0001140361-24-026268 | 6-K | XBRL Viewer

Share-based payments (Tables)

9 Months Ended

Mar. 31, 2024

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
	31 Mar 2024		31 Mar 2024		30 Jun 2023			30 Jun 2023

Outstanding as at 1 July 2023		8,906,839	$	41.93		9,010,547		$	41.67
Granted during the period		-	$	0.00		-		$	0.00
Forfeited during the period		-	$	0.00		(103,708	)	$	20.03
Vested during the period		-	$	0.00		-		$	0.00

Outstanding as at 31 March 2024		8,906,839	$	41.93		8,906,839		$	41.93

Exercisable as at 31 March 2024		3,615,546	$	2.92		3,485,302		$	2.97

Reconciliation of Outstanding RSUs

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

	Number of RSUs
	31 Mar 2024
Outstanding as at 1 July 2023		3,623,867
Granted during the period		3,314,794
Forfeited during the period		(217,760	)
Vested during the period		(104,559	)

Outstanding as at 31 March 2024		6,616,342

Exercisable as at 31 March 2024		-

Issued capital, Movements in Ordinary Share Capital (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2024 USD ($) shares
Issued capital [Abstract]
Opening balance	$ 965,857
Closing balance	$ 1,327,668
Issued Capital [Member]
Number of shares [Abstract]
Opening balance (in shares) \| shares	64,747,477
Shares issued under Committed Equity Facility (in shares) \| shares	12,887,814
Shares issued under the ATM Facility (in shares) \| shares	60,570,797
Share based payment - third party issuance (in shares) \| shares	101,084
Share based payment - vested shares (in shares) \| shares	104,559
Capital raise costs, net of tax (in shares) \| shares	0
Closing balance (in shares) \| shares	138,411,731
Issued capital [Abstract]
Opening balance	$ 965,857
Shares issued under Committed Equity Facility	51,417
Shares issued under the ATM Facility	318,468
Share based payment - third party issuance	302
Share based payment - vested shares	118
Capital raise costs, net of tax	(8,494)
Closing balance	$ 1,327,668

Computer hardware prepayments (Tables)

9 Months Ended

Mar. 31, 2024

Computer hardware prepayments [Abstract]

Mining Hardware Prepayments

	31 Mar 2024		30 Jun 2023
	$'000		$'000

Non-current assets
Mining hardware prepayments		39,440		68
High-performance computing hardware prepayments		1,967		-

Total computer hardware prepayment		41,407		68

Provisions (Details) - USD ($) $ in Thousands	9 Months Ended
Provisions (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Current liabilities [Abstract]
Non-refundable sales tax and other provisions	$ 11,498	$ 6,172
Total Provisions	$ 11,498	$ 6,172
CANADA [Member]
Current liabilities [Abstract]
Percentage of GST required to remit	5.00%
Percentage of GST on exported services	0.00%

Other receivables (Tables)

9 Months Ended

Mar. 31, 2024

Other receivables [Abstract]

Other Receivables

	31 Mar 2024		30 Jun 2023
	$'000		$'000

Current assets
Share issuance proceeds		28,376		1,581
Trade and other receivables		567		97
Provincial sales tax receivable		-		122
Goods and services tax receivable		6,924		4,743

Total other receivables		35,867		6,543

Other income

9 Months Ended

Mar. 31, 2024

Other income [Abstract]

Other income

Note 3. Other income

	Three months ended 31 Mar 2024		Three months ended 31 Mar 2023		Nine months ended 31 Mar 2024		Nine months ended 31 Mar 2023
	$’000		$’000		$’000		$’000
ERS Revenue		399		-		926		-
Net gain on disposal of other assets		-		1,798		-		3,117

Total other income		399		1,798		926		3,117

Other income for the periods ended 31 March 2024 comprises income generated from an Emergency Response Service ("ERS") program entered into in Texas. This ERS program is a demand response program designed to help Electric Reliability Council of Texas (“ERCOT”) mitigate rolling blackouts. Other income is generated by the Group’s participation in this program at the site in Childress, Texas.

Other income for the periods ended 31 March 2023 primarily relates to gain on disposal of other assets.

Other income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Other income (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Other income [Abstract]
ERS Revenue	$ 399	$ 0	$ 926	$ 0
Net gain on disposal of other assets	0	1,798	0	3,117
Total other income	$ 399	$ 1,798	$ 926	$ 3,117

Other operating expenses

9 Months Ended

Mar. 31, 2024

Other operating expenses [Abstract]

Other operating expenses

Note 4. Other operating expenses

	Three months ended 31 Mar 2024		Three months ended 31 Mar 2023		Nine months ended 31 Mar 2024		Nine months ended 31 Mar 2023
	$'000		$'000		$'000		$'000
Insurance		1,736		1,160		4,835		4,552
Sponsorship and marketing		748		66		1,442		176
Charitable donations		4		9		237		158
Filing fees		21		19		57		58
ERS fees		24		-		56		-
Site identification costs		-		-		-		15
Non-refundable sales tax (See Note 12)		1,351		402		4,317		1,429
Non-refundable provincial sales tax		340		70		963		70
Other expenses		313		240		1,105		774
Legal expenses		-		-		1,797		-

Total other operating expenses		4,537		1,966		14,809		7,232

Other income (Tables)

9 Months Ended

Mar. 31, 2024

Other income [Abstract]

Other Income

	Three months ended 31 Mar 2024		Three months ended 31 Mar 2023		Nine months ended 31 Mar 2024		Nine months ended 31 Mar 2023
	$’000		$’000		$’000		$’000
ERS Revenue		399		-		926		-
Net gain on disposal of other assets		-		1,798		-		3,117

Total other income		399		1,798		926		3,117

Lease liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
Lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Current liabilities [abstract]
Lease liability	$ 205	$ 192
Non-current liabilities [abstract]
Lease liability	1,512	1,256
Total lease liabilities	$ 1,717	$ 1,448
Prince George, British Columbia, Canada [Member] \| Lease liabilities [member]
Non-current liabilities [abstract]
Lease term	30 years
Sydney, Australia [Member] \| Lease liabilities [member]
Non-current liabilities [abstract]
Lease term	3 years
Vancouver, British Columbia, Canada [Member] \| Lease liabilities [member]
Non-current liabilities [abstract]
Lease term	5 years

Property, plant and equipment, Reconciliations of Written Down Values (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2024 USD ($)
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	$ 241,102
Additions	142,674
Disposals	(41)
Exchange differences	(3,067)
Reversal of impairment	108
Transfers in/(out)	0
Depreciation expense	(23,695)
Property, plant and equipment, ending balance	357,081
Land [Member]
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	1,803
Additions	125
Disposals	0
Exchange differences	(17)
Reversal of impairment	0
Transfers in/(out)	0
Depreciation expense	0
Property, plant and equipment, ending balance	1,911
Buildings [Member]
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	148,058
Additions	1,237
Disposals	0
Exchange differences	(1,811)
Reversal of impairment	0
Transfers in/(out)	17,340
Depreciation expense	(5,863)
Property, plant and equipment, ending balance	158,960
Plant and Equipment [Member]
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	3,433
Additions	681
Disposals	(35)
Exchange differences	(70)
Reversal of impairment	0
Transfers in/(out)	0
Depreciation expense	(327)
Property, plant and equipment, ending balance	3,682
Mining Hardware [Member]
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	73,381
Additions	31,301
Disposals	(6)
Exchange differences	(1,150)
Reversal of impairment	0
Transfers in/(out)	0
Depreciation expense	(17,166)
Property, plant and equipment, ending balance	86,360
HPC Hardware [Member]
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	0
Additions	29,693
Disposals	0
Exchange differences	(90)
Reversal of impairment	0
Transfers in/(out)	0
Depreciation expense	(339)
Property, plant and equipment, ending balance	29,264
Development Assets [Member]
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	14,427
Additions	79,637
Disposals	0
Exchange differences	72
Reversal of impairment	108
Transfers in/(out)	(17,340)
Depreciation expense	0
Property, plant and equipment, ending balance	$ 76,904

Computer hardware prepayments

9 Months Ended

Mar. 31, 2024

Computer hardware prepayments [Abstract]

Computer hardware prepayments

Note 8. Computer hardware prepayments

	31 Mar 2024		30 Jun 2023
	$'000		$'000

Non-current assets
Mining hardware prepayments		39,440		68
High-performance computing hardware prepayments		1,967		-

Total computer hardware prepayment		41,407		68

Computer hardware prepayments represent payments made by the Group for the purchase of mining hardware for our Childress data center and High-performance computing ("HPC") hardware. These prepayments are in accordance with payment schedules set out in relevant purchase agreements with hardware manufacturers.

The mining hardware prepayments at 31 March 2024 include a non-refundable deposit of $12,768,000 as an initial 10% option down payment in relation to a hardware purchase option to acquire up to 48,000 Bitmain T21 miners (9.1 EH/s) at a price of $14/TH. If the entire option is exercised, the total contracted cost will be $127,680,000. If the option is exercised, the miners can be scheduled for phased shipment in monthly batches from June 2024 to November 2024. As at 31 March 2024, final decisions with respect to exercising miner purchase options have not been made by the Group. Refer to Note 19 Subsequent events for further information.

Cash and cash equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022
Current assets [Abstract]
Cash at bank	$ 259,695	$ 38,657
Cash on deposit	0	30,237
Total cash and cash equivalents	$ 259,695	$ 68,894	$ 33,151	$ 109,970

Share-based payments, 2023 Long-Term Incentive Plan Restricted Stock Units (Details) - 2023 Long-Term Incentive Plan Restricted Stock Units [Member]	9 Months Ended
	Mar. 31, 2024 shares Tranche
Share-based payment [Abstract]
Number of tranches	3
Tranche One [Member] \| Time-based Vesting Conditions [Member]
Share-based payment [Abstract]
Percentage of grants vested	33.30%
Vesting period	1 year
Tranche One and Two [Member] \| Time-based Vesting Conditions [Member]
Share-based payment [Abstract]
Number of tranches	2
Tranche Two [Member] \| Time-based Vesting Conditions [Member]
Share-based payment [Abstract]
Percentage of grants vested	33.30%
Vesting period	2 years
Tranche Three [Member] \| Performance-based Vesting Conditions [Member]
Share-based payment [Abstract]
Number of tranches	3
Percentage of grants vested	33.40%
Vesting period	3 years
Non-Executive Director [Member]
Share-based payment [Abstract]
Vesting period	1 year
Number of RSUs vested (in shares) \| shares	120,303
Key Management Personnel [Member]
Share-based payment [Abstract]
Number of RSUs issued (in shares) \| shares	3,194,491

Related party transactions (Details) - USD ($)	9 Months Ended	12 Months Ended
Related party transactions (Details) - USD ($)	Mar. 31, 2024	Jun. 30, 2023
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

Share-based payments, Reconciliation of Outstanding RSUs (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) shares $ / shares	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) shares $ / shares	Mar. 31, 2023 USD ($)	Jun. 30, 2023 shares
Number of RSUs [Abstract]
Share-based payments expense \| $	$ (5,817)	$ (3,503)	$ (17,622)	$ (10,273)
Restricted Share Units [Member]
Number of RSUs [Abstract]
Outstanding at beginning of period (in shares)			3,623,867
Granted during the period (in shares)			3,314,794
Forfeited during the period (in shares)			(217,760)
Exercised during the period (in shares)			(104,559)
Outstanding at end of period (in dollars per share)	6,616,342		6,616,342		3,623,867
Exercisable at the end of period (in dollars per share)	0		0
Weighted average remaining contractual life of RSUs outstanding			3 years 3 days		4 years 6 months 18 days
Exercise price of RSUs (in dollars per share) \| $ / shares	$ 0		$ 0
Share-based payments expense \| $	$ 2,725	$ 352	$ 8,225	$ 1,000

Financial assets at fair value through profit or loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Current assets [Abstract]
Electricity financial asset	$ 3,425	$ 0	$ 3,425	$ 0	$ 0
Reconciliation of the fair values at the beginning and end of the current and previous financial period are set out below: [abstract]
Opening fair value	1,280	0	0	0	0
Additions	9,388		10,926	0	0
Financial asset realized	(6,152)		(6,152)	0	0
Revaluation decrements (unrealized loss)	(1,091)	0	(1,349)	0	0
Closing fair value	3,425	0	3,425	0	$ 0
Realized gain/(loss) on financial asset	$ 91	$ 0	$ 3,210	$ 0

Prepayments and other assets (Tables)

9 Months Ended

Mar. 31, 2024

Prepayments and other assets [Abstract]

Prepayments and other assets

	31 Mar 2024		30 Jun 2023
	$'000		$'000
Current assets
Security deposits		2,870		2,420
Prepayments		8,336		11,373

Total current		11,206		13,793

Non-current assets
Security deposits		10,247		-

Total prepayments and other assets		21,453		13,793

Prepayments and other assets

9 Months Ended

Mar. 31, 2024

Prepayments and other assets [Abstract]

Prepayments and other assets

Note 9. Prepayments and other assets

	31 Mar 2024		30 Jun 2023
	$'000		$'000
Current assets
Security deposits		2,870		2,420
Prepayments		8,336		11,373

Total current		11,206		13,793

Non-current assets
Security deposits		10,247		-

Total prepayments and other assets		21,453		13,793

Non-current deposits include connection deposits paid for expansion projects in British Columbia, Canada and West Texas, USA.

General information

9 Months Ended

Mar. 31, 2024

General information [Abstract]

General information

Note 1. General information

These unaudited interim consolidated financial statements cover Iris Energy Limited (d.b.a. IREN) as a Group consisting of Iris Energy Limited ("Company" or "Parent Entity") and the entities it controlled at the end of, or during, the period (collectively the "Group").

The Company’s shares trade on the NASDAQ under the ticker symbol “IREN”.

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 is a leading next-generation data center business powering the future of Bitcoin, AI and beyond.

The unaudited interim consolidated financial statements were authorized for issue, in accordance with a resolution of Directors, on 15 May 2024. The Directors have the power to amend and reissue the unaudited interim consolidated financial statements.

Share-based payments, Reconciliation of Outstanding Share Options (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) shares $ / shares	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) shares $ / shares	Mar. 31, 2023 USD ($) shares $ / shares	Jun. 30, 2023 shares $ / shares
Weighted Average Exercise Price [Abstract]
Share-based payments expense \| $	$ (5,817)	$ (3,503)	$ (17,622)	$ (10,273)
Share Options [Member]
Number of Options [Abstract]
Outstanding beginning of period (in shares) \| shares			8,906,839	9,010,547	9,010,547
Granted during the period (in shares) \| shares			0		0
Forfeited during the period (in shares) \| shares			0		(103,708)
Vested during the period (in shares) \| shares			0		0
Outstanding end of period (in shares) \| shares	8,906,839		8,906,839		8,906,839
Exercisable at end of period (in shares) \| shares	3,615,546		3,615,546		3,485,302
Weighted Average Exercise Price [Abstract]
Outstanding beginning of period (in dollars per share)			$ 41.93	$ 41.67	$ 41.67
Granted during the period (in dollars per share)			0		0
Forfeited during the period (in dollars per share)			0		20.03
Vested during the period (in dollars per share)			0		0
Outstanding end of period (in dollars per share)	$ 41.93		41.93		41.93
Exercisable at end of period (in dollars per share)	$ 2.92		$ 2.92		$ 2.97
Weighted average remaining contractual life			6 years 7 months 17 days		7 years 6 months 25 days
Share-based payments expense \| $	$ 3,092	$ 3,150	$ 9,397	$ 9,273
Share Options [Member] \| Minimum [Member]
Weighted Average Exercise Price [Abstract]
Outstanding beginning of period (in dollars per share)			$ 1.53
Outstanding end of period (in dollars per share)	$ 1.53		1.53		$ 1.53
Share Options [Member] \| Maximum [Member]
Weighted Average Exercise Price [Abstract]
Outstanding beginning of period (in dollars per share)			75
Outstanding end of period (in dollars per share)	$ 75		75		$ 75
$75 Exercise Price Options [Member]
Weighted Average Exercise Price [Abstract]
Granted during the period (in dollars per share)			$ 75

Property, plant and equipment

9 Months Ended

Mar. 31, 2024

Property, plant and equipment [Abstract]

Property, plant and equipment

Note 10. Property, plant and equipment

	31 Mar 2024			30 Jun 2023
	$'000			$'000
Non-current assets
Land - at cost		1,911			1,803

Buildings - at cost		169,765			153,100
Less: Accumulated depreciation		(10,805	)		(5,042	)
		158,960			148,058

Plant and equipment - at cost		4,704			4,145
Less: Accumulated depreciation		(1,022	)		(712	)
		3,682			3,433


Mining hardware - at cost		144,623			115,024
Less: Accumulated depreciation		(32,549	)		(15,709	)
Less: Accumulated impairment		(25,714	)		(25,934	)
		86,360			73,381

HPC Hardware		29,603			-
Less: Accumulated depreciation		(339	)		-
		29,264			-

Development assets - at cost		76,904			14,427

Total property, plant and equipment		357,081			241,102

Reconciliations

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

For the Nine Months Ended 31 March 2024

	Land			Buildings			Plant and equipment			Mining hardware			HPC hardware			Development assets			Total
Consolidated	$'000			$'000			$'000			$'000			$'000			$'000			$'000

Balance at 1 July 2023		1,803			148,058			3,433			73,381			-			14,427			241,102
Additions		125			1,237			681			31,301			29,693			79,637			142,674
Disposals		-			-			(35	)		(6	)		-			-			(41	)
Exchange differences		(17	)		(1,811	)		(70	)		(1,150	)		(90	)		72			(3,067	)
Reversal of impairment		-			-			-			-			-			108			108
Transfers in/(out)		-			17,340			-			-			-			(17,340	)		-
Depreciation expense		-			(5,863	)		(327	)		(17,166	)		(339	)		-			(23,695	)

Balance at 31 March 2024		1,911			158,960			3,682			86,360			29,264			76,904			357,081

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

Development assets includes costs related to the development of data center infrastructure at Childress, Texas along with other early-stage development costs.

Depreciation will commence on the development assets at Childress as each phase of the underlying infrastructure becomes available for use.

Provisions (Tables)

9 Months Ended

Mar. 31, 2024

Provisions [Abstract]

Provisions

	31 Mar 2024		30 Jun 2023
	$‘000		$‘000
Current liabilities
Non-refundable sales tax and other provisions		11,498		6,172

Total Provisions		11,498		6,172

Cash and cash equivalents

9 Months Ended

Mar. 31, 2024

Cash and cash equivalents [Abstract]

Cash and cash equivalents

Note 5. Cash and cash equivalents

	31 Mar 2024		30 Jun 2023
	$'000		$'000

Current assets
Cash at bank		259,695		38,657
Cash on deposit		-		30,237

Total cash and cash equivalents		259,695		68,894

Significant accounting policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Bitcoin mining revenue [Abstract]
Bitcoin on hand	$ 0	$ 0	$ 0	$ 0
Going concern [Abstract]
Loss after income tax	8,638	$ (3,053)	(1,889)	(164,947)
Net operating cash (outflows) inflows			47,889	$ (998)
Net current assets	268,693		268,693		$ 65,229
Net assets	$ 677,240		$ 677,240		$ 305,361
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]

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-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

Computer hardware prepayments (Details)	9 Months Ended
Computer hardware prepayments (Details)	Mar. 31, 2024 USD ($) Miners	Jun. 30, 2023 USD ($)
Non-current assets [abstract]
Mining hardware prepayments	$ 39,440,000	$ 68,000
High-performance computing hardware prepayments	1,967,000	0
Total computer hardware prepayment	$ 41,407,000	$ 68,000
Mining Hardware purchase contract and option [Abstract]
Purchase price of Bitmain T21 miners per Terahash	14
Miner Purchase Option with Bitmain [Member] \| Mining assets [member]
Mining Hardware purchase contract and option [Abstract]
Non-refundable deposit paid as initial down payment	$ 12,768,000
Percentage of initial down payment of deposit	10.00%
Additional Bitmain miners purchased \| Miners	48,000
Increase in Hashrate operating capacity of Bitmain T21 miners	9.1
Purchase price of Bitmain T21 miners per Terahash	14
Proceeds from options exercised	$ 127,680,000

Significant accounting policies (Policies)

9 Months Ended

Mar. 31, 2024

Significant accounting policies [Abstract]

Basis of preparation

These unaudited interim consolidated financial statements for the periods ended 31 March 2024 have been prepared in accordance with IAS 34 Interim Financial Reporting, and should be read in conjunction with the Group’s last annual consolidated financial statements as at and for the year ended 30 June 2023 (‘last annual financial statements’). They do not include all of the information required for a complete set of financial statements prepared in accordance with International Financial Reporting Standards ("IFRS"). However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements for the year ended 30 June 2023.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the policies stated below.

Revenue recognition

The Group records revenue from contracts with customers in accordance with IFRS 15, Revenue from Contracts with Customers (“IFRS 15”) as follows:

●	Step 1: Identify the contract with a customer;

●	Step 2: Identify the performance obligations in the contract;

●	Step 3: Determine the transaction price, which is the total consideration provided by the customer;

●	Step 4: Allocate the transaction price among the performance obligations in the contract based on their relative fair values; and

●	Step 5: Recognize revenue when (or as) the Group satisfies a performance obligation.

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 Company 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.

The Company has the right to decide the point in time and duration for which it will provide hash computation services to the mining pools. The contracts are terminable at any time by either party without substantive compensation to the other party for such termination. Upon termination, the mining pool operator (i.e., the customer) is required to pay the Company any amount due related to previously satisfied performance obligations. Therefore, the Company has determined that the duration of the contract is less than 24 hours and that the contract continuously renews throughout the day.

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

The fair value of the non-cash consideration is determined using the quantity of Bitcoin received multiplied by the spot price of the Bitcoin price at the end of the day at the website of Kraken, the trading platform over which we exchange the Bitcoin we have mined (“Kraken”).

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 31 March 2024 (31 March 2023: Nil).

AI Cloud Services revenue
The Group generates AI Cloud Services revenue through the provision of AI Cloud Services to clients. Revenue is measured at the fair value of the consideration received or receivable for services, net of discounts and sales taxes. The steps involved in recognising AI Cloud Services revenue are set out as follows:

●	AI Cloud Services revenue is recognized as service revenue rateably over the enforceable term of individual contracts which is typically the stated term. The Company satisfies its performance obligation as these services are provided over time. This method best represents the transfer of services.

●	Transaction price is determined as the list price of services (net of discounts) that the Company delivers to its customers, considering the term of each individual contract, and the ability to enforce and collect the consideration.

●	Usage revenue (overage and consumption-based services) is recorded as AI Cloud Services revenue in the month the usage is incurred/service is consumed by the customer, based on a fixed agreed upon amount per unit consumed.

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 nine-month period ended 31 March 2024, the Group incurred a loss after tax of $1,889,000 (31 March 2023: $164,947,000) and net operating cash inflows of $47,889,000 (31 March 2023: outflows of $998,000). As at 31 March 2024, the Group had net current assets of $268,693,000 (30 June 2023: net current assets of $65,229,000) and net assets of $677,240,000 (30 June 2023: net assets of $305,361,000).

As further background, the Group owns mining hardware that is 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 including the halving event which occurred in April 2024, changes in the regulatory environment, and/or adverse changes in other inherent risks may 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, or the Group will be able to raise capital to meet growth objectives.

The strategy to mitigate these risks and uncertainties is to try to 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.

Our growth and risk mitigation strategies include pursuing a strategy to diversify our revenue streams into new markets. This includes the expansion into the provision of AI Cloud Services. The Group signed a contract with an initial AI Cloud Services client and commenced revenue generating operations during the three months ended 31 March 2024.

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 economics, with reduction in block rewards following the halving event which occurred in April 2024;

●	Three operational sites in British Columbia, Canada with installed nameplate capacity of 160MW; 80MW Mackenzie, 50MW Prince George and 30MW Canal Flats;

●	A fourth operational site at Childress, Texas with installed nameplate capacity of 85MW as at 6 May 2024 incrementally increasing to 350 MW by 31 December 2024;

●	Securing additional financing as required to achieve the Group’s growths objectives.

The key assumptions have been stress tested using a range of Bitcoin price and global hashrate scenarios including with respect to the halving event that occurred in April 2024. 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.

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 International Accounting Standards Board ("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 unaudited interim consolidated financial statements.

Share-based payments

9 Months Ended

Mar. 31, 2024

Share-based payments [Abstract]

Share-based payments

Note 17. 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 in Group’s Consolidated Financial Statements for the year ended 30 June 2023.

●	Employee Share Plan
●	2021 Executive Director Liquidity and Price Target Options
●	Employee Option Plan
●	Non-Executive Director Option Plan
●	$75 Exercise Price Options
●	2022 Long-Term Incentive Plan Restricted Stock Units
●	2023 Long-Term Incentive Plan Restricted Stock Units (see below for the grants made under this 2023 LTIP this period)

2023 Long-Term Incentive Plan Restricted Stock Units

On July 1, 2023, our Board approved a revised long term incentive plan under which participating employees have been granted RSUs in three tranches, the first two tranches being time-based vesting conditions and the third tranche being performance-based vesting conditions. RSUs issued under the revised 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 nine month period ended 31 March 2024, the following grants were made under the 2023 LTIP:

●

3,194,491 RSUs to certain employees and key management personnel (“KMP”) of the Group were issued RSUs of which:

- 33.3% of each individual’s RSU grant are subject to time-based vesting conditions and will vest after one years;

- 33.3% of each individual’s RSU grant are subject to time-based vesting conditions and will vest after two years;

- 33.4% of each individual’s RSU grant are subject to performance-based vesting conditions and will vest after three years based on total shareholder return measured against the Nasdaq Small Cap Index (NQUSS) (and continued service over the vesting period).

●

120,303 RSUs to certain Non-Executive Directors. These RSUs will vest after one year.

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
	31 Mar 2024		31 Mar 2024		30 Jun 2023			30 Jun 2023

Outstanding as at 1 July 2023		8,906,839	$	41.93		9,010,547		$	41.67
Granted during the period		-	$	0.00		-		$	0.00
Forfeited during the period		-	$	0.00		(103,708	)	$	20.03
Vested during the period		-	$	0.00		-		$	0.00

Outstanding as at 31 March 2024		8,906,839	$	41.93		8,906,839		$	41.93

Exercisable as at 31 March 2024		3,615,546	$	2.92		3,485,302		$	2.97

As at 31 March 2024, the weighted average remaining contractual life of options outstanding is 6.63 years (30 June 2023: 7.57 years). As at 31 March 2024 the exercise prices associated with the options outstanding ranges from $1.53 to $75.00 (30 June 2023: $1.53 to $75.00).

The Company recorded a total of $3,092,000 and $9,397,000 respectively as share based payment expense during the three and nine months ended 31 March 2024 ($3,150,000 and $9,273,000 for three and nine months ended 31 March 2023), based on the vesting schedule of such options.

Reconciliation of outstanding RSUs

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

	Number of RSUs
	31 Mar 2024
Outstanding as at 1 July 2023		3,623,867
Granted during the period		3,314,794
Forfeited during the period		(217,760	)
Vested during the period		(104,559	)

Outstanding as at 31 March 2024		6,616,342

Exercisable as at 31 March 2024		-

As at 31 March 2024, the weighted average remaining contractual life of RSUs outstanding is 3.01 years (30 June 2023: 4.55 years). All RSUs have a nil weighted average exercise price.

The Company recorded a total of $2,725,000 and $8,225,000 respectively as share based payment expense based on the vesting schedule of the granted RSUs during the three and nine months ended 31 March 2024 ($352,000 and $1,000,000 for the three and nine months ended 31 March 2023).

Lease liabilities (Tables)

9 Months Ended

Mar. 31, 2024

Lease liabilities [Abstract]

Lease Liabilities

	31 Mar 2024		30 Jun 2023
	$'000		$'000

Current liabilities
Lease liability		205		192

Non-current liabilities
Lease liability		1,512		1,256

Total lease liabilities		1,717		1,448

Financial assets at fair value through profit or loss

9 Months Ended

Mar. 31, 2024

Financial assets at fair value through profit or loss [Abstract]

Financial assets at fair value through profit or loss

Note 7. Financial assets at fair value through profit or loss

	Three months ended			Three months ended		Nine months ended			Nine months ended
	31 Mar 2024			31 Mar 2023		31 Mar 2024			31 Mar 2023
	$‘000			$'000		$'000			$'000
Current assets
Electricity financial asset		3,425			-		3,425			-

Reconciliation
Reconciliation of the fair values at the beginning and end of the current and previous financial period are set out below:

Opening fair value		1,280			-		-			-
Additions		9,388			-		10,926			-
Financial asset realized		(6,152	)		-		(6,152	)		-
Revaluation decrements (unrealized loss)		(1,091	)		-		(1,349	)		-

Closing fair value		3,425			-		3,425			-

Power Supply Agreement

A subsidiary of the Company (“the Subsidiary”) entered into a Power Supply Agreement ("PSA") for the procurement of electricity at the Childress site.

Under the PSA, the Subsidiary has the right to purchase a fixed quantity of electricity in advance at a fixed price however, the Subsidiary has no obligation to take physical delivery of electricity purchased. For any unused electricity purchased, the Subsidiary sells the unused electricity to the counterparty of the PSA at the prevailing spot price at the time of curtailment.

As the PSA meets the definition of a financial instrument under IAS 32, it is accounted for as a financial asset at fair value through Profit and Loss under IFRS 9.

Accordingly, the PSA is recorded at an estimated fair value each reporting period with the change in the fair value recorded in change in fair value of financial asset in the consolidated statements of operations.

As at 31 March 2024, the financial asset comprises the fair value of unused electricity purchased for the forward period to 31 May 2024.

On settlement, a realized gain or loss on a financial asset is recognised in profit or loss. The gain or loss is calculated based on the unused quantity of electricity multiplied by prevailing spot price at the time of curtailment less the price paid upon prepayment (fixed costs). For the nine and three month periods ended 31 March 2024, the realised gain was $3.2m (2023: nil) and $0.1m (2023: nil) respectively.

Other receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Current assets [Abstract]
Share issuance proceeds	$ 28,376	$ 1,581
Trade and other receivables	567	97
Provincial sales tax receivable	0	122
Goods and services tax receivable	6,924	4,743
Total other receivables	$ 35,867	$ 6,543

Unaudited interim consolidated statements of changes in equity - USD ($) $ in Thousands	Total	Issued Capital [Member]	Reserves [Member]	Accumulated Losses [Member]
Balance at Jun. 30, 2022	$ 437,362	$ 926,581	$ (6,814)	$ (482,405)
Changes in equity [Abstract]
Profit/(loss) after income tax expense for the period	(164,947)	0	0	(164,947)
Other comprehensive gain/(loss) for the period, net of tax	(21,241)	0	(21,241)	0
Total comprehensive loss for the period	(186,188)	0	(21,241)	(164,947)
Transactions with owners in their capacity as owners:
Capital raise costs	(1,014)	(1,014)	0	0
Share issuances - paid	6,912	6,912	0	0
Share-based payments	16,616	0	16,616	0
Balance at Mar. 31, 2023	273,688	932,479	(11,439)	(647,352)
Balance at Dec. 31, 2022	270,123	926,581	(12,159)	(644,299)
Changes in equity [Abstract]
Profit/(loss) after income tax expense for the period	(3,053)	0	0	(3,053)
Other comprehensive gain/(loss) for the period, net of tax	(9,126)	0	(9,126)	0
Total comprehensive loss for the period	(12,179)	0	(9,126)	(3,053)
Transactions with owners in their capacity as owners:
Capital raise costs	(1,014)	(1,014)	0	0
Share issuances - paid	6,912	6,912	0	0
Share-based payments	9,846	0	9,846	0
Balance at Mar. 31, 2023	273,688	932,479	(11,439)	(647,352)
Balance at Jun. 30, 2023	305,361	965,857	(6,220)	(654,276)
Changes in equity [Abstract]
Profit/(loss) after income tax expense for the period	(1,889)	0	0	(1,889)
Other comprehensive gain/(loss) for the period, net of tax	(5,331)	0	(5,331)	0
Total comprehensive loss for the period	(7,220)	0	(5,331)	(1,889)
Transactions with owners in their capacity as owners:
Capital raise costs	(8,495)	(8,495)	0	0
Share issuances - paid	369,886	369,886	0	0
Share-based payments	17,708	420	17,288	0
Balance at Mar. 31, 2024	677,240	1,327,668	5,737	(656,165)
Balance at Dec. 31, 2023	381,848	1,038,846	7,805	(664,803)
Changes in equity [Abstract]
Profit/(loss) after income tax expense for the period	8,638	0	0	8,638
Other comprehensive gain/(loss) for the period, net of tax	(7,334)	0	(7,334)	0
Total comprehensive loss for the period	1,304	0	(7,334)	8,638
Transactions with owners in their capacity as owners:
Capital raise costs	(5,694)	(5,694)	0	0
Share issuances - paid	294,214	294,214	0	0
Share-based payments	5,568	302	5,266	0
Balance at Mar. 31, 2024	$ 677,240	$ 1,327,668	$ 5,737	$ (656,165)

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- 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

Events after the reporting period (Details)			1 Months Ended	9 Months Ended
Events after the reporting period (Details)	May 15, 2024 USD ($)	May 09, 2024 USD ($) Miners	May 15, 2024 USD ($) shares	Mar. 31, 2024 USD ($) Miners
Events after the reporting periods [Abstract]
Purchase price of Bitmain T21 miners per Terahash				14
Miner Purchase Option with Bitmain [Member] \| Mining assets [member]
Events after the reporting periods [Abstract]
Contract cost				$ 127,680,000
Non-refundable deposit paid as initial down payment				$ 12,768,000
Percentage of initial down payment of deposit				10.00%
Additional Bitmain miners purchased \| Miners				48,000
Increase in Hashrate operating capacity of Bitmain T21 miners				9.1
Purchase price of Bitmain T21 miners per Terahash				14
Subsequent events [Member]
Events after the reporting periods [Abstract]
Shares issued under the ATM Facility (in shares) \| shares			8,172,310
Shares issued under the ATM Facility			$ 44,886,000
Proceeds from issue of ordinary shares	$ 500,000,000
Additional shares issued under the ATM Facility	$ 500,000,000
Subsequent events [Member] \| Miner Purchase Option with Bitmain [Member] \| Mining assets [member]
Events after the reporting periods [Abstract]
Number of Bitmain miners purchased \| Miners		51,480
Hashrate operating capacity of Bitmain S21 pro miners		12
Purchase price of Bitmain S21 Pro miners per Terahash		18.9
Contract cost		$ 227,676,000
Non-refundable deposits		22,768,000
Non-refundable deposit paid as initial down payment		$ 12,768,000
Percentage of initial down payment of deposit		10.00%
Additional Bitmain miners purchased \| Miners		48,000
Increase in Hashrate operating capacity of Bitmain T21 miners		9.1
Purchase price of Bitmain T21 miners per Terahash		14
Contract cost for T21 miners		$ 127,680,000
Additional Bitmain S21 Pro miners purchased \| Miners		48,000
Contract cost for S21 Pro miners		$ 212,285,000
Increased in operating S21 Pro miners hashrate		11.2
Additional non-refundable deposit to be paid		$ 8,460,000
Subsequent events [Member] \| Miner Purchase Option with Bitmain [Member] \| Mining assets [member] \| Maximum [Member]
Events after the reporting periods [Abstract]
Period of additional non-refundable deposit to be paid		7 days

Events after the reporting period	9 Months Ended
Events after the reporting period	Mar. 31, 2024
Events after the reporting period [Abstract]
Events after the reporting period	Note 19. Events after the reporting period ATM Facility Subsequent to 31 March 2024, the Company issued a further 8,172,310 Ordinary shares for total gross proceeds of approximately $44,886,000. Bitmain Hardware Purchase and Options Agreements On 9 May 2024, the Group entered into a new firm purchase agreement with Bitmain Technologies Delaware Limited (“Bitmain”) to purchase approximately 51,480 Bitmain S21 Pro miners (12.0 EH/s) at a price of $18.9/TH. The purchased miners are scheduled to be shipped in July and August 2024. The total contracted cost is $227,676,000 payable in instalments. This new agreement also includes an additional purchase option to procure approximately 51,480 Bitmain S21 Pro (12.0 EH/s) at a price of $18.9/TH including a non-refundable deposit of $22,768,000 as an initial 10% option down payment. The options can be exercised incrementally over the option period until May 2025. If the entire option is exercised, the total contracted cost will be $227,676,000. Additionally on 9 May 2024, the Group amended its existing option agreement with Bitmain. Under the existing agreement the Group paid a non-refundable deposit of $12,768,000 in January 2024 as an initial 10% option down payment in relation to a hardware purchase option to acquire up to approximately 48,000 Bitmain T21 miners (9.1 EH/s) at a price of $14/TH. The total contracted cost under the existing agreement is $127,680,000. The amended option agreement provides additional flexibility to exercise the options to procure either Bitmain T21 miners, with the contracted cost remaining unchanged, or upgrade to approximately 48,000 S21 Pro miners, at a total contracted cost of $212,285,000 being $18.90/TH for 11.2 EH/s. The amended option agreement also allows for the exercise of a combination of both T21 or S21 Pro miners. The amended agreement requires an additional non-refundable deposit of $8,460,000 to be paid within seven days of signing the amendment. The amended options can be exercised incrementally over the option period until March 2025. Decisions with respect to exercising all, some or none of the miner purchase options will be made during the respective option periods. Registration statement On 15 May 2024, the Board approved the filing of a new registration statement, including an accompanying prospectus, providing for the offer and sale of $500,000,000 of securities by the Company, as well as a prospectus supplement relating to the offer and sale of $500,000,000 additional ordinary shares pursuant to the current ATM facility (see Note 13 for further details). The registration statement is not yet effective, but if declared effective, the registration statement, together with the accompanying prospectus and prospectus supplement relating to the Sales Agreement, would provide the Company with the option, but not the obligation, to sell an additional $500,000,000 of ordinary shares pursuant to the Sales Agreement. No other matter or circumstance has arisen since 31 March 2024 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.

Commitments

9 Months Ended

Mar. 31, 2024

Commitments [Abstract]

Commitments

Note 16. Commitments

As at 31 March 2024, the Group had commitments of $65,856,000 (30 June 2023: $7,481,000) which are payable in instalments from March 2024 to March 2025.

As at 31 March 2024, total Group commitments are set out in the table below (excludes shipping and taxes).

	31 Mar 2024		30 Jun 2023
	$'000		$'000
Amounts payable within 12 months of balance date		65,856		7,481
Amounts payable after 12 months of balance date		-		-

Total Commitments		65,856		7,481

In addition to those commitments, a subsidiary of the Group also entered into an option agreement with Bitmain to acquire up to 48,000 Bitmain T21 miners (9.1 EH/s) at a price of $14/TH. If the entire option is exercised, the total contracted cost will be $127,680,000. If the option is exercised, the miners can be scheduled for phased shipment in monthly batches from June 2024 to November 2024. As at 31 March 2024, final decisions with respect to exercising miner purchase options have not been made by the Group. Refer to note 8 for further information.

Other operating expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Other operating expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Other operating expenses [Abstract]
Insurance	$ 1,736	$ 1,160	$ 4,835	$ 4,552
Sponsorship and marketing	748	66	1,442	176
Charitable donations	4	9	237	158
Filing fees	21	19	57	58
ERS fees	24	0	56	0
Site identification costs	0	0	0	15
Non-refundable sales tax (See Note 12)	1,351	402	4,317	1,429
Non-refundable provincial sales tax	340	70	963	70
Other expenses	313	240	1,105	774
Legal expenses	0	0	1,797	0
Total other operating expenses	$ 4,537	$ 1,966	$ 14,809	$ 7,232

Earnings per share (Tables)

9 Months Ended

Mar. 31, 2024

Earnings per share [Abstract]

Earnings Per Share Basic and Diluted

For the Three Months Ended 31 March 2024
	Three months ended 31 Mar 2024		Three months ended 31 Mar 2023
	$'000		$'000
Profit/(loss) after income tax		8,638		(3,053	)

	Number		Number
Weighted average number of ordinary shares used in calculating basic earnings per share		104,496,782		53,559,687

Weighted average number of ordinary shares used in calculating diluted earnings per share		112,195,908		53,559,687

	Cents		Cents
Basic earnings per share		8.27		(5.70	)
Diluted earnings per share		7.70		(5.70	)

For the Nine Months Ended 31 March 2024
	Nine months ended 31 Mar 2024			Nine months ended 31 Mar 2023
	$'000			$'000
Profit/(loss) after income tax		(1,889	)		(164,947	)

	Number		Number
Weighted average number of ordinary shares used in calculating basic earnings per share		81,456,256		53,203,472

Weighted average number of ordinary shares used in calculating diluted earnings per share		81,456,256		53,203,472

	Cents			Cents
Basic earnings per share		(2.32	)		(310.03	)
Diluted earnings per share		(2.32	)		(310.03	)

Other receivables

9 Months Ended

Mar. 31, 2024

Other receivables [Abstract]

Other receivables

Note 6. Other receivables

	31 Mar 2024		30 Jun 2023
	$'000		$'000

Current assets
Share issuance proceeds		28,376		1,581
Trade and other receivables		567		97
Provincial sales tax receivable		-		122
Goods and services tax receivable		6,924		4,743

Total other receivables		35,867		6,543

Financial assets at fair value through profit or loss (Tables)

9 Months Ended

Mar. 31, 2024

Financial assets at fair value through profit or loss [Abstract]

Financial Assets at Fair Value through Profit or Loss

	Three months ended			Three months ended		Nine months ended			Nine months ended
	31 Mar 2024			31 Mar 2023		31 Mar 2024			31 Mar 2023
	$‘000			$'000		$'000			$'000
Current assets
Electricity financial asset		3,425			-		3,425			-

Reconciliation
Reconciliation of the fair values at the beginning and end of the current and previous financial period are set out below:

Opening fair value		1,280			-		-			-
Additions		9,388			-		10,926			-
Financial asset realized		(6,152	)		-		(6,152	)		-
Revaluation decrements (unrealized loss)		(1,091	)		-		(1,349	)		-

Closing fair value		3,425			-		3,425			-

Earnings per share

9 Months Ended

Mar. 31, 2024

Earnings per share [Abstract]

Earnings per share

Note 14. Earnings per share

Basic earnings per share is computed by dividing net profit/(loss) after income tax by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated by adjusting the profit or loss attributable to ordinary shareholders, and the weighted average number of shares outstanding, for the effects of all dilutive potential ordinary shares.

For the three month period ended 31 March 2024, 416,733 shares were excluded in determining the diluted earnings per share as their effect is anti-dilutive. For the other periods presented, potential ordinary shares have not been included in the calculation diluted earnings per share because their effect is antidilutive.

For the Three Months Ended 31 March 2024
	Three months ended 31 Mar 2024		Three months ended 31 Mar 2023
	$'000		$'000
Profit/(loss) after income tax		8,638		(3,053	)

	Number		Number
Weighted average number of ordinary shares used in calculating basic earnings per share		104,496,782		53,559,687

Weighted average number of ordinary shares used in calculating diluted earnings per share		112,195,908		53,559,687

	Cents		Cents
Basic earnings per share		8.27		(5.70	)
Diluted earnings per share		7.70		(5.70	)

For the Nine Months Ended 31 March 2024
	Nine months ended 31 Mar 2024			Nine months ended 31 Mar 2023
	$'000			$'000
Profit/(loss) after income tax		(1,889	)		(164,947	)

	Number		Number
Weighted average number of ordinary shares used in calculating basic earnings per share		81,456,256		53,203,472

Weighted average number of ordinary shares used in calculating diluted earnings per share		81,456,256		53,203,472

	Cents			Cents
Basic earnings per share		(2.32	)		(310.03	)
Diluted earnings per share		(2.32	)		(310.03	)

Unaudited interim consolidated statements of profit or loss and other comprehensive income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Revenue
Bitcoin mining revenue	$ 53,383	$ 11,327	$ 129,827	$ 41,294
AI Cloud Service revenue	567	0	567	0
Other income	399	1,798	926	3,117
Gain/(loss) on disposal of subsidiaries	0	3,257	0	3,257
Revenue	54,349	16,382	131,320	47,668
Expenses
Depreciation	(8,692)	(5,125)	(23,870)	(24,122)
Electricity charges	(19,834)	(5,973)	(55,944)	(19,910)
Realized gain/(loss) on financial asset	91	0	3,210	0
Employee benefits expense	(4,333)	(2,470)	(12,844)	(11,138)
Share-based payments expense	(5,817)	(3,503)	(17,622)	(10,273)
Impairment of assets	0	0	0	(105,172)
Reversal of impairment of assets	0	0	108	0
Professional fees	(2,018)	(1,117)	(5,938)	(4,086)
Site expenses	(2,096)	(1,290)	(5,892)	(3,329)
Other operating expenses	(4,537)	(1,966)	(14,809)	(7,232)
Gain/(loss) on sale of assets	1	(160)	16	(6,616)
Unrealized gain/(loss) on financial asset	(1,091)	0	(1,349)	0
Operating profit/(loss)	6,023	(5,222)	(3,614)	(144,210)
Finance expense	(126)	(2,311)	(190)	(16,227)
Interest income	1,500	244	2,878	458
Foreign exchange gain/(loss)	4,714	4,557	2,265	(2,619)
Profit/(loss) before income tax expense	12,111	(2,732)	1,339	(162,598)
Income tax (expense)/benefit	(3,473)	(321)	(3,228)	(2,349)
Profit/(loss) after income tax expense for the period	8,638	(3,053)	(1,889)	(164,947)
Items that may be reclassified subsequently to profit or loss
Foreign currency translation	(7,334)	(9,126)	(5,331)	(21,241)
Other comprehensive income/(loss) for the period, net of tax	(7,334)	(9,126)	(5,331)	(21,241)
Total comprehensive income/(loss) for the period	$ 1,304	$ (12,179)	$ (7,220)	$ (186,188)
Basic earnings per share (in dollars per share)	$ 0.0827	$ (0.057)	$ (0.0232)	$ (3.1003)
Diluted earnings per share (in dollars per share)	$ 0.077	$ (0.057)	$ (0.0232)	$ (3.1003)

Contingent liabilities	9 Months Ended
Contingent liabilities	Mar. 31, 2024
Contingent liabilities [Abstract]
Contingent liabilities	Note 15. 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. NYDIG ABL LLC had until 15 September 2023 to file a notice of cross-appeal however on 10 January 2024, it bought an application to extend the time to file such a notice. The hearing for the application seeking to extend the time to cross-appeal was held on 30 January 2024 which granted NYDIG’s application. On 31 January 2024 NYDIG filed its notice of cross appeal with the Court of Appeal seeking an order that the substantive consolidation and oppression remedies be remitted to the Supreme Court for consideration and reasons. On 12 March 2024, the hearing for the Company’s appeal and NYDIG’s cross appeal was held in by the Court of Appeal.

Unaudited interim consolidated statements of cash flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Receipts from Bitcoin mining activities	$ 129,394	$ 43,669
Receipts from AI Cloud Service revenue	1,071	0
Receipts from ERS revenue	438	0
Payments for electricity, suppliers and employees (inclusive of GST)	(85,880)	(41,084)
Interest received	2,996	507
Other revenue	0	12
Interest paid	(130)	(4,102)
Net cash from/(used in) operating activities	47,889	(998)
Cash flows from investing activities
Payments for property, plant and equipment net of hardware prepayments	(112,664)	(93,620)
Payments for computer hardware prepayments	(70,638)	0
Repayments/(advancement) of loan proceeds	0	2,291
Prepayments and deposits	(4,683)	(7,363)
Proceeds from disposal of property, plant and equipment	0	30,601
Deconsolidation of Non-Recourse SPVs	0	(1,214)
Net cash from/(used in) in investing activities	(187,985)	(69,305)
Cash flows from financing activities
Capital raising costs	(902)	(860)
Repayment of borrowings	0	(9,432)
Capital raising receipts	332,075	7,549
Payment of borrowing transaction costs	0	(250)
Repayment of lease liabilities	(406)	(247)
Net cash from/(used in) financing activities	330,767	(3,240)
Net increase/(decrease) in cash and cash equivalents	190,671	(73,543)
Cash and cash equivalents at the beginning of the period	68,894	109,970
Effects of exchange rate changes on cash and cash equivalents	130	(3,276)
Cash and cash equivalents at the end of the period	$ 259,695	$ 33,151

Document and Entity Information	9 Months Ended
Document and Entity Information	Mar. 31, 2024
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--06-30
Entity Registrant Name	Iris Energy Ltd
Entity Central Index Key	0001878848
Entity File Number	001-41072
Entity Address, Address Line One	Level 12
Entity Address, Address Line Two	44 Market Street
Entity Address, City or Town	Sydney, NSW
Entity Address, Country	AU
Entity Address, Postal Zip Code	2000

Commitments (Details)	9 Months Ended
Commitments (Details)	Mar. 31, 2024 USD ($) Miners	Jun. 30, 2023 USD ($)
Committed Amounts Payable [Abstract]
Commitments	$ 65,856,000	$ 7,481,000
Purchase price of Bitmain T21 miners per Terahash	14
Miner purchase option with Bitmain [Member] \| Mining assets [member]
Committed Amounts Payable [Abstract]
Additional Bitmain miners purchased \| Miners	48,000
Increase in Hashrate operating capacity of Bitmain T21 miners	9.1
Purchase price of Bitmain T21 miners per Terahash	14
Proceeds from options exercised	$ 127,680,000
Amounts Payable Within 12 Months of Balance Date [Member]
Committed Amounts Payable [Abstract]
Commitments	65,856,000	7,481,000
Amounts Payable After 12 Months of Balance Date [Member]
Committed Amounts Payable [Abstract]
Commitments	$ 0	$ 0

Property, plant and equipment, Consolidated (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Non-current assets [Abstract]
Property, plant and equipment	$ 357,081	$ 241,102
Land [Member]
Non-current assets [Abstract]
Property, plant and equipment	1,911	1,803
Land [Member] \| At Cost [Member]
Non-current assets [Abstract]
Property, plant and equipment	1,911	1,803
Buildings [Member]
Non-current assets [Abstract]
Property, plant and equipment	158,960	148,058
Buildings [Member] \| At Cost [Member]
Non-current assets [Abstract]
Property, plant and equipment	169,765	153,100
Buildings [Member] \| Accumulated Depreciation [Member]
Non-current assets [Abstract]
Property, plant and equipment	(10,805)	(5,042)
Plant and Equipment [Member]
Non-current assets [Abstract]
Property, plant and equipment	3,682	3,433
Plant and Equipment [Member] \| At Cost [Member]
Non-current assets [Abstract]
Property, plant and equipment	4,704	4,145
Plant and Equipment [Member] \| Accumulated Depreciation [Member]
Non-current assets [Abstract]
Property, plant and equipment	(1,022)	(712)
Mining Hardware [Member]
Non-current assets [Abstract]
Property, plant and equipment	86,360	73,381
Mining Hardware [Member] \| At Cost [Member]
Non-current assets [Abstract]
Property, plant and equipment	144,623	115,024
Mining Hardware [Member] \| Accumulated Depreciation [Member]
Non-current assets [Abstract]
Property, plant and equipment	(32,549)	(15,709)
Mining Hardware [Member] \| Accumulated impairment [Member]
Non-current assets [Abstract]
Property, plant and equipment	(25,714)	(25,934)
HPC hardware [Member]
Non-current assets [Abstract]
Property, plant and equipment	29,264	0
HPC hardware [Member] \| At Cost [Member]
Non-current assets [Abstract]
Property, plant and equipment	29,603	0
HPC hardware [Member] \| Accumulated Depreciation [Member]
Non-current assets [Abstract]
Property, plant and equipment	(339)	0
Development Assets [Member]
Non-current assets [Abstract]
Property, plant and equipment	76,904	14,427
Development Assets [Member] \| At Cost [Member]
Non-current assets [Abstract]
Property, plant and equipment	$ 76,904	$ 14,427

Cash and cash equivalents (Tables)

9 Months Ended

Mar. 31, 2024

Cash and cash equivalents [Abstract]

Cash and Cash Equivalents

	31 Mar 2024		30 Jun 2023
	$'000		$'000

Current assets
Cash at bank		259,695		38,657
Cash on deposit		-		30,237

Total cash and cash equivalents		259,695		68,894

Issued capital, Ordinary shares (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Ordinary share capital [abstract]
Ordinary shares - fully paid and unrestricted	$ 1,327,668	$ 965,857
Issued Capital [Member]
Ordinary share capital [abstract]
Ordinary shares - fully paid and unrestricted (in shares)	138,411,731	64,747,477
Ordinary shares - fully paid and unrestricted	$ 1,327,668	$ 965,857

Prepayments and other assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Current assets [Abstract]
Security deposits	$ 2,870	$ 2,420
Prepayments	8,336	11,373
Prepayments and deposits	11,206	13,793
Non-current assets [Abstract]
Security deposits	10,247	0
Total prepayments and other assets	$ 21,453	$ 13,793

Issued capital

9 Months Ended

Mar. 31, 2024

Issued capital [Abstract]

Issued capital

Note 13. Issued capital

Consolidated

31 Mar 2024

30 Jun 2023

31 Mar 2024

30 Jun 2023

$'000

Ordinary shares - fully paid and unrestricted

138,411,731

64,747,477

1,327,668

965,857

Movements in ordinary share capital

Details	Date	Shares		$'000
Opening balance as at	1 July 2023		64,747,477		965,857
Shares issued under Committed Equity Facility			12,887,814		51,417
Shares issued under ATM Facility			60,570,797		318,468
Share based payment - third party issuance			101,084		302
Share based payment - vested shares			104,559		118
Capital raise costs, net of tax			-		(8,494	)

Closing balance as at	31 March 2024		138,411,731		1,327,668

At-the-market Facility

On 13 September 2023, Iris Energy Limited (d.b.a. IREN) entered into an At-the-market ("ATM") Sales Agreement with B. Riley Securities, Inc., Cantor Fitzgerald & Co. and Compass Point Research & Trading, LLC, pursuant to which Iris Energy Limited (d.b.a. IREN) has the option, but not the obligation, to sell up to $300,000,000 of its ordinary shares through or to the Brokers, for a period of up to 36 months.

On 21 March 2024, the Company added Canaccord Genuity LLC, Citigroup Global Markets Inc. and Macquarie Capital (USA) Inc. as Sales Agents pursuant to the Sales Agreement and filed a new prospectus supplement relating to the offer and sales of its ordinary shares under the Sales Agreement, which reflected an increase of $200,000,000 in the aggregate offering price, from an aggregate of up to $300,000,000 under the previously filed prospectus supplement relating to the offer and sale of ordinary shares under the Sales Agreement (“the ATM Facility”). As a result, in accordance with the terms of the Sales Agreement, the Company may offer and sell its ordinary shares having an aggregate offering price of up to $500,000,000. As at 31 March 2024, 60,570,797 shares have been issued under the ATM facility raising total gross proceeds of approximately $318,468,000.

During the three month period 55,891,597 ordinary shares were issued under the ATM Facility raising gross proceeds of approximately $294,214,000.

Committed Equity Facility

On 23 September 2022 Iris Energy Limited (d.b.a. IREN) 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 IREN may, at its option, sell up to US$100 million of ordinary shares to B. Riley over a two-year period. During the three-month period ended 31 March 2024, no shares were issued under the facility and the share purchase agreement was terminated. Effective 15 February 2024, the Company terminated this facility. During the nine month period ended 31 March 2024, 12,887,814 shares were issued under the ELOC facility raising total Gross proceeds of approximately, $51,417,000.

Loan-funded shares

As at 31 March 2024, there are 1,954,049 (30 June 2023: 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 140,365,780 as at 31 March 2024 (30 June 2023: 66,701,526).

Related party transactions	9 Months Ended
Related party transactions	Mar. 31, 2024
Related party transactions [Abstract]
Related party transactions	Note 18. Related party transactions Parent entity Iris Energy Limited(d.b.a IREN) is the ultimate parent entity. Changes in key management personnel There have been no new appointments made to key management personnel during the period. Transactions with related parties There were no transactions with related parties during the current and previous period. 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 from/to related parties There were no loans to or from related parties at the current and previous reporting date.

Property, plant and equipment (Tables)

9 Months Ended

Mar. 31, 2024

Property, plant and equipment [Abstract]

Consolidated Property, Plant and Equipment

	31 Mar 2024			30 Jun 2023
	$'000			$'000
Non-current assets
Land - at cost		1,911			1,803

Buildings - at cost		169,765			153,100
Less: Accumulated depreciation		(10,805	)		(5,042	)
		158,960			148,058

Plant and equipment - at cost		4,704			4,145
Less: Accumulated depreciation		(1,022	)		(712	)
		3,682			3,433


Mining hardware - at cost		144,623			115,024
Less: Accumulated depreciation		(32,549	)		(15,709	)
Less: Accumulated impairment		(25,714	)		(25,934	)
		86,360			73,381

HPC Hardware		29,603			-
Less: Accumulated depreciation		(339	)		-
		29,264			-

Development assets - at cost		76,904			14,427

Total property, plant and equipment		357,081			241,102

Reconciliations of Written Down Values of Property, Plant and Equipment

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

For the Nine Months Ended 31 March 2024

	Land			Buildings			Plant and equipment			Mining hardware			HPC hardware			Development assets			Total
Consolidated	$'000			$'000			$'000			$'000			$'000			$'000			$'000

Balance at 1 July 2023		1,803			148,058			3,433			73,381			-			14,427			241,102
Additions		125			1,237			681			31,301			29,693			79,637			142,674
Disposals		-			-			(35	)		(6	)		-			-			(41	)
Exchange differences		(17	)		(1,811	)		(70	)		(1,150	)		(90	)		72			(3,067	)
Reversal of impairment		-			-			-			-			-			108			108
Transfers in/(out)		-			17,340			-			-			-			(17,340	)		-
Depreciation expense		-			(5,863	)		(327	)		(17,166	)		(339	)		-			(23,695	)

Balance at 31 March 2024		1,911			158,960			3,682			86,360			29,264			76,904			357,081

Issued capital, Summary (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
Issued capital, Summary (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 21, 2024	Sep. 13, 2023	Sep. 23, 2022
At-the-Market [Member] \| B. Riley Principal Capital II, LLC [Member]
Share purchase agreement [Abstract]
Shares issued (in shares)	60,570,797	60,570,797
Proceeds from issue of ordinary shares		$ 318,468,000
Committed Equity Facility [Member] \| B. Riley Principal Capital II, LLC [Member]
Share purchase agreement [Abstract]
Shares issued (in shares)	12,887,814	12,887,814
Proceeds from issue of ordinary shares		$ 51,417,000
Ordinary Shares [Member]
Loan-funded shares [Abstract]
Number of restricted shares issued (in shares)		1,954,049	1,954,049
Number of shares outstanding (in shares)	140,365,780	140,365,780	66,701,526
Ordinary Shares [Member] \| B. Riley Principal Capital II, LLC [Member]
Share purchase agreement [Abstract]
Shares issued (in shares)	0	0
Ordinary Shares [Member] \| At-the-Market [Member] \| B. Riley Principal Capital II, LLC [Member]
Share purchase agreement [Abstract]
Maximum value of shares to be issued under share sale option agreement (in shares)				$ 500,000,000	$ 300,000,000
Term of option agreement to sell ordinary shares		36 months
Increased value of authorized shares in sale of option agreement				$ 200,000,000
Shares issued (in shares)	55,891,597	55,891,597
Proceeds from issue of ordinary shares	$ 294,214,000
Ordinary Shares [Member] \| Committed Equity Facility [Member] \| B. Riley Principal Capital II, LLC [Member]
Share purchase agreement [Abstract]
Maximum value of shares to be issued under share sale option agreement (in shares)						$ 100,000,000
Term of option agreement to sell ordinary shares		2 years

Other operating expenses (Tables)

9 Months Ended

Mar. 31, 2024

Other operating expenses [Abstract]

Other Operating Expenses

	Three months ended 31 Mar 2024		Three months ended 31 Mar 2023		Nine months ended 31 Mar 2024		Nine months ended 31 Mar 2023
	$'000		$'000		$'000		$'000
Insurance		1,736		1,160		4,835		4,552
Sponsorship and marketing		748		66		1,442		176
Charitable donations		4		9		237		158
Filing fees		21		19		57		58
ERS fees		24		-		56		-
Site identification costs		-		-		-		15
Non-refundable sales tax (See Note 12)		1,351		402		4,317		1,429
Non-refundable provincial sales tax		340		70		963		70
Other expenses		313		240		1,105		774
Legal expenses		-		-		1,797		-

Total other operating expenses		4,537		1,966		14,809		7,232

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Earnings per share [Abstract]
Anti-dilutive effect of diluted earnings per share (in shares)	416,733
Profit/(loss) after income tax	$ 8,638	$ (3,053)	$ (1,889)	$ (164,947)
Weighted average number of ordinary shares used in calculating basic earnings per share (in shares)	104,496,782	53,559,687	81,456,256	53,203,472
Weighted average number of ordinary shares used in calculating diluted earnings per share (in shares)	112,195,908	53,559,687	81,456,256	53,203,472
Basic earnings per share (in dollars per share)	$ 0.0827	$ (0.057)	$ (0.0232)	$ (3.1003)
Diluted earnings per share (in dollars per share)	$ 0.077	$ (0.057)	$ (0.0232)	$ (3.1003)

- 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

Provisions

9 Months Ended

Mar. 31, 2024

Provisions [Abstract]

Provisions

Note 12. Provisions

	31 Mar 2024		30 Jun 2023
	$‘000		$‘000
Current liabilities
Non-refundable sales tax and other provisions		11,498		6,172

Total Provisions		11,498		6,172

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 attracts 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 and further correspondence was received from the CRA in April 2024. The Group is currently reviewing this correspondence and will respond accordingly.

Recent amendments made to Canadian Tax legislation in June 2023 are being considered by the relevant subsidiaries and the CRA. In March 2024, the CRA issued interpretation guidance on the new legislation and in light of this the relevant subsidiaries submitted additional requests to the CRA to further support its entitlement to claim the ITCs. The affected subsidiaries continue to accrue a provision in line with the aforementioned methodology.

Issued capital (Tables)

9 Months Ended

Mar. 31, 2024

Issued capital [Abstract]

Issued Capital

Consolidated

31 Mar 2024

30 Jun 2023

31 Mar 2024

30 Jun 2023

$'000

Ordinary shares - fully paid and unrestricted

138,411,731

64,747,477

1,327,668

965,857

Movements in Ordinary Share Capital

Movements in ordinary share capital

Details	Date	Shares		$'000
Opening balance as at	1 July 2023		64,747,477		965,857
Shares issued under Committed Equity Facility			12,887,814		51,417
Shares issued under ATM Facility			60,570,797		318,468
Share based payment - third party issuance			101,084		302
Share based payment - vested shares			104,559		118
Capital raise costs, net of tax			-		(8,494	)

Closing balance as at	31 March 2024		138,411,731		1,327,668

Unaudited interim consolidated statements of financial position - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Current assets
Cash and cash equivalents	$ 259,695	$ 68,894
Other receivables	35,867	6,543
Financial assets at fair value through profit or loss	3,425	0
Prepayments and other assets	11,206	13,793
Total current assets	310,193	89,230
Non-current assets
Property, plant and equipment	357,081	241,102
Right-of-use assets	1,624	1,374
Deferred tax assets	2,595	8
Computer hardware prepayments	41,407	68
Other assets	456	292
Prepayments and other assets	10,247	0
Total non-current assets	413,410	242,844
Total assets	723,603	332,074
Current liabilities
Trade and other payables	24,256	16,644
Lease liabilities	205	192
Income tax	481	32
Employee benefits	4,554	961
Provisions	11,498	6,172
Deferred Revenue	506	0
Total current liabilities	41,500	24,001
Non-current liabilities
Lease liabilities	1,512	1,256
Deferred tax liabilities	3,247	1,365
Employee benefits	104	91
Total non-current liabilities	4,863	2,712
Total liabilities	46,363	26,713
Net assets	677,240	305,361
Equity
Issued capital	1,327,668	965,857
Reserves	5,737	(6,220)
Accumulated losses	(656,165)	(654,276)
Total equity	$ 677,240	$ 305,361

Significant accounting policies

9 Months Ended

Mar. 31, 2024

Significant accounting policies [Abstract]

Significant accounting policies

Note 2. Significant accounting policies

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the policies stated below.

Revenue recognition

The Group records revenue from contracts with customers in accordance with IFRS 15, Revenue from Contracts with Customers (“IFRS 15”) as follows:

●	Step 1: Identify the contract with a customer;

●	Step 2: Identify the performance obligations in the contract;

●	Step 3: Determine the transaction price, which is the total consideration provided by the customer;

●	Step 4: Allocate the transaction price among the performance obligations in the contract based on their relative fair values; and

●	Step 5: Recognize revenue when (or as) the Group satisfies a performance obligation.

Bitcoin mining revenue

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 31 March 2024 (31 March 2023: Nil).

●	AI Cloud Services revenue is recognized as service revenue rateably over the enforceable term of individual contracts which is typically the stated term. The Company satisfies its performance obligation as these services are provided over time. This method best represents the transfer of services.

●	Transaction price is determined as the list price of services (net of discounts) that the Company delivers to its customers, considering the term of each individual contract, and the ability to enforce and collect the consideration.

●	Usage revenue (overage and consumption-based services) is recorded as AI Cloud Services revenue in the month the usage is incurred/service is consumed by the customer, based on a fixed agreed upon amount per unit consumed.

Going concern

●	A base case scenario assuming recent Bitcoin economics, with reduction in block rewards following the halving event which occurred in April 2024;

●	Three operational sites in British Columbia, Canada with installed nameplate capacity of 160MW; 80MW Mackenzie, 50MW Prince George and 30MW Canal Flats;

●	A fourth operational site at Childress, Texas with installed nameplate capacity of 85MW as at 6 May 2024 incrementally increasing to 350 MW by 31 December 2024;

●	Securing additional financing as required to achieve the Group’s growths objectives.

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 International Accounting Standards Board ("IASB") that are mandatory for the current reporting period.

Lease liabilities

9 Months Ended

Mar. 31, 2024

Lease liabilities [Abstract]

Lease liabilities

Note 11. Lease liabilities

	31 Mar 2024		30 Jun 2023
	$'000		$'000

Current liabilities
Lease liability		205		192

Non-current liabilities
Lease liability		1,512		1,256

Total lease liabilities		1,717		1,448

Lease liabilities

The Group's lease liability includes a 30-year lease of a site in Prince George, B.C., Canada, a three-year lease of a corporate office in Sydney, Australia and a five-year corporate office lease in Vancouver, B.C., Canada.

Commitments (Tables)

9 Months Ended

Mar. 31, 2024

Commitments [Abstract]

Maturity of Committed Amount Payable

As at 31 March 2024, total Group commitments are set out in the table below (excludes shipping and taxes).

	31 Mar 2024		30 Jun 2023
	$'000		$'000
Amounts payable within 12 months of balance date		65,856		7,481
Amounts payable after 12 months of balance date		-		-

Total Commitments		65,856		7,481