with the Company's existing Shares. (i) Shares The issue of shares in the capital of the Company and options over unissued shares by the Company is under the control of the directors, subject to the Corporations Act 2001, ASX Listing Rules and any rights attached to any special class of shares. (ii) Meetings of Members Directors may call a meeting of members whenever they think fit. Members may call a meeting as provided by the Corporations Act 2001. The Constitution contains provisions prescribing the content requirements of notices of meetings of members and all members are entitled to a notice of meeting. A meeting may be held in two or more places linked together by audio-visual communication devices. A quorum for a meeting of members is 2 shareholders. The Company holds annual general meetings in accordance with the Corporations Act 2001 and the Listing Rules. (iii) Voting Subject to any rights or restrictions at the time being attached to any shares or class of shares of the Company, each member of the Company is entitled to receive notice of, attend and vote at a general meeting. Resolutions of members will be decided by a show of hands unless a poll is demanded. On a show of hands each eligible voter present has one vote. However, where a person present at a general meeting represents personally or by proxy, attorney or representative more than one member, on a show of hands the person is entitled to one vote only despite the number of members the person represents. On a poll each eligible member has one vote for each fully paid share held and a fraction of a vote for each partly paid share determined by the amount paid up on that share. (iv) Changes to the Constitution The Company's Constitution can only be amended by a special resolution passed by at least three quarters of the members present and voting at a general meeting of the Company. At least 28 days' written notice specifying the intention to propose the resolution as a special resolution must be given. (v) Listing Rules Provided the Company remains admitted to the Official List, then despite anything in its Constitution, no act may be done that is prohibited by the Listing Rules, and authority is given for acts required to be done by the Listing Rules. The Company's Constitution will be deemed to comply with the Listing Rules as amended from time to time. |
RESERVES
RESERVES | 12 Months Ended |
Jun. 30, 2019 | |
RESERVES [Abstract] | |
RESERVES | 11. RESERVES Note 2019 2018 2017 US$ US$ US$ Share-based payments reserve 11(b) 2,287,301 1,897,391 861,973 Foreign currency translation reserve 11(e) (297,166 ) 68,917 318,122 1,990,135 1,966,308 1,180,095 (a) Nature and purpose of reserves (i) Share-based payments reserve The share-based payments reserve is used to record the fair value of Incentive Options and Performance Rights issued by the Group. (ii) Foreign currency translation reserve Exchange differences arising on translation of entities whose functional currency is different to the Group’s presentation currency are taken to the foreign currency translation reserve, as described in Note 1(e). (b) Movements in share-based payments reserve Date Details Number of Incentive Options Number of Performance Rights US$ 2019 1 Jul 2018 Opening balance 79,700,000 1,500,000 1,897,391 Various Grant of incentive securities (1), (2) 4,950,000 — — 31 Jul 2018 Conversion of performance rights — (200,000 ) (27,828 ) 31 Dec 2018 Expiry of performance rights — (1,100,000 ) — 1 Feb 2019 Conversion of performance rights — (150,000 ) (20,637 ) 30 Jun 2019 Share based payment expense — — 438,375 30 Jun 2019 Closing balance 84,650,000 50,000 2,287,301 2018 1 Jul 2017 Opening balance 56,450,000 2,200,000 861,973 Jul 17 – Jun 18 Grant of incentive securities (1) 28,250,000 400,000 — 31 Dec 2017 Expiry of performance rights — (1,100,000 ) — 30 May 2018 Exercise of incentive options (5,000,000 ) — (136,746 ) 30 Jun 2018 Share based payment expense — — 1,172,164 30 Jun 2018 Closing balance 79,700,000 1,500,000 1,897,391 2017 1 Jul 2016 Opening balance — 4,400,000 — 27 Sep 2016 Grant of Incentive Options 45,000,000 — — 9 Dec 2016 Grant of Incentive Options 8,000,000 — — 31 Dec 2016 Lapse of Performance Rights — (1,100,000 ) — 1 May 2017 Grant of Incentive Options (1) 3,450,000 — — 30 Jun 2017 Lapse of Performance Rights — (1,100,000 ) — 30 Jun 2017 Share-based payment expense — — 861,973 30 Jun 2017 Closing balance 56,450,000 2,200,000 861,973 Notes: (1) For details on the valuation of Incentive Options and Performance Rights, including models and assumptions used, please refer to Note 15 of the financial statements. (2) The above number of Incentive Options granted during the 2019 year and outstanding at June 30, 2019, do not include 1,200,000 Incentive Options that were issued and allotted during the 2019 year but were not granted at June 30, 2019 on the basis that the proposed employee had not yet commenced rendering services to the Group. (c) Terms and conditions of Incentive Options The Incentive Options are granted based upon the following terms and conditions: • Each Incentive Option entitles the holder to the right to subscribe for one Share upon the exercise of each Incentive Option; • The Incentive Options granted as share based payments at the end of the financial year have the following exercise prices and expiry dates: • 14,000,000 Incentive Options exercisable at A$0.05 each expiring on December 31, 2019; • 1,000,000 Incentive Options exercisable at A$0.08 each expiring on December 31, 2019; • 16,500,000 Incentive Options exercisable at A$0.10 each expiring on December 31, 2019; • 16,500,000 Incentive Options exercisable at A$0.15 each expiring on December 31, 2019; • 1,300,000 Incentive Options exercisable at A$0.15 each expiring on June 30, 2020; • 1,300,000 Incentive Options exercisable at A$0.20 each expiring on June 30, 2020; • 4,175,000 Incentive Options exercisable at A$0.25 each expiring on June 30, 2020; • 6,000,000 Incentive Options exercisable at A$0.10 each expiring on July 10, 2020; • 6,000,000 Incentive Options exercisable at A$0.12 each expiring on January 10, 2021; • 6,000,000 Incentive Options exercisable at A$0.16 each expiring on July 10, 2021; • 6,000,000 Incentive Options exercisable at A$0.24 each expiring on July 10, 2022; • 2,875,000 Incentive Options exercisable at A$0.35 each expiring on December 31, 2020; • 1,500,000 Incentive Options exercisable at A$0.15 each expiring on June 30, 2021; and • 1,500,000 Incentive Options exercisable at A$0.20 each expiring on June 30, 2022. • The Incentive Options are exercisable at any time prior to the Expiry Date, subject to vesting conditions being satisfied (if applicable); • Shares issued on exercise of the Incentive Options rank equally with the then Shares of the Company; • Application will be made by the Company to ASX for official quotation of the Shares issued upon the exercise of the Incentive Options; • If there is any reconstruction of the issued share capital of the Company, the rights of the Incentive Option holders may be varied to comply with the ASX Listing Rules which apply to the reconstruction at the time of the reconstruction; and • No application for quotation of the Incentive Options will be made by the Company. (d) Terms and conditions of Performance Rights The Performance Rights are granted based upon the following terms and conditions: • Each Performance Right automatically converts into one Share upon vesting of the Performance Right; • Each Performance Right is subject to performance conditions (as determined by the Board from time to time) which must be satisfied in order for the Performance Right to vest; • The Performance Rights outstanding at the end of the financial year have the following performance conditions and expiry dates: • 50,000 Performance Rights subject to the Pre-Feasibility Study Milestone expiring on December 31, 2020. • Shares issued on conversion of the Performance Rights rank equally with the then Shares of the Company; • Application will be made by the Company to ASX for official quotation of the Shares issued upon conversion of the Performance Rights; • If there is any reconstruction of the issued share capital of the Company, the rights of the Performance Right holders may be varied to comply with the ASX Listing Rules which apply to the reconstruction at the time of the reconstruction; • No application for quotation of the Performance Rights will be made by the Company; and • Without approval of the Board, Performance Rights may not be transferred, assigned or novated, except, upon death, a participant's legal personal representative may elect to be registered as the new holder of such Performance Rights and exercise any rights in respect of them. (e) Movements in foreign currency translation reserve 2019 2018 2017 US$ US$ US$ Balance at July 1 68,917 318,122 259,320 Exchange differences arising on translation of foreign operations (366,083 ) (249,205 ) 58,802 Balance at June 30 (297,166 ) 68,917 318,122 |
ACCUMULATED LOSSES
ACCUMULATED LOSSES | 12 Months Ended |
Jun. 30, 2019 | |
ACCUMULATED LOSSES [Abstract] | |
ACCUMULATED LOSSES | 12. ACCUMULATED LOSSES 2019 2018 US$ US$ Balance at July 1 (36,382,142 ) (26,424,325 ) Net loss for the year (9,822,626 ) (9,957,817 ) Balance at June 30 (46,204,768 ) (36,382,142 ) |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Jun. 30, 2019 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | 13. EARNINGS PER SHARE 2019 2018 2017 US$ cents US$ cents US$ cents Basic loss per share (1.58 ) (1.91 ) (0.64 ) Diluted loss per share (1.58 ) (1.91 ) (0.64 ) 2019 2018 2017 US$ US$ US$ The following reflects the income and share data used in the calculations of basic earnings per share: Net loss (9,822,626 ) (9,957,817 ) (2,639,428 ) Earnings used in calculating basic and dilutive earnings per share (9,822,626 ) (9,957,817 ) (2,639,428 ) Number of Ordinary Shares 2019 Number of Ordinary Shares 2018 Number of Ordinary Shares 2017 Weighted average number of Ordinary Shares used in calculating basic and dilutive earnings per share 621,391,730 520,222,133 409,976,775 (a) Non-Dilutive Securities As at balance date, 85,850,000 Incentive Options and 50,000 Performance Rights, which together represent 85,900,000 potential Ordinary Shares, were considered non-dilutive as they would decrease the loss per share. (b) Conversions, Calls, Subscriptions or Issues after June 30, 2019 After year end, in July 2019, the Company issued 145,000,000 Ordinary Shares under an institutional placement at an issue price of A$0.145 per share to raise gross proceeds of A$21 million. Other than as outlined above, there have been no conversions to, calls of, or subscriptions for Ordinary Shares or issues of potential Ordinary Shares since the reporting date and before the completion of this financial report. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Jun. 30, 2019 | |
RELATED PARTIES [Abstract] | |
RELATED PARTIES | 14. RELATED PARTIES (a) Subsidiaries Country of Incorporation Equity Interest 2019 % 2018 % 2017 % Piedmont Lithium, Inc. (1) United States 100 100 100 Gaston Land Company, LLC ( 2) United States 100 100 — WCP Gold Pty Ltd (3) Australia — — 100 WCP Copper Pty Ltd ( 3) Australia — — 100 Mt Phillips Exploration Pty Ltd (3) Australia — — 100 WCP Energy Pty Ltd (3) Australia — — 100 WCP Phosphate Pty Ltd ( 3) Australia — — 100 Notes: 1 Piedmont Lithium, Inc. was incorporated by the Group on July 18, 2016. 2 Gaston Land Company, LLC was incorporated by the Group on October 23, 2017. 3 During the 2018 financial year, the Group voluntarily deregistered its five (5) dormant Australian subsidiaries. (b) Ultimate Parent Piedmont Lithium Limited is the ultimate parent of the Group. (c) Key Management Personnel The aggregate compensation made to Key Management Personnel of the Group is set out below: 2019 2018 2017 US$ US$ US$ Short-term employee benefits 1,673,245 1,153,314 402,527 Post-employment benefits 30,544 18,876 14,180 Share-based payments 420,529 957,147 359,559 Total compensation 2,124,318 2,129,337 776,266 No loans were provided to or received from Key Management Personnel during the year ended June 30, 2019 (2018: Nil). (d) Transactions with related parties of Key Management Personnel Apollo Group Pty Ltd (‘Apollo’), a company associated with Mr Mark Pearce, was paid A$180,000 during the 2019 year for the provision of serviced office facilities and administrative, accounting and company secretarial services (2018: A$180,000) (2017: A$180,000), based on a monthly retainer of A$15,000 due and payable in advance with no fixed term. The agreement may be terminated by either party for any reason by giving one month’s notice. Ledger Holdings Pty Ltd (‘Ledger’), a company associated with Mr Levi Mochkin, was paid A$120,000 during the 2019 year for the provision of services in relation to business development activities (2018: A$70,000) (2017: A$105,000). Ledger receives a monthly retainer of A$5,833, with any additional fees agreed between the parties as required from time to time. The agreement may be terminated by either party for any reason by giving two months’ notice. |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Jun. 30, 2019 | |
SHARE-BASED PAYMENTS [Abstract] | |
SHARE-BASED PAYMENTS | 15. SHARE-BASED PAYMENTS (a) Recognised share-based payment expense From time to time, the Group provides Incentive Options and Performance Rights to officers, employees, consultants and other key advisors as part of remuneration and incentive arrangements. The number of options or rights granted, and the terms of the options or rights granted are determined by the Board. Shareholder approval is sought where required. During the past three years, the following equity-settled share-based payments have been recognised: 2019 2018 2017 US$ US$ US$ Expense arising from equity-settled share-based payment transactions (438,375 ) (1,172,164 ) (861,973 ) (b) Summary of Options and Performance Rights granted as share-based payments The following table illustrates the number and weighted average exercise prices (“WAEP”) of Incentive options and Performance Rights granted as share-based payments at the beginning and end of the financial year: 2019 Number 2019 WAEP 2018 Number 2018 WAEP 2017 Number 2017 WAEP Outstanding at beginning of year 81,200,000 $ A0.13 58,650,000 $ A0.10 4,400,000 — Options granted during the year 4,950,000 $ A0.22 28,650,000 $ A0.17 56,450,000 $ A0.10 Rights lapsed during the year (1,100,000 ) — (1,100,000 ) — (2,200,000 ) — Rights converted during the year (350,000 ) — (5,000,000 ) $ A0.05 — — Outstanding at end of year 84,700,000 $ A0.14 81,200,000 $ A0.13 58,650,000 $ A0.10 Note: (1) The above number of Incentive Options granted during the 2019 year and outstanding at June 30, 2019, do not include 1,200,000 Incentive Options that were issued and allotted during the 2019 year but were not granted at June 30, 2019 on the basis that the proposed employee had not yet commenced rendering services to the Group. The following Incentive Options and Performance Rights were granted as share-based payments during the past three years: Series Security Type Number Grant Date Expiry Date Exercise Price A$ Fair Value A$ Series 1 Options 19,000,000 27-Sep-16 31-Dec-19 $0.05 $ 0.0360 Series 2 Options 13,000,000 27-Sep-16 31-Dec-19 $0.10 $ 0.0270 Series 3 Options 13,000,000 27-Sep-16 31-Dec-19 $0.15 $ 0.0220 Series 4 Options 1,000,000 9-Dec-16 31-Dec-19 $0.08 $ 0.0410 Series 5 Options 3,500,000 9-Dec-16 31-Dec-19 $0.10 $ 0.0370 Series 6 Options 3,500,000 9-Dec-16 31-Dec-19 $0.15 $ 0.0300 Series 7 Options 1,150,000 1-May-17 30-Jun-20 $0.15 $ 0.0400 Series 8 Options 1,150,000 1-May-17 30-Jun-20 $0.20 $ 0.0340 Series 9 Options 1,150,000 1-May-17 30-Jun-20 $0.25 $ 0.0300 Series 10 Options 6,000,000 10-Jul-17 10-Jul-20 $0.10 $ 0.0480 Series 11 Options 6,000,000 10-Jul-17 10-Jan-21 $0.12 $ 0.0470 Series 12 Options 6,000,000 10-Jul-17 10-Jul-21 $0.16 $ 0.0460 Series 13 Options 6,000,000 10-Jul-17 10-Jul-22 $0.24 $ 0.0450 Series 14 Options 150,000 13-Oct-17 30-Jun-20 $0.15 $ 0.1030 Series 15 Options 150,000 13-Oct-17 30-Jun-20 $0.20 $ 0.0910 Series 16 Options 150,000 13-Oct-17 30-Jun-20 $0.25 $ 0.0810 Series 17 Options 1,050,000 1-Jan-18 30-Jun-20 $0.25 $ 0.0910 Series 18 Options 1,050,000 1-Jan-18 31-Dec-20 $0.35 $ 0.0850 Series 19 Rights 150,000 1-Jan-18 31-Dec-18 $$Nil $ 0.1900 Series 20 Rights 150,000 1-Jan-18 31-Dec-19 $Nil $ 0.1900 Series 21 Options 100,000 26-Feb-18 30-Jun-20 $0.25 $ 0.0680 Series 22 Options 100,000 26-Feb-18 31-Dec-20 $0.35 $ 0.0630 Series 23 Options 100,000 12-Mar-18 30-Jun-20 $0.25 $ 0.0600 Series 24 Options 100,000 12-Mar-18 31-Dec-20 $0.35 $ 0.0560 Series 25 Options 500,000 7-May-18 30-Jun-20 $0.25 $ 0.0550 Series 26 Options 500,000 7-May-18 31-Dec-20 $0.35 $ 0.0510 Series 27 Rights 50,000 29-May-18 31-Dec-18 $Nil $ 0.1790 Series 28 Rights 50,000 29-May-18 31-Dec-19 $Nil $ 0.1790 Series 29 Options 150,000 15-Jun-18 30-Jun-20 $0.25 $ 0.0810 Series 30 Options 150,000 15-Jun-18 31-Dec-20 $0.35 $ 0.0750 Series 31 Options 375,000 13-Jul-18 30-Jun-20 $0.25 $ 0.0630 Series 32 Options 375,000 13-Jul-18 31-Dec-20 $0.35 $ 0.0590 Series 33 Options 500,000 1-Aug-18 30-Jun-20 $0.25 $ 0.0640 Series 34 Options 500,000 1-Aug-18 31-Dec-20 $0.35 $ 0.0580 Series 35 Options 1,500,000 7-May-19 30-Jun-21 $0.15 $ 0.0680 Series 36 Options 1,500,000 7-May-19 30-Jun-22 $0.20 $ 0.0680 Series 37 Options 100,000 1-Oct-18 30-Jun-20 $0.25 $ 0.0260 Series 38 Options 100,000 1-Oct-18 31-Dec-20 $0.35 $ 0.0240 (c) Weighted Average Remaining Contractual Life At June 30, 2019, the weighted average remaining contractual life of Incentive Options and Performance Rights on issue that had been granted as share-based payments was 1.06 years (2017: 1.96 years) (2016: 2.5 years). (d) Range of Exercise Prices At June 30, 2019, the range of exercise prices of Incentive Options on issue that had been granted as share-based payments was A$0.05 to A$0.35 (2018: A$0.05 to A$0.35) (2017: A$0.05 to A$0.25). (e) Weighted Average Share Price of Exercised Options There were no Incentive Options exercised during the year ended 30 June 2019. For Incentive Options exercised during the year ended June 30, 2018, the weighted average share price at the date of exercise was A$0.175. (f) Weighted Average Fair Value The weighted average fair value of Incentive Options and Performance Rights granted as share-based payments by the Group during the year ended June 30, 2019 was A$0.05 (2018: A$0.05) (2017: A$0.03). (g) Option and Rights Pricing Models The fair value of Incentive Options granted is estimated as at the date of grant using the Black Scholes option valuation model taking into account the terms and conditions upon which the Incentive Options were granted. The fair value of Performance Rights granted is estimated as at the date of grant based on the underlying share price (being the seven-day volume weighted average share price prior to issuance). The tables below list the inputs to the valuation model used for share options and performance rights granted by the Group during the last three years: 2019 Incentive Options 2019 Performance Rights 2018 Incentive Options 2018 Performance Rights 2017 Incentive Options 2017 Performance Rights Fair value at grant date (weighted average) $ A0.064 — $ A0.051 $ A0.187 $ A0.030 — Share price at grant date (weighted average) $ A0.16 — $ A0.104 $ A0.187 $ A0.064 — Exercise price (weighted average) $ A0.22 — $ A0.175 — $ A0.104 — Expected life of options/ rights (weighted average) ( 1) 2.01 years — 3.69 years 1.40 years 3.23 years — Risk-free interest rate (weighted average) 1.59 % — 2.11 % — 1.67 % — Expected volatility ( 2) 78 % — 85.00 % — 85.00 % — Expected dividend yield ( 3) — — — — — — Notes: 1 The expected life is based on the expiry date of the options or rights. 2 The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome. 3 The dividend yield reflects the assumption that the current dividend payout will remain unchanged. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Jun. 30, 2019 | |
SEGMENT INFORMATION [Abstract] | |
SEGMENT INFORMATION | 16. SEGMENT INFORMATION IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Consolidated Entity that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance. The Consolidated Entity operates in one segment, being mineral exploration in the United States of America. (a) Reconciliation of non-current assets by geographical location 2019 2018 US$ US$ United States of America 2,291,316 745,999 2,291,316 745,999 |
FINANCIAL RISK MANAGEMENT OBJEC
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES | 12 Months Ended |
Jun. 30, 2019 | |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES [Abstract] | |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES | 17. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (a) Overview The Group's principal financial instruments comprise receivables, payables, cash, and short-term deposits. The main risks arising from the Group's financial instruments are interest rate risk, foreign currency risk, credit risk and liquidity risk. This note presents information about the Group's exposure to each of the above risks, its objectives, policies and processes for measuring and managing risk, and the management of capital. Other than as disclosed, there have been no significant changes since the previous financial year to the exposure to or management of these risks. The Group manages its exposure to key financial risks in accordance with the Group's financial risk management policy. Key risks are monitored and reviewed as circumstances change (e.g. acquisition of a new project) and policies are revised as required. The overall objective of the Group's financial risk management policy is to support the delivery of the Group's financial targets whilst protecting future financial security. Given the nature and size of the business and uncertainty as to the timing and amount of cash inflows and outflows, the Group does not enter into derivative transactions to mitigate the financial risks. In addition, the Group's policy is that no trading in financial instruments shall be undertaken for the purposes of making speculative gains. As the Group's operations change, the Directors will review this policy periodically going forward. The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework. The Board reviews and agrees policies for managing the Group's financial risks as summarised below. (b) Credit Risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. This arises principally from cash and cash equivalents and trade and other receivables. There are no significant concentrations of credit risk within the Group. The carrying amount of the Group's financial assets represents the maximum credit risk exposure, as represented below: 2019 2018 Note US$ US$ Cash and cash equivalents 5 4,432,150 7,238,489 Trade and other receivables 6 59,679 72,110 4,491,829 7,310,599 The Group does not have any significant customers and accordingly does not have any significant exposure to impairment losses. Trade and other receivables comprise of primarily deposits, accrued interest revenue, and GST refunds due. Where possible the Group trades only with recognised, creditworthy third parties. It is the Group's policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the Group's exposure to bad debts is not significant. At June 30, 2019 none (2018: none) of the Group's receivables are past due. No impairment losses on receivables have been recognised. With respect to credit risk arising from cash and cash equivalents, the Group's exposure to credit risk arises from default of the counter party, with a maximum exposure equal to the carrying amount of these instruments. (c) Liquidity Risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Board's approach to managing liquidity is to ensure, as far as possible, that the Group will always have sufficient liquidity to meet its liabilities when due. At June 30, 2018 and 2019, the Group had sufficient liquid assets to meet its financial obligations. The contractual maturities of financial liabilities, including estimated interest payments, are provided below. There are no netting arrangements in respect of financial liabilities. ≤6 Months US$ 6-12 Months US$ 1-5 Years US$ ≥5 Years US$ Total US$ 2019 Financial Liabilities Trade and other payables 2,144,071 — — — 2,144,071 2,144,071 — — — 2,144,071 2018 Financial Liabilities Trade and other payables 1,989,084 — — — 1,989,084 1,989,084 — — — 1,989,084 (d) Interest Rate Risk The Group's exposure to the risk of changes in market interest rates relates primarily to the cash and short-term deposits with a floating interest rate. These financial assets with variable rates expose the Group to cash flow interest rate risk. All other financial assets and liabilities, in the form of receivables and payables are non-interest bearing. At the reporting date, the interest rate profile of the Group's interest-bearing financial instruments was: 2019 2018 Note US$ US$ Interest-bearing financial instruments Cash at bank and on hand 5 2,224,380 2,714,776 Short term deposits 5 2,207,770 4,523,713 4,432,150 7,238,489 The Group's cash at bank and on hand and short-term deposits had a weighted average floating interest rate at year end of 2.02% (2018: 1.89%). The Group currently does not engage in any hedging or derivative transactions to manage interest rate risk. Interest rate sensitivity A sensitivity of 1% (100 basis points) has been selected as this is considered reasonable given the current level of both short term and long-term interest rates. A 1% (100 basis points) movement in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The analysis is performed on the same basis for 2018. Profit or loss Equity +1% US$ -1% US$ +1% US$ -1% US$ 2019 Cash and cash equivalents 44,322 (44,322 ) 44,322 (44,322 ) 2018 Cash and cash equivalents 64,857 (64,857 ) 64,857 (64,857 ) (e) Foreign Currency Risk Foreign currency risk is the risk that the fair value of future cash outflows of an exposure will fluctuate because of changes in foreign currency exchange rates. The Group’s exposure to the risk of changes in foreign exchange rate relates primarily to assets and liabilities that are denominated in currencies other than US$. The Group also has transactional currency exposures relating to transactions denominated in currencies other than US$. The currency in which these transactions primarily are denominated is A$. It is the Group’s policy not to enter into any hedging or derivative transactions to manage foreign currency risk. At June 30, 2019, the majority of the Group’s cash reserves were denominated in US$, being US$3.4 million. At the reporting date, the Group’s exposure to financial instruments denominated in foreign currencies was: A$ denominated financial assets and liabilities 2019 A$ exposure (US$ Equivalent) 2018 A$ exposure (US$ Equivalent) Financial assets Cash and cash equivalents 1,028,454 1,971,129 Trade and other receivables 24,679 35,493 Financial liabilities Trade and other payables 260,171 143,181 Net exposure 792,962 1,863,441 Foreign exchange rate sensitivity At the reporting date, had the US$ appreciated or depreciated against the A$, as illustrated in the table below, profit or loss and equity would have been affected by the amounts shown below. This analysis assumes that all other variables remain constant. Profit or loss Other Comprehensive Income 10% Increase US$ 10% Decrease US$ 10% Increase US$ 10% Decrease US$ 2019 Group 79,296 (79,296 ) 79,296 (79,296 ) 2018 Group 186,344 (186,344 ) 186,344 (186,344 ) (f) Commodity Price Risk The Group is exposed to commodity price risk. These commodity prices can be volatile and are influenced by factors beyond the Group's control. As the Group is currently engaged in exploration and development activities, no sales of commodities are forecast for the next 12 months, and accordingly, no hedging or derivative transactions have been used to manage commodity price risk. (g) Capital Management The Board's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Given the stage of development of the Group, the Board's objective is to minimise debt and to raise funds as required through the issue of new shares. The Group is not subject to externally imposed capital requirements. There were no changes in the Group's approach to capital management during the year. (h) Fair Value The net fair value of financial assets and financial liabilities approximates their carrying value. The methods for estimating fair value are outlined in the relevant notes to the financial statements. |
CONTINGENT ASSETS AND LIABILITI
CONTINGENT ASSETS AND LIABILITIES | 12 Months Ended |
Jun. 30, 2019 | |
CONTINGENT ASSETS AND LIABILITIES [Abstract] | |
CONTINGENT ASSETS AND LIABILITIES | 18. CONTINGENT ASSETS AND LIABILITIES At June 30, 2019, the Group had entered into option agreements and land acquisition agreements with local landowners in North Carolina, United States, in relation to its Piedmont Lithium Project, which upon exercise, allows the Group to purchase (or in some cases long-term lease) 2,207 acres of surface property and the associated mineral rights from the local landowners. Upon exercise of the option agreements, in the case of a purchase, the Group will pay cash consideration approximating the fair market value of the surface property at the time of exercise (excluding the value of any minerals) plus 50%, and in the case of a long-term lease, the Group will pay annual advanced royalty payments per acre. The landowners will also retain a production royalty payable on production of ore from the property, between US$0.50 to US$2.00 per tonne of ore produced. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Jun. 30, 2019 | |
COMMITMENTS [Abstract] | |
COMMITMENTS | 19. COMMITMENTS Management have identified the following material commitments for the consolidated group as at June 30, 2019 and 2018: Payable within 1 year Payable later than 1 year within 5 years Total US$ US$ US$ 2019 Operating lease commitments (a) 64,375 70,509 134,884 64,375 70,509 134,884 2018 Operating lease commitments (a) 25,627 — 25,627 248,234 — 248,234 (a) Operating lease commitments Operating lease commitments include contracts for leased premises and equipment in the United States. |
EVENTS SUBSEQUENT TO BALANCE DA
EVENTS SUBSEQUENT TO BALANCE DATE | 12 Months Ended |
Jun. 30, 2019 | |
EVENTS SUBSEQUENT TO BALANCE DATE [Abstract] | |
EVENTS SUBSEQUENT TO BALANCE DATE | 20. EVENTS SUBSEQUENT TO BALANCE DATE (a) On July 10, 2019, the Company announced that it had completed an institutional placement of 145 million shares at an issue price of A$0.145 per share to institutional investors to raise gross proceeds of A$21 million; (b) On July 17, 2019, the Company announced the results from PFS-level metallurgical test work which demonstrated high quality spodumene concentrate product with a grade above 6.0% Li2O, iron oxide below 1.0%, and low impurities from composite samples using a combination of DMS and flotation technology; (c) On August 7, 2019, the Company announced the results of an enhanced Scoping Study for the Project to incorporate the expanded Mineral Resource update published in June 2019 which extended the Project’s mine life to 25 years; and (d) On October 9, 2019, the Company announced that in response to strong interest from prospective lithium hydroxide customers, the Company plans to accelerate development of its lithium chemical plant by compressing its project timeline into a single-stage, effectively accelerating chemical plant development by one year while deferring the mine/concentrator construction start date by one year, resulting in integrated operations from day one. Other than as outlined above, as at the date of this report there are no other matters or circumstances which have arisen since June 30, 2019 that have significantly affected or may significantly affect: • the operations, in financial years subsequent to June 30, 2019, of the Consolidated Entity; • the results of those operations, in financial years subsequent to June 30, 2019, of the Consolidated Entity; or • the state of affairs, in financial years subsequent to June 30, 2019, of the Consolidated Entity. |
STATEMENT OF SIGNIFICANT ACCO_2
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of Preparation | (a) Basis of preparation The consolidated financial statements are general purpose financial statements, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The financial statements comprise the consolidated financial statements of the Group. For the purposes of preparing the consolidated financial statements, the Company is a for-profit entity. The financial report has also been prepared on a historical cost basis, except for other financial assets, which have been measured at fair value. The financial report is presented in United States dollars (US$). Going concern The financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the normal course of business. The Group incurred a loss of US$9,822,626 (2018: US$9,957,817), and experienced net cash outflows from operating and investing activities of US$11,362,323 for the year ended June 30, 2019 (2018: US$8,814,176). Cash and cash equivalents totalled US$4,432,150 as at June 30, 2019 (30 June 2018: US$7,238,489). As disclosed in Note 20 to the financial statements, on July 10, 2019, the Company announced that it had completed an institutional placement of 145 million shares at an issue price of A$0.145 per share to institutional investors to raise gross proceeds of A$21 million. As a result, the Directors are of the opinion that the Group will have sufficient funds to meet its obligations as and when they fall due and that the use of the going concern basis is appropriate. |
New standards, interpretations and amendments adopted by the Group | (b) New standards, interpretations and amendments adopted by the Group In the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the IASB that are relevant to its operations and effective for annual reporting periods beginning on or after July 1, 2018. New and revised standards and amendments thereof and interpretations effective for the current reporting period that are relevant to the Group include: • IFRS 9 Financial Instruments • IFRS 15 Revenue from Contracts with Customers • Amendments to IFRS 2 Share-based Payments – Classification and Measurement of Share-based Payment Transactions • IFRIC 22 Foreign Currency Transactions and Advance Consideration The adoption of these new and revised standards and amendments has not affected the amounts reported for the current or prior periods. A discussion on the impact of the adoption of IFRS 9 and IFRS 15 is included below. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. IFRS 9 Financial Instruments IFRS 9 Financial Instruments The Group has adopted IFRS 9 from July 1, 2018 which has resulted in changes to accounting policies and the analysis for possible adjustments to amounts recognised in the financial statements. In accordance with the transitional provisions in IFRS 9, the reclassifications and adjustments are not reflected in the balance sheet as at June 30, 2018 but recognised in the opening balance sheet as at July 1, 2018. The Group made an assessment of the impact of the new impairment model introduced by IFRS 9 noting no material impact. Classification and Measurement On July 1, 2018, the Group has assessed financial instruments held by the Group and have classified them into the appropriate IFRS 9 categories. The main effects resulting from this reclassification are shown in the table below. On adoption of IFRS 9, the Group classified financial assets and liabilities measured at either amortised cost or fair value, depending on the business model for those assets and on the asset’s contractual cash flow characteristics. There were no changes in the measurement of the Group’s financial instruments. There was no impact on the statement of comprehensive income or the statement of changes in equity on adoption of IFRS 9 in relation to classification and measurement of financial assets and liabilities. The following table summarises the impact on the classification and measurement of the Group’s financial instruments at July 1, 2018: Presented in statement of financial position IAS 39 Classification IFRS 9 Classification Reported $ Restated $ Cash and cash equivalents Loans and receivables Amortised cost No change No material impact Trade and other receivables Loans and receivables Amortised cost No change No material impact Trade and other payables Loans and payables Amortised cost No change No material impact The Group does not currently engage in any hedging activities and accordingly any changes to hedge accounting rules under IFRS 9 do not impact on the Group. Impairment IFRS 9 introduces a new expected credit loss (“ECL”) impairment model that requires the Group to adopt an ECL position across the Group’s trade and other receivables from July 1, 2018. The loss allowances are based on the assumptions about risk of default and expected loss rates as opposed to the previously applied incurred loss model. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s past history, existing market conditions as well as forward looking estimates at the end of each reporting period. The Group has assessed that the risk of default is minimal for trade receivables, and therefore the loss allowance is immaterial. As such, no allowance for expected credit losses has been recognised against these receivables at June 30, 2019. IFRS 15 Revenue from Contracts with Customers The adoption of IFRS 15 has not had an impact on the Group’s financial statements. During the year, the Group generated no revenue from sale of goods or rendering of services. |
New standards, interpretations and amendments not yet applied by the Group | (c) New standards, interpretations and amendments not yet applied by the Group International Financial Reporting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been adopted by the Group for the annual reporting period ended June 30, 2019. Those which may be relevant to the Group are set out in the table below, but these are not expected to have any significant impact on the Group's financial statements: Standard or Interpretation Application Date of Standard Application Date for Group IFRS 16 Leases January 1, 2019 July 1, 2019 Interpretation 23 Uncertainty over Income Tax Treatments January 1, 2019 July 1, 2019 Annual Improvements to IFRS Standards 2015–2017 Cycle January 1, 2019 July 1, 2019 Amendments to IAS 19 Employee Benefits January 1, 2019 July 1, 2019 The impact of the adoption of IFRS 16 Leases IFRS 16 Leases IFRS 16 was issued in February 2016 and is mandatorily effective for financial years commending on or after 1 January 2019. The adoption of IFRS 16 will result in almost all leases being recognised on the balance sheet, as the distinction between operating and finance leases (for lessees) is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognised. The exceptions are short-term and low-value leases. The Group has reviewed the Group’s leasing arrangements in light of the new lease accounting rules in IFRS 16. The standard will affect primarily the accounting for the Group’s operating leases where the Group is the lessee in the lease arrangement. The Group intends to apply the simplified transition approach and will not restate comparative amounts for the year prior to first adoption. As at the reporting date, the Group has non-cancellable operating lease commitments of approximately US$135,000 (refer Note 19). Of these commitments, approximately US$26,000 relate to short-term and low value leases which will both continue to be recognised on a straight-line basis as an expense in profit or loss. For the remaining operating lease commitments, the Group expects, on 1 July 2019, to recognise right-of-use assets of approximately US$109,000 with a corresponding lease liability of approximately US$109,000 |
Principles of Consolidation | (d) Principles of Consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the Company as at June 30, 2019 and 2018 and the results of all subsidiaries for the three years ended June 30, 2019, 2018 and 2017. Control is achieved when the Company has power over the investee, is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company's voting rights in an investee are sufficient to give it power. Subsidiaries are all those entities (including special purpose entities) over which the Company has the power to govern the financial and operating policies, so as to obtain benefits from its activities, generally accompanying a shareholding of more than one-half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases. Intercompany transactions and balances, income and expenses and profits and losses between Group companies, are eliminated. Investments in subsidiaries are accounted for at cost in the Statement of Financial Position of the Company. |
Foreign Currencies | (e) Foreign Currencies (i) Functional and presentation currency The functional currency of each of the Group's entities is measured using the currency of the primary economic environment in which that entity operates. The Company’s functional currency is Australian dollars. The consolidated financial statements are presented in United States dollars which is the Company's presentation currency. (ii) Transactions and balances Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined. Exchange differences arising on the translation of monetary items are recognised in the income statement, except where deferred in equity as a qualifying cash flow or net investment hedge. Exchange differences arising on the translation of non-monetary items are recognised directly in equity to the extent that the gain or loss is directly recognised in equity, otherwise the exchange difference is recognised in the income statement. (iii) Group companies The financial results and position of foreign operations whose functional currency is different from the group's presentation currency are translated as follows: • assets and liabilities are translated at year-end exchange rates prevailing at that reporting date; • income and expenses are translated at average exchange rates for the period; and • retained earnings are translated at the exchange rates prevailing at the date of the transaction. Exchange differences arising on translation of foreign operations are transferred directly to the group's foreign currency translation reserve in equity. These differences are recognised in profit or loss in the period in which the operation is disposed. |
Cash and Cash Equivalents | (f) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of 3 months or less, and bank overdrafts. |
Trade and Other Receivables | (g) Trade and Other Receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less allowance for expected credit losses. If collection of the amounts is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are generally due for settlement within 30 days and therefore are all classified as current. As the majority of receivables are short term in nature, their carrying amount is assumed to be the same as their fair value |
Property, Plant and Equipment | (h) Property, Plant and Equipment (i) Cost and valuation All classes of property, plant and equipment are measured at cost. (ii) Depreciation Depreciation is provided on a straight-line basis on all property, plant and equipment. 2019 2018 2017 Major depreciation periods are: Plant and equipment: 5 years 5 years 5 years |
Exploration and Development Expenditure | (i) Exploration and Development Expenditure Expenditure on exploration and evaluation is accounted for in accordance with the 'area of interest' method and with IFRS 6 Exploration for and Evaluation of Mineral Resources Exploration and evaluation expenditure encompasses expenditures incurred by the Group in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. For each area of interest, expenditure incurred in the acquisition of rights to explore is capitalised and recognised as an exploration and evaluation asset. This includes option payments made to landowners under the Group’s option agreements with local landowners which are considered part of the acquisition costs. Exploration and evaluation assets are measured at cost at recognition and are recorded as an asset if: (i) the rights to tenure of the area of interest are current; and (ii) at least one of the following conditions is also met: • the exploration and evaluation expenditures are expected to be recouped through successful development and exploitation of the area of interest, or alternatively, by its sale; and • exploration and evaluation activities in the area of interest have not at the reporting date reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in, or in relation to, the area of interest are continuing. All other exploration and evaluation expenditures are expensed as incurred. Once the technical feasibility and commercial viability of a program or project has been demonstrated with a bankable feasibility study, the carrying amount of the exploration and evaluation expenditure in respect of the area of interest is reclassified as a “mine development property” and future expenditures incurred in the development of that area of interest is accounted for in accordance with the Group’s policy for Property, Plant & Equipment, as described in note 1(h). Impairment Capitalised exploration costs are reviewed each reporting date to establish whether an indication of impairment exists. If any such indication exists, the recoverable amount of the capitalised exploration costs is estimated to determine the extent of the impairment loss (if any). Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in previous years. Where a decision is made to proceed with development, accumulated expenditure is tested for impairment and transferred to development properties, and then amortised over the life of the reserves associated with the area of interest once mining operations have commenced. Recoverability of the carrying amount of the exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. |
Trade and Other Payables | (j) Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 60 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months from the reporting date. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature. |
Provisions | (k) Provisions Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. |
Interest Income | (l) Interest income Interest income is recognised on a time proportionate basis that takes into account the effective yield on the financial asset. |
Income Tax | (m) Income Tax The income tax expense for the period is the tax payable on the current period's taxable income based on the national income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively enacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary differences to measure the deferred tax asset or liability. An exception is made for certain temporary differences arising from the initial recognition of an asset or a liability. No deferred tax asset or liability is recognised in relation to these temporary differences if they arose on goodwill or in a transaction, other than a business combination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss. Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in controlled entities where the Company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity. Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against tax liabilities and the deferred tax liabilities relate to the same taxable entity and the same taxation authority. |
Employee Entitlements | (n) Employee Entitlements Provision is made for the Group's liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled wholly within 12 months have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than 12 months have been measured at the present value of the estimated future cash outflows to be made for those benefits. |
Earnings per Share | (o) Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing the net profit attributable to members of the Company for the reporting period, after excluding any costs of servicing equity, by the weighted average number of ordinary shares of the Company, adjusted for any bonus issue. Diluted EPS is calculated by dividing the basic EPS earnings, adjusted by the after tax effect of financing costs associated with dilutive potential Ordinary Shares and the effect on revenues and expenses of conversion to Ordinary Shares associated with dilutive potential Ordinary Shares, by the weighted average number of Ordinary Shares and dilutive Ordinary Shares adjusted for any bonus issue. |
Goods and Services Tax | (p) Goods and Services Tax Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables in the Statement of Financial Position are shown inclusive of GST. Cash flows are presented in the Statement of Cash Flows on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. |
Use and Revision of Accounting Estimates, Judgements and Assumptions | (q) Use and Revision of Accounting Estimates, Judgements and Assumptions The preparation of the financial report requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amount recognised in the financial statements are described in the following note: • Recognition of tax losses (Note 3); • Impairment of exploration and evaluation expenditures (Note 7); and • Share-based payments (Note 15). |
Operating Segments | (r) Operating Segments An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity), whose operating results are regularly reviewed by the entity's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. This includes start up operations which are yet to earn revenues. Management will also consider other factors in determining operating segments such as the existence of a line manager and the level of segment information presented to the board of directors. Operating segments have been identified based on the information provided to the chief operating decision makers – being the board of directors. The group aggregates two or more operating segments when they have similar economic characteristics, and the segments are similar in each of the following respects: • Nature of the products and services, • Nature of the production processes, • Type or class of customer for the products and services, • Methods used to distribute the products or provide the services, and if applicable, • Nature of the regulatory environment. Operating segments that meet the quantitative criteria as prescribed by IFRS 8 Operating Segments Information about other business activities and operating segments that are below the quantitative criteria are combined and disclosed in a separate category for “all other segments”. |
Impairment of Assets | (s) Impairment of Assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of its fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets and the asset's value in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as part of the cash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its recoverable amount. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An assessment is also made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. After such a reversal the depreciation charge is adjusted in future periods to allocate the asset's revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. |
Fair Value Estimation | (t) Fair Value Estimation The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosure purposes. The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and available-for-sale securities) is based on quoted market prices at the reporting date. The quoted market price used for financial assets held by the Group is the current bid price; the appropriate quoted market price for financial liabilities is the current ask price. The fair value of financial instruments that are not traded in an active market (for example, over the counter derivatives) is determined using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance date. Quoted market prices or dealer quotes for similar instruments are used for long-term debt instruments held. Other techniques, such as discounted cash flows, are used to determine fair value for the remaining financial instruments. The fair value of interest-rate swaps is calculated as the present value of the estimated future cash flows. The fair value of forward exchange contracts is determined using forward exchange market rates at the reporting date. The nominal value less estimated credit adjustments of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. |
Issued and Unissued Capital | (u) Issued and Unissued Capital Ordinary Shares and Performance Shares are classified as equity. Issued and paid up capital is recognised at the fair value of the consideration received by the Company. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
Dividends | (v) Dividends Provision is made for the amount of any dividend declared on or before the end of the year but not distributed at balance date. |
Share-Based Payments | (w) Share-Based Payments Equity-settled share-based payments are provided to officers, employees, consultants and other advisors. These share-based payments are measured at the fair value of the equity instrument at the grant date. Fair value is determined using the Black Scholes option pricing model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the Company's estimate of equity instruments that will eventually vest. At each reporting date, the Company revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss over the remaining vesting period, with a corresponding adjustment to the share-based payments reserve. Equity-settled share-based payments may also be provided as consideration for the acquisition of assets. Where ordinary shares are issued, the transaction is recorded at fair value based on the quoted price of the ordinary shares at the date of issue. The acquisition is then recorded as an asset or expensed in accordance with accounting standards. |
STATEMENT OF SIGNIFICANT ACCO_3
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Summary of Impact on Classification and Measurement of Financial Instruments | The following table summarises the impact on the classification and measurement of the Group’s financial instruments at July 1, 2018: Presented in statement of financial position IAS 39 Classification IFRS 9 Classification Reported $ Restated $ Cash and cash equivalents Loans and receivables Amortised cost No change No material impact Trade and other receivables Loans and receivables Amortised cost No change No material impact Trade and other payables Loans and payables Amortised cost No change No material impact |
Australian Accounting Standards and Interpretations Recently Issued But Not Yet Effective | International Financial Reporting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been adopted by the Group for the annual reporting period ended June 30, 2019. Those which may be relevant to the Group are set out in the table below, but these are not expected to have any significant impact on the Group's financial statements: Standard or Interpretation Application Date of Standard Application Date for Group IFRS 16 Leases January 1, 2019 July 1, 2019 Interpretation 23 Uncertainty over Income Tax Treatments January 1, 2019 July 1, 2019 Annual Improvements to IFRS Standards 2015–2017 Cycle January 1, 2019 July 1, 2019 Amendments to IAS 19 Employee Benefits January 1, 2019 July 1, 2019 |
Depreciation on Property, Plant and Equipment | Depreciation is provided on a straight-line basis on all property, plant and equipment. 2019 2018 2017 Major depreciation periods are: Plant and equipment: 5 years 5 years 5 years |
OTHER INCOME AND EXPENSES (Tabl
OTHER INCOME AND EXPENSES (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
OTHER INCOME AND EXPENSES [Abstract] | |
Other Income and Expenses | 2019 2018 2017 Note US$ US$ US$ Other income Net foreign exchange gain 234,090 52,538 — 234,090 52,538 — Other expenses Net foreign exchange loss — — (619 ) Depreciation, amortisation and impairment Included in corporate and administrative expenses: Depreciation of plant and equipment 8 (8,812 ) (1,259 ) (1,133 ) Included in exploration and evaluation expenses: Impairment of exploration and evaluation asset 7 — — (39,251 ) (8,812 ) (1,259 ) (40,384 ) Employee benefits expense (including KMP) Wages, salaries and fees (1,983,144 ) (1,649,294 ) (432,101 ) Defined contribution plans (51,432 ) (18,876 ) (14,179 ) Other employee benefits (159,030 ) (66,735 ) — Share based payments 15 (438,375 ) (1,172,164 ) (861,973 ) (2,631,981 ) (2,907,069 ) (1,299,253 ) |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
INCOME TAX [Abstract] | |
Income Tax | 2019 2018 2017 US$ US$ US$ Recognised in profit or loss Current income tax: Current income tax benefit in respect of the current year — — — Deferred income tax: Origination and reversal of temporary differences — — — Income tax expense reported in profit or loss — — — Reconciliation between tax expense and accounting loss before income tax Accounting loss before income tax (9,822,626 ) (9,957,817 ) (2,639,428 ) At the Australian income tax rate of 30% (2017: 27.5%) (2016: 30%) (2,946,788 ) (2,738,400 ) (725,843 ) Expenditure not allowable for income tax purposes 435,641 612,788 301,266 Income not assessable for income tax purposes (70,227 ) (14,448 ) — Effect of different income tax rate in the United States 1,774,721 (551,859 ) (81,129 ) Effect of change in income tax rate in Australia (233,013 ) — 216,833 Exchange differences on translation of foreign operations 142,627 105,045 7,236 Adjustments in respect of deferred income tax of previous years (159,852 ) (56,213 ) (87,522 ) Effect of deferred tax assets not brought to account 1,056,891 2,643,087 369,159 Income tax expense reported in profit or loss — — — Deferred Tax Assets and Liabilities Deferred Tax Liabilities: Accrued interest 3,856 3,292 2,835 Deferred tax assets used to offset deferred tax liabilities (3,856 ) (3,292 ) (2,835 ) — — — Deferred Tax Assets: Accrued expenditures 35,587 25,160 6,640 Exploration and evaluation expenditure- capital allowances (1) 2,649,626 — — Tax losses available to offset against future taxable income 3,902,255 5,504,853 2,879,828 Deferred tax assets used to offset deferred tax liabilities (3,856 ) (3,292 ) (2,835 ) Deferred tax assets not brought to account (2) (6,583,612 ) (5,526,721 ) (2,883,633 ) — — — Notes: (1) For U.S. income tax purposes, exploration costs are generally capitalised and then amortized for tax purposes unless an election is made to deduct the exploration costs as incurred. On finalisation of its U.S. tax return, the Group did not make such an election for the year ended June 30, 2018, and consequently exploration costs have been treated as capitalised for tax purposes, with deductions available in future periods. This election has no impact on the total deferred tax assets available to the Group at either June 30, 2019 or June 30, 2018. (2) The benefit of deferred tax assets not brought to account will only be brought to account if: (a) future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be realised; (b) the conditions for deductibility imposed by tax legislation continue to be complied with; and (c) no changes in tax legislation adversely affect the Group in realising the benefit. |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
CASH AND CASH EQUIVALENTS [Abstract] | |
Cash and Cash Equivalents | 2019 2018 2017 US$ US$ US$ Cash at bank and on hand 2,224,380 2,714,776 844,118 Short term deposits 2,207,770 4,523,713 2,692,200 4,432,150 7,238,489 3,536,318 Reconciliation of loss before income tax to net cash flows from operations Loss for the year (9,822,626 ) (9,957,817 ) (2,639,428 ) Adjustment for non-cash income and expense items Depreciation and impairment 8,812 1,259 40,384 Share-based payments expense 438,375 1,172,164 861,973 Net foreign exchange loss/(gain) (234,090 ) (52,538 ) 619 Change in assets and liabilities Decrease/(increase) in trade and other receivables 10,814 (1,516 ) (22,907 ) (Decrease)/increase in trade and other payables 154,987 1,505,657 433,536 Exchange differences arising on translation of foreign operations (366,084 ) (249,205 ) (5,772 ) Net cash outflow from operating activities (9,809,812 ) (7,581,996 ) (1,331,595 ) |
TRADE AND OTHER RECEIVABLES (Ta
TRADE AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
TRADE AND OTHER RECEIVABLES [Abstract] | |
Trade and Other Receivables | 2019 2018 US$ US$ Accrued interest receivable 12,599 11,411 Deposits 35,000 36,617 GST receivable 12,080 24,082 59,679 72,110 |
EXPLORATION AND EVALUATION AS_2
EXPLORATION AND EVALUATION ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
EXPLORATION AND EVALUATION ASSETS [Abstract] | |
Exploration and Evaluation Assets | 2019 2018 US$ US$ Areas of interest Piedmont Lithium Project (1) 2,265,121 742,017 Carrying amount at June 30 (3) 2,265,121 742,017 Reconciliation Carrying amount at July 1 742,017 177,800 Additions (2) 1,523,104 564,217 Carrying amount at June 30 (3) 2,265,121 742,017 Notes: (1) As at 30 June 2019, the Company owns or has entered into exclusive option agreements or land acquisition agreements with local landowners, which upon exercise, allow the Company to purchase (or in some cases long-term lease) approximately 2,207 acres of surface property and the associated mineral rights from the private landowners. (2) During fiscal 2019, the Group made land acquisition payments and land option payments totalling US$1,523,104 (2018: US$564,217) to landowners which have been treated as acquisition costs and capitalised as ‘exploration and evaluation assets’. No liability has been recorded for the consideration payable to landowners if the Group chooses to exercise the options (refer to Note 18 for further details of contingent liabilities). (3) The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial exploitation or sale of the respective areas of interest. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
PROPERTY, PLANT AND EQUIPMENT [Abstract] | |
Property, Plant and Equipment | 2019 2018 2017 US$ US$ US$ Plant and equipment At cost 36,426 5,401 30,045 Accumulated depreciation and impairment (10,231 ) (1,419 ) (26,150 ) Carrying amount at June 30 26,195 3,982 3,895 Reconciliation Carrying amount at July 1 3,982 3,895 991 Additions 31,025 1,346 4,134 Depreciation (8,812 ) (1,259 ) (1,133 ) Exchange differences — — (97 ) Carrying amount at June 30 26,195 3,982 3,895 |
TRADE AND OTHER PAYABLES (Table
TRADE AND OTHER PAYABLES (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
TRADE AND OTHER PAYABLES [Abstract] | |
Trade and Other Payables | 2019 2018 US$ US$ Trade creditors 1,434,439 1,901,870 Accrued expenses 709,632 87,214 2,144,071 1,989,084 |
CONTRIBUTED EQUITY (Tables)
CONTRIBUTED EQUITY (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
CONTRIBUTED EQUITY [Abstract] | |
Issued Capital | 2019 2018 Note US$ US$ Issued capital 670,380,352 fully paid ordinary shares (2018: 559,030,352) (2017: 454,030,352) 10(a) 48,853,707 40,483,348 (a) Movements in issued capital Date Details Number of Ordinary Shares Issue Price US$ 2019 1 Jul 2018 Opening balance 559,030,352 40,483,348 31 Jul 2018 Conversion of performance rights 200,000 — 27,828 7-13 Dec 2018 Share placement 107,590,909 $ A0.11 8,560,221 1 Feb 2019 Share placement 3,409,091 $ A0.11 271,538 1 Feb 2019 Conversion of performance rights 150,000 — 20,637 Share issue costs — — (509,865 ) 30 Jun 2019 Closing balance 670,380,352 48,853,707 2018 1 Jul 2017 Opening balance 454,030,352 — 28,512,793 3 Nov 2017 Share placement 100,000,000 $ A0.16 12,304,000 30 May 2018 Exercise of incentive options 5,000,000 $ A0.05 187,525 30 May 2018 Transfer from share-based payment reserve — — 136,746 Share issue costs — — (657,716 ) 30 Jun 2018 Closing balance 559,030,352 40,483,348 |
RESERVES (Tables)
RESERVES (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
RESERVES [Abstract] | |
Reserves | Note 2019 2018 2017 US$ US$ US$ Share-based payments reserve 11(b) 2,287,301 1,897,391 861,973 Foreign currency translation reserve 11(e) (297,166 ) 68,917 318,122 1,990,135 1,966,308 1,180,095 |
Movements in Share-based Payments Reserve | Date Details Number of Incentive Options Number of Performance Rights US$ 2019 1 Jul 2018 Opening balance 79,700,000 1,500,000 1,897,391 Various Grant of incentive securities (1), (2) 4,950,000 — — 31 Jul 2018 Conversion of performance rights — (200,000 ) (27,828 ) 31 Dec 2018 Expiry of performance rights — (1,100,000 ) — 1 Feb 2019 Conversion of performance rights — (150,000 ) (20,637 ) 30 Jun 2019 Share based payment expense — — 438,375 30 Jun 2019 Closing balance 84,650,000 50,000 2,287,301 2018 1 Jul 2017 Opening balance 56,450,000 2,200,000 861,973 Jul 17 – Jun 18 Grant of incentive securities (1) 28,250,000 400,000 — 31 Dec 2017 Expiry of performance rights — (1,100,000 ) — 30 May 2018 Exercise of incentive options (5,000,000 ) — (136,746 ) 30 Jun 2018 Share based payment expense — — 1,172,164 30 Jun 2018 Closing balance 79,700,000 1,500,000 1,897,391 2017 1 Jul 2016 Opening balance — 4,400,000 — 27 Sep 2016 Grant of Incentive Options 45,000,000 — — 9 Dec 2016 Grant of Incentive Options 8,000,000 — — 31 Dec 2016 Lapse of Performance Rights — (1,100,000 ) — 1 May 2017 Grant of Incentive Options (1) 3,450,000 — — 30 Jun 2017 Lapse of Performance Rights — (1,100,000 ) — 30 Jun 2017 Share-based payment expense — — 861,973 30 Jun 2017 Closing balance 56,450,000 2,200,000 861,973 Notes: (1) For details on the valuation of Incentive Options and Performance Rights, including models and assumptions used, please refer to Note 15 of the financial statements. (2) The above number of Incentive Options granted during the 2019 year and outstanding at June 30, 2019, do not include 1,200,000 Incentive Options that were issued and allotted during the 2019 year but were not granted at June 30, 2019 on the basis that the proposed employee had not yet commenced rendering services to the Group. |
Movements in Foreign Currency Translation Reserve | 2019 2018 2017 US$ US$ US$ Balance at July 1 68,917 318,122 259,320 Exchange differences arising on translation of foreign operations (366,083 ) (249,205 ) 58,802 Balance at June 30 (297,166 ) 68,917 318,122 |
ACCUMULATED LOSSES (Tables)
ACCUMULATED LOSSES (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
ACCUMULATED LOSSES [Abstract] | |
Accumulated Losses | 2019 2018 US$ US$ Balance at July 1 (36,382,142 ) (26,424,325 ) Net loss for the year (9,822,626 ) (9,957,817 ) Balance at June 30 (46,204,768 ) (36,382,142 ) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
EARNINGS PER SHARE [Abstract] | |
Basic and Diluted Loss per Share | 2019 2018 2017 US$ cents US$ cents US$ cents Basic loss per share (1.58 ) (1.91 ) (0.64 ) Diluted loss per share (1.58 ) (1.91 ) (0.64 ) |
Income and Share Data Used in Calculations of Basic Earnings Per Share | 2019 2018 2017 US$ US$ US$ The following reflects the income and share data used in the calculations of basic earnings per share: Net loss (9,822,626 ) (9,957,817 ) (2,639,428 ) Earnings used in calculating basic and dilutive earnings per share (9,822,626 ) (9,957,817 ) (2,639,428 ) |
Weighted Average Number of Ordinary Shares Used in Calculating Basic and Dilutive Earnings Per Share | Number of Ordinary Shares 2019 Number of Ordinary Shares 2018 Number of Ordinary Shares 2017 Weighted average number of Ordinary Shares used in calculating basic and dilutive earnings per share 621,391,730 520,222,133 409,976,775 |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
RELATED PARTIES [Abstract] | |
Subsidiaries | Country of Incorporation Equity Interest 2019 % 2018 % 2017 % Piedmont Lithium, Inc. (1) United States 100 100 100 Gaston Land Company, LLC ( 2) United States 100 100 — WCP Gold Pty Ltd (3) Australia — — 100 WCP Copper Pty Ltd ( 3) Australia — — 100 Mt Phillips Exploration Pty Ltd (3) Australia — — 100 WCP Energy Pty Ltd (3) Australia — — 100 WCP Phosphate Pty Ltd ( 3) Australia — — 100 Notes: 1 Piedmont Lithium, Inc. was incorporated by the Group on July 18, 2016. 2 Gaston Land Company, LLC was incorporated by the Group on October 23, 2017. 3 During the 2018 financial year, the Group voluntarily deregistered its five (5) dormant Australian subsidiaries. |
Aggregate Compensation Made to Key Management Personnel | The aggregate compensation made to Key Management Personnel of the Group is set out below: 2019 2018 2017 US$ US$ US$ Short-term employee benefits 1,673,245 1,153,314 402,527 Post-employment benefits 30,544 18,876 14,180 Share-based payments 420,529 957,147 359,559 Total compensation 2,124,318 2,129,337 776,266 |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
SHARE-BASED PAYMENTS [Abstract] | |
Equity-Settled Share-Based Payments | During the past three years, the following equity-settled share-based payments have been recognised: 2019 2018 2017 US$ US$ US$ Expense arising from equity-settled share-based payment transactions (438,375 ) (1,172,164 ) (861,973 ) |
Number and Weighted Average Exercise Prices of Incentive Options and Performance Rights Granted | The following table illustrates the number and weighted average exercise prices (“WAEP”) of Incentive options and Performance Rights granted as share-based payments at the beginning and end of the financial year: 2019 Number 2019 WAEP 2018 Number 2018 WAEP 2017 Number 2017 WAEP Outstanding at beginning of year 81,200,000 $ A0.13 58,650,000 $ A0.10 4,400,000 — Options granted during the year 4,950,000 $ A0.22 28,650,000 $ A0.17 56,450,000 $ A0.10 Rights lapsed during the year (1,100,000 ) — (1,100,000 ) — (2,200,000 ) — Rights converted during the year (350,000 ) — (5,000,000 ) $ A0.05 — — Outstanding at end of year 84,700,000 $ A0.14 81,200,000 $ A0.13 58,650,000 $ A0.10 Note: (1) The above number of Incentive Options granted during the 2019 year and outstanding at June 30, 2019, do not include 1,200,000 Incentive Options that were issued and allotted during the 2019 year but were not granted at June 30, 2019 on the basis that the proposed employee had not yet commenced rendering services to the Group. |
Incentive Options and Performance Rights Granted | The following Incentive Options and Performance Rights were granted as share-based payments during the past three years: Series Security Type Number Grant Date Expiry Date Exercise Price A$ Fair Value A$ Series 1 Options 19,000,000 27-Sep-16 31-Dec-19 $0.05 $ 0.0360 Series 2 Options 13,000,000 27-Sep-16 31-Dec-19 $0.10 $ 0.0270 Series 3 Options 13,000,000 27-Sep-16 31-Dec-19 $0.15 $ 0.0220 Series 4 Options 1,000,000 9-Dec-16 31-Dec-19 $0.08 $ 0.0410 Series 5 Options 3,500,000 9-Dec-16 31-Dec-19 $0.10 $ 0.0370 Series 6 Options 3,500,000 9-Dec-16 31-Dec-19 $0.15 $ 0.0300 Series 7 Options 1,150,000 1-May-17 30-Jun-20 $0.15 $ 0.0400 Series 8 Options 1,150,000 1-May-17 30-Jun-20 $0.20 $ 0.0340 Series 9 Options 1,150,000 1-May-17 30-Jun-20 $0.25 $ 0.0300 Series 10 Options 6,000,000 10-Jul-17 10-Jul-20 $0.10 $ 0.0480 Series 11 Options 6,000,000 10-Jul-17 10-Jan-21 $0.12 $ 0.0470 Series 12 Options 6,000,000 10-Jul-17 10-Jul-21 $0.16 $ 0.0460 Series 13 Options 6,000,000 10-Jul-17 10-Jul-22 $0.24 $ 0.0450 Series 14 Options 150,000 13-Oct-17 30-Jun-20 $0.15 $ 0.1030 Series 15 Options 150,000 13-Oct-17 30-Jun-20 $0.20 $ 0.0910 Series 16 Options 150,000 13-Oct-17 30-Jun-20 $0.25 $ 0.0810 Series 17 Options 1,050,000 1-Jan-18 30-Jun-20 $0.25 $ 0.0910 Series 18 Options 1,050,000 1-Jan-18 31-Dec-20 $0.35 $ 0.0850 Series 19 Rights 150,000 1-Jan-18 31-Dec-18 $$Nil $ 0.1900 Series 20 Rights 150,000 1-Jan-18 31-Dec-19 $Nil $ 0.1900 Series 21 Options 100,000 26-Feb-18 30-Jun-20 $0.25 $ 0.0680 Series 22 Options 100,000 26-Feb-18 31-Dec-20 $0.35 $ 0.0630 Series 23 Options 100,000 12-Mar-18 30-Jun-20 $0.25 $ 0.0600 Series 24 Options 100,000 12-Mar-18 31-Dec-20 $0.35 $ 0.0560 Series 25 Options 500,000 7-May-18 30-Jun-20 $0.25 $ 0.0550 Series 26 Options 500,000 7-May-18 31-Dec-20 $0.35 $ 0.0510 Series 27 Rights 50,000 29-May-18 31-Dec-18 $Nil $ 0.1790 Series 28 Rights 50,000 29-May-18 31-Dec-19 $Nil $ 0.1790 Series 29 Options 150,000 15-Jun-18 30-Jun-20 $0.25 $ 0.0810 Series 30 Options 150,000 15-Jun-18 31-Dec-20 $0.35 $ 0.0750 Series 31 Options 375,000 13-Jul-18 30-Jun-20 $0.25 $ 0.0630 Series 32 Options 375,000 13-Jul-18 31-Dec-20 $0.35 $ 0.0590 Series 33 Options 500,000 1-Aug-18 30-Jun-20 $0.25 $ 0.0640 Series 34 Options 500,000 1-Aug-18 31-Dec-20 $0.35 $ 0.0580 Series 35 Options 1,500,000 7-May-19 30-Jun-21 $0.15 $ 0.0680 Series 36 Options 1,500,000 7-May-19 30-Jun-22 $0.20 $ 0.0680 Series 37 Options 100,000 1-Oct-18 30-Jun-20 $0.25 $ 0.0260 Series 38 Options 100,000 1-Oct-18 31-Dec-20 $0.35 $ 0.0240 |
Valuation Model Used for Share Options Granted | The tables below list the inputs to the valuation model used for share options and performance rights granted by the Group during the last three years: 2019 Incentive Options 2019 Performance Rights 2018 Incentive Options 2018 Performance Rights 2017 Incentive Options 2017 Performance Rights Fair value at grant date (weighted average) $ A0.064 — $ A0.051 $ A0.187 $ A0.030 — Share price at grant date (weighted average) $ A0.16 — $ A0.104 $ A0.187 $ A0.064 — Exercise price (weighted average) $ A0.22 — $ A0.175 — $ A0.104 — Expected life of options/ rights (weighted average) ( 1) 2.01 years — 3.69 years 1.40 years 3.23 years — Risk-free interest rate (weighted average) 1.59 % — 2.11 % — 1.67 % — Expected volatility ( 2) 78 % — 85.00 % — 85.00 % — Expected dividend yield ( 3) — — — — — — Notes: 1 The expected life is based on the expiry date of the options or rights. 2 The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome. 3 The dividend yield reflects the assumption that the current dividend payout will remain unchanged. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
SEGMENT INFORMATION [Abstract] | |
Reconciliation of non-current assets by geographical location | 2019 2018 US$ US$ United States of America 2,291,316 745,999 2,291,316 745,999 |
FINANCIAL RISK MANAGEMENT OBJ_2
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES [Abstract] | |
Credit Risk | The carrying amount of the Group's financial assets represents the maximum credit risk exposure, as represented below: 2019 2018 Note US$ US$ Cash and cash equivalents 5 4,432,150 7,238,489 Trade and other receivables 6 59,679 72,110 4,491,829 7,310,599 |
Contractual Maturities of Financial Liabilities | The contractual maturities of financial liabilities, including estimated interest payments, are provided below. There are no netting arrangements in respect of financial liabilities. ≤6 Months US$ 6-12 Months US$ 1-5 Years US$ ≥5 Years US$ Total US$ 2019 Financial Liabilities Trade and other payables 2,144,071 — — — 2,144,071 2,144,071 — — — 2,144,071 2018 Financial Liabilities Trade and other payables 1,989,084 — — — 1,989,084 1,989,084 — — — 1,989,084 |
Interest-Bearing Financial Instruments | At the reporting date, the interest rate profile of the Group's interest-bearing financial instruments was: 2019 2018 Note US$ US$ Interest-bearing financial instruments Cash at bank and on hand 5 2,224,380 2,714,776 Short term deposits 5 2,207,770 4,523,713 4,432,150 7,238,489 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Financial Instruments Denominated in Foreign Currencies | At the reporting date, the Group’s exposure to financial instruments denominated in foreign currencies was: A$ denominated financial assets and liabilities 2019 A$ exposure (US$ Equivalent) 2018 A$ exposure (US$ Equivalent) Financial assets Cash and cash equivalents 1,028,454 1,971,129 Trade and other receivables 24,679 35,493 Financial liabilities Trade and other payables 260,171 143,181 Net exposure 792,962 1,863,441 |
Interest Rate Risk [Member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Sensitivity Analysis | A sensitivity of 1% (100 basis points) has been selected as this is considered reasonable given the current level of both short term and long-term interest rates. A 1% (100 basis points) movement in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The analysis is performed on the same basis for 2018. Profit or loss Equity +1% US$ -1% US$ +1% US$ -1% US$ 2019 Cash and cash equivalents 44,322 (44,322 ) 44,322 (44,322 ) 2018 Cash and cash equivalents 64,857 (64,857 ) 64,857 (64,857 ) |
Foreign Currency Risk [Member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Sensitivity Analysis | At the reporting date, had the US$ appreciated or depreciated against the A$, as illustrated in the table below, profit or loss and equity would have been affected by the amounts shown below. This analysis assumes that all other variables remain constant. Profit or loss Other Comprehensive Income 10% Increase US$ 10% Decrease US$ 10% Increase US$ 10% Decrease US$ 2019 Group 79,296 (79,296 ) 79,296 (79,296 ) 2018 Group 186,344 (186,344 ) 186,344 (186,344 ) |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
COMMITMENTS [Abstract] | |
Material Commitments for Consolidated Group | Management have identified the following material commitments for the consolidated group as at June 30, 2019 and 2018: Payable within 1 year Payable later than 1 year within 5 years Total US$ US$ US$ 2019 Operating lease commitments (a) 64,375 70,509 134,884 64,375 70,509 134,884 2018 Operating lease commitments (a) 25,627 — 25,627 248,234 — 248,234 (a) Operating lease commitments |
STATEMENT OF SIGNIFICANT ACCO_4
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES, Basis of Presentation (Details) | Jul. 10, 2019AUD ($)$ / sharesshares | Feb. 01, 2019$ / shares | Dec. 13, 2018$ / shares | Nov. 03, 2017$ / shares | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) |
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||||||||
Number of ordinary shares in each American depositary receipt | shares | 100 | |||||||
Basis of Preparation [Abstract] | ||||||||
Net loss for the year | $ (9,822,626) | $ (9,957,817) | $ (2,639,428) | |||||
Net cash outflows from operating and investing activities | (11,362,323) | (8,814,176) | ||||||
Cash and cash equivalents | 4,432,150 | 7,238,489 | 3,536,318 | $ 1,380,358 | ||||
Share issued to institutional investors (in shares) | shares | 145,000,000 | |||||||
Shares issue price (in dollars per share) | $ / shares | $ 0.145 | $ 0.11 | $ 0.11 | $ 0.16 | ||||
Gross proceeds from shares issuance | $ 21,000,000 | $ 8,831,759 | $ 12,491,525 | $ 3,840,034 | ||||
Subsequent events [Member] | ||||||||
Basis of Preparation [Abstract] | ||||||||
Share issued to institutional investors (in shares) | shares | 145,000,000 | |||||||
Shares issue price (in dollars per share) | $ / shares | $ 0.145 | |||||||
Gross proceeds from shares issuance | $ 21,000,000 |
STATEMENT OF SIGNIFICANT ACCO_5
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES, New Standards, Interpretations and Amendments adopted by the Group (Details) | 12 Months Ended |
Jun. 30, 2019 | |
Cash and Cash Equivalents [Member] | |
Impact on classification and measurement of financial instruments [Abstract] | |
IAS 39 Classification | Loans and receivables |
IFRS 9 Classification | Amortised cost |
Cash and Cash Equivalents [Member] | Reported [Member] | |
Impact on classification and measurement of financial instruments [Abstract] | |
Impact on measurement | No change |
Cash and Cash Equivalents [Member] | Restated [Member] | |
Impact on classification and measurement of financial instruments [Abstract] | |
Impact on measurement | No material impact |
Trade and Other Receivables [Member] | |
Impact on classification and measurement of financial instruments [Abstract] | |
IAS 39 Classification | Loans and receivables |
IFRS 9 Classification | Amortised cost |
Trade and Other Receivables [Member] | Reported [Member] | |
Impact on classification and measurement of financial instruments [Abstract] | |
Impact on measurement | No change |
Trade and Other Receivables [Member] | Restated [Member] | |
Impact on classification and measurement of financial instruments [Abstract] | |
Impact on measurement | No material impact |
Trade and Other Payables [Member] | |
Impact on classification and measurement of financial instruments [Abstract] | |
IAS 39 Classification | Loans and payables |
IFRS 9 Classification | Amortised cost |
Trade and Other Payables [Member] | Reported [Member] | |
Impact on classification and measurement of financial instruments [Abstract] | |
Impact on measurement | No change |
Trade and Other Payables [Member] | Restated [Member] | |
Impact on classification and measurement of financial instruments [Abstract] | |
Impact on measurement | No material impact |
STATEMENT OF SIGNIFICANT ACCO_6
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES, New Standards, Interpretations and Amendments Not Yet Applied by the Group (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
New Standards, Interpretations and Amendments Not Yet Applied by the Group [Abstract] | |||
Non-cancellable operating lease commitments | [1] | $ 134,884 | $ 25,627 |
Other commitment related to short-term and low value leases | 26,000 | ||
Right-of-use assets | 109,000 | ||
Lease liability | $ 109,000 | ||
IFRS 16 leases [Member] | |||
New Standards, Interpretations and Amendments Not Yet Applied by the Group [Abstract] | |||
Standard or Interpretation | IFRS 16 Leases | ||
Application Date of Standard | Jan. 1, 2019 | ||
Application Date for Group | Jul. 1, 2019 | ||
Interpretation 23 Uncertainty over Income Tax Treatments [Member] | |||
New Standards, Interpretations and Amendments Not Yet Applied by the Group [Abstract] | |||
Standard or Interpretation | Interpretation 23 Uncertainty over Income Tax Treatments | ||
Application Date of Standard | Jan. 1, 2019 | ||
Application Date for Group | Jul. 1, 2019 | ||
Annual Improvements to IFRS Standards 2015-2017 Cycle [Member] | |||
New Standards, Interpretations and Amendments Not Yet Applied by the Group [Abstract] | |||
Standard or Interpretation | Annual Improvements to IFRS Standards 2015–2017 Cycle | ||
Application Date of Standard | Jan. 1, 2019 | ||
Application Date for Group | Jul. 1, 2019 | ||
Amendments to IAS 19 Employee Benefits - Plan Amendment, Curtailment or Settlement [Member] | |||
New Standards, Interpretations and Amendments Not Yet Applied by the Group [Abstract] | |||
Standard or Interpretation | Amendments to IAS 19 Employee Benefits – Plan Amendment, Curtailment or Settlement | ||
Application Date of Standard | Jan. 1, 2019 | ||
Application Date for Group | Jul. 1, 2019 | ||
[1] | Operating lease commitments include contracts for leased premises and equipment in the United States. |
STATEMENT OF SIGNIFICANT ACCO_7
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES, Receivables, Payables and Proprty Plant and Equipment (Details) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Trade and Other Receivables [Abstract] | |||
Settlement period of trade and other receivables | 30 days | ||
Major Depreciation Periods [Abstract] | |||
Plant and equipment | 5 years | 5 years | 5 years |
Payables [Abstract] | |||
Settlement period of trade accounts payable | 60 days |
OTHER INCOME AND EXPENSES (Deta
OTHER INCOME AND EXPENSES (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Other income [Abstract] | |||
Net foreign exchange gain | $ 234,090 | $ 52,538 | $ 0 |
Other income | 234,090 | 52,538 | 0 |
Other expenses [Abstract] | |||
Net foreign exchange loss | 0 | 0 | (619) |
Included in corporate and administrative expenses [Abstract] | |||
Depreciation of plant and equipment | (8,812) | (1,259) | (1,133) |
Included in exploration and evaluation expenses [Abstract] | |||
Impairment of exploration and evaluation asset | 0 | 0 | (39,251) |
Depreciation, amortisation and impairment | (8,812) | (1,259) | (40,384) |
Employee benefits expense (including KMP) [Abstract] | |||
Wages, salaries and fees | (1,983,144) | (1,649,294) | (423,101) |
Defined contribution plans | (51,432) | (18,876) | (14,179) |
Other employee benefits | (159,030) | (66,735) | 0 |
Share based payments | (438,375) | (1,172,164) | (861,973) |
Employee benefits expense (including key management personnel) | $ (2,631,981) | $ (2,907,069) | $ (1,299,253) |
INCOME TAX (Details)
INCOME TAX (Details) - USD ($) | 12 Months Ended | ||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||||
Current income tax [Abstract] | |||||||
Current income tax benefit in respect of the current year | $ 0 | $ 0 | $ 0 | ||||
Deferred income tax [Abstract] | |||||||
Origination and reversal of temporary differences | 0 | 0 | 0 | ||||
Income tax expense reported in profit or loss | 0 | 0 | 0 | ||||
Reconciliation between tax expense and accounting loss before income tax [Abstract] | |||||||
Accounting loss before income tax | (9,822,626) | (9,957,817) | (2,639,428) | ||||
At the Australian income tax rate of 30% (2017: 27.5%) (2016: 30%) | (2,946,788) | (2,738,400) | (725,843) | ||||
Expenditure not allowable for income tax purposes | 435,641 | 612,788 | 301,266 | ||||
Income not assessable for income tax purposes | (70,227) | (14,448) | 0 | ||||
Effect of different income tax rate in the United States | 1,774,721 | (551,859) | (81,129) | ||||
Effect of change in income tax rate in Australia | (233,013) | 0 | 216,833 | ||||
Exchange differences on translation of foreign operations | 142,627 | 105,045 | 7,236 | ||||
Adjustments in respect of deferred income tax of previous years | (159,852) | (56,213) | (87,522) | ||||
Effect of deferred tax assets not brought to account | 1,056,891 | 2,643,087 | 369,159 | ||||
Income tax expense reported in profit or loss | $ 0 | 0 | $ 0 | ||||
Corporate tax rate | 30.00% | 27.50% | 30.00% | ||||
Deferred Tax Liabilities [Abstract] | |||||||
Deferred tax assets used to offset deferred tax liabilities | $ (3,856) | (3,292) | $ (2,835) | ||||
Deferred tax liability (asset) | 0 | 0 | 0 | ||||
Deferred Tax Assets [Abstract] | |||||||
Deferred tax assets | 3,902,255 | 5,504,853 | 2,879,828 | ||||
Deferred tax assets used to offset deferred tax liabilities | (3,856) | (3,292) | (2,835) | ||||
Deferred tax assets not brought to account | (6,583,612) | [1] | (5,526,721) | [1] | (2,883,633) | ||
Deferred tax liability (asset) | 0 | 0 | 0 | ||||
Accrued Interest [Member] | |||||||
Deferred Tax Liabilities [Abstract] | |||||||
Deferred tax liabilities | 3,856 | 3,292 | 2,835 | ||||
Accrued Expenditures [Member] | |||||||
Deferred Tax Assets [Abstract] | |||||||
Deferred tax assets | 35,587 | 25,160 | 6,640 | ||||
Exploration and Evaluation Expenditure - Capital Allowances [Member] | |||||||
Deferred Tax Assets [Abstract] | |||||||
Deferred tax assets | [2] | $ 2,649,626 | $ 0 | $ 0 | |||
[1] | The benefit of deferred tax assets not brought to account will only be brought to account if: (a) future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be realised; (b) the conditions for deductibility imposed by tax legislation continue to be complied with; and (c) no changes in tax legislation adversely affect the Group in realising the benefit. | ||||||
[2] | For U.S. income tax purposes, exploration costs are generally capitalised and then amortized for tax purposes unless an election is made to deduct the exploration costs as incurred. On finalisation of its U.S. tax return, the Group did not make such an election for the year ended June 30, 2018, and consequently exploration costs have been treated as capitalised for tax purposes, with deductions available in future periods. This election has no impact on the total deferred tax assets available to the Group at either June 30, 2019 or June 30, 2018. |
DIVIDENDS PAID OR PROVIDED FO_2
DIVIDENDS PAID OR PROVIDED FOR ON ORDINARY SHARES (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
DIVIDENDS PAID OR PROVIDED FOR ON ORDINARY SHARES [Abstract] | |||
Dividends paid | $ 0 | $ 0 | $ 0 |
Dividends proposed | $ 0 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
CASH AND CASH EQUIVALENTS [Abstract] | ||||
Cash at bank and on hand | $ 2,224,380 | $ 2,714,776 | $ 844,118 | |
Short term deposits | 2,207,770 | 4,523,713 | 2,692,200 | |
Cash and cash equivalents | 4,432,150 | 7,238,489 | 3,536,318 | $ 1,380,358 |
Reconciliation of loss before income tax to net cash flows from operations [Abstract] | ||||
Net loss | (9,822,626) | (9,957,817) | (2,639,428) | |
Adjustment for non-cash income and expense items [Abstract] | ||||
Depreciation and impairment | 8,812 | 1,259 | 40,384 | |
Share-based payments expense | 438,375 | 1,172,164 | 861,973 | |
Net foreign exchange loss/(gain) | (234,090) | (52,538) | 619 | |
Change in assets and liabilities [Abstract] | ||||
Decrease/(increase) in trade and other receivables | 10,814 | (1,516) | (22,907) | |
(Decrease)/increase in trade and other payables | 154,987 | 1,505,657 | 433,536 | |
Exchange differences arising on translation of foreign operations | (366,084) | (249,205) | (5,772) | |
Net cash outflow from operating activities | $ (9,809,812) | $ (7,581,996) | $ (1,331,595) |
TRADE AND OTHER RECEIVABLES (De
TRADE AND OTHER RECEIVABLES (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
TRADE AND OTHER RECEIVABLES [Abstract] | ||
Accrued interest receivable | $ 12,599 | $ 11,411 |
Deposits | 35,000 | 36,617 |
GST receivable | 12,080 | 24,082 |
Trade and other receivables | $ 59,679 | $ 72,110 |
EXPLORATION AND EVALUATION AS_3
EXPLORATION AND EVALUATION ASSETS, Areas of Interest (Details) | 12 Months Ended | |||||
Jun. 30, 2019USD ($)a | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | ||||
Areas of Interest [Abstract] | ||||||
Carrying amount | $ 2,265,121 | [1] | $ 742,017 | [1] | $ 177,800 | |
Piedmont Lithium Project [Member] | ||||||
Areas of Interest [Abstract] | ||||||
Carrying amount | [2] | $ 2,265,121 | $ 742,017 | |||
Surface area of property | a | 2,207 | |||||
[1] | The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial exploitation or sale of the respective areas of interest. | |||||
[2] | As at 30 June 2019, the Company owns or has entered into exclusive option agreements or land acquisition agreements with local landowners, which upon exercise, allow the Company to purchase (or in some cases long-term lease) approximately 2,207 acres of surface property and the associated mineral rights from the private landowners. |
EXPLORATION AND EVALUATION AS_4
EXPLORATION AND EVALUATION ASSETS, Reconciliation (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | |||
Reconciliation [Abstract] | ||||
Carrying amount, beginning of period | $ 742,017 | [1] | $ 177,800 | |
Additions | [2] | 1,523,104 | 564,217 | |
Carrying amount, end of period | [1] | $ 2,265,121 | $ 742,017 | |
[1] | The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial exploitation or sale of the respective areas of interest. | |||
[2] | During fiscal 2019, the Group made land acquisition payments and land option payments totalling US$1,523,104 (2018: US$564,217) to landowners which have been treated as acquisition costs and capitalised as 'exploration and evaluation assets'. No liability has been recorded for the consideration payable to landowners if the Group chooses to exercise the options (refer to Note 18 for further details of contingent liabilities). |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, Plant and Equipment (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Plant and Equipment [Abstract] | ||||
Plant and equipment | $ 26,195 | $ 3,982 | $ 3,895 | $ 991 |
At Cost [Member] | ||||
Plant and Equipment [Abstract] | ||||
Plant and equipment | 36,426 | 5,401 | 30,045 | |
Accumulated Depreciation and Impairment [Member] | ||||
Plant and Equipment [Abstract] | ||||
Plant and equipment | $ (10,231) | $ (1,419) | $ (26,150) |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, Reconciliation (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Reconciliation [Abstract] | |||
Carrying amount, beginning of period | $ 3,982 | $ 3,895 | $ 991 |
Additions | 31,025 | 1,346 | 4,134 |
Depreciation | (8,812) | (1,259) | (1,133) |
Exchange differences | 0 | 0 | (97) |
Carrying amount, end of period | $ 26,195 | $ 3,982 | $ 3,895 |
TRADE AND OTHER PAYABLES (Detai
TRADE AND OTHER PAYABLES (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
TRADE AND OTHER PAYABLES [Abstract] | ||
Trade creditors | $ 1,434,439 | $ 1,901,870 |
Accrued expenses | 709,632 | 87,214 |
Trade and other payables | $ 2,144,071 | $ 1,989,084 |
CONTRIBUTED EQUITY, Issued Capi
CONTRIBUTED EQUITY, Issued Capital (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
CONTRIBUTED EQUITY [Abstract] | |||
670,380,352 fully paid ordinary shares (2018: 559,030,352) (2017: 454,030,352) | $ 48,853,707 | $ 40,483,348 | $ 28,512,793 |
Fully paid ordinary shares outstanding (in shares) | 670,380,352 | 559,030,352 | 454,030,352 |
CONTRIBUTED EQUITY, Movements i
CONTRIBUTED EQUITY, Movements in Issued Capital (Details) | Jul. 10, 2019$ / shares | Feb. 01, 2019USD ($)shares | Feb. 01, 2019$ / shares | Dec. 13, 2018USD ($)shares | Dec. 13, 2018$ / shares | Jul. 31, 2018USD ($)shares | May 30, 2018USD ($)shares | May 30, 2018$ / shares | Nov. 03, 2017USD ($)shares | Nov. 03, 2017$ / shares | Jun. 30, 2019USD ($)ShareholderVoteshares | Jun. 30, 2018USD ($)shares | Jun. 30, 2017USD ($)shares |
Number of Ordinary Shares [Abstract] | |||||||||||||
Number of ordinary shares, Opening balance (in shares) | shares | 559,030,352 | 454,030,352 | |||||||||||
Conversion of performance rights (in shares) | shares | 150,000 | 200,000 | |||||||||||
Share placement (in shares) | shares | 3,409,091 | 107,590,909 | 100,000,000 | ||||||||||
Exercise of incentive options (in shares) | shares | 5,000,000 | ||||||||||||
Number of ordinary shares, Closing balance (in shares) | shares | 670,380,352 | 559,030,352 | 454,030,352 | ||||||||||
Issue Price [Abstract] | |||||||||||||
Share placement (in dollars per share) | $ / shares | $ 0.145 | $ 0.11 | $ 0.11 | $ 0.16 | |||||||||
Exercise of incentive options (in dollars per share) | $ / shares | $ 0.05 | ||||||||||||
Issue Capital [Abstract] | |||||||||||||
Issued capital, Opening balance | $ 40,483,348 | $ 28,512,793 | |||||||||||
Conversion of performance rights | $ 20,637 | $ 27,828 | 0 | ||||||||||
Share placement | $ 271,538 | $ 8,560,221 | $ 12,304,000 | 8,831,759 | 12,304,000 | $ 3,840,034 | |||||||
Exercise of incentive options | $ 187,525 | 187,525 | |||||||||||
Transfer from share-based payment reserve | $ 136,746 | ||||||||||||
Share issue costs | (509,865) | (657,716) | (236,003) | ||||||||||
Issued capital, Closing balance | $ 48,853,707 | $ 40,483,348 | $ 28,512,793 | ||||||||||
Meetings of Members [Abstract] | |||||||||||||
Quorum, number of shareholders | Shareholder | 2 | ||||||||||||
Voting [Abstract] | |||||||||||||
Number of votes for each eligible voter present | Vote | 1 | ||||||||||||
Number of votes eligible for each fully paid share | Vote | 1 | ||||||||||||
Changes to the Constitution [Abstract] | |||||||||||||
Minimum percentage of present meeting members required to amend Company Constitution | 75.00% | ||||||||||||
Minimum written notice required to propose special resolution | 28 days |
RESERVES (Details)
RESERVES (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
RESERVES [Abstract] | ||||
Share-based payments reserve | $ 2,287,301 | $ 1,897,391 | $ 861,973 | |
Foreign currency translation reserve | (297,166) | 68,917 | 318,122 | $ 259,320 |
Capital reserve | $ 1,990,135 | $ 1,966,308 | $ 1,180,095 |
RESERVES, Movements in Share-ba
RESERVES, Movements in Share-based Payments Reserve (Details) | Feb. 01, 2019USD ($)shares | Dec. 31, 2018shares | Jul. 31, 2018USD ($)shares | May 30, 2018USD ($)shares | Dec. 31, 2017shares | May 01, 2017shares | [1] | Dec. 31, 2016shares | Dec. 09, 2016shares | Sep. 27, 2016shares | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($)shares | Jun. 30, 2017USD ($)shares | |||
Movements in share-based payments reserve [Abstract] | ||||||||||||||||
Opening balance, Number of incentive options (in shares) | 79,700,000 | 56,450,000 | 0 | |||||||||||||
Number of incentive share options granted (in shares) | 3,450,000 | 8,000,000 | 45,000,000 | 4,950,000 | [1],[2] | 28,250,000 | [1] | |||||||||
Number of performance rights converted (in shares) | (150,000) | (200,000) | ||||||||||||||
Number of incentive share options exercised (in shares) | (5,000,000) | |||||||||||||||
Closing balance, Number of incentive options (in shares) | 84,650,000 | 79,700,000 | 56,450,000 | |||||||||||||
Opening balance, Number of performance rights (in shares) | 1,500,000 | 2,200,000 | 4,400,000 | |||||||||||||
Number of performance rights granted (in shares) | [1] | 0 | [2] | 400,000 | ||||||||||||
Number of performance rights expiry/lapsed (in shares) | (1,100,000) | (1,100,000) | (1,100,000) | (1,100,000) | ||||||||||||
Closing balance, Number of performance rights (in shares) | 50,000 | 1,500,000 | 2,200,000 | |||||||||||||
Opening balance, Share-based payments reserve | $ | $ 1,897,391 | $ 861,973 | ||||||||||||||
Conversion of performance rights | $ | $ (20,637) | $ (27,828) | 0 | |||||||||||||
Exercise of incentive options | $ | $ (136,746) | |||||||||||||||
Share-based payment expenses | $ | 438,375 | 1,172,164 | $ 861,973 | |||||||||||||
Closing balance, Share-based payments reserve | $ | $ 2,287,301 | $ 1,897,391 | $ 861,973 | |||||||||||||
Number of incentive share options issued (in shares) | 1,200,000 | |||||||||||||||
[1] | For details on the valuation of Incentive Options and Performance Rights, including models and assumptions used, please refer to Note 15 of the financial statements. | |||||||||||||||
[2] | The above number of Incentive Options granted during the 2019 year and outstanding at June 30, 2019, do not include 1,200,000 Incentive Options that were issued and allotted during the 2019 year but were not granted at June 30, 2019 on the basis that the proposed employee had not yet commenced rendering services to the Group. |
RESERVES, Terms and Conditions
RESERVES, Terms and Conditions of Incentive Options (Details) - Incentive Options [Member] | 12 Months Ended | ||
Jun. 30, 2019shares$ / shares | Jun. 30, 2018$ / shares | Jun. 30, 2017$ / shares | |
Terms and conditions of incentive options [Abstract] | |||
Right to holder to subscribe shares upon exercise (in shares) | shares | 1 | ||
Exercise price (in dollars per share) | $ / shares | $ 0.22 | $ 0.175 | $ 0.104 |
Exercisable at A$0.05 Expiring on December 31, 2019 [Member] | |||
Terms and conditions of incentive options [Abstract] | |||
Options exercisable (in shares) | shares | 14,000,000 | ||
Exercise price (in dollars per share) | $ / shares | $ 0.05 | ||
Exercisable at A$0.08 Expiring on December 31, 2019 [Member] | |||
Terms and conditions of incentive options [Abstract] | |||
Options exercisable (in shares) | shares | 1,000,000 | ||
Exercise price (in dollars per share) | $ / shares | $ 0.08 | ||
Exercisable at A$0.10 Expiring on December 31, 2019 [Member] | |||
Terms and conditions of incentive options [Abstract] | |||
Options exercisable (in shares) | shares | 16,500,000 | ||
Exercise price (in dollars per share) | $ / shares | $ 0.10 | ||
Exercisable at A$0.15 Expiring on December 31, 2019 [Member] | |||
Terms and conditions of incentive options [Abstract] | |||
Options exercisable (in shares) | shares | 16,500,000 | ||
Exercise price (in dollars per share) | $ / shares | $ 0.15 | ||
Exercisable at A$0.15 Expiring on June 30, 2020 [Member] | |||
Terms and conditions of incentive options [Abstract] | |||
Options exercisable (in shares) | shares | 1,300,000 | ||
Exercise price (in dollars per share) | $ / shares | $ 0.15 | ||
Exercisable at A$0.20 Expiring on June 30, 2020 [Member] | |||
Terms and conditions of incentive options [Abstract] | |||
Options exercisable (in shares) | shares | 1,300,000 | ||
Exercise price (in dollars per share) | $ / shares | $ 0.20 | ||
Exercisable at A$0.25 Expiring on June 30, 2020 [Member] | |||
Terms and conditions of incentive options [Abstract] | |||
Options exercisable (in shares) | shares | 4,175,000 | ||
Exercise price (in dollars per share) | $ / shares | $ 0.25 | ||
Exercisable at A$0.10 Expiring July 10, 2020 [Member] | |||
Terms and conditions of incentive options [Abstract] | |||
Options exercisable (in shares) | shares | 6,000,000 | ||
Exercise price (in dollars per share) | $ / shares | $ 0.10 | ||
Exercisable at A$0.12 Expiring January 10, 2021 [Member] | |||
Terms and conditions of incentive options [Abstract] | |||
Options exercisable (in shares) | shares | 6,000,000 | ||
Exercise price (in dollars per share) | $ / shares | $ 0.12 | ||
Exercisable at A$0.16 Expiring July 10, 2021 [Member] | |||
Terms and conditions of incentive options [Abstract] | |||
Options exercisable (in shares) | shares | 6,000,000 | ||
Exercise price (in dollars per share) | $ / shares | $ 0.16 | ||
Exercisable at A$0.24 Expiring July 10, 2022 [Member] | |||
Terms and conditions of incentive options [Abstract] | |||
Options exercisable (in shares) | shares | 6,000,000 | ||
Exercise price (in dollars per share) | $ / shares | $ 0.24 | ||
Exercisable at A$0.35 Expiring December 31, 2020 [Member] | |||
Terms and conditions of incentive options [Abstract] | |||
Options exercisable (in shares) | shares | 2,875,000 | ||
Exercise price (in dollars per share) | $ / shares | $ 0.35 | ||
Exercisable at A$0.15 Expiring June 30, 2021 [Member] | |||
Terms and conditions of incentive options [Abstract] | |||
Options exercisable (in shares) | shares | 1,500,000 | ||
Exercise price (in dollars per share) | $ / shares | $ 0.15 | ||
Exercisable at A$0.20 Expiring June 30, 2022 [Member] | |||
Terms and conditions of incentive options [Abstract] | |||
Options exercisable (in shares) | shares | 1,500,000 | ||
Exercise price (in dollars per share) | $ / shares | $ 0.20 |
RESERVES, Terms and Condition_2
RESERVES, Terms and Conditions of Performance Rights (Details) - Performance Rights [Member] | 12 Months Ended |
Jun. 30, 2019shares | |
Terms and conditions of performance rights [Abstract] | |
Number of shares converted upon vesting (in shares) | 1 |
Expiring on December 31, 2020 [Member] | |
Terms and conditions of performance rights [Abstract] | |
Expiration of outstanding performance rights (in shares) | 50,000 |
RESERVES, Movements in Foreign
RESERVES, Movements in Foreign Currency Translation Reserve (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Movements in foreign currency translation reserve [Abstract] | |||
Foreign currency translation reserve, Beginning balance | $ 68,917 | $ 318,122 | $ 259,320 |
Exchange differences arising on translation of foreign operations | (366,083) | (249,205) | 58,802 |
Foreign currency translation reserve, Ending balance | $ (297,166) | $ 68,917 | $ 318,122 |
ACCUMULATED LOSSES (Details)
ACCUMULATED LOSSES (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
ACCUMULATED LOSSES [Abstract] | |||
Balance, period start | $ (36,382,142) | $ (26,424,325) | |
Net loss for the year | (9,822,626) | (9,957,817) | $ (2,639,428) |
Balance, period end | $ (46,204,768) | $ (36,382,142) | $ (26,424,325) |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) | Jul. 10, 2019AUD ($)$ / sharesshares | Feb. 01, 2019$ / shares | Dec. 13, 2018$ / shares | Nov. 03, 2017$ / shares | Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2017USD ($)$ / sharesshares |
Basic and diluted loss per share [Abstract] | |||||||
Basic loss per share (cents per share) | $ / shares | $ (0.02) | $ (0.02) | $ (0.01) | ||||
Diluted loss per share (cents per share) | $ / shares | $ (0.02) | $ (0.02) | $ (0.01) | ||||
Income and share data used in calculations of basic earnings per share [Abstract] | |||||||
Net loss | $ | $ (9,822,626) | $ (9,957,817) | $ (2,639,428) | ||||
Earnings used in calculating basic and dilutive earnings per share | $ | $ (9,822,626) | $ (9,957,817) | $ (2,639,428) | ||||
Weighted average ordinary shares and adjusted weighted average ordinary shares [Abstract] | |||||||
Weighted average number of ordinary shares used in calculating basic and dilutive earnings per share (in shares) | 621,391,730 | 520,222,133 | 409,976,775 | ||||
Non-Dilutive Securities [Abstract] | |||||||
Anti-dilutive incentive options (in shares) | 85,850,000 | ||||||
Anti-dilutive performance rights (in shares) | 50,000 | ||||||
Potential ordinary shares considered anti-dilutive (in shares) | 85,900,000 | ||||||
Conversions, calls, subscriptions or issues [Abstract] | |||||||
Number of ordinary shares issued (in shares) | 145,000,000 | ||||||
Price per share, shares issued | $ / shares | $ 0.145 | $ 0.11 | $ 0.11 | $ 0.16 | |||
Gross proceeds from shares issuance | $ 21,000,000 | $ 8,831,759 | $ 12,491,525 | $ 3,840,034 | |||
Subsequent Events [Member] | |||||||
Conversions, calls, subscriptions or issues [Abstract] | |||||||
Number of ordinary shares issued (in shares) | 145,000,000 | ||||||
Price per share, shares issued | $ / shares | $ 0.145 | ||||||
Gross proceeds from shares issuance | $ | $ 21,000,000 |
RELATED PARTIES (Details)
RELATED PARTIES (Details) | 12 Months Ended | |||||||||
Jun. 30, 2019USD ($)Subsidiary | Jun. 30, 2019AUD ($)Subsidiary | Jun. 30, 2018USD ($) | Jun. 30, 2018AUD ($) | Jun. 30, 2017USD ($) | ||||||
Subsidiaries [Abstract] | ||||||||||
Number of subsidiaries deregistered | Subsidiary | 5 | 5 | ||||||||
Key Management Personnel [Abstract] | ||||||||||
Short-term employee benefits | $ 1,673,245 | $ 1,153,314 | $ 402,527 | |||||||
Post-employment benefits | 30,544 | 18,876 | 14,180 | |||||||
Share-based payments | 420,529 | 957,147 | 359,559 | |||||||
Total compensation | 2,124,318 | 2,129,337 | 776,266 | |||||||
Loans provided to or received from key management personnel | $ 0 | $ 0 | ||||||||
Apollo Group Pty Ltd [Member] | ||||||||||
Transactions with related parties of Key Management Personnel [Abstract] | ||||||||||
Provision of services provided by separate management entity | $ 180,000 | $ 180,000 | 180,000 | |||||||
Monthly retainer | $ 15,000 | |||||||||
Notice period for agreement termination | 1 month | 1 month | ||||||||
Ledger Holdings Pty Ltd [Member] | ||||||||||
Transactions with related parties of Key Management Personnel [Abstract] | ||||||||||
Provision of services provided by separate management entity | $ 120,000 | $ 70,000 | $ 105,000 | |||||||
Monthly retainer | $ 5,833 | |||||||||
Notice period for agreement termination | 2 months | 2 months | ||||||||
Piedmont Lithium, Inc. [Member] | ||||||||||
Subsidiaries [Abstract] | ||||||||||
Country of incorporation | United States | [1] | United States | [1] | ||||||
Equity interest | 100.00% | [1] | 100.00% | [1] | 100.00% | [1] | 100.00% | [1] | 100.00% | [1] |
Gaston Land Company, LLC [Member] | ||||||||||
Subsidiaries [Abstract] | ||||||||||
Country of incorporation | United States | [2] | United States | [2] | ||||||
Equity interest | 100.00% | [2] | 100.00% | [2] | 100.00% | [2] | 100.00% | [2] | 0.00% | [2] |
WCP Gold Pty Ltd [Member] | ||||||||||
Subsidiaries [Abstract] | ||||||||||
Country of incorporation | Australia | [3] | Australia | [3] | ||||||
Equity interest | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] | 100.00% | [3] |
WCP Copper Pty Ltd [Member] | ||||||||||
Subsidiaries [Abstract] | ||||||||||
Country of incorporation | Australia | [3] | Australia | [3] | ||||||
Equity interest | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] | 100.00% | [3] |
Mt Phillips Exploration Pty Ltd [Member] | ||||||||||
Subsidiaries [Abstract] | ||||||||||
Country of incorporation | Australia | [3] | Australia | [3] | ||||||
Equity interest | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] | 100.00% | [3] |
WCP Energy Pty Ltd [Member] | ||||||||||
Subsidiaries [Abstract] | ||||||||||
Country of incorporation | Australia | [3] | Australia | [3] | ||||||
Equity interest | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] | 100.00% | [3] |
WCP Phosphate Pty Ltd [Member] | ||||||||||
Subsidiaries [Abstract] | ||||||||||
Country of incorporation | Australia | [3] | Australia | [3] | ||||||
Equity interest | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] | 100.00% | [3] |
[1] | Piedmont Lithium, Inc. was incorporated by the Group on July 18, 2016. | |||||||||
[2] | Gaston Land Company, LLC was incorporated by the Group on October 23, 2017. | |||||||||
[3] | During the 2018 financial year, the Group voluntarily deregistered its five (5) dormant Australian subsidiaries. |
SHARE-BASED PAYMENTS, Recognise
SHARE-BASED PAYMENTS, Recognised Share-based Payment Expense (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
SHARE-BASED PAYMENTS [Abstract] | |||
Expense arising from equity-settled share-based payment transactions | $ (438,375) | $ (1,172,164) | $ (861,973) |
SHARE-BASED PAYMENTS, Summary o
SHARE-BASED PAYMENTS, Summary of Options and Performance Rights Granted as Share-Based Payments (Details) | May 01, 2017shares | [1] | Dec. 09, 2016shares | Sep. 27, 2016shares | Jun. 30, 2019AUD ($)shares$ / shares | Jun. 30, 2018AUD ($)shares$ / shares | Jun. 30, 2017AUD ($)shares$ / shares | |||
Number of outstanding instruments [Abstract] | ||||||||||
Outstanding at beginning of year (in shares) | 81,200,000 | 58,650,000 | 4,400,000 | |||||||
Options granted during the year (in shares) | 4,950,000 | 28,650,000 | 56,450,000 | |||||||
Rights lapsed during the year (in shares) | (1,100,000) | (1,100,000) | (2,200,000) | |||||||
Rights converted during the year (in shares) | (350,000) | (5,000,000) | 0 | |||||||
Outstanding at end of year (in shares) | 84,700,000 | 81,200,000 | 58,650,000 | |||||||
Number of incentive share options issued (in shares) | 1,200,000 | |||||||||
Weighted average exercise price of instruments [Abstract] | ||||||||||
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 0.13 | $ 0.10 | $ 0 | |||||||
Options granted during the year (in dollars per share) | $ / shares | 0.22 | 0.17 | 0.10 | |||||||
Rights lapsed during the year (in dollars per share) | $ / shares | 0 | 0 | 0 | |||||||
Rights converted during the year (in dollars per share) | $ / shares | 0 | 0.05 | 0 | |||||||
Outstanding at end of year (in dollars per share) | $ / shares | $ 0.14 | $ 0.13 | $ 0.10 | |||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 3,450,000 | 8,000,000 | 45,000,000 | 4,950,000 | [1],[2] | 28,250,000 | [1] | |||
Number (in shares) | [1] | 0 | [2] | 400,000 | ||||||
Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Fair value (in dollars per share) | $ | $ 0.064 | $ 0.051 | $ 0.030 | |||||||
Rights [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Fair Value (in dollars per share) | $ | $ 0 | $ 0.187 | $ 0 | |||||||
Series 1 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 19,000,000 | |||||||||
Grant date | September 27, 2016 | |||||||||
Expiry date | Dec. 31, 2019 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.05 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0360 | |||||||||
Series 2 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 13,000,000 | |||||||||
Grant date | September 27, 2016 | |||||||||
Expiry date | Dec. 31, 2019 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.10 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0270 | |||||||||
Series 3 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 13,000,000 | |||||||||
Grant date | September 27, 2016 | |||||||||
Expiry date | Dec. 31, 2019 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.15 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0220 | |||||||||
Series 4 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 1,000,000 | |||||||||
Grant date | December 9, 2016 | |||||||||
Expiry date | Dec. 31, 2019 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.08 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0410 | |||||||||
Series 5 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 3,500,000 | |||||||||
Grant date | December 9, 2016 | |||||||||
Expiry date | Dec. 31, 2019 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.10 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0370 | |||||||||
Series 6 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 3,500,000 | |||||||||
Grant date | December 9, 2016 | |||||||||
Expiry date | Dec. 31, 2019 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.15 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0300 | |||||||||
Series 7 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 1,150,000 | |||||||||
Grant date | May 1, 2017 | |||||||||
Expiry date | Jun. 30, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.15 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0400 | |||||||||
Series 8 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 1,150,000 | |||||||||
Grant date | May 1, 2017 | |||||||||
Expiry date | Jun. 30, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.20 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0340 | |||||||||
Series 9 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 1,150,000 | |||||||||
Grant date | May 1, 2017 | |||||||||
Expiry date | Jun. 30, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.25 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0300 | |||||||||
Series 10 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 6,000,000 | |||||||||
Grant date | July 10, 2017 | |||||||||
Expiry date | Jul. 10, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.10 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0480 | |||||||||
Series 11 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 6,000,000 | |||||||||
Grant date | July 10, 2017 | |||||||||
Expiry date | Jan. 10, 2021 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.12 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0470 | |||||||||
Series 12 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 6,000,000 | |||||||||
Grant date | July 10, 2017 | |||||||||
Expiry date | Jul. 10, 2021 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.16 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0460 | |||||||||
Series 13 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 6,000,000 | |||||||||
Grant date | July 10, 2017 | |||||||||
Expiry date | Jul. 10, 2022 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.24 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0450 | |||||||||
Series 14 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 150,000 | |||||||||
Grant date | October 13, 2017 | |||||||||
Expiry date | Jun. 30, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.15 | |||||||||
Fair value (in dollars per share) | $ | $ 0.1030 | |||||||||
Series 15 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 150,000 | |||||||||
Grant date | October 13, 2017 | |||||||||
Expiry date | Jun. 30, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.20 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0910 | |||||||||
Series 16 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 150,000 | |||||||||
Grant date | October 13, 2017 | |||||||||
Expiry date | Jun. 30, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.25 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0810 | |||||||||
Series 17 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 1,050,000 | |||||||||
Grant date | January 1, 2018 | |||||||||
Expiry date | Jun. 30, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.25 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0910 | |||||||||
Series 18 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 1,050,000 | |||||||||
Grant date | January 1, 2018 | |||||||||
Expiry date | Dec. 31, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.35 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0850 | |||||||||
Series 19 [Member] | Rights [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 150,000 | |||||||||
Grant date | January 1, 2018 | |||||||||
Expiry date | Dec. 31, 2018 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0 | |||||||||
Fair Value (in dollars per share) | $ | $ 0.1900 | |||||||||
Series 20 [Member] | Rights [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 150,000 | |||||||||
Grant date | January 1, 2018 | |||||||||
Expiry date | Dec. 31, 2019 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0 | |||||||||
Fair Value (in dollars per share) | $ | $ 0.1900 | |||||||||
Series 21 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 100,000 | |||||||||
Grant date | February 26, 2018 | |||||||||
Expiry date | Jun. 30, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.25 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0680 | |||||||||
Series 22 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 100,000 | |||||||||
Grant date | February 26, 2018 | |||||||||
Expiry date | Dec. 31, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.35 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0630 | |||||||||
Series 23 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 100,000 | |||||||||
Grant date | March 12, 2018 | |||||||||
Expiry date | Jun. 30, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.25 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0600 | |||||||||
Series 24 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 100,000 | |||||||||
Grant date | March 12, 2018 | |||||||||
Expiry date | Dec. 31, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.35 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0560 | |||||||||
Series 25 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 500,000 | |||||||||
Grant date | May 7, 2018 | |||||||||
Expiry date | Jun. 30, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.25 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0550 | |||||||||
Series 26 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 500,000 | |||||||||
Grant date | May 7, 2018 | |||||||||
Expiry date | Dec. 31, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.35 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0510 | |||||||||
Series 27 [Member] | Rights [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 50,000 | |||||||||
Grant date | May 29, 2018 | |||||||||
Expiry date | Dec. 31, 2018 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0 | |||||||||
Fair Value (in dollars per share) | $ | $ 0.1790 | |||||||||
Series 28 [Member] | Rights [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 50,000 | |||||||||
Grant date | May 29, 2018 | |||||||||
Expiry date | Dec. 31, 2019 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0 | |||||||||
Fair Value (in dollars per share) | $ | $ 0.1790 | |||||||||
Series 29 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 150,000 | |||||||||
Grant date | June 15, 2018 | |||||||||
Expiry date | Jun. 30, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.25 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0810 | |||||||||
Series 30 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 150,000 | |||||||||
Grant date | June 15, 2018 | |||||||||
Expiry date | Dec. 31, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.35 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0750 | |||||||||
Series 31 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 375,000 | |||||||||
Grant date | July 13, 2018 | |||||||||
Expiry date | Jun. 30, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.25 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0630 | |||||||||
Series 32 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 375,000 | |||||||||
Grant date | July 13, 2018 | |||||||||
Expiry date | Dec. 31, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.35 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0590 | |||||||||
Series 33 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 500,000 | |||||||||
Grant date | August 1, 2018 | |||||||||
Expiry date | Jun. 30, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.25 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0640 | |||||||||
Series 34 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 500,000 | |||||||||
Grant date | August 1, 2018 | |||||||||
Expiry date | Dec. 31, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.35 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0580 | |||||||||
Series 35 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 1,500,000 | |||||||||
Grant date | May 7, 2019 | |||||||||
Expiry date | Jun. 30, 2021 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.15 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0680 | |||||||||
Series 36 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 1,500,000 | |||||||||
Grant date | May 7, 2019 | |||||||||
Expiry date | Jun. 30, 2022 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.20 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0680 | |||||||||
Series 37 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 100,000 | |||||||||
Grant date | October 1, 2018 | |||||||||
Expiry date | Jun. 30, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.25 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0260 | |||||||||
Series 38 [Member] | Options [Member] | ||||||||||
Incentive options and performance rights [Abstract] | ||||||||||
Number (in shares) | 100,000 | |||||||||
Grant date | October 1, 2018 | |||||||||
Expiry date | Dec. 31, 2020 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.35 | |||||||||
Fair value (in dollars per share) | $ | $ 0.0240 | |||||||||
[1] | For details on the valuation of Incentive Options and Performance Rights, including models and assumptions used, please refer to Note 15 of the financial statements. | |||||||||
[2] | The above number of Incentive Options granted during the 2019 year and outstanding at June 30, 2019, do not include 1,200,000 Incentive Options that were issued and allotted during the 2019 year but were not granted at June 30, 2019 on the basis that the proposed employee had not yet commenced rendering services to the Group. |
SHARE-BASED PAYMENTS, Weighted
SHARE-BASED PAYMENTS, Weighted Average Remaining Contractual Life, Exercise Price and Fair Value (Details) | 12 Months Ended | |||
Jun. 30, 2019AUD ($)$ / shares | Jun. 30, 2018AUD ($)$ / shares | Jun. 30, 2017AUD ($)$ / shares | Jun. 30, 2016 | |
Weighted Average Remaining Contractual Life [Abstract] | ||||
Weighted average remaining contractual life (in years) | 1.06 | 1.96 | 2.50 | |
Weighted Average Fair Value [Abstract] | ||||
Weighted average fair value (in dollars per share) | $ | $ 0.05 | $ 0.05 | $ 0.03 | |
Incentive Options [Member] | Minimum [Member] | ||||
Range of Exercise Prices [Abstract] | ||||
Exercise price (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | |
Incentive Options [Member] | Maximum [Member] | ||||
Range of Exercise Prices [Abstract] | ||||
Exercise price (in dollars per share) | $ 0.35 | $ 0.35 | $ 0.25 |
SHARE-BASED PAYMENTS, Option an
SHARE-BASED PAYMENTS, Option and Rights Pricing Models (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | ||
SHARE-BASED PAYMENTS [Abstract] | ||||
Period to calculate fair value of share price of performance rights grant | 7 days | |||
Incentive Options [Member] | ||||
Valuation model used for instruments granted [Abstract] | ||||
Fair value at grant date (weighted average) (in dollars per share) | $ 0.064 | $ 0.051 | $ 0.030 | |
Share price at grant date (weighted average) (in dollars per share) | $ 0.16 | $ 0.104 | $ 0.064 | |
Exercise price (weighted average) (in dollars per share) | $ 0.22 | $ 0.175 | $ 0.104 | |
Expected life of options/rights (weighted average years) | [1] | 2.01 | 3.69 | 3.23 |
Risk-free interest rate (weighted average) | 1.59% | 2.11% | 1.67% | |
Expected volatility | [2] | 78.00% | 85.00% | 85.00% |
Expected dividend yield | [3] | 0.00% | 0.00% | 0.00% |
Performance Rights [Member] | ||||
Valuation model used for instruments granted [Abstract] | ||||
Fair value at grant date (weighted average) (in dollars per share) | $ 0 | $ 0.187 | $ 0 | |
Share price at grant date (weighted average) (in dollars per share) | 0 | 0.187 | 0 | |
Exercise price (weighted average) (in dollars per share) | $ 0 | $ 0 | $ 0 | |
Expected life of options/rights (weighted average years) | [1] | 0 | 1.40 | 0 |
Risk-free interest rate (weighted average) | 0.00% | 0.00% | 0.00% | |
Expected volatility | [2] | 0.00% | 0.00% | 0.00% |
Expected dividend yield | [3] | 0.00% | 0.00% | 0.00% |
[1] | The expected life is based on the expiry date of the options or rights. | |||
[2] | The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome. | |||
[3] | The dividend yield reflects the assumption that the current dividend payout will remain unchanged. |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 12 Months Ended | |
Jun. 30, 2019USD ($)Segment | Jun. 30, 2018USD ($) | |
Reconciliation of non-current assets by geographical location [Abstract] | ||
Number of operating segments | Segment | 1 | |
Non-current assets | $ 2,291,316 | $ 745,999 |
United States of America [Member] | ||
Reconciliation of non-current assets by geographical location [Abstract] | ||
Non-current assets | $ 2,291,316 | $ 745,999 |
FINANCIAL RISK MANAGEMENT OBJ_3
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES, Credit Risk (Details) - Credit Risk [Member] - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Maximum credit risk exposure [Abstract] | ||
Financial assets | $ 4,491,829 | $ 7,310,599 |
Exposure to impairment losses | 0 | 0 |
Impairment losses recognized on receivables | 0 | 0 |
Cash and Cash Equivalents [Member] | ||
Maximum credit risk exposure [Abstract] | ||
Financial assets | 4,432,150 | 7,238,489 |
Trade and Other Receivables [Member] | ||
Maximum credit risk exposure [Abstract] | ||
Financial assets | $ 59,679 | $ 72,110 |
FINANCIAL RISK MANAGEMENT OBJ_4
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES, Liquidity Risk (Details) - Liquidity Risk [Member] - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Financial Liabilities [Abstract] | ||
Financial liabilities | $ 2,144,071 | $ 1,989,084 |
Less Than or Equal to 6 Months [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 2,144,071 | 1,989,084 |
6-12 Months [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 0 | 0 |
1-5 Years [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 0 | 0 |
More Than or Equal to 5 Years [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 0 | 0 |
Trade and Other Payables [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 2,144,071 | 1,989,084 |
Trade and Other Payables [Member] | Less Than or Equal to 6 Months [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 2,144,071 | 1,989,084 |
Trade and Other Payables [Member] | 6-12 Months [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 0 | 0 |
Trade and Other Payables [Member] | 1-5 Years [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 0 | 0 |
Trade and Other Payables [Member] | More Than or Equal to 5 Years [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | $ 0 | $ 0 |
FINANCIAL RISK MANAGEMENT OBJ_5
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES, Interest Rate Risk (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Amount of Increase (Decrease) on Equity and Profit or Loss [Abstract] | ||||
Profit or loss | $ (9,822,626) | $ (9,957,817) | $ (2,639,428) | |
Equity | $ 4,639,074 | $ 6,067,514 | $ 3,268,563 | $ 1,383,185 |
Floating Interest Rate [Member] | ||||
Interest-bearing financial instruments [Abstract] | ||||
Weighted average interest rate on cash at bank on hand and short-term deposits | 2.02% | 1.89% | ||
Interest Rate Risk [Member] | ||||
Interest-bearing financial instruments [Abstract] | ||||
Financial assets | $ 4,432,150 | $ 7,238,489 | ||
Interest Rate Risk [Member] | Cash at Bank and on Hand [Member] | ||||
Interest-bearing financial instruments [Abstract] | ||||
Financial assets | 2,224,380 | 2,714,776 | ||
Interest Rate Risk [Member] | Short Term Deposits [Member] | ||||
Interest-bearing financial instruments [Abstract] | ||||
Financial assets | 2,207,770 | 4,523,713 | ||
1% [Member] | Cash and Cash Equivalents [Member] | ||||
Amount of Increase (Decrease) on Equity and Profit or Loss [Abstract] | ||||
Profit or loss | 44,322 | 64,857 | ||
Equity | 44,322 | 64,857 | ||
-1% [Member] | Cash and Cash Equivalents [Member] | ||||
Amount of Increase (Decrease) on Equity and Profit or Loss [Abstract] | ||||
Profit or loss | (44,322) | (64,857) | ||
Equity | $ (44,322) | $ (64,857) |
FINANCIAL RISK MANAGEMENT OBJ_6
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES, Foreign Currency Risk (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Foreign Currency Risk [Abstract] | |||
Cash reserves | $ 2,224,380 | $ 2,714,776 | $ 844,118 |
US$ [Member] | |||
Foreign Currency Risk [Abstract] | |||
Cash reserves | 3,400,000 | ||
Foreign Currency Risk [Member] | A$ [Member] | |||
Financial Liabilities [Abstract] | |||
Net exposure | 792,962 | 1,863,441 | |
Foreign Currency Risk [Member] | A$ [Member] | Cash and Cash Equivalents [Member] | |||
Financial Assets [Abstract] | |||
Financial assets | 1,028,454 | 1,971,129 | |
Foreign Currency Risk [Member] | A$ [Member] | Trade and Other Receivables [Member] | |||
Financial Assets [Abstract] | |||
Financial assets | 24,679 | 35,493 | |
Foreign Currency Risk [Member] | A$ [Member] | Trade and Other Payables [Member] | |||
Financial Liabilities [Abstract] | |||
Financial liabilities | 260,171 | 143,181 | |
10% Increase [Member] | |||
US Dollar Appreciated or Depreciated Against Australian Dollar [Abstract] | |||
Profit or loss | 79,296 | 186,344 | |
Other comprehensive income | 79,296 | 186,344 | |
10% Decrease [Member] | |||
US Dollar Appreciated or Depreciated Against Australian Dollar [Abstract] | |||
Profit or loss | (79,296) | (186,344) | |
Other comprehensive income | $ (79,296) | $ (186,344) |
CONTINGENT ASSETS AND LIABILI_2
CONTINGENT ASSETS AND LIABILITIES (Details) - Piedmont Lithium Project [Member] | 12 Months Ended |
Jun. 30, 2019a$ / t | |
Increase decrease in assets and liabilities [Abstract] | |
Area of property | a | 2,207 |
Percentage of cash consideration paid if purchased | 50.00% |
Minimum [Member] | |
Increase decrease in assets and liabilities [Abstract] | |
Production royalty payable | 0.50 |
Maximum [Member] | |
Increase decrease in assets and liabilities [Abstract] | |
Production royalty payable | 2 |
COMMITMENTS (Details)
COMMITMENTS (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 | |
Material Commitments [Abstract] | |||
Operating lease commitments | [1] | $ 134,884 | $ 25,627 |
Commitments | 134,884 | 248,234 | |
Payable within 1 Year [Member] | |||
Material Commitments [Abstract] | |||
Operating lease commitments | [1] | 64,375 | 25,627 |
Commitments | 64,375 | 248,234 | |
Payable Later Than 1 Year within 5 Years [Member] | |||
Material Commitments [Abstract] | |||
Operating lease commitments | [1] | 70,509 | 0 |
Commitments | $ 70,509 | $ 0 | |
[1] | Operating lease commitments include contracts for leased premises and equipment in the United States. |
EVENTS SUBSEQUENT TO BALANCE _2
EVENTS SUBSEQUENT TO BALANCE DATE (Details) $ / shares in Units, shares in Millions | Aug. 07, 2019 | Jul. 10, 2019AUD ($)$ / sharesshares | Feb. 01, 2019$ / shares | Dec. 13, 2018$ / shares | Nov. 03, 2017$ / shares | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) |
Events subsequent to balance date [Abstract] | ||||||||
Share issued to institutional investors (in shares) | shares | 145 | |||||||
Shares issue price (in dollars per share) | $ / shares | $ 0.145 | $ 0.11 | $ 0.11 | $ 0.16 | ||||
Gross proceeds from shares issuance | $ 21,000,000 | $ 8,831,759 | $ 12,491,525 | $ 3,840,034 | ||||
Project's mine life | 5 years | 5 years | 5 years | |||||
Subsequent Events [Member] | ||||||||
Events subsequent to balance date [Abstract] | ||||||||
Share issued to institutional investors (in shares) | shares | 145 | |||||||
Shares issue price (in dollars per share) | $ / shares | $ 0.145 | |||||||
Gross proceeds from shares issuance | $ | $ 21,000,000 | |||||||
Project's mine life | 25 years |