Note 23. Subsidiaries Ownership interest held by group1 Name of entity Country of incorporation Class of shares 2024 2023 Scandian Metals Pty Ltd Australia Ordinary 100% 100% Scandian Metals AB Sweden Ordinary 100%2 100%2 Sunstone Metals Canada Limited Canada Ordinary 100% 100% Sunstone Metals Ecuador S.A. Ecuador Ordinary 100%3 100%3 Bramaderos S.A.6 Ecuador Ordinary 87.5% 87.5% Golden Exploration Ecuador S.A. Ecuador Ordinary 70%4 70%4 Compania Minera Verde Chico CIA LTDA Ecuador Ordinary 0%4 0%4 Verde Chico Exploraciones VCE SAS Ecuador Ordinary 100%5 100%5 Notes: 1 The proportion of ownership interest is equal to the proportion of voting power held. 2 Scandian Metals AB is a 100% owned subsidiary of Scandian Metals Pty Ltd. 3 Sunstone Metals Ecuador is a 100% owned subsidiary of Sunstone Metals Canada. 4 Golden Exploration Ecuador S.A. and Compania Minera Verde Chico CIA LTDA are subject to Staged Acquisition Agreements for Sunstone to ultimately hold 100%. Ownership in Gold Exploration Ecuador S.A. increased to 74.5% during July 2024. 5 Verde Chico Exploraciones VCE SAS is a 100% owned subsidiary of Sunstone Metals Canada and is the company responsible for exploration on the Verde Chico project. 6 Bramaderos S.A. changed its name from La Plata Minerales SA in June 2023. Sunstone holds the right under an Amended Staged Acquisition Agreement signed in June 2024 to acquire 100% of Gold Exploration Ecuador S.A. by making an additional payment to the vendors of US$300,000 on 1 July 2024, and US$1,700,000 on or before 1 July 2026. Note 24. Contingent assets and liabilities Future consideration of $1.5 million is receivable from NewPeak Metals Limited contingent on delivery of at least 500,000 ounces of gold in Measured and Indicated Resources from the acquired permits in Finland. As the project is at an early stage of exploration it is not considered virtually certain that this milestone will be met, as required under AASB 137, and therefore the Group has not recognised a receivable for this further consideration contributing to the loss on sale of subsidiary in the Consolidated Statement of Profit or Loss and Other Comprehensive Income. The Group is not aware of any other material contingent assets or liabilities at 30 June 2024 not otherwise disclosed in the Financial Statements. Note 25. Dividends No dividend was paid or declared by the Company in the period since the end of the previous financial year, and up to the date of this report. The Directors do not recommend that any amount be paid by way of dividend for the financial period ended 30 June 2024 (2023: nil). The balance of the Company’s franking account is nil (2023: nil). Note 26. Events occurring after reporting date Except as noted below, no matter or circumstance has occurred subsequent to year end that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations or the state of affairs of the Group or economic entity in subsequent financial periods: – On 9 September 2024, the Group announced a capital raise of $2,500,000 via a Placement. The Group received $2,232,500 (net of broker fees) on 13 September 2024. $130,000 relating to Director participation and will be received following the AGM in October 2024 (subject to shareholder approval). On 9 September 2024, the Group also announced a Share Purchase Plan to raise approximately $2,000,000. – On 1 July 2024, the Group paid US$300,000 to increase ownership in Gold Exploration Ecuador S.A. (the company which holds the El Palmar project) to 74.5%. 57 Sunstone Metals Limited Annual Report 2024
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