4.	Segment Reporting

(a)	Identification of reportable segments

The Group is an emerging lithium producer with operations in Canada and the United States of America. The principal activities of the Group during the year were lithium mining and processing at North American Lithium (NAL) and ongoing identification, evaluation and development of its portfolio of mineral exploration assets in Canada and the United States of America, predominantly focusing on lithium.

Management has determined the reportable segments of the Group based on the reports that are used by the Managing Director and Chief Executive Officer (the chief operating decision maker) and Board of Directors to make strategic decisions. During the year ended 30 June 2026, following completion of the merger with Piedmont Lithium Inc., the Group changed its reportable segments from a geographical approach to an asset-based approach, with each producing mine to be treated as a separate operating segment. This change more appropriately reflects the way in which the chief operating decision maker examines the performance and activity of the Group following completion of the merger, with the primary focus being on the operations at NAL. As a result, prior period comparatives have been re-presented to conform with the current segment reporting structure.

The principal activities of each reportable segment are summarised as follows:

Reportable segments	Principal activities
North American Lithium
North American Lithium	Lithium mining and processing
All other operations
Australian operations
Lithium and gold projects	Exploration of lithium and gold tenements in the Pilbara and Yilgarn regions
Canadian operations
Authier Lithium Project	Hard rock lithium deposit
Killick Lithium Project	Exploration site for lithium pegmatite occurrences
Lac Albert Lithium Project	Exploration site for lithium pegmatite occurrences
Moblan Lithium Project	Hard rock lithium deposit host to high-grade spodumene mineralisation
Pontiac Claims	Exploration site for lithium pegmatite occurrences
Tansim Lithium Project	Exploration site for lithium, tantalum and beryllium
Troilus Claims	Wholly owned claims located adjacent to the Moblan Lithium Project
Vallée Lithium Project	Mineral rights claims located adjacent to NAL
USA operations
Carolina Lithium	Lithium mining and processing, currently in development and permitting stage

(b)	Segment results

The segment information reflects the Group’s interest in subsidiaries and joint operations. The segment information includes non-IFRS financial measures.

Segment performance is measured by Underlying EBITDA. Underlying EBITDA is earnings before underlying depreciation and amortisation expense, underlying earnings adjustments, net financial income and expenses, and income tax expense.

Group / unallocated items and eliminations represent centralised functions, items which are not solely related to North American Lithium or another operation, and consolidation adjustments and eliminations.

Reconciliations of underlying segment information to the statutory information included in the Group’s consolidated financial statements are set out in Note 4 (c).

 

 

(1)

Underlying depreciation and amortisation expense is comprised of depreciation and amortisation expense of $23.6 million, partially offset by favourable non-cash inventory movements of $2.1 million recognised within ‘Changes in inventories of finished goods and work in progress’. Refer to Note 7 for further details.

(2)	Refer to Note 4 (c) for further details.

 

 

Year ended 30 June 2025		North American Lithium $’000				All other operations $’000				Group / unallocated items and eliminations $’000				Total $’000
Revenue			145,016				–				–				145,016
Total revenue			145,016				–				–				145,016
Underlying EBITDA			(29,483	)			(1,444	)			(11,973	)			(42,900	)
Underlying depreciation and amortisation expense (1)			(25,546	)			(20	)			(361	)			(25,927	)
Underlying earnings adjustments (2)			(175,388	)			–				(4,165	)			(179,553	)
Loss from operations			(230,417	)			(1,464	)			(16,499	)			(248,380	)
Net financial expense															(670	)
Loss before income tax															(249,050	)
Income tax benefit															1,936
Loss after income tax															(247,114	)
Underlying exploration expenditure			6,304				11,390				–				17,694
Underlying capital expenditure (3)			12,765				–				–				12,765
Total underlying assets			223,287				173,581				30,096				426,964
Total underlying liabilities			99,697				1,054				15,212				115,963

 

(1)

Underlying depreciation and amortisation expense is comprised of depreciation and amortisation expense of $25.0 million and unfavourable non-cash inventory movements of $0.9 million recognised within ‘Changes in inventories of finished goods and work in progress’. Refer to Note 7 for further details.

(2)	Refer to Note 4 (c) for further details.

(3)	Underlying capital expenditure excludes capitalised exploration expenditure and right-of-use asset additions.

Year ended 30 June 2024		North American Lithium $’000				All other operations $’000				Group / unallocated items and eliminations $’000				Total $’000
Revenue			132,163				–				–				132,163
Total revenue			132,163				–				–				132,163
Underlying EBITDA			(14,377	)			(265	)			(19,796	)			(34,438	)
Underlying depreciation and amortisation expense (1)			(22,118	)			(11	)			(325	)			(22,454	)
Underlying earnings adjustments (2)			(13,053	)			(4,033	)			(3,636	)			(20,722	)
Loss from operations			(49,548	)			(4,309	)			(23,757	)			(77,614	)
Net financial income															1,918
Loss before income tax															(75,696	)
Income tax expense															(2,344	)
Loss after income tax															(78,040	)
Underlying exploration expenditure			10,959				10,817				80				21,856
Underlying capital expenditure (3)			58,822				7,695				2,687				69,204
Total underlying assets			429,072				123,264				77,585				629,921
Total underlying liabilities			73,391				2,725				23,484				99,600

(1)

Underlying depreciation and amortisation expense is comprised of depreciation and amortisation expense of $22.1 million and unfavourable non-cash inventory movements of $0.4 million recognised within ‘Changes in inventories of finished goods and work in progress’. Refer to Note 7 for further details.

(2)	Refer to Note 4 (c) for further details.

(3)	Underlying capital expenditure excludes capitalised exploration expenditure and right-of-use asset additions.

Inter-segment transactions

Inter-segment transactions are made on a commercial basis. All such transactions are eliminated on consolidation of the Group's financial statements.

Segment assets

Where an asset is used across multiple segments, the asset is allocated to the segment that receives the majority of the economic value from the asset. In most instances, segment assets are clearly identifiable on the basis of their nature and physical location.

Segment liabilities

Liabilities are allocated to segments where there is a direct nexus between the incurrence of the liability and the operations of the segment.

(c)	Underlying results reconciliation

The following table reconciles the underlying segment information to the Group’s statutory results for the year:

 

(1)	Adjustment to profit/(loss) which is reported as part of ‘North American Lithium’.

(2)	Adjustment to profit/(loss) which is reported as part of ‘Group / unallocated items and eliminations’. Refer to Note 30 (d) for further details.

(3)	Adjustment to profit/(loss) which is reported as part of ‘Group / unallocated items and eliminations’.

(4)

Adjustment to profit/(loss) which is reported as part of ‘North American Lithium’ (2026 and 2025: Nil; 2024: $2.4 million) and ‘Group / unallocated items and eliminations’ (2026 and 2025: Nil; 2024: $2.9 million). Management has deemed the impairment and write down of financial assets of $0.4 million for the year ended 30 June 2025 to have been incurred in the ordinary course of business, and therefore no adjustment has been made for the purpose of the underlying results reconciliation. Refer to Note 7 for further details.

(5)	Adjustment to profit/(loss) which is reported as part of ‘Group / unallocated items and eliminations’. Refer to Note 7 for further details.

(6)	Adjustment to profit/(loss) which is reported as part of ’Group / unallocated items and eliminations’.

(9)	Adjustment to profit/(loss) which is reported as part of ‘Group / unallocated items and eliminations’. Refer to Note 30 (d) for further details.

(d)	Major customers

The Group generates revenue from external customers who individually account for greater than 10 per cent of the Group’s total revenue. The following table sets out the applicable revenue percentage generated from each of these customers: