Income Tax (Benefit) Expense (Tables)

12 Months Ended

Dec. 31, 2023

Major components of tax expense (income) [abstract]

Schedule of Components of Income Tax Expense (Benefit) and Deferred Tax Assets and Liabilities

This note provides an analysis of the Company’s income tax expense (benefit), the amounts are recognized directly in equity and how the tax expense (benefit) is affected by non-assessable and non-deductible items. It also explains significant estimates made in relation to the Company’s tax position.

	Twelve Months Ended December 31,			Six Months Ended December 31,			Twelve Months Ended June 30,
(in U.S. Dollars)	2023			2022			2022			2021
(a) Numerical reconciliation of income tax expense to prima facie tax payable
Loss before income tax expense	$	(46,448,210	)	$	(27,864,014	)	$	(51,860,307	)	$	(13,444,392	)
Tax at the Australian tax rate of 30% (2022: 30%)		(13,934,463	)		(8,359,204	)		(12,965,077	)		(3,495,542	)
Tax effect of amounts which are not tax deductible (taxable) in calculating taxable income:
Share-based payments		1,262,386			1,087,931			3,153,550			1,152,043
Government grants		507,207			104,079			49,458			—
Unrealized foreign exchange gain		—			(7,459	)		38,172			—
Entertainment		9,375			7,524			13,107			8,078
Other non-deductible amounts		—			68,801			727,362			41,930
Other non-assessable amounts		—			—			3,099			(29,054	)
Difference in overseas tax rate		2,232,607			670,144			(560,684	)		(34,381	)
Adjustments for current tax of prior periods		(102,522	)		(292,141	)		—			(69,263	)
Adjustment to deferred tax assets and liabilities for tax losses and temporary differences not recognized		9,825,461			6,720,325			9,541,013			2,426,189
Income tax (benefit) expense	$	(199,949	)	$	—		$	—		$	—
(b) Tax losses
Unused tax losses for which no deferred tax asset has been recognized	$	115,482,188		$	82,326,319		$	85,249,412		$	29,859,509
Potential tax benefit	$	34,644,656		$	24,697,896		$	21,312,383		$	7,763,472
(c) Tax expense (income) recognized directly in equity
Aggregate current and deferred tax arising in the reporting period and not recognized in net profit or loss or other comprehensive income but directly debited or credited to equity:
Deferred tax: Share issue costs	$	—		$	—		$	—		$	—

	Twelve Months Ended December 31,			Six Months Ended December 31,			Twelve Months Ended June 30,
(in U.S. dollars)	2023			2022			2022			2021
(d) Deferred tax assets
The balance comprises temporary differences attributable to:
Tax losses	$	34,644,656		$	24,697,896		$	21,312,353		$	7,464,877
Exploration and evaluation assets		365,919			522,068			545,211			698,209
Business capital costs		1,566,275			2,143,430			1,733,648			1,158,716
Other non-current assets		8,116,735			4,759,740			2,055,471			—
Right of use asset		92,858			79,151			58,650			196,284
Unrealized exchange loss on borrowings		259,804			433,514			213,791			23,319
Accrued expenses		98,303			307,811			468,644			238,363
Other		21,438			19,686			330,510			302,081
Total deferred tax assets		45,165,988			32,963,296			26,718,278			10,081,849
Set-off of deferred tax liabilities pursuant to set-off provisions		(4,970,299	)		(2,913,574	)		(1,495,735	)		(1,012,471	)
Deferred tax assets not recognized		(39,994,325	)		(30,049,722	)		(25,222,543	)		(9,069,378	)
Net deferred tax assets	$	201,364		$	—		$	—		$	—
(e) Deferred tax liabilities
The balance comprises temporary differences attributable to:
Other non-current assets	$	(4,162,691	)	$	(2,031,711	)	$	(351,147	)	$	(888,812	)
Prepayments		(224,008	)		(215,967	)		(1,144,588	)		(123,659	)
Unrealized exchange loss on borrowings		(583,600	)		(665,896	)		—			—
Total deferred tax liabilities		(4,970,299	)		(2,913,574	)		(1,495,735	)		(1,012,471	)
Set-off of deferred tax liabilities pursuant to set-off provisions		4,970,299			2,913,574			1,495,735			1,012,471
Net deferred tax liabilities	$	—		$	—		$	—		$	—