Icon Energy Annual Report 2024 9 MATERIAL BUSINESS RISKS There are two material business risks that are applicable. Regulatory Risk Obtaining the necessary approvals, licenses, and permits depends on the discretion of government authorities. Our business would suffer if our applications for exploration licenses are denied. We must also comply with specific ongoing and periodic conditions to maintain our mining and exploration tenements; failure to meet these conditions could negatively impact our operations and financial health. Currently Icon is waiting for the approval of application for PL as required under the Act. Future Capital Raisings and Financial Risk Our ongoing operations may necessitate significant additional financing beyond previous capital raises. We will need further funding to bring the Keppel Project into production. If equity financing is used, it would dilute existing shareholders and might occur at prices lower than the current market value. If we pursue debt financing, it may come with restrictive covenants that could hinder our operational flexibility and business strategy. CORPORATE STRATEGIES AND FUTURE DEVELOPMENTS The group will continue to pursue the renewal of ATP 855 under a PL application for the tenement. FINANCIAL POSITION The consolidated loss after tax for the Company and its controlled entities for the financial year ended 30 June 2024 was $1,156,056 (2023: $5,537,787 loss). ROUNDING OF AMOUNTS In accordance with ASIC Corporations (Rounding in Financial/ Directors’ Reports) Instrument 2016/191, amounts in the Directors’ Report and Financial Report have been rounded off to the nearest dollar unless otherwise indicated SHARES UNDER OPTION The Company has no options or other convertible securities on issue at the date of this report. DIVIDENDS The Directors recommend that no dividend be paid by the Company. No dividends have been declared or paid by the Company since the end of the previous financial year (30 June 2023). REMUNERATION REPORT The Remuneration Report for the financial period which forms part of the Director’s Report can be found on page 12 of this Annual Report. COMPANY SECRETARY Raymond James has been the Company Secretary since 21 October 2022. The details of qualifications and experience are set out on page 5.
RkJQdWJsaXNoZXIy MjE2NDg3