30 June 2025 - Annual Report
1
Contents
Corporate Directory
Chairman’s Letter
Review of Operations
Directors’ Report
Auditor’s Independence Declaration
Independent Auditor’s Report to the Members of Uvre Limited
Consolidated Statement of Profit or Loss and other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Consolidated Entity Disclosure Statement
Directors’ Declaration
ASX Additional Information
3
4
6
20
37
38
43
44
45
47
48
72
73
74
UVRE LIMITED
Corporate Directory
30 June 2025
3
This financial report includes the consolidated financial statements and notes of Uvre Limited (Uvre or
the Company) and its controlled entities (the Group). The Group’s functional and presentation currency
is AUD ($).
A description of the Group’s operations and of its principal activities is included in the review of
operations and activities in the Directors’ report. The Directors’ Report is not part of the Financial Report.
Directors Brett Mitchell - Executive Chairman
Alex Passmore - Non-Executive Director
Norman Seckold - Non-Executive Director
Peter Nightingale - Non-Executive Director
Company secretary Harry Miller
Registered office 3 Richardson Street
West Perth WA 6005
Telephone: +61 8 6319 1900
Email: admin@uvrelimited.com
Website: www.uvrelimited.com
Principal place of business 3 Richardson Street
West Perth WA 6005
Telephone: +61 8 6319 1900
Email: admin@uvrelimited.com
Website: www.uvrelimited.com
Share register Automic Registry Services
Level 5, 191 St Georges Terrace
Perth WA 6000
Telephone: +1300 288 664
Auditor Hall Chadwick WA Audit Pty Ltd
283 Rokeby Road
SUBIACO WA 6008
Solicitors Steinepreis Paganin
Level 4, The Read Buildings
16 Milligan Street
Perth WA 6000
Stock exchange listing Australian Securities Exchange Limited
Level 40, Central Park
152-158 St George’s Terrace
Perth WA 6000
ASX Code: UVA
UVRE LIMITED
Chairman's Letter
30 June 2025
4
Chairman's Letter
Dear Fellow Shareholder
Welcome to the Uvre Annual Report for the financial year ending 30 June 2025.
Early in the year I outlined the Uvre Board of Directors would actively seek to acquire new projects to
complement our existing uranium and lithium assets to lead the Company forward. As part of this
process, the Board set down strict criteria for any transaction, including the requirement that any
acquisition must have the potential to be a company-maker. After reviewing numerous opportunities,
we were fortunate to secure the opportunity to acquire a portfolio of exceptional New Zealand
brownfields gold exploration assets held by OtaGold Limited. The $6m share acquisition of OtaGold
ticked every box for the Uvre Board and key stakeholders, so we moved quickly to secure the assets
and implement a coordinated strategy to start unlocking their true value.
The exploration upside at these projects is nothing short of compelling, especially at our flagship
brownfields gold project Waitekauri, located in the heart of the Haruaki Goldfields. This is hardly
surprising given that the portfolio was pieced together by a technical team closely aligned to the highly
successful mining entrepreneur Norm Seckold. Under the transaction completed, OtaGold New Zealand’s
brownfields gold projects and technical team has come across to Uvre, with Norm emerging as our
largest shareholder with a 16% stake and joining the Board as a Non-executive Director. Norm also
invested $500,000 personally in the $4.0m capital raise completed as part of the OtaGold acquisition.
Not only is this a huge vote of confidence in the projects’ potential, but it also means Uvre shareholders
will benefit from the immense knowledge, commitment and experience of Norm and his team.
As I write to you, we are preparing for the start of our first drilling campaign at the flagship Waitekauri
Gold Project in early October. Located on the North Island, Waitekauri comprises 58km
2
of highly
prospective ground in the rich Hauraki Goldfield – which has over 160 years of epithermal gold
production, with in excess of 50 epithermal goldmines. The Waitekauri Gold Project tenement is only
1km west of OceanaGold’s large operating Waihi gold mine, with the 10m oz Au Martha open pit located
in the middle of the town of Waihi (the Kalgoorlie of New Zealand) which has now extended underground
to produce a combined total of 14m oz Au to date. In addition, Waitekauri is located only 4.5km south-
west and along strike on the key structural trend from OceanaGold’s groundbreaking WKP deposit. The
WKP deposit now has a resource of 2.2m oz Au at over 14 g/t, and from recent drilling announced
significant wide, high-grade intercepts in step out holes to the south-west toward our Waitekauri
tenement. Waitekauri has a highly desirable geological address for large epithermal gold deposits. It sits
along strike from WKP and three other +1Moz deposits and hosts extensive gold mineralisation with
numerous high priority drilling targets starting with the Jubilee Project, a historical producing gold mine.
The Waitekauri Project has a historical production grade of 48g/t gold + silver and the first rock chips
taken by Uvre have returned outstanding results of up to 18.4g/t Au.
On the South Island, the Company is targeting brownfields orogenic gold deposits, with its portfolio
including the Oturehua and Invincible (application) Gold Projects in the prolific Otago Goldfields, both
projects being historical gold mines from the 1900’s and priority brownfields exploration projects for the
Uvre team. Again, these have a fantastic address in geological terms, with Oturehua being just 20km
from Santana’s 2.2Moz Rise and Shine deposit and 50km from OceanaGold’s world-class Macraes gold
mine. Invincible has a compelling gold/tungsten mineralisting signature that is also present at Rise and
Shine and Macraes.
Considering that the transaction to acquire these assets only settled in mid-July this year, we have
wasted no time in devising and implementing our exploration strategy, with drilling due to start at the
priority Jubilee and Scotia South prospects at Waitekauri in early October. The upside is clearly immense,
and we are determined to maintain a strong flow of results and newsflow, including plans by the Board
for a move to dual list on the New Zealand Stock Exchange in October.
UVRE LIMITED
Chairman's Letter
30 June 2025
5
Whilst the initial round of drilling starts in October at the Waitekauri Project, we will progress our
exploration strategy for Oturehua and Invincible (upon grant), ensuring we build a pipeline of activity,
news flow and share price catalysts. With a market capitalisation of circa $30 million and more than
$5.5m cash in the bank with no debt, we are extremely leveraged to any early-stage exploration success
on this front.
On behalf of the Board, I would like to thank our shareholders for your strong support for the transaction
and our exploration strategy. It is clear from the feedback we have received that shareholders are as
excited as we are about the huge opportunity we have in New Zealand and are keen to see us maintain
a rapid pace of activity.
I look forward to keeping you updated on our progress throughout the year.
Brett Mitchell
Executive Chairman
UVRE LIMITED
Review of Operations
30 June 2025
6
New Zealand Gold Projects
In May 2025, Uvre announced the proposed acquisition of highly prospective gold exploration projects in
New Zealand through the purchase of 100% of the issued share capital of Minerals Exploration Limited
(“MEL”). MEL’s wholly owned subsidiary is New Zealand gold explorer, OtaGold Limited (“OtaGold”)
which h olds a 100% interest in three exploration permits, one prospecting permit and one prospecting
permit application in New Zealand covering 332sqkm of highly prospective ground. As consideration for
the acquisition, Uvre issued 75 million fully paid ordinary shares to acquire 100% of the issued capital in
MEL (“Consideration Shares”) at a price of $0.08 per share, for a total consideration of $6 million. There
was no cash consideration or performance equity as part of the transaction.
The OtaGold New Zealand Gold Projects are set out below:
North Island
Waitekauri – EP61021
Ownership Size Permit
100% 5,811 Ha Exploration
Lottin Point – EP61086
Ownership Size Permit
100% 1,104 Ha Exploration
South Island
Invincible – PPA61303.01
Ownership Size Permit
100% 16,430 Ha Exploration
Oturehua – EP61069
Ownership Size Permit
100% 3,216 Ha Exploration
Roaring Meg – PP61001
Ownership Size Permit
100% 6,646 Ha Prospecting
Figure 1: Summary of OtaGold Projects
The acquisition of MEL was subject to completion of several conditions’ precedent, including due
diligence on MEL, OtaGold and the permits held by OtaGold as well shareholder approval for the issue
of the Consideration Shares. The acquisition was also contingent on Uvre raising at least $4.0 million in
a single tranche share placement of 50m Shares at $0.08 each, which was lead managed by Bell Potter
Securities Ltd (“Placement Shares”). The Placement Shares were also subject to shareholder approval.
Uvre held a General Meeting of shareholders on 27 June 2025 where it received shareholder approval
for the issue of the Consideration Shares to MEL and the issue of 50 million Placement Shares. The
acquisition was formally completed subsequent to financial year end on 14 July 2025.
As part of the acquisition and subsequent to year end, highly regarded mining entrepreneurs Norman
Seckold and Peter Nightingale were appointed non-executive directors of Uvre. Mr Seckold is now Uvre’s
largest shareholder with a stake of 16.27% in the Company.
UVRE LIMITED
Review of Operations
30 June 2025
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Figure 2: Location of Uvre’s NZ North and South Island Gold Projects
North Island Projects
Waitekauri Gold Project Overview
The Waitekauri Gold Project (Waitekauri Project) covers 58km
2
of highly prospective ground in the
Hauraki goldfield. It is located 8km west of OceanaGold Corporation’s (“OceanaGold”) flagship operating
Waihi gold mine. The Waitekauri Project area displays the hallmarks of a major gold field in a region with
a compelling epithermal gold endowment within the prolific Hauraki Goldfield.
UVRE LIMITED
Review of Operations
30 June 2025
8
There is an 18-kilometre mineralised corridor hosting multiple targets and historical workings, with 3
main prospects for exploration; Scotia, Sovereign and Jubilee. These prospects sit adjacent to four +1Moz
deposits (Waihi, WKP, Golden Cross and Karangahake) (Figure 3) with historical production from Hauraki
goldfield to 2003 over 312kt (~10Moz Au and 1,440t Ag). Previous production has been recorded from
Jubilee of 29koz Au and Ag bullion at grades of 48 g/t Au+Ag. A recent discovery by the Uvre team of
previously unmapped occurrence of epithermal quartz boulders interpreted as new outcropping vein
south of the Scotia prospect opens potential for further exploration in a new area. This epithermal
outcrop has never been drill tested and will form part of the initial drilling program at Waitekauri.
Figure 3: Geological setting of the Waitekauri priority gold prospects and historical mines, and adjacent
significant gold deposits, in respect to major Au-Ag occurrences in the Waihi Goldfield
UVRE LIMITED
Review of Operations
30 June 2025
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Figure 4: Uvre priority gold prospects Jubilee, Scotia and Sovereign occur in a defined NE-SW structural
trend which extends from OceanaGold’s WKP discovery down through Uvre’s Waitekauri Gold Project
In the period, the Company reported strong exploration results from rock chip assays at its Waitekauri
Project of up to 18.4g/t Au with visible gold. Rock chips included abundant visible gold and epithermal
quartz identified in a new area with no historical drilling.
Sample no. 387051 contained abundant visible gold in greyish porous blebs enclosed in massive white
epithermal quartz (Figure 5). Size of individual native gold aggregates is up to 0.3 mm. Gold aggregates
contain approx. 68 wt % Au and 32 wt % Ag per EDS analysis carried out at Slovak Academy of Science.
Samples with high base metal content from the Jubilee zone associated with fine grained chalcedonic
quartz (up to 2% Pb+Zn+Cu) were low in Au (max. 1.3g/t Au).
Moreover, initial field mapping identified a much larger extent of the post-mineral welded ignimbrite
unit in the area south of the Scotia prospect. The extent of this unit was not properly understood by
previous operators, and it may cover potential southern extensions of the mineralised system, thereby
preventing detection of the system in soil geochemistry surveys.
UVRE LIMITED
Review of Operations
30 June 2025
10
Figure 5: Native gold aggregates in sample no. 387051 from Waitekauri. Native gold alloy consists of
relative distribution (not total rock concentration) 68% Au and 32% Ag. Field of view is approx. 8mm.
Figure 6: Abundant native gold aggregates in epithermal quartz from Waitekauri, sample no. 387051.
Field of view is approx. 10mm.
UVRE LIMITED
Review of Operations
30 June 2025
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Uvre is targeting bonanza style Au-Ag low sulphidation veins with the objective to identify a multi-
million-ounce resource. The recent discovery of OceanaGold in 2017 of the WKP deposit along the
northeast – southwest structural trend of 2.2Moz @ 14.3g/t Au and 3.1Moz Ag supports the view that
the area is highly prospective for gold.
Much of the Waitekauri project land package is underexplored. The Jubilee prospect is located in the
middle of Karangahake – Golden Cross – WKP mineralised corridor. Jubilee was historically mined to
only 200m and hasn’t been properly tested at depth by modern exploration methods with only 10 holes
drilled and only 3 of these drilled over 250m depth. The system has great potential and significant
exploration upside.
A 9-hole drill program has been designed to target significant potential identified at depth and along
strike, and the landowner compensation agreement competed. The Company’s first drilling program at
Jubilee and Scotia South is on schedule to commence in early October.
Figure 7: Jubilee drilling program is designed to target historical high-grade zones
UVRE LIMITED
Review of Operations
30 June 2025
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Table 1: Planned 9-hole drill program at Waitekauri
Historical High-Grade Jubilee Mine Channel Sampling Results
The Waitekauri underground channel samples from the Jubilee historical mine returned highly promising
assays which when combined with the favourable geological setting and the multi-million-ounce
projects nearby, demonstrate Waitekauri’s potential. The upside is highlighted by the high grade assays
returned from trenching by Cyprus Gold in 1991.
Table 2: High grade trenches – wall rock rock chip sampling in 1991 - Au Fire Assay 30g Charge, Ag Regia
Digest 30g charge - please note due to underground obstacles or sampling procedure some intervals are
discontinuous. Assays by ISL (International Service Laboratories Report Number 6122 1991)
UVRE LIMITED
Review of Operations
30 June 2025
13
The historical Jubilee mine and Uvre’s priority drilling prospect sits in the middle of the Company’s
Waitekauri project tenement. Jubilee is directly south-west of the historical Golden Cross mine and
north-east of the Karangahake mine, in the centre of NE- SW structural trend that also hosts the recent
+2.2Moz (at 14.3g/t Au) deposit at WKP, owned by OceanaGold.
Figure 8: Channel_JU22: 23.0m @ 42 g/t Au is a rise channel or vertical in the Long Section of the mine
Lottin Point Gold Exploration Project Overview
The Lottin Point Gold Project is an early-stage exploration project on the North Island, with the
potential for a high-grade VMS system that was discovered in the late 1970s by Anglo
American. Silica-barite boulders in float have been assayed up to 58g/t Au, 77g/t Ag, 2.4% Cu, 2.6% Pb
& 7.3% Zn. Further, a set of 14 rock chip assays by Delta Gold in 1998 averaged 11 ppm Au, 8.3ppm Ag,
0.4% Cu, 0.1% Pb, 0.9% Zn. Extensive data is available from one historical drill hole that the Company
looks forward to building on through further exploration.
South Island Orogenic Gold Exploration Projects
Otago Goldfields - Invincible, Oturehua and Roaring Meg
Invincible Brownfields Gold Project
The Invincible Gold Project (Application) is a 164km2 permit targeting similar style mineralization as
Macreas (OceanaGold) and Bendigo-Ophir (SMI), in gold/tungsten bearing veins. The historic Invincible
Gold Mine gold/tungsten veins produced at an average grade of 30g/t Au in production from the 1880’s
– 1910’s. The project is currently in Application and the Company expects it to be granted in the near
term as an Exploration Permit.
UVRE LIMITED
Review of Operations
30 June 2025
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Macraes and Bendigo-Ophir are bulk tonnage with discrete high-grade gold and tungsten zones - both
commodities on New Zealand’s critical minerals list. There has been no modern exploration of
combining the footwall tungsten mineralisation with hanging wall gold zones (like Macraes and
Bendigo-Ophir).
The Invincible Gold Project is located on private farmland rather than Department of Conservation
(DOC) land and a standard approvals process is required to be followed for exploration drilling.
Figure 9: Roaring Meg, Oturehua an Invincible Projects, within the Otago Goldfields/Otago Schist
UVRE LIMITED
Review of Operations
30 June 2025
15
Oturehua Brownfields Gold Project
The Oturehua Gold Project is a 32.4km
2
exploration permit located on privately owned farmland. At the
Golden Progress Mine h istorical production is estimated at 15-20koz @ 48.8g/t Au and is located 20km
South-East from Santana Minerals (ASX-SMI) 2.2Moz @ 2.3g/t Au Bendigo-Ophir deposit and 50km
North-West from Oceana Gold’s Macraes, a >10Moz gold producer.
Gold in quartz-arsenopyrite-pyrite veins was initially discovered at the Oturehua Gold Project in 1868
and mined until 1936.
Uvre has commenced initial exploration work at the Oturehua Gold Project and the first rock chips
included results up to 9.3g/t Au.
Roaring Meg Exploration Gold Project
Roaring Meg is a 66.5km
2
prospecting permit with a focus on gold. Previous geochemical soil sampling
outlined anomalous Au and rock chips from quartz veins have been recorded up to 9 g/t Au. The
Company is planning and will shortly execute the next phase of rock chips and geo chemical analysis at
Roaring Meg to define the future exploration plans at this project.
UVRE LIMITED
Review of Operations
30 June 2025
16
South Australian Uranium Projects (“SA Uranium Projects”)
Uvre – 100%
In mid 2024, the Company acquired two early stage uranium projects in South Australia, the SA Uranium
Projects which include two exploration licenses– Frome Downs (EL6996) and Yankaninna (EL6995)
Projects. These two licenses cover a combined 521km
2
of prospective ground within and nearby to the
uranium rich Frome Basin of South Australia.
The Frome Basin hosts several significant uranium deposits and operating uranium mines. South
Australia is the only state in Australia where the mining and processing of uranium ore is allowed, other
than the Northern Territory.
Uranium SA’s two recently granted Exploration Licenses are located within 50km of two operating
Uranium mines – Beverley and Four Mile:
• Beverley Uranium Mine (46.3 million pounds @ 0.27% U3O8)
7
;
• Four Mile (70.5 million pounds @ 0.33% U3O8)
8
; and
• Beverley North and Pepegoona (8.8 million pounds @ 0.18% U3O8)8.
Figure 10: Uranium Rich Frome Basin Region
Frome Downs Project - EL6996 (Exploration Project – 100% ownership – 343km2)
The Frome Downs Project is located in the highly prospective Frome Basin which is host to multiple
Uranium occurrences. Specifically, the Exploration License is located in the eastern Lake Frome region
which is known to be prospective for roll-front type uranium mineralisation emplaced within sediments
of the Tertiary Lake Eyre Basin.
The Frome Basin Project exploration license is contiguous and to the north of Havilah Resources (ASX:
HAV) Curnamona Province tenements.
The Frome Basin EL covers the tertiary sediments overlying the Mesozoic Frome Embayment which
hosts widespread uranium mineralization over the Lake Namba palaeochannel and is located:
• ~100km north of Boss Energy’s (ASX: BOE) Gould’s Dam Uranium discovery (JORC resource 4.4Mt
@ 650ppm U308 for 6.3Mlbs contained U308 (Indicated) and 17.7Mt at 480ppm U308 for 18.7Mlbs
contained U308 (Inferred));
UVRE LIMITED
Review of Operations
30 June 2025
17
• ~88km north of Havilah Resources (ASX: HAV) Oban Uranium Resource – (JORC Resource 8mMt
@ 260 ppm eU3O8 for a total contained 2,100 tonnes of eU3O8); and
• ~130km north-west Boss Energy’s Honeymoon Uranium Mine (JORC Resource 71.6 Mlb (52.4Mt)
@ 620ppm U308).
The Company commenced exploration at the Frome Downs Uranium Project in July 2024 with a
seismic program aimed at mapping extensions of the Billeroo and Namba palaeochannels, which are
considered highly prospective for sediment-hosted uranium. The Company announced the completion
of the seismic program in August 2024 and the results of the program were announced by the
Company in September 2024.
The geophysical interpretation, undertaken by leading geophysical consultants Southern Geoscience,
identified two primary and six secondary targets which were recommended be followed up with a
phase 2 geophysical campaign. This included infilling survey stations from 200m to 100m along the
previous lines and running additional lines between the preliminary lines to allow more detailed
modelling of potential palaeodrainage features in Tertiary sediments.
Yankaninna Project - EL6995 (Exploration Project – 100% ownership – 178km2)
No material work was undertaken at the Yankaninna Project in the period.
The Yankaninna Project is located immediately north of the Flinders Ranges which is host to numerous
uranium enriched rocks including:
● Mount Painter Inlier - Mount Neill Granite with up to 380 parts per million (ppm) uranium and Hot
Springs Gnesis up to 470 ppm uranium
5
● Mount Babbage Inlier - Yerilla Granite up to 270 ppm uranium
5
In addition to uranium-enriched felsic rocks, the inliers also host a number of magmatic-hydrothermal
and epithermal uranium deposits including:
● Mount Gee
● Mount Painter, and
● Radium Ridge
which can all provide leachable uranium.
Figure 11: Northern Flinders Ranges showing the Mt painter and Mt Babbage Inliers
UVRE LIMITED
Review of Operations
30 June 2025
18
East Canyon Uranium Project
Uvre – 100%
No material work was undertaken at the East Canyon Uranium Project in the period. As outlined during
the past 18 months in East Canyon Uranium Project updates, the Company has been reviewing a number
of commercial opportunities to advance the East Canyon Uranium Project through a US based
investment partner or a farm-in joint venture arrangement due to the US$ costs of exploration for an
Australian junior exploration company. These discussions are continuing, and the Company is in active
discussions with parties currently with a view to seek the best financial outcome for shareholders with
respect to the East Canyon Uranium asset.
The 100% owned East Canyon Uranium Project comprises 231 contiguous claims (~4,620 acres/18.7km2)
prospective for uranium and vanadium in the Dry Valley/East Canyon mining district of south-eastern
Utah, USA (the “Claims”). The Company renewed the East Canyon Uranium Project Claims ahead of the
1 September annual lease deadline, and the project Claims are in good standing.
The East Canyon Uranium Project is located in the Uravan Mineral Belt and surrounding Salt Wash ore
producing districts of the Colorado Plateau, which is the mineralised system across the East Canyon
Claims, has been an important source of uranium and vanadium in the US for more than 100 years.
Historical production sits at more than 85 million pounds of uranium at an average grade of more than
0.13% U₃O₈ and more than 440 million pounds of vanadium at an average grade of 1.25% V₂O₅.
The Uravan district hosts several significant uranium-vanadium operations including TSX listed Energy
Fuels Inc.’s La Sal Complex mines and development projects, International Consolidated Uranium’s
Rim/Columbus and Sage Plains project which was subject to a recent acquisition and strategic alliance
with Energy Fuels, and Velvet-Wood, owned by TSX-V-listed company Anfield Resources.
Energy Fuels’ White Mesa Mill, the only fully licensed and operating conventional uranium-vanadium
mill in the US, is located 50km from the East Canyon Project along major highway 191.
Figure 12: East Canyon Uranium Project location in Utah, USA within the uranium endowed Colorado Plateau.
UVRE LIMITED
Review of Operations
30 June 2025
19
South Pass Wyoming Lithium Project
No material work was completed on the SouthPass Wyoming Lithium Project throughout the financial
year ended 30 June 2025. Subsequent to the end of the financial year, the Company decided not to
renew the annual lease fees on its 95 unpatented mining load claims over the South Pass Lithium
Project, and therefore no longer holds any interest in the South Pass Lithium Project.
Compliance Statement
The information in this report that relates to prior Exploration Results is extracted from the ASX
Announcements listed below which are available on the Company’s website www.uvrelimited.com and
the ASX website (ASX code: UVA).
Date Announcement Title
3 Jun 2022 Prospectus
7 Dec 2022 Assays Confirm Uranium and Vanadium Mineralisation
17 Feb 2023 Further Assays from East Canyon
15 Aug 2023 High-Grade Uranium and Vanadium confirmed at East Canyon
13 Sep 2023 Uranium Anomaly over 2.4km Strike Length Identified
28 Sep 2023 5km Uranium Trend and Untested Target Identified
16 Nov 2023 Uvre Secures South Pass Lithium Project USA
6 Dec 2023 Significant Occurrences of Uranium Minerals at Surface
7 Dec 2023 Initial Exploration Completed at South Pass Lithium Project
6 Feb 2024 High Grade Uranium at Surface returning up to 1.6% U3O8
22 Feb 2024 Lithium Confirmed at South Pass with LCT Enriched Pegmatites
18 Apr 2024 Amended – Field Activities to Recommence at East Canyon
9 May 2024 South Pass Wyoming Lithium Project Update
1 Jul 2024 Completion of Acquisition, Placement & Board Changes
17 Jul 2024 Exploration to start at Frome Downs Uranium Project in SA
16 Aug 2024 Frome Downs Uranium Project – seismic program completed
18 Sept 2024 Strong geophysical results identify key uranium targets
12 Dec 2024 Uvre to refine multiple compelling targets with Phase 2
19 May 2025 Transformational NZ Gold Projects Acquisition
27 Jun 2025 High Grade Rock Chips at flagship Waitekauri Gold Project
1 Sept 2025 Waitekauri drilling set to commence
The Company confirms that it is not aware of any new information or data that materially affects the
information included in the original market announcement and that all material assumptions and
technical parameters underpinning the estimates in the market announcements continue to apply and
have not materially changes. The Company confirm that form and context in which the Competent
Person’s findings are presented have not been materially modified from the original market
announcements.
UVRE LIMITED
Directors' Report
30 June 2024
20
The directors present their report, together with the financial statements, on the Group for the year
ended 30 June 2025.
Directors
The following persons were directors of the Company during the whole of the financial year and up to
the date of this report, unless otherwise stated:
Name Role
Date of
Appointment/Resignation
Brett Mitchell Executive Chairman Appointed Director 30 May
2022. Appointed Executive
Chairman 1 July 2024
Peter Woods Non-Executive Director Resigned 14 July 2025
Steven Wood Non-Executive Director Resigned 14 July 2025
Alex Passmore Non-Executive Director Appointed 28 June 2024
Note Peter Nightingale and Norman Seckold appointed as Directors on 14 July 2025, subsequent to the
financial year end.
Principal activities
During the financial year the principal activities of the Company consisted of exploration activities on
its SA Uranium Projects and securing an agreement to acquire OtaGold Limited and its New Zealand
Gold Projects which was completed subsequent to financial year end on 14 July 2025. Additionally,
exploration continued at the Company’s South Australian Uranium Projects.
Uvre will continue to identify complementary key strategic assets and opportunities with the aim of
creating value for shareholders.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the Company during the financial year.
Matters subsequent to the end of the financial year
The Company released the following market sensitive ASX Announcements since 30 June 2025.
Date Details
03 July 2025 Completion of $4m Equity Raise & Cleaning Notice
14 July 2025 Uvre completes NZ gold projects acquisition
12 August 2025 Issue of Shares & Cleansing Notice
No other matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may
significantly affect the Group's operations, the results of those operations, or the Group's state of affairs
in future financial years.
UVRE LIMITED
Directors' Report
30 June 2025
21
Likely developments and expected results of operations
The Group will progress its brownfields exploration programs in New Zealand’s Hauraki Goldfield,
including a first drilling program on schedule to commence in early October at the Waitekauri Project,
located in the major Hauraki gold system near Waihi. The Company will also advance exploration at the
other New Zealand brownfield gold projects acquired as part of the OtaGold transaction including the
Invincible and Oturehua Projects located on the South Island of New Zealand. T he Company will also
continue its mineral exploration and activities at the South Australian Uranium Project as well as the
East Canyon Project in the US.
Environmental regulation
The Group operates within the resources sector and conducts its business activities with respect for
the environment while continuing to meet the expectations of the shareholders, employees and
suppliers. The Company’s exploration activities are currently subject to significant environmental
regulation under laws of the Commonwealth, Western Australia and South Australia, Wyoming and Utah,
USA and New Zealand. The Group aims to ensure that the highest standard of environmental care is
achieved, and that it complies with all relevant environmental legislation.
As at the date of this report, the Group is not aware of any significant breaches of those environmental
requirements.
Key risks and uncertainties
The Group considers the following to be the key material business risks:
Additional requirements for capital
The Company’s capital requirements depend on numerous factors. The Company may require further
financing. Any additional equity financing will dilute shareholdings, and debt financing, if available, may
involve restrictions on financing and operating activities. If the Company is unable to obtain additional
financing as needed, it may be required to reduce the scope of its operations and scale back its
exploration programmes as the case may be. There is however no guarantee that the Company will be
able to secure any additional funding or be able to secure funding on terms favourable to the Company.
Exploration and operating
The Projects are early-stage exploration, and mineral exploration and development are high-risk
undertakings.
There can be no assurance that future exploration of the Claims or Licences, or any other mineral claims
& licences that may be acquired in the future, will result in the discovery of an economic resource. Even
if an apparently viable resource is identified, there is no guarantee that it can be economically exploited.
Few properties that are explored are ultimately developed into producing mines. Major expenses may
be required to establish ore reserves, to develop metallurgical processes and to construct mining and
processing facilities at a particular site.
The success of the Company will also depend upon the Company being able to maintain title to the
Claims/Licences comprising the Projects and obtaining all required approvals for their contemplated
activities. In the event that exploration programmes prove to be unsuccessful this could lead to a
diminution in the value of the Projects, a reduction in the cash reserves of the Company and possible
relinquishment of one or more of the Claims/Licences.
No Known Mineral Reserves or Mineral Resources
There are no known bodies of commercial minerals on the Company’s Claims or Licences.
There can be no assurance that the Company will be successful in its search for mineral resources and
mineral reserves or in its more advanced programs.
UVRE LIMITED
Directors' Report
30 June 2025
22
Title to Properties
The acquisition of title to mineral properties is a very detailed and time-consuming process. The
Company’s Claims/Licences may be affected by undetected defects in title, such as the reduction in
size of the Claims/Licences and other third-party claims affecting the Company’s interests. Mineral
claims/licences sometimes contain claims or transfer histories that examiners cannot verify.
The Claims/Licences do not grant a right to enter upon or use the surface of the mineral properties.
Additional amounts may have to be paid to surface rights owners in connection with any development
of mining activity.
Exploration permits
The Company’s field activities, and exploration and drilling program on its Projects, will require licenses
and permits from various governmental and non-governmental authorities. The Company has obtained,
or will obtain, all necessary licenses and permits required to carry on with activities which it is currently
conducting or which it proposes to conduct under applicable laws and regulations. However, such
licenses and permits are subject to changes in regulations and in various operating circumstances. There
can be no assurance that the Company will be able to obtain all necessary licenses and permits required
to carry out exploration, development and mining operations on its Projects.
Renewal
The Claims/Licences are subject to periodic renewal. The renewal of the term of the Claims/Licences
are subject to compliance with applicable mining legislation and regulations and the discretion of the
relevant mining authority.
Renewal conditions may include increased expenditure and work commitments or compulsory
relinquishment of areas of the Claims/Licences. The imposition of new conditions or the inability to
meet those conditions may adversely affect the operations, financial position and/or performance of the
Company.
Overseas Business Activities and Country Risk (Geopolitical Risk)
During the period the Group engaged in exploration activities outside of Australia, currently in Utah and
Wyoming, USA and subsequent to the end of the period commenced activities in New Zealand. The
success of the Group’s operation depends on the political stability in this country and the availability of
qualified and skilled workforce to support operations. While the operations of the Group in this country
is currently very stable, a change in the government may result in changes to the foreign investment
laws and these assets could have an adverse effect on the Group’s operational results.
To manage this risk, the Group ensures that all significant transactions in these countries are supported
by robust contracts between the Company and third parties. We have a system in place for parent
company level to continuously check the country risk management before any significant investment is
made. Furthermore, we have developed a mechanism to counter legal risk, where foreign subsidiaries
and management can receive appropriate legal guidance regarding matters such as important
agreements and lawsuits in foreign locations.
UVRE LIMITED
Directors' Report
30 June 2025
23
Environmental
The operations and proposed activities of the Company are subject to laws and regulations concerning
the environment. As with most exploration projects and mining operations, the Company’s activities are
expected to have an impact on the environment, particularly if advanced exploration or mine
development proceeds. It is the Company’s intention to conduct its activities to the highest standard of
environmental obligation, including compliance with all environmental laws. Mining operations have
inherent risks and liabilities associated with safety and damage to the environment and the disposal of
waste products occurring as a result of mineral exploration and production. The occurrence of any such
safety or environmental incident could delay production or increase production costs.
The disposal of mining and process waste and mine water discharge are under constant legislative
scrutiny and regulation. There is a risk that environmental laws and regulations become more onerous
making the Company’s operations more expensive.
Grant of future authorisations to explore and mine
If the Company discovers an economically viable mineral deposit that it then intends to develop, it will,
among other things, require submissions to and approval of environmental impact assessments.
Environmental legislation is evolving, which means stricter standards and enforcement, fines and
penalties for non-compliance are becoming more stringent. Environmental assessment of proposed
projects carries a heightened degree of responsibility for companies and directors, officers and
employees. There is no assurance that future changes in environmental regulation, if any, will not
adversely affect the Company’s operations, including its capital expenditures and competitive position.
Mine development
Possible future development of mining operations at the Projects is dependent on a number of factors
including, but not limited to, the acquisition and/or delineation of economically recoverable
mineralisation, favourable geological conditions, receiving the necessary approvals from all relevant
authorities and parties, seasonal weather patterns, unanticipated technical and operational difficulties
encountered in extraction and production activities, mechanical failure of operating plant and
equipment, shortages or increases in the price of consumables, spare parts and plant and equipment,
cost overruns, access to the required level of funding and contracting risk from third parties providing
essential services.
Uranium and Gold price volatility and exchange rate risks
The success of the Company is contingent on exploration success.
If the Company achieves exploration success leading to mineral production, the revenue it will derive
through the sale of product exposes the potential income of the Company to gold and uranium price
and exchange rate risks. All commodity prices including gold and uranium are inherently unstable and
are subject to various factors that impact them outside the control of the company.
Furthermore, international prices of various commodities are denominated in United States dollars,
whereas the income and expenditure of the Company will be considered in Australian currency, exposing
the Company to the fluctuations and volatility of the rate of exchange between the United States dollar
and the Australian dollar as determined in international markets.
UVRE LIMITED
Directors' Report
30 June 2025
24
Regulatory Compliance
The Company’s operating activities are subject to extensive laws and regulations relating to numerous
matters including resource license consent, environmental compliance and rehabilitation, taxation,
employee relations, health and worker safety, waste disposal, protection of the environment, native title
and heritage matters, protection of endangered and protected species and other matters. The Company
requires permits from regulatory authorities to authorise the Company’s operations. These permits
relate to exploration, development, production and rehabilitation activities.
While the Company believes that it is in substantial compliance with all material current laws and
regulations, agreements or changes in their enforcement or regulatory interpretation could result in
changes in legal requirements or in the terms of existing permits and agreements applicable to the
Company or its properties, which could have a material adverse impact on the Company’s current
operations or planned development projects.
Information on directors
Name: Brett Mitchell
Title: Executive Chairman (appointed 28 June 2024) (previously Non-
Executive Director)
Appointed: 30 May 2022
Qualifications: B.Econ
Experience and expertise: Mr Mitchell is an experienced corporate finance executive with over
25 years of experience in private and public venture capital, and the
equity capital markets. Mr Mitchell’s expertise is in leading capital
raisings and M&A transactions in the mining, energy, technology and
life sciences industries.
Mr Mitchell has been involved in the founding, financing and executive
management of both private and publicly-listed companies. Mr
Mitchell is currently the Executive Chairman of ASX listed WA
Goldfields explorer and developer Javelin Minerals Ltd (JAV), and
Non-Executive Director of biotechnology company Imagion
Biosystems Ltd (IBX). He was previously a director of ASX listed
lithium explorer/developer Delta Lithium Ltd (DLI), and other ASX
listed companies in the resources, energy and life science sectors.
Other current directorships: Non-Executive Director - Imagion BioSystems Limited (ASX: IBX)
(appointed 14 June 2024)
Executive Director - Javelin Minerals Ltd (ASX: JAV) (appointed 29
February 2024)
Former directorships (last 3
years):
MGC Pharmaceuticals Limited
AusCann Group Holdings Limited
Mount Ridley Mines Limited
Interests in shares: 1,550,000 Shares
Interests in options: 1,000,000 options exercisable at $0.30 expiry 27 May 2027
Interests in rights: 800,000 Class D Performance Rights
1,000,000 Class E Performance Rights
1,000,000 Class F Performance Rights
UVRE LIMITED
Directors' Report
30 June 2025
25
Name: Peter Woods
Title: Non-Executive Director (appointed 28 June 2024) (previously Managing
Director)
Appointment: 12 May 2021
Qualifications: B.Com (Accounting & Finance), GradDipAppFin
Experience and expertise: Mr Woods is the founder of Uvre Limited and has extensive ASX board
level experience across various industries and geographies, including
significant resources exposure. He has over 15 years’ experience in the
financial services industry specialising in corporate finance, capital
markets, project generation and business development. Mr Woods
holds a Bachelor of Commerce with a double major in Accounting and
Finance from University of Western Australia, together with a Post
Graduate Diploma of Applied Finance, and has completed an executive
education course on Private Equity and Venture Capital at Harvard
Business School, Boston USA. Mr Woods is founding director of Bluebird
Capital, a project generation, investment and strategic advisory
business based in Perth, Western Australia.
Other current directorships: Managing Director - Nickel X Limited (ASX: NKL) (appointed 28 May
2024)
Non-Executive Director - Corella Resources Limited (ASX:
CR9)(appointed 23 April 2021)
Former directorships (last 3
years):
Nil
Interests in shares: 3,950,000 Shares (as at date of director resignation on 14 July 2025)
Interests in options: 3,500,000 Options exercisable at $0.30 expiry 27 May 2027
Interests in rights: 750,000 Class B performance rights
Name: Steven Wood
Title: Non-Executive Director (previously Non-Executive Chairman)
Appointment: 21 May 2021
Qualifications: B.Com, CA
Experience and expertise: Mr Wood is a Principal at Automic Group and specialises in providing
corporate advisory, governance, cross-border, and financial compliance
consulting services to a number of ASX listed and unlisted entities. Mr
Wood is currently Non-Executive Director of Metalicity Limited,
Company Secretary for a number of listed entities, and was previously
a Director at Grange Consulting Group for 12 years. Mr Wood is a
Chartered Accountant and started his career in the Perth office of
Pitcher Partners where he spent several years in their corporate re-
structuring division.
Other current directorships: Non-Executive Director - Arika Resources Limited (formerly Metalicity
Limited) (ASX: ARI) (appointed 25 November 2022)
Former directorships (last 3
years):
Nil
Interests in shares: 1,616,667 Shares (as at date of director resignation on 14 July 2025)
Interests in options: 1,500,000 Options exercisable at $0.30 expiry 27 May 2027
Interests in rights: 200,000 Class B performance rights
UVRE LIMITED
Directors' Report
30 June 2025
26
Name: Alex Passmore
Title: Non-Executive Director
Appointment: 28 June 2024
Experience and expertise: Mr Passmore is a qualified geologist, he is an experienced corporate
executive with a strong financial and technical track record in the
resources sector. He brings a broad experience and a deep network of
corporate relationships in institutional finance (resources related). He
has led many project acquisitions, divestments and fund raisings in the
junior and mid cap resources sector over the past 20 years.
Mr Passmore holds a Bachelor of Science (Geology) with first class
honours from the University of Western Australia. He also holds a
Graduate Diploma of Applied Finance from the Securities Institute of
Australia.
Mr Passmore’s recent appointments include: Chief Executive Officer of
Ora Gold Ltd (current), Managing Director of Rox Resources Ltd,
Chairman of Cannon Resources Ltd, Managing Director of Cockatoo Iron
NL, Non-Executive Director of Aspire Mining Ltd, Non-Executive (and
Executive) Director of Equator Resources Ltd / Cobalt One Ltd which
merged with TSX-listed First Cobalt Corp) and CEO of Draig Resources
Ltd (now Bellevue Gold Ltd).
Mr Passmore is currently a director of the following listed entities:
Pearl Gull Iron Ltd and Blencowe Resources Ltd (London-listed).
Other current directorships: Non-Executive Director - Pearl Gull Iron Limited (ASX: PLG) (appointed
15 August 2017)
Former directorships (last 3
years):
Rox Resources Limited
Interests in shares: 400,000 Shares
Interests in rights: 250,000 Class D Performance Rights
250,000 Class E Performance Rights
250,000 Class F Performance Rights
Name: Norman Seckold
Title: Non-Executive Director
Appointment: 14 July 2025
Experience and expertise: Mr Seckold is an experienced mining executive who has spent more
than 40 years in the full-time management of natural resource
companies, both in Australia and overseas. Mr Seckold is currently
Chairman of ASX Listed Nickel Industries Limited, Alpha HPA Limited,
Fulcrum Lithium Limited and Sky Metals Limited.
Other current directorships: Chairman & Executive Director - Nickel Industries Limited (ASX:NIC)
(appointed 12 September 2007)
Chairman - Alpha HPA Limited (ASX:A4N) (appointed 30 November 2009
Executive Chairman - Fulcrum Lithium Limited (ASX:FUL) (appointed 6
February 2023)
Chairman - Sky Metals Limited (ASX:SKY) (appointed 4 December 2001)
Former directorships (last 3
years):
Nil
Interests in shares: 30,141,133 Shares
UVRE LIMITED
Directors' Report
30 June 2025
27
Name: Peter Nightingale
Title: Non-Executive Director
Appointment: 14 July 2025
Experience and expertise: Mr Nightingale is a chartered accountant and has, for more than 35 years,
been responsible for the financial control, administration, secretarial and
in-house legal functions of a number of private and public listed
companies in Australia and the USA including Bolnisi Gold N.L. and Nickel
Industries Limited. Mr Nightingale is currently a director of ASX listed
Fulcrum Lithium Limited and Prospech Limited
Other current directorships: Executive Director - Fulcrum Lithium Limited (ASX:FUL) (appointed 6
February 2023)
Director Prospech Limited (ASX:PRS) (appointed 26 September 2014)
Former directorships (last 3
years):
Alpha HPA Limited
Interests in shares: 2,459,673 Shares
'Other current directorships' quoted above are current directorships for listed entities only and excludes
directorships of all other types of entities, unless otherwise stated.
'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed
entities only and excludes directorships of all other types of entities, unless otherwise stated.
Meetings of directors
The number of meetings of the Company's Board of Directors ('the Board') held during the year ended
30 June 2025, and the number of meetings attended by each director were:
Director
Number of meetings director
eligible to attend
Number of meetings director
attended
Mr Brett Mitchell 3 3
Mr Peter Woods 3 3
Mr Steven Wood 3 3
Mr Alex Passmore 3 3
Company secretary
Kate Sainty resigned to take maternity leave, effective 22 October 2024.
Tom O’Rourke was appointed as Company Secretary effective 22 October 2024. Mr O’Rourke resigned
on 20 December 2024.
Harry Miller was appointed as Company Secretary on 20 December 2024. Mr Miller is an experienced
Company Secretary having worked with numerous ASX listed and private companies in various industries
throughout Australia. Previously, Mr Miller worked in the audit division of a leading international Audit,
Tax & Advisory firm, focused on engagements across the natural resources, technology and industrial
sectors. Mr Miller holds a Bachelor of Commerce (Economics and Finance) as well as a Master of
Professional Accounting.
Financial position
The net assets of the consolidated Group have decreased to $4,516,585 (2024:$5,441,492). The Group’s
working capital, being current assets less current liabilities was $2,585,967 at 30 June 2025 (2024:
$3,324,749).
UVRE LIMITED
Directors' Report
30 June 2025
28
Shares issued on the exercise of performance rights
The following ordinary shares of the Company were issued during the year ended 30 June 2025 and up
to the date of this report on the exercise of performance rights granted:
Exercise Number of
Date performance rights granted
price
shares
issued
28 June 2024 $0.091 2,500,000
Shares issued on the exercise of options
There were no ordinary shares of the Company issued on the exercise of options during the year ended
30 June 2025 and up to the date of this report.
Share-based compensation
Issue of shares
There were no shares issued to directors and other key management personnel as part of compensation
during the year ended 30 June 2025.
Options
There were no options over ordinary shares issued to directors and other key management personnel as
part of compensation that were outstanding as at 30 June 2025.
There were no options over ordinary shares granted to or vested by directors and other key management
personnel as part of compensation during the year ended 30 June 2025.
Performance rights
The following performance rights over ordinary shares issued to directors and other key management
personnel as part of compensation that were outstanding as at 30 June 2025.
The Company entered into a Director Consultancy Agreement with Mr Mitchell for the provision of the
executive services. The material terms of the Director Consultancy Agreement include 2,800,000
Performance Rights with the following share price vesting milestones, and expiring 4 years from date of
issue:
● 800,000 tranche 1 performance rights will vest upon the Twenty Day VWAP exceeding $0.15 per
Share ('Milestone A');
● 1,000,000 tranche 2 performance rights will vest upon the Twenty Day VWAP exceeding $0.20 per
Share ('Milestone B'); and
● 1,000,000 tranche 3 performance rights will vest upon the Twenty Day VWAP exceeding $0.30 per
Share ('Milestone C').
As part of the appointment, Mr Passmore has been offered 750,000 Performance Rights with the
following share price vesting milestones, and expiring 4 years from date of issue:
● 250,000 tranche 1 performance rights will vest upon the Twenty Day VWAP exceeding $0.15 per
Share ('Milestone A');
● 250,000 tranche 2 performance rights will vest upon the Twenty Day VWAP exceeding $0.20 per
Share ('Milestone B'); and
● 250,000 tranche 3 performance rights will vest upon the Twenty Day VWAP exceeding $0.30 per
Share ('Milestone C').
UVRE LIMITED
Directors' Report
30 June 2025
29
Securities granted during the year
Performance rights over ordinary shares granted during the year as share based payments are as follows:
Class of securities
Grant date
Number of
securities
Exercise price
Expiry date
Vesting date
PERFD 27-Nov-2024 1,050,000 - 27-Nov-2028 See note
PERFE 27-Nov-2024 1,250,000 - 27-Nov-2028 See note
PERFF 27-Nov-2024 1,250,000 - 27-Nov-2028 See note
Refer to note 17 for details of these performance rights.
Indemnity and insurance of officers
The Company has indemnified the directors and executives of the Company for costs incurred, in their
capacity as a director or executive, for which they may be held personally liable, except where there is
a lack of good faith.
During the financial year, the Company paid a premium in respect of a contract to insure the directors
and executives of the Company against a liability to the extent permitted by the Corporations Act 2001.
The contract of insurance prohibits disclosure of the nature of the liability and the amount of the
premium.
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring
proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a
party for the purpose of taking responsibility on behalf of the Company for all or part of those
proceedings.
Unissued shares under option and performance right
Unissued ordinary shares of Uvre Limited under option and performance right at the date of this report
are as follows:
Class Grant date Expiry date Exercise price Number
OPT02 27-MAY-2022 27-MAY-2025 $0.30 1,000,000
OPT03 27-MAY-2022 27-MAY-2027 $0.30 6,000,000
OPT04 27-NOVEMBER-2024 27-NOVEMBER-2028 $0.20 2,000,000
OPT05 27-NOVEMBER-2024 27-NOVEMBER-2028 $0.30 2,000,000
PERFB 6-JUNE-2022 6-JUNE-2027 - 950,000
PERFC 28-JUNE-2024 28-JUNE2027 - 2,500,000
PERFD 27-NOVEMBER-2024 27-NOVEMBER-2028 - 1,050,000
PERFE 27-NOVEMBER-2024 27-NOVEMBER-2028 - 1,250,000
PERFF 27-NOVEMBER-2024 27-NOVEMBER-2028 - 1,250,000
Total 18,000,000
Non-audit services
There were no non-audit services provided during the financial year by the auditor.
The directors are satisfied that the provision of non-audit services during the financial year, by the
auditor (or by another person or firm on the auditor's behalf), is compatible with the general standard
of independence for auditors imposed by the Corporations Act 2001.
UVRE LIMITED
Directors' Report
30 June 2025
30
The directors are of the opinion that the services as disclosed in note 22 to the financial statements do
not compromise the external auditor's independence requirements of the Corporations Act 2001 for the
following reasons:
● all non-audit services have been reviewed and approved to ensure that they do not impact the
integrity and objectivity of the auditor; and
● none of the services undermine the general principles relating to auditor independence as set out
in APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and
Ethical Standards Board, including reviewing or auditing the auditor's own work, acting in a
management or decision-making capacity for the Company, acting as advocate for the Company or
jointly sharing economic risks and rewards.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations
Act 2001 is set out immediately after this directors' report.
Remuneration report (audited)
The remuneration report details the key management personnel remuneration arrangements for the
Group, in accordance with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing
and controlling the activities of the entity, directly or indirectly, including all directors.
The remuneration report is set out under the following main headings:
(a) Key management personnel (KMP) covered in this report
(b) Remuneration policy and link to performance
(c) Elements of remuneration
(d) Link between remuneration and performance
(e) Contractual arrangements for executive KMP
(f) Non-executive director arrangements
(g) KMP remuneration
(h) Other statutory information
(a) Key management personnel (KMP) covered in this report
Name Position
Mr Brett Mitchell Executive Chairman
Mr Peter Woods Non-Executive Director
Mr Steven Wood Non-Executive Director
Mr Alex Passmore Non-Executive Director
(b) Remuneration policy and link to performance
The objective of the Company’s remuneration structure is to reward and incentivise key management
personnel and employees to ensure alignment with the interests of shareholders. The remuneration
structure also seeks to reward key management personnel and employees for their contribution to the
Company in a manner that is appropriate for a Company at this stage of its development.
The full Board performs the function of the remuneration committee. The Board reviews and determines
remuneration policy and structure annually to ensure it remains aligned to the Company’s needs and
meets the Company’s remuneration principles. The Board, from time to time, may engage external
remuneration consultants to assist with his review.
(c) Elements of remuneration
UVRE LIMITED
Directors' Report
30 June 2025
31
Fixed annual remuneration
Key management personnel receive their base pay and statutory benefits structured as a total fixed
remuneration (TFR) package. Base pay for key management is reviewed annually to ensure the
remuneration is competitive with the market and remains appropriate for the Company and its
operations.
There are no guaranteed base pay increases included in any employment contracts.
Short term incentives
Any payment of short-term incentives is at the Board’s absolute discretion. Due to the nature of the
Company’s operations and the stage of development, the Company has not paid any short-term
incentives, nor has any formal short-term incentive scheme been adopted.
Long term incentives
Options
No new options were issued during the year (2024: nil)
Performance Rights
The following performance rights were issued to key management personnel during the year (2024: nil).
The Company entered into a Director Consultancy Agreement with Mr Mitchell for the provision of the
executive services. The material terms of the Director Consultancy Agreement include 2,800,000
Performance Rights with the following share price vesting milestones, and expiring 4 years from date of
issue:
● 800,000 tranche 1 performance rights will vest upon the Twenty Day VWAP exceeding $0.15 per
Share ('Milestone A');
● 1,000,000 tranche 2 performance rights will vest upon the Twenty Day VWAP exceeding $0.20 per
Share ('Milestone B'); and
● 1,000,000 tranche 3 performance rights will vest upon the Twenty Day VWAP exceeding $0.30 per
Share ('Milestone C').
As part of the appointment, Mr Passmore has been offered 750,000 Performance Rights with the
following share price vesting milestones, and expiring 4 years from date of issue:
● 250,000 tranche 1 performance rights will vest upon the Twenty Day VWAP exceeding $0.15 per
Share ('Milestone A');
● 250,000 tranche 2 performance rights will vest upon the Twenty Day VWAP exceeding $0.20 per
Share ('Milestone B'); and
● 250,000 tranche 3 performance rights will vest upon the Twenty Day VWAP exceeding $0.30 per
Share ('Milestone C').
(d) Link between remuneration and performance
Remuneration of executives consists of an un-risked element (base pay) and long-term incentives
(performance rights) which vest upon the satisfaction of performance criteria, based on key strategic,
non-financial measures linked to drivers of performance in future reporting periods. The Company did
not pay any short-term incentives (e.g. cash bonuses) during the year (2024: nil).
The Group’s summary key performance information, including earnings and movement in shareholder
wealth since incorporation is below:
UVRE LIMITED
Directors' Report
30 June 2025
32
30 June 2025 30 June 2024
Revenue 88,297 97,204
Net profit/(loss) before tax (1,368,766) (1,245,546)
Share price on the quotation date
(7 June 2022)
0.20 0.20
Share price at end of year 0.11 0.09
Basic earnings/(loss) per share
(cents)
(2.30) (2.93)
Diluted earnings/(loss) per share
(cents)
(2.30) (2.93)
(e) Contractual arrangements for executive KMP
The executive remuneration framework is summarised in the table below:
Component Executive Chairman
Fixed remuneration Consultancy Fee of $120,000 per annum plus GST
Short term incentive (STI) Company may invite the consultant to participate
at its sole discretion
Long term incentive (LTI) 2,800,000 Performance Rights with the following
share price vesting milestones, and expiring 4
years from date of issue:
-800,000 tranche 1 performance rights will vest
upon the Twenty Day VWAP exceeding $0.15 per
Share ('Milestone A');
-1,000,000 tranche 2 performance rights will vest
upon the Twenty Day VWAP exceeding $0.20 per
Share ('Milestone B'); and
-1,000,000 tranche 3 performance rights will vest
upon the Twenty Day VWAP exceeding $0.30 per
Share ('Milestone C').
Contract duration Ongoing contract
Notice by the individual/Company 3 months
(f) Non-executive director arrangements
Fees and payments to Non-executive Directors reflect the demands which are made on, and the
responsibilities of, the directors. Non-executive directors’ fees and payments are reviewed annually by
the board taking into account comparable roles and market data. The Chair’s fees are determined
independently to the fees of Non-executive Directors based on comparative roles in the external market.
As part of the appointment, Mr Alex Passmore has been offered 750,000 Performance Rights with the
following share price vesting milestones, and expiring 4 years from date of issue:
● 250,000 tranche 1 performance rights will vest upon the Twenty Day VWAP exceeding $0.15 per
Share ('Milestone A');
● 250,000 tranche 2 performance rights will vest upon the Twenty Day VWAP exceeding $0.20 per
Share ('Milestone B'); and
● 250,000 tranche 3 performance rights will vest upon the Twenty Day VWAP exceeding $0.30 per
Share ('Milestone C').
Non-executive Directors’ fees are determined within an aggregate directors’ fee pool limit, which is
periodically recommended for approval by shareholders. The maximum currently stands at $300,000 per
annum and was set out in the Company's IPO Prospectus dated 12 April 2022.
UVRE LIMITED
Directors' Report
30 June 2025
33
Additional fees
A director may also be paid fees or other amounts as the Directors determine if a director performs
special duties or otherwise performs services outside the scope of the ordinary duties of a director.
A director may also be reimbursed for out-of-pocket expenses incurred as a result of their directorship
or any special duties.
Post-employment benefits
Superannuation contributions required under the Australian Superannuation Guarantee Legislation
continue to be made and are deducted from the directors’ overall fee entitlements, where applicable.
The following fees applied to non-executive directors.
Annual fees (inclusive superannuation)
Peter Woods $36,000
Steven Wood $36,000
Alex Passmore $36,000
(g) KMP Remuneration
Details of the remuneration expense recognised for the Group’s key management personnel during the
current and previous financial year in accordance with the requirements of the accounting standards is
included below.
Fixed remuneration
Variable remuneration
Performa
nce
based
percenta
ge
Name
Salary
Post-
employm
ent
benefits
Other
Total
fixed
Shares
Performa
nce
Rights
Options
Total
linked to
performa
nce
Total
Remuner
ation
Fixed
remuner
ation
Remuner
ation
linked to
performa
nce
$ $ $ $ $ $ $ $ $ % %
Executive
Directors
Brett
Mitchell
2025 120,000 - - 120,000 - 27,579 - 27,579 147,579 81% 19%
2024 37,844 - - 37,844 - - - - 37,844 100% -
Peter Woods 2025 32,556 3,743 - 36,299 - 24,805 - 24,805 61,104 59% 41%
2024 206,908 20,258 - 227,166 - 24,873 - 24,873 252,039 90% 10%
Steven
Wood
2025 32,403 3,727 - 36,130 - 6,615 - 6,615 42,745 85% 15%
2024 43,418 4,776 - 48,194 - 6,633 - 6,633 54,827 88% 12%
Alex
Passmore
2025 32,556 3,744 - 36,300 - 7,582 - 7,582 43,882 83% 17%
2024 269 31 - 300 - - - - 300 100% -
Charles
Nesbitt
1
2025 - - - - - - - - - - -
2024 31,982 3,518 - 35,500 - - - - 35,500 100% -
Total 2025 217,515 11,214 - 228,729 - 66,581 - 66,581 295,310 77% 23%
2024 320,421 28,583 - 349,004 - 31,506 - 31,506 380,510 92% 8%
1
Mr Nesbitt, Non-Executive Director resigned on 25 June 2024 ($36,000 inclusive superannuation per
annum).
(h) Other statutory information
UVRE LIMITED
Directors' Report
30 June 2025
34
(i) Terms and conditions of the share-based payment arrangements
Performance Rights
The terms and conditions of each grant of performance rights to KMP affecting remuneration in the
current or future reporting period are as follows:
Tranche
Class of
Securities
Grant Date
Number of
Securities
Exercise Price
Expiry Date
Disposal
Restriction
PERFB Director
performance
rights
6-June-2022 950,000 Nil – performance rights vest
and are converted to ordinary
shares on achievement of
performance conditions
6-June-2027 Non-
transferable
PERFD Director
performance
rights
27-NOVEMBER-
2024
1,050,000 Nil – performance rights vest
and are converted to ordinary
shares on achievement of
performance conditions
27-NOVEMBER-
2028
Non-
transferable
PERFE Director
performance
rights
27-NOVEMBER-
2024
1,250,000 Nil – performance rights vest
and are converted to ordinary
shares on achievement of
performance conditions
27-NOVEMBER-
2028
Non-
transferable
PERFF Director
performance
rights
27-NOVEMBER-
2024
1,250,000 Nil – performance rights vest
and are converted to ordinary
shares on achievement of
performance conditions
27-NOVEMBER-
2028
Non-
transferable
The performance rights shall vest on the satisfaction of the market-based conditions below:
● Class B performance rights will vest upon the Twenty Day VWAP exceeding $0.30 per Share
● Class D performance rights will vest upon the Twenty Day VWAP exceeding $0.15 per Share
● Class E performance rights will vest upon the Twenty Day VWAP exceeding $0.20 per Share
● Class F performance rights will vest upon the Twenty Day VWAP exceeding $0.30 per Share
Options
The Company did not make any other grant of unquoted options to KMP during the year.
The terms and conditions of each previous grant of options affecting remuneration in the current or a
future reporting period are as follows:
TRANCHE
CLASS OF
SECURITIES
GRANT DATE
NUMBER OF
SECURITIES
EXERCISE
PRICE
EXPIRY DATE
VESTING DATE
OPT03 Director
Options
27-May-2022 6,000,000 $0.30 27-May-2027 Immediately
The Options were valued using a Black Scholes Model with the following inputs:
Tranche
Valuation Date
Expected
Volatility
Risk-Free
Interest
Rate
Expiry
Underlying
Share Price
Value per
Options
Total Value
% % $ $
OPT03 27-May-2022 90% 2.98% 27-May-2027 $0.20 0.1288 772,628
Subject to the Board’s discretion, options shall be cancelled for nil consideration where the recipient
ceases to hold employment or office with the Company.
UVRE LIMITED
Directors' Report
30 June 2025
35
(ii) Reconciliation of options, deferred shares and ordinary shares held by KMP
The numbers of options over ordinary shares in the Group held during the period by each Director of
Uvre Limited and other key management personnel of the Group, including their personally related
parties, are set out below.
Option holdings
Balance at
beginning of
the year
Vested
Exercised
Balance at
the end of
the year
Name
Vested and
exercisable
Unvested
Granted as
compensa
tion
Number
%
Number
Exercise
price
Net
Change
Other
Vested and
exercis-able
Unvested
Directors
Brett
Mitchell
1,000,000
- - -
-
- - -
1,000,000
-
Peter Woods 3,500,000 - - - - - - - 3,500,000 -
Steven
Wood
1,500,000
- - -
-
- - -
1,500,000
-
Total 6,000,000 6,000,000
The numbers of shares in the Group held during the period by each Director of Uvre Limited and other
key management personnel of the Group, including their personally related parties are set out below.
There were no shares granted during the reporting period as compensation.
Shareholdings
Name
Balance at the
start of the
year
Capital raising
shares
subscribed for
Shares issued
upon
conversion of
performance
rights
Other changes
Balance at the
end of the year
Brett Mitchell 925,000 - - - 925,000
Peter Woods 3,950,001 - - - 3,950,001
Steven Wood 1,616,667 - - - 1,616,667
Alex Passmore 400,000 - - - 400,000
Charles Nesbitt
(1)
91,667 - - (91,667) -
Total 6,983,335 - - (91,667) 6,891,668
(1)
Mr Nesbit Non-Executive Director resigned on 25 June 2024.
The number of performance rights over ordinary shares in the Group held during the period by each
Director of Uvre Limited and other key management personnel of the Group, including their personally
related parties, are set out below.
UVRE LIMITED
Directors' Report
30 June 2025
36
Performance Rights
Balance at
the start of
the year
Balance at
the end of
the year
Name
Vested and
exercisable
Un-vested
Granted as
compensatio
n
Exercised
Expired
Vested and
exercisable
Un-vested
Brett Mitchell - - 2,800,000 - - - 2,800,000
Peter Woods - 750,000 - - - - 750,000
Steven Wood - 200,000 - - - - 200,000
Alex Passmore - - 750,000 - - - 750,000
Total - 950,000 3,550,000 - - - 4,500,000
(iii) Key Management Personnel Loans
There were no loans to or from key management personnel outstanding at 30 June 2025(2024: nil).
(iv) Other transactions and balances with key management personnel
There were no other transactions and outstanding balances with key management personnel for the
year ended 30 June 2025 that are not already included in the Remuneration Report contained in the
Directors’ Report.
2020 Ventures Pty Ltd, of which Brett Mitchell is a Director of, received $27,128 excluding GST in the
2025 financial year for rent. These services are provided on normal commercial terms and at arm’s
length.
(v) Remuneration consultants
The Board may, from time to time, engage independent remuneration consultants to assist with the
review of the Company’s remuneration policy and structure to ensure it remains aligned to the
Company’s needs and meets the Company’s remuneration principles. The Company did not engage any
independent remuneration consultants during the year.
This concludes the remuneration report, which has been audited.
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the
Corporations Act 2001.
On behalf of the directors
___________________________
Brett Mitchell
Executive Chairman
26 September 2025
To the Board of Directors,
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE
CORPORATIONS ACT 2001
As lead audit director for the audit of the financial statements of Uvre Limited and its controlled entities for the
year ended 30 June 2025, I declare that to the best of my knowledge and belief, there have been no
contraventions of:
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
any applicable code of professional conduct in relation to the audit.
Yours Faithfully,
HALL CHADWICK WA AUDIT PTY LTD D M BELL FCA
Director
Dated this 26
th
day of September 2025
Perth, Western Australia
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UVRE LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Uvre Limited (“the Company”) and its subsidiaries (“the Consolidated
Entity”), which comprises the consolidated statement of financial position as at 30 June 2025, the consolidated
statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity
and the consolidated statement of cash flows for the year then ended, and notes to the financial statements,
including material accounting policy information, the consolidated entity disclosure statement and the
director’s declaration.
In our opinion:
a. the accompanying financial report of the Consolidated Entity is in accordance with the Corporations Act
2001, including:
(i) giving a true and fair view of the Consolidated Entity’s financial position as at 30 June 2025 and
of its financial performance for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the Consolidated Entity in accordance with the auditor independence
requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and
Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the financial report of the current period. These matters were addressed in the context of our audit of the
financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Key Audit Matter How our audit addressed the Key Audit Matter
Exploration and Evaluation
As disclosed in note 11 to the financial statements, as at
30 June 2025, the Consolidated Entity’s exploration and
evaluation asset was carried at $1,930,618 with $325,669
expensed during the year.
The recognition and recoverability of exploration and
evaluation expenditure was considered a key audit matter
due to:
The significance of the balance to the
Consolidated Entity’s financial position; and
The level of judgement required in evaluating
management’s application of the requirements of
AASB 6 Exploration for and Evaluation of Mineral
Resources (“AASB 6”). AASB 6 is an industry
specific accounting standard requiring the
application of significant judgements, estimates
and industry knowledge. This includes specific
requirements for expenditure to be capitalised as
an asset and subsequent requirements which
must be complied with for capitalised expenditure
to be carried as an asset.
The following procedures were performed:
Assessing management’s determination of its
areas of interest for consistency with the
definition in AASB 6 Exploration and Evaluation
of Mineral Resources (“AASB 6”);
Assessing the Consolidated Entity’s rights to
tenure for a sample of tenements;
Testing the Consolidated Entity’s exploration
expenses for the year by evaluating a sample of
recorded expenditure for consistency to
underlying records, the requirements of the
Consolidated Entity’s accounting policy and the
requirements of AASB 6;
By testing the status of the Consolidated Entity’s
tenure and planned future activities, reading
board minutes and enquiries with management
we assessed each area of interest for one or
more of the following circumstances that may
indicate impairment of the capitalised exploration
costs:
o The licenses for the rights to explore
expiring in the near future or are not
expected to be renewed;
o Substantive expenditure for further
exploration in the area of interest is not
budgeted or planned;
o Decision or intent by the Group to
discontinue activities in the specific area
of interest due to lack of commercially
viable quantities of resources; and
o Data indicating that, although a
development in the specific area is likely
to proceed, the carrying amount of the
exploration asset is unlikely to be
recovered in full from successful
development or sale.
We assessed the appropriateness of the related
disclosures in note 11 to the financial report.
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Consolidated Entity’s annual report for the year ended 30 June 2025, but does not include the
financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon, with the exception of the remuneration report and our related
assurance opinion.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such
internal control as the directors determine is necessary to enable the preparation of the financial report that
gives a true and fair view and is free from material misstatement, whether due to fraud or error, and the
consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the Consolidated Entity’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the Consolidated Entity or to cease
operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with the Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of this
financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement
and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Consolidated Entity’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Consolidated Entity’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Consolidated Entity to cease to
continue as a going concern.
Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and events in a
manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Consolidated Entity to express an opinion on the financial report. We are
responsible for the direction, supervision and performance of the Consolidated Entity audit. We remain
solely responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the directors, we determine those matters that were of most significance
in the audit of the financial report of the current period and are therefore the key audit matters. We describe
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 30 June 2025.
In our opinion, the Remuneration Report of the Company, for the year ended 30 June 2025, complies with
section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the remuneration report
in accordance with s 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
remuneration report, based on our audit conducted in accordance with Australian Auditing Standards.
HALL CHADWICK WA AUDIT PTY LTD D M BELL FCA
Director
Dated this 26
th
day of September 2025
Perth, Western Australia
UVRE LIMITED
Consolidated statement of profit or loss and other
comprehensive income
For the year ended 30 June 2025
Note
2025
2024
$
$
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
43
Revenue
Interest Income 88,297 97,204
Expenses
Administration (112,796) (73,685)
Employee benefits expense 4 (238,000) (327,697)
Exploration expenses (325,669) (503,737)
Finance costs (1,695) (3,160)
Marketing (106,327) (36,406)
Professional fees 5 (289,345) (282,171)
Public company expenses (93,655) (84,389)
Share based payment expenses 17 (289,576) (31,505)
Loss before income tax expense (1,368,766) (1,245,546)
Income tax expense 6 - -
Loss after income tax expense for the year attributable to the owners
of Uvre Limited
(1,368,766)
(1,245,546)
Other comprehensive loss
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations (7,092) (26,752)
Other comprehensive loss for the year, net of tax (7,092) (26,752)
Total comprehensive loss for the year attributable to the owners of
Uvre Limited
(1,375,858)
(1,272,298)
Cents Cents
Basic earnings per share 7 (2.30) (2.93)
Diluted earnings per share 7 (2.30) (2.93)
UVRE LIMITED
Consolidated statement of financial position
As at 30 June 2025
Note
2025
2024
$
$
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
44
Assets
Current assets
Cash and cash equivalents 9 2,596,790 3,375,114
Trade and other receivables 10 64,293 93,329
Total current assets 2,661,083 3,468,443
Non-current assets
Exploration and evaluation 11 1,930,618 2,116,743
Total non-current assets 1,930,618 2,116,743
Total assets 4,591,701 5,585,186
Liabilities
Current liabilities
Trade and other payables 12 75,116 143,694
Total current liabilities 75,116 143,694
Total liabilities 75,116 143,694
Net assets 4,516,585 5,441,492
Equity
Issued capital 13 8,964,862 8,389,862
Reserves 14 1,191,210 1,597,104
Accumulated losses (5,639,487) (4,545,474)
Total equity 4,516,585 5,441,492
UVRE LIMITED
Consolidated statement of changes in equity
For the year ended 30 June 2025
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
45
Issued
Foreign
currency
Share
based
payment
Equity
Accumulate
d
Total capital reserves reserves reserves losses
$ $ $ $ $ $
Balance at 1 July 2023 6,645,362 (28,363) 1,492,282 - (3,299,928) 4,809,353
Loss after income tax
expense for the year
-
-
-
-
(1,245,546)
(1,245,546)
Other comprehensive loss
for the year, net of tax
-
(26,752)
-
-
-
(26,752)
Total comprehensive loss
for the year
-
(26,752)
-
-
(1,245,546)
(1,272,298)
Transactions with owners
in their capacity as owners:
Contributions of equity,
net of transaction costs
1,464,500
-
-
-
-
1,464,500
Share-based payments
(Note 17)
-
-
31,505
-
-
31,505
Deferred shares on
acquisition of South Pass
Project
-
-
-
15,500
-
15,500
Conversion of performance
rights to shares
280,000
-
(280,000)
-
-
-
Performance rights on
acquisition of Uranium SA
-
-
398,126
-
-
398,126
Foreign currency
translation
-
(5,194)
-
-
-
(5,194)
Balance at 30 June 2024 8,389,862 (60,309) 1,641,913 15,500 (4,545,474) 5,441,492
UVRE LIMITED
Consolidated statement of changes in equity
For the year ended 30 June 2025
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
46
Issued
Foreign
currency
Share
based
payment
Equity
Accumulate
d
Total capital reserves reserves reserves losses
$ $ $ $ $ $
Balance at 1 July 2024 8,389,862 (60,309) 1,641,913 15,500 (4,545,474) 5,441,492
Loss after income tax
expense for the year
-
-
-
-
(1,368,766)
(1,368,766)
Other comprehensive loss
for the year, net of tax
-
(7,092)
-
-
-
(7,092)
Total comprehensive loss
for the year
-
(7,092)
-
-
(1,368,766)
(1,375,858)
Transactions with owners
in their capacity as owners:
Contributions of equity,
net of transaction costs
347,500
-
-
-
-
347,500
Share-based payments
(Note 17)
-
-
289,576
-
-
289,576
Deferred shares on
acquisition of South Pass
Project
-
-
-
(15,500)
-
(15,500)
Conversion of performance
rights to shares
227,500
-
(227,500)
-
-
-
Performance rights on
acquisition of Uranium SA
-
-
(170,625)
-
-
(170,625)
Expiry of options - - (274,753) - 274,753 -
Balance at 30 June 2025 8,964,862 (67,401) 1,258,611 - (5,639,487) 4,516,585
UVRE LIMITED
Consolidated statement of cash flows
For the year ended 30 June 2025
Note 2025 2024
$ $
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
47
Cash flows from operating activities
Interest received 88,297 97,204
Payments to suppliers and employees (855,583) (945,879)
Exploration and evaluation expenditure (353,944) (469,684)
Net cash used in operating activities 15 (1,121,230) (1,318,359)
Cash flows from investing activities
Exploration and evaluation expenditure - (162,146)
Net cash used in investing activities - (162,146)
Cash flows from financing activities
Proceeds from issue of shares 350,000 1,250,000
Share issue transaction costs - (75,000)
Net cash from financing activities 350,000 1,175,000
Net decrease in cash and cash equivalents (771,230) (305,505)
Cash and cash equivalents at the beginning of the financial year 3,375,114 3,730,884
Effects of exchange rate changes on cash and cash equivalents (7,094) (50,265)
Cash and cash equivalents at the end of the financial year 9 2,596,790 3,375,114
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
48
Note 1. Material accounting policy information
The principal accounting policies adopted in the preparation of the financial statements are set out
below. These policies have been consistently applied to the period presented, unless otherwise stated.
These financial statements are for the consolidated Group consisting of Uvre Limited and its subsidiaries,
together referred to as Uvre or the Group.
The following Accounting Standards and Interpretations are most relevant to the Group:
(a) Conceptual Framework for Financial Reporting (Conceptual Framework)
The Group has adopted the revised Conceptual Framework from 1 July 2021. The Conceptual Framework
contains new definition and recognition criteria as well as new guidance on measurement that affects
several Accounting Standards, but it has not had a material impact on the consolidated entity's financial
statements.
(b) New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by
the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been
early adopted.
(c) Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian
Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB')
and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements
also comply with International Financial Reporting Standards as issued by the International Accounting
Standards Board ('IASB').
Historical cost convention
The financial statements have been prepared under the historical cost convention.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It
also requires management to exercise its judgement in the process of applying the Company's
accounting policies. The areas involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the financial statements, are disclosed in Note 2.
(d) Principles of consolidation
Subsidiaries
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Uvre
Limited (‘’the Company’’ or ‘’the Parent Entity’’) as at 30 June 2025 and the results of all subsidiaries
for the period then ended. Uvre Limited and its subsidiaries together are referred to in this financial
report as “the Group” or “the Consolidated Entity”.
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the
Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the
ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are
fully consolidated from the date on which control is transferred to the Group. They are deconsolidated
from the date that control ceases.
The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group.
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
Note 1. Material accounting policy information (continued)
49
Intercompany transactions, intercompany balances and unrealised gains on transactions between Group
companies are eliminated. Unrealised losses are also eliminated unless the transaction proves evidence
of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with the policies adopted by the Group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the
Consolidated Statement of Profit or Loss and Other Comprehensive Income, Consolidated Statement of
Changes in Equity, and Consolidated Statement of Financial Position respectively.
(e) Foreign currency translation
The financial statements are presented in Australian dollars, which is Uvre Limited's functional and
presentation currency.
Foreign currency transactions
Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of
such transactions and from the translation at financial year-end exchange rates of monetary assets and
liabilities denominated in foreign currencies are recognised in profit or loss.
(f) Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable after taking into
account any trade discounts and volume rebates allowed. Any consideration deferred is treated as the
provision of finance and is discounted at a rate of interest that is generally accepted in the market for
similar arrangements. The difference between the amount initially recognised and the amount ultimately
received is interest revenue.
Interest revenue is recognised using the effective interest rate method, which, for floating rate financial
assets, is the rate inherent in the instrument. Dividend revenue is recognised when the right to receive
a dividend has been established.
All revenue is stated net of the amount of goods and services tax (GST).
(g) Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income
based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax
assets and liabilities attributable to temporary differences, unused tax losses and the adjustment
recognised for prior periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to
be applied when the assets are recovered or liabilities are settled, based on those tax rates that are
enacted or substantively enacted, except for:
● When the deferred income tax asset or liability arises from the initial recognition of goodwill or an
asset or liability in a transaction that is not a business combination and that, at the time of the
transaction, affects neither the accounting nor taxable profits; or
● When the taxable temporary difference is associated with interests in subsidiaries, associates or
joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary
difference 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.
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
Note 1. Material accounting policy information (continued)
50
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting
date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future
taxable profits will be available for the carrying amount to be recovered. Previously unrecognised
deferred tax assets are recognised to the extent that it is probable that there are future taxable profits
available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset
current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities;
and they relate to the same taxable authority on either the same taxable entity or different taxable
entities which intend to settle simultaneously.
Uvre Limited (the 'head entity') and its wholly-owned Australian subsidiaries have formed an income tax
consolidated group under the tax consolidation regime. The head entity and each subsidiary in the tax
consolidated group continue to account for their own current and deferred tax amounts. The tax
consolidated group has applied the 'separate taxpayer within group' approach in determining the
appropriate amount of taxes to allocate to members of the tax consolidated group.
In addition to its own current and deferred tax amounts, the head entity also recognises the current tax
liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits
assumed from each subsidiary in the tax consolidated group.
Assets or liabilities arising under tax funding agreements with the tax consolidated entities are
recognised as amounts receivable from or payable to other entities in the tax consolidated group. The
tax funding arrangement ensures that the intercompany charge equals the current tax liability or benefit
of each tax consolidated group member, resulting in neither a contribution by the head entity to the
subsidiaries nor a distribution by the subsidiaries to the head entity.
(h) Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-
current classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or
consumed in the Group's normal operating cycle; it is held primarily for the purpose of trading; it is
expected to be realised within 12 months after the reporting period; or the asset is cash or cash
equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months
after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the Group's normal operating
cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the
reporting period; or there is no right at the end of the reporting period to defer the settlement of the
liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
(i) Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other
short-term highly liquid investments with original maturities of three months or less that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value
and bank overdrafts
(j) Trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost
using the effective interest method, less any allowance for expected credit losses. Trade receivables are
generally due for settlement within 30 days.
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
Note 1. Material accounting policy information (continued)
51
The Group has applied the simplified approach to measuring expected credit losses, which uses a
lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been
grouped based on days overdue.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
(k) Property, plant and equipment
All property, plant and equipment is stated at historical cost less depreciation. Historical cost includes
expenditure that is directly attributable to the acquisition of the items. Cost may also include transfers
from equity of any gains or losses on qualifying cash flow hedges of foreign currency purchases of
property, plant and equipment.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow
to the Group and the cost of the item can be measured reliably. The carrying amount of any component
accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are
charged to profit or loss during the reporting period in which they are incurred.
Depreciation on assets is calculated using the straight-line method to allocate their cost or re-valued
amounts, net of their residual values, over their estimated useful lives or, in the case of leasehold
improvements and certain leased plant and equipment, the shorter lease term as follows:
- Vehicles: 5 - 8 years
- Furniture, fittings and equipment: 3 - 8 years
- Field equipment: 3 - 8 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each
reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if
the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on
disposals are determined by comparing proceeds with carrying amount. These are included in profit or
loss.
(l) Exploration and evaluation assets
Exploration and evaluation expenditure is expensed as incurred, with the exception of consideration for
the acquisition of projects, which are capitalised in respect of each identifiable area of interest. These
costs are only carried forward to the extent that they are expected to be recouped through the
successful development of the area or where activities in the area have not yet reached a stage that
permits reasonable assessment of the existence of economically recoverable reserves.
Costs in relation to an abandoned area are written off in full against profit in the year in which the
decision to abandon the area is made.
When production commences, the capitalised costs for the relevant area of interest will be amortised
over the life of the area according to the rate of depletion of the economically recoverable reserves.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing
to capitalise costs in relation to that area of interest.
(m) Impairment of non-financial assets
Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by
which the asset's carrying amount exceeds its recoverable amount.
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
Note 1. Material accounting policy information (continued)
52
Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The
value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-
tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that
do not have independent cash flows are grouped together to form a cash-generating unit.
(n) Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the
financial year and which are unpaid. Due to their short-term nature they are measured at amortised
cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of
recognition.
(o) Contributed equity
Ordinary shares are classified as equity. Mandatorily redeemable preference shares are classified as
liabilities. 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. Where any Company purchases the Company’s
equity instruments, for example as the result of a share buy-back or a share-based payment plan, the
consideration paid, including any directly attributable incremental costs (net of income taxes) is
deducted from equity attributable to the owners of Uvre Limited as treasury shares until the shares are
cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration
received, net of any directly attributable incremental transaction costs and the related income tax
effects, is included in equity attributable to the owners of Uvre Limited.
(p) Finance costs
Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance
costs are expensed in the period in which they are incurred.
(q) Provisions
Provisions are recognised when the Group has a present (legal or constructive) obligation as a result of
a past event, it is probable the Group will be required to settle the obligation, and a reliable estimate
can be made of the amount of the obligation. The amount recognised as a provision is the best estimate
of the consideration required to settle the present obligation at the reporting date, taking into account
the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions
are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting
from the passage of time is recognised as a finance cost.
(r) Employee benefits
Share-based payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of performance rights or options over shares that are provided
to employees in exchange for the rendering of services. The cost of equity-settled transactions are
measured at fair value on grant date.
(i) Options
The fair values of options are independently determined using either the Binomial or Black-Scholes
option pricing models. The calculation of fair value for options takes into account the exercise price, the
term of the option, the impact of dilution, the share price at grant date and expected price volatility of
the underlying share, the expected dividend yield and the risk free interest rate for the term of the
option, together with non-vesting conditions that do not determine whether the Group receives the
services that entitle the employees to receive payment. No account is taken of any other vesting
conditions.
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
Note 1. Material accounting policy information (continued)
53
(ii) Performance rights
The fair value of performance rights with market-based performance and vesting criteria are
independently determined using the Hoadleys Hybrid ESO Model (a Monte Carlo simulation model). The
calculation of fair value for rights takes into account the term of the right, the share price at grant date,
the expected price volatility of the underlying share, the expected dividend yield and the risk free interest
rate for the term of the right, together with non-vesting conditions that do not determine whether the
Group receives the services that entitle the employees to receive payment. An exercise multiple is
applied based on a Hull-White Model which is considered the de facto standard for IFRS 2 and FASB
123R compliant employee share option valuations. No account is taken of any other vesting conditions.
The fair value of performance rights granted to employees for nil consideration under the Employee
Incentive Plan is recognised as an expense over the relevant service period, being the vesting period of
the performance rights. The fair value is measured at the grant date of the performance rights and is
recognised in equity in the share-based payment reserve.
The cost of equity-settled transactions is recognised as an expense with a corresponding increase in
equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant
date fair value of the award, the best estimate of the number of awards that are likely to vest and the
expired portion of the vesting period. The amount recognised in profit or loss for the period is the
cumulative amount calculated at each reporting date less amounts already recognised in previous
periods.
Market conditions are taken into consideration in determining fair value. Therefore any awards subject
to market conditions are considered to vest irrespective of whether or not that market condition has
been met, provided all other conditions are satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has
not been made. An additional expense is recognised, over the remaining vesting period, for any
modification that increases the total fair value of the share-based compensation benefit as at the date
of modification.
If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the
condition is treated as a cancellation. If the condition is not within the control of the Group or employee
and is not satisfied during the vesting period, any remaining expense for the award is recognised over
the remaining vesting period, unless the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and
any remaining expense is recognised immediately. If a new replacement award is substituted for the
cancelled award, the cancelled and new award is treated as if they were a modification.
(s) Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or
disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date;
and assumes that the transaction will take place either: in the principal market; or in the absence of a
principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset
or liability, assuming they act in their economic best interests. For non-financial assets, the fair value
measurement is based on its highest and best use. Valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure fair value, are used, maximising
the use of relevant observable inputs and minimising the use of unobservable inputs.
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
Note 1. Material accounting policy information (continued)
54
Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy
that reflects the significance of the inputs used in making the measurements. Classifications are
reviewed at each reporting date and transfers between levels are determined based on a reassessment
of the lowest level of input that is significant to the fair value measurement.
For recurring and non-recurring fair value measurements, external valuers may be used when internal
expertise is either not available or when the valuation is deemed to be significant. External valuers are
selected based on market knowledge and reputation. Where there is a significant change in fair value of
an asset or liability from one period to another, an analysis is undertaken, which includes a verification
of the major inputs applied in the latest valuation and a comparison, where applicable, with external
sources of data.
(t) Issued capital
Ordinary shares are classified as equity.
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.
(u) Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Uvre Limited,
excluding any costs of servicing equity other than ordinary shares, by the weighted average number of
ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares
issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
take into account the after income tax effect of interest and other financing costs associated with
dilutive potential ordinary shares and the weighted average number of shares assumed to have been
issued for no consideration in relation to dilutive potential ordinary shares.
(v) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST
incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the
acquisition of the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net
amount of GST recoverable from, or payable to, the tax authority is included in other receivables or
other payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or
financing activities which are recoverable from, or payable to the tax authority, are presented as
operating cash flows.
(w) Parent entity information
The financial information for the parent entity, Uvre Limited, disclosed in note 24 has been prepared
on the same basis as the consolidated financial statements.
(x) New Accounting Standards and Interpretations not yet mandatory or early
adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are
not yet mandatory, have not been early adopted by the Group for the annual reporting period ended 30
June 2025. The Group has not yet assessed the impact of these new or amended Accounting Standards
and Interpretations.
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
55
Note 2. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial statements. Management continually
evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue
and expenses. Management bases its judgements, estimates and assumptions on historical experience
and on other various factors, including expectations of future events, management believes to be
reasonable under the circumstances. The resulting accounting judgements and estimates will seldom
equal the related actual results. The judgements, estimates and assumptions that have a significant risk
of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective
notes) within the next financial year are discussed below.
Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees by reference to the fair
value of the equity instruments at the date at which they are granted. The fair value is determined by
using either the Hoadleys Hybrid ESO Model (a Monte-Carlo simulation model) or Black-Scholes
models (as the case may be), taking into account the terms and conditions upon which the
instruments were granted. The accounting estimates and assumptions relating to equity-settled
share-based payments would have no impact on the carrying amounts of assets and liabilities within
the next annual reporting period but may impact profit or loss and equity. Where performance rights
are subject to vesting conditions, Management has formed judgments around the likelihood of vesting
conditions being met. Expenses recognised during the year have been calculated accordingly. Refer to
note 17 for further information.
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only if the Group considers it
is probable that future taxable amounts will be available to utilise those temporary differences and
losses.
Asset Acquisition
When an asset acquisition does not constitute a business combination, the assets and liabilities are
assigned a carrying amount based on their relative fair values in an asset purchase transaction and no
deferred tax will arise in relation to the acquired assets and assumed liabilities as the initial recognition
exemption for deferred tax under AASB 112 applies. No goodwill will arise on the acquisition and
transaction costs of the acquisition will be included in the capitalised cost of the asset. Assets acquired
during the period were exploration expenditure.
Note 3. Operating segments
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision maker. The chief operating decision maker, who is responsible for allocating
resources and assessing performance of the operating segments, has been identified as the Board of
Directors. The Group has determined that it has one operating segment, being mineral exploration and
development.
Note 4. Employee benefits expense
2025 2024
$ $
Director Fees 226,861 299,113
Other Payroll Expenses 11,139 28,584
238,000 327,697
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
56
Note 5. Professional fees
2025 2024
$ $
Consultants 255,704 269,621
Other 33,641 12,550
289,345 282,171
Note 6. Income tax benefit
2025 2024
$ $
a) Components of income tax expense
Current tax expense - -
Deferred tax expense - -
- -
2025 2024
$ $
b) Prima facie tax payable
Loss before income tax (1,368,766) (1,245,546)
Prima facie income tax at 30% (410,630) (373,664)
- Revenue losses and other deferred tax balances not recognised 309,161 263,235
- Other non-allowable items 101,469 110,429
Income tax expense/(benefit) attributable to loss - -
2025 2024
$ $
c) Unrecognised deferred tax assets at 30% (2024:30%) (Note 1):
Carry forward revenue losses 1,121,411 803,574
Capital raising costs 29,011 49,284
Other 6,235 14,969
1,156,657 867,827
2025 2024
$ $
d) Unrecognised deferred tax assets at 30% (2024:30%) (Note 1):
Exploration & Evaluation 13,115 131,512
Other 7,663 146
20,778 131,658
The tax benefits of the above Deferred Tax Assets will only be obtained if:
(a) the Company derives future assessable income of a nature and of an amount sufficient to enable
the benefits to be utilised;
(b) the Company continues to comply with the conditions for deductibility imposed by law; and
(c) no changes in income tax legislation adversely affect the Company in utilising the benefits.
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
Note 6. Income tax benefit (continued)
57
e) Tax consolidation:
Uvre Limited and its wholly owned Australian resident subsidiary Vanacorp Aust Pty Ltd formed a tax
consolidated group with effect from 1 July 2022. Uvre USA Pty Ltd and Uranium SA Pty Ltd were added
to the tax consolidated group in the year ended 30 June 2024 Uvre Limited is the head entity of the tax
consolidated group.
Note 1 - Deferred tax assets and liabilities are required to be measured at the tax rate that is expected
to apply in the future income year when the asset is realised or the liability is settled. The Directors
have determined that the deferred tax balances be measured at the tax rates stated.
Note 7. Earnings per share
Basic earnings per share amounts are calculated by dividing net profit/(loss) for the year attributable to
ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding
during the year.
The following reflects the income and share data used in the total operations basic and diluted earnings
per share computations:
Profit/(Loss) 2025 2024
$ $
Loss from continuing operations (1,368,766) (1,245,546)
Number Number
Weighted average number of ordinary shares used in calculating basic
earnings per share
59,473,974
42,510,725
Weighted average number of ordinary shares used in calculating diluted
earnings per share
59,473,974
42,510,725
Cents Cents
Basic earnings per share (2.30) (2.93)
Diluted earnings per share (2.30) (2.93)
Note 8. Equity - dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Note 9. Current assets - cash and cash equivalents
2025 2024
$ $
Cash at bank 2,596,790 3,375,114
Cash at bank and in hand earns interest at both floating rates based on daily bank rates and fixed rate
term deposits.
Refer to note 16 on financial instruments for details on the Company’s exposure to risk in respect of its
cash balance.
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
58
Note 10. Current assets - trade and other receivables
2025 2024
$ $
Other receivables 38,593 64,196
GST receivable 25,700 29,133
64,293 93,329
The Group did not have any receivables that were past due as at 30 June 2025 (30 June 2024: nil). The
Group therefore did not consider a credit risk on the aggregate balances as at 30 June 2025. For more
information, please refer to Note 16.
Note 11. Non-current assets - exploration and evaluation
East
Canyon
South Pass
SA Uranium
Total
$ $ $ $
Balance at beginning of the year 1,233,153 217,965 665,625 2,116,743
Deferred shares on acquisition of acquisition of
South Pass project
(1)
-
(15,500)
-
(15,500)
Performance rights on acquisition of Uranium SA
project
(2)
-
-
(170,625)
(170,625)
1,233,153 202,465 495,000 1,930,618
1
Deferred South Pass Project fee assessed with a probability of 0% as at 30 June 2025 (25% as at 30
June 2024) - Issue of 400,000 shares within 7 days of receiving at least 5 laboratory assay results for
rock chip samples taken from the Claims containing over 1% Li (Milestone).
2
Tranche 2 SA Uranium Projects (assessed with a probability of 0% as at 30 June 2025; 75% as at 30
June 2024):2,500,000 Performance Rights will vest upon the completion of the first drilling program at
one of the Uranium projects.
The balance carried forward represents projects in the exploration and evaluation phase. Ultimate
recoupment of exploration expenditure carried forward is dependent on successful development and
commercial exploitation, or alternatively, sale of respective areas.
Note 12. Current liabilities - trade and other payables
2025 2024
$ $
Trade payables 30,111 88,382
Superannuation payable 2,785 8,062
Other payables 42,220 47,250
75,116 143,694
Current trade payables are non-interest bearing and are normally settled on 30-day terms.
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
59
Note 13. Equity - issued capital
2025 2024 2025 2024
Shares Shares $ $
Ordinary shares - fully paid 60,200,001 57,700,001 8,964,862 8,389,862
(i) Movements in ordinary share capital
Details
Date
Share
Issue
price
$
Opening balance 1 July 2023 40,900,0
01
- 6,645,362
Shares issued to NV Resources as part of the South
Pass Project consideration
27 November
2023
400,000 $0.1555 62,000
Issue of Shares (Placement Tranche 1) 14 May 2024 9,425,000 $0.100 942,500
Conversion of Performance Rights 7 June 2024 1,400,000 $0.200 280,000
Issue of Shares (Placement Tranche 2) 28 June 2024 3,075,000 $0.100 307,500
Shares issued to vendors as part of the Uranium SA
consideration
28 June 2024 2,500,000 $0.091 227,500
Share issue costs - - (75,000)
Closing balance 30 June 2024 57,700,00
1
8,389,862
Opening balance 1 July 2024 57,700,00
1
8,389,862
Conversion of Performance Rights (note 14(iii)) 15 October
2024
2,500,000 $0.091 227,500
Issue of Shares - 350,000
Share issue costs (2,500)
Closing balance 30 June 2025 60,200,0
01
8,964,862
(ii) Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the
Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary
shares have no par value and the Company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and
upon a poll each share shall have one vote.
(iii) Share buy-back
There is no current on-market share buy-back.
(iv) Capital risk management
The Group's objectives when managing capital is to safeguard its ability to continue as a going concern,
so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an
optimum capital structure to reduce the cost of capital.
Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt.
Net debt is calculated as total borrowings less cash and cash equivalents.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid
to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
Note 13. Equity - issued capital (continued)
60
The Group would look to raise capital when an opportunity to invest in a business or company was seen
as value adding relative to the current Company's share price at the time of the investment. The Group
is not actively pursuing additional investments in the short term as it continues to integrate and grow
its existing businesses in order to maximise synergies.
The capital risk management policy remains unchanged from the 2024 Annual Report.
(v) Unissued ordinary shares
Unissued ordinary shares of Uvre Limited under option and performance right at the date of this report
are as follows:
Tranche
Grant date
Expiry date
Exercise
price
Number
$
OPT02 27-May-2022 27-May-2027 0.30 1,000,000
OPT03 27-May-2022 27-May-2027 0.30 6,000,000
OPT04 27-November-2024 27-November-2028 0.20 2,000,000
OPT05 27-November-2024 27-November-2028 0.30 2,000,000
PERFB 6-June-2022 6-June-2027 - 950,000
PERFC 28-June-2024 28-June-2027 - 2,500,000
PERFD 27-November-2024 27-November-2028 - 1,050,000
PERFE 27-November-2024 27-November-2028 - 1,250,000
PERFF 27-November-2024 27-November-2028 - 1,250,000
Total - 18,000,000
Note 14. Equity - reserves
2025 2024
$ $
Foreign currency reserve (i) (67,401) (60,309)
Options reserve (ii) 1,124,644 1,176,402
Performance rights reserve (iii) 133,967 465,511
Equity reserve (iv) - 15,500
1,191,210 1,597,104
(i) Foreign currency reserve
2025 2024
$ $
Opening balance as at 1 July 2024 (60,309) (28,363)
Foreign currency translation (7,092) (31,946)
30 June 2025 (67,401) (60,309)
(ii) Options reserve
The options reserve recognises options issued as share based payments. The following options were
issued during the prior year:
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
Note 14. Equity - reserves (continued)
61
Number Reserve
Opening balance at 1 July 2024 9,500,000 1,176,402
Options to Corporate Advisors 4,000,000 185,829
Expiry of Options (2,500,000) (274,753)
Share-based payment expense - 37,166
30 June 2025 11,000,000 1,124,644
(iii) Performance rights reserve
The performance rights reserve recognises performance rights issued as share based payments. The
following movements in the performance rights reserve were recorded during the year:
Number Reserve
Opening balance as at 1 July 2024 5,950,000 465,511
Vested Performance Rights converted to shares (note 13) (2,500,000) (227,500)
Performance Rights issued as part of the Uranium SA consideration (note 11) - (170,625)
Share-based payment expense (note 17) 3,550,000 66,581
30 June 2025 7,000,000 133,967
(iv) Equity Reserve
Reserve
Opening balance as at 1 July 2024 15,500
Deferred shares on acquisition of South Pass Project (note 11) (15,500)
30 June 2025 -
Note 15. Reconciliation of loss after income tax to net cash used in operating
activities
2025 2024
$ $
Loss after income tax expense for the year (1,368,766) (1,245,546)
Adjustments for:
Share-based payments 289,576 31,505
Change in operating assets and liabilities:
Change in trade and other receivables 29,038 (64,208)
Change in trade and other payables (71,078) (40,110)
Net cash used in operating activities (1,121,230) (1,318,359)
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
62
Note 16. Financial risk management
Overview
This note presents information about the Group’s exposure to credit, liquidity and market risks, the
objectives, policies and processes for measuring and managing risk, and the management of capital.
The Board has overall responsibility for the establishment and oversight of the risk management
framework. Management monitors and manages the financial risks relating to the operations of the
Group through regular reviews of the risks.
(a) Credit risk
Credit risk is the risk of financial loss to the Group if a counterparty to a financial instrument fails to
meet its contractual obligations resulting in financial loss to the Group. Presently, the Group undertakes
mineral exploration and evaluation activities in USA and Australia. At the balance sheet date, there were
no significant concentrations of credit risk.
(i) Cash and cash equivalents
The Group limits its exposure to credit risk by only investing with major Australian financial
institutions. All cash and cash equivalents are held with A+ rated financial institutions (2024: A+).
(ii) Trade and other receivables
The Group’s trade and other receivables relates to GST receivable, prepaid insurance and available
account credits.
The Group has determined that its credit risk exposure on trade and other receivables is low, as all
counterparties are considered reliable. Management does not expect any of these counterparties to
fail to meet their obligations.
Exposure to credit risk
The carrying amount of the Group’s financial assets represents the maximum credit exposure. The
Group’s maximum exposure to credit risk at the reporting date was:
Carrying
Amount
2025 2024
$ $
Cash and cash equivalents 2,596,790 3,375,114
Trade and other receivables 64,293 93,329
Total 2,661,083 3,468,443
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
Note 16. Financial risk management (continued)
63
(b) Liquidity Risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have
sufficient liquidity to meet its liabilities when due. The Group manages liquidity risk by maintaining
adequate cash reserves from capital raisings and by continually monitoring forecast and actual cash
flows and matching the maturity profiles of financial assets and liabilities. As at reporting date the Group
had sufficient cash reserves to meet its requirements. The Group therefore had no credit standby
facilities or arrangements for further funding in place.
The financial liabilities of the Group at reporting date were trade payables incurred in the normal course
of the business and lease liabilities. Trade payables are non-interest bearing and were due within the
normal 30-60 days terms of creditor payments. The Group does not consider this to be material to the
Group and have therefore not undertaken any further analysis of risk exposure.
The following are the contractual maturities of financial liabilities, including estimated interest
payments. The carrying amount of the Group’s financial liabilities approximate their carrying amount at
reporting date.
30 June 2025
Carrying
Amount
Contractual
Cash Flows
12 Months
or Less
1-2 years
2-5 years
>5 years
Trade and other payables 75,116 75,116 75,116 - - -
30 June 2024
Carrying
Amount
Contractual
Cash Flows
12 Months
or Less
1-2 years
2-5 years
>5 years
Trade and other payables 143,694 143,694 143,694 - - -
(c) Market risk
Market risk is the risk that changes in market prices, such as commodity prices, foreign exchange rates,
interest rates and equity prices will affect the Group’s income or the value of financial instruments. The
objective of market risk management is to manage and control market risk exposures within acceptable
parameters.
(i) Commodity risk
The Group is at a stage of development where it has little or no exposure to commodity price risk.
(ii) Interest rate risk
The Group is exposed to interest rate risk (primarily on its cash and cash equivalents and any
interest-bearing liabilities), which is the risk that a financial instrument’s value will fluctuate as a
result of changes in the market interest rates on interest-bearing financial instruments. The Group
does not use derivatives to mitigate these exposures.
Profile
At the reporting date, the interest rate profile of the Group’s interest-bearing financial instruments was:
Carrying
Amount
2025 2024
$ $
Variable rate instruments
Cash and cash equivalents 2,596,790 3,375,114
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
Note 16. Financial risk management (continued)
64
Fair value sensitivity analysis for fixed rate instruments
The Group does not account for any fixed rate financial assets and liabilities at fair value through profit
or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.
Cash flow sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates at the reporting date would not materially affect equity
and profit or loss after tax.
(d) Fair values
The carrying value of cash and cash equivalents, trade and other receivables, trade and other payables
and interest-bearing liabilities is considered to be a fair approximation of their fair values.
Note 17. Share-based payments
(a) Employee Incentive Plan
The Company’s Employee Incentive Plan (the Plan) was approved by the Directors at the lodgement of
the Prospectus on 12 April 2022. The Plan is intended to assist the Company to attract and retain key
staff, including employees or contractors. The Board believes that grants made to eligible participants
under the Plan will provide a powerful tool to underpin the Company's employment and engagement
strategy, and that the Plan will:
● enable the Company to incentivise and retain existing key management personnel and other eligible
employees and contractors needed to achieve the Company's business objectives;
● enable the Company to recruit, incentivise and retain additional Key Management Personnel, and
other eligible employees and contractors, needed to achieve the Company's business objectives;
● link the reward of key staff with the achievement of strategic goals and the long-term performance
of the Company;
● align the financial interest of participants of the Plan with those of shareholders; and
● provide incentives to participants under the Plan to focus on superior performance that creates
shareholder value.
Under the Plan, eligible Directors, employees and contractors may be invited to subscribe for Options
and Performance Rights, in order to increase the range of potential incentives available for eligible
Directors, employees and contractors. Participation in the plan is at the Board’s discretion and no
individual has a contractual right to participate in the plan or to receive any guaranteed benefits.
Incentive securities (performance rights and options) issued under the Plan are subject to vesting and
performance conditions imposed by the Board. Incentive securities granted under the plan carry no
dividend or voting rights. Only upon satisfaction of vesting and performance conditions and conversion
to ordinary shares, will these incentive securities rank equally with all other shares.
(b) Unlisted options
Options over ordinary shares have been issued for nil cash consideration. The options cannot be
transferred and will not be quoted on the ASX. Therefore, no voting rights are attached to the options
unless converted into ordinary shares. All options are granted at the discretion of the Board. The terms
and conditions of options on issue at 30 June 2025 are as follows:
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
Note 17. Share-based payments (continued)
65
Tranche
Number
Grant Date
Expiry Date
Exercise Price
Fair Value at
Grant Date
Vesting Date
OPT02 1,000,000 27-May-2022 27-May-2027 $0.30 $0.1288 27-May-2022
OPT03 6,000,000 27-May-2022 27-May-2027 $0.30 $0.1288 27-May-2022
OPT4
(1)
2,000,000
27-November-
2024
27-November-
2028
$0.20 $0.0594 26-February-
2024
OPT5
(1)
2,000,000
27-November-
2024
27-November-
2028
$0.30 $0.0521 26-February-
2024
Total 11,000,000
There have been no alterations of the terms and conditions of the above share-based payment
arrangement since grant date.
(1)
The options were to JP Equity Holdings Pty Ltd under a corporate promoter agreement were approved
for issue by shareholders at the Company's AGM on 27 Nov 24.
The following table illustrates the number and weighted average exercise prices of and movements in
share options during year ended 30 June 2025:
2025 2024
Number
Weighted Average
Exercise Price
Number
Weighted Average
Exercise Price
$ $
Outstanding at the
beginning of the year
9,500,000
$0.30
9,500,000
$0.30
Granted during the year 4,000,000 -
Expired during the year (2,500,000) -
Outstanding at the end
of year
11,000,000
$0.28
9,500,000
$0.30
Weighted average
remaining contractual
life of options
outstanding at the end of
year
-
2.55 years
-
3.38 years
The fair values of the equity settled share options granted are estimated as at the date of the grant
using the Black-Scholes model taking into account the terms and conditions upon which the options
were granted.
The terms and conditions of each grant of unquoted options affecting share-based payment expenditure
in the current or a future reporting period are as follows:
Tranche
Grant Date
Number of
Securities
Exercise
Price
Expiry Date
Vesting Date
OPT02 27-May-2022 1,000,000 0.30 27-May-2027 27-May-2022
OPT03 27-May-2022 6,000,000 0.30 27-May-2027 27-May-2022
1
OPT04
27-November-
2024
2,000,000
0.20
27-November-
2028
26-February-2024
OPT05
27-November-
2024
2,000,000
0.30
27-November-
2028
26-February-2024
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
Note 17. Share-based payments (continued)
66
1
In order for the Director Options to vest, the Director must remain a director as at the Vesting Date.
The Options were valued using a Black-Scholes Model with the following inputs:
Class
Dividend
Yield
Valuation
Date
Expected
Volatility
Risk-Free
Rate
Expiry
Underlyin
g Share
Price
Value per
Option
Total Fair
Value
% % $ $ $
OPT2
-
27-May
2022
90%
2.98%
27-May-
2027
0.20
0.1288
128,771
OPT3
-
27-May
2022
90%
2.98%
27-May-
2027
0.20
0.1288
772,628
OPT4
-
27-
November-
2024
100%
4.01%
27-
November-
2028
0.20
0.0594
118,734
OPT5
-
27-
November-
2024
100%
4.01%
27-
November-
2028
0.30
0.0521
104,260
The expected life of the options is based on historical data and is not necessarily indicative of exercise
patterns that may occur. The expected volatility reflects the assumption that the historical volatility is
indicative of future trends, which may also not necessarily be the actual outcome. No other features of
options granted were incorporated into the measurement of fair value.
(c) Performance Rights
Performance rights issued during the year and in prior periods which affect share-based payment
expenditure in the current or future reporting periods are as follows:
Tranche
Class of
Securities
Grant Date
Number of
Securities
Exercise Price
Expiry Date
Disposal
Restriction
PERFB
Director’s
performance
rights
6-June-2022
950,000
Nil
6-June-2027
Non-
transferable
PERFC
Consideration
performance
rights
28-June-2024
2,500,000
Nil
28-June-2027
Non-
transferable
PERFD
(1)
Director’s
performance
rights
27-
November-
2024
1,050,000
Nil
27-
November-
2028
Non-
transferable
PERFE
(1)
Director’s
performance
rights
27-
November-
2024
1,250,000
Nil
27-
November-
2028
Non-
transferable
PERFF
(1)
Director’s
performance
rights
27-
November-
2024
1,250,000
Nil
27-
November-
2028
Non-
transferable
The performance/vesting conditions of the respective tranches of Performance Rights are outlined
below.
Class B Performance Rights
The Class B Performance Rights shall vest on the satisfaction of the market-based condition below:
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
Note 17. Share-based payments (continued)
67
● 950,000 Performance Rights shall vest upon the Company achieving a volume weighted average
price (VWAP) over 20 consecutive trading days of $0.30 per Share.
Class C Performance Rights
The Class C Performance Rights shall vest on the satisfaction of the non-market-based condition below:
● 2,500,000 Performance Rights vested with 100% probability of the successful grant of ELA2024/0001
and ELA2024/0003 and the Purchaser entering into any access agreements required to allow
exploration activities on any of the claims (i.e. any required land access agreements, heritage
agreements (if required)); and
● 2,500,000 Performance Rights unvested with 0% probability of the completion of the first drilling
program at either Tenement.
(1)
The Company entered into a Director Consultancy Agreement with Mr Mitchell for the provision of
executive services. The material terms of the Director Consultancy Agreement include 2,800,000
Performance Rights. As part of the appointment, Mr Passmore was offered 750,000 Performance Rights.
Class D Performance Rights
The Class D Performance Rights shall vest on the satisfaction of the non-market-based condition below:
● 1,050,000 Performance Rights will vest upon the Twenty Day VWAP exceeding $0.15 per Share
('Milestone A').
Class E Performance Rights
The Class E Performance Rights shall vest on the satisfaction of the non-market-based condition below:
● 1,250,000 Performance Rights will vest upon the Twenty Day VWAP exceeding $0.20 per Share
('Milestone B')
Class F Performance Rights
The Class F Performance Rights shall vest on the satisfaction of the non-market-based condition below:
● 1,250,000 Performance Rights will vest upon the Twenty Day VWAP exceeding $0.30 per Share
('Milestone B');
(d) Expenses arising from share-based payment transactions
Total expenses arising from share-based payment transactions recognised during the year as part of
share-based expense were as follows:
2025 2024
$ $
Recognised in Statement of Profit or Loss
Performance rights issued to directors and employees (note 14(ii)) 66,581 31,505
Options issued to advisors 222,995 -
289,576 31,505
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
68
Note 18. Contingent liabilities
As part of the acquisition of the East Canyon Project, a royalty of 2% of the net smelter return on all
minerals extracted, produced and sold from the Claims is payable to Blackbird Capital Pty Ltd ATF The
Blackbird Trust.
As part of the finder's fee for the South Pass Project, the Company will grant a 1% net smelter royalty
from the Project and any claims staked within 2 miles of the outer boundaries of the initial claims that
comprise the Project.
Note 19. Commitments
(a) Exploration expenditure
In order to maintain mining tenements, the economic entity is committed to meet the prescribed
conditions under which tenements were granted. These commitments may be met in the normal course
of operations by future capital raisings and/or farm-out and under certain circumstances are subject to
the possibility of adjustment to the amount and timing of such obligations or by tenement
relinquishment.
2025 2024
$ $
Exploration expenditure commitments
Payable:
Not later than 12 months 147,943 200,141
Between 12 months and 5 years 327,805 536,600
Greater than 5 years - -
475,748 736,741
Note 20. Related party transactions
(a) Key management personnel
Disclosures relating to compensation of key management personnel are set out in note 17 and in the
Remuneration Report included in the Directors’ Report. Key management personnel covered in this
report are listed below:
Name Position
Brett Mitchell Executive Chairman
Peter Woods Non-Executive Director
Steven Wood Non-Executive Director
Alex Passmore Non-Executive Director
(b) Compensation of KMP
The aggregate compensation paid to directors and other members of key management personnel of the
Group is set out below:
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
Note 20. Related party transactions (continued)
69
2025 2024
$ $
Short-term employee benefits 217,515 319,766
Post-employment long term benefits 11,214 28,509
Share based payments 66,581 31,505
295,310 379,780
As required by Corporations Regulation 2M.3.03, information regarding individual Directors’ and
Executives’ compensation and equity instrument disclosures is provided in the Remuneration Report
section of the Directors’ Report.
(c) Compensation by category of KMP
Directors were paid a salary, with the exception of Mr Brett Mitchell who elected to receive their non-
executive director fees as consulting fees. Details of the remuneration of directors is included in the
Remuneration Report contained in the Directors’ Report.
Salaries were paid to all other key management personnel, details of which are included in the
Remuneration Report contained in the Directors’ Report.
(d) Loans to/from related parties
There were no loans to or from key management personnel outstanding at 30 June 2025 (2024: nil).
(e) Other transactions and balances with related parties
The following transactions occurred with related parties are summarised below:
2025 2024
$ $
Payment for goods and services 27,128 58,524
The summary above is inclusive of the following transactions with related parties.
There are no transactions and outstanding balances with key management personnel for the year ended
30 June 2025 that are not already included in the Remuneration Report contained in the Directors’
Report.
There were no other transactions and outstanding balances with other related parties for the year ended
30 June 2025.
Grange Consulting Group Pty Ltd, of which Steven Wood was a Director until 1 November 2023, received
$58,524 excluding GST in the 2024 financial year for the financial services and company secretarial
work.
These services are provided on normal commercial terms and at arm’s length.
Receivable from and payable to related parties
There were no trade receivables from or trade payables to related parties at the current and previous
reporting date.
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
Note 20. Related party transactions (continued)
70
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
Note 21. Interests in subsidiaries
(a) Parent entities
Uvre Limited is the ultimate Australian parent entity.
(b) Subsidiaries
The consolidated financial statements include the financial statements of Uvre Limited and the
subsidiaries listed in the following table.
Country of
Incorporation
Principal Activity
% Equity
Interest
% Equity
Interest
2025 2024
Vanacorp Aust Pty Ltd Australia Holding company 100 100
Vanacorp USA LLC USA Operating subsidiary 100 100
Uvre USA Pty Ltd Australia Holding company 100 100
Uvre Wyoming Inc USA Operating subsidiary 100 100
Uranium SA Pty Ltd Australia Operating subsidiary 100 100
Note 22. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by Hall Chadwick,
the auditor of the Company:
2025 2024
$ $
Audit services - Hall Chadwick
Audit or review of the financial statements 32,319 22,423
Note 23. Events after the reporting period
Date Details
03 July 2025 Completion of $4m Equity Raise & Cleaning Notice
14 July 2025 Uvre completes NZ gold projects acquisition
12 August 2025 Issue of Shares & Cleansing Notice
No other matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may
significantly affect the Group's operations, the results of those operations, or the Group's state of affairs
in future financial years.
UVRE LIMITED
Notes to the consolidated financial statements
30 June 2025
71
Note 24. Parent entity information
The following details information related to the parent entity, Uvre Limited, as at 30 June 2025. The
information presented here has been prepared using consistent accounting policies as presented in note
1.
2025 2024
$ $
Current assets 2,661,081 3,468,443
Non-current assets 1,930,618 2,116,743
Total Assets 4,591,699 5,585,186
Current liabilities 75,116 143,694
Net assets 4,516,583 5,441,492
Contributed equity 8,964,862 8,389,862
Reserves 1,191,209 1,603,846
Accumulated losses (5,639,488) (4,552,216)
Total equity 4,516,583 5,441,492
Loss after income tax (1,045,061) (1,252,288)
Other comprehensive income/ (loss) for the period (7,476) (25,203)
Total comprehensive loss for the period (1,052,537) (1,277,491)
UVRE LIMITED
Consolidated entity disclosure statement
As at 30 June 2025
72
Place formed /
Ownership
interest
Entity name
Entity type
Country of
incorporation
%
Tax residency
Uvre Limited Body Corporate Australia - Australia
Vanacorp Aust Pty
Ltd
Body Corporate
Australia
100.00%
Australia
Vanacorp USA LLC
Body Corporate
United States of
America
100.00%
United States of
America/Australia
Uvre USA Pty Ltd Body Corporate Australia 100.00% Australia
Uvre Wyoming Inc
Body Corporate
United States of
America
100.00%
United States of
America/Australia
Uranium SA Pty Ltd Body Corporate Australia 100.00% Australia
Basis of preparation
The consolidated entity disclosure statement (CEDS) has been prepared in accordance with Section 295
(3A) of the Corporations Act 2001. The entities listed in the statement are Uvre Ltd and all the entities
it controls in accordance with AASB 10 Consolidated Financial Statements.
Key assumptions and judgements
Determination of tax residency
Section 295 (3A) of the Corporations Act requires that the tax residency of each entity which is included
in the CEDS be disclosed. In the context of an entity which was an Australian resident, "Australian
resident" has the meaning provided in the Income Tax Assessment Act 1997 (Cth). The determination of
tax residency involves judgment as the determination of tax residency is highly fact dependent and there
are currently several different interpretations that could be adopted, and which could give rise to a
different conclusion on residency.
In determining tax residency, the Consolidated Entity has applied the following interpretations:
Australian tax residency: The Consolidated Entity has applied current legislation and judicial precedent,
including having regard to the Commissioner of Taxation's public guidance in Tax Ruling TR 2018/5.
Foreign tax residency: The Consolidated Entity has applied current legislation and where available
judicial precedent in the determination of foreign residency. Where necessary, the Consolidated Entity
has used independent tax advisers in foreign jurisdictions to assist in its determination of tax
residency to ensure applicable foreign tax legislation has been complied with.
UVRE LIMITED
Directors' declaration
30 June 2025
73
In the Directors' opinion:
●the attached financial statements and notes comply with the Corporations Act 2001, the Accounting
Standards, the Corporations Regulations 2001 and other mandatory professional reporting
requirements;
●the attached financial statements and notes comply with International Financial Reporting
Standards as issued by the International Accounting Standards Board as described in note 1 to the
financial statements;
●the attached financial statements and notes give a true and fair view of the Company's financial
position as at 30 June 2025 and of its performance for the financial year ended on that date;
●there are reasonable grounds to believe that the Company will be able to pay its debts as and when
they become due and payable; and
●the information disclosed in the attached consolidated entity disclosure statement is true and
correct.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
S
igned in accordance with a resolution of directors made pursuant to section 295(5)(a) of the
Corporations Act 2001.
On behalf of the Directors
___________________________
Brett Mitchell
Executive Chairman
26 September 2025
UVRE LIMITED
ASX Additional Information
30 June 2025
74
1. Shareholdings
The issued capital of the Company as at 23 September 2025 is 189,658,501 ordinary fully paid shares
(75,000,000 subject to voluntary escrow ending 14 July 2026), 11,000,000 unlisted options and
7,000,000 performance rights (detailed below). All issued ordinary fully paid shares carry one vote per
share.
Shares Range Holders Units %
1-1,000 14 1,942 -
1,001-5,000 43 158,280 0.08
5,001-10,000 100 899,364 0.47
10,001-100,000 247 11,470,131 6.05
100,001 and above 152 177,128,784 93.39
Total 556 189,658,501 100.00
2. Top 20 Shareholders as at 23 September 2025
#
Holder Name
Number of
shares
%
1
ALTINOVA NOMINEES PTY LTD
19,052,426 10.05%
2
PETER ZITNAN
18,145,167 9.57%
3 JASON MICHAEL BECKTON & DENISE LEA BECKTON 15,120,977 7.97%
4
MOLLYGOLD SUPERANNUATION PTY LTD <MOLLYGOLD SUPER
FUND A/C>
9,072,584 4.78%
5
SUNSET CAPITAL MANAGEMENT PTY LTD <SUNSET SUPERFUND
A/C>
6,312,500 3.33%
6 SECKOLD PTY LIMITED <SECKOLD FAMILY A/C> 6,250,000 3.30%
7
DELTA LITHIUM LIMITED
5,000,000 2.64%
8 PERMGOLD PTY LTD <THE SECKOLD SUPER FUND A/C> 4,838,706 2.55%
9
SCOTT DAVID HALL
4,536,292 2.39%
10
BNP PARIBAS NOMINEES PTY LTD <HUB24 CUSTODIAL SERV LTD>
2,714,813 1.43%
11
ROCK THE POLO PTY LTD <ROCK THE POLO A/C>
2,695,688 1.42%
12
KENDALI PTY LTD
2,500,000 1.32%
13
1202 MANAGEMENT PTY LTD
2,459,250 1.30%
14
LONERGAN FOUNDATION PTY LTD <LONERGAN FOUNDATION A/C>
2,250,000 1.19%
15
NEWBALL PTY LIMITED
2,074,676 1.09%
16
BUTTONWOOD NOMINEES PTY LTD
2,003,122 1.06%
17
LONGREACH 52 PTY LTD
2,000,000 1.05%
17
MR GAVIN JEREMY DUNHILL
2,000,000 1.05%
17
FELSINA PTY LTD
2,000,000 1.05%
17
ALL-STATES FINANCE PTY LIMITED
2,000,000 1.05%
18 BELL POTTER NOMINEES LTD <BB NOMINEES A/C> 1,875,000 0.99%
18 COMPANY FIFTY PTY LTD <MCDONALD FAMILY A/C> 1,875,000 0.99%
19
CORPORATE CAMPAIGNS PTY LTD
1,750,000 0.92%
20
BT PORTFOLIO SERVICES LIMITED <WARRELL HOLDINGS S/F A/C>
1,721,689 0.91%
Total
120,247,89
0 63.40%
Total issued capital - selected security class(es) 189,658,501 100.00%
UVRE LIMITED
ASX Additional Information
30 June 2025
75
3. Unquoted securities
There are 11,000,000 unlisted options over shares in the Company as at 23 September 2025 as follows:
Class Grant Date Expiry Date Exercise Price Number
UVAOPT02 27-May-2022 27-May-2027 $0.30 1,000,000
UVAOPT03 27-May-2022 27-May-2027 $0.30 6,000,000
UVAOPT04 26-February-2025 26-February-2029 $0.20 2,000,000
UVAOPT05 26-February-2025 26-February-2029 $0.30 2,000,000
Total 11,000,000
There are 7,000,000 performance rights on issue as at 23 September 2025 as follows:
Tranche
Class of Securities
Grant Date
Expiry Date
Exercise Price
Number of
Securities
PERFB Performance rights 6-June-2022 6-June-2027 Nil 950,000
PERFC Performance rights 28-June-2024 28-June-2027 Nil 2,500,000
PERFD Performance rights 11-Dec-2024 11-Dec-2028 Nil 1,050,000
PERFE Performance rights 11-Dec-2024 11-Dec-2028 Nil 1,250,000
PERFF Performance rights 11-Dec-2024 11-Dec-2028 Nil 1,250,000
Total 7,000,000
The names of the security holders holding more than 20% of an unlisted class of security are listed
below:
Security
Exercise
Price
Number of
options
Number
of
holders
Holders with > 20%
UVAOPT02 – Unlisted
Options expiring 27 May
2025
$0.30 1,000,000 1 CHERIE LEEDEN
UVAOPT03 – Unlisted
Options expiring 27 May
2025
$0.30 6,000,000 4 BLACKBIRD CAPITAL PTY LTD
<BLACKBIRD A/C>
NARDIE GROUP PTY LTD <SD WOOD
FAMILY A/C>
UVAOPT04 – Unlisted
Options expiring 27 May
2025
$0.20 2,000,000 5 SEND IT NOMINEES PTY LTD <TOOWOO
FAMILY A/C>
MR WILLIAM MURRAY MITCHELL & MRS
DIANE JOAN MITCHELL <MITCHELL
SUPER FUND A/C>
UVAOPT05 – Unlisted
Options expiring 27 May
2025
$0.30 2,000,000 6 MR WILLIAM MURRAY MITCHELL & MRS
DIANE JOAN MITCHELL <MITCHELL
SUPER FUND A/C>
SEND IT NOMINEES PTY LTD <TOOWOO
FAMILY A/C>
UVRE LIMITED
ASX Additional Information
30 June 2025
76
Security
Exercise
Price
Number of
options
Number
of
holders
Holders with > 20%
PERFB – Class B
Performance Rights expiring
7-June-2027
- 950,000 2 BLACKBIRD CAPITAL PTY LTD
<BLACKBIRD A/C>
NARDIE GROUP PTY LTD <SD WOOD
FAMILY A/C>
PERFC – Class C
Performance Rights expiring
28-June-2027
- 2,500,000 3 KENDALI PTY LTD
CORPORATE CAMPAIGNS PTY LTD
PERFD – Class D
Performance Rights expiring
11-Dec-2028
-
1,050,000
3
MR BRETT MITCHELL & MRS MICHELLE
MITCHELL <MITCHELL SPRING FAMILY
A/C>
MR ALEXANDER ROSS PASSMORE
PERFE – Class E
Performance Rights expiring
11-Dec-2028
PERFF – Clas F
Performance Rights expiring
11-Dec-2028
-
-
1,250,000
1,250,000
3
3
MR BRETT MITCHELL & MRS MICHELLE
MITCHELL <MITCHELL SPRING FAMILY
A/C>
MR BRETT MITCHELL & MRS MICHELLE
MITCHELL <LEFTHANDERS SUPER FUND
A/C>
MR ALEXANDER ROSS PASSMORE
MR BRETT MITCHELL & MRS MICHELLE
MITCHELL <MITCHELL SPRING FAMILY
A/C>
MR BRETT MITCHELL & MRS MICHELLE
MITCHELL <LEFTHANDERS SUPER FUND
A/C>
MR ALEXANDER ROSS PASSMORE
7,000,000
UVRE LIMITED
ASX Additional Information
30 June 2025
77
4. Voting rights
See Note 13 of the financial statements.
5. Substantial shareholders at 23 September 2025
Holder
Number of
shares held
% of issued
capital held
Date of last notice
NORMAN SECKOLD AND CONTROLLED
ENTITIES
30,141,133 16.27% 15 July 2025
6. Restricted securities subject to escrow period
Security Number Escrow Period
FULLY PAID ORDINARY SHARES 75,000,000 Until 14-July-2026
7. On-market buyback
There is currently no on‐market buyback program for any of Uvre Limited’s listed securities.
8. Tenement claims held
The following claims are held by Uvre as at the date of this report:
New Zealand Project
Serial Number
Claim Name
Holder Uvre Ownership
61021 Waitekauri OtaGold Limited 100%
61001 Roaring Meg OtaGold Limited 100%
61069 Oturehua OtaGold Limited 100%
61086 Lotting Point OtaGold Limited 100%
East Canyon Project
Serial Number
Claim Name
Holder
Uvre Ownership
UT101711316 EC-001 Vanacorp USA LLC 100%
UT101711317 EC-002 Vanacorp USA LLC 100%
UT101711318 EC-003 Vanacorp USA LLC 100%
UT101711319 EC-004 Vanacorp USA LLC 100%
UT101711320 EC-005 Vanacorp USA LLC 100%
UT101711321 EC-006 Vanacorp USA LLC 100%
UT101711322 EC-007 Vanacorp USA LLC 100%
UT101711323 EC-008 Vanacorp USA LLC 100%
UT101711324 EC-009 Vanacorp USA LLC 100%
UT101711325 EC-010 Vanacorp USA LLC 100%
UT101711326 EC-011 Vanacorp USA LLC 100%
UT101712471 EC-012 Vanacorp USA LLC 100%
UVRE LIMITED
ASX Additional Information
30 June 2025
78
UT101712472
EC-013
Vanacorp USA LLC 100%
UT101712473
EC-014
Vanacorp USA LLC 100%
UT101712474
EC-015
Vanacorp USA LLC 100%
UT101712475
EC-016
Vanacorp USA LLC 100%
UT101712476
EC-017
Vanacorp USA LLC 100%
UT101712477
EC-018
Vanacorp USA LLC 100%
UT101712478
EC-019
Vanacorp USA LLC 100%
UT101712479
EC-020
Vanacorp USA LLC 100%
UT101712480
EC-021
Vanacorp USA LLC 100%
UT101712481
EC-022
Vanacorp USA LLC 100%
UT101712482
EC-023
Vanacorp USA LLC 100%
UT101712483
EC-024
Vanacorp USA LLC 100%
UT101712484
EC-025
Vanacorp USA LLC 100%
UT101712485
EC-026
Vanacorp USA LLC 100%
UT101712486
EC-027
Vanacorp USA LLC 100%
UT101712487
EC-028
Vanacorp USA LLC 100%
UT101712488
EC-029
Vanacorp USA LLC 100%
UT101712489
EC-030
Vanacorp USA LLC 100%
UT101712490
EC-031
Vanacorp USA LLC 100%
UT101712491
EC-032
Vanacorp USA LLC 100%
UT101713623
EC-033
Vanacorp USA LLC 100%
UT101713624
EC-034
Vanacorp USA LLC 100%
UT101713625
EC-035
Vanacorp USA LLC 100%
UT101713626
EC-036
Vanacorp USA LLC 100%
UT101713627
EC-037
Vanacorp USA LLC 100%
UT101713628
EC-038
Vanacorp USA LLC 100%
UT101713629
EC-039
Vanacorp USA LLC 100%
UT101713630
EC-040
Vanacorp USA LLC 100%
UT101713631
EC-041
Vanacorp USA LLC 100%
UT101713632
EC-042
Vanacorp USA LLC 100%
UT101713633
EC-043
Vanacorp USA LLC 100%
UT101713634
EC-044
Vanacorp USA LLC 100%
UT101713635
EC-045
Vanacorp USA LLC 100%
UT101713636
EC-046
Vanacorp USA LLC 100%
UT101713637
EC-047
Vanacorp USA LLC 100%
UT101713638
EC-048
Vanacorp USA LLC 100%
UT101713639
EC-049
Vanacorp USA LLC 100%
UT101713640
EC-050
Vanacorp USA LLC 100%
UT101713641
EC-051
Vanacorp USA LLC 100%
UT101713642
EC-052
Vanacorp USA LLC 100%
UT101713643
EC-053
Vanacorp USA LLC 100%
UT101714707
EC-054
Vanacorp USA LLC 100%
UT101714708
EC-055
Vanacorp USA LLC 100%
UT101714709
EC-056
Vanacorp USA LLC 100%
UT101714710
EC-057
Vanacorp USA LLC 100%
UT101714711
EC-058
Vanacorp USA LLC 100%
UT101714712
EC-059
Vanacorp USA LLC 100%
UT101714713
EC-060
Vanacorp USA LLC 100%
UT101714714
EC-061
Vanacorp USA LLC 100%
UT101714715
EC-062
Vanacorp USA LLC 100%
UT101714716
EC-063
Vanacorp USA LLC 100%
UT101714717
EC-064
Vanacorp USA LLC 100%
UT101714718
EC-065
Vanacorp USA LLC 100%
UT101714719
EC-066
Vanacorp USA LLC 100%
UVRE LIMITED
ASX Additional Information
30 June 2025
79
UT101714720
EC-067
Vanacorp USA LLC 100%
UT101714721
EC-068
Vanacorp USA LLC 100%
UT101714722
EC-069
Vanacorp USA LLC 100%
UT101714801
EC-070
Vanacorp USA LLC 100%
UT101714802
EC-071
Vanacorp USA LLC 100%
UT101714803
EC-072
Vanacorp USA LLC 100%
UT101714804
EC-073
Vanacorp USA LLC 100%
UT101714805
EC-074
Vanacorp USA LLC 100%
UT101715906
EC-075
Vanacorp USA LLC 100%
UT101715907
EC-076
Vanacorp USA LLC 100%
UT101715908
EC-077
Vanacorp USA LLC 100%
UT101715909
EC-078
Vanacorp USA LLC 100%
UT101715910
EC-079
Vanacorp USA LLC 100%
UT101715911
EC-080
Vanacorp USA LLC 100%
UT101715912
EC-081
Vanacorp USA LLC 100%
UT101715913
EC-082
Vanacorp USA LLC 100%
UT101715914
EC-083
Vanacorp USA LLC 100%
UT101715915
EC-084
Vanacorp USA LLC 100%
UT101715916
EC-085
Vanacorp USA LLC 100%
UT101715917
EC-086
Vanacorp USA LLC 100%
UT101715918
EC-087
Vanacorp USA LLC 100%
UT101715919
EC-088
Vanacorp USA LLC 100%
UT101715920
EC-089
Vanacorp USA LLC 100%
UT101715921
EC-090
Vanacorp USA LLC 100%
UT101715922
EC-091
Vanacorp USA LLC 100%
UT101715923
EC-092
Vanacorp USA LLC 100%
UT101715924
EC-093
Vanacorp USA LLC 100%
UT101715925
EC-094
Vanacorp USA LLC 100%
UT101715926
EC-095
Vanacorp USA LLC 100%
UT101717104
EC-096
Vanacorp USA LLC 100%
UT101717105
EC-097
Vanacorp USA LLC 100%
UT101717106
EC-098
Vanacorp USA LLC 100%
UT101717107
EC-099
Vanacorp USA LLC 100%
UT101717108
EC-100
Vanacorp USA LLC 100%
UT101873470
EC-101
Vanacorp USA LLC 100%
UT101873471
EC-102
Vanacorp USA LLC 100%
UT101873472
EC-103
Vanacorp USA LLC 100%
UT101873473
EC-104
Vanacorp USA LLC 100%
UT101873474
EC-105
Vanacorp USA LLC 100%
UT101873475
EC-106
Vanacorp USA LLC 100%
UT101873476
EC-107
Vanacorp USA LLC 100%
UT101873477
EC-108
Vanacorp USA LLC 100%
UT101873478
EC-109
Vanacorp USA LLC 100%
UT101873479
EC-110
Vanacorp USA LLC 100%
UT101873480
EC-111
Vanacorp USA LLC 100%
UT101873481
EC-112
Vanacorp USA LLC 100%
UT101873482
EC-113
Vanacorp USA LLC 100%
UT101873483
EC-114
Vanacorp USA LLC 100%
UT101873484
EC-115
Vanacorp USA LLC 100%
UT101873485
EC-116
Vanacorp USA LLC 100%
UT101873486
EC-117
Vanacorp USA LLC 100%
UT101873487
EC-118
Vanacorp USA LLC 100%
UT101873488
EC-119
Vanacorp USA LLC 100%
UT101873489
EC-120
Vanacorp USA LLC 100%
UVRE LIMITED
ASX Additional Information
30 June 2025
80
UT101874343
EC-121
Vanacorp USA LLC 100%
UT101874344
EC-122
Vanacorp USA LLC 100%
UT101874345
EC-123
Vanacorp USA LLC 100%
UT101874346
EC-124
Vanacorp USA LLC 100%
UT101874347
EC-125
Vanacorp USA LLC 100%
UT101874348
EC-126
Vanacorp USA LLC 100%
UT101874349
EC-127
Vanacorp USA LLC 100%
UT101874350
EC-128
Vanacorp USA LLC 100%
UT101874351
EC-129
Vanacorp USA LLC 100%
UT101874352
EC-130
Vanacorp USA LLC 100%
UT101874353
EC-131
Vanacorp USA LLC 100%
UT101874354
EC-132
Vanacorp USA LLC 100%
UT101874355
EC-133
Vanacorp USA LLC 100%
UT101874356
EC-134
Vanacorp USA LLC 100%
UT101874357
EC-135
Vanacorp USA LLC 100%
UT101874358
EC-136
Vanacorp USA LLC 100%
UT101874359
EC-137
Vanacorp USA LLC 100%
UT101874360
EC-138
Vanacorp USA LLC 100%
UT101874361
EC-139
Vanacorp USA LLC 100%
UT101874362
EC-140
Vanacorp USA LLC 100%
UT101874363
EC-141
Vanacorp USA LLC 100%
UT101875198
EC-142
Vanacorp USA LLC 100%
UT101875199
EC-143
Vanacorp USA LLC 100%
UT101875200
EC-144
Vanacorp USA LLC 100%
UT101875201
EC-145
Vanacorp USA LLC 100%
UT101875202
EC-146
Vanacorp USA LLC 100%
UT101875203
EC-147
Vanacorp USA LLC 100%
UT101875204
EC-148
Vanacorp USA LLC 100%
UT101875205
EC-149
Vanacorp USA LLC 100%
UT101875206
EC-150
Vanacorp USA LLC 100%
UT101875207
EC-151
Vanacorp USA LLC 100%
UT101875208
EC-152
Vanacorp USA LLC 100%
UT101875209
EC-153
Vanacorp USA LLC 100%
UT101875210
EC-154
Vanacorp USA LLC 100%
UT101875211
EC-155
Vanacorp USA LLC 100%
UT101875212
EC-156
Vanacorp USA LLC 100%
UT101875213
EC-157
Vanacorp USA LLC 100%
UT101875214
EC-158
Vanacorp USA LLC 100%
UT101875215
EC-159
Vanacorp USA LLC 100%
UT101875216
EC-160
Vanacorp USA LLC 100%
UT101875217
EC-161
Vanacorp USA LLC 100%
UT101875218
EC-162
Vanacorp USA LLC 100%
UT101876061
EC-163
Vanacorp USA LLC 100%
UT101876062
EC-164
Vanacorp USA LLC 100%
UT101876063
EC-165
Vanacorp USA LLC 100%
UT101876064
EC-166
Vanacorp USA LLC 100%
UT101876065
EC-167
Vanacorp USA LLC 100%
UT101876066
EC-168
Vanacorp USA LLC 100%
UT101876067
EC-169
Vanacorp USA LLC 100%
UT101876068
EC-170
Vanacorp USA LLC 100%
UT101876069
EC-171
Vanacorp USA LLC 100%
UT101876070
EC-172
Vanacorp USA LLC 100%
UT101876071
EC-173
Vanacorp USA LLC 100%
UT101876072
EC-174
Vanacorp USA LLC 100%
UVRE LIMITED
ASX Additional Information
30 June 2025
81
UT101876073
EC-175
Vanacorp USA LLC 100%
UT101876074
EC-176
Vanacorp USA LLC 100%
UT101876075
EC-177
Vanacorp USA LLC 100%
UT101876076
EC-178
Vanacorp USA LLC 100%
UT101876077
EC-179
Vanacorp USA LLC 100%
UT101876078
EC-180
Vanacorp USA LLC 100%
UT101876079
EC-181
Vanacorp USA LLC 100%
UT101876064
EC-182
Vanacorp USA LLC 100%
UT101876911
EC-183
Vanacorp USA LLC 100%
UT101876912
EC-184
Vanacorp USA LLC 100%
UT101876913
EC-185
Vanacorp USA LLC 100%
UT101876915
EC-186
Vanacorp USA LLC 100%
UT101876916
EC-187
Vanacorp USA LLC 100%
UT101876917
EC-188
Vanacorp USA LLC 100%
UT101876918
EC-189
Vanacorp USA LLC 100%
UT101876919
EC-190
Vanacorp USA LLC 100%
UT101876920
EC-191
Vanacorp USA LLC 100%
UT101876921
EC-192
Vanacorp USA LLC 100%
UT101876922
EC-193
Vanacorp USA LLC 100%
UT101876923
EC-194
Vanacorp USA LLC 100%
UT101876924
EC-195
Vanacorp USA LLC 100%
UT101876925
EC-196
Vanacorp USA LLC 100%
UT101876926
EC-197
Vanacorp USA LLC 100%
UT101876927
EC-198
Vanacorp USA LLC 100%
UT101876928
EC-199
Vanacorp USA LLC 100%
UT101876929
EC-200
Vanacorp USA LLC 100%
UT101959454
EC 201
Vanacorp USA LLC 100%
UT101959455
EC 202
Vanacorp USA LLC 100%
UT101959456
EC 203
Vanacorp USA LLC 100%
UT101959457
EC 204
Vanacorp USA LLC 100%
UT101959458
EC 205
Vanacorp USA LLC 100%
UT101959459
EC 206
Vanacorp USA LLC 100%
UT101959460
EC 207
Vanacorp USA LLC 100%
UT101959461
EC 208
Vanacorp USA LLC 100%
UT101959462
EC 209
Vanacorp USA LLC 100%
UT101959463
EC 210
Vanacorp USA LLC 100%
UT101959822
EC 211
Vanacorp USA LLC 100%
UT101959823
EC 212
Vanacorp USA LLC 100%
UT101959824
EC 213
Vanacorp USA LLC 100%
UT101959825
EC 214
Vanacorp USA LLC 100%
UT101959826
EC 215
Vanacorp USA LLC 100%
UT101959827
EC 216
Vanacorp USA LLC 100%
UT101959828
EC 217
Vanacorp USA LLC 100%
UT101959829
EC 218
Vanacorp USA LLC 100%
UT101959830
EC 219
Vanacorp USA LLC 100%
UT101959831
EC 220
Vanacorp USA LLC 100%
UT101959832
EC 221
Vanacorp USA LLC 100%
UT101959833
EC 222
Vanacorp USA LLC 100%
UT101959834
EC 223
Vanacorp USA LLC 100%
UT101959835
EC 224
Vanacorp USA LLC 100%
UT101959836
EC 225
Vanacorp USA LLC 100%
UT101959837
EC 226
Vanacorp USA LLC 100%
UT101959838
EC 227
Vanacorp USA LLC 100%
UT101959839
EC 228
Vanacorp USA LLC 100%
UVRE LIMITED
ASX Additional Information
30 June 2025
82
UT101959840
EC 229
Vanacorp USA LLC 100%
UT101959841
EC 230
Vanacorp USA LLC 100%
UT101959842
EC 231
Vanacorp USA LLC 100%
South Australian Uranium Projects
Serial Number
Claim Name
Holder Uvre Ownership
EL 6995 Yankaninna Uranium SA Pty Ltd 100%
EL 6996 Frome Downs Uranium SA Pty Ltd 100%
UVRE LIMITED
ASX Additional Information
30 June 2025
83
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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