Announcement PDF PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2024 CORPORATE DIRECTORY Directors William Witham Non-executive Chairman Appointed on 3 November 2021 Stephen Ross Non-executive Director Appointed on 3 November 2021 Lincoln Liu Non-executive Director Appointed on 3 December 2021 Maurice (Nic) Matich Managing Director Appointed on 20 October 2022 resigned 18 September 2024 Company Secretary Jay Stephenson (appointed on 3 November 2021) Head Office and Registered Office Securities Exchange Registered Office and Principal Place of Business Australian Securities Exchange (‘ASX’) Suite 6, Level 1/389 Oxford Street Level 40, Central Park, 152-158 St Georges Terrace MOUNT HAWTHORN WA 6016 PERTH WA 6000 Telephone +61 8 9426 0666 Telephone: 131 ASX (131 279) (within Australia) Telephone: +61 2 9338 0000 Facsimile: +61 2 9227 0885 Share Registry Website: www.asx.com.au Automic ASX Code: PIM Level 5, 191 St Georges Terrace PERTH WA 6000 Telephone +61 2 9698 7164 Auditor Hall Chadwick Audit (WA) Pty Ltd 283 Rokeby Road Subiaco WA 6008 Page | 1 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2024 ANNUAL REPORT 30 JUNE 2024 CONTENTS Chairman's letter ................................................................................................................................................................ 3 Review of operations - overview ........................................................................................................................................ 4 Directors’ report ............................................................................................................................................................... 10 Auditors independence declaration ................................................................................................................................. 17 Corporate Governance Statement ................................................................................................................................... 18 Consolidated statement of profit or loss and other comprehensive income ................................................................... 27 Consolidated statement of financial position ................................................................................................................... 28 Consolidated statement of changes in equity .................................................................................................................. 29 Consolidated statement of cash flows .............................................................................................................................. 30 Notes to the consolidated financial statements ............................................................................................................... 31 Consolidated entity disclosure statement ........................................................................................................................ 50 Directors’ declaration ....................................................................................................................................................... 51 Independent auditor's report ........................................................................................................................................... 52 Additional information for listed public companies ......................................................................................................... 57 Page | 2 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2024 CHAIRMAN'S LETTER Dear Fellow Shareholders, On behalf of the Board of Directors, I am pleased to present the 2024 Annual Report for Pinnacle Minerals Limited (ASX: PIM). Pinnacle is an ASX-listed company focused on the exploration of critical minerals, essential for emerging technologies and the energy transition. Over the past year, we have been dedicated to creating value for our shareholders through the exploration and evaluation of projects in Australia and Canada, targeting kaolin, heavy mineral sands, rare earth elements (REEs), lithium, and uranium. A major highlight of the year was the addition of the Adina East Lithium Project in Quebec to our portfolio. This acquisition was bolstered by the support of key strategic shareholders, including the Electrification & Decarbonisation Fund and Lithium Royalty Corporation. Their involvement has not only strengthened our share register but also facilitated the sale of an offtake agreement for the Adina Project, enabling us to progress without raising additional capital. However, our exploration efforts in Canada faced some challenges. Wildfires and an early onset of winter curtailed our ability to conduct the full scope of planned fieldwork during the year. Despite these setbacks, we remain optimistic about the long-term potential of our Canadian assets. In parallel, the Company expanded its presence in Quebec by staking additional claims in the Abitibi Region. After conducting initial fieldwork, results did not meet our expectations, leading to the decision to relinquish these claims and reallocate resources to higher-potential projects. Towards the end of the financial year, Pinnacle undertook a strategic review of its project portfolio in response to evolving market conditions in the commodities sector. As part of this review, we chose to relinquish several non-core projects—including the Bobalong, Holly, Tammin, Camel Lake, and Latham Kaolin/REE projects—to sharpen our focus on minerals vital for technology and decarbonisation. On the exploration front, our drilling program at the Capel Project in Western Australia yielded mixed results. While not all objectives were met, the findings were encouraging enough to justify retaining the exploration licence and continuing work on this asset, particularly its potential for heavy mineral sands and silica. In South Australia, we embarked on a comprehensive review of historical drill cores from the Wirrulla area, located on the northern Eyre Peninsula. This review, which is focused on evaluating REE and uranium mineralization, remains ongoing and represents a key area of focus for the Company moving forward. After the close of the financial year, we saw the departure of Managing Director Nic Matich. The Board would like to express its sincere appreciation for Nic’s significant contributions to Pinnacle and wish him all the best in his future endeavours. On behalf of the Board, I would like to thank our shareholders for their continued support. As we look ahead, we remain committed to advancing our core projects, navigating market challenges, and delivering long-term value for Pinnacle Minerals and its shareholders. William Witham NON-EXECUTIVE CHAIRMAN Pinnacle Minerals Limited Page | 3 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2024 REVIEW OF OPERATIONS - OVERVIEW Pinnacle Minerals Ltd (ASX: PIM) is an ASX listed technology minerals company focused on delivering shareholder value via the systematic exploration and development of its portfolio of battery and technology metals projects in Canada, Western Australia and South Australia. Pinnacle aims to deliver exploration success via systematic and geologically rigorous techniques. The Company’s focus is the “Adina East Project” in James Bay, Quebec which is proximal to the world class Adina Lithium Project (Winsome Resources: ASX: WR1) and adjacent to the Trieste Lithium Project (Loyal Lithium: ASX: LLI) and the Tilly Lithium Project (ASX: WR1). The Company’s Australian exploration assets are prospective for Rare Earth Elements and Heavy Mineral Sands. September 2023 Quarter: The September 2023 quarter was focused on the Company’s White Knight and Wirrulla Projects, both located in South Australia. Figure 1: Wirrulla Project highlighting uranium (Sentinel Spectral) targets On the 19th of July 2023, Pinnacle applied for the “Wirrulla Project” (ELA 2023-00031), primarily for its’ rare earth element (REE) potential, as it is centred on a circular magnetic feature resembling a Mount Weld style intrusion. The tenement was subsequently granted (EL 6968) on the 9th of January 2024. Analysis of satellite and radar imagery on the Uranium prospectivity conducted during the quarter was released on the 17th of January 2024. The project geology was reinterpreted with the project considered prospective for both Uranium and Rare Earth Oxide (REE) mineralisation (both hard rock and clay hosted). Page | 4 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2024 Data pertaining to the White Knight tenements held on the South Australian Resources Information Gateway (SARIG) was reviewed and historical drill cores held at the Tonsley Core Library were re-assayed. Nine holes returned assays greater than 500ppm Total Rare Earth Oxide (TREO), with three holes returning intervals of greater than 1,000 ppm TREO. These assays were encouraging given they are from the bedrock itself. December 2023 Quarter During the December quarter of 2023 Pinnacle announced the transformative acquisition of 75% of the Adina East Lithium Project, located in the prolific James Bay lithium district of Quebec from Electrification and Decarbonization AIE LP (the E&D Fund), an investment fund managed by Waratah Capital Advisors Ltd (Waratah). The transaction was executed on the 20th of December 2023. As part of the transaction a US $500,000 offtake pre-payment was made to Pinnacle by the E&D Fund in consideration for offtake rights to 25% of any minerals extracted from Adina East Project. The funds were received on the 21 st of December 2023. The Adina East Project is located in Québec’s James Bay region (Figure 2) with a total of 147 claims encompassing 72.7km² (7,274.47 ha) adjacent to an interpreted extension of the Trieste greenstone belt. Located within Category-III lands, the Adina East Project does not carry any restrictions relating to mining or exploration according to the James Bay Agreement with the Cree Nation. The Project is adjacent to Loyal Lithium’s (ASX: LLI) Trieste project where spodumene-bearing dykes with intercepts including 31.8m at 2.2% Li2O1 have been drilled less than 6km from the boundary of the Project. Adina East is also adjacent to Winsome Resources’ Tilly Project where swarming pegmatites have been mapped and are interpreted to extend into the Adina East Project. The claims are readily accessible throughout the year from both the Mirage Outfitters base and the Renard diamond mine (75km to the northwest and 45km to the south of the Project respectively), with the proposed La Grande Alliance eastern road also mapped to pass through the Project Pinnacle embarked on first pass reconnaissance exploration of its’ projects in Canada in Late October and early November. The exploration programs were shortened by the onset of the Canadian winter. Positive visual results from both projects were received with assay results received in January 2024. In late December 2023 the company began land access negotiations with landholders affected by the proposed drill program for the Capel Project. Negotiations were successful, with numerous access agreements signed during and subsequent to the quarter. Surface rights applications and POW’s were lodged with the WA Department of Mines. The drilling program was subsequently undertaken in May 2024 and targeted heavy mineral sands (primarily ilmenite with zircon credits). The company completed a strategic review of its project portfolio in the December quarter and surrendered the following non-core tenements in Australia: Table 1: Projects surrendered during the quarter Project Location Tenement Latham Project WA E70/6318 Tammin Project WA Bobalong Project WA E70/6094 Camel Lake Project SA ELA2020-00230 E70/6319 E70/6342 1 Loyal Lithium (ASX: LLI) ASX announcement 21st of March 2024 Page | 5 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2024 March 2024 Quarter During the March 2024 Quarter, the Company received assay results from its James Bay and Abitibi Lithium Projects in Québec Canada. Assay results from rock chip samples from the projects did not return lithium enrichment. However, significant rubidium enrichment, up to 658ppm was obtained on a granitic pegmatite, indicative of magmatic fractionation which is a precursor to lithium saturation. Importantly, at Adina East, key “fractionation ratios” of K/Rb below 100 suggest the potential for a spodumene-bearing pegmatite to have been generated, trending northwest into the project's metasedimentary rocks, like those that host Loyal Lithium’s (ASX :LLI) Trieste discovery 5kms to the west. The Trieste discovery produced drilling intercepts of 31.8m at 2.2% Li2O 2 during the 2023 Canadian winter drilling campaign. Increasing Fractionation Figure 2: K/Rb Ratios - Adina East On the 19th of Feb 2024, an exclusive option was entered into on the Manna West Lithium Project in the eastern Goldfields of Western Australia. The company rapidly mobilised to Manna West upon signing the option and undertook a regional soil sampling program, submitting 215 samples for ultrafineTM analysis. Whilst the assay results were encouraging, they did not meet the rigorous standards set by the board to invest further in the project with the option not exercised. 2 Loyal Lithium (ASX: LLI) ASX announcement 21st of March 2024 Page | 6 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2024 Satellite analysis and follow up fieldwork at the Wirrulla Project in South Australia identified numerous uranium targets within the Narlaby Paleochannel, 10km from the high-grade Yarranna Prospect held by IsoEnergy (CVE: ISO) (Figure 1). The Narlaby Paleochannel will be targeted in a proposed drilling program detailed in an environment protection and rehabilitation (EPEPR / PEPR) plan lodged with the South Australian Energy and Mines Department during the quarter. June 2024 Quarter The June 2024 quarter was a busy period for the Company with on-ground exploration accelerating across the Company’s project portfolio. Late in the quarter the company’s contractor (Mosaic 3D) completed an airborne LIDAR survey over the entire Adina East Lithium Project in Québec. High resolution orthophotos acquired simultaneously with the LIDAR readings have subsequently been draped over the digital elevation model (DEM), enabling the identification of potential pegmatite outcrops, which given their relative hardness and typically white colour are more visible on the LIDAR / orthophoto mosaic as white elevated areas (Figure 3). These outcrops can now be targeted directly minimising the costly “prospecting” process which involves personnel visiting each claim in the project without predefined targets. Target 8 Target 7 Figure 3: 3D render of digital terrain model (DTM) draped with LIDAR of priority targets (true elevation) – Note That this image was released subsequent to the quarter on 29 July 2024 Also, during the quarter, the Company contracted Challenger Geological Services to conduct pXRF analysis of fortyseven (47) historical drill cores from within the Wirrulla Project held at the Tonsley core library in Adelaide. The results from the analysis were used to select twenty-one (21) intervals from drill holes located within the footprint of the Narlaby Paleochannel for follow up assay and leach testing at ALS. The aim of the testing is to determine the potential for clay-hosted REE mineralisation. During May, a ninety-five (95) hole aircore (AC) program was completed at the Capel Mineral Sands Project in Western Australia. The drilling program was designed to test two mineralised trends: an older, deflected shoreline and a younger shoreline that maintains a more consistent northeasterly trend as evidenced in historical drilling results. The program was conducted with the goal of defining an ilmenite (titanium ore) dominated heavy mineral (HM) resource with accessory zircon and rutile. As announced on the 25th of June 2024 the drilling program encountered broad zones of HM mineralisation were encountered. HM mineralisation was encountered from surface on all holes where assays were received in the quarter (Figure 4). Page | 7 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2024 Figure 4: Collars where assay results were reported in the June 2024 quarter Highlights from assays returned during the quarter included: 3.4% HM over 7m from 16m downhole including 2m at 7.9% HM (CAP023) 3.0% HM over 5m from 19m downhole (CAP011) 2.9% HM over 6m from 3m downhole (CAP002) 13.1% HM over 1m from 19m downhole (CAP002) During the quarter the Company undertook a strategic review of its operations and took various actions to conserve capital, reduce discretionary expenditure and streamline exploration activities. Pinnacle surrendered the following tenements (Australia) and claims (Canada): Project Location Tenement / Claims Holly WA E70/5690 and E70/5676 Bobalong WA E70/6440 and E70/6441 Tambellup WA E70/5348 and E70/5347 White Knight SA EL6789, EL6790, EL6791, EL6939 Lac Rug Canada Multiple claims Lac Bigniba Canada Multiple claims Subsequent to the reduction in tenure, Mr. Bill Witham transitioned to Non-Executive Chairman. Page | 8 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2024 COMPETENT PERSON STATEMENT The information in this report that relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr William Witham, Non-Executive Chair of Pinnacle Minerals Limited. Mr Witham has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Witham consents to the inclusion in this release of the matters based on the information in the form and context in which they appear. Mr Witham is a shareholder of Pinnacle Minerals Limited. TENEMENT SCHEDULE Australia: As at the date of reporting, the Company holds a 100% beneficial interest in all Australian tenements through both the parent company and its’ subsidiary REE Exploration Pty Ltd. Project Holder State Tenement Status Percentage Held Capel Pinnacle Minerals Ltd WA E70/6372 Granted 100% Wirrulla REE Exploration Pty Ltd SA EL 6968 Granted 100% Canada: Adina East Project (75% ownership) As at the date of reporting, the Company holds a 75% beneficial interest in all Canadian (Quebec) claims through its subsidiary Pinnacle Minerals James Bay Ltd. Title Number NTS Sheet Acquisition Date Anniversary Date Registered Holder 2690971 - 2690982 23E04 21/11/2022 20/11/2025 Pinnacle Minerals James Bay Ltd 75% ED Spod 1 Corp 25% 2690984 - 2691013 23E04 & 23E05 & 33H01 21/11/2022 20/11/2025 Pinnacle Minerals James Bay Ltd 75% ED Spod 1 Corp 25% 2691015 - 2691029 33H01 21/11/2022 20/11/2025 Pinnacle Minerals James Bay Ltd 75% ED Spod 1 Corp 25% 2691031 - 2691060 33H01& 33H08 21/11/2022 20/11/2025 Pinnacle Minerals James Bay Ltd 75% ED Spod 1 Corp 25% 2691062 - 2691076 33H08 21/11/2022 20/11/2025 Pinnacle Minerals James Bay Ltd 75% ED Spod 1 Corp 25% 2691078 - 2691096 33H08 21/11/2022 20/11/2025 Pinnacle Minerals James Bay Ltd 75% ED Spod 1 Corp 25% 2692398 - 2692408 23E05 24/11/2022 23/11/2025 Pinnacle Minerals James Bay Ltd 75% ED Spod 1 Corp 25% 2692410 - 2692418 33H08 24/11/2022 23/11/2025 Pinnacle Minerals James Bay Ltd 75% ED Spod 1 Corp 25% Page | 9 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2024 DIRECTORS’ REPORT Your Directors present their report together with the financial statements of the Group, being the Company and its controlled entities, for year ended 30 June 2024. 1. DIRECTORS AND COMPANY SECRETARY The names, qualifications, experience and special responsibilities of the Directors in office at any time during or since year-end are as follows: Mr. William Witham, BSc in Geology (Hons) Chairman (Non-Executive Chairman) (Non-independent) (appointed 3 November 2021) Mr Bill Witham has held senior executive roles in the resources industry across the Australian and African resources sector for over two decades and has worked and lived in Australia, Africa and South America. Mr Witham has been involved in a number ASX listed companies has further experience in member-based organisation leadership, including currently with the Australia-Africa Minerals & Energy Group (AAMEG - CEO), and previously with the Chamber of Minerals & Energy WA (Government Relations and Policy) and the National Party WA (Corporate Director). Mr Witham is also a non-executive director of DMC Mining Limited. Interest in Shares and Options: 2,561,497 Shares and 1,600,000 Options and 3,000,000 Performance Options. Mr Maurice (Nic) Matich, BSc, Grad. Dip. Finance, BEng (Mechanical Engineering), GAICD Managing Director (Non-Independent) (appointed 20 October 2022, resigned 18 September 2024 ) Mechanical engineer and finance professional with over 15 years experience in the resources sector. His wide industry experience includes the provision of engineering, risk consulting and insurance services to numerous tier 1 mining companies with operations in mineral sands, kaolin, iron ore, gold and zinc. Nic has a deep understanding of the industrial minerals thematic having covered the sector as an analyst for Patersons Securities and more recently as Executive Director of Heavy Minerals Limited that Nic lead to listing on the ASX in 2021. Nic was the key driver of the company, delivering both a maiden resource and scoping study in his first twelve months as Executive Director there. Interest in Shares and Options: 250,000 Shares and 1,000,000 Options and 2,5000,000 Performance Options. Mr Stephen Ross, BSc (Geology), FFin , MAusIMM Non-executive Director (Independent) (appointed 3 November 2021) Stephen Ross is a geologist, independent consultant and public company director that has been involved in the international minerals industry in technical, business development and corporate positions for 30 years. Stephen has sourced significant investments for junior explorers and pre-development resource companies worldwide while holding managing director and technical positions when based in Central Asia, West Africa and Sri Lanka. He is a member of the Australasian Institute of Mining and Metallurgy, is a Fellow of the Financial Services Institute of Australasia and a is a member of the Australian Institute of Company Directors. Stephen is currently the chairman of ASX-listed Power Minerals Limited, and a non-executive director of Summit Minerals Limited. Interest in Shares and Options: Nil Shares and 1,300,000 Options. Mr Lincoln Liu, BBusCom, MCom, MBA Non-executive Director (Independent) (appointed 3 December 2021) Lincoln Liu has worked in Australian equities including stockbroking, research and investment banking for over a decade. Mr Liu has experience in IPO's, Placements, Private Equity and M&A. His industry expertise includes resources and he has worked extensively with growth companies. Mr Liu is the founder of a Sydney based Corporate advisory firm. He holds a Bachelor of Business and Commerce (Applied Finance) from UWS, Master of Commerce in Finance from UNSW & and a Master of Business Administration from USYD. Interest in Shares and Options: 50,000 Shares and 2,050,000 Options. Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Company Secretary: Mr Jay Stephenson, MBA, FCPA, CA, CPA (Canada) CMA (Canada), FCIS, FGIA, MAICD Mr Stephenson has been involved in business development for over 30 years, including approximately 24 years as Director, Chief Executive Officer, and Company Secretary of various listed and unlisted entities in resources, manufacturing, wine, hotels and property. He has been involved in business acquisitions, mergers, initial public offerings, capital raisings, and business restructuring, as well as managing all areas of finance for companies. Page | 10 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2024 2. DIRECTORS’ MEETINGS The number of directors’ meetings attended by each of the Directors of the Company who hold or held office during the financial year was: DIRECTORS MEETINGS Number eligible to attend Number Attended W. Witham 6 6 M. Matich 6 6 S. Ross 6 6 L. Liu 6 6 AUDIT COMMITTEE Number eligible to attend Number Attended NOMINATION COMMITTEE Number eligible to attend Number Attended FINANCE AND OPERATIONS COMMITTEE REMUNERATION COMMITTEE Number eligible to attend Number Attended Number eligible to attend Number Attended At the date of this report, the Remuneration, Audit, Nomination, and Finance and Operations Committees comprise the full Board of Directors. The Directors believe the Company is not currently of a size nor are its affairs of such complexity as to warrant the establishment of these separate committees. Accordingly, all matters capable of delegation to such committees are considered by the full Board of Directors. 3. DIRECTORS’ INTERESTS The relevant interests of Directors in the shares and options of the Company up to the date of this report were as follows: Shares No. Options 1,2 No. W. Witham 2,561,497 3 4,600,000 M. Matich 250,000 4 3,500,000 2024 S. Ross L. Liu i. 1,300,000 50,000 5 1,050,000 2,861,497 10,450,000 iv. v. The Options were received as part of the Directors’ remuneration exercisable on or before the date which is 3 years from the date of quotation, 23 March 2025, and exercisable at $0.25. Included in the options are those acquired as Loyalty Options at $0.0005 per option exercisable at $0.25 on or before 20 July 2026. The Shares are held indirectly through William John Andrew Witham, Katherine Darian Witham Jensen ATF Acorn Family Trust. These Shares represent Consideration Shares issued pursuant to the Witby Clays Acquisition Agreement, a summary of which can be found in the Company’s IPO Prospectus. These shares are held indirectly through the Matich Empire Superannuation Fund of which Maurice Matich is a beneficiary. These shares are held directly by Lincoln Liu. 4. PRINCIPAL ACTIVITIES ii. iii. The principal activity of the Consolidated Entity during the course of the financial year was to explore its current portfolio of projects and to investigate new opportunities for mineral exploration. 5. OPERATING RESULTS For the 2024 financial year the Group delivered a loss after providing for income tax of $3,311,703. 6. REVIEW OF OPERATIONS Refer to the Review of Operations – Overview located on page 4 of this report. 7. DIVIDENDS The Directors have not paid an interim dividend nor do they recommend the payment of a final dividend. 8. FINANCIAL POSITION As at 30 June 2024, the Group's cash and cash equivalents were $1,526,259, working capital was $1,261,533 and net assets were $4,314,879. The consolidated entity’s financial position has enabled the Group to limit its borrowings to internal parties and not to external financial institutions. This maintains a satisfactory working capital ratio. The directors believe the Group is in a satisfactorily stable financial position to continue its current operations. 9. SIGNIFICANT CHANGES IN STATE OF AFFAIRS There were no significant changes in the state of affairs of the Group during the year ended 30 June 2024. 10. EVENTS SUBSEQUENT TO REPORTING DATE There were no significant events after the end of the reporting year. Page | 11 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2024 11. LIKELY DEVELOPMENTS AND EXPECTED RESULTS Likely future developments in the operations of the Consolidated Entity are referred to in the review of operations - overview on page 4 of the Annual Report. 12. DIRECTORS’ SHAREHOLDINGS, CONTRACTS AND BENEFITS Since the end of the previous financial year no Director of the Company has received, or become entitled to receive a benefit (other than a benefit included in the aggregate amount of emoluments received or due and receivable by Directors shown in the accounts) by reason of a contract made by the Company with the Director or with a firm of which the Director is a member, or a Company in which the Director has a substantial financial interest, other than as disclosed in the remuneration report below. 13. REMUNERATION REPORT (AUDITED) The remuneration report is set out under the following main headings: (a) Principles used to determine the nature and amount of remuneration (b) Details of remuneration (c) Service agreements (d) Equity instruments disclosure relating to Key Management Personnel (e) Share-based compensation (f) Loans to / from Key Management Personnel (g) Transactions with Related Parties of Key Management Personnel The information provided in this remuneration report has been audited as required by s308(3C) of the Corporations Act 2001 (Cth). (a) Principles used to determine the nature and amount of remuneration The following report determines the principles used to determine the nature and amount of remuneration. The Board is responsible for determining and reviewing compensation arrangements for the Directors and the Executive team. The role also includes responsibility for share option schemes, superannuation entitlements, retirement and terminati