Half Yearly Report and Accounts
Released
Released
Announcement PDF
Globe Metals and Mining Limited
ABN 33 114 400 609
Half-Year Financial Report - 31 December 2025
GLOBE METALS AND MINING LIMITED
CONTENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
1
CORPORATE DIRECTORY 2
DIRECTORS' REPORT 3
AUDITOR'S INDEPENDENCE DECLARATION 6
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 7
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 8
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 9
CONSOLIDATED STATEMENT OF CASH FLOWS 10
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 11
DIRECTORS’ DECLARATION 18
INDEPENDENT AUDITOR'S REVIEW REPORT 19
GLOBE METALS AND MINING LIMITED
CORPORATE DIRECTORY
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
2
Directors Alice Wong - Non-Executive Chairperson
Bo Tan - Non-Executive Director
Ricky Lau - Non-Executive Director
Michael Barrett - Non-Executive Director
Michael Choi - Non-Executive Director
Company secretary Kelly Moore
Senior Management Charles Altshuler - Interim Chief Executive Officer and Chief Financial Officer
Rex Zietsman - Chief Technical Officer
Principal & Registered office 45 Ventnor Avenue, West Perth, WA, 6005
Telephone +61 8 6118 7240
Fax +61 8 6323 0418
ABN 33 114 400 609
Auditors Australia:
BDO Audit Pty Ltd
Level 9, Mia Yellagonga Tower 2, 5 Spring St
Perth WA 6000
Malawi:
Deloitte
1st
Floor PLC House, Kaohsiung Road
Top Mandala
Blantyre
Share Registry Automic Pty Ltd
Level 5, 191 St Georges Terrace
Perth WA 6000
T: 1300 288 664
www.investor.automic.com.au
Stock exchange listing Australian Securities Exchange
(Home Exchange: Perth, Western Australia)
Level 40, Central Park, 152-158 St Georges Terrace
Perth WA 6000
Code: GBE
Bankers Westpac
106 St Georges Terrace
Perth WA 6000
GLOBE METALS AND MINING LIMITED
DIRECTORS' REPORT
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
3
The Directors of Globe Metals and Mining Limited (‘Globe’ or ‘the Company’) submit the financial report of the Company and its
controlled entities for the half-year ended 31 December 2025.
DIRECTORS
The names of the Directors who held office during or since the end of the half-year are:
Alice Wong Non-Executive Chairperson
Bo Tan Non-Executive Director
Ricky Lau Non-Executive Director
Michael Barrett Non-Executive Director
Michael Choi Non-Executive Director
Directors have held office for the entire period up to the date of this report unless otherwise stated.
COMPANY SECRETARY
Kelly Moore
KEY MANAGEMENT PERSONNEL
Charles Altshuler Interim Chief Executive Officer and Chief Financial Officer
Rex Zietsman Chief Technical Officer
RESULTS
The result for the half-year ended 31 December 2025 attributable to members of Globe was a net loss after tax of $1,786K (31 December
2024: $1,550K).
REVIEW OF OPERATIONS
The half-year ended 31 December 2025 marked a defining step in Globe’s transition from feasibility into execution. During the period,
the Company materially strengthened its balance sheet, secured strategic equity funding, eliminated outstanding debt and advanced the
Kanyika Niobium Project toward execution.
The Company's objective remains clear: to deliver Kanyika safely, fund it responsibly, scale it intelligently and build long-term value by
supplying traceable, conflict-free critical minerals into structurally tight global markets.
Project Progress and Offtake
Kanyika continued to advance across technical, commercial and permitting fronts during the half-year.
Offtake arrangements remain in place covering 100% of the original Phase 1 production, providing a strong foundation for funding and
early works. Agreements with Neo Performance Materials, Myst Trading and Affilips N.V. continue to diversify market access across
Europe, North America and Asia. Converting these MOUs into binding agreements remains a priority, aligned with final project financing
and full construction sequencing.
Phase 1 remains designed as a disciplined entry point at approximately 10% of full production scale — approximately 300 tonnes per
annum of high-purity niobium oxide (Nb₂O₅) and approximately 15 tonnes per annum of high-purity tantalum oxide (Ta₂O₅). Securing
offtake across the entire initial scope positions Kanyika strongly among global development-stage peers.
Funding and Financial Position
A key outcome of the half-year was the material strengthening of Globe’s balance sheet.
In October 2025, the Company secured firm commitments for a two-tranche A$8.67 million private placement to strategic investors
Avocado Trading Limited and Suitable Pioneer Limited. Tranche 1 settled in October 2025, with Tranche 2 subsequently settling in
December 2025 following shareholder approval.
In parallel, Globe undertook a structured debt reduction program, including repayment of the USD shareholder loan facility (including
accrued interest), conversion of outstanding convertible notes into equity, and settlement of the A$2.3 million shareholder loan facility
through a combination of equity and cash.
GLOBE METALS AND MINING LIMITED
DIRECTORS' REPORT
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
4
As at 23 December 2025, Globe achieved a fully debt-free position. At 31 December 2025, the Company held cash of $5.76 million.
This strengthened financial position provides a solid foundation as the Company progresses the updated BFS and continues advancing
toward execution.
Construction Initiated – Early Works Underway
The Company continues to advance the Bankable Feasibility Study under an Early Contractor Involvement (ECI) framework designed to
enhance constructability, improve cost confidence and maintain schedule discipline. Subsequent to the half-year end, Globe announced
the official commencement of construction and early works at Kanyika under a binding Pre-Development Collaboration Agreement with
Sinomine International (Zambia) Engineering Company Limited.
Early works include access road upgrades, earthworks, drainage, site establishment, and defined land clearing activities. In parallel,
Sinomine is supporting detailed procurement, execution planning and refinery-grade sample production for incorporation into the
updated BFS, which is expected to be completed in the coming months.
These milestones represent a significant step in the Project’s transition from feasibility into execution and support compliance with
substantial works milestones under the Mining Development Agreement.
Importantly, Globe retains 100% ownership, control and offtake rights over Kanyika.
Licence Expansion and Strategic Diversification
The Mining Licence amendment approved in August 2025 remains in effect, expanding Kanyika to include zircon, hafnium, neodymium
and praseodymium (NdPr) alongside niobium and tantalum.
This amendment strengthens Kanyika’s positioning as a multi-mineral critical supply hub aligned with aerospace, defence, advanced
electronics and clean-energy supply chains.
Market Overview
The niobium market remains structurally tight, with supply highly concentrated across a small number of global producers and
jurisdictions. Brazil remains the dominant primary producer of niobium globally, while China continues to play a significant role across
downstream processing and consumption.
Demand remains anchored in high-strength low-alloy steels, while high-purity niobium oxide demand continues to expand across
aerospace, defence, superconductors and advanced electronics.
The rapid growth of artificial intelligence and high-performance computing infrastructure is emerging as an additional demand driver,
increasing requirements for high-purity materials in power systems, superconducting magnets and energy-efficient data centre
architecture.
Governments in the United States and Europe continue to prioritise supply-chain diversification for critical minerals, reinforcing the
strategic positioning of advanced, permitted niobium projects with clear execution pathways.
The tantalum market similarly remains supply-constrained and geopolitically sensitive, with demand growth anchored in
semiconductors, aerospace, medical devices and optics. Traceable, conflict-free production remains a core purchasing criterion.
Globe’s Position
Kanyika remains positioned to supply:
● approximately 3,000 tpa Nb₂O₅ and approximately 150 tpa Ta₂O₅ at full scale;
● high-purity, conflict-freeSyntax Error: Unknown form type
oxides refined within Malawi;
● 100% of initial Phase 1 output covered by offtake MOUs; and
● development under a structured ECI execution model
With a strengthened balance sheet, zero debt and early works underway, Globe has advanced into its execution phase.
GLOBE METALS AND MINING LIMITED
DIRECTORS' REPORT
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
5
Outlook
Globe enters the second half of FY2026 in a materially strengthened financial position, having secured A$8.67 million in equity funding
and eliminated all outstanding debt during the period.
The Company’s near-term focus remains on completion of the updated BFS in the coming months, progression of senior debt
arrangements aligned with Phase 1 development, and conversion of existing MOUs into binding offtake agreements.
Early works commenced subsequent to period end under the Early Contractor Involvement framework, supporting execution planning
and compliance with substantial works obligations under the Mining Development Agreement.
The Company will continue to advance the Kanyika Project in a disciplined and structured manner as it progresses toward full-scale
development.
SUBSEQUENT EVENTS
No matter or circumstance has arisen since 31 December 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.
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.
ROUNDING OF AMOUNTS
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments
Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that Corporations Instrument
to the nearest thousand dollars, or in certain cases, the nearest dollar.
This report is made in accordance with a resolution of Directors, pursuant to section 306(3)(a) of the Corporations Act 2001.
On behalf of the Directors
___________________________
Ms Alice Wong
Non-Executive Chairperson
13 March 2026
Perth, Western Australia
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO
International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms.
Liability limited by a scheme approved under Professional Standards Legislation.
DECLARATION OF INDEPENDENCE BY DEAN JUST TO THE DIRECTORS OF GLOBE METALS & MINING
LIMITED
As lead auditor for the review of Globe Metals & Mining Limited for the half-year ended 31 December
2025, I declare that, to the best of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the review; and
2. No contraventions of any applicable code of professional conduct in relation to the review.
This declaration is in respect of Globe Metals & Mining Limited and the entities it controlled during the
period.
Dean Just
Director
BDO Audit Pty Ltd
Perth
13 March 2026
GLOBE METALS AND MINING LIMITED
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
Consolidated
Note 31 Dec 2025 31 Dec 2024
$'000 $'000
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
7
Interest income 20 -
Other income 30 -
Expenses
Administrative expenses (367) (701)
Depreciation expenses (2) (4)
Directors fees (199) (180)
Employee benefits expenses (300) (243)
Interest and withholding tax expense (624) (64)
Share-based payment expense (6) (68)
Foreign exchange gain 7 170
Loss on disposal of subsidiaries - (172)
Other expenses (345) (288)
Loss before income tax expense (1,786) (1,550)
Income tax expense - -
Loss after income tax expense for the half-year (1,786) (1,550)
Other comprehensive loss
Items that will not be reclassified to profit or loss in subsequent periods
Changes in the fair value of investments at fair value through other comprehensive income (1) (2)
Other comprehensive loss after tax (1) (2)
Total comprehensive loss for the half-year (1,787) (1,552)
Loss Per Share attributable to ordinary equity holders of the Company Cents Cents
Basic loss per share 7 (0.24) (0.22)
Diluted loss per share 7 (0.24) (0.22)
GLOBE METALS AND MINING LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
Consolidated
Note 31 Dec 2025 30 Jun 2025
$'000 $'000
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
8
Assets
Current assets
Cash and cash equivalents 5,757 496
Other receivables 178 149
Other assets 91 60
Total current assets 6,026 705
Non-current assets
Investments at fair value through other comprehensive income 7 8
Plant and equipment 17 17
Exploration and evaluation expenditure 3 34,673 34,281
Total non-current assets 34,697 34,306
Total assets 40,723 35,011
Liabilities
Current liabilities
Trade and other payables 541 435
Loan 4 - 4,596
Derivative financial instruments 6 - 318
Provisions for employee benefits 87 70
Total current liabilities 628 5,419
Total liabilities 628 5,419
Net assets 40,095 29,592
Equity
Contributed equity 5 101,985 89,701
Reserves 8 586 581
Accumulated losses (62,476) (60,690)
Total equity 40,095 29,592
GLOBE METALS AND MINING LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
9
Total
Contributed
Equity
Accumulated
Losses
Reserves
$'000 $'000 $'000 $'000
Balance at 1 July 2024 89,572 (57,343) 511 32,740
Loss after income tax expense for the half-year - (1,550) - (1,550)
Other comprehensive loss - - (2) (2)
Total comprehensive loss for the half-year - (1,550) (2) (1,552)
Transactions with owners in their capacity as owners:
Options issued - - 68 68
Balance at 31 December 2024 89,572 (58,893) 577 31,256
Total
Contributed
Equity
Accumulated
Losses
Reserves
$'000 $'000 $'000 $'000
Balance at 1 July 2025 89,701 (60,690) 581 29,592
Loss after income tax expense for the half-year - (1,786) - (1,786)
Other comprehensive loss - - (1) (1)
Total comprehensive loss for the half-year - (1,786) (1) (1,787)
Transactions with owners in their capacity as owners:
Issued capital 8,590 - - 8,590
Conversion of loan into share capital 2,866 - - 2,866
Options issued - - 6 6
Conversion of convertible note into share capital 828 - - 828
Balance at 31 December 2025 101,985 (62,476) 586 40,095
GLOBE METALS AND MINING LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
Consolidated
Note 31 Dec 2025 31 Dec 2024
$'000 $'000
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
10
Cash flows from operating activities
Payments to suppliers and employees (inclusive of value added taxes) (1,272) (960)
Interest and other finance costs paid (164) -
Interest received 1 -
Net cash used in operating activities (1,435) (960)
Cash flows from investing activities
Payments for property, plant and equipment (3) (4)
Payments for exploration and evaluation (391) (1,394)
Net cash used in investing activities (394) (1,398)
Cash flows from financing activities
Proceeds from issue of shares 5 8,670 -
Payment of capital raising cost 5 (26) -
Proceeds from borrowings 4,6 818 1,500
Repayment of borrowings 4 (2,372) -
Net cash provided by financing activities 7,090 1,500
Net increase/(decrease) in cash and cash equivalents 5,261 (858)
Cash and cash equivalents at the beginning of the half-year 496 1,147
Cash and cash equivalents at the end of the financial half-year 5,757 289
GLOBE METALS AND MINING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
11
1. BASIS OF PREPARATION OF HALF-YEAR REPORT AND CHANGES TO GROUP’S ACCOUNTING POLICIES
1.1 Basis of Preparation
This consolidated interim financial report for the half-year reporting period ended 31 December 2025 has been prepared in accordance
with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001.
This consolidated interim financial report does not include all the notes of the type normally included in an annual financial report.
Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2025 and any public
announcements made by Globe Metals & Mining Limited (the “Company”) during the interim reporting period in accordance with the
continuous disclosure requirements of the Corporations Act 2001.
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period,
except as set out below.
1.2 New standards, interpretations and amendments adopted by the Group
The accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed
in the preparation of the Group’s annual consolidated financial statements for the year ended 30 June 2025 except for the adoption of
new standards and interpretations effective as of 1 July 2025. The Group has not early adopted any other standard, interpretation or
amendment that has been issued but is not yet effective. None of the new standards and amendments to standards that are mandatory
for the first time for the financial year beginning 1 July 2025 affected any of the amounts recognised in the current period or any prior
period.
1.3 Going Concern
The financial report has been prepared on the going concern basis, which contemplates the continuity of normal business activity and
the realisation of assets and settlement of liabilities in the normal course of business.
As at 31 December 2025, the Group had cash and cash equivalents of $5,757K and had net working capital surplus of $5,398K. The Group
incurred a loss for the half-year ended 31 December 2025 of $1,786K (31 December 2024: $1,550K loss) and net cash outflows used in
operating activities and investing activities totalling $1,829K (31 December 2024: $2,358K). The Group’s cashflow forecasts reflect that
the Group will be required to raise additional working capital within the next 12 month period to enable it to continue to progress the
financing and development of the Kanyika Project.
The ability of the Group to continue as a going concern is dependent on securing additional debt and/or equity funding to meet its
working capital requirements in the next 12 months. These conditions indicate the existence of a material uncertainty that may cast a
significant doubt about the Group’s ability to continue as a going concern.
At the date of this report, the Directors are satisfied there are reasonable grounds to believe that the Group will be able to continue its
planned operations and the Group will be able to meet its obligations as and when they fall due, for the following reasons:
● The Company has been issued with a Large-Scale Mining Licence for the Kanyika Project which provides it with tenure of twenty-
five (25) years from the grant date subject to ongoing compliance with the licence terms and conditions. This underscores the
project's value.
● The Company has demonstrated in the past its capability to raise equity and/or obtain debt funding as and when required as
evidenced by the raise of A$8.67 million placement during the period.
● The Group has received a letter from the Department of Mines of the Malawi Government in May 2023, confirming the mine
development on the Kanyika Niobium Project shall commence within eighteen (18) months from the date of signing of the MDA,
which was initially set for 29 September 2024. Subsequently, on 26 September 2025, the Group was granted a 12-month extension,
with the new commencement date now set for 27 September 2026. As at the date of this report, pre-development works have
commenced at the Kanyika Niobium Project site.
Should the Group not be able to continue as a going concern, it may be required to realise its assets and discharge its liabilities other
than in the ordinary course of business, and at amounts that differ from those stated in the financial statements. The financial report
does not include any adjustments relating to the recoverability and classification of recorded asset amounts or liabilities that might be
necessary should the Group not continue as a going concern and meet its debts as and when they become due and payable.
GLOBE METALS AND MINING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
12
2. SEGMENT INFORMATION
The Group is organised into one operating segment being the Kanyika Niobium Project in Malawi. The operating segment is based on
the internal reports that are reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers) in
assessing performance and in determining the allocation of resources.
3. EXPLORATION AND EVALUATION EXPENDITURE
Consolidated
31 Dec 2025 30 Jun 2025
$'000 $'000
Non-current assets
Costs carried forward in respect of areas of interest in:
Exploration and evaluation phases – at cost 34,673 34,281
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial half-year are set out below:
Consolidated $'000
Balance at 1 July 2024 31,635
Exploration expenditure capitalised during the year 2,757
Write off of assets (111)
Balance at 30 June 2025 34,281
Exploration expenditure capitalised during the half-year 392
Balance at 31 December 2025 34,673
The value of the Group’s interest in exploration expenditure is dependent upon:
● the continuance of the consolidated entity's rights to tenure of the areas of interest;
● the results of future exploration;
● the recoupment of costs through successful development and exploitation of the areas of interest, or alternatively, by their sale;
and
● no significant changes in laws and regulations that greatly impact the Group’s ability to maintain tenure.
The Group’s exploration properties may be subjected to claim(s) under native title, or contain sacred sites, or sites of significance to
indigenous people. As a result, exploration properties or areas within the tenements may be subject to exploration restrictions, mining
restrictions and/or claims for compensation. At this time, it is not possible to quantify whether such claims exist, or the quantum of such
claims.
4. BORROWINGS
Consolidated
31 Dec 2025 30 Jun 2025
$'000 $'000
Current liabilities
Loan advancement - 4,180
Interest accrual - 461
FX movement - (45)
Balance at the end of reporting period - 4,596
GLOBE METALS AND MINING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
4. BORROWINGS (continued)
13
Details of the loans are as follows:
September 2024 Loan Facility
In September 2024, Director Mr Bo Tan provided a short-term loan facility, in the amount of A$2,300,000 to assist the Company with its
short-term working capital requirements (the ‘September 2024 Loan Facility’). On 30 April 2025, the Company announced that it had
agreed with Mr Tan to extend the original repayment date from 25 March 2025 to 25 August 2025. During the half-year, on 20 August
2025, the Company announced a further extension of the repayment date to 30 November 2025.
The September 2024 Loan Facility was fully repaid ($2,300,000 plus interest) on 23 December 2025 via the issue of shares and repayment
of the residual balance in cash. Accordingly, no borrowings remained outstanding at 31 December 2025. Refer to note 5.
January 2025 Loan Facility
On 30 January 2025, the Company announced to the market that Director Bo Tan had provided an unsecured short-term loan facility, in
the amount of US$1,200,000 to assist the Company with its short-term working capital requirements (the "January 2025 Loan Facility").
On 30 April 2025, the Company announced it had reached an agreement with Mr Tan to increase the facility limit by a further
US$200,000, to US$1,400,000. During the half-year, on 20 August 2025, the Company announced that the repayment date of the facility
had been extended from 18 October 2025 to 30 November 2025.
During the half-year ended 31 December 2025, the January 2025 Loan Facility was fully drawn down at US$1,400,000.
The January 2025 Loan Facility was fully repaid (US$1,400,000 plus interest) in cash through three equal instalments during the period.
Accordingly, no borrowings remained outstanding at 31 December 2025.
5. ISSUED CAPITAL
Consolidated
31 Dec 2025 31 Dec 2025 30 Jun 2025 30 Jun 2025
$'000 Number $'000 Number
Fully paid ordinary shares 101,985 937,909,228 89,701 694,653,010
Movements in fully paid ordinary shares on issue are as follows:
31 Dec 2025 31 Dec 2025 30 Jun 2025 30 Jun 2025
$'000 Number $'000 Number
Balance at 1 July 89,701 694,653,010 89,572 691,445,497
Shares issued for the provision of corporate advisory services - - 129 3,207,513
Proceeds from share issue1, 3
8,670 170,000,000 - -
Share issue expenses (80) - - -
Conversion of convertible note into share capital2
828 17,063,845 - -
Conversion of loan into share capital4
2,866 56,192,373 - -
Balance at the end of reporting period 101,985 937,909,228 89,701 694,653,010
1
On 23 October 2025, the Company issued 136,500,000 ordinary shares at $0.051 per share to raise $6,961,500 (Tranche 1).
2
On 23 October 2025, the Company issued 17,063,845 ordinary shares to settle $828,536 owing under two convertible notes held by Ms
Ping. Both convertible notes were converted in full.
3
On 9 December 2025, the Company issued 33,500,000 ordinary shares at $0.051 per share to raise $1,708,500 (Tranche 2).
4
On 23 December 2025, the Company issued 56,192,373 ordinary shares at $0.051 per share, with a value of $2,865,811, as approved
by shareholders on 27 November 2025. The shares were applied in partial settlement of loans and capitalised interest owing to Mr Bo
Tan totalling $3,012,693 as at 23 December 2025, with the residual balance of $146,882 repaid in cash on the same date.
GLOBE METALS AND MINING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
14
6. CONVERTIBLE NOTES
Consolidated
31 Dec 2025 30 Jun 2025
$'000 $'000
Current liabilities
Convertible note - debt component - 201
Convertible note - derivative liability component - 117
- 318
The Company had two unsecured convertible notes on issue during the half-year ended 31 December 2025, both of which were
subsequently settled during the period:
● USD 200,000 issued on 28 April 2025; and
● USD 340,000 issued on 26 July 2025.
The July 2025 note was issued on terms substantially similar to the April 2025 note. Both instruments bore interest and were convertible
into ordinary shares of the Company at the option of the noteholder in accordance with their respective agreements.
Consistent with the accounting policy disclosed in the annual report for the year ended 30 June 2025, the conversion features of the
notes failed the “fixed-for-fixed” criterion under AASB 132 and were therefore accounted for as derivative financial liabilities and
bifurcated from the host debt instruments.
During the half-year, both convertible notes, including accrued interest, were converted into ordinary shares of the Company in
accordance with their terms. Upon conversion:
● the debt host liabilities were derecognised;
● the associated derivative financial liabilities were remeasured to fair value immediately prior to conversion; and
● the total carrying amounts were transferred to issued capital (refer to note 5).
Reconciliation of Liability Components
Consolidated
31 Dec 2025 30 Jun 2025
$'000 $'000
Debt component
Opening balance 201 -
Proceeds received 515 309
Allocation to derivative liability at inception (191) (119)
Effective interest of host liability 25 11
Conversion to equity (550) -
- 201
Consolidated
31 Dec 2025 30 Jun 2025
$'000 $'000
Derivative liability component
Opening balance 117 -
Derivative liability recognised at inception 191 119
Fair value movement (30) (2)
Conversion to equity (278) -
- 117
GLOBE METALS AND MINING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
6. CONVERTIBLE NOTES (continued)
15
Any resulting gain or loss arising from remeasurement and derecognition was recognised in profit or loss.
At 31 December 2025, no convertible note liability or derivative financial liability remained outstanding.
7. LOSS PER SHARE
Consolidated
31 Dec 2025 31 Dec 2024
$'000 $'000
Earnings per share for loss from continuing operations
Loss after income tax (1,786) (1,550)
Number Number
Weighted average number of ordinary shares used in calculating basic loss per share 760,367,220 691,870,404
Weighted average number of ordinary shares used in calculating diluted loss per share 760,367,220 691,870,404
Cents Cents
Basic loss per share (0.24) (0.22)
Diluted loss per share (0.24) (0.22)
There is no impact of dilutive shares as the Group made a loss for the year and therefore the performance rights and options on issue at
31 December 2025 have no impact. The diluted earnings per share is therefore the same as basic loss per share.
8. RESERVES
Consolidated
31 Dec 2025 30 Jun 2025
$'000 $'000
Financial asset revaluation reserve (27) (2
Share your feedback
Discover