Half Year Report and Accounts
Released
Released
Announcement PDF
Aureka Limited
ABN 66 125 140 105
Interim Report - For the half-year ended 31 December 2025
Aureka Limited
Contents
31 December 2025
1
Corporate directory 2
Directors' report 3
Auditor's independence declaration 7
Consolidated statement of profit or loss and other comprehensive income 8
Consolidated statement of financial position 9
Consolidated statement of changes in equity 10
Consolidated statement of cash flows 11
Notes to the consolidated financial statements 12
Directors' declaration 24
Independent auditor's review report to the members of Aureka Limited 25
Aureka Limited
Corporate directory
31 December 2025
2
Directors Graeme Hunt (Non-Executive Chairman)
James Gurry (Managing Director)
Richard Taylor (Non-Executive Director)
Angela Lorrigan (Non-Executive Director)
Company secretary Mathew Watkins
Registered office and principal place Suite 2, Level 11, 385 Bourke Street
of business Melbourne, VIC 3000
Telephone +61 (3) 9692 7222
Fax +61 (3) 9956 7355
Email info@aureka.com.au
Website www.aureka.com.au
Share register Boardroom Pty Limited
Level 8, 208 George Street
Sydney NSW 2000 Australia
Telephone +61 (2) 9290 9600
Facsimile +61 (3) 9279 0664
Auditor William Buck
Level 20, 181 William Street
Melbourne, VIC 3000
Stock exchange listing Aureka Limited shares are listed on the Australian Securities Exchange (ASX code:
AKA)
Aureka Limited
Directors' report
31 December 2025
3
The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as
the 'Consolidated entity') consisting of Aureka Limited (referred to hereafter as the 'Company' or 'parent entity' or 'Aureka')
and the entities it controlled at the end of, or during, the half-year ended 31 December 2025.
Directors
The following persons were directors of Aureka Limited during the whole of the financial half-year and up to the date of this
report, unless otherwise stated:
Graeme Hunt - Non-Executive Chairman
James Gurry - Managing Director
Richard Taylor - Non-Executive Director
Angela Lorrigan - Non-Executive Director
Principal activities
The principal activities during the period involved mineral exploration in Victoria, Australia.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial half-year.
Review of operations
The loss for the Consolidated entity after providing for income tax amounted to $2,274,428 (31 December 2024: loss of
$2,054,224).
The period was one of significant advancement for Aureka Limited (ASX: AKA) led by multiple intercepts of high-grade
mineralisation at both at the Irvine (Stawell Corridor) and Comstock (St Arnaud) projects.
The period also saw strategic land access partnership at the Irvine Project, engagement with mill owners to advance the
Comstock Project, successful divestment of the Company’s interest in the Tandarra Gold Project JV and culminated with a
highly successful $3.6M placement in December 2025.
Through the calendar year 2025, Aureka completed just under 7,000 metres of diamond drilling across its portfolio of projects,
most of the drilling focused on the flagship Irvine Project, followed by the Comstock Project.
On 24 Jul 2025 (1), the Company reported Multiple high-grade gold intercepts at St Arnaud Comstock Project. The drilling at
Comstock intersected multiple zones of gold mineralisation outside the existing resource. Mineralisation is associated with
sheared stylolitic quartz veins containing elevated sulphides, including pyrite, arsenopyrite, galena, and sphalerite.
Highlights from hole 25NED001 included:
● 6.9m @ 4.24g/t Au from 422.1m, including 0.75m @ 18.6g/t Au,
● 3.2m @ 4.71g/t Au from 434.0m, including 0.6m @ 19.9g/t Au, and
● 3.35m @ 1.87g/t Au from 408.1m.
On 27 August 2025, Aureka announced (2) the successful completion of its Unmarketable Parcel (UMP) Facility, allowing
shareholders with holdings valued under $500 to sell their shares efficiently and cost-effectively. Following completion,
749,622 shares were sold on behalf of 3,834 shareholders, reducing the register to 1,317 shareholders and 126,050,281
shares on issue, simplifying administration and improving liquidity.
On 1 October 2025, Aureka announced (3) that it had initiated a strategic review of its 49% interest in the Tandarra Gold Project
Joint Venture with Catalyst Metals (ASX:CYL). The review will consider several potential outcomes, including maintaining
Aureka’s current interest, partial or full divestment, or conversion to a production royalty. The process remains confidential
and ongoing, with the Board to update shareholders upon completion.
On 14 October 2025, Aureka confirmed (4) multiple occurrences of visible gold on diamond drilling at the Irvine Project. Visible
gold was observed across multiple holes (RD046, RD047 and RD048) in multiple zones.
On 15 October 2025, assay results from the visible gold samples (5) were received which included the highest-grade assay
since the discovery of the Irvine Project in 2017 (0.3m @ 183g/t). The record results on diamond hole RD048 were within a
greater 10m significant gold intercept zone that included disseminated sulphides within the Tenacity Hanging Wall Fault wall
rock.
Aureka Limited
Directors' report
31 December 2025
4
Results from RD048 included:
● 10m @ 12.1g/t Au from 413m,
● Including 0.3m @ 183g/t Au from 413m, and
● 0.3m @ 64.3g/t Au from 413.8m.
The results in RD048 were 200m north north-west of the visible gold intercept previously reported from Irvine diamond
hole RD046 and reaffirm the newly identified Tenacity Hanging Wall Fault structure to be high priority target with potential to
high grade gold intercepts and grow the Inferred Resource at the Irvine Project.
On 10 November 2025, Aureka agreed to exit its interest in the Tandarra Joint Venture (JV) for cash consideration of $1.275m
(before costs) (6). The proceeds to be applied towards continued diamond drilling and the permanent land access around the
Irvine Gold Project.
On 3 December 2025 Aureka announced that as part of its permanent project land access strategy first announced in March
2025, a new strategic partnership with privately-owned, Australian resident mining company, RDI Mining Pty Ltd and other
investors to hold or own land for the benefit of Aureka (7). These agreements ensure Aureka is maximising its available funds
for in ground exploration spending and not on capital intensive land ownership. By the end of the reporting period, Aureka had
come to own or control over 100 hectares of land and properties around the flagship Irvine Project. This sees Aureka follows
in the footsteps of other successful Victorian explorer-developers, securing permanent project land access early. The
agreements with RDI and other investors involve ownership of the land by investors, Aureka occupying or managing the land
under lease or sub-leasing to local agricultural operators.
Also on 3 December 2025 Aureka announced further high grade visible gold results on the Irvine Project Resolution Lode
footwall (8) from the remaining assays from diamond drill hole RD048. The key intercept was:
● 5.66m @ 6.13g/t Au from 489.34m, and
● Including 0.38m @ 85.8g/t Au from 492.18m.
The gold mineralisation in these lower section of diamond hole RD048 occur within a weakly stylolitic sheared quartz vein with
minor arsenopyrite hosted in the Resolution Foot Wall. The high-grade results occur 70m below those previously reported in
the Tenacity Hanging Wall Fault.
On 8 December 2025, the Aureka announced (9) it had engaged Victorian small-scale gold production specialists Core
Prospecting Pty Ltd to undertake a scope of works to assess the regulatory pathway, engineering, logistics and targeted
drilling required to prepare Comstock for possible early mining commencement. Importantly, the scope includes an
assessment of mill options, including suitability of the Core owned and operated Wedderburn Milling Facility (Mining Licence
4183), which is situated only 45km from the St Arnaud Comstock Project.
Towards the close of the quarter, Aureka completed a highly successful share placement of $3.6 million to new and existing
wholesale investors at $0.14 per share. Placement funds will be used to maintain and accelerate Aureka’s exploration activities
and strategic initiatives.
Footnotes:
(1) ASX Release - 24 Jul 2025: Multiple high-grade gold intercepts at St Arnaud Comstock
(2) ASX Release - 27 August 2025: Completion of its Unmarketable Parcel (UMP) Facility
(3) ASX Release - 1 October 2025: Strategic review of Tandarra Gold Project Joint Venture
(4) ASX Release - 14 Oct 2025: Irvine Drilling Multiple Occurrences of Visible Gold
(5) ASX Release - 15 Oct 2025: Irvine Drilling Highest Assay Since Discovery
(6) ASX Release - 10 Nov 2025: Aureka divests Tandarra Interest for $1.3M
(7) ASX Release - 03 Dec 2025: Strategic Land Access Partner Maximises Exploration Spend
(8) ASX Release - 03 Dec 2025: Irvine Drilling – Resolution Footwall Delivers Hight Grade Results
(9) ASX Release - 08 Dec 2025: Core Prospecting St Arnaud Engagement
Aureka Limited
Directors' report
31 December 2025
5
Significant changes in the state of affairs
On 10 November 2025, the Company announced that it divested its 49% interest in the Tandarra Gold Project Joint Venture
to its partner for a cash consideration of $1,275,000 (before costs) (refer to "10 Nov 2025: Aureka divests Tandarra Interest
for $1.3M" for details).
On 18 November 2025, the Consolidated entity entered into a Land Call and Call Option Agreement (“Deed - 180”) in respect
of the property located on 180 Westgate Road, Armstrong VIC ("180") with 366 Property Pty Ltd (“366”). The Deed – 180
granted (i) a Put Option to 366 and (ii) a Call Option to the Consolidated entity to acquire the property at a fixed exercise price
of $1,440,000, subject to an uplift of +30% for the first 12‑month period, then +25% for each additional completed 12‑month
period (pro‑rata for part‑year), with settlement 60 days after exercise. The Call Option may be exercised by Aureka at any
time up to the 4th anniversary of the Commencement Date, and the Put Option may be exercised by the Landowner only upon
a Trigger Event and also only up to the 4th anniversary. Option fees of $1 were paid for each of the Put and Call options on
execution. The options under Deed – 180 were considered as executory contracts over a non‑financial asset that require
physical delivery and cannot be settled in net; accordingly, the options were disclosed as commitments and not recognised in
the financial statements.
As part of the arrangement, in November 2025 the Consolidated entity entered into a 4 year lease agreement with RDI to
occupy 180 with an annual rent of $100,800 plus GST, with a fixed 4% annual increase. The lease was payable quarterly in
advance. There were $25,200 rent and $8,400 rental deposit payables as at 31 December 2025, which were then settled
(together with the rent for the quarter commenced 1 March 2026) through issuance of 452,308 ordinary shares at $0.13 (13
cents) per shares on 9 February 2026.
As at 31 December 2025 and 30 June 2025, a total of $160,000 was paid for the acquisition of 180 and recognised in the
consolidated statement of financial position as other assets.
On 18 November 2025, the Consolidated entity entered into a Put & Call Option Deed (“Deed - 156”) in respect of the property
located on Part 156 Westgate Road ("156"), Armstrong VIC with RDI Mining Holdings Pty Ltd (“RDI”). The Deed – 156 granted
(i) a Put Option to RDI and (ii) a Call Option to the Consolidated entity to acquire the property at a fixed exercise price of
$780,000 (ex‑GST), with settlement 60 days after exercise. The Put Option is exercisable from 14 November 2026 to 13
November 2027; and the Call Option is exercisable from 14 November 2026 to 13 November 2028. Option fees of $1 were
paid for each of the Put and Call options on execution. The options under Deed – 156 were considered as executory contracts
over a non‑financial asset that require physical delivery and cannot be settled in net; accordingly, the options were disclosed
as commitments and not recognised in the financial statements.
As part of the arrangement, on 21 November 2025 the Consolidated entity entered into a 3 year lease agreement with RDI to
occupy 156 with an annual rent of $39,000 plus GST, payable annually in advance. The lease included two 2-year renewal
options with 5% uplift on each renewal.
As at 31 December 2025, a total of $490,000 were paid for the acquisition of 156 and recognised in the consolidated statement
of financial position as other assets, of which $390,000 was settled via issuance of 3,750,000 ordinary shares of the Company
at $0.104 (10.4 cents each).
As at 31 December 2025, neither option had been exercised and no present obligation to purchase 156 and 180 existed,
therefore, the Consolidated entity has a commitment amounted to $1,730,000, being the fixed exercise price of the call options.
By the end of the reporting period, upon execution the abovementioned arrangements, the Consolidated entity had come to
own or control over 100 hectares of land and properties around the flagship Irvine Project.
On 23 December 2025, the Company issued 25,284,552 ordinary shares at $0.14 (14 cents) per share to existing and new
investors and raised $3,539,837 (before cost) upon completion of a placement on 16 December 2025.
There were no other significant changes in the state of affairs of the Consolidated entity during the financial half-year.
Matters subsequent to the end of the financial half-year
No matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the
Consolidated entity's operations, the results of those operations, or the Consolidated entity's state of affairs in future financial
years.
Aureka Limited
Directors' report
31 December 2025
6
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.
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
___________________________
Graeme Hunt
Non-Executive Chairman
12 March 2026
Level 20, 181 William Street, Melbourne VIC 3000 +61 3 9824 8555 vic.info@williambuck.com
williambuck.com.au
William Buck is an association of firms, each trading under the name of William Buck
across Australia and New Zealand with affiliated offices worldwide.
Liability limited by a scheme approved under Professional Standards Legislation.
Lead Auditor’s Independence Declaration under Section 307C of
the Corporations Act 2001
To the directors of Aureka Limited
As lead auditor for the review of Aureka Limited for the half-year ended 31 December 2025, I declare that,
to the best of my knowledge and belief, there have been:
— no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in
relation to the review; and
— no contraventions of any applicable code of professional conduct in relation to the review.
This declaration is in respect of Aureka Limited and the entities it controlled during the period.
William Buck Audit (Vic) Pty Ltd
ABN 59 116 151 136
R. P. Burt
Director
Melbourne, 12 March 2026
Aureka Limited
Consolidated statement of profit or loss and other comprehensive income
For the half-year ended 31 December 2025
Consolidated
Note
31 December
2025
31 December
2024
$ $
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
8
Other income 4 1,277,136 48,586
Expenses
Employee benefits expense (359,853) (303,742)
Corporate and other administration expenses (1,242,065) (615,067)
Depreciation and amortisation expense (61,088) (9,965)
Exploration and evaluation expense 5 (1,677,331) (741,310)
Share-based payments expense 14 (205,156) (382,368)
Other expenses - (14,146)
Finance costs (6,071) (36,212)
Loss before income tax expense (2,274,428) (2,054,224)
Income tax expense - -
Loss after income tax expense for the half-year attributable to the owners of
Aureka Limited (2,274,428) (2,054,224)
Other comprehensive income for the half-year, net of tax - -
Total comprehensive income for the half-year attributable to the owners of
Aureka Limited (2,274,428) (2,054,224)
Cents Cents
Basic loss per share 13 (1.76) (6.69)
Diluted loss per share 13 (1.76) (6.69)
Aureka Limited
Consolidated statement of financial position
As at 31 December 2025
Consolidated
Note
31 December
2025 30 June 2025
$ $
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
9
Assets
Current assets
Cash and cash equivalents 4,967,582 4,935,767
Other receivables 262,590 429,379
Other financial assets 19,945 19,945
Total current assets 5,250,117 5,385,091
Non-current assets
Other financial assets 120,000 120,000
Property, plant and equipment 7 1,520,597 657,520
Right-of-use assets 6 610,809 21,591
Deposit for land and property 11 836,000 -
Total non-current assets 3,087,406 799,111
Total assets 8,337,523 6,184,202
Liabilities
Current liabilities
Trade and other payables 685,244 704,427
Lease liabilities 8 113,927 22,987
Employee benefits 18,949 2,234
Total current liabilities 818,120 729,648
Non-current liabilities
Lease liabilities 8 459,519 1,955
Employee benefits 53 53
Total non-current liabilities 459,572 2,008
Total liabilities 1,277,692 731,656
Net assets 7,059,831 5,452,546
Equity
Issued capital 9 123,093,160 119,176,532
Reserves 680,900 715,815
Accumulated losses (116,714,229) (114,439,801)
Total equity 7,059,831 5,452,546
Aureka 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
10
Issued
Share based
payment Accumulated
Total equity
capital Reserves losses
Consolidated $ $ $ $
Balance at 1 July 2024 108,188,962 2,378,821 (112,073,500) (1,505,717)
Loss after income tax expense for the half-year - - (2,054,224) (2,054,224)
Other comprehensive income for the half-year, net of tax - - - -
Total comprehensive income for the half-year - - (2,054,224) (2,054,224)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs 8,130,220 - - 8,130,220
Share-based payments (note 14) - 411,905 - 411,905
Reclassification of historically cancelled share-based payments - (2,378,821) 2,378,821 -
Balance at 31 December 2024 116,319,182 411,905 (111,748,903) 4,982,184
Issued
Share based
payment Accumulated
Total equity
capital Reserves losses
Consolidated $ $ $ $
Balance at 1 July 2025 119,176,532 715,815 (114,439,801) 5,452,546
Loss after income tax expense for the half-year - - (2,274,428) (2,274,428)
Other comprehensive income for the half-year, net of tax - - - -
Total comprehensive income for the half-year - - (2,274,428) (2,274,428)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs (note 9) 3,286,557 - - 3,286,557
Shares issued as part deposit for acquisition of 180 Westgate
Road (note 9) 390,000 - - 390,000
Shares issued in lieu of cash for services rendered (note 9) 24,000 - - 24,000
Shares issued upon exercising options and performance
rights (note 9) 216,071 (216,071) - -
Vesting of share-based payment - 181,156 - 181,156
Balance at 31 December 2025 123,093,160 680,900 (116,714,229) 7,059,831
Aureka Limited
Consolidated statement of cash flows
For the half-year ended 31 December 2025
Consolidated
Note
31 December
2025
31 December
2024
$ $
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
11
(1,343,901) (1,055,389)
(1,976,418) (698,393)
(2,891) 1,527
Cash flows from operating activities
Payments to suppliers
Payment for exploration and evaluation
Interest (paid)/received
Other revenue 2,136 47,059
Net cash used in operating activities (3,321,074) (1,705,196)
Cash flows from investing activities
Payments for property, plant and equipment 7 (881,278) (2,273)
Payments for deposit for land and property 11 (286,000) -
Proceeds from disposal of Tandarra JV (before costs) 1,275,000 -
Net cash from/(used in) investing activities 107,722 (2,273)
Cash flows from financing activities
Proceeds from issue of shares 9 3,539,837 6,002,415
Share issue transaction costs 9 (253,280) (389,659)
Proceeds from convertible note - 500,000
Repayment of lease liabilities (41,390) (10,920)
Net cash from financing activities 3,245,167 6,101,836
Net increase in cash and cash equivalents 31,815 4,394,367
Cash and cash equivalents at the beginning of the financial half-year 4,935,767 506,460
Cash and cash equivalents at the end of the financial half-year 4,967,582 4,900,827
Aureka Limited
Notes to the consolidated financial statements
31 December 2025
12
Note 1. General information
The financial statements cover Aureka Limited as a Consolidated entity consisting of Aureka Limited ("the company") and the
entities it controlled ("the Consolidated entity") at the end of, or during, the half-year. The financial statements are presented
in Australian dollars, which is Aureka Limited's functional and presentation currency.
Aureka Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and
principal place of business is:
Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000
A description of the nature of the Consolidated entity's operations and its principal activities are included in the directors'
report, which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors, on 12 March 2026. The
directors have the power to amend and reissue the financial statements.
Note 2. Material accounting policy information
New or amended Accounting Standards and Interpretations adopted
The Consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
These general purpose financial statements for the interim half-year reporting period ended 31 December 2025 have been
prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations
Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International
Financial Reporting Standard IAS 34 'Interim Financial Reporting'.
These general purpose financial statements do not include all the notes of the type normally included in annual financial
statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30
June 2025 and any public announcements made by 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, unless otherwise stated.
Note 3. Operating segments
Identification of reportable operating segments
The Consolidated entity operates in the mining exploration operations wholly in Australia, which is also the basis on which the
board reviews the company’s financial information.
AASB 8 requires operating segments to be identified on the basis of internal reports about the components of the Consolidated
entity that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to
assess its performance. In the current year, the board reviews the consolidated entity as one operating segment being mineral
exploration within Australia.
All assets and liabilities and operations are based in Australia.
Aureka Limited
Notes to the consolidated financial statements
31 December 2025
13
Note 4. Other income
Consolidated
31 December
2025
31 December
2024
$ $
Interest income - 1,527
Other income 2,136 47,059
Gain on disposal of Tandarra JV * 1,275,000 -
Other income 1,277,136 48,586
* On 10 November 2025, the Company announced that it divested its 49% interest in the Tandarra Gold Project Joint Venture
to its partner for a cash consideration of $1,275,000 (before costs).
Note 5. Exploration and evaluation
Reconciliations
Reconciliations of the cumulative exploration and evaluation expenditure recognised in the profit and loss from the grant date
of the tenements to the beginning and end of the current and previous financial half-year are set out below:
Stawell
Corridor Bendigo North
St Arnaud
Project
Jubilee Gold
Project
Stavely Arc
Project Total
Consolidated $ $ $ $ $ $
Cumulative expenditure at 1 July
2025 20,441,640 8,357,750 6,007,351 46,244 1,127 34,854,112
Expensed during the half-year 1,049,024 2,859 607,503 17,945 - 1,677,331
Cumulative expenditure at 31
December 2025 21,490,664 8,360,609 6,614,854 64,189 1,127 36,531,443
Note 6. Right-of-use assets
Consolidated
31 December
2025 30 June 2025
$ $
Non-current assets
Land and buildings - right-of-use 751,686 119,581
Less: Accumulated depreciation (140,877) (97,990)
610,809 21,591
Additions to the right-of-use assets during the half-year were $632,105.
The Consolidated entity leases land and buildings for its offices, warehouses, access for exploration activities and supporting
workshops under agreements of between 3 to 4 years with, in some cases, options to extend. The leases have various
escalation clauses. On renewal, the terms of the leases are renegotiated.
Aureka Limited
Notes to the consolidated financial statements
31 December 2025
Note 6. Right-of-use assets (continued)
14
Reconciliations
Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below:
Land and
buildings
Consolidated $
Balance at 1 July 2025 21,591
Additions 632,105
Depreciation expense (42,887)
Balance at 31 December 2025 610,809
Material accounting policy information
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which
comprises the initial amount of the lease liability adjusted for, as applicable, any lease payments made at or before the
commencement date net of any lease incentives received, any initial direct costs incurred and, except where included in the
cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and
restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life
of the asset, whichever is the shorter. Where the consolidated entity expects to obtain ownership of the leased asset at the
end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment or
adjusted for any remeasurement of lease liabilities.
Critical accounting judgements, estimates and assumptions
In determining the Consolidated entity’s lease arrangements over part of 156 Westgate Road, Armstrong VIC ("156") and 180
Westgate Road, Armstrong VIC ("180"), the Consolidated entity exercised judgement in assessing (i) whether each contract
as highlighted in note 11 for 156 and 180 conveys the right to control the use of an identified asset for a period of time in
exchange for consideration, and (ii) the lease term and measurement inputs applied on initial recognition. For both 156 and
180, the Consolidated entity concluded that the relevant agreements convey the right to obtain substantially all of the economic
benefits from use of the identified land and to direct its use during the contractual period. Accordingly, the Consolidated entity
has recognised right-of-use assets and lease liabilities for the non‑cancellable lease terms. In forming this view, management
considered the legal form and substance of (a) the executed lease agreements, and (b) the surrounding documents (including
nomination deeds, call/put option deeds and access/consent instruments). The option deeds and nomination/consent
arrangements do not change the conclusion that the lease criteria in AASB 16 are met; rather, those instruments are accounted
for separately as executory contracts. Refer to note 11 for details of the arrangement.
Aureka Limited
Notes to the consolidated financial statements
31 December 2025
15
Note 7. Property, plant and equipment
Consolidated
31 December
2025 30 June 2025
$ $
Non-current assets
Land - at cost 952,583 527,705
Property - at cost 522,031 75,909
Less: Accumulated depreciation (11,599) (500)
510,432 75,409
Computer equipment - at cost 20,680 15,630
Less: Accumulated depreciation (5,218) (2,015)
15,462 13,615
Field equipment - at cost 48,728 43,500
Less: Accumulated depreciation (6,608) (2,709)
42,120 40,791
1,520,597 657,520
Reconciliations
Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below:
Land Property
Computer
equipment
Field
equipment Total
Consolidated $ * $ * $ $ $
Balance at 1 July 2025 527,705 75,409 13,615 40,791 657,520
Additions 424,878 446,122 5,050 5,228 881,278
Depreciation expense - (11,099) (3,203) (3,899) (18,201)
Balance at 31 December 2025 952,583 510,432 15,462 42,120 1,520,597
* The fair value of land of $424,878 and property of $446,122 was determined by an external valuer according to recent
comparable transactions.
Note 8. Lease liabilities
Consolidated
31 December
2025 30 June 2025
$ $
Current liabilities
Lease liability 113,927 22,987
No
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