Tax (Tables)

12 Months Ended

Jun. 30, 2026

Income Tax Expense Comprises Current and Deferred Tax

Income tax expense comprises current and deferred tax and is recognised in the Consolidated Statement of Profit or Loss, except to the extent that it relates to items recognised directly in the Consolidated Statement of Comprehensive Income.

	2026 $’000			2025 $’000		2024 $’000
Current income tax benefit/(expense)		(2,710	)		795		(660	)
Deferred income tax benefit/(expense)		676			1,141		(1,684	)
Total income tax benefit/(expense)		(2,034	)		1,936		(2,344	)

Reconciliation of Prima Facie Income Tax Expense

	2026 $’000			2025 $’000			2024 $’000
Profit/(loss) before income tax		46,424			(249,050	)		(75,696	)
Income tax on profit/(loss) before income tax calculated at 30 per cent (2025 and 2024: 30 per cent)		(13,927	)		74,715			22,709
Adjust for tax effect of:
Mining Tax – Canada		(2,008	)		93			49
Non-assessable income		7,088			1,181			12
Non-deductible expenses		(34,004	)		(7,932	)		(4,456	)
Other assessable income		86			–			(1,263	)
Other deductible expenses		–			–			999
Prior period adjustments		389			3,809			–
Tax losses and temporary differences not brought to account		43,891			(61,452	)		(17,817	)
Tax rate differential on non-Australian income		(3,549	)		(8,478	)		(2,577	)
Total income tax benefit/(expense)		(2,034	)		1,936			(2,344	)

Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities are attributable to the following tax losses and temporary differences:

	Deferred tax assets						Deferred tax liabilities						Deferred tax charged/ (credited) to profit or loss
	2026 $’000			2025 $’000			2026 $’000			2025 $’000			2026 $’000			2025 $’000
Temporary differences
Deferred income		–			1,319			–			–			1,319			(21	)
Property, plant & equipment		–			–			50,495			15,275			35,220			(31,404	)
Provisions		4,309			519			–			–			(3,790	)		7,371
Tax losses		37,040			3,600			–			–			(33,440	)		22,165
Other		309			324			–			–			15			748
Total		41,658			5,762			50,495			15,275			(676	)		(1,141	)
Set off temporary differences		(41,658	)		(5,762	)		(41,658	)		(5,762	)		–			–
Total		–			–			8,837			9,513			(676	)		(1,141	)

Movement in Deferred Tax Balances

The movement in deferred tax balances during the year is as follows:

	2026 $’000			2025 $’000			2024 $’000
At the beginning of the financial year		9,513			9,853			9,291
Charged/(credited) to profit or loss		(676	)		(1,141	)		1,684
Charged/(credited) to equity		–			801			(1,122	)
At the end of the financial year		8,837			9,513			9,853

Unrecognised Deferred Tax Assets and Liabilities

The composition of the Group’s unrecognised deferred tax assets and liabilities is as follows:

	2026 $’000		2025 $’000
Tax losses – capital		4,613		4,378
Tax losses – revenue		69,054		65,327
Temporary differences		57,478		60,249
Total unrecognised deferred tax assets		131,145		129,954