0001140361-23-043816 | 20-F | XBRL Viewer

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Non-cash investing and financing activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Non-cash investing and financing activities [Abstract]
Convertible notes issued in lieu of interest/referral fees	$ 0	$ 0	$ (463)
Mining hardware finance additional fee payable in cash or equity	0	(1,424)	(2,426)
Mining hardware finance prepayments made directly by third party financier	(3,420)	(37,980)	(1,458)
Additions to right of use assets	373	298	1,051
Share issuance proceeds under Committed Equity Facility	1,642	0	0
Non-cash investing and financing activities	$ (1,405)	$ (39,106)	$ (3,296)

Issued capital, Movements in Ordinary Share Capital (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Issued capital [Abstract]
Balance	$ 926,581
Conversion of hybrid financial instruments		$ 695,383
Balance	$ 965,857	$ 926,581
Issued Capital [Member]
Number of shares [Abstract]
Balance (in shares)	53,028,867	19,828,593
Conversion of hybrid financial instruments (in shares)		24,835,118
Ordinary shares issued (IPO) (in shares)		8,269,231
Share-based payments, prepaid in advance (in shares)		95,925
Shares issued under Committed Equity Facility (in shares)	11,089,357
Unpaid shares issued under Committed Equity Facility (in shares)	364,967
Shares issued for services (in shares)	260,286
Equity settled share-based payments (in shares)	4,000
IPO capital raise costs, net of tax (in shares)	0	0
Balance (in shares)	64,747,477	53,028,867
Issued capital [Abstract]
Balance	$ 926,581	$ 10,338
Conversion of hybrid financial instruments		695,383
Ordinary shares issued (IPO)		231,539
Share-based payments, prepaid in advance		177
Shares issued under Committed Equity Facility	39,939
Unpaid shares issued under Committed Equity Facility	1,642
Shares issued for services	500
Equity settled share-based payments	15
IPO capital raise costs, net of tax	(2,820)	(10,856)
Balance	$ 965,857	$ 926,581

Provisions (Tables)

12 Months Ended

Jun. 30, 2023

Provisions [Abstract]

Provisions

	Consolidated
	30 June 2023		30 June 2022
	US$’000		US$’000

Current liabilities
Non-refundable sales tax		6,172		2,469

Other income (Tables)

12 Months Ended

Jun. 30, 2023

Other income [Abstract]

Other Income

	Consolidated
	Year ended 30 June 2023		Year ended 30 June 2022		Year ended 30 June 2021 (restated*)
	US$’000		US$’000		US$’000

Net gain on disposal of other assets		3,117		-		-
Government grants		-		-		165
Insurance recoveries		-		-		418
Other		20		12		7

Other income		3,137		12		590

Income tax expense, Movement in Deferred Tax Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Movement in deferred tax assets [Abstract]
Deferred tax assets	$ 10,556	$ 911
(Charge)/credit to profit or loss	6,272	4,840
(Charge)/credit direct to equity		4,805
Deferred tax asset gross	16,827	10,556
Offset against deferred tax liabilities	(16,819)	(8,321)
Deferred tax assets	8	2,235
Movement in deferred tax liabilities [Abstract]
Deferred tax liabilities	(8,510)	(1,618)
(Charge)/credit to profit or loss	(9,674)	(6,892)
Charge direct to equity	0	0
Deferred tax liabilities	(18,184)	(8,510)
Offset against deferred tax assets	16,819	8,321
Deferred tax liabilities	(1,365)	(189)
Tax Losses [Member]
Movement in deferred tax assets [Abstract]
Deferred tax assets	3,854	798
(Charge)/credit to profit or loss	6,907	3,056
(Charge)/credit direct to equity		0
Deferred tax asset gross	10,761	3,854
Employee Benefits [Member]
Movement in deferred tax assets [Abstract]
Deferred tax assets	113	31
(Charge)/credit to profit or loss	(381)	82
(Charge)/credit direct to equity		0
Deferred tax asset gross	(268)	113
Property, Plant and Equipment [Member]
Movement in deferred tax assets [Abstract]
Deferred tax assets	15	0
(Charge)/credit to profit or loss	(15)	15
(Charge)/credit direct to equity		0
Deferred tax asset gross	0	15
Movement in deferred tax liabilities [Abstract]
Deferred tax liabilities	(4,692)	(798)
(Charge)/credit to profit or loss	(7,426)	(3,894)
Charge direct to equity	0	0
Deferred tax liabilities	(12,118)	(4,692)
Unrealized Foreign Exchange Losses (Gains) [Member]
Movement in deferred tax assets [Abstract]
Deferred tax assets	725	0
(Charge)/credit to profit or loss	(691)	725
(Charge)/credit direct to equity		0
Deferred tax asset gross	34	725
Movement in deferred tax liabilities [Abstract]
Deferred tax liabilities	(3,471)	(820)
(Charge)/credit to profit or loss	(1,540)	(2,651)
Charge direct to equity	0	0
Deferred tax liabilities	(5,011)	(3,471)
Capital Raising Costs [Member]
Movement in deferred tax assets [Abstract]
Deferred tax assets	4,627	82
(Charge)/credit to profit or loss	(666)	(260)
(Charge)/credit direct to equity		4,805
Deferred tax asset gross	3,961	4,627
Other Deferred Tax Assets [Member]
Movement in deferred tax assets [Abstract]
Deferred tax assets	1,222	0
(Charge)/credit to profit or loss	1,117	1,222
(Charge)/credit direct to equity		0
Deferred tax asset gross	2,339	1,222
Other Deferred Tax Liabilities [Member]
Movement in deferred tax liabilities [Abstract]
Deferred tax liabilities	(347)	0
(Charge)/credit to profit or loss	(708)	(347)
Charge direct to equity	0	0
Deferred tax liabilities	$ (1,055)	$ (347)

Borrowings and lease liabilities

12 Months Ended

Jun. 30, 2023

Borrowings and lease liabilities [Abstract]

Borrowings and lease liabilities

Note 17. Borrowings and lease liabilities

	Consolidated
	30 June 2023		30 June 2022
	US$’000		US$’000

Current liabilities
Mining hardware finance		-		61,988
Capitalized borrowing costs - mining hardware finance		-		(1,774	)
Mining hardware finance accrued interest		-		189
Lease liability		192		81

		192		60,484
Non-current liabilities
Mining hardware finance		-		47,421
Capitalized borrowing costs – mining hardware finance		-		(803	)
Lease liability		1,256		1,185

		1,256		47,803

		1,448		108,287

Mining hardware finance

Prior to 30 June 2022, three of the Group’s subsidiaries (namely, IE CA 2 Holdings Ltd., IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd) entered into separate limited recourse equipment finance and security agreements with third-party financiers. During the year ended 30 June 2023, IE CA 2 Holdings Ltd. repaid the outstanding amounts under its respective facilities with the third-party lender.

On 4 November 2022, IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd received notices of defaults from the lender under their respective limited recourse facilities alleging the occurrence of certain defaults and potential events of default and purporting to declare the loans under each of the Non-Recourse SPV facilities immediately due and payable. The Group subsequently lost control of IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd. on appointment of a receiver to these entities (refer to note 27 for further details).

Lease liabilities

The Group’s lease liabilities include a 30-year lease of a site in Prince George, B.C., Canada, a 3-year lease of a corporate office in Sydney, Australia and a 5-year corporate office lease in Vancouver, B.C., Canada. A reconciliation of lease liabilities is set out below, an undiscounted contractional maturity analysis of lease liabilities is included in Note 24.

Reconciliation	US$’000
Balance as at 1 July 2021		1,010
Additions		297
Lease charges		(106	)
Finance charges		101
Exchange differences		(36	)
Balance as at 30 June 2022		1,267
Additions		390
Lease charges		(332	)
Finance charges		166
Exchange differences		(42	)
Balance as at 30 June 2023		1,448
Current portion		192
Non-current portion		1,256

Property, plant and equipment, Reconciliations of Written Down Values (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract]
Property, plant and equipment, beginning balance	$ 247,562	$ 15,935
Additions	254,669	243,462
Deconsolidation of subsidiaries	(90,054)
Disposals	(39,052)	(28)
Exchange differences	(9,779)	(4,125)
Impairment of assets	(91,608)
Transfers in/(out)	0
Depreciation expense (note 6)	(30,636)	(7,682)	$ (1,209)
Property, plant and equipment, ending balance	241,102	247,562	15,935
Land [Member]
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract]
Property, plant and equipment, beginning balance	1,836	403
Additions	0	1,466
Disposals	(6)	0
Exchange differences	(27)	(33)
Impairment of assets	0
Transfers in/(out)	0
Depreciation expense (note 6)	0	0
Property, plant and equipment, ending balance	1,803	1,836	403
Buildings [Member]
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract]
Property, plant and equipment, beginning balance	13,082	3,280
Additions	22,467	10,603
Disposals	0	0
Exchange differences	2,852	(330)
Impairment of assets	0
Transfers in/(out)	113,967
Depreciation expense (note 6)	(4,310)	(471)
Property, plant and equipment, ending balance	148,058	13,082	3,280
Plant and Equipment [Member]
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract]
Property, plant and equipment, beginning balance	3,200	2,687
Additions	673	844
Disposals	0	0
Exchange differences	(93)	(114)
Impairment of assets	0
Transfers in/(out)	0
Depreciation expense (note 6)	(347)	(217)
Property, plant and equipment, ending balance	3,433	3,200	2,687
Mining Hardware [Member]
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract]
Property, plant and equipment, beginning balance	163,147	3,921
Additions	163,663	168,899
Deconsolidation of subsidiaries	(90,054)
Disposals	(39,046)	(28)
Exchange differences	(7,826)	(2,651)
Impairment of assets	(90,524)
Transfers in/(out)	0
Depreciation expense (note 6)	(25,979)	(6,994)
Property, plant and equipment, ending balance	73,381	163,147	3,921
Development Assets [Member]
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract]
Property, plant and equipment, beginning balance	66,297	5,644
Additions	67,866	61,650
Disposals	0	0
Exchange differences	(4,685)	(997)
Impairment of assets	(1,084)
Transfers in/(out)	(113,967)
Depreciation expense (note 6)	0	0
Property, plant and equipment, ending balance	$ 14,427	$ 66,297	$ 5,644

Share-based payments, 2021 Executive Director Liquidity and Price Target Options (Details) - 2021 Executive Director Liquidity and Price Target Options [Member]			12 Months Ended
	Jan. 20, 2021 shares $ / shares	Jan. 20, 2021 shares $ / shares	Jun. 30, 2023
Share-based payments [Abstract]
Expiration date of share based payment arrangement grants			Dec. 20, 2025
Entities Controlled by Daniel Roberts [Member]
Share-based payments [Abstract]
Number of share options granted (in shares)	1,000,000	1,000,000
Exercise price (in dollars per share) \| (per share)	$ 3.868	$ 5.005
Entities Controlled by William Roberts [Member]
Share-based payments [Abstract]
Number of share options granted (in shares)	1,000,000	1,000,000
Exercise price (in dollars per share) \| (per share)	$ 3.868	$ 5.005

Fair value measurement	12 Months Ended
Fair value measurement	Jun. 30, 2023
Fair value measurement [Abstract]
Fair value measurement	Note 25. Fair value measurement Fair value hierarchy Assets and Liabilities that are measured in the consolidated statements of financial position at fair value are categorized into a three-level hierarchy based on the priority of the inputs to the valuation. The categorization within the hierarchy is based on the lowest level input that is significant to the fair value measurement, being: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3: Unobservable inputs for the asset or liability There were no transfers between levels during the financial years ended 30 June 2022 and 30 June 2023. The carrying amounts of other receivables, trade and other payables and borrowings are assumed to approximate their fair values due to their short-term nature and are excluded from the hierarchy.

Consolidated statements of cash flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Receipts from Bitcoin mining activities	$ 78,423	$ 59,037	$ 7,898
Payments for electricity, suppliers and employees (inclusive of GST)	(72,183)	(32,231)	(6,400)
Total receipts (payments)	6,240	26,806	1,498
Interest received	803	4	6
Other income received	3,104	0	590
Interest paid	(4,102)	(5,253)	(333)
Net cash from operating activities	6,045	21,557	1,761
Cash flows from investing activities
Payments for property, plant and equipment net of mining hardware prepayments	(116,064)	(83,654)	(7,300)
Payments for mining hardware prepayments	0	(210,593)	(73,815)
Payments for prepayments and other assets	(7,363)	(22,038)	(250)
Repayments/(advancement) of loan proceeds	2,291	(1,870)	0
Deconsolidation of Non-Recourse SPVs	(1,214)	0	0
Proceeds from disposal of property, plant and equipment	32,488	40	2
Proceeds from release of deposits	18,395	0	0
Net cash used in investing activities	(71,467)	(318,115)	(81,363)
Cash flows from financing activities
Proceeds from hybrid financial instruments	0	107,845	105,662
Capital raising costs	(1,012)	(4,212)	0
Proceeds from mining hardware finance	0	65,200	17,084
Repayment of borrowings	(9,432)	(12,120)	(2,118)
Proceeds from IPO offering (net of underwriting fees)	0	215,331	0
Payment of borrowing transaction costs	(250)	0	(2,569)
Proceeds from committed equity facility	39,252	0	0
Repayment of lease liabilities	(318)	(6)	(34)
Net cash from financing activities	28,240	372,038	118,025
Net increase/(decrease) in cash and cash equivalents	(37,182)	75,480	38,423
Cash and cash equivalents at the beginning of the financial year	109,970	38,990	1,956
Effects of exchange rate changes on cash and cash equivalents	(3,894)	(4,500)	(1,389)
Cash and cash equivalents at the end of the financial year	$ 68,894	$ 109,970	$ 38,990

Mining hardware prepayments (Tables)

12 Months Ended

Jun. 30, 2023

Mining hardware prepayments [Abstract]

Mining Hardware Prepayments

	Consolidated
	30 June 2023		30 June 2022
	US$’000		US$’000

Non-current assets
Mining hardware prepayments		68		158,184

Significant accounting policies, Revenue and Other Income Recognition and Property, Plant and Equipment (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenue and other income recognition [Abstract]
Bitcoin on hand	$ 0	$ 0
Buildings [Member]
Property, plant and equipment [Abstract]
Expected useful lives	20 years
Plant and Equipment [Member] \| Minimum [Member]
Property, plant and equipment [Abstract]
Expected useful lives	3 years
Plant and Equipment [Member] \| Maximum [Member]
Property, plant and equipment [Abstract]
Expected useful lives	10 years
Mining Hardware [Member]
Property, plant and equipment [Abstract]
Expected useful lives	4 years

Operating segments

12 Months Ended

Jun. 30, 2023

Operating segments [Abstract]

Operating segments

Note 4. Operating segments

Identification of reportable operating segments

The Group operates within one operating segment, being the operation of building and operating data center sites for the purpose of Bitcoin mining and reports to the Chief Operating Decision Maker on the performance of the Group as a whole.

Major customers

The Group generated 100% (2022: 100%, 2021: 100%) of Bitcoin mining revenues through the provision of computing power to two (2022: two, 2021: three) Bitcoin mining pools for the year ended 30 June 2023.

Geographical information
Non-current assets, excluding deferred tax assets, are located in the following geographical locations:

	Consolidated
	30 June 2023		30 June 2022
	US$’000		US$’000

Australia		867		810

North America		241,969		406,820

Financial instruments

12 Months Ended

Jun. 30, 2023

Financial instruments [Abstract]

Financial instruments

Note 24. Financial instruments

Financial risk management objectives

The Group has a simple capital structure and its principal financial assets are cash and cash equivalents and other receivables (except for sales tax receivables). The Group is subject to market risk by way of being exposed to daily volatility in the Bitcoin price and variations in foreign exchange rates. The Group has limited exposure to credit risk. The Group primarily holds cash and cash equivalents with regulated authorized deposit taking institutions which have strong credit ratings. The Group may also be exposed to liquidity and capital risk, due to the nature of operations and the requirements to incur capital expenditure.

Risk management is carried out by senior executives who identify, evaluate and hedge financial risks.

Market risk

Foreign currency risk

The Group undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk through foreign exchange rate fluctuations.

Foreign exchange risk arises from future commercial transactions and recognized financial assets and financial liabilities denominated in a currency that is not the entity’s functional currency. The risk is measured using sensitivity analysis and cash flow forecasting.

The Group’s exposure to foreign currency risk arises when a Group entity holds a financial asset or liability in a currency other than the functional currency of that entity. At the end of the reporting period, the Group’s exposure to foreign currency risk was as follows (denominated in US Dollars):

	Financial assets				Financial liabilities
	30 June 2023		30 June 2022		30 June 2023		30 June 2022
	US$’000		US$’000		US$’000		US$’000

US dollars		96,888		96,648		32,619		110,265
Canadian dollars		124,549		154,328		37,390		30,135

		221,437		250,976		70,009		140,400

Sensitivity analysis

The following table illustrates sensitivities to the Group’s exposure to changes in exchange rates. The table indicates the impact on how profit and equity values reported at the end of the reporting period would have been affected by changes in the relevant risk variables that management considers to be reasonably possible. These sensitivities assume that the movement in a particular variable is independent of other variables, each scenario assumes no change to other variables.

	Strengthened									Weakened
30 June 2023	Change %			Effect on profit before tax US$’000			Effect on equity US$’000			Change %			Effect on profit before tax US$’000			Effect on equity US$’000

US dollar		10	%		5,843			5,843			10	%		(7,141	)		(7,141	)
Canadian dollar		10	%		4,267			4,267			10	%		(4,267	)		(4,267	)
Australian dollar		10	%		(10,854	)		(10,854	)		10	%		10,534			10,534

					(744	)		(744	)					(874	)		(874	)

Price risk

The Group is exposed to daily price risk on Bitcoin rewards it generates through contributing computing power to mining pools. Bitcoin rewards are typically liquidated on a daily basis and no Bitcoin is held as at the reporting period end (30 June 2022: nil).

Bitcoin currency prices are affected by various forces including global supply and demand, interest rates, exchange rates, inflation or deflation and the global political and economic conditions. The profitability of the Group is directly related to the current and future market price of digital currencies. A decline in the market prices for digital currencies could negatively impact the Group’s future operations. The Group has not hedged the conversion of any of its sales of Bitcoin.

Interest rate risk

The Group is has limited exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result of changes in the market interest rates on variable interest-bearing financial instruments. The Group does not, at this time, use derivatives to mitigate these exposures. The Group’s cash and cash equivalents consist of balances available on demand which are held with regulated financial institutions and do not expose the Group to significant interest rate risk.

Credit risk

The Group’s exposure to credit risk is primarily related to its potential counterparty credit risk with exchanges, mining pools and regulated financial institutions. It mitigates credit risk associated with mining pools and exchanges by maintaining relationships with various alternative mining pools and transferring fiat currency to its Australian bank account on a regular basis. The Group cash and cash equivalents consists of balances held with regulated, listed financial institutions. The Group regularly monitors industry developments, actively monitors concentration risks with each financial institution and primarily holds balances on demand with A-1 rated institutions (based on Standard & Poor’s ratings).

Liquidity risk

The Group is exposed to liquidity risk and is required to maintain sufficient liquid assets (mainly cash and cash equivalents) and available borrowing facilities to be able to pay contractual obligations as and when they become due and payable. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. The Group regularly updates cash projections for changes in business and fluctuations in the Bitcoin price. Refer to the Going Concern section within note 2 for further information in relation to how the Group intends to meet its short-term contractual obligations.

Remaining contractual maturities

The following table details the Group’s remaining contractual maturity for its financial instruments and other liabilities. The table presents the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The table includes both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the consolidated statement of financial position.

	Weighted average contractual interest rate		1 year or less		Between 1 and 2 years		Between 2 and 5 years		Over 5 years		Remaining contractual maturities
30 June 2023	%		US$'000		US$'000		US$'000		US$'000		US$'000

Non-derivatives
Trade and other payables		-		13,541		-		-		-		13,541
Lease liabilities		-		335		326		446		2,270		3,377
Total non-derivatives				13,876		326		446		2,270		16,918

	Weighted average contractual interest rate			1 year or less		Between 1 and 2 years		Between 2 and 5 years		Over 5 years		Remaining contractual maturities
30 June 2022	%			US$’000		US$’000		US$’000		US$’000		US$’000

Non-derivatives
Trade and other payables		-			18,813		-		-		-		18,813
Mining hardware finance		11.35	%		61,988		47,421		-		-		109,409
Lease liabilities		-			207		222		443		2,435		3,307
Total non-derivatives					81,008		47,643		443		2,435		131,529

Other operating expenses

12 Months Ended

Jun. 30, 2023

Other operating expenses [Abstract]

Other operating expenses

Note 7. Other operating expenses

	Consolidated
	Year ended 30 June 2023		Year ended 30 June 2022		Year ended 30 June 2021 (restated*)
	US$’000		US$’000		US$’000

Insurance		5,687		5,065		95
Sponsorship and marketing		716		305		29
Short term office and equipment rental		773		177		92
Charitable donations		164		464		-
Site expenses		3,789		1,644		170
Filing fees		76		462		1
Site identification costs		15		258		-
Non-refundable sales tax (See Note 18 - Provisions)		4,972		2,469		-
Non-refundable provincial sales tax		371		-		-
Other expenses		2,259		861		79

		18,822		11,705		466

Dividends (Details) - USD ($) $ in Thousands	12 Months Ended
Dividends (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Dividends [Abstract]
Dividends paid	$ 0	$ 0
Dividends recommended or declared	$ 0	$ 0

Finance expense

12 Months Ended

Jun. 30, 2023

Finance expense [Abstract]

Finance expense

Note 8. Finance expense

	Consolidated
	Year ended 30 June 2023		Year ended 30 June 2022		Year ended 30 June 2021 (restated*)
	US$’000		US$’000		US$’000

Interest expense on borrowings		15,213		5,343		311
Interest expense on hybrid financial instruments		-		26,748		14,182
Interest expense on lease liabilities		112		99		22
Amortization of capitalized borrowing costs		1,038		2,508		1,968
Loss on embedded derivatives held at fair value through profit or loss		-		390,743		44,692

		16,363		425,441		61,175

Interest expense on borrowings includes late fees and interest charged on third-party loans held by IE CA 3 Holdings Ltd and IE CA 4 Holdings Ltd. See note 17 for further information.

Financial instruments, Price Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Price Risk [Member]
Price Risk [abstract]
Bitcoin held	$ 0	$ 0

Cash and cash equivalents (Tables)

12 Months Ended

Jun. 30, 2023

Cash and cash equivalents [Abstract]

Cash and Cash Equivalents

	Consolidated
	30 June 2023		30 June 2022
	US$’000		US$’000

Cash at bank		38,657		109,970
Cash on deposit (cash equivalents)		30,237		-

		68,894		109,970

Operating segments (Tables)

12 Months Ended

Jun. 30, 2023

Operating segments [Abstract]

Non-current assets, excluding deferred tax assets by geographical locations

Non-current assets, excluding deferred tax assets, are located in the following geographical locations:

	Consolidated
	30 June 2023		30 June 2022
	US$’000		US$’000

Australia		867		810

North America		241,969		406,820

Commitments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Committed Amounts Payable [Abstract]
Commitments	$ 7,481	$ 346,623
Amounts Payable within 12 Months of Balance Date [Member]
Committed Amounts Payable [Abstract]
Commitments	7,481	322,706
Amounts Payable After 12 Months of Balance Date [Member]
Committed Amounts Payable [Abstract]
Commitments	$ 0	$ 23,917

Finance expense (Details) - USD ($) $ in Thousands	12 Months Ended
Finance expense (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Finance expense [Abstract]
Interest expense on borrowings	$ 15,213	$ 5,343	$ 311
Interest expense on hybrid financial instruments	0	26,748	14,182
Interest expense on lease liabilities	112	99	22
Amortization of capitalized borrowing costs	1,038	2,508	1,968
Loss on embedded derivatives held at fair value through profit or loss	0	390,743	44,692
Finance expense	$ 16,363	$ 425,441	$ 61,175

Non-cash investing and financing activities (Tables)

12 Months Ended

Jun. 30, 2023

Non-cash investing and financing activities [Abstract]

Non-cash Investing and Financing Activities

	Consolidated
	Year ended 30 June 2023			Year ended 30 June 2022			Year ended 30 June 2021
	US$'000			US$'000			US$'000

Convertible notes issued in lieu of interest/referral fees		-			-			(463	)
Mining hardware finance additional fee payable in cash or equity		-			(1,424	)		(2,426	)
Mining hardware finance prepayments made directly by third party financier		(3,420	)		(37,980	)		(1,458	)
Additions to right of use assets		373			298			1,051
Share issuance proceeds under Committed Equity Facility		1,642			-			-

		(1,405	)		(39,106	)		(3,296	)

Financial instruments (Tables)

12 Months Ended

Jun. 30, 2023

Financial instruments [Abstract]

Financial Asset or Liability by Currency

	Financial assets				Financial liabilities
	30 June 2023		30 June 2022		30 June 2023		30 June 2022
	US$’000		US$’000		US$’000		US$’000

US dollars		96,888		96,648		32,619		110,265
Canadian dollars		124,549		154,328		37,390		30,135

		221,437		250,976		70,009		140,400

Sensitivity Analysis

	Strengthened									Weakened
30 June 2023	Change %			Effect on profit before tax US$’000			Effect on equity US$’000			Change %			Effect on profit before tax US$’000			Effect on equity US$’000

US dollar		10	%		5,843			5,843			10	%		(7,141	)		(7,141	)
Canadian dollar		10	%		4,267			4,267			10	%		(4,267	)		(4,267	)
Australian dollar		10	%		(10,854	)		(10,854	)		10	%		10,534			10,534

					(744	)		(744	)					(874	)		(874	)

Remaining Contractual Maturity for Financial Instrument Liabilities

	Weighted average contractual interest rate		1 year or less		Between 1 and 2 years		Between 2 and 5 years		Over 5 years		Remaining contractual maturities
30 June 2023	%		US$'000		US$'000		US$'000		US$'000		US$'000

Non-derivatives
Trade and other payables		-		13,541		-		-		-		13,541
Lease liabilities		-		335		326		446		2,270		3,377
Total non-derivatives				13,876		326		446		2,270		16,918

	Weighted average contractual interest rate			1 year or less		Between 1 and 2 years		Between 2 and 5 years		Over 5 years		Remaining contractual maturities
30 June 2022	%			US$’000		US$’000		US$’000		US$’000		US$’000

Non-derivatives
Trade and other payables		-			18,813		-		-		-		18,813
Mining hardware finance		11.35	%		61,988		47,421		-		-		109,409
Lease liabilities		-			207		222		443		2,435		3,307
Total non-derivatives					81,008		47,643		443		2,435		131,529

Property, plant and equipment, Consolidated (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Non-current assets [Abstract]
Property, plant and equipment	$ 241,102	$ 247,562	$ 15,935
Land [Member]
Non-current assets [Abstract]
Property, plant and equipment	1,803	1,836	403
Land [Member] \| At Cost [Member]
Non-current assets [Abstract]
Property, plant and equipment	1,803	1,836
Buildings [Member]
Non-current assets [Abstract]
Property, plant and equipment	148,058	13,082	3,280
Buildings [Member] \| At Cost [Member]
Non-current assets [Abstract]
Property, plant and equipment	153,100	13,768
Buildings [Member] \| Accumulated Depreciation [Member]
Non-current assets [Abstract]
Property, plant and equipment	(5,042)	(686)
Plant and Equipment [Member]
Non-current assets [Abstract]
Property, plant and equipment	3,433	3,200	2,687
Plant and Equipment [Member] \| At Cost [Member]
Non-current assets [Abstract]
Property, plant and equipment	4,145	3,564
Plant and Equipment [Member] \| Accumulated Depreciation [Member]
Non-current assets [Abstract]
Property, plant and equipment	(712)	(364)
Mining Hardware [Member]
Non-current assets [Abstract]
Property, plant and equipment	73,381	163,147	3,921
Mining Hardware [Member] \| At Cost [Member]
Non-current assets [Abstract]
Property, plant and equipment	115,024	171,120
Mining Hardware [Member] \| Accumulated Depreciation [Member]
Non-current assets [Abstract]
Property, plant and equipment	(15,709)	(7,973)
Mining Hardware [Member] \| Accumulated Impairment [Member]
Non-current assets [Abstract]
Property, plant and equipment	(25,934)	0
Development Assets [Member]
Non-current assets [Abstract]
Property, plant and equipment	14,427	66,297	$ 5,644
Development Assets [Member] \| At Cost [Member]
Non-current assets [Abstract]
Property, plant and equipment	$ 14,427	$ 66,297

Income tax expense, Reconciliation at Statutory Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Numerical reconciliation of income tax expense and tax at the statutory rate [Abstract]
Loss before income tax expense	$ (169,481)	$ (417,046)	$ (59,151)
Tax at the statutory tax rate of 30% (2022: 30%, 2021: 26%)	(50,844)	(125,114)	(15,379)
Tax effect amounts which are not deductible in calculating taxable income: [Abstract]
Non-deductible/non-allowable items	4,756	128,643	16,061
Tax effect of tax losses	(46,088)	3,529	682
Current year tax losses not recognized	28,349	534	704
Recognition of previously unrecognized tax losses	0	(1,019)	(240)
Difference in overseas tax rates	1,979	203	(3)
Impact of future tax rate changes	0	0	94
Current year temporary differences not recognised	0	0	2
Prior year tax over/(under) provisions	(212)	(523)	0
Deconsolidation of Non-recourse SPVs	18,362	0	0
Income tax expense	$ 2,390	$ 2,724	$ 1,239
Statutory tax rate	30.00%	30.00%	26.00%

Issued capital, Summary (Details) - USD ($)			12 Months Ended
Issued capital, Summary (Details) - USD ($)	Nov. 17, 2021	Nov. 16, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Sep. 23, 2022
Committed Equity Facility [Abstract]
Proceeds from issue of ordinary shares	$ 231,538,468
Initial Public offering [Abstract]
Proceeds from IPO offering (net of underwriting fees)			$ 0	$ 215,331,000	$ 0
Conversion of hybrid financial instruments [Abstract]
Conversion of hybrid financial instruments				$ 695,383,000
Ordinary Shares [Member]
Ordinary shares [Abstract]
Par value per share (in dollars per share)			$ 0
Committed Equity Facility [Abstract]
Shares issued (in shares)	8,269,231
Initial Public offering [Abstract]
IPO listed shares (in shares)	55,036,108
Shares issued (in shares)	8,269,231
Offering price (in dollars per share)	$ 28
Proceeds from IPO offering (net of underwriting fees)	$ 215,331,000
Conversion of hybrid financial instruments [Abstract]
Conversion of hybrid financial instruments (in shares)		24,835,118
Conversion of hybrid financial instruments		$ 695,383,000
Conversion of hybrid financial instruments (in dollars per share)		$ 28
Outstanding convertible instruments (in shares)			0	0
Loan-funded shares [Abstract]
Number of restricted shares issued (in shares)			1,954,049	1,954,049
Number of shares outstanding (in shares)			66,701,526	54,982,916
Ordinary Shares [Member] \| B. Riley Principal Capital II, LLC [Member]
Committed Equity Facility [Abstract]
Term of option agreement to sell ordinary shares			2 years
Shares issued (in shares)			11,454,324
Proceeds from issue of ordinary shares			$ 41,581,000
Additional gross proceeds from issue of ordinary shares			$ 1,802,000
Additional shares issued (in shares)			388,845
Initial Public offering [Abstract]
Shares issued (in shares)			11,454,324
Ordinary Shares [Member] \| Maximum [Member] \| B. Riley Principal Capital II, LLC [Member]
Committed Equity Facility [Abstract]
Maximum value of shares to be issued under share sale option agreement (in shares)						100,000,000

Share-based payments, 2022 Long-Term Incentive Plan Restricted Stock Units (Details)	12 Months Ended
	Jun. 30, 2023 Tranche $ / shares shares
Share-based payment [Abstract]
Number of tranches	3
2022 Long-Term Incentive Plan Restricted Stock Units [Member]
Share-based payment [Abstract]
Percentage of grants vested	50.00%
Vesting period	3 years 3 months
Percentage of remaining grants vested	50.00%
Remaining vesting period	4 years 3 months
Percentage of vesting based on continued service	80.00%
Percentage of vesting based on total shareholder return	20.00%
Volume weighted average market price (in dollars per share) \| $ / shares	$ 28
Number of trading days	10 days
Number of consecutive trading days	15 days
Number of tranches	2
2022 Long-Term Incentive Plan Restricted Stock Units [Member] \| Tranche One [Member]
Share-based payment [Abstract]
Vesting period	3 years
2022 Long-Term Incentive Plan Restricted Stock Units [Member] \| Tranche Two [Member]
Share-based payment [Abstract]
Vesting period	4 years
Daniel Roberts [Member] \| 2022 Long-Term Incentive Plan Restricted Stock Units [Member]
Share-based payment [Abstract]
Number of RSUs granted (in shares)	305,630
Number of tranches	3
Number of RSUs vested (in shares)	713,166
William Roberts [Member] \| 2022 Long-Term Incentive Plan Restricted Stock Units [Member]
Share-based payment [Abstract]
Number of RSUs granted (in shares)	305,630
Number of tranches	3
Number of RSUs vested (in shares)	713,166
Non-Executive Director [Member] \| 2022 Long-Term Incentive Plan Restricted Stock Units [Member]
Share-based payment [Abstract]
Vesting period	10 days
Number of RSUs vested (in shares)	108,559
Key Management Personnel [Member] \| 2022 Long-Term Incentive Plan Restricted Stock Units [Member]
Share-based payment [Abstract]
Number of RSUs issued (in shares) \| shares	1,594,215
Key Management Personnel [Member] \| Daniel Roberts [Member] \| 2022 Long-Term Incentive Plan Restricted Stock Units [Member]
Share-based payment [Abstract]
Number of RSUs issued (in shares) \| shares	229,223
Key Management Personnel [Member] \| William Roberts [Member] \| 2022 Long-Term Incentive Plan Restricted Stock Units [Member]
Share-based payment [Abstract]
Number of RSUs issued (in shares) \| shares	229,223

Operating segments, Reportable Operating Segments and Major Customers (Details)	12 Months Ended
	Jun. 30, 2023 segment Customer	Jun. 30, 2022 Customer	Jun. 30, 2021 Customer
Operating segments [Abstract]
Number of operating segment \| segment	1
Bitcoin Mining Revenues [Member]
Operating segments [Abstract]
Percent of mining revenues	100.00%	100.00%	100.00%
Number of bitcoin mining pools \| Customer	2	2	3

Significant accounting policies

12 Months Ended

Jun. 30, 2023

Significant accounting policies [Abstract]

Significant accounting policies

Note 2. Significant accounting policies

The principal accounting policies adopted in the preparation of the consolidated financial statements are set out below.

Going concern

The Group has determined there is material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern but has concluded it is appropriate to prepare the consolidated financial statements on a going concern basis which contemplates continuity of normal business activities, the realization of assets and settlement of liabilities in the ordinary course of business. The operating cash flows generated by the Group are inherently linked to several key uncertainties and risks including, but not limited to, volatility associated with the economics of Bitcoin mining and the ability of the Group to execute its business plan.

For the year ended 30 June 2023, the Group incurred a loss after tax of $171,871,000 (2022: $419,770,000) and net operating cash inflows of $6,045,000 (2022: $21,557,000). As at 30 June 2023, the Group had net current assets of $65,229,000 (2022: net current assets of $75,148,000) and net assets of $305,361,000 (2022: net assets of $437,362,000).

As further background, the Group’s miners are designed specifically to mine Bitcoin and its future success will depend in a large part upon the value of Bitcoin, and any sustained decline in its value could adversely affect the business and results of operations. Specifically, the revenues from Bitcoin mining operations are predominantly based upon two factors: (i) the number of Bitcoin rewards that are successfully mined and (ii) the value of Bitcoin. A decline in the market price of Bitcoin, increases in the difficulty of Bitcoin mining, changes in the regulatory environment, the halving event expected in Q4 FY2024 and/or adverse changes in other inherent risks would significantly negatively impact the Group’s operations. Due to the volatility of the Bitcoin price and the effects of the other aforementioned factors, there can be no guarantee that future mining operations will be profitable.

The strategy to mitigate these risks and uncertainties is to try execute a business plan aimed at operational efficiency, revenue growth, improving overall mining profit, managing operating expenses and working capital requirements, maintaining potential capital expenditure optionality, and securing additional financing, as needed, through one or more debt and/or equity capital raisings.

The continuing viability of the Group and its ability to continue as a going concern and meet its debts and commitments as they fall due are therefore significantly dependent upon several factors. These factors have been considered in preparing a cash flow forecast over the next 12 months to consider the going concern of the Group. The key assumptions include:

●	A base case scenario assuming recent Bitcoin prices and global hashrate, with a reduction in global hashrate following the halving event expected in Q4 FY2024;

●	Four operational sites with installed nameplate capacity of 180MW; 30MW Canal Flats (BC, Canada), 80MW Mackenzie (BC, Canada), 50MW Prince George (BC, Canada), and 20MW Childress (Texas, USA); and

●	Continued development and expansion of the 600MW site at Childress, Texas.

The key assumptions have been stress tested using a range of Bitcoin price and global hashrate scenarios including with respect to the halving event expected in Q4 FY2024. The Group aims to maintain a degree of flexibility in both operating and capital expenditure cash flow management where it practicably makes sense, including ongoing internal cash flow monitoring and projection analysis performed to identify potential liquidity risks arising and to try to respond accordingly.

As a result, the Group has concluded there is material uncertainty related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. However, the Group considers that it will be successful in the above matters and will have adequate cash reserves to enable it to meet its obligations for at least one year from the date of approval of the consolidated financial statements, and, accordingly, has prepared the consolidated financial statements on a going concern basis.

Basis of preparation

These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

Historical cost basis

The consolidated financial statements have been prepared on a historical cost basis, except for financial assets and liabilities at fair value through profit or loss.

Critical accounting estimates

The preparation of the consolidated financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 3.

Principles of consolidation

The principles outlined below are guided by IFRS 10 ‘Consolidated Financial Statements’ and pertain to the preparation of consolidated financial statements for Iris Energy Limited and its subsidiaries.

The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Iris Energy Limited as at 30 June 2023 and 30 June 2022 and the results of all subsidiaries for the years ended 30 June 2023, 30 June 2022, and 30 June 2021.

Subsidiaries are all those entities over which the Group has control (as listed in note 27). The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.

Where the Group loses control over a subsidiary, it derecognizes the assets including goodwill and liabilities in the subsidiary together with any cumulative translation differences recognized in equity. The Group recognizes the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.

Intercompany transactions, balances and unrealized gains on transactions between entities in the Group are eliminated upon consolidation. Accounting policies of subsidiaries align to the policies adopted by the Group.

The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognized directly in equity attributable to the parent.

Operating segments

Operating segments are presented using the ‘management approach’, where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers (CODM). The CODM is responsible for the allocation of resources to operating segments and assessing their performance.

Functional and presentation currency

During the year ended 30 June 2022, the Directors elected to change the Group’s presentation currency from Australian dollars (A$) to United States dollars ($, US$ or US dollars) effective from 1 July 2021. The change in presentation currency was a voluntary change which has been accounted for retrospectively. The consolidated financial statements for 30 June 2022 have been restated to US dollars using the procedures outlined below:

●	Statement of profit or loss and other comprehensive income and statement of cash flows for each group entity were consolidated into US dollars using average foreign currency rates prevailing for the relevant period.

●	Assets and liabilities in the consolidated statement of financial position were translated into US dollars at the closing foreign currency rates on the relevant balance sheet dates.

●	The equity section of the consolidated statement of financial position, including foreign currency translation reserve, accumulated losses, share capital and the other reserves, were translated into US dollars using the historical rates, being the rate on the date of the transaction.

●	Earnings per share and dividend disclosure were also restated to US dollars to reflect the change in presentation currency.

The functional currency of the Parent is Australian dollars, whilst the presentation currency of the Group is in US dollars. Some subsidiaries have a functional currency other than Australian dollars which is translated to the presentation currency. The presentation currency of US dollars has been adopted to suit the needs of the primary users of the financial statements.

Transactions in currencies other than an entity’s functional currency are initially recorded in the functional currency by applying the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in currencies other than an entity’s functional currency are retranslated at the foreign exchange rate ruling at the reporting date. Foreign exchange differences arising on translation are recognized in the consolidated statements of profit or loss.

Foreign exchange differences that arise on the translation of monetary items that form part of the net investment in a foreign operation are recognized in the foreign currency translation reserve in the consolidated statements of financial position. Non-monetary assets and liabilities that are measured in terms of historical cost in currencies other than an entity’s functional currency are translated using the exchange rate at the date of the initial transaction.

Foreign operations

The assets and liabilities of foreign operations are translated into US dollars using the relevant exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into US dollars using the average exchange rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences are recognized in other comprehensive income through the foreign currency translation reserve in equity.

The foreign currency reserve, reflecting the cumulative translation differences, is recognized in the consolidated statements of profit or loss when the foreign operation or net investment is disposed of.

Revenue and other income recognition

The Group recognizes revenue and other income as follows:

Revenue from contracts with customers

Revenue is recognized at an amount that reflects the consideration to which the Group is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the Group: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered; and recognizes revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised.

Bitcoin mining revenue

The Group operates data center infrastructure supporting the verification and validation of Bitcoin blockchain transactions in exchange for Bitcoin, referred to as “Bitcoin mining”. The Group has entered into arrangements with mining pools, whereby computing power is directed to the mining pools in exchange for non-cash consideration in the form of Bitcoin. The provision of computing power is the only performance obligation in the contract with the mining pool operators.

In the mining pools which the Group participated in during the years ended 30 June 2023, 30 June 2022 and 30 June 2021, the Group is not directly exposed to the pool’s success in mining blocks. The Group is rewarded in Bitcoin for the hashrate it contributes to these mining pools. The reward for the hashrate contributed by the Group is based on the current network difficulty and global daily revenues from transaction fees, less mining pool fees.

Bitcoin mining revenue comprises of the block reward and transaction fees bundled together in a gross daily deposit of Bitcoin into the Group’s exchange wallet. Bitcoin received from the mining pool operator are remitted to the pool participants’ wallets net of the fees of the mining pool operator. The mining pool operator fees is reflected in the quantity of Bitcoin received by the Group and recorded as a reduction in Bitcoin mining revenue.

The Group measures the non-cash consideration received at the fair market value of the Bitcoin received. Management estimates fair value on a daily basis, as the quantity of Bitcoin received multiplied by the price quoted on www.kraken.com (‘Kraken’) on the day it was received. Management considers the prices quoted on Kraken to be a level 1 input under IFRS 13 Fair Value Measurement. The Group did not hold any Bitcoin on hand as at 30 June 2023 (30 June 2022: Nil).

Other income

Other income is recognized when it is probable that the economic benefits will flow to the Group, and the amount of income can be reliably measured. Other income is measured at the fair value of the consideration received or receivable. Gains from the sale of other assets are recognized when the control of the asset has been transferred, and it is probable that the entity will receive the economic benefits associated with the transaction.

Income tax

The income tax expense for the period is the tax payable on that period’s taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognized for prior periods, where applicable.

Deferred tax assets and liabilities are recognized for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:

●	when the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or

●	when the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets are recognized for deductible temporary difference only if the Group considers it probable that future taxable amounts will be available to utilize those temporary differences and losses.

The carrying amount of recognized and unrecognized deferred tax assets are reviewed at each reporting date. Deferred tax assets recognized are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognized deferred tax assets are recognized to the extent that it is probable that there are future taxable profits available to recover the asset.

Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.

Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. These uncertainties may require management to adjust expectations based on changes in circumstances, which may impact the amount of deferred tax assets and deferred tax liabilities recognized in the statement of financial position and the amount of other tax losses and temporary differences not recognized. In such circumstances, some or all of the carrying amounts of recognized deferred tax assets and liabilities may require adjustment, resulting in a corresponding credit or charge to the consolidated statement of profit or loss and other comprehensive income.

Current and non-current classification

Assets and liabilities are presented in the consolidated statement of financial position based on current and non-current classification.

An asset is classified as current when it is either expected to be realized or intended to be sold or consumed in the Group’s normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realized within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.

A liability is classified as current when it is either expected to be settled in the Group’s normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current.

Cash and cash equivalents

Cash and cash equivalents includes cash at bank, deposits that can be withdrawn without notice held with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Financial assets

Financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortized cost, fair value through profit or loss, or fair value through other comprehensive income depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided.

Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off.

Financial assets at amortized cost

A financial asset is measured at amortized cost only if both of the following conditions are met: (i) it is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (ii) the contractual terms of the financial asset represent contractual cash flows that are solely payments of principal and interest.The financial assets at amortized cost include cash and cash equivalents and other receivables (except sales tax receivables).

Impairment of financial assets

The Group recognises a loss allowance for expected credit losses on financial assets which are either measured at amortized cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the Group’s assessment at the end of each reporting period as to whether the financial instrument’s credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain.

Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset’s lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset’s lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate.

Property, plant and equipment

Property, plant and equipment is measured at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful lives as follows:

Buildings	20 years
Plant and equipment	3-10 years
Mining hardware	4 years

The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

An item of property, plant and equipment is derecognized upon disposal or when there is no future economic benefit to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.

Development assets consist of data center sites under development. Development assets are not depreciated until they are available for use. Once an asset becomes available for use, it is transferred to another category within property, plant and equipment and depreciated over its useful economic life.

Mining hardware includes both installed hardware units and units that have been delivered but are in storage, yet to be installed. Depreciation of mining hardware commences once units are onsite and available for use.

Repair and maintenance costs incurred are expensed to ‘other operating expenses’ in the consolidated statements of profit or loss.

Leases

The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets.

The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a term of 12 months or less, and leases of low value assets. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

A right-of-use asset is recognized at the commencement date of a lease. The right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of the right-of-use assets includes the amount of the lease liability recognized, 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 from the commencement of the lease on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.

At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amount expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate.

In calculating the present value of the lease payments, the Group uses the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group has applied judgement to determine the lease term for contracts which include renewal and termination options.

Goodwill

Goodwill arises on the acquisition of a business. Goodwill is not amortized. Instead, the cash-generating unit (CGU) to which goodwill has been allocated is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed.

Impairment of other non-financial assets

At the end of reporting period, property, plant and equipment and right-of-use assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset (or group of related assets) is estimated and compared with its carrying amount. An impairment loss is recognized in the profit or loss for the amount by which the asset’s carrying amount exceeds its recoverable amount, where the recoverable amount is the higher of an asset’s fair value less costs of disposal (FVLCOD) or the value in use (VIU). In assessing VIU, the estimated future cash flows of the asset are discounted to their present value using a discount rate that reflects the risks specific to the asset or the CGU to which the asset belongs and relevant market assessments. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating unit (CGU)).

A recognized impairment loss on an asset is subject to reversal if there is a subsequent change in the variables and assumptions that were used to calculate the asset’s recoverable amount. Such a reversal is executed only when the asset’s estimated recoverable amount exceeds its current carrying amount. However, the adjusted carrying amount after reversal must not exceed the asset’s carrying amount that would have been determined (net of depreciation and amortization) had no impairment loss been recognized for the asset in prior years.

Trade and other payables

These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and which are unpaid.They are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. However, due to their short-term nature, they are not discounted.

Hybrid financial instruments (SAFE and convertible notes)

Hybrid financial instruments are separated into the host liability and embedded derivative components based on the terms of the agreement. On issuance, the liability component of the hybrid financial instrument is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The embedded derivative component is initially recognized at fair value and changes in the fair value are recorded in profit or loss. The host debt is carried at amortized cost using the effective interest method until it is extinguished on conversion or redemption. Any directly attributable transaction costs are allocated to the liability and embedded derivative components in proportion to their initial carrying amount.

Financial liabilities

Trade and other payables and borrowings are initially recognized at the fair value of the consideration received, net of transaction costs. They are subsequently measured at amortized cost using the effective interest method.

The Group de-recognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.

Finance costs

Finance costs attributable to qualifying assets are capitalized as part of the asset. All other finance costs are expensed using the effective interest rate method.

Provisions

Provisions are recognised when the Group has a present (legal or constructive) obligation as a result of a past event, it is probable the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognised as a finance expense.

Employee benefits

Short-term employee benefits

Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled.

Other long-term employee benefits

The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service.

Share-based payments

Equity-settled share-based compensation benefits are provided to employees. Equity-settled transactions are awards of shares, or options over shares and restricted stock units (‘RSUs’), that are provided to employees in exchange for the rendering of services.

The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black-Scholes-Merton option pricing model and Monte-Carlo simulations which take into account the exercise price, the term of the option or the RSU, the impact of dilution, the share price at grant date, expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment.

The cost of equity-settled transactions are recognized as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognized in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognized in previous periods.

Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied.

If equity-settled awards are modified, as a minimum, an expense is recognized as if the modification has not been made. An additional expense is recognized, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification.

If equity-settled awards are cancelled or settled during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied), this is treated as an acceleration of vesting and the amount that otherwise would have been recognised for services received over the remainder of the vesting period will be recognized immediately through share-based payments expense in the profit or loss.

Fair value measurement

When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market.

Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use, determined by maximization of value by way of continuing use or sale to third party.Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement.Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period in which they occur.

For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data.

Issued capital

Ordinary shares are classified as equity because they represent ownership in the company and do not have an obligation to be repurchased or settled in cash or other financial assets. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.

Earnings per share

Basic earnings per share

Basic earnings per share is calculated by dividing the profit attributable to the owners of Iris Energy Limited, by the weighted average number of ordinary shares outstanding during the financial year. The weighted average number of shares is also adjusted for any ordinary shares to be issued under mandatorily convertible instruments issued by the Group.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.

Goods and Services Tax (GST) and other similar taxes

Revenues, expenses and assets are recognized net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognized as part of the cost of the acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the consolidated statements of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.

Mining hardware prepayments

Mining hardware prepayments represent payments made by the Group for the purchase of mining hardware that were yet to be delivered as of the end of the financial year. These prepayments are in accordance with payment schedules set out in relevant purchase agreements with hardware manufacturers.

Rounding of amounts

Amounts in this report have been rounded off to the nearest thousand dollars, or in certain cases, the nearest dollar.

New or amended Accounting Standards and Interpretations adopted

The Group has adopted all of the new or amended IFRS and Interpretations as issued by the IASB 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. The Group believes that the impact of recently issued standards or amendments to existing standards that are not yet effective will not have a material impact on the Group’s consolidated financial statements.

Share-based payments, Measuring Fair Value of Arrangements Granted (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($) shares $ / shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Fair Value of Arrangements Granted [Abstract]
Share-based payment expense \| $	$ 14,356	$ 13,896	$ 805
NED Options Plan Grant Date 28 July 2021 [Member]
Fair Value of Arrangements Granted [Abstract]
Dividend yield	0.00%
Expected volatility	90.00%
Risk-free interest rate	0.15%
Weighted average expected life	6 years 6 months 29 days
Grant date share price (in dollars per share)	$ 34.73
Exercise price (in dollars per share)	8.76
Weighted average of fair value (in dollars per share)	$ 30.8
Number of share options granted (in shares) \| shares	161,707
NED Options Plan Grant Date 21 October 2021 [Member]
Fair Value of Arrangements Granted [Abstract]
Dividend yield	0.00%
Expected volatility	90.00%
Risk-free interest rate	0.15%
Weighted average expected life	7 years
Grant date share price (in dollars per share)	$ 34.8
Exercise price (in dollars per share)	36.45
Weighted average of fair value (in dollars per share)	$ 26.5
Number of share options granted (in shares) \| shares	14,266
Employee Option Plan Grant Date 28 July 2021 [Member]
Fair Value of Arrangements Granted [Abstract]
Dividend yield	0.00%
Expected volatility	90.00%
Risk-free interest rate	0.15%
Weighted average expected life	7 years
Grant date share price (in dollars per share)	$ 34.73
Exercise price (in dollars per share)	8.76
Weighted average of fair value (in dollars per share)	$ 31.05
Number of share options granted (in shares) \| shares	89,541
Employee Option Plan Grant Date 20 October 2021 [Member]
Fair Value of Arrangements Granted [Abstract]
Dividend yield	0.00%
Expected volatility	90.00%
Risk-free interest rate	0.15%
Weighted average expected life	7 years
Grant date share price (in dollars per share)	$ 34.8
Exercise price (in dollars per share)	36.45
Weighted average of fair value (in dollars per share)	$ 26.5
Number of share options granted (in shares) \| shares	53,223
Employee Option Plan Grant Date 17 June 2022 [Member]
Fair Value of Arrangements Granted [Abstract]
Dividend yield	0.00%
Expected volatility	122.00%
Risk-free interest rate	0.85%
Weighted average expected life	7 years
Grant date share price (in dollars per share)	$ 3.74
Exercise price (in dollars per share)	36.45
Weighted average of fair value (in dollars per share)	$ 2.71
Number of share options granted (in shares) \| shares	7,750
$75 Exercise Price Options [Member]
Fair Value of Arrangements Granted [Abstract]
Exercise price (in dollars per share)	$ 75
$75 Exercise Price Options Grant Date 14 September 2021 [Member]
Fair Value of Arrangements Granted [Abstract]
Dividend yield	0.00%
Expected volatility	90.00%
Risk-free interest rate	1.28%
Weighted average expected life	9 years
Grant date share price (in dollars per share)	$ 34.17
Exercise price (in dollars per share)	75
Weighted average of fair value (in dollars per share)	$ 23.87
Number of share options granted (in shares) \| shares	4,800,000
Long Term Incentive Plan Date 1 July 2022, Service RSUs [Member]
Fair Value of Arrangements Granted [Abstract]
Dividend yield	0.00%
Expected volatility	0.00%
Risk-free interest rate	0.00%
Weighted average expected life	3 years 8 months 26 days
Grant date share price (in dollars per share)	$ 3.73
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 3.73
Number of share options granted (in shares) \| shares	1,109,500
Long Term Incentive Plan Date 1 July 2022, TSR RSUs [Member]
Fair Value of Arrangements Granted [Abstract]
Dividend yield	0.00%
Expected volatility	120.00%
Risk-free interest rate	3.00%
Weighted average expected life	3 years 3 months
Grant date share price (in dollars per share)	$ 3.73
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 3.22
Number of share options granted (in shares) \| shares	138,189
Vesting period	3 years 3 months
Long Term Incentive Plan Date 1 July 2022, TSR RSUs [Member]
Fair Value of Arrangements Granted [Abstract]
Dividend yield	0.00%
Expected volatility	120.00%
Risk-free interest rate	3.25%
Weighted average expected life	4 years 3 months
Grant date share price (in dollars per share)	$ 3.73
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 3.38
Number of share options granted (in shares) \| shares	138,189
Vesting period	4 years 3 months
Long Term Incentive Plan Date 1 July 2022, Share Price Target RSU [Member]
Fair Value of Arrangements Granted [Abstract]
Dividend yield	0.00%
Expected volatility	120.00%
Risk-free interest rate	3.60%
Weighted average expected life	15 years
Grant date share price (in dollars per share)	$ 3.73
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 1.72
Number of share options granted (in shares) \| shares	611,260
Long Term Incentive Plan Date 22 December 2022, Service RSUs [Member]
Fair Value of Arrangements Granted [Abstract]
Dividend yield	0.00%
Expected volatility	0.00%
Risk-free interest rate	0.00%
Weighted average expected life	1 year
Grant date share price (in dollars per share)	$ 1.13
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 1.13
Number of share options granted (in shares) \| shares	104,559
Long Term Incentive Plan Date 11 January 2023, Service RSUs [Member]
Fair Value of Arrangements Granted [Abstract]
Dividend yield	0.00%
Expected volatility	0.00%
Risk-free interest rate	0.00%
Weighted average expected life	3 years 9 months
Grant date share price (in dollars per share)	$ 1.53
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 1.53
Number of share options granted (in shares) \| shares	169,870
Long Term Incentive Plan Date 11 January 2023, TSR RSUs [Member]
Fair Value of Arrangements Granted [Abstract]
Dividend yield	0.00%
Expected volatility	120.00%
Risk-free interest rate	3.25%
Weighted average expected life	3 years 9 months
Grant date share price (in dollars per share)	$ 1.53
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 1.32
Number of share options granted (in shares) \| shares	42,467
Long Term Incentive Plan Date 19 June 2023, Service RSUs [Member]
Fair Value of Arrangements Granted [Abstract]
Dividend yield	0.00%
Expected volatility	0.00%
Risk-free interest rate	0.00%
Weighted average expected life	2 years
Grant date share price (in dollars per share)	$ 3.42
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 3.42
Number of share options granted (in shares) \| shares	1,426,332

Prepayments and other assets

12 Months Ended

Jun. 30, 2023

Prepayments and other assets [Abstract]

Prepayments and other assets

Note 13. Prepayments and other assets

	Consolidated
	30 June 2023		30 June 2022
	US$’000		US$’000

Current assets
Security deposits		2,420		18,972
Prepayments		11,373		7,658

		13,793		26,630

Consolidated statements of financial position - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Current assets
Cash and cash equivalents	$ 68,894	$ 109,970
Other receivables	6,543	23,654
Prepayments and other assets	13,793	26,630
Total current assets	89,230	160,254
Non-current assets
Property, plant and equipment	241,102	247,562
Right-of-use assets	1,374	1,253
Goodwill	0	634
Deferred tax assets	8	2,235
Mining hardware prepayments	68	158,184
Other assets	292	338
Total non-current assets	242,844	410,206
Total assets	332,074	570,460
Current liabilities
Borrowings and lease liabilities	192	60,484
Income tax	32	1,204
Employee benefits	961	2,136
Trade and other payables	16,644	18,813
Provisions	6,172	2,469
Total current liabilities	24,001	85,106
Non-current liabilities
Borrowings and lease liabilities	1,256	47,803
Deferred tax liabilities	1,365	189
Employee benefits	91	0
Total non-current liabilities	2,712	47,992
Total liabilities	26,713	133,098
Equity
Issued capital	965,857	926,581
Reserves	(6,220)	(6,814)
Accumulated losses	(654,276)	(482,405)
Total equity	305,361	437,362
Total liabilities and equity	$ 332,074	$ 570,460

Key management personnel disclosures, Compensation (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Key Management Personnel Disclosures [Abstract]
Short-term employee benefits	$ 7,967,322	$ 1,610,088
Post-employment benefits	66,830	81,550
Share-based payments	13,905,489	13,314,679
Total compensation	$ 21,939,641	$ 15,006,317

Non-cash investing and financing activities

12 Months Ended

Jun. 30, 2023

Non-cash investing and financing activities [Abstract]

Non-cash investing and financing activities

Note 29. Non-cash investing and financing activities

	Consolidated
	Year ended 30 June 2023			Year ended 30 June 2022			Year ended 30 June 2021
	US$'000			US$'000			US$'000

Convertible notes issued in lieu of interest/referral fees		-			-			(463	)
Mining hardware finance additional fee payable in cash or equity		-			(1,424	)		(2,426	)
Mining hardware finance prepayments made directly by third party financier		(3,420	)		(37,980	)		(1,458	)
Additions to right of use assets		373			298			1,051
Share issuance proceeds under Committed Equity Facility		1,642			-			-

		(1,405	)		(39,106	)		(3,296	)

Issued capital

12 Months Ended

Jun. 30, 2023

Issued capital [Abstract]

Issued capital

Note 20. Issued capital

Consolidated

30 June 2023

30 June 2022

30 June 2023

30 June 2022

US$’000

Ordinary shares - fully paid and unrestricted

64,747,477

53,028,867

965,857

926,581

Movements in ordinary share capital

Details	Date	Shares		US$’000

Balance	1 July 2021		19,828,593		10,338
Conversion of hybrid financial instruments			24,835,118		695,383
Ordinary shares issued (IPO)			8,269,231		231,539
Share-based payments, prepaid in advance			95,925		177
IPO capital raise costs, net of tax			-		(10,856	)

Balance	1 July 2022		53,028,867		926,581
Shares issued under Committed Equity Facility			11,089,357		39,939
Unpaid shares issued under Committed Equity Facility			364,967		1,642
Shares issued for services			260,286		500
Equity settled share-based payments			4,000		15
Capital raise costs			-		(2,820	)

Balance	30 June 2023		64,747,477		965,857

Refer note 33 for further information on B Class restricted shares issued.

Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorized capital.

Committed Equity Facility

On 23 September 2022 Iris Energy entered into a share purchase agreement with B. Riley Principal Capital II, LLC (“B. Riley”) to establish a committed equity facility (“ELOC”), pursuant to which Iris Energy may, at its option, sell up to US$100 million of ordinary shares to B. Riley over a two-year period. A resale registration statement relating to shares sold to B. Riley under the ELOC was declared effective by the SEC on 26 January 2023. During the year 11,454,324 shares were issued under the facility raising gross proceeds of $41,581,000. An additional $1,802,000 was raised through the sale of 388,845 shares from trades which were executed in June 2023 and subsequently issued and settled in July 2023.

Initial Public offering

The Company listed 55,036,108 ordinary shares on Nasdaq as part of an IPO on 17 November 2021. 8,269,231 ordinary shares were issued as part of this offering at a price of $28.00. Total proceeds (net of underwriting fees) of $215,331,000 were raised by the Group as part of this offering.

Conversion of hybrid financial instruments

On 16 November 2021, immediately prior to the IPO on Nasdaq, all hybrid financial instruments (convertible notes and simple agreement for future equity ‘SAFE’) converted to equity in accordance with the underlying deeds. 24,835,118 ordinary shares were issued to noteholders on conversion of these instruments resulting in a corresponding increase in issued capital of $695,383,000 (based on a conversion share price fair value of $28.00 on 16 November 2021). There are no outstanding convertible instruments as at 30 June 2023 (30 June 2022: none).

Loan-funded shares

As at 30 June 2023, there are 1,954,049 (30 June 2022: 1,954,049) restricted ordinary shares issued to management under the Employee Share Plan as well as certain non-employee founders of Podtech Innovation Inc. The total number of ordinary shares outstanding (including the loan funded shares) is 66,701,526 as at 30 June 2023 (30 June 2022: 54,982,916).

Capital risk management

The Group’s objectives when managing capital is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.

Capital is regarded as total equity, as recognized in the consolidated statement of financial position, plus net debt. Net debt is calculated as total borrowings less cash and cash equivalents.

In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, issue new debt or sell assets to reduce debt.

Other receivables

12 Months Ended

Jun. 30, 2023

Other receivables [Abstract]

Other receivables

Note 11. Other receivables

	Consolidated
	30 June 2023		30 June 2022
	US$’000		US$’000

Current assets
Share issuances proceeds		1,581		-
Advanced loan proceeds		-		2,320
Provincial sales tax receivable		122		10,023
Interest receivable		-		75
Other receivable		97		1
GST receivable		4,743		11,235

		6,543		23,654

Other operating expenses (Details) - USD ($) $ in Thousands	12 Months Ended
Other operating expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Other operating expenses [Abstract]
Insurance	$ 5,687	$ 5,065	$ 95
Sponsorship and marketing	716	305	29
Short term office and equipment rental	773	177	92
Charitable donations	164	464	0
Site expenses	3,789	1,644	170
Filing fees	76	462	1
Site identification costs	15	258	0
Non-refundable sales tax (See Note 18 - Provisions)	4,972	2,469	0
Non-refundable provincial sales tax	371	0	0
Other expenses	2,259	861	79
Other operating expenses	$ 18,822	$ 11,705	$ 466

Reserves (Tables)

12 Months Ended

Jun. 30, 2023

Reserves [Abstract]

Reserves

	Consolidated
	30 June 2023			30 June 2022
	US$’000			US$’000

Foreign currency translation reserve		(34,655	)		(21,014	)
Share-based payments reserve (note 31)		28,435			14,200

		(6,220	)		(6,814	)

Prepayments and other assets (Tables)

12 Months Ended

Jun. 30, 2023

Prepayments and other assets [Abstract]

Prepayments and other assets

	Consolidated
	30 June 2023		30 June 2022
	US$’000		US$’000

Current assets
Security deposits		2,420		18,972
Prepayments		11,373		7,658

		13,793		26,630

Other receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Current assets [Abstract]
Share issuances proceeds	$ 1,581	$ 0
Advanced loan proceeds	0	2,320
Provincial sales tax receivable	122	10,023
Interest receivable	0	75
Other receivables	97	1
GST receivable	4,743	11,235
Other receivables	$ 6,543	$ 23,654

Financial instruments, Foreign Currency Risk (Details) - Foreign Currency Risk [Member] - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Financial assets and liabilities [Abstract]
Financial assets	$ 221,437	$ 250,976
Financial liabilities	70,009	140,400
US Dollars [Member]
Financial assets and liabilities [Abstract]
Financial assets	96,888	96,648
Financial liabilities	32,619	110,265
Canadian Dollars [Member]
Financial assets and liabilities [Abstract]
Financial assets	124,549	154,328
Financial liabilities	$ 37,390	$ 30,135

- Definition

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details

- Definition

The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]

+ References + Details

Significant accounting policies, Going Concern (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Going concern [Abstract]
Loss after income tax	$ (171,871)	$ (419,770)	$ (60,390)
Net operating cash inflows	6,045	21,557	$ 1,761
Net current assets	65,229	75,148
Net assets	$ 305,361	$ 437,362
Minimum [Member]
Going concern [Abstract]
Period to adequate cash reserves to enable to meet its obligations from date of approval	1 year

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2023-01-01
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 17
-IssueDate 2023-01-01
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2023-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2023-03-23

+ Details

Income tax expense (Tables)

12 Months Ended

Jun. 30, 2023

Income tax expense [Abstract]

Reconciliation of Income Tax Expense and Tax at the Statutory Rate

	Consolidated
	Year ended 30 June 2023			Year ended 30 June 2022			Year ended 30 June 2021 (restated*)
	US$’000			US$’000			US$’000

Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense		(169,481	)		(417,046	)		(59,151	)

Tax at the statutory tax rate of 30% (2022: 30%, 2021: 26%)		(50,844	)		(125,114	)		(15,379	)

Tax effect amounts which are not deductible in calculating taxable income:
Non-deductible/non-allowable items		4,756			128,643			16,061

		(46,088	)		3,529			682
Current year tax losses not recognized		28,349			534			704
Recognition of previously unrecognized tax losses		-			(1,019	)		(240	)
Difference in overseas tax rates		1,979			203			(3	)
Impact of future tax rate changes		-			-			94
Current year temporary differences not recognised		-			-			2
Prior year tax over/(under) provisions		(212	)		(523	)		-
Deconsolidation of Non-recourse SPVs		18,362			-			-

Income tax expense		2,390			2,724			1,239

Income Tax Expense

	Consolidated
	Year ended 30 June 2023			Year ended 30 June 2022		Year ended 30 June 2021 (restated*)
	US$’000			US$’000		US$’000

Income tax expense
Current tax expense/(benefit)		(1,013	)		672		532
Deferred tax expense		3,403			2,052		707

Income tax expense		2,390			2,724		1,239

Unrecognized Deferred Tax Assets

	Consolidated
	30 June 2023		30 June 2022		30 June 2021 (restated*)
	US$’000		US$’000		US$’000

Unrecognized deferred tax assets
Available tax losses		136,849		19,268		7,239

Tax effect at the applicable tax rate for each jurisdiction		39,238		5,117		1,887

Deferred tax asset on tax losses recognized to the extent of taxable temporary differences		10,761		3,854		798
Deferred tax asset on losses not recognized		28,477		1,263		1,089

Movement in Deferred Tax Assets and Liability Balances

Recognized deferred tax assets and liabilities

The following are the deferred tax assets and liabilities recognised by the Group and movements during the years ended 30 June 2023 and 30 June 2022:

	Tax losses		Employee benefits			Property, plant and equipment			Unrealized foreign exchange losses			Capital raising costs			Other deferred tax assets		Total
	US$’000		US$’000			US$’000			US$’000			US$’000			US$’000		US$’000

Deferred tax assets
Movement in balances
As at 1 July 2021		798		31			-			-			82			-		911
(Charge)/credit to profit or loss		3,056		82			15			725			(260	)		1,222		4,840
(Charge)/credit direct to equity		-		-			-			-			4,805			-		4,805
As at 30 June 2022		3,854		113			15			725			4,627			1,222		10,556
Offset against deferred tax liabilities																		(8,321	)
As at 30 June 2022																		2,235

As at 1 July 2022		3,854		113			15			725			4,627			1,222		10,556
(Charge)/credit to profit or loss		6,907		(381	)		(15	)		(691	)		(666	)		1,117		6,272
As at 30 June 2023		10,761		(268	)		-			34			3,961			2,339		16,827
Offset against deferred tax liabilities																		(16,819	)
As at 30 June 2023																		8

	Property, plant and equipment			Unrealized foreign exchange gains			Other deferred tax liabilities			Total
	US$’000			US$’000			US$’000			US$’000

Deferred tax liabilities
Movement in balances
As at 1 July 2021		(798	)		(820	)		-			(1,618	)
(Charge)/credit to profit or loss		(3,894	)		(2,651	)		(347	)		(6,892	)
Charge direct to equity		-			-			-			-
As at 30 June 2022		(4,692	)		(3,471	)		(347	)		(8,510	)
Offset against deferred tax assets											8,321
As at 30 June 2022											(189	)

As at 1 July 2022		(4,692	)		(3,471	)		(347	)		(8,510	)
(Charge)/credit to profit or loss		(7,426	)		(1,540	)		(708	)		(9,674	)
Charge direct to equity		-			-			-			-
As at 30 June 2023		(12,118	)		(5,011	)		(1,055	)		(18,184	)
Offset against deferred tax assets											16,819
As at 30 June 2023											(1,365	)

Earnings per share (Tables)

12 Months Ended

Jun. 30, 2023

Earnings per share [Abstract]

Earnings Per Share Basic and Diluted

	Year ended 30 June 2023			Year ended 30 June 2022			Year ended 30 June 2021 (restated*)
	US$’000			US$’000			US$’000

Loss after income tax		(171,871	)		(419,770	)		(60,390	)

	Number		Number		Number

Weighted average number of shares used in calculating basic earnings per share		54,775,571		40,941,074		20,629,327
Weighted average number of shares used in calculating diluted earnings per share		54,775,571		40,941,074		20,629,327

	Cents			Cents			Cents

Basic earnings per share		(313.77	)		(1,025.30	)		(292.74	)

Diluted earnings per share		(313.77	)		(1,025.30	)		(292.74	)

Provisions

12 Months Ended

Jun. 30, 2023

Provisions [Abstract]

Provisions

Note 18. Provisions

	Consolidated
	30 June 2023		30 June 2022
	US$’000		US$’000

Current liabilities
Non-refundable sales tax		6,172		2,469

Non-Refundable Sales Tax

The Canada Revenue Agency (‘CRA’) is currently conducting an audit of input tax credits (‘ITCs’) claimed by several of the Group’s Canadian subsidiaries. The CRA has issued an assessment in relation to one of the subsidiaries which, the Directors believe may be applied across the Group’s Canadian subsidiaries. Under the proposed decision, the CRA has noted that ITCs claimed by the Group would be allowed. However, the Canadian subsidiaries would also be required to remit an amount of 5% on services exported to the Australian parent under an intercompany service agreement. The export of services typically attract a 0% rate of GST in Canada. If GST were to apply to these services at a rate of 5%, the Australian parent may not be permitted to recover this tax.

The Group has submitted additional information to the CRA to further support the ITCs claimed and the 0% rate applied to the exported services and submitted a formal notice of objection to the CRA in November 2022. The CRA has acknowledged receipt of the appeal application however has not yet provided any further correspondence to the Group.

Recent amendments made to Canadian Tax legislation in June 2023 are being considered by the relevant subsidiaries and the CRA. To date, the CRA has not issued any interpretation guidance on the new legislation or proposed any potential changes to previous conclusions communicated to subsidiaries of the Group. Consequently, the affected subsidiaries continue to accrue a provision in line with the aforementioned methodology.

Other income (Details) - USD ($) $ in Thousands	12 Months Ended
Other income (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Other income [Abstract]
Net gain on disposal of other assets	$ 3,117	$ 0	$ 0
Government grants	0	0	165
Insurance recoveries	0	0	418
Other	20	12	7
Other income	$ 3,137	$ 12	$ 590

Consolidated statements of profit or loss and other comprehensive income - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Revenue
Bitcoin mining revenue	$ 75,509	$ 59,037	$ 7,898
Other income	3,137	12	590
Gain/(loss) on disposal of subsidiaries	3,258	0	0
Expenses
Depreciation	(30,856)	(7,741)	(1,252)
Electricity charges	(35,753)	(10,978)	(2,654)
Employee benefits expense	(17,897)	(7,448)	(2,221)
Share-based payments expense	(14,356)	(13,896)	(805)
Impairment of assets	(105,172)	(167)	(432)
Professional fees	(6,271)	(6,807)	(980)
Gain/(loss) on disposal of property, plant and equipment	(6,628)	0	(202)
Other operating expenses	(18,822)	(11,705)	(466)
Operating profit/(loss)	(153,851)	307	(524)
Finance expense	(16,363)	(425,441)	(61,175)
Interest income	924	79	6
Foreign exchange gain/(loss)	(191)	8,009	2,542
Loss before income tax expense	(169,481)	(417,046)	(59,151)
Income tax expense	(2,390)	(2,724)	(1,239)
Loss after income tax expense for the year	(171,871)	(419,770)	(60,390)
Items that may be reclassified subsequently to profit or loss
Foreign currency translation	(13,641)	(23,553)	1,313
Other comprehensive income/(loss) for the year, net of tax	(13,641)	(23,553)	1,313
Total comprehensive loss for the year	$ (185,512)	$ (443,323)	$ (59,077)
Basic earnings per share (in dollars per share)	$ (3.1377)	$ (10.253)	$ (2.9274)
Diluted earnings per share (in dollars per share)	$ (3.1377)	$ (10.253)	$ (2.9274)

Interests in subsidiaries (Details) - USD ($)
$ in Thousands

12 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2021

List of Subsidiary Companies [Abstract]

Gain on disposal of subsidiaries

$ 3,258

$ 0

Iris Energy Custodian Pty Ltd [Member]

List of Subsidiary Companies [Abstract]

Name

Iris Energy Custodian Pty Ltd

Principal place of business / Country of incorporation

Australia

Ownership interest

100.00%

SA 1 Holdings Ltd [Member]

List of Subsidiary Companies [Abstract]

Name

SA 1 Holdings Ltd

Principal place of business / Country of incorporation

Australia

Ownership interest

100.00%

SA 2 Holdings Ltd [Member]

List of Subsidiary Companies [Abstract]

Name

SA 2 Holdings Ltd

Principal place of business / Country of incorporation

Australia

Ownership interest

100.00%

Podtech Data Centers Inc. [Member]

List of Subsidiary Companies [Abstract]

Name

Podtech Data Centers Inc.

Principal place of business / Country of incorporation

Canada

Ownership interest

100.00%

IE CA 1 Holdings Ltd. [Member]

List of Subsidiary Companies [Abstract]

Name

IE CA 1 Holdings Ltd

Principal place of business / Country of incorporation

Canada

Ownership interest

100.00%

IE CA 2 Holdings Ltd. [Member]

List of Subsidiary Companies [Abstract]

Name

IE CA 2 Holdings Ltd

Principal place of business / Country of incorporation

Canada

Ownership interest

100.00%

IE CA 3 Holdings Ltd. [Member]

List of Subsidiary Companies [Abstract]

Name

^[1]

IE CA 3 Holdings Ltd*

Principal place of business / Country of incorporation

^[1]

Canada

Ownership interest

^[1]

0.00%

100.00%

IE CA 4 Holdings Ltd. [Member]

List of Subsidiary Companies [Abstract]

Name

^[1]

IE CA 4 Holdings Ltd*

Principal place of business / Country of incorporation

^[1]

Canada

Ownership interest

^[1]

0.00%

100.00%

IE CA 5 Holdings Ltd. [Member]

List of Subsidiary Companies [Abstract]

Name

IE CA 5 Holdings Ltd

Principal place of business / Country of incorporation

Canada

Ownership interest

100.00%

IE CA Development Holdings Ltd. [Member]

List of Subsidiary Companies [Abstract]

Name

IE CA Development Holdings Ltd

Principal place of business / Country of incorporation

Canada

Ownership interest

100.00%

IE CA Development Holdings 2 Ltd. [Member]

List of Subsidiary Companies [Abstract]

Name

IE CA Development Holdings 2 Ltd

Principal place of business / Country of incorporation

Canada

Ownership interest

100.00%

IE CA Development Holdings 3 Ltd. [Member]

List of Subsidiary Companies [Abstract]

Name

IE CA Development Holdings 3 Ltd

Principal place of business / Country of incorporation

Canada

Ownership interest

100.00%

IE CA Development Holdings 4 Ltd. [Member]

List of Subsidiary Companies [Abstract]

Name

IE CA Development Holdings 4 Ltd

Principal place of business / Country of incorporation

Canada

Ownership interest

100.00%

IE CA Development Holdings 5 Ltd. [Member]

List of Subsidiary Companies [Abstract]

Name

IE CA Development Holdings 5 Ltd

Principal place of business / Country of incorporation

Canada

Ownership interest

100.00%

IE US 1, Inc. [Member]

List of Subsidiary Companies [Abstract]

Name

IE US 1, Inc.

Principal place of business / Country of incorporation

United States of America

Ownership interest

100.00%

Iris Energy Holdings Pty Ltd. [Member]

List of Subsidiary Companies [Abstract]

Name

Iris Energy Holdings Pty Ltd

Principal place of business / Country of incorporation

Australia

Ownership interest

100.00%

TAS 1 Holdings Ltd [Member]

List of Subsidiary Companies [Abstract]

Name

TAS 1 Holdings Ltd

Principal place of business / Country of incorporation

Australia

Ownership interest

100.00%

IE CA Development Holdings 7 Ltd. [Member]

List of Subsidiary Companies [Abstract]

Name

IE CA Development Holdings 7 Ltd

Principal place of business / Country of incorporation

Canada

Ownership interest

100.00%

IE US Development Holdings 1 Inc. [Member]

List of Subsidiary Companies [Abstract]

Name

IE US Development Holdings 1 Inc

Principal place of business / Country of incorporation

United States of America

Ownership interest

100.00%

IE US Holdings Inc. [Member]

List of Subsidiary Companies [Abstract]

Name

IE US Holdings Inc

Principal place of business / Country of incorporation

United States of America

Ownership interest

100.00%

IE US Development Holdings 3 Inc. [Member]

List of Subsidiary Companies [Abstract]

Name

IE US Development Holdings 3 Inc

Principal place of business / Country of incorporation

United States of America

Ownership interest

100.00%

IE US Development Holdings 4 Inc. [Member]

List of Subsidiary Companies [Abstract]

Name

IE US Development Holdings 4 Inc

Principal place of business / Country of incorporation

United States of America

Ownership interest

100.00%

IE US Operations Inc. [Member]

List of Subsidiary Companies [Abstract]

Name

IE US Operations Inc

Principal place of business / Country of incorporation

United States of America

Ownership interest

100.00%

IE US Hardware 1 Inc. [Member]

List of Subsidiary Companies [Abstract]

Name

IE US Hardware 1 Inc

Principal place of business / Country of incorporation

United States of America

Ownership interest

100.00%

IE US Hardware 2 Inc. [Member]

List of Subsidiary Companies [Abstract]

Name

IE US Hardware 2 Inc

Principal place of business / Country of incorporation

United States of America

Ownership interest

100.00%

IE US Hardware 3 Inc. [Member]

List of Subsidiary Companies [Abstract]

Name

IE US Hardware 3 Inc

Principal place of business / Country of incorporation

United States of America

Ownership interest

100.00%

IE US Hardware 4 Inc. [Member]

List of Subsidiary Companies [Abstract]

Name

IE US Hardware 4 Inc

Principal place of business / Country of incorporation

United States of America

Ownership interest

100.00%

[1]

On 4 November 2022, IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd. (‘Non-Recourse SPVs’) received notices of defaults from the lenders under their respective limited recourse facilities alleging the occurrence of certain defaults and potential events of default, and purporting to declare the loans under each of the Non-Recourse SPV facilities immediately due and payable. The lender filed a petition with the British Columbia Supreme Court, primarily seeking the appointment of PwC as receiver over the assets and undertakings of the Non-Recourse SPVs, which the court accepted, subsequently appointing PwC as the receiver of the Non-Recourse SPVs on 3 February 2023. The Group ceased control of the Non-Recourse SPVs on 3 February 2023, being the date of appointment of the receiver, and as such the entities have been deconsolidated from this date recording a gain on disposal of subsidiaries of $3,258,000.

Reserves (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Reserves [Abstract]
Foreign currency translation reserve	$ (34,655)	$ (21,014)
Share-based payments reserve (note 31)	28,435	14,200
Reserves	$ (6,220)	$ (6,814)

Depreciation (Tables)

12 Months Ended

Jun. 30, 2023

Depreciations [Abstract]

Depreciation

	Consolidated
	Year ended 30 June 2023		Year ended 30 June 2022		Year ended 30 June 2021 (restated*)
	US$’000		US$’000		US$’000

Depreciation of property, plant and equipment		30,636		7,682		1,209
Depreciation of right-of-use assets		220		59		43

		30,856		7,741		1,252

Events after the reporting period	12 Months Ended
Events after the reporting period	Jun. 30, 2023
Events after the reporting period [Abstract]
Events after the reporting period	Note 34. Events after the reporting period Changes to key management personnel On July 18, 2023, the Group announced the appointment of Sunita Parasuraman to its board of directors and as Chair of the Audit and Risk Committee. Limited recourse equipment financing In June 2023, a hearing was held in in The Supreme Court of British Columbia between NYDIG ABL LLC and the Non-Recourse SPVs. A judgement on the proceedings was delivered on 10 August 2023 which declared, among other things, that the transactions pursuant to hashpower services provided by the Non-Recourse SPVs to the Company to be void. On 21 August 2023, the Company filed a notice to appeal the judgement. Purchases NVIDIA H100 GPUs to target generative AI On 29 August 2023, the Group announced the initial purchase of 248 of NVIDIA’s latest-generation artificial intelligence (“AI”) H100 GPUs for ~US$10 million. No other matter or circumstance has arisen since 30 June 2023 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.

Critical accounting judgements, estimates and assumptions	12 Months Ended
	Jun. 30, 2023
Critical accounting judgements, estimates and assumptions [Abstract]
Critical accounting judgements, estimates and assumptions	Note 3. Critical accounting judgements, estimates and assumptions The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the consolidated financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below. Share-based payment transactions The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using the Black-Scholes-Merton option-pricing model and Monte-Carlo simulations which take into account the terms and conditions upon which the instruments were granted. Management has exercised its best judgements in determining the key inputs for the valuation models used which includes volatility, grant-date share price, expected term and the risk-free rate. Refer note 31 for further information and key assumptions. Estimation of useful lives of assets The Group determines the estimated useful lives and related depreciation charges for its property, plant and equipment. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down. Impairment of non-financial assets The Group assesses impairment of non-financial assets other than goodwill at each reporting date by evaluating conditions specific to the Group and to the particular asset that may lead to impairment. If an impairment trigger exists, the recoverable amount of the asset is determined. This involves assessing the value of the asset at FVLCOD or using VIU models which incorporate a number of key estimates and assumptions. No triggers existed at the reporting date which suggested any additional impairment of assets was necessary. Deferred tax Deferred tax assets relating to temporary differences and unused tax losses are recognized only to the extent that it is probable that the future taxable profit will be available against which the benefits of the deferred tax can be utilized. At the reporting date, deferred tax assets have only been recognized to the extent of deferred tax liabilities if they are related to the same tax jurisdiction. Deferred tax assets in relation to losses have not been recognized in the consolidated statement of financial position and will not be recognized until such time when there is more certainty in relation to the availability of future taxable profits. Income tax Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. These uncertainties may require management to adjust expectations based on changes in circumstances, which may impact the amount of deferred tax assets and deferred tax liabilities recognized in the consolidated statement of financial position and the amount of other tax losses and temporary differences not yet recognized. In such circumstances, some or all of the carrying amounts of recognized deferred tax assets and liabilities may require adjustment, resulting in a corresponding credit or charge to profit or loss or other comprehensive income/(loss). Going concern The assessment of going concern requires management to make judgements based on projections of the operating cash flows generated by the Group, which is subject to a number of key assumptions. The Group has determined there is material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern but has concluded it is appropriate to prepare the consolidated financial statements on a going concern basis. Refer to Note 2 for further information. Provisions Provisions are recorded for present obligations arising from past events where settlement is expected to result in an outflow of resources. The Group has recorded provisions for sales tax at the best estimate of expenditure required to settle the obligation. Management makes assessments of provisions based on the expectations of probability of outcome and expectations of settlement which is inherently subject to uncertainty. Refer to Note 18 for further information. Functional currency determination The functional currency for the Company and its subsidiaries is the currency of the primary economic environment in which the entity operates. Determination of functional currency is conducted through an analysis of the consideration factors identified in IAS 21 “The Effects of Changes in Foreign Exchange Rates” and may involve certain judgements to determine the primary economic environment. The Company reconsiders the functional currency of its entities if there is a change in events and conditions which determine the primary economic environment. Significant changes to those underlying factors could cause a change to the functional currency.

Borrowings and lease liabilities, Summary (Details)	12 Months Ended
Borrowings and lease liabilities, Summary (Details)	Jun. 30, 2023 Subsidary
Mining Hardware Finance [Member]
Borrowings [Abstract]
Number of subsidiaries entered into separate limited recourse equipment finance and security agreements	3
Lease Liabilities [Member] \| Prince George, British Columbia, Canada [Member]
Borrowings [Abstract]
Lease term	30 years
Lease Liabilities [Member] \| Sydney, Australia [Member]
Borrowings [Abstract]
Lease term	3 years
Lease Liabilities [Member] \| Vancouver, British Columbia, Canada [Member]
Borrowings [Abstract]
Lease term	5 years

Financial Instruments, Liquidity Risk (Details) - Liquidity Risk [Member] - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Remaining contractual maturities [Abstract]
Non-derivatives	$ 16,918	$ 131,529
Trade and Other Payables [Member]
Remaining contractual maturities [Abstract]
Weighted average contractual interest rate	0.00%	0.00%
Non-derivatives	$ 13,541	$ 18,813
Mining Hardware Finance [Member]
Remaining contractual maturities [Abstract]
Weighted average contractual interest rate		11.35%
Non-derivatives		$ 109,409
Lease Liabilities [Member]
Remaining contractual maturities [Abstract]
Weighted average contractual interest rate	0.00%	0.00%
Non-derivatives	$ 3,377	$ 3,307
1 Year or Less [Member]
Remaining contractual maturities [Abstract]
Non-derivatives	13,876	81,008
1 Year or Less [Member] \| Trade and Other Payables [Member]
Remaining contractual maturities [Abstract]
Non-derivatives	13,541	18,813
1 Year or Less [Member] \| Mining Hardware Finance [Member]
Remaining contractual maturities [Abstract]
Non-derivatives		61,988
1 Year or Less [Member] \| Lease Liabilities [Member]
Remaining contractual maturities [Abstract]
Non-derivatives	335	207
Between 1 and 2 Years [Member]
Remaining contractual maturities [Abstract]
Non-derivatives	326	47,643
Between 1 and 2 Years [Member] \| Trade and Other Payables [Member]
Remaining contractual maturities [Abstract]
Non-derivatives	0	0
Between 1 and 2 Years [Member] \| Mining Hardware Finance [Member]
Remaining contractual maturities [Abstract]
Non-derivatives		47,421
Between 1 and 2 Years [Member] \| Lease Liabilities [Member]
Remaining contractual maturities [Abstract]
Non-derivatives	326	222
Between 2 and 5 Years [Member]
Remaining contractual maturities [Abstract]
Non-derivatives	446	443
Between 2 and 5 Years [Member] \| Trade and Other Payables [Member]
Remaining contractual maturities [Abstract]
Non-derivatives	0	0
Between 2 and 5 Years [Member] \| Mining Hardware Finance [Member]
Remaining contractual maturities [Abstract]
Non-derivatives		0
Between 2 and 5 Years [Member] \| Lease Liabilities [Member]
Remaining contractual maturities [Abstract]
Non-derivatives	446	443
Over 5 Years [Member]
Remaining contractual maturities [Abstract]
Non-derivatives	2,270	2,435
Over 5 Years [Member] \| Trade and Other Payables [Member]
Remaining contractual maturities [Abstract]
Non-derivatives	0	0
Over 5 Years [Member] \| Mining Hardware Finance [Member]
Remaining contractual maturities [Abstract]
Non-derivatives		0
Over 5 Years [Member] \| Lease Liabilities [Member]
Remaining contractual maturities [Abstract]
Non-derivatives	$ 2,270	$ 2,435

Income tax expense, Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Income tax expense [Abstract]
Current tax expense/(benefit)	$ (1,013)	$ 672	$ 532
Deferred tax expense	3,403	2,052	707
Income tax expense	$ 2,390	$ 2,724	$ 1,239

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Key management personnel disclosures, Directors and Key Management (Details)		12 Months Ended
	Aug. 18, 2021 Vote $ / shares shares	Jun. 30, 2023
Class B Shares [Member]
Significant transactions with key management personnel [Abstract]
Number of holder votes \| Vote	15
Number of years company's ordinary shares are first listed on a recognized stock exchange		12 years
Entities Controlled by Daniel Roberts [Member] \| Class B Shares [Member]
Significant transactions with key management personnel [Abstract]
Shares issued (in shares) \| shares	1
Share price (in dollars per share) \| $ / shares	$ 1
Entities Controlled by William Roberts [Member] \| Class B Shares [Member]
Significant transactions with key management personnel [Abstract]
Shares issued (in shares) \| shares	1
Share price (in dollars per share) \| $ / shares	$ 1
Daniel Roberts [Member] \| Directors [Member]
Directors and key management personnel [Abstract]
Date of Commencement		Nov. 06, 2018
William Roberts [Member] \| Directors [Member]
Directors and key management personnel [Abstract]
Date of Commencement		Nov. 06, 2018
David Bartholomew [Member] \| Directors [Member]
Directors and key management personnel [Abstract]
Date of Commencement		Sep. 24, 2021
Christopher Guzowski [Member] \| Directors [Member]
Directors and key management personnel [Abstract]
Date of Commencement		Dec. 19, 2019
Michael Alfred [Member] \| Directors [Member]
Directors and key management personnel [Abstract]
Date of Commencement		Oct. 21, 2021
Sunita Parasuraman [Member] \| Directors [Member]
Directors and key management personnel [Abstract]
Date of Commencement		Jul. 18, 2023
Lindsay Ward [Member] \| Key Management Personnel [Member]
Directors and key management personnel [Abstract]
Date of Commencement		Oct. 18, 2021
Date ceased to be KMP		Jun. 30, 2023
David Shaw [Member] \| Key Management Personnel [Member]
Directors and key management personnel [Abstract]
Date of Commencement		Oct. 22, 2021
Belinda Nucifora [Member] \| Key Management Personnel [Member]
Directors and key management personnel [Abstract]
Date of Commencement		May 16, 2022
Cesilia Kim [Member] \| Key Management Personnel [Member]
Directors and key management personnel [Abstract]
Date of Commencement		Jan. 01, 2023

General information

12 Months Ended

Jun. 30, 2023

General information [Abstract]

General information

Note 1. General information

The consolidated financial statements cover Iris Energy Limited as a Group consisting of Iris Energy Limited (Company or Parent Entity) and the entities it controlled at the end of, or during, the year (collectively the Group).

Iris Energy Limited was previously known as Iris Energy Pty Ltd until 7 October 2021, when it converted to an Australian public unlisted company limited by shares. Iris Energy Limited is incorporated and domiciled in Australia. Its registered office and principal place of business are:

Registered office	Principal place of business

c/o Pitcher Partners	Level 12, 44 Market Street
Level 13, 664 Collins Street	Sydney NSW 2000
Docklands VIC 3008	Australia
Australia

The Group completed an initial public offering (IPO) on 17 November 2021. The IPO was led by lead book-runners J.P. Morgan, Canaccord Genuity and Citigroup and raised total gross proceeds of $231,538,468. Following this issuance, the Company’s shares trade on the NASDAQ under the ticker symbol “IREN”.

The Group is an owner and operator of institutional-grade, highly efficient proprietary Bitcoin mining data centers powered by renewable energy.

The consolidated financial statements were authorized and approved for issue, in accordance with a resolution of Directors, on 13 September 2023. The Directors have the power to amend and reissue the consolidated financial statements.

Reverse share split

On 4 November 2021, the Company effected a 1-for-5 reverse share split of its ordinary shares. Unless otherwise indicated, the per ordinary share information has been retroactively adjusted to reflect the 1-for-5 reverse share split.

Events after the reporting period (Details) - Subsequent Events [Member] $ in Millions	Aug. 29, 2023 USD ($) ArtificialIntelligence
Events after the reporting periods [Abstract]
Number of artificial intelligence purchased \| ArtificialIntelligence	248
Initial purchase of NVIDIA's latest-generation artificial intelligence "AI" H100 GPUs \| $	$ 10

Trade and other payables (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Current liabilities [Abstract]
Trade payables	$ 11,544	$ 13,230
Other payables	0	197
Employment tax payables	2,207	0
Accrued expenses	2,893	5,386
Trade and other payables	$ 16,644	$ 18,813

Cash and cash equivalents

12 Months Ended

Jun. 30, 2023

Cash and cash equivalents [Abstract]

Cash and cash equivalents

Note 10. Cash and cash equivalents

	Consolidated
	30 June 2023		30 June 2022
	US$’000		US$’000

Cash at bank		38,657		109,970
Cash on deposit (cash equivalents)		30,237		-

		68,894		109,970

Operating segments, Geographical information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Non-Current Assets, Excluding Deferred Tax Assets by Geographical Location [Abstract]
Non-current assets	$ 242,844	$ 410,206
Australia [Member]
Non-Current Assets, Excluding Deferred Tax Assets by Geographical Location [Abstract]
Non-current assets	867	810
North America [Member]
Non-Current Assets, Excluding Deferred Tax Assets by Geographical Location [Abstract]
Non-current assets	$ 241,969	$ 406,820

Reconciliation of loss after income tax to net cash from/(used in) operating activities (Tables)

12 Months Ended

Jun. 30, 2023

Reconciliation of loss after income tax to net cash from/(used in) operating activities [Abstract]

Reconciliation of Loss After Income Tax to Net Cash from Used in Operating Activities

	Consolidated
	Year ended 30 June 2023			Year ended 30 June 2022			Year ended 30 June 2021
	US$'000			US$'000			US$'000

Loss after income tax expense for the year		(171,871	)		(419,770	)		(60,390	)

Adjustments for:
Depreciation		30,856			7,741			1,252
Capital raising costs		-			4,212			-
Impairment of assets		105,172			167			432
Other income		(3,137	)		-			-
Gain on disposal of subsidiaries		(3,258	)		-			-
Gain/(loss) on disposal of property, plant and equipment		6,628			(12	)		202
Foreign exchange loss/(gain)		5,055			(8,889	)		(2,729	)
Loss on embedded derivatives held at fair value through profit or loss		-			390,743			44,692
Accrued interest		11,223			26,748			14,182
Amortization of capitalized borrowing costs		1,038			2,508			1,968
Share-based payment expense		14,356			13,896			805

Change in operating assets and liabilities:
Decrease/(increase) in other receivables		17,641			(72	)		(416	)
Increase in deferred tax assets		(6,271	)		(9,645	)		(911	)
Increase/(decrease) in trade and other payables		(5,800	)		6,476			367
Increase/(decrease) in provision for income tax		(1,172	)		671			533
Increase in deferred tax liabilities		9,674			6,892			1,618
Increase/(decrease) in employee benefits		(1,175	)		2,026			66
Increase in other provisions		3,703			2,469			-
Decrease in operating deposits		-			-			90
Increase for prepayments and deposits		(6,617	)		(4,604	)		-

Net cash from operating activities		6,045			21,557			1,761

Goodwill and impairment

12 Months Ended

Jun. 30, 2023

Goodwill and impairment [Abstract]

Goodwill and impairment

Note 16. Goodwill and impairment

	Consolidated
	30 June 2023			30 June 2022
	US$’000			US$’000
Non-current assets
Goodwill - at cost		617			634
Less: Impairment		(617	)		-

		-			634

Reconciliations of the goodwill balance at the beginning and end of the current and previous financial year is set out below:

	Goodwill
	US$’000
Balance at 1 July 2021		659
Exchange differences		(25	)

Balance at 30 June 2022		634
Exchange differences		(31	)
Impairment		(603	)

Balance at 30 June 2023		-

The Group tests whether goodwill is impaired on an annual basis or when indicators of impairment exist. To determine if goodwill is impaired, the carrying value of the identified Cash Generating Unit (CGU) to which the goodwill is allocated is compared to its recoverable amount. For the years ended 30 June 2023 and 30 June 2022 the Group operated as a single CGU.

The recoverable amount of the CGU is based on ‘value in use’ (‘VIU’) calculations, determined by discounting the future cash flows to be generated from continuing the use of the CGU.

As at 31 December 2022 an impairment analysis was prepared as it was determined that impairment indicators existed for the CGU.

Cash flow projections were prepared based on management’s best estimates covering a three-year period. Cash flows beyond this three-year period were extrapolated using a growth rate of 2.5% which did not exceed the long-term average growth rate for the business. The Group applied a pre-tax discount rate of 19.5% to discount the forecast future cash flows attributable to the CGU.

In forecasting cash flows over the three-year period, management assumed a Bitcoin price and global hashrate based on historic data, completion of key construction sites within the Group, and electricity costs remain within the current regulated levels in British Columbia, Canada and at forecasted external market pricing in unregulated markets.

Based on the assessment performed, management determined that the Group’s carrying value was not supported by its recoverable amount. Based on the associated VIU projections, the Group impaired its goodwill of $617,000 to $nil. The impairment expense described above had been recognized in the consolidated statements of profit or loss as impairment of assets.

Given the VIU did not support the carrying amount of the CGU, management also estimated the fair value less cost of disposal ('FVLCOD') of the assets in the CGU. This was performed using the market approach, based on observable market prices for similar assets. As a result, an impairment of $25,700,000 was recognized on the Group’s mining hardware. The analysis supported the carrying value of the Group’s infrastructure assets (Land, Buildings, Plant and equipment). Refer note 14.

The Group separately assessed the assets held by IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd. (‘Non-Recourse SPVs’) for impairment. In performing this assessment, the Group determined that the Non-Recourse SPVs were unlikely to generate future cash flows for the Group and therefore assessed the Non-Recourse SPVs as a separate CGU for impairment testing. This separate impairment assessment resulted in impairment of $66,484,000 recorded in relation to the Non-Recourse SPVs.

Reconciliation

Impairment recorded during the year ended 30 June 2023 comprised of the following:

	Year ended 30 June 2023
	US$'000

Goodwill		603
Mining hardware		25,700
Mining hardware – Non-Recourse SPVs		64,824
Mining hardware prepayments		11,301
Mining hardware prepayments – Non-Recourse SPVs		1,660
Development assets		1,084

Impairment of assets		105,172

The impairment expense described above has been recognized in the consolidated statements of profit or loss as impairment of assets. For the years ended 30 June 2022 and 30 June 2021 the Group recorded $167,000 and $432,000 of impairment respectively in relation to right of use assets, buildings and older generation mining hardware assets.

As at June 30, 2023, the Company has not observed any new factors that would require a new impairment test for the property, plant and equipment.

Borrowings and lease liabilities (Tables)

12 Months Ended

Jun. 30, 2023

Borrowings and lease liabilities [Abstract]

Components of Borrowings

	Consolidated
	30 June 2023		30 June 2022
	US$’000		US$’000

Current liabilities
Mining hardware finance		-		61,988
Capitalized borrowing costs - mining hardware finance		-		(1,774	)
Mining hardware finance accrued interest		-		189
Lease liability		192		81

		192		60,484
Non-current liabilities
Mining hardware finance		-		47,421
Capitalized borrowing costs – mining hardware finance		-		(803	)
Lease liability		1,256		1,185

		1,256		47,803

		1,448		108,287

Reconciliation of Lease Liabilities

A reconciliation of lease liabilities is set out below, an undiscounted contractional maturity analysis of lease liabilities is included in Note 24.

Reconciliation	US$’000
Balance as at 1 July 2021		1,010
Additions		297
Lease charges		(106	)
Finance charges		101
Exchange differences		(36	)
Balance as at 30 June 2022		1,267
Additions		390
Lease charges		(332	)
Finance charges		166
Exchange differences		(42	)
Balance as at 30 June 2023		1,448
Current portion		192
Non-current portion		1,256

Other income

12 Months Ended

Jun. 30, 2023

Other income [Abstract]

Other income

Note 5. Other income

	Consolidated
	Year ended 30 June 2023		Year ended 30 June 2022		Year ended 30 June 2021 (restated*)
	US$’000		US$’000		US$’000

Net gain on disposal of other assets		3,117		-		-
Government grants		-		-		165
Insurance recoveries		-		-		418
Other		20		12		7

Other income		3,137		12		590

Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
Depreciation (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Depreciations [Abstract]
Depreciation of property, plant and equipment	$ 30,636	$ 7,682	$ 1,209
Depreciation of right-of-use assets	220	59	43
Depreciation	$ 30,856	$ 7,741	$ 1,252

Goodwill and impairment, Reconciliations of Impairment of Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Impairment of Assets [Abstract]
Goodwill	$ 603
Development assets	1,084
Impairment of assets	105,172	$ 167	$ 432
Non-Recourse SPVs [Member]
Impairment of Assets [Abstract]
Mining hardware	64,824
Mining hardware prepayments	1,660
Impairment of assets	66,484
Mining Hardware [Member]
Impairment of Assets [Abstract]
Mining hardware	25,700
Mining hardware prepayments	11,301
Impairment of assets	$ 25,700

Borrowings and lease liabilities, Components of Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Current liabilities [abstract]
Current liabilities	$ 192	$ 60,484
Non-current liabilities [abstract]
Non-current liabilities	1,256	47,803
Liabilities	1,448	108,287
Mining Hardware Finance [Member]
Current liabilities [abstract]
Current borrowings before capitalized borrowing costs	0	61,988
Capitalized borrowing costs, current	0	(1,774)
Non-current liabilities [abstract]
Non-current borrowings before capitalized borrowing costs	0	47,421
Capitalized borrowing costs, non current	0	(803)
Mining Hardware Finance Accrued Interest [Member]
Current liabilities [abstract]
Current liabilities	0	189
Lease Liability [Member]
Current liabilities [abstract]
Current liabilities	192	81
Non-current liabilities [abstract]
Non-current liabilities	$ 1,256	$ 1,185

Earnings per share

12 Months Ended

Jun. 30, 2023

Earnings per share [Abstract]

Earnings per share

Note 23. Earnings per share

	Year ended 30 June 2023			Year ended 30 June 2022			Year ended 30 June 2021 (restated*)
	US$’000			US$’000			US$’000

Loss after income tax		(171,871	)		(419,770	)		(60,390	)

	Number		Number		Number

Weighted average number of shares used in calculating basic earnings per share		54,775,571		40,941,074		20,629,327
Weighted average number of shares used in calculating diluted earnings per share		54,775,571		40,941,074		20,629,327

	Cents			Cents			Cents

Basic earnings per share		(313.77	)		(1,025.30	)		(292.74	)

Diluted earnings per share		(313.77	)		(1,025.30	)		(292.74	)

As the Group has recorded a loss after tax for all years presented, any potential ordinary shares are antidilutive.

Right-of-use assets

12 Months Ended

Jun. 30, 2023

Right-of-use assets [Abstract]

Right-of-use assets

Note 15. Right-of-use assets

	Consolidated
	30 June 2023			30 June 2022
	US$’000			US$’000

Non-current assets
Land and buildings - right-of-use asset		1,649			1,309
Less: Accumulated depreciation		(275	)		(56	)

		1,374			1,253

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

	Prepaid hosting fees			Land and buildings			Total
Consolidated	US$’000			US$’000			US$’000

Balance at 1 July 2021		361			1,043			1,404
Additions		-			298			298
Disposals		(185	)		-			(185	)
Exchange differences		-			(38	)		(38	)
Impairment of assets		(167	)		-			(167	)
Depreciation (note 6)		(9	)		(50	)		(59	)

Balance at 30 June 2022		-			1,253			1,253
Additions		-			373			373
Exchange differences		-			(32	)		(32	)
Depreciation (note 6)		-			(220	)		(220	)

Balance at 30 June 2023		-			1,374			1,374

The land and buildings right-of-use asset represents a 30-year lease of a site in Prince George, B.C., Canada, a 3-year lease of a corporate office in Sydney, Australia and a 5-year corporate office lease in Vancouver, B.C., Canada.

Document and Entity Information - shares	12 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jun. 30, 2022
Entity Addresses [Line Items]
Document Type	20-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Jun. 30, 2023
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-41072
Entity Registrant Name	Iris Energy Ltd
Entity Central Index Key	0001878848
Entity Incorporation, State or Country Code	C3
Entity Address, Address Line One	Level 12
Entity Address, Address Line Two	44 Market Street
Entity Address, City or Town	Sydney, NSW
Entity Address, Postal Zip Code	2000
Entity Address, Country	AU
Title of 12(b) Security	Ordinary shares, no par value
Trading Symbol	IREN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Auditor Firm ID	1232	32
Auditor Name	Raymond Chabot Grant Thornton LLP	ArmaninoLLP
Auditor Location	Montreal, Canada	Dallas, Texas
Ordinary Shares [Member]
Entity Addresses [Line Items]
Entity Common Stock, Shares Outstanding	66,701,526
Class B Shares [Member]
Entity Addresses [Line Items]
Entity Common Stock, Shares Outstanding	2
Business Contact [Member]
Entity Addresses [Line Items]
Contact Personnel Name	Cesilia Kim
Entity Address, Address Line One	Level 12
Entity Address, Address Line Two	44 Market Street
Entity Address, City or Town	Sydney, NSW
Entity Address, Postal Zip Code	2000
Entity Address, Country	AU
Country Region	61
City Area Code	2
Local Phone Number	7906 8301

Issued capital (Tables)

12 Months Ended

Jun. 30, 2023

Issued capital [Abstract]

Issued Capital

Consolidated

30 June 2023

30 June 2022

30 June 2023

30 June 2022

US$’000

Ordinary shares - fully paid and unrestricted

64,747,477

53,028,867

965,857

926,581

Movements in Ordinary Share Capital

Movements in ordinary share capital

Details	Date	Shares		US$’000

Balance	1 July 2021		19,828,593		10,338
Conversion of hybrid financial instruments			24,835,118		695,383
Ordinary shares issued (IPO)			8,269,231		231,539
Share-based payments, prepaid in advance			95,925		177
IPO capital raise costs, net of tax			-		(10,856	)

Balance	1 July 2022		53,028,867		926,581
Shares issued under Committed Equity Facility			11,089,357		39,939
Unpaid shares issued under Committed Equity Facility			364,967		1,642
Shares issued for services			260,286		500
Equity settled share-based payments			4,000		15
Capital raise costs			-		(2,820	)

Balance	30 June 2023		64,747,477		965,857

Right-of-use assets, Reconciliations (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Right-of-use assets [abstract]
Balance at beginning of the period	$ 1,253	$ 1,404
Additions	373	298	$ 1,051
Disposals		(185)
Exchange differences	(32)	(38)
Impairment of assets		(167)
Depreciation (note 6)	(220)	(59)	(43)
Balance at Ending of the period	1,374	1,253	1,404
Prepaid Hosting Fees [Member]
Right-of-use assets [abstract]
Balance at beginning of the period	0	361
Additions	0	0
Disposals		(185)
Exchange differences	0	0
Impairment of assets		(167)
Depreciation (note 6)	0	(9)
Balance at Ending of the period	0	0	361
Land and Buildings [Member]
Right-of-use assets [abstract]
Balance at beginning of the period	1,253	1,043
Additions	373	298
Disposals		0
Exchange differences	(32)	(38)
Impairment of assets		0
Depreciation (note 6)	(220)	(50)
Balance at Ending of the period	$ 1,374	$ 1,253	$ 1,043
Site [Member] \| Prince George, British Columbia, Canada [Member]
Right-of-use assets [abstract]
Lease term	30 years
Corporate Office [Member] \| Sydney, Australia [Member]
Right-of-use assets [abstract]
Lease term	3 years
Corporate Office [Member] \| Vancouver, British Columbia, Canada [Member]
Right-of-use assets [abstract]
Lease term	5 years

Related party transactions	12 Months Ended
Related party transactions	Jun. 30, 2023
Related party transactions [Abstract]
Related party transactions	Note 32. Related party transactions Parent entity Iris Energy Limited is the ultimate parent entity. Subsidiaries Interests in subsidiaries are set out in note 27. Key management personnel Disclosures relating to key management personnel are set out in note 33. Transactions with related parties There were no transactions with related parties during the current and previous financial year. Receivable from and payable to related parties There were no trade receivables from or trade payables to related parties at the current and previous reporting date. Loans to/from related parties There were no loans to or from related parties at the current and previous reporting date.

Significant accounting policies (Tables)

12 Months Ended

Jun. 30, 2023

Significant accounting policies [Abstract]

Expected Useful Lives

Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful lives as follows:

Buildings	20 years
Plant and equipment	3-10 years
Mining hardware	4 years

Reconciliation of loss after income tax to net cash from/(used in) operating activities

12 Months Ended

Jun. 30, 2023

Reconciliation of loss after income tax to net cash from/(used in) operating activities [Abstract]

Reconciliation of loss after income tax to net cash from/(used in) operating activities

Note 28. Reconciliation of loss after income tax to net cash from/(used in) operating activities

	Consolidated
	Year ended 30 June 2023			Year ended 30 June 2022			Year ended 30 June 2021
	US$'000			US$'000			US$'000

Loss after income tax expense for the year		(171,871	)		(419,770	)		(60,390	)

Adjustments for:
Depreciation		30,856			7,741			1,252
Capital raising costs		-			4,212			-
Impairment of assets		105,172			167			432
Other income		(3,137	)		-			-
Gain on disposal of subsidiaries		(3,258	)		-			-
Gain/(loss) on disposal of property, plant and equipment		6,628			(12	)		202
Foreign exchange loss/(gain)		5,055			(8,889	)		(2,729	)
Loss on embedded derivatives held at fair value through profit or loss		-			390,743			44,692
Accrued interest		11,223			26,748			14,182
Amortization of capitalized borrowing costs		1,038			2,508			1,968
Share-based payment expense		14,356			13,896			805

Change in operating assets and liabilities:
Decrease/(increase) in other receivables		17,641			(72	)		(416	)
Increase in deferred tax assets		(6,271	)		(9,645	)		(911	)
Increase/(decrease) in trade and other payables		(5,800	)		6,476			367
Increase/(decrease) in provision for income tax		(1,172	)		671			533
Increase in deferred tax liabilities		9,674			6,892			1,618
Increase/(decrease) in employee benefits		(1,175	)		2,026			66
Increase in other provisions		3,703			2,469			-
Decrease in operating deposits		-			-			90
Increase for prepayments and deposits		(6,617	)		(4,604	)		-

Net cash from operating activities		6,045			21,557			1,761

Consolidated statements of changes in equity - USD ($) $ in Thousands	Total	Issued Capital [Member]	Reserves [Member]	Accumulated Losses [Member]
Balance at Jun. 30, 2020	$ 8,818	$ 10,338	$ 725	$ (2,245)
Changes in equity [Abstract]
Loss after income tax expense for the year	(60,390)	0	0	(60,390)
Other comprehensive income/(loss) for the year, net of tax	1,313	0	1,313	0
Total comprehensive income/(loss) for the year	(59,077)	0	1,313	(60,390)
Transactions with owners in their capacity as owners:
Share-based payments (note 31)	805	0	805	0
Balance at Jun. 30, 2021	(49,454)	10,338	2,843	(62,635)
Changes in equity [Abstract]
Loss after income tax expense for the year	(419,770)	0	0	(419,770)
Other comprehensive income/(loss) for the year, net of tax	(23,553)	0	(23,553)	0
Total comprehensive income/(loss) for the year	(443,323)	0	(23,553)	(419,770)
Transactions with owners in their capacity as owners:
Share-based payments (note 31)	13,896	0	13,896	0
Issue of ordinary shares (note 20)	220,683	220,683	0	0
Conversion of hybrid financial instruments (note 20)	695,383	695,383	0	0
Share-based payments, prepaid in advance (note 20)	177	177	0	0
Balance at Jun. 30, 2022	437,362	926,581	(6,814)	(482,405)
Changes in equity [Abstract]
Loss after income tax expense for the year	(171,871)	0	0	(171,871)
Other comprehensive income/(loss) for the year, net of tax	(13,641)	0	(13,641)	0
Total comprehensive income/(loss) for the year	(185,512)	0	(13,641)	(171,871)
Transactions with owners in their capacity as owners:
Share-based payments (note 31)	14,750	515	14,235	0
Share issuances under Committed Equity Facility (note 20)	41,581	41,581	0	0
Capital raise costs (note 20)	(2,820)	(2,820)	0	0
Balance at Jun. 30, 2023	$ 305,361	$ 965,857	$ (6,220)	$ (654,276)

Share-based payments, Employee Share Plan (Details)	12 Months Ended
Share-based payments, Employee Share Plan (Details)	Jun. 30, 2023 Tranche
Employee Share Plan [Abstract]
Number of tranches	3
Maximum [Member]
Employee Share Plan [Abstract]
Term of limited recourse loan	9 years 11 months

Goodwill and impairment, Reconciliations of Goodwill Balance (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Reconciliation of changes in goodwill [abstract]
Goodwill at beginning of the period	$ 634	$ 659
Exchange differences	(31)	(25)
Impairment	(603)
Goodwill at ending of the period	$ 0	634	$ 659
Estimated cash flows period	3 years
Growth rate	2.50%
Pre-tax discount rate	19.50%
Impairment of assets	$ 105,172	167	$ 432
Non-Recourse SPVs [Member]
Reconciliation of changes in goodwill [abstract]
Impairment of assets	66,484
Mining Hardware [Member]
Reconciliation of changes in goodwill [abstract]
Impairment of assets	25,700
Impairment [Member]
Reconciliation of changes in goodwill [abstract]
Goodwill at beginning of the period	0
Goodwill at ending of the period	(617)	$ 0
Impairment [Member] \| VIU Projections [Member]
Reconciliation of changes in goodwill [abstract]
Goodwill at ending of the period	$ 0

Share-based payments, Reconciliation of Outstanding Share Options (Details) - Share Options [Member]	12 Months Ended
	Jun. 30, 2023 shares $ / shares	Jun. 30, 2022 shares $ / shares
Number of Options [Abstract]
Outstanding at beginning of year (in shares) \| shares	9,010,547	4,143,415
Granted during the year (in shares) \| shares	0	5,126,484
Forfeited during the year (in shares) \| shares	(103,708)	(259,352)
Exercised during the period (in shares) \| shares	0	0
Outstanding at end of year (in shares) \| shares	8,906,839	9,010,547
Exercisable at end of year (in shares) \| shares	3,485,302	3,351,327
Weighted Average Exercise Price [Abstract]
Outstanding at beginning of year (in dollars per share)	$ 41.67	$ 3.03
Granted during the year (in dollars per share)	0	71.19
Forfeited during the year (in dollars per share)	20.03	8.01
Exercised during the period (in dollars per share)	0	0
Outstanding at end of year (in dollars per share)	41.93	41.67
Exercisable at end of year (in dollars per share)	$ 2.97	$ 3.04
Weighted average remaining contractual life	7 years 6 months 25 days	8 years 8 months 8 days
Minimum [Member]
Weighted Average Exercise Price [Abstract]
Outstanding at beginning of year (in dollars per share)	$ 1.53
Outstanding at end of year (in dollars per share)	1.53	$ 1.53
Maximum [Member]
Weighted Average Exercise Price [Abstract]
Outstanding at beginning of year (in dollars per share)	75
Outstanding at end of year (in dollars per share)	$ 75	$ 75

Depreciation

12 Months Ended

Jun. 30, 2023

Depreciations [Abstract]

Depreciation

Note 6. Depreciation

	Consolidated
	Year ended 30 June 2023		Year ended 30 June 2022		Year ended 30 June 2021 (restated*)
	US$’000		US$’000		US$’000

Depreciation of property, plant and equipment		30,636		7,682		1,209
Depreciation of right-of-use assets		220		59		43

		30,856		7,741		1,252

Commitments

12 Months Ended

Jun. 30, 2023

Commitments [Abstract]

Commitments

Note 26. Commitments

As at 30 June 2023, the Group had commitments of $7,481,000 (30 June 2022: $346,623,000) which are payable within the year ended 30 June 2024. These commitments include committed capital expenditure on infrastructure related to site development.

The committed amounts are payable as set out below:

	Consolidated
	30 June 2023		30 June 2022
	US$’000		US$’000

Amounts payable within 12 months of balance date:		7,481		322,706
Amounts payable after 12 months of balance date:		-		23,917

		7,481		346,623

Trade and other payables

12 Months Ended

Jun. 30, 2023

Trade and other payables [Abstract]

Trade and other payables

Note 19. Trade and other payables

	Consolidated
	30 June 2023		30 June 2022
	US$'000		US$'000

Current liabilities
Trade payables		11,544		13,230
Other payables		-		197
Employment tax payables		2,207		-
Accrued expenses		2,893		5,386

		16,644		18,813

Issued capital, Ordinary shares (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Ordinary share capital [abstract]
Ordinary shares - fully paid and unrestricted	$ 965,857	$ 926,581
Issued Capital [Member]
Ordinary share capital [abstract]
Ordinary shares - fully paid and unrestricted (in shares)	64,747,477	53,028,867	19,828,593
Ordinary shares - fully paid and unrestricted	$ 965,857	$ 926,581	$ 10,338

Share-based payments, $75 Exercise Price Options (Details)		12 Months Ended
	Sep. 14, 2021 shares $ / shares	Jun. 30, 2023 Tranche $ / shares
Share-based payments [Abstract]
Number of tranches \| Tranche		3
$75 Exercise Price Options [Member]
Share-based payments [Abstract]
Exercise price (in dollars per share)		$ 75
Contractual exercise period		12 years
Number of tranches \| Tranche		4
$75 Exercise Price Options [Member] \| Entities Controlled by Daniel Roberts [Member]
Share-based payments [Abstract]
Number of share options granted (in shares) \| shares	2,400,000
Exercise price (in dollars per share)		$ 75
$75 Exercise Price Options [Member] \| Entities Controlled by William Roberts [Member]
Share-based payments [Abstract]
Number of share options granted (in shares) \| shares	2,400,000
Exercise price (in dollars per share)		$ 75
$75 Exercise Price Options [Member] \| Tranche One [Member]
Share-based payments [Abstract]
Number of trading days		20 days
Volume weighted average market price (in dollars per share)	$ 370
Number of share options expected to vest (in shares) \| shares	600,000
$75 Exercise Price Options [Member] \| Tranche Two [Member]
Share-based payments [Abstract]
Number of trading days		20 days
Volume weighted average market price (in dollars per share)	$ 650
Number of share options expected to vest (in shares) \| shares	600,000
$75 Exercise Price Options [Member] \| Tranche Three [Member]
Share-based payments [Abstract]
Number of trading days		20 days
Volume weighted average market price (in dollars per share)	$ 925
Number of share options expected to vest (in shares) \| shares	600,000
$75 Exercise Price Options [Member] \| Tranche Four [Member]
Share-based payments [Abstract]
Number of trading days		20 days
Volume weighted average market price (in dollars per share)	$ 1,850
Number of share options expected to vest (in shares) \| shares	600,000

Mining hardware prepayments (Details)		12 Months Ended
Mining hardware prepayments (Details)	Feb. 08, 2023 USD ($)	Jun. 30, 2023 USD ($)	Feb. 03, 2023 USD ($)	Jun. 30, 2022 USD ($)
Non-current assets [abstract]
Mining hardware prepayments		$ 68,000		$ 158,184,000
Mining Hardware [Member] \| Third Purchase Agreement with Bitmain [Member]
Mining Hardware Prepayments [Abstract]
Contracted EH under agreement	10	10
Concurrent sale of operating capacity hash rate	2.3
Additional hash rate purchased by utilizing prepayments in Feb 2023	6.7
Purchase of operating capacity hash rate	4.4
Additional payment made for miners acquired	$ 0
Mining hardware impairment		$ 12,961,000
Mining hardware prepayments impairment		11,301,000
Mining Hardware [Member] \| IE CA 3 Holdings Ltd. [Member]
Mining Hardware Prepayments [Abstract]
Mining hardware remaining prepayment amount		$ 1,660,000
Derecognition of mining hardware			$ 2,381,000

Share-based payments

12 Months Ended

Jun. 30, 2023

Share-based payments [Abstract]

Share-based payments

Note 31. Share-based payments

The Group has entered into a number of share-based compensation arrangements. Details of these arrangements, which are considered as options for accounting purposes, are described below:

Employee Share Plan

The Group’s Employee Share Plan is a loan-funded share scheme. These loan-funded shares generally vest subject to satisfying employment service periods (and in some cases, non-market-based performance milestones). The employment service periods are generally met in three equal tranches on the third, fourth and fifth anniversary of the grant date. Under this scheme, the Company issues a limited recourse loan (that has a maximum term of up to 9 years and 11 months) to employees for the sole purpose of acquiring shares in the Company. Upon disposal of any loan-funded shares by employees, the aggregate purchase price for the shares shall be applied by the Company to pay down the outstanding loan payable.

The recourse on the loan is limited to the lower of the initial amount of the loan granted to the employee and the proceeds from the sale of the underlying shares. Employees are entitled to exercise the voting and dividend rights attached to the shares from the date of allocation. If the employee leaves the Company within the vesting period, the shares may be bought back by the Company at the original issue price and the loan is repaid. Loan-funded shares have been treated as options as required under IFRS 2 Share-based Payments. Vesting of instruments granted under the Employee Share Plan is dependent on specific service thresholds being met by the employee.

2021 Executive Director Liquidity and Price Target Options

On 20 January 2021, the Group’s board approved the grant of 1,000,000 options each to entities controlled by Daniel Roberts and William Roberts (each an Executive Director) to acquire ordinary shares at an exercise price of $3.868 (A$5.005) with an expiration date of 20 December 2025. All ‘Executive Director Liquidity and Price Target Options’ vested on completion of the IPO on 17 November 2021.

Employee Option Plan

The Board approved an Employee Option Plan on 28 July 2021. The terms of the Employee Option Plan are substantially similar to the Employee Share Plan, with the main difference being that the incentives are issued in the form of options and loans are not provided to participants. If the employee leaves the Company within the vesting period of the options granted, the Board retains the absolute discretion to cancel any unvested options held by the employee. Vesting of options granted under the Employee Option Plan is dependent on specific service thresholds being met by the employee.

Non-Executive Director Option Plan

The Board approved a Non-Executive Director Option Plan (‘NED Option Plan’) on 28 July 2021. The terms of the NED Option Plan are substantially similar to the Employee Option Plan. Vesting of instruments granted under the NED Option Plan is dependent on specific service thresholds being met by the Non-Executive Director. Where an option holder ceases to be a Director of the Company within the vesting period, the options granted to that Director will vest on a pro-rata basis of the associated service period. The Board retains the absolute discretion to cancel any remaining unvested options held by the option holder.

$75 Exercise Price Options

On 18 August 2021, the Group’s shareholders approved the grant of 2,400,000 long-term options each to entities controlled by Daniel Roberts and William Roberts to acquire ordinary shares at an exercise price of $75 per option (‘$75 Exercise Price Options’). These options were granted on 14 September 2021, and have a contractual exercise period of 12 years.

The $75 Exercise Price Options will vest in four tranches following listing of the Company, if the relevant ordinary share price is equal to or exceeds the corresponding vesting threshold and the relevant executive director has not voluntarily resigned as a director of the Company. The initial vesting thresholds are detailed below:

●	If the VWAP of an ordinary share over the immediately preceding 20 trading days is equal to or exceeds $370: 600,000 Long-term Target Options will vest

●	If the VWAP of an ordinary share over the immediately preceding 20 trading days is equal to or exceeds $650: 600,000 Long-term Target Options will vest

●	If the VWAP of an ordinary share over the immediately preceding 20 trading days is equal to or exceeds $925: 600,000 Long-term Target Options will vest

●	If the VWAP of an ordinary share over the immediately preceding 20 trading days is equal to or exceeds $1,850: 600,000 Long-term Target Options will vest

Note 31. Share-based payments (continued)

The VWAP vesting thresholds may also be triggered by a sale or takeover of the Company based upon the price per ordinary share received in such transaction.

The option holder is entitled to receive in its capacity as a holder of the options, a distribution paid by the Company per ordinary share as if the vested options were exercised and ordinary shares issued to the option holder at the relevant time of such distribution.

The options are subject to customary adjustments to reflect any reorganization of the Company’s capital, as well as adjustments to vesting thresholds including any future issuance of ordinary shares by the Company.

2022 Long-Term Incentive Plan Restricted Stock Units

On July 1, 2022, our Board approved a new long term incentive plan under which participating employees have been granted RSUs in two equal tranches after three and four years of continued service, including a portion the vesting of which is also subject to the achievement of specified performance goals over this time period. RSUs issued under the new long term incentive plan are subject to other terms and conditions contained in the plan.

Under the terms of the plan, the Board maintains sole discretion over the administration, eligibility and vesting criteria of instruments issued under the LTIP.

During the year ended 30 June 2023, the following grants were made under the 2022 LTIP:

●

1,594,215 RSUs (of which 229,223 were issued to each of Daniel Roberts and William Roberts) to certain employees and key management personnel (‘KMP’) of the Group were issued RSUs of which 50% of each individual’s RSU grant will vest after 3.25 years and the remaining 50% will vest after 4.25 years, subject to the following criteria which is tested at the end of each respective vesting period:

- 80% vesting based on continued service with the Group over the vesting period; and

- 20% vesting based on total shareholder return (‘TSR’) against a peer group of Nasdaq listed entities (and continued service over the vesting period).

●

305,630 RSUs to each of Daniel Roberts and William Roberts which are subject to a sole vesting condition and will immediately vest when the daily closing share price of the of the ordinary shares of Company exceeds $28 for 10 trading days out of any 15 consecutive full trading day period following the grant date.

●	Daniel Roberts and William Roberts also received a CEO grant of 713,166 each, which have time-based vesting conditions and will vest in three equal tranches on 1 July 2024, 1 July 2025 and 1 July 2026

●	108,559 RSUs to certain Non-Executive Directors. These RSUs will vest at the earlier of within 10 days of the release of the consolidated Group financial statements for the year ended 30 June 2023 or by 31 December 2023.

Note 31. Share-based payments (continued)

Reconciliation of outstanding share options

Set out below are summaries of options granted under all plans:

	Number of options			Weighted average exercise price		Number of options			Weighted average exercise price
	30 June 2023			30 June 2023		30 June 2022			30 June 2022

Outstanding as at 1 July		9,010,547			US$41.67		4,143,415			US$3.03
Granted during the year		-			-		5,126,484			US$71.19
Forfeited during the year		(103,708	)		US$20.03		(259,352	)		US$8.01
Exercised during the year		-			-		-			US$0.00

Outstanding at the end of the financial year		8,906,839			US$41.93		9,010,547			US$41.67

Exercisable at the end of the financial year		3,485,302			US$2.97		3,351,327			US$3.04

As at 30 June 2023, the weighted average remaining contractual life of options outstanding is 7.57 years (30 June 2022: 8.69 years). As at 30 June 2023, the exercise prices associated with the options outstanding ranges from $1.53 to $75.00 (30 June 2022: $1.53 to $75.00)

Reconciliation of outstanding RSUs

Set out below are summaries of RSUs granted under all plans:

	Number of RSUs
	30 June 2023

Outstanding as at 1 July		-
Granted during the year		3,740,366
Forfeited during the year		(112,499	)
Exercised during the year		(4,000	)

Outstanding at the end of the financial year		3,623,867

Exercisable at the end of the financial year		-

As at 30 June 2023, the weighted average remaining contractual life of RSUs outstanding is 4.55 years. All RSUs have a nil weighted average exercise price. There were no RSUs issued or outstanding as at 30 June 2022.

Note 31. Share-based payments (continued)

Valuation methodology

The fair value of instruments issued under the Employee Share Plan, Employee Option Plan and NED Option Plan have been measured using a Black-Scholes-Merton valuation model. The fair value of the Executive Director Liquidity and Price Target Options, $75 Exercise Price Options, and Long-Term Incentive Plan RSUs have been measured using a Monte-Carlo simulation. Service and non-market performance conditions attached to the arrangements were not taken into account when measuring fair value.

The following table lists the inputs used in measuring the fair value of arrangements granted during the years ended 30 June 2023 and 30 June 2022:

Grant date	Dividend yield		Expected volatility			Risk-free interest rate			Expected life (weighted average)		Grant date share price		Exercise price (weighted average)		Fair value (weighted average)		Number of options/RSUs granted
	%		%			%			years		US$		US$		US$

NED Options Plan
28 July 2021		-		90	%		0.15	%		6.58		34.73		8.76		30.80		161,707
21 October 2021		-		90	%		0.15	%		7.00		34.80		36.45		26.50		14,266

Employee Option Plan
28 July 2021		-		90	%		0.15	%		7.00		34.73		8.76		31.05		89,541
20 October 2021		-		90	%		0.15	%		7.00		34.80		36.45		26.50		53,223
17 June 2022		-		122	%		0.85	%		7.00		3.74		36.45		2.71		7,750

$75 Exercise Price Options
14 September 2021		-		90	%		1.28	%		9.00		34.17		75.00		23.87		4,800,000

Long Term Incentive Plan
1 July 2022
Service RSUs		-		-			-			3.74		3.73		-		3.73		1,109,500
TSR RSUs (3.25 years)		-		120	%		3.00	%		3.25		3.73		-		3.22		138,189
TSR RSUs (4.25 years)		-		120	%		3.25	%		4.25		3.73		-		3.38		138,189
Share Price Target RSU		-		120	%		3.60	%		15.00		3.73		-		1.72		611,260

22 December 2022
Service RSUs		-		-			-			1.00		1.13		-		1.13		104,559

11 January 2023
Service RSUs		-		-			-			3.75		1.53		-		1.53		169,870
TSR RSUs		-		120	%		3.25	%		3.75		1.53		-		1.32		42,467

19 June 2023
Service RSUs		-		-			-			2.00		3.42		-		3.42		1,426,332

The share-based payment expense for the year was $14,356,000 (2022: $13,896,000, 2021: $805,000).

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Earnings per share [Abstract]
Loss after income tax	$ (171,871)	$ (419,770)	$ (60,390)
Weighted average number of shares used in calculating basic earnings per share (in shares)	54,775,571	40,941,074	20,629,327
Weighted average number of shares used in calculating diluted earnings per share (in shares)	54,775,571	40,941,074	20,629,327
Basic earnings per share (in dollars per share)	$ (3.1377)	$ (10.253)	$ (2.9274)
Diluted earnings per share (in dollars per share)	$ (3.1377)	$ (10.253)	$ (2.9274)

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

+ Details

Trade and other payables (Tables)

12 Months Ended

Jun. 30, 2023

Trade and other payables [Abstract]

Trade and Other Payables

	Consolidated
	30 June 2023		30 June 2022
	US$'000		US$'000

Current liabilities
Trade payables		11,544		13,230
Other payables		-		197
Employment tax payables		2,207		-
Accrued expenses		2,893		5,386

		16,644		18,813

Reconciliation of loss after income tax to net cash from/(used in) operating activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Reconciliation of loss after income tax to net cash from/(used in) operating activities [Abstract]
Loss after income tax expense for the year	$ (171,871)	$ (419,770)	$ (60,390)
Adjustments for [Abstract]
Depreciation	30,856	7,741	1,252
Capital raising costs	0	4,212	0
Impairment of assets	105,172	167	432
Other income	(3,137)	0	0
Gain on disposal of subsidiaries	(3,258)	0	0
Gain/(loss) on disposal of property, plant and equipment	6,628	(12)	202
Foreign exchange loss/(gain)	5,055	(8,889)	(2,729)
Loss on embedded derivatives held at fair value through profit or loss	0	390,743	44,692
Accrued interest	11,223	26,748	14,182
Amortization of capitalized borrowing costs	1,038	2,508	1,968
Share-based payment expense	14,356	13,896	805
Change in operating assets and liabilities [Abstract]
Decrease/(increase) in other receivables	17,641	(72)	(416)
Increase in deferred tax assets	(6,271)	(9,645)	(911)
Increase/(decrease) in trade and other payables	(5,800)	6,476	367
Increase/(decrease) in provision for income tax	(1,172)	671	533
Increase in deferred tax liabilities	9,674	6,892	1,618
Increase/(decrease) in employee benefits	(1,175)	2,026	66
Increase in other provisions	3,703	2,469	0
Decrease in operating deposits	0	0	90
Increase for prepayments and deposits	(6,617)	(4,604)	0
Net cash from operating activities	$ 6,045	$ 21,557	$ 1,761

Reserves

12 Months Ended

Jun. 30, 2023

Reserves [Abstract]

Reserves

Note 21. Reserves

	Consolidated
	30 June 2023			30 June 2022
	US$’000			US$’000

Foreign currency translation reserve		(34,655	)		(21,014	)
Share-based payments reserve (note 31)		28,435			14,200

		(6,220	)		(6,814	)

Foreign currency translation reserve

The reserve is used to recognize exchange differences arising from the translation of the financial statements of foreign operations to United States dollar.

Share-based payments reserve

The reserve is used to recognize the value of equity benefits provided to employees and Directors as part of their remuneration, and other parties as part of their compensation for services.

Share-based payments, Reconciliation of Outstanding RSUs (Details) - Restricted Share Units [Member]	12 Months Ended
	Jun. 30, 2023 shares $ / shares	Jun. 30, 2022 shares
Number of RSUs [Abstract]
Outstanding at beginning of year (in shares)	0
Granted during the year (in shares)	3,740,366
Forfeited during the year (in shares)	(112,499)
Exercised during the period (in shares)	(4,000)
Outstanding at end of year (in dollars per share)	3,623,867
Exercisable at the end of year (in dollars per share)	0
Weighted average remaining contractual life of RSUs outstanding	4 years 6 months 18 days
Exercise price of RSUs (in dollars per share) \| $ / shares	$ 0
Number of RSUs issued (in shares)		0

Borrowings and lease liabilities, Reconciliation of Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Borrowings and lease liabilities [Abstract]
Balance at beginning of the period	$ 1,267	$ 1,010
Additions	390	297
Lease charges	(332)	(106)
Finance charges	166	101
Exchange differences	(42)	(36)
Balance at ending of the period	1,448	1,267
Current portion	192	60,484
Non-current portion	$ 1,256	$ 47,803

Related party transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Outstanding balances for related party transactions [abstract]
Transactions with related parties	$ 0	$ 0
Trade receivables from related parties	0	0
Trade payables to related parties	0	0
Loans from related parties	0	0
Loans to related parties	$ 0	$ 0

Cash and cash equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Current assets [Abstract]
Cash at bank	$ 38,657	$ 109,970
Cash on deposit (cash equivalents)	30,237	0
Cash and cash equivalents	$ 68,894	$ 109,970	$ 38,990	$ 1,956

Other receivables (Tables)

12 Months Ended

Jun. 30, 2023

Other receivables [Abstract]

Other Receivables

	Consolidated
	30 June 2023		30 June 2022
	US$’000		US$’000

Current assets
Share issuances proceeds		1,581		-
Advanced loan proceeds		-		2,320
Provincial sales tax receivable		122		10,023
Interest receivable		-		75
Other receivable		97		1
GST receivable		4,743		11,235

		6,543		23,654

Provisions (Details) - USD ($) $ in Thousands	12 Months Ended
Provisions (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Current liabilities [Abstract]
Non-refundable sales tax	$ 6,172	$ 2,469
CANADA [Member]
Current liabilities [Abstract]
Percentage of GST required to remit	5.00%
Percentage of GST on exported services	0.00%

Financial instruments, Sensitivity Analysis (Details) - Foreign Currency Risk [Member] $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($)
10% Strengthened [Member]
Sensitivity analysis [Abstract]
Strengthened / weakened, effect on profit before tax	$ (744)
Strengthened / weakened, effect on equity	(744)
10% Weakened [Member]
Sensitivity analysis [Abstract]
Strengthened / weakened, effect on profit before tax	(874)
Strengthened / weakened, effect on equity	(874)
US Dollar [Member] \| 10% Strengthened [Member]
Sensitivity analysis [Abstract]
Strengthened / weakened, effect on profit before tax	5,843
Strengthened / weakened, effect on equity	5,843
US Dollar [Member] \| 10% Weakened [Member]
Sensitivity analysis [Abstract]
Strengthened / weakened, effect on profit before tax	(7,141)
Strengthened / weakened, effect on equity	(7,141)
Canadian Dollar [Member] \| 10% Strengthened [Member]
Sensitivity analysis [Abstract]
Strengthened / weakened, effect on profit before tax	4,267
Strengthened / weakened, effect on equity	4,267
Canadian Dollar [Member] \| 10% Weakened [Member]
Sensitivity analysis [Abstract]
Strengthened / weakened, effect on profit before tax	(4,267)
Strengthened / weakened, effect on equity	(4,267)
Australian Dollar [Member] \| 10% Strengthened [Member]
Sensitivity analysis [Abstract]
Strengthened / weakened, effect on profit before tax	(10,854)
Strengthened / weakened, effect on equity	(10,854)
Australian Dollar [Member] \| 10% Weakened [Member]
Sensitivity analysis [Abstract]
Strengthened / weakened, effect on profit before tax	10,534
Strengthened / weakened, effect on equity	$ 10,534

Goodwill and impairment, Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Non-current assets [abstract]
Goodwill	$ 0	$ 634	$ 659
At Cost [Member]
Non-current assets [abstract]
Goodwill	617	634
Impairment [Member]
Non-current assets [abstract]
Goodwill	$ (617)	$ 0

Goodwill and impairment (Tables)

12 Months Ended

Jun. 30, 2023

Goodwill and impairment [Abstract]

Carrying Amount of Goodwill

	Consolidated
	30 June 2023			30 June 2022
	US$’000			US$’000
Non-current assets
Goodwill - at cost		617			634
Less: Impairment		(617	)		-

		-			634

Reconciliations of Goodwill Balance

Reconciliations of the goodwill balance at the beginning and end of the current and previous financial year is set out below:

	Goodwill
	US$’000
Balance at 1 July 2021		659
Exchange differences		(25	)

Balance at 30 June 2022		634
Exchange differences		(31	)
Impairment		(603	)

Balance at 30 June 2023		-

Impairment of Assets

Impairment recorded during the year ended 30 June 2023 comprised of the following:

	Year ended 30 June 2023
	US$'000

Goodwill		603
Mining hardware		25,700
Mining hardware – Non-Recourse SPVs		64,824
Mining hardware prepayments		11,301
Mining hardware prepayments – Non-Recourse SPVs		1,660
Development assets		1,084

Impairment of assets		105,172

Interests in subsidiaries (Tables)

12 Months Ended

Jun. 30, 2023

Interests in subsidiaries [Abstract]

Interests in Subsidiaries

The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 2:

		Beneficial Ownership interest
Name	Principal place of business / Country of incorporation	30 June 2023 %			30 June 2022 %

Iris Energy Custodian Pty Ltd	Australia		100	%		100	%
SA 1 Holdings Ltd	Australia		100	%		100	%
SA 2 Holdings Ltd	Australia		100	%		100	%
Podtech Data Centers Inc.	Canada		100	%		100	%
IE CA 1 Holdings Ltd	Canada		100	%		100	%
IE CA 2 Holdings Ltd	Canada		100	%		100	%
IE CA 3 Holdings Ltd*	Canada		-			100	%
IE CA 4 Holdings Ltd*	Canada		-			100	%
IE CA 5 Holdings Ltd	Canada		100	%		100	%
IE CA Development Holdings Ltd	Canada		100	%		100	%
IE CA Development Holdings 2 Ltd	Canada		100	%		100	%
IE CA Development Holdings 3 Ltd	Canada		100	%		100	%
IE CA Development Holdings 4 Ltd	Canada		100	%		100	%
IE CA Development Holdings 5 Ltd	Canada		100	%		100	%
IE US 1, Inc.	United States of America		100	%		100	%
Iris Energy Holdings Pty Ltd	Australia		100	%		100	%
TAS 1 Holdings Ltd	Australia		100	%		100	%
IE CA Development Holdings 7 Ltd	Canada		100	%		100	%
IE US Development Holdings 1 Inc	United States of America		100	%		100	%
IE US Holdings Inc	United States of America		100	%		100	%
IE US Development Holdings 3 Inc	United States of America		100	%		100	%
IE US Development Holdings 4 Inc	United States of America		100	%		100	%
IE US Operations Inc	United States of America		100	%		100	%
IE US Hardware 1 Inc	United States of America		100	%		100	%
IE US Hardware 2 Inc	United States of America		100	%		100	%
IE US Hardware 3 Inc	United States of America		100	%		100	%
IE US Hardware 4 Inc	United States of America		100	%		100	%

Share-based payments (Tables)

12 Months Ended

Jun. 30, 2023

Share-based payments [Abstract]

Reconciliation of Outstanding Share Options

Set out below are summaries of options granted under all plans:

	Number of options			Weighted average exercise price		Number of options			Weighted average exercise price
	30 June 2023			30 June 2023		30 June 2022			30 June 2022

Outstanding as at 1 July		9,010,547			US$41.67		4,143,415			US$3.03
Granted during the year		-			-		5,126,484			US$71.19
Forfeited during the year		(103,708	)		US$20.03		(259,352	)		US$8.01
Exercised during the year		-			-		-			US$0.00

Outstanding at the end of the financial year		8,906,839			US$41.93		9,010,547			US$41.67

Exercisable at the end of the financial year		3,485,302			US$2.97		3,351,327			US$3.04

Reconciliation of Outstanding RSUs

Set out below are summaries of RSUs granted under all plans:

	Number of RSUs
	30 June 2023

Outstanding as at 1 July		-
Granted during the year		3,740,366
Forfeited during the year		(112,499	)
Exercised during the year		(4,000	)

Outstanding at the end of the financial year		3,623,867

Exercisable at the end of the financial year		-

Measurement of Fair Value Arrangements Granted

The following table lists the inputs used in measuring the fair value of arrangements granted during the years ended 30 June 2023 and 30 June 2022:

Grant date	Dividend yield		Expected volatility			Risk-free interest rate			Expected life (weighted average)		Grant date share price		Exercise price (weighted average)		Fair value (weighted average)		Number of options/RSUs granted
	%		%			%			years		US$		US$		US$

NED Options Plan
28 July 2021		-		90	%		0.15	%		6.58		34.73		8.76		30.80		161,707
21 October 2021		-		90	%		0.15	%		7.00		34.80		36.45		26.50		14,266

Employee Option Plan
28 July 2021		-		90	%		0.15	%		7.00		34.73		8.76		31.05		89,541
20 October 2021		-		90	%		0.15	%		7.00		34.80		36.45		26.50		53,223
17 June 2022		-		122	%		0.85	%		7.00		3.74		36.45		2.71		7,750

$75 Exercise Price Options
14 September 2021		-		90	%		1.28	%		9.00		34.17		75.00		23.87		4,800,000

Long Term Incentive Plan
1 July 2022
Service RSUs		-		-			-			3.74		3.73		-		3.73		1,109,500
TSR RSUs (3.25 years)		-		120	%		3.00	%		3.25		3.73		-		3.22		138,189
TSR RSUs (4.25 years)		-		120	%		3.25	%		4.25		3.73		-		3.38		138,189
Share Price Target RSU		-		120	%		3.60	%		15.00		3.73		-		1.72		611,260

22 December 2022
Service RSUs		-		-			-			1.00		1.13		-		1.13		104,559

11 January 2023
Service RSUs		-		-			-			3.75		1.53		-		1.53		169,870
TSR RSUs		-		120	%		3.25	%		3.75		1.53		-		1.32		42,467

19 June 2023
Service RSUs		-		-			-			2.00		3.42		-		3.42		1,426,332

Significant accounting policies (Policies)

12 Months Ended

Jun. 30, 2023

Significant accounting policies [Abstract]

Going concern

●	A base case scenario assuming recent Bitcoin prices and global hashrate, with a reduction in global hashrate following the halving event expected in Q4 FY2024;

●	Four operational sites with installed nameplate capacity of 180MW; 30MW Canal Flats (BC, Canada), 80MW Mackenzie (BC, Canada), 50MW Prince George (BC, Canada), and 20MW Childress (Texas, USA); and

●	Continued development and expansion of the 600MW site at Childress, Texas.

Basis of preparation

These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

Historical cost basis

The consolidated financial statements have been prepared on a historical cost basis, except for financial assets and liabilities at fair value through profit or loss.

Critical accounting estimates

Principles of consolidation

Operating segments

Functional and presentation currency

●	Statement of profit or loss and other comprehensive income and statement of cash flows for each group entity were consolidated into US dollars using average foreign currency rates prevailing for the relevant period.

●	Assets and liabilities in the consolidated statement of financial position were translated into US dollars at the closing foreign currency rates on the relevant balance sheet dates.

●	The equity section of the consolidated statement of financial position, including foreign currency translation reserve, accumulated losses, share capital and the other reserves, were translated into US dollars using the historical rates, being the rate on the date of the transaction.

●	Earnings per share and dividend disclosure were also restated to US dollars to reflect the change in presentation currency.

Foreign operations

Revenue and other income recognition

The Group recognizes revenue and other income as follows:

Revenue from contracts with customers

Bitcoin mining revenue

Other income

Income tax

●	when the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or

●	when the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.

Current and non-current classification

Assets and liabilities are presented in the consolidated statement of financial position based on current and non-current classification.

Cash and cash equivalents

Financial assets

Financial assets at amortized cost

Impairment of financial assets

Property, plant and equipment

Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful lives as follows:

Buildings	20 years
Plant and equipment	3-10 years
Mining hardware	4 years

The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Repair and maintenance costs incurred are expensed to ‘other operating expenses’ in the consolidated statements of profit or loss.

Leases

Goodwill

Impairment of other non-financial assets

Trade and other payables

Hybrid financial instruments (SAFE and convertible notes)

Financial liabilities

Finance costs

Finance costs attributable to qualifying assets are capitalized as part of the asset. All other finance costs are expensed using the effective interest rate method.

Provisions

Employee benefits

Short-term employee benefits

Other long-term employee benefits

Share-based payments

Fair value measurement

Issued capital

Earnings per share

Basic earnings per share

Diluted earnings per share

Goods and Services Tax (GST) and other similar taxes

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.

Mining hardware prepayments

New or amended Accounting Standards and Interpretations adopted

The Group has adopted all of the new or amended IFRS and Interpretations as issued by the IASB that are mandatory for the current reporting period.

Property, plant and equipment (Tables)

12 Months Ended

Jun. 30, 2023

Property, plant and equipment [Abstract]

Consolidated Property, Plant and Equipment

	Consolidated
	30 June 2023			30 June 2022
	US$’000			US$’000

Land - at cost		1,803			1,836

Buildings - at cost		153,100			13,768
Less: Accumulated depreciation		(5,042	)		(686	)
		148,058			13,082

Plant and equipment - at cost		4,145			3,564
Less: Accumulated depreciation		(712	)		(364	)
		3,433			3,200

Mining hardware - at cost		115,024			171,120
Less: Accumulated depreciation		(15,709	)		(7,973	)
Less: Accumulated impairment		(25,934	)		-
		73,381			163,147

Development assets - at cost		14,427			66,297

		241,102			247,562

Reconciliations of Written Down Values of Property, Plant and Equipment

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

	Land			Buildings			Plant and equipment			Mining hardware			Development assets			Total
Consolidated	US$’000			US$’000			US$’000			US$’000			US$’000			US$’000

Balance at 1 July 2021		403			3,280			2,687			3,921			5,644			15,935
Additions		1,466			10,603			844			168,899			61,650			243,462
Disposals		-			-			-			(28	)		-			(28	)
Exchange differences		(33	)		(330	)		(114	)		(2,651	)		(997	)		(4,125	)
Depreciation expense (note 6)		-			(471	)		(217	)		(6,994	)		-			(7,682	)

Balance at 30 June 2022		1,836			13,082			3,200			163,147			66,297			247,562
Additions		-			22,467			673			163,663			67,866			254,669
Deconsolidation of subsidiaries											(90,054	)					(90,054	)
Disposals		(6	)		-			-			(39,046	)		-			(39,052	)
Exchange differences		(27	)		2,852			(93	)		(7,826	)		(4,685	)		(9,779	)
Impairment of assets		-			-			-			(90,524	)		(1,084	)		(91,608	)
Transfers in/(out)		-			113,967			-			-			(113,967	)		-
Depreciation expense (note 6)		-			(4,310	)		(347	)		(25,979	)		-			(30,636	)

Balance at 30 June 2023		1,803			148,058			3,433			73,381			14,427			241,102

Mining hardware prepayments

12 Months Ended

Jun. 30, 2023

Mining hardware prepayments [Abstract]

Mining hardware prepayments

Note 12. Mining hardware prepayments

	Consolidated
	30 June 2023		30 June 2022
	US$’000		US$’000

Non-current assets
Mining hardware prepayments		68		158,184

As a result of an agreement signed on 8 February 2023, the Group utilized all remaining prepayments under its 10 EH/s contract with Bitmain, which included a concurrent sale of 2.3 EH/s of the remaining 6.7 EH/s contracted miners to a third party, to acquire 4.4 EH/s with no additional cash outlay.

During the year ended 30 June 2023, an impairment of $12,961,000 was recorded in relation to mining hardware prepayments of which $11,301,000 related to the above utilization of all prepayments under the 10 EH/s contract with Bitmain. An impairment of $1,660,000 was recorded against mining hardware prepayments held by IE CA 3 Holdings Ltd reducing the underlying carrying amount of the mining hardware prepayments held by IE CA 3 Holdings Ltd to $2,381,000 which were derecognized by the Group on deconsolidation of the entity on 03 February 2023. See note 16.

Interests in subsidiaries

12 Months Ended

Jun. 30, 2023

Interests in subsidiaries [Abstract]

Interests in subsidiaries

Note 27. Interests in subsidiaries

The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 2:

		Beneficial Ownership interest
Name	Principal place of business / Country of incorporation	30 June 2023 %			30 June 2022 %

Iris Energy Custodian Pty Ltd	Australia		100	%		100	%
SA 1 Holdings Ltd	Australia		100	%		100	%
SA 2 Holdings Ltd	Australia		100	%		100	%
Podtech Data Centers Inc.	Canada		100	%		100	%
IE CA 1 Holdings Ltd	Canada		100	%		100	%
IE CA 2 Holdings Ltd	Canada		100	%		100	%
IE CA 3 Holdings Ltd*	Canada		-			100	%
IE CA 4 Holdings Ltd*	Canada		-			100	%
IE CA 5 Holdings Ltd	Canada		100	%		100	%
IE CA Development Holdings Ltd	Canada		100	%		100	%
IE CA Development Holdings 2 Ltd	Canada		100	%		100	%
IE CA Development Holdings 3 Ltd	Canada		100	%		100	%
IE CA Development Holdings 4 Ltd	Canada		100	%		100	%
IE CA Development Holdings 5 Ltd	Canada		100	%		100	%
IE US 1, Inc.	United States of America		100	%		100	%
Iris Energy Holdings Pty Ltd	Australia		100	%		100	%
TAS 1 Holdings Ltd	Australia		100	%		100	%
IE CA Development Holdings 7 Ltd	Canada		100	%		100	%
IE US Development Holdings 1 Inc	United States of America		100	%		100	%
IE US Holdings Inc	United States of America		100	%		100	%
IE US Development Holdings 3 Inc	United States of America		100	%		100	%
IE US Development Holdings 4 Inc	United States of America		100	%		100	%
IE US Operations Inc	United States of America		100	%		100	%
IE US Hardware 1 Inc	United States of America		100	%		100	%
IE US Hardware 2 Inc	United States of America		100	%		100	%
IE US Hardware 3 Inc	United States of America		100	%		100	%
IE US Hardware 4 Inc	United States of America		100	%		100	%

*On 4 November 2022, IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd. (‘Non-Recourse SPVs’) received notices of defaults from the lenders under their respective limited recourse facilities alleging the occurrence of certain defaults and potential events of default, and purporting to declare the loans under each of the Non-Recourse SPV facilities immediately due and payable. The lender filed a petition with the British Columbia Supreme Court, primarily seeking the appointment of PwC as receiver over the assets and undertakings of the Non-Recourse SPVs, which the court accepted, subsequently appointing PwC as the receiver of the Non-Recourse SPVs on 3 February 2023. The Group ceased control of the Non-Recourse SPVs on 3 February 2023, being the date of appointment of the receiver, and as such the entities have been deconsolidated from this date recording a gain on disposal of subsidiaries of $3,258,000.

Right-of-use assets, Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Non-current assets [abstract]
Right-of-use assets	$ 1,374	$ 1,253	$ 1,404
Land and Buildings [Member]
Non-current assets [abstract]
Right-of-use assets	1,374	1,253	$ 1,043
Land and Buildings [Member] \| Gross Carrying Amount [Member]
Non-current assets [abstract]
Right-of-use assets	1,649	1,309
Land and Buildings [Member] \| Accumulated Depreciation [Member]
Non-current assets [abstract]
Right-of-use assets	$ (275)	$ (56)

Key management personnel disclosures (Tables)

12 Months Ended

Jun. 30, 2023

Key Management Personnel Disclosures [Abstract]

Directors and Key Management Personnel

The following persons were Directors of Iris Energy Limited at any time during the year, up to the date of this report:

Individual	Position	Date of Commencement	Date ceased to be KMP
Daniel Roberts	Executive Director and Co-CEO	6 November 2018	-
William Roberts	Executive Director and Co-CEO	6 November 2018	-
David Batholomew	Non-Executive Director	24 September 2021	-
Christopher Guzowski	Non-Executive Director	19 December 2019	-
Michael Alfred	Non-Executive Director	21 October 2021	-
Sunita Parasuraman	Non-Executive Director	18 July 2023	-

The following persons were considered to be KMP of Iris Energy Limited at any time during the year:

Individual	Position	Date of Commencement	Date ceased to be KMP
Lindsay Ward	President	18 October 2021	30 June 2023
David Shaw	Chief Operating Officer	22 October 2021	-
Belinda Nucifora	Chief Financial Officer	16 May 2022	-
Cesilia Kim	Chief Legal Officer	1 January 2023	-

Compensation made to Directors and Key Management Personnel

The aggregate compensation made to Directors and other members of key management personnel of the Group is set out below:

	Consolidated
	Year ended 30 June 2023		Year ended 30 June 2022
	US$		US$

Short-term employee benefits		7,967,322		1,610,088
Post-employment benefits		66,830		81,550
Share-based payments		13,905,489		13,314,679

		21,939,641		15,006,317

Summary of Movement in Options and RSUs Outstanding Issued to Directors and Other Members of KMP

The following table summarizes the movement in options and RSUs outstanding issued to Directors and other members of KMP:

	Number of options/RSUs			Weighted average exercise price		Number of options/RSUs			Weighted average exercise price
	30 June 2023			30 June 2023		30 June 2022			30 June 2022

Outstanding as at 1 July		6,973,516		$	53.16		2,136,171		$	4.10
Granted during the year		3,070,379		$	2.97		5,014,834		$	72.46
Forfeited during the year		(31,671	)	$	36.45		(177,489	)	$	7.90
Exercised during the year		(4,000	)		-		-			-

Outstanding at the end of the financial year		10,008,224		$	37.84		6,973,516		$	53.16

Exercisable at the end of the financial year		2,017,021		$	3.87		2,035,278		$	3.95

Right-of-use assets (Tables)

12 Months Ended

Jun. 30, 2023

Right-of-use assets [Abstract]

Right-of-use Assets

	Consolidated
	30 June 2023			30 June 2022
	US$’000			US$’000

Non-current assets
Land and buildings - right-of-use asset		1,649			1,309
Less: Accumulated depreciation		(275	)		(56	)

		1,374			1,253

Right-of-use Assets, Reconciliations of Written Down Values

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

	Prepaid hosting fees			Land and buildings			Total
Consolidated	US$’000			US$’000			US$’000

Balance at 1 July 2021		361			1,043			1,404
Additions		-			298			298
Disposals		(185	)		-			(185	)
Exchange differences		-			(38	)		(38	)
Impairment of assets		(167	)		-			(167	)
Depreciation (note 6)		(9	)		(50	)		(59	)

Balance at 30 June 2022		-			1,253			1,253
Additions		-			373			373
Exchange differences		-			(32	)		(32	)
Depreciation (note 6)		-			(220	)		(220	)

Balance at 30 June 2023		-			1,374			1,374

General information (Details)	Nov. 17, 2021 USD ($)	Nov. 04, 2021
General information [Abstract]
Gross proceeds from Initial public offering	$ 231,538,468
Reverse stock split ratio		0.2

Finance expense (Tables)

12 Months Ended

Jun. 30, 2023

Finance expense [Abstract]

Finance Expense

	Consolidated
	Year ended 30 June 2023		Year ended 30 June 2022		Year ended 30 June 2021 (restated*)
	US$’000		US$’000		US$’000

Interest expense on borrowings		15,213		5,343		311
Interest expense on hybrid financial instruments		-		26,748		14,182
Interest expense on lease liabilities		112		99		22
Amortization of capitalized borrowing costs		1,038		2,508		1,968
Loss on embedded derivatives held at fair value through profit or loss		-		390,743		44,692

		16,363		425,441		61,175

Property, plant and equipment

12 Months Ended

Jun. 30, 2023

Property, plant and equipment [Abstract]

Property, plant and equipment

Note 14. Property, plant and equipment

	Consolidated
	30 June 2023			30 June 2022
	US$’000			US$’000

Land - at cost		1,803			1,836

Buildings - at cost		153,100			13,768
Less: Accumulated depreciation		(5,042	)		(686	)
		148,058			13,082

Plant and equipment - at cost		4,145			3,564
Less: Accumulated depreciation		(712	)		(364	)
		3,433			3,200

Mining hardware - at cost		115,024			171,120
Less: Accumulated depreciation		(15,709	)		(7,973	)
Less: Accumulated impairment		(25,934	)		-
		73,381			163,147

Development assets - at cost		14,427			66,297

		241,102			247,562

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

	Land			Buildings			Plant and equipment			Mining hardware			Development assets			Total
Consolidated	US$’000			US$’000			US$’000			US$’000			US$’000			US$’000

Balance at 1 July 2021		403			3,280			2,687			3,921			5,644			15,935
Additions		1,466			10,603			844			168,899			61,650			243,462
Disposals		-			-			-			(28	)		-			(28	)
Exchange differences		(33	)		(330	)		(114	)		(2,651	)		(997	)		(4,125	)
Depreciation expense (note 6)		-			(471	)		(217	)		(6,994	)		-			(7,682	)

Balance at 30 June 2022		1,836			13,082			3,200			163,147			66,297			247,562
Additions		-			22,467			673			163,663			67,866			254,669
Deconsolidation of subsidiaries											(90,054	)					(90,054	)
Disposals		(6	)		-			-			(39,046	)		-			(39,052	)
Exchange differences		(27	)		2,852			(93	)		(7,826	)		(4,685	)		(9,779	)
Impairment of assets		-			-			-			(90,524	)		(1,084	)		(91,608	)
Transfers in/(out)		-			113,967			-			-			(113,967	)		-
Depreciation expense (note 6)		-			(4,310	)		(347	)		(25,979	)		-			(30,636	)

Balance at 30 June 2023		1,803			148,058			3,433			73,381			14,427			241,102

Depreciation of mining hardware commences once units are installed onsite and available for use.

Development assets include costs related to the development of data center infrastructure at Childress, Texas along with other early-stage development costs. Details of impairment expense recorded is set out in note 16.

Key management personnel disclosures

12 Months Ended

Jun. 30, 2023

Key Management Personnel Disclosures [Abstract]

Key management personnel disclosures

Note 33. Key management personnel disclosures

Details of Directors and key management personnel

The following persons were Directors of Iris Energy Limited at any time during the year, up to the date of this report:

Individual	Position	Date of Commencement	Date ceased to be KMP
Daniel Roberts	Executive Director and Co-CEO	6 November 2018	-
William Roberts	Executive Director and Co-CEO	6 November 2018	-
David Batholomew	Non-Executive Director	24 September 2021	-
Christopher Guzowski	Non-Executive Director	19 December 2019	-
Michael Alfred	Non-Executive Director	21 October 2021	-
Sunita Parasuraman	Non-Executive Director	18 July 2023	-

The following persons were considered to be KMP of Iris Energy Limited at any time during the year:

Individual	Position	Date of Commencement	Date ceased to be KMP
Lindsay Ward	President	18 October 2021	30 June 2023
David Shaw	Chief Operating Officer	22 October 2021	-
Belinda Nucifora	Chief Financial Officer	16 May 2022	-
Cesilia Kim	Chief Legal Officer	1 January 2023	-

Significant Transactions with key management personnel

On or around 18 August 2021, the shareholders of the Company approved the issue of one B Class share each (for consideration of A$1.00 per B Class share) to entities controlled by Daniel Roberts and William Roberts, respectively. The B Class shares were formally issued on 7 October 2021. Each B Class share confers on the holder fifteen votes for each ordinary share in the Company held by the holder. In addition, a B Class share confers a right for the holder to nominate a director to put forward for election to the Board. Because of the increased voting power of the B Class shares, the holders of the B Class shares collectively could continue to control a significant percentage of the combined voting power of the Company's shares and therefore be able to control all matters submitted to the Company’s shareholders for approval until the redemption of the B Class shares by the Company on the earlier of (i) when the holder ceases to be a director due to voluntary retirement; (ii) a transfer of B Class shares in breach of the Constitution; (iii) liquidation or winding up of the Company; or (iv) at any time which is 12 years after the Company’s ordinary shares are first listed on a recognized stock exchange. Aside from these governance rights, the B Class shares do not provide the holder with any economic rights (e.g. the B Class shares do not confer on its holder any right to receive dividends). The B Class shares are not transferable by the holder (except in limited circumstances to affiliates of the holder).

Note 33. Key management personnel disclosures (continued)

Deed of access, insurance and indemnity

The Group has entered into deeds of access, insurance and indemnity with each of our directors and certain of our officers. These deeds provide the directors and officers with contractual rights to indemnification and expense advancement and are governed by the laws of Victoria, Australia.

Compensation

The aggregate compensation made to Directors and other members of key management personnel of the Group is set out below:

	Consolidated
	Year ended 30 June 2023		Year ended 30 June 2022
	US$		US$

Short-term employee benefits		7,967,322		1,610,088
Post-employment benefits		66,830		81,550
Share-based payments		13,905,489		13,314,679

		21,939,641		15,006,317

The following table summarizes the movement in options and RSUs outstanding issued to Directors and other members of KMP:

	Number of options/RSUs			Weighted average exercise price		Number of options/RSUs			Weighted average exercise price
	30 June 2023			30 June 2023		30 June 2022			30 June 2022

Outstanding as at 1 July		6,973,516		$	53.16		2,136,171		$	4.10
Granted during the year		3,070,379		$	2.97		5,014,834		$	72.46
Forfeited during the year		(31,671	)	$	36.45		(177,489	)	$	7.90
Exercised during the year		(4,000	)		-		-			-

Outstanding at the end of the financial year		10,008,224		$	37.84		6,973,516		$	53.16

Exercisable at the end of the financial year		2,017,021		$	3.87		2,035,278		$	3.95

Dividends	12 Months Ended
Dividends	Jun. 30, 2023
Dividends [Abstract]
Dividends	Note 22. Dividends There were no dividends paid, recommended or declared during the current or previous financial year.

Key management personnel disclosures, Movement in Options and RSUs Outstanding Issued to Directors and Other Members of KMP (Details) - Share Options and Restricted Share Units [Member]	12 Months Ended
	Jun. 30, 2023 shares $ / shares	Jun. 30, 2022 shares $ / shares
Number of Options and RSUs [Abstract]
Outstanding at beginning of year (in shares) \| shares	6,973,516	2,136,171
Granted during the year (in shares) \| shares	3,070,379	5,014,834
Forfeited during the year (in shares) \| shares	(31,671)	(177,489)
Exercised during the period (in shares) \| shares	(4,000)	0
Outstanding at end of year (in shares) \| shares	10,008,224	6,973,516
Exercisable at end of year (in shares) \| shares	2,017,021	2,035,278
Weighted Average Exercise Price [Abstract]
Outstanding at beginning of year (in dollars per share) \| $ / shares	$ 53.16	$ 4.1
Granted during the year (in dollars per share) \| $ / shares	2.97	72.46
Forfeited during the year (in dollars per share) \| $ / shares	36.45	7.9
Exercised during the period (in dollars per share) \| $ / shares	0	0
Outstanding at end of year (in dollars per share) \| $ / shares	37.84	53.16
Exercisable at end of year (in dollars per share) \| $ / shares	$ 3.87	$ 3.95

Income tax expense

12 Months Ended

Jun. 30, 2023

Income tax expense [Abstract]

Income tax expense

Note 9. Income tax expense

	Consolidated
	Year ended 30 June 2023			Year ended 30 June 2022			Year ended 30 June 2021 (restated*)
	US$’000			US$’000			US$’000

Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense		(169,481	)		(417,046	)		(59,151	)

Tax at the statutory tax rate of 30% (2022: 30%, 2021: 26%)		(50,844	)		(125,114	)		(15,379	)

Tax effect amounts which are not deductible in calculating taxable income:
Non-deductible/non-allowable items		4,756			128,643			16,061

		(46,088	)		3,529			682
Current year tax losses not recognized		28,349			534			704
Recognition of previously unrecognized tax losses		-			(1,019	)		(240	)
Difference in overseas tax rates		1,979			203			(3	)
Impact of future tax rate changes		-			-			94
Current year temporary differences not recognised		-			-			2
Prior year tax over/(under) provisions		(212	)		(523	)		-
Deconsolidation of Non-recourse SPVs		18,362			-			-

Income tax expense		2,390			2,724			1,239

	Consolidated
	Year ended 30 June 2023			Year ended 30 June 2022		Year ended 30 June 2021 (restated*)
	US$’000			US$’000		US$’000

Income tax expense
Current tax expense/(benefit)		(1,013	)		672		532
Deferred tax expense		3,403			2,052		707

Income tax expense		2,390			2,724		1,239

	Consolidated
	30 June 2023		30 June 2022		30 June 2021 (restated*)
	US$’000		US$’000		US$’000

Unrecognized deferred tax assets
Available tax losses		136,849		19,268		7,239

Tax effect at the applicable tax rate for each jurisdiction		39,238		5,117		1,887

Deferred tax asset on tax losses recognized to the extent of taxable temporary differences		10,761		3,854		798
Deferred tax asset on losses not recognized		28,477		1,263		1,089

The total available tax losses above have not been recognized in the consolidated statement of financial position. These tax losses can only be utilized against availability of future available profits. These tax losses are not expected to expire.

Recognized deferred tax assets and liabilities

The following are the deferred tax assets and liabilities recognised by the Group and movements during the years ended 30 June 2023 and 30 June 2022:

	Tax losses		Employee benefits			Property, plant and equipment			Unrealized foreign exchange losses			Capital raising costs			Other deferred tax assets		Total
	US$’000		US$’000			US$’000			US$’000			US$’000			US$’000		US$’000

Deferred tax assets
Movement in balances
As at 1 July 2021		798		31			-			-			82			-		911
(Charge)/credit to profit or loss		3,056		82			15			725			(260	)		1,222		4,840
(Charge)/credit direct to equity		-		-			-			-			4,805			-		4,805
As at 30 June 2022		3,854		113			15			725			4,627			1,222		10,556
Offset against deferred tax liabilities																		(8,321	)
As at 30 June 2022																		2,235

As at 1 July 2022		3,854		113			15			725			4,627			1,222		10,556
(Charge)/credit to profit or loss		6,907		(381	)		(15	)		(691	)		(666	)		1,117		6,272
As at 30 June 2023		10,761		(268	)		-			34			3,961			2,339		16,827
Offset against deferred tax liabilities																		(16,819	)
As at 30 June 2023																		8

	Property, plant and equipment			Unrealized foreign exchange gains			Other deferred tax liabilities			Total
	US$’000			US$’000			US$’000			US$’000

Deferred tax liabilities
Movement in balances
As at 1 July 2021		(798	)		(820	)		-			(1,618	)
(Charge)/credit to profit or loss		(3,894	)		(2,651	)		(347	)		(6,892	)
Charge direct to equity		-			-			-			-
As at 30 June 2022		(4,692	)		(3,471	)		(347	)		(8,510	)
Offset against deferred tax assets											8,321
As at 30 June 2022											(189	)

As at 1 July 2022		(4,692	)		(3,471	)		(347	)		(8,510	)
(Charge)/credit to profit or loss		(7,426	)		(1,540	)		(708	)		(9,674	)
Charge direct to equity		-			-			-			-
As at 30 June 2023		(12,118	)		(5,011	)		(1,055	)		(18,184	)
Offset against deferred tax assets											16,819
As at 30 June 2023											(1,365	)

Income tax expense, Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Unrecognized deferred tax assets [Abstract]
Available tax losses	$ 136,849	$ 19,268	$ 7,239
Tax effect at the applicable tax rate for each jurisdiction	39,238	5,117	1,887
Deferred tax asset on tax losses recognized to the extent of taxable temporary differences	10,761	3,854	798
Deferred tax asset on losses not recognized	$ 28,477	$ 1,263	$ 1,089

Contingent Liabilities	12 Months Ended
Contingent Liabilities	Jun. 30, 2023
Contingent Liabilities [Abstract]
Contingent Liabilities	Note 30. Contingent Liabilities In addition to PwC continuing in their capacity as receiver in respect of the Non-Recourse SPVs, a hearing was held in June 2023 in The Supreme Court of British Columbia with respect to, among other things, claims brought by the lender, NYDIG ABL LLC, seeking remedies regarding the limited recourse equipment financing facilities entered into by the Non-Recourse SPVs. A judgement on these proceedings was delivered on 10 August 2023 which declared, among other things, that the transactions pursuant to hashpower services provided by the Non-Recourse SPVs to the Company to be void. On 21 August 2023, the Company filed a notice to appeal the judgement.

Commitments (Tables)

12 Months Ended

Jun. 30, 2023

Commitments [Abstract]

Maturity of Committed Amount Payable

The committed amounts are payable as set out below:

	Consolidated
	30 June 2023		30 June 2022
	US$’000		US$’000

Amounts payable within 12 months of balance date:		7,481		322,706
Amounts payable after 12 months of balance date:		-		23,917

		7,481		346,623

Fair value measurement (Details) - USD ($) $ in Thousands	12 Months Ended
Fair value measurement (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Fair value measurement [Abstract]
Transfers into level 3	$ 0	$ 0
Transfers out of level 3	$ 0	$ 0

Other operating expenses (Tables)

12 Months Ended

Jun. 30, 2023

Other operating expenses [Abstract]

Other Operating Expenses

	Consolidated
	Year ended 30 June 2023		Year ended 30 June 2022		Year ended 30 June 2021 (restated*)
	US$’000		US$’000		US$’000

Insurance		5,687		5,065		95
Sponsorship and marketing		716		305		29
Short term office and equipment rental		773		177		92
Charitable donations		164		464		-
Site expenses		3,789		1,644		170
Filing fees		76		462		1
Site identification costs		15		258		-
Non-refundable sales tax (See Note 18 - Provisions)		4,972		2,469		-
Non-refundable provincial sales tax		371		-		-
Other expenses		2,259		861		79

		18,822		11,705		466

Prepayments and other assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Current assets [Abstract]
Security deposits	$ 2,420	$ 18,972
Prepayments	11,373	7,658
Prepayments and deposits	$ 13,793	$ 26,630