| Investments in subsidiaries |
12.Investments in subsidiaries Non - current investments | | | | | | | Year ended | | Year ended | | | 30 June 2026 | | 30 June 2025 | | | US$’000 | | US$’000 | Investment in Golden Metal Resources, LLC | | 30,485 | | — | Investment in Pilot Metals Inc. | | 5,880 | | 5,880 | Investment in BFM Resources Inc. | | 17 | | 17 | Total | | 36,382 | | 5,897 |
During the year, the Company converted its intercompany loan receivable from Golden Metal Resources, LLC into a capital contribution. Following the conversion, the loan receivable was derecognised and the carrying amount of the Company’s investment in Golden Metal Resources, LLC was increased by US$30.485 million. The conversion was a non-cash transaction. | | | | | | | | | Subsidiaries | | Activity | | Country of
incorporation | | Ownership
interest | | Registered office | Golden Metal Resources, LLC | | Mining and exploration | | USA | | 100% of ordinary shares held directly | | 3800 Howard Hughes Parkway STE 1000, Las Vegas, NV 89169, USA | | | | | | | | | | Pilot Metals Inc. | | Mining and exploration | | USA | | 100% of ordinary shares held directly | | 241 Ridge Street STE 210. Reno, NV 89501, USA | | | | | | | | | | BFM Resources Inc. | | Mining and exploration | | USA | | 100% of ordinary shares held directly | | 241 Ridge Street STE 210. Reno, NV 89501, USA | | | | | | | | | | Guardian Exploration Ltd | | Mining and exploration | | UK | | 100% of ordinary shares held directly | | 25 Eccleston Place, London, SW1W 9NF, United Kingdom | | | | | | | | | | Guardian Exploration Inc. | | Mining and exploration | | USA | | 100% of ordinary shares held indirectly through Guardian Exploration Ltd | | 3800 Howard Hughes Parkway STE 100, Las Vegas, NV 89169, USA | | | | | | | | | | GMET Tungsten Holding Co. | | Mining and exploration | | USA | | 100% of ordinary shares held directly | | 3800 Howard Hughes Parkway STE 100, Las Vegas, NV 89169, USA | | | | | | | | | | Advance Tungsten Reserve, Inc. | | Mining and exploration | | USA | | 100% of ordinary shares held indirectly through GMET Tungsten Holding Co. | | 3800 Howard Hughes Parkway STE 100, Las Vegas, NV 89169, USA | | | | | | | | | | Tempiute Inc. | | Mining and exploration | | USA | | 100% of ordinary shares held indirectly by Golden Metal Resources, LLC | | 3800 Howard Hughes Parkway STE 100, Las Vegas, NV 89169, USA |
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