0001628280-24-038677 | 20-F | XBRL Viewer

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

12 Months Ended

Jun. 30, 2024

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 2024	Year ended 30 June 2023	Year ended 30 June 2022
	US$’000	US$’000	US$’000

Loss after income tax expense for the year	(28,955)	(171,871)	(419,770)

Adjustments for:
Depreciation	50,650	30,856	7,741
Capital raising costs	-	-	4,212
Impairment of assets	-	105,172	167
Reversal of impairment of assets	(108)	-	-
Other income	-	(3,137)	-
Gain on disposal of subsidiaries	-	(3,258)	-
Gain/(loss) on disposal of property, plant and equipment	(43)	6,628	(12)
Foreign exchange loss/(gain)	(3,540)	5,055	(8,889)
Loss on embedded derivatives held at fair value through profit or loss	-	-	390,743
Accrued interest	-	11,223	26,748
Amortization of capitalized borrowing costs	-	1,038	2,508
Share-based payment expense	23,636	14,356	13,896
Realized gain on financial asset	(4,121)	-	-
Unrealized loss on financial asset	3,448	-	-

Change in operating assets and liabilities:
Decrease/(increase) in other receivables	(5,588)	17,641	(72)
Increase in deferred tax assets	-	(6,271)	(9,645)
Increase/(decrease) in trade and other payables	2,869	(5,800)	6,476
Increase/(decrease) in provision for income tax	1,357	(1,172)	671
Increase in deferred tax liabilities	-	9,674	6,892
Increase/(decrease) in employee benefits	409	(1,175)	2,026
Increase in other provisions	7,203	3,703	2,469
Increase in deferred revenue	2,558	-	-
Increase for prepayments and deposits	2,941	(6,617)	(4,604)

Net cash from operating activities	52,716	6,045	21,557

Prepayments and other assets

12 Months Ended

Jun. 30, 2024

Current prepayments and current accrued income other than current contract assets [abstract]

Prepayments and other assets

Note 13. Prepayments and other assets


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000

Current assets
Security deposits	2,101	2,420
Prepayments	9,787	11,373

Total current	11,888	13,793

Non-current assets
Security deposits	17,459	-

Total prepayments and other assets	29,347	13,793

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

Share-based payments - $75 Exercise Price Options (Details)		12 Months Ended
	Sep. 14, 2021 shares $ / shares	Jun. 30, 2024 shares tranche $ / shares
Share-based payments [Abstract]
Number of tranches \| tranche		3
$75 Exercise Price Options
Share-based payments [Abstract]
Exercise price (in dollars per share) \| $ / shares		$ 75
Contractual exercise period		12 years
Number of tranches \| tranche		4
Number of share outstanding (in shares) \| shares		24,195,092
$75 Exercise Price Options \| Entities Controlled by Daniel Roberts
Share-based payments [Abstract]
Granted during the year (in shares) \| shares	2,400,000
Exercise price (in dollars per share) \| $ / shares		$ 75
$75 Exercise Price Options \| Entities Controlled by William Roberts
Share-based payments [Abstract]
Granted during the year (in shares) \| shares	2,400,000
Exercise price (in dollars per share) \| $ / shares		$ 75
$75 Exercise Price Options \| Tranche One
Share-based payments [Abstract]
Number of trading days		20 days
Volume weighted average market price (in dollars per share) \| $ / shares	$ 370
Number of share options expected to vest (in shares) \| shares	600,000
$75 Exercise Price Options \| Tranche Two
Share-based payments [Abstract]
Number of trading days		20 days
Volume weighted average market price (in dollars per share) \| $ / shares	$ 650
Number of share options expected to vest (in shares) \| shares	600,000
$75 Exercise Price Options \| Tranche Three
Share-based payments [Abstract]
Number of trading days		20 days
Volume weighted average market price (in dollars per share) \| $ / shares	$ 925
Number of share options expected to vest (in shares) \| shares	600,000
$75 Exercise Price Options \| Tranche Four
Share-based payments [Abstract]
Number of trading days		20 days
Volume weighted average market price (in dollars per share) \| $ / shares	$ 1,850
Number of share options expected to vest (in shares) \| shares	600,000

Other income (Tables)

12 Months Ended

Jun. 30, 2024

Analysis of income and expense [abstract]

Other Income


	Consolidated
	Year ended 30 June 2024	Year ended 30 June 2023	Year ended 30 June 2022
	US$’000	US$’000	US$’000

Net gain on disposal of other assets	-	3,117	-
ERS revenue	1,566	-	-
Other	-	20	12

Total other income	1,566	3,137	12

Dividends (Details) - USD ($) $ in Thousands	12 Months Ended
Dividends (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Dividends [Abstract]
Dividends paid, ordinary shares	$ 0	$ 0
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners	$ 0	$ 0

Key management personnel disclosures - Directors and Key Management (Details)		12 Months Ended
	Aug. 18, 2021 miner $ / shares shares	Jun. 30, 2024
Class B Shares
Significant transactions with key management personnel [Abstract]
Number of holder votes \| miner	15
Number of years company's ordinary shares are first listed on a recognized stock exchange		12 years
Entities Controlled by Daniel Roberts \| Class B Shares
Significant transactions with key management personnel [Abstract]
Shares issued (in shares) \| shares	1
Share price (in dollars per share) \| $ / shares	$ 1.00
Entities Controlled by William Roberts \| Class B Shares
Significant transactions with key management personnel [Abstract]
Shares issued (in shares) \| shares	1
Share price (in dollars per share) \| $ / shares	$ 1.00
Daniel Roberts \| Directors [Member]
Directors and key management personnel [Abstract]
Date of Commencement		Nov. 06, 2018
William Roberts \| 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. 17, 2023
David Shaw [Member] \| Key Management Personnel
Directors and key management personnel [Abstract]
Date of Commencement		Oct. 22, 2021
Belinda Nucifora [Member] \| Key Management Personnel
Directors and key management personnel [Abstract]
Date of Commencement		May 16, 2022
Cesilia Kim [Member] \| Key Management Personnel
Directors and key management personnel [Abstract]
Date of Commencement		Jan. 01, 2023

Critical accounting judgements, estimates and assumptions	12 Months Ended
	Jun. 30, 2024
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, residual values 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.

Income tax expense - Numeric Reconciliation Of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Numerical reconciliation of income tax expense and tax at the statutory rate [Abstract]
Loss before income tax expense	$ (25,502)	$ (169,481)	$ (417,046)
Tax at the statutory tax rate of 30% (2023: 30%, 2022: 30%)	(7,650)	(50,844)	(125,114)
Tax effect amounts which are not deductible in calculating taxable income:
Non-deductible/non-allowable items	8,793	4,756	128,643
Tax effect of tax losses	1,143	(46,088)	3,529
Current year tax losses not recognized	1,207	28,349	534
Recognition of previously unrecognized tax losses	12
Recognition of previously unrecognized tax losses		0	1,019
Derecognition of previously recognized tax losses	860	0	0
Difference in overseas tax rates	(315)	1,979	203
Current year temporary differences not recognized	535	0	0
Prior year tax over/(under) provisions	(296)	(212)	(523)
Deconsolidation of Non-recourse SPVs	0	18,362	0
Other	307	0	0
Income tax expense	$ 3,453	$ 2,390	$ 2,724
Applicable tax rate (as percent)	30.00%	30.00%	30.00%

Financial instruments - Interest Rate Risk (Details) - Interest rate risk $ in Thousands	Jun. 30, 2024 USD ($)
100 bp increase
Disclosure of detailed information about financial instruments [line items]
Cash flow sensitivity (net)	$ 1,322
100 bp increase \| Term deposit
Disclosure of detailed information about financial instruments [line items]
Cash flow sensitivity (net)	425
100 bp increase \| Remunerated bank account
Disclosure of detailed information about financial instruments [line items]
Cash flow sensitivity (net)	897
100 bp decrease
Disclosure of detailed information about financial instruments [line items]
Cash flow sensitivity (net)	(1,322)
100 bp decrease \| Term deposit
Disclosure of detailed information about financial instruments [line items]
Cash flow sensitivity (net)	(425)
100 bp decrease \| Remunerated bank account
Disclosure of detailed information about financial instruments [line items]
Cash flow sensitivity (net)	$ (897)

Operating segments - Geographical information excluding deferred tax assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Disclosure of operating segments [line items]
Non-current assets	$ 700,647	$ 242,844
Australia
Disclosure of operating segments [line items]
Non-current assets	658	867
North America
Disclosure of operating segments [line items]
Non-current assets	$ 699,989	$ 241,969

Interests in subsidiaries

12 Months Ended

Jun. 30, 2024

Disclosure of 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 2024 %	30 June 2023 %

Iris Energy Custodian Pty Ltd	Australia	100%	100%
Iris Energy Holdings Pty Ltd	Australia	100%	100%
SA 1 Holdings Pty Ltd	Australia	100%	100%
SA 2 Holdings Pty Ltd	Australia	100%	100%
TAS 1 Holdings Pty Ltd	Australia	100%	100%
Podtech Data Centers Inc.	Canada	100%	100%
IE CA Compute Ltd.	Canada	100%	-%
IE CA Leasing Ltd.	Canada	100%	-%
IE CA 1 Holdings Ltd.	Canada	100%	100%
IE CA 2 Holdings Ltd.	Canada	100%	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 CA Development Holdings 7 Ltd.	Canada	100%	100%
IE US 1, Inc.	United States of America	100%	100%
IE US Holdings Inc.	United States of America	100%	100%
IE US Development Holdings 1 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 Development Holdings 5 Inc.	United States of America	100%	100%
IE US Development Holdings 6 Inc.	United States of America	100%	-%
IE US Hardware 1 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%
IE US Operations Inc.	United States of America	100%	100%

Deferred revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred revenue	$ 2,558	$ 0
British Columbia ("B.C.") Affordability Credit
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred revenue	2,078	0
AI cloud service revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred revenue	$ 480	$ 0

Key management personnel disclosures - Compensation (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract]
Short-term employee benefits	$ 8,137,249	$ 7,967,322
Post-employment benefits	86,515	66,830
Share-based payments	21,571,999	13,905,489
Total KMP compensation	$ 29,795,763	$ 21,939,641

Finance expense (Tables)

12 Months Ended

Jun. 30, 2024

Finance expense [Abstract]

Finance Expense


	Consolidated
	Year ended 30 June 2024	Year ended 30 June 2023	Year ended 30 June 2022
	US$’000	US$’000	US$’000

Interest expense on borrowings	-	15,213	5,343
Interest expense on hybrid financial instruments	-	-	26,748
Interest expense on lease liabilities	253	112	99
Amortization of capitalized borrowing costs	-	1,038	2,508
Loss on embedded derivatives held at fair value through profit or loss	-	-	390,743

Total finance expense	253	16,363	425,441

Trade and other payables

12 Months Ended

Jun. 30, 2024

Trade and other payables [abstract]

Trade and other payables

Note 19. Trade and other payables


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000

Current liabilities
Trade payables	27,346	11,544
Employment tax payables	367	2,207
Accrued expenses	4,406	2,893

Total trade and other payables	32,119	16,644

Share-based payments - 2021 Executive Director Liquidity and Price Target Options (Details) - 2021 Executive Director Liquidity and Price Target Options			12 Months Ended
	Jan. 20, 2021 shares $ / shares	Jan. 20, 2021 shares $ / shares	Jun. 30, 2024
Share-based payments [Abstract]
Expiration date of share based payment arrangement grants			Dec. 20, 2025
Entities Controlled by Daniel Roberts
Share-based payments [Abstract]
Granted during the year (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
Share-based payments [Abstract]
Granted during the year (in shares)	1,000,000	1,000,000
Exercise price (in dollars per share) \| (per share)	$ 3.868	$ 5.005

Interests in subsidiaries (Details)	12 Months Ended
Interests in subsidiaries (Details)	Jun. 30, 2024	Jun. 30, 2023
Iris Energy Custodian Pty Ltd
List of Subsidiary Companies [Abstract]
Name of subsidiary	Iris Energy Custodian Pty Ltd
Country of incorporation of subsidiary	Australia
Proportion of ownership interest in subsidiary	100.00%	100.00%
Iris Energy Holdings Pty Ltd.
List of Subsidiary Companies [Abstract]
Name of subsidiary	Iris Energy Holdings Pty Ltd
Country of incorporation of subsidiary	Australia
Proportion of ownership interest in subsidiary	100.00%	100.00%
SA 1 Holdings Pty Ltd
List of Subsidiary Companies [Abstract]
Name of subsidiary	SA 1 Holdings Pty Ltd
Country of incorporation of subsidiary	Australia
Proportion of ownership interest in subsidiary	100.00%	100.00%
SA 2 Holdings Pty Ltd
List of Subsidiary Companies [Abstract]
Name of subsidiary	SA 2 Holdings Pty Ltd
Country of incorporation of subsidiary	Australia
Proportion of ownership interest in subsidiary	100.00%	100.00%
TAS 1 Holdings Pty Ltd
List of Subsidiary Companies [Abstract]
Name of subsidiary	TAS 1 Holdings Pty Ltd
Country of incorporation of subsidiary	Australia
Proportion of ownership interest in subsidiary	100.00%	100.00%
Podtech Data Centers Inc.
List of Subsidiary Companies [Abstract]
Name of subsidiary	Podtech Data Centers Inc.
Country of incorporation of subsidiary	Canada
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE CA Compute Ltd.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE CA Compute Ltd.
Country of incorporation of subsidiary	Canada
Proportion of ownership interest in subsidiary	100.00%	0.00%
IE CA Leasing Ltd.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE CA Leasing Ltd.
Country of incorporation of subsidiary	Canada
Proportion of ownership interest in subsidiary	100.00%	0.00%
IE CA 1 Holdings Ltd.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE CA 1 Holdings Ltd.
Country of incorporation of subsidiary	Canada
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE CA 2 Holdings Ltd. [Member]
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE CA 2 Holdings Ltd.
Country of incorporation of subsidiary	Canada
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE CA 5 Holdings Ltd.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE CA 5 Holdings Ltd.
Country of incorporation of subsidiary	Canada
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE CA Development Holdings Ltd.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE CA Development Holdings Ltd.
Country of incorporation of subsidiary	Canada
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE CA Development Holdings 2 Ltd.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE CA Development Holdings 2 Ltd.
Country of incorporation of subsidiary	Canada
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE CA Development Holdings 3 Ltd.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE CA Development Holdings 3 Ltd.
Country of incorporation of subsidiary	Canada
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE CA Development Holdings 4 Ltd.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE CA Development Holdings 4 Ltd.
Country of incorporation of subsidiary	Canada
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE CA Development Holdings 5 Ltd.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE CA Development Holdings 5 Ltd.
Country of incorporation of subsidiary	Canada
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE CA Development Holdings 7 Ltd.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE CA Development Holdings 7 Ltd.
Country of incorporation of subsidiary	Canada
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE US 1, Inc.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE US 1, Inc.
Country of incorporation of subsidiary	United States of America
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE US Holdings Inc.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE US Holdings Inc.
Country of incorporation of subsidiary	United States of America
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE US Development Holdings 1 Inc.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE US Development Holdings 1 Inc.
Country of incorporation of subsidiary	United States of America
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE US Development Holdings 3 Inc.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE US Development Holdings 3 Inc.
Country of incorporation of subsidiary	United States of America
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE US Development Holdings 4 Inc.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE US Development Holdings 4 Inc.
Country of incorporation of subsidiary	United States of America
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE US Development Holdings 5 Inc.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE US Development Holdings 5 Inc.
Country of incorporation of subsidiary	United States of America
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE US Development Holdings 6 Inc.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE US Development Holdings 6 Inc.
Country of incorporation of subsidiary	United States of America
Proportion of ownership interest in subsidiary	100.00%	0.00%
IE US Hardware 1 Inc.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE US Hardware 1 Inc.
Country of incorporation of subsidiary	United States of America
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE US Hardware 3 Inc.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE US Hardware 3 Inc.
Country of incorporation of subsidiary	United States of America
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE US Hardware 4 Inc.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE US Hardware 4 Inc.
Country of incorporation of subsidiary	United States of America
Proportion of ownership interest in subsidiary	100.00%	100.00%
IE US Operations Inc.
List of Subsidiary Companies [Abstract]
Name of subsidiary	IE US Operations Inc.
Country of incorporation of subsidiary	United States of America
Proportion of ownership interest in subsidiary	100.00%	100.00%

Events after the reporting period (Details) - Subsequent Events [Member] - Miner Purchase Option With Bitmain - Mining Hardware Miners in Thousands, $ in Thousands	Aug. 16, 2024 USD ($) Miners
Events after the reporting periods [Abstract]
Number of Bitmain miners purchased \| Miners	39
Hashrate operating capacity of Bitmain miners	10.5
Purchase price of Bitmain S21 XP miners (Per Terahash)	21.5
Contract cost \| $	$ 226,395

Trade and other payables (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Current liabilities [Abstract]
Trade payables	$ 27,346	$ 11,544
Employment tax payables	367	2,207
Accrued expenses	4,406	2,893
Total trade and other payables	$ 32,119	$ 16,644

Deferred revenue

12 Months Ended

Jun. 30, 2024

Deferred revenue 1 [Abstract]

Deferred revenue

Note 20. Deferred revenue


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000

Current liabilities
British Columbia ("B.C.") Affordability Credit	2,078	-
AI Cloud deferred revenue	480	-

Total deferred revenue	2,558	-

The Government of B.C. announced on 22 February 2024 that all eligible British Columbia Hydro and Power Authority ("B.C. Hydro") customers will receive an electricity affordability credit from 1 April 2024 to 31 March 2025. As the conditions for receiving the credit have been met, the Group has recognized a receivable and associated deferred revenue for the credit to be received from 1 April 2024 to 31 March 2025.

Share-based payments - Employee Share Plan (Details)	12 Months Ended
Share-based payments - Employee Share Plan (Details)	Jun. 30, 2024 tranche
Employee Share Plan [Abstract]
Number of tranches	3
Maximum
Employee Share Plan [Abstract]
Term of limited recourse loan	9 years 11 months

Related party transactions	12 Months Ended
Related party transactions	Jun. 30, 2024
Related party transactions [abstract]
Related party transactions	Note 32. Related party transactions Parent entity Iris Energy Limited (d/b/a IREN) 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.

Lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Current liabilities
Current lease liabilities	$ 214	$ 192
Non-current liabilities [abstract]
Lease liabilities	1,441	1,256
Total lease liabilities	$ 1,655	$ 1,448

Other receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Current assets [Abstract]
Trade receivable	$ 152	$ 0
Government grant receivable (note 20)	2,078	0
Share issuances proceeds receivable	16,563	1,581
Provincial sales tax receivable	0	122
Interest receivable	1,472	0
ERS receivable	1,128	0
Other receivable	130	97
GST receivable	7,844	4,743
Total other receivables	$ 29,367	$ 6,543

Material accounting policies (Policies)

12 Months Ended

Jun. 30, 2024

Disclosure of initial application of standards or interpretations [abstract]

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 2024, the Group incurred a loss after tax of $28,955,000 (2023: $171,871,000) and net operating cash inflows of $52,716,000 (2023: $6,045,000). As at 30 June 2024, the Group had net current assets of $401,389,000 (2023: net current assets of $65,229,000) and net assets of $1,097,351,000 (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, 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.

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 including Bitcoin prices and global hashrate;

•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 100MW as at 31 July 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. 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 Accounting Standards") 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 2024 and 30 June 2023 and the results of all subsidiaries for the years ended 30 June 2024, 30 June 2023, and 30 June 2022.

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 deconsolidated 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

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

The Group recognizes revenue under IFRS 15, “Revenue from Contracts with Customers” ("IFRS 15"). The core principle of this standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

•Step 1: Identify the contract with the customer

•Step 2: Identify the performance obligations in the contract

•Step 3: Determine the transaction price

•Step 4: Allocate the transaction price to the performance obligations in the contract

•Step 5: Recognize revenue when the Company satisfies a performance obligation

In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets IFRS 15’s definition of a “distinct” good or service (or bundle of goods or services) if both of the following criteria are met: The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct), and the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract).

If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct.

The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all of the following:

•Variable consideration

•Constraining estimates of variable consideration

•The existence of a significant financing component in the contract

•Non-cash consideration

•Consideration payable to a customer

Variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate.

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’s revenue is derived from providing computing power (hashrate) to mining pools. The Company has entered into arrangements, as amended from time to time, with mining pool operators to provide computing power to the mining pools. The provision of computing power to mining pools is an output of the Company’s ordinary activities. The Company has the right to decide the point in time and duration for which it will provide computing power. As a result, the Company’s enforceable right to compensation only begins when, and continues as long as, the Company provides computing power to the mining pool. The contracts can be terminated 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. The Company has determined that this renewal right is not a material right as the terms, conditions, and compensation amounts are at then market rates. There is no significant financing component in these transactions.

In exchange for providing computing power, which represents the Company’s only performance obligation, the Company is entitled to non-cash consideration in the form of cryptocurrency, calculated under the Full Pay Per Share ("FPPS") payout methods which contain three components, (1) a fractional share of the fixed cryptocurrency award from the mining pool operator (referred to as a “block reward”), (2) transaction fees generated from (paid by) blockchain users to execute transactions and distributed (paid out) to individual miners by the mining pool operator, and (3) mining pool operating fees retained by the mining pool operator for operating the mining pool. The Company’s total compensation is the sum of the Company’s share of (a) block rewards and (b) transaction fees, less (c) mining pool operating fees.

1.The block reward earned by the Company is calculated by the mining pool operator based on the proportion of hashrate the Company contributed to the mining pool to the total network hashrate used in solving the current algorithm. The Company is entitled to its relative share of consideration even if a block is not successfully added to the blockchain by the mining pool.

2.Transaction fees refer to the total fees paid by users of the network to execute transactions. Under FPPS, the Company is entitled to a pro-rata share of the total network transaction fees. The transaction fees paid out by the mining pool operator to the Company is based on the proportion of hashrate the Company contributed to the mining pool to the total network hashrate. The Company is entitled to its relative share of consideration even if a block is not successfully added to the blockchain by the mining pool.

3.Mining pool operating fees are charged by the mining pool operator for operating the mining pool as set forth in a rate schedule to the mining pool contract. The mining pool operating fees reduce the total amount of compensation the Company receives and are only incurred to the extent that the Company has generated mining revenue pursuant to the mining pool operators’ payout calculation.

Because the consideration to which the Company expects to be entitled for providing computing power is entirely variable (block rewards, transaction fees and pool operating fees), as well as being non-cash consideration, the Company assesses the estimated amount of the variable non-cash consideration to which it expects to be entitled for providing computing power at contract inception and subsequently, to determine when and to what extent it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is subsequently resolved. For each contract under the FPPS payout method, the Company recognizes the non-cash consideration on the same day that control of the contracted service transfers to the mining pool operator, which is the same day as the contract inception.

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 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 2024 (30 June 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 recognizing 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.

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 derecognized 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 Instrument Fair Value through Profit & Loss ("FVTPL")

The Group recognizes the electricity financial assets at fair value on initial recognition. After initial recognition, financial instruments measured at FVTPL are remeasured at fair value at each reporting date. Any gains or losses arising from changes in the fair value of these instruments are recognized immediately in profit or loss. A financial instrument measured at FVTPL is derecognized when the contractual rights to the cash flows from the instrument expire or when the Group transfers substantially all the risks and rewards of ownership of the instrument.

The Group measures the fair value of prepaid electricity using the forward price approach. The fair value is calculated by multiplying the quantity of electricity prepaid by a forward price for the Energy Reliability Council of Texas (“ERCOT”) West Load Zone market which is the principal market for our electricity transactions. The forward prices are provided by OTC Global Holdings and reflect the expected future prices of electricity based on current market conditions and observable market data. The forward prices used to measure the fair value of prepaid electricity are classified as Level 2 inputs under IFRS 13.

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 recognizes 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 recognized 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 (less residual value where applicable) 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 hardware1			2 - 4 years
High-performance computing ("HPC") hardware			5 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 and HPC 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.

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.

Financial liabilities

Trade and other payables 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 derecognizes 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 recognized 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 recognized 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 recognized 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 recognized 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 (d/b/a IREN), 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.

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.

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.

Computer hardware prepayments

Computer hardware prepayments represent payments made by the Group for the purchase of mining and HPC 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.

Government grants

Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group expects to comply with the conditions. Depending on the grant conditions, grants received may be deferred and recognized over time on a straight-line 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 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.

Material accounting policies

12 Months Ended

Jun. 30, 2024

Disclosure of initial application of standards or interpretations [abstract]

Material accounting policies

Note 2. Material accounting policies

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

Going concern

maintaining potential capital expenditure optionality, and securing additional financing, as needed, through one or more debt and/or equity capital raisings.

•A base case scenario assuming recent Bitcoin economics including Bitcoin prices and global hashrate;

•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 100MW as at 31 July 2024 incrementally increasing to 350 MW by 31 December 2024;

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

Basis of preparation

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

Foreign operations

Revenue and other income recognition

The Group recognizes revenue and other income as follows:

Revenue from contracts with customers

•Step 1: Identify the contract with the customer

•Step 2: Identify the performance obligations in the contract

•Step 3: Determine the transaction price

•Step 4: Allocate the transaction price to the performance obligations in the contract

•Step 5: Recognize revenue when the Company satisfies a performance obligation

If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct.

•Variable consideration

•Constraining estimates of variable consideration

•The existence of a significant financing component in the contract

•Non-cash consideration

•Consideration payable to a customer

Bitcoin mining revenue

AI cloud services revenue

steps involved in recognizing AI cloud services revenue are set out as follows:

Other income

Income tax

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 Instrument Fair Value through Profit & Loss ("FVTPL")

Financial assets at amortized cost

Impairment of financial assets

Property, plant and equipment


Buildings			20 years
Plant and equipment			3-10 years
Mining hardware1			2 - 4 years
High-performance computing ("HPC") hardware			5 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

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

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.

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.

Computer hardware prepayments

Government grants

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.

Fair value measurement

12 Months Ended

Jun. 30, 2024

Disclosure of fair value measurement of assets [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 2023 and 30 June 2024. The carrying amounts of other receivables, trade and other payables are assumed to approximate their fair values due to their short-term nature and are excluded from the hierarchy.

The following tables show the valuation techniques used in measuring Level 2 fair values for financial instruments in the statement of financial position, as well as the significant unobservable inputs used as at 30 June 2024:


Fair Value Hierarchy Level	Asset Description	Valuation Technique	Significant Input
Level 2	Prepaid Electricity - Financial assets at FVTPL	Forward Price Approach	Forward Prices from OTC Global Holdings

Depreciation (Tables)

12 Months Ended

Jun. 30, 2024

Depreciations [Abstract]

Depreciation


	Consolidated
	Year ended 30 June 2024	Year ended 30 June 2023	Year ended 30 June 2022
	US$’000	US$’000	US$’000

Depreciation of property, plant and equipment	50,415	30,636	7,682
Depreciation of right-of-use assets	235	220	59

Total depreciation	50,650	30,856	7,741

Fair value measurement (Details) - USD ($) $ in Thousands	12 Months Ended
Fair value measurement (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Disclosure of fair value measurement of assets [abstract]
Transfers into Level 3 of fair value hierarchy, liabilities	$ 0	$ 0
Transfers out of Level 3 of fair value hierarchy, liabilities	$ 0	$ 0

Share-based payments - Long-Term Incentive Plan Restricted Stock Units (Details)	12 Months Ended
	Jun. 30, 2024 shares tranche	Jun. 30, 2023 shares tranche $ / shares
Share-based payments [Abstract]
Number of tranches \| tranche	3
2022 Long-Term Incentive Plan Restricted Stock Units ("2022 LTIP")
Share-based payments [Abstract]
Number of tranches \| tranche	2
Vesting period		3 years 3 months
Percentage of grants vested		50.00%
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%
Number of RSUs granted (in shares)	0
Volume weighted average market price (in dollars per share) \| $ / shares		$ 28
Number of trading days		10 days
Number of consecutive trading days		15 days
2022 Long-Term Incentive Plan Restricted Stock Units ("2022 LTIP") \| Tranche One
Share-based payments [Abstract]
Vesting period	3 years
2022 Long-Term Incentive Plan Restricted Stock Units ("2022 LTIP") \| Tranche Two
Share-based payments [Abstract]
Vesting period	4 years
2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP")
Share-based payments [Abstract]
Number of tranches \| tranche	3
2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP") \| Tranche One \| Time Based Vesting Conditions
Share-based payments [Abstract]
Vesting period	1 year
Number of RSUs issued (in shares)	809,883
2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP") \| Tranche Two \| Time Based Vesting Conditions
Share-based payments [Abstract]
Vesting period	2 years
Number of RSUs issued (in shares)	809,883
2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP") \| Tranche One And Two \| Time Based Vesting Conditions
Share-based payments [Abstract]
Number of tranches \| tranche	2
2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP") \| Tranche Three \| Performance Based Vesting Conditions
Share-based payments [Abstract]
Vesting period	3 years
Number of RSUs issued (in shares)	1,574,725
Daniel Roberts \| 2022 Long-Term Incentive Plan Restricted Stock Units ("2022 LTIP")
Share-based payments [Abstract]
Number of tranches \| tranche		3
Number of RSUs granted (in shares)		305,630
Number of RSUs vested (in shares)		713,166
William Roberts \| 2022 Long-Term Incentive Plan Restricted Stock Units ("2022 LTIP")
Share-based payments [Abstract]
Number of tranches \| tranche		3
Number of RSUs granted (in shares)		305,630
Number of RSUs vested (in shares)		713,166
Non-Executive Director \| 2022 Long-Term Incentive Plan Restricted Stock Units ("2022 LTIP")
Share-based payments [Abstract]
Vesting period		10 days
Number of RSUs vested (in shares)		108,559
Non-Executive Director \| 2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP")
Share-based payments [Abstract]
Vesting period	10 days
Number of RSUs vested (in shares)	120,303
Key Management Personnel \| 2022 Long-Term Incentive Plan Restricted Stock Units ("2022 LTIP")
Share-based payments [Abstract]
Number of RSUs issued (in shares)		1,594,215
Key Management Personnel \| 2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP")
Share-based payments [Abstract]
Number of RSUs issued (in shares)	3,194,491

Events after the reporting period	12 Months Ended
Events after the reporting period	Jun. 30, 2024
Disclosure of non-adjusting events after reporting period [abstract]
Events after the reporting period	Note 34. Events after the reporting period Bitmain Hardware Purchase The Group entered into a new firm purchase agreement with Bitmain Technologies Delaware Limited (“Bitmain”) dated 16 August 2024, to purchase approximately 39,000 Bitmain S21 XP miners (approximately 10.5 EH/s) at a price of $21.5/TH. The purchased miners are scheduled to be shipped in October and November 2024. The total contracted cost (excluding shipping and taxes) is $226,395,000 payable in instalments. No other matter or circumstance has arisen since 30 June 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.

Operating segments - Geographical information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Australia
Disclosure of operating segments [line items]
Revenue	$ 184,087	$ 81,884
North America
Disclosure of operating segments [line items]
Revenue	$ 4,671	$ 20

- Definition

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_32&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2023-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_34&doctype=Standard
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 82
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2023-03-23

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_103&doctype=Standard
-URIDate 2023-03-23

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_102&doctype=Standard
-URIDate 2023-03-23

+ Details

Prepayments and other assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Current assets
Security deposits	$ 2,101	$ 2,420
Prepayments	9,787	11,373
Total current	11,888	13,793
Non-current assets
Security deposits	17,459	0
Total prepayments and other assets	$ 29,347	$ 13,793

Material accounting policies - Revenue and Other Income Recognition and Property, Plant and Equipment (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue
Bitcoin on hand	$ 0	$ 0
Buildings
Disclosure of detailed information about property, plant and equipment [abstract]
Useful life measured as period of time, property, plant and equipment	20 years
Plant and Equipment \| Minimum
Disclosure of detailed information about property, plant and equipment [abstract]
Useful life measured as period of time, property, plant and equipment	3 years
Plant and Equipment \| Maximum
Disclosure of detailed information about property, plant and equipment [abstract]
Useful life measured as period of time, property, plant and equipment	10 years
Mining Hardware
Disclosure of detailed information about property, plant and equipment [abstract]
Useful life measured as period of time, property, plant and equipment	5 years
Mining Hardware \| Minimum
Disclosure of detailed information about property, plant and equipment [abstract]
Useful life measured as period of time, property, plant and equipment	2 years
Mining Hardware \| Maximum
Disclosure of detailed information about property, plant and equipment [abstract]
Useful life measured as period of time, property, plant and equipment	4 years

Document and Entity Information - shares	12 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jun. 30, 2023
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, 2024
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2024
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	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
Entity Addresses [Line Items]
Entity Common Stock, Shares Outstanding	187,864,454
Class B Shares
Entity Addresses [Line Items]
Entity Common Stock, Shares Outstanding	2
Business Contact
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

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

12 Months Ended

Jun. 30, 2024

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 2024	Year ended 30 June 2023	Year ended 30 June 2022
	US$’000	US$’000	US$’000

Loss after income tax expense for the year	(28,955)	(171,871)	(419,770)

Adjustments for:
Depreciation	50,650	30,856	7,741
Capital raising costs	-	-	4,212
Impairment of assets	-	105,172	167
Reversal of impairment of assets	(108)	-	-
Other income	-	(3,137)	-
Gain on disposal of subsidiaries	-	(3,258)	-
Gain/(loss) on disposal of property, plant and equipment	(43)	6,628	(12)
Foreign exchange loss/(gain)	(3,540)	5,055	(8,889)
Loss on embedded derivatives held at fair value through profit or loss	-	-	390,743
Accrued interest	-	11,223	26,748
Amortization of capitalized borrowing costs	-	1,038	2,508
Share-based payment expense	23,636	14,356	13,896
Realized gain on financial asset	(4,121)	-	-
Unrealized loss on financial asset	3,448	-	-

Change in operating assets and liabilities:
Decrease/(increase) in other receivables	(5,588)	17,641	(72)
Increase in deferred tax assets	-	(6,271)	(9,645)
Increase/(decrease) in trade and other payables	2,869	(5,800)	6,476
Increase/(decrease) in provision for income tax	1,357	(1,172)	671
Increase in deferred tax liabilities	-	9,674	6,892
Increase/(decrease) in employee benefits	409	(1,175)	2,026
Increase in other provisions	7,203	3,703	2,469
Increase in deferred revenue	2,558	-	-
Increase for prepayments and deposits	2,941	(6,617)	(4,604)

Net cash from operating activities	52,716	6,045	21,557

Commitments - Narrative (Details) - Amounts Payable within 12 Months of Balance Date - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Contractual capital commitments	$ 194,641	$ 7,481
Mining Hardware
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Contractual capital commitments	$ 116,982	$ 0

Consolidated statements of changes in equity - USD ($) $ in Thousands	Total	Issued capital	Foreign currency translation reserve	Share-based payments reserve	Accumulated losses
Balance at Jun. 30, 2021	$ (49,454)	$ 10,338	$ 2,539	$ 304	$ (62,635)
Changes in equity [abstract]
Loss after income tax expense for the year	(419,770)	0	0	0	(419,770)
Other comprehensive loss for the year, net of tax	(23,553)	0	(23,553)	0	0
Total comprehensive loss for the year	(443,323)	0	(23,553)	0	(419,770)
Transactions with owners in their capacity as owners:
Share-based payments (note 31)	13,896	0	0	13,896	0
Issue of ordinary shares	220,683	220,683	0	0	0
Conversion of hybrid financial instruments	695,383	695,383	0	0	0
Share-based payments, prepaid in advance	177	177	0	0	0
Balance at Jun. 30, 2022	437,362	926,581	(21,014)	14,200	(482,405)
Changes in equity [abstract]
Loss after income tax expense for the year	(171,871)	0	0	0	(171,871)
Other comprehensive loss for the year, net of tax	(13,641)	0	(13,641)	0	0
Total comprehensive loss for the year	(185,512)	0	(13,641)	0	(171,871)
Transactions with owners in their capacity as owners:
Share-based payments (note 31)	14,750	515	0	14,235	0
Issue of ordinary shares	41,581	41,581	0	0	0
Capital raise costs (note 21)	(2,820)	(2,820)	0	0	0
Balance at Jun. 30, 2023	305,361	965,857	(34,655)	28,435	(654,276)
Changes in equity [abstract]
Loss after income tax expense for the year	(28,955)	0	0	0	(28,955)
Other comprehensive loss for the year, net of tax	(338)		(338)	0
Total comprehensive loss for the year	(29,293)	0	(338)	0	(28,955)
Transactions with owners in their capacity as owners:
Share-based payments (note 31)	24,567	1,716	0	22,851	0
Issue of ordinary shares	822,855	822,855	0	0	0
Capital raise costs (note 21)	(26,139)	(26,139)	0	0	0
Balance at Jun. 30, 2024	$ 1,097,351	$ 1,764,289	$ (34,993)	$ 51,286	$ (683,231)

Other income

12 Months Ended

Jun. 30, 2024

Analysis of income and expense [abstract]

Other income

Note 5. Other income


	Consolidated
	Year ended 30 June 2024	Year ended 30 June 2023	Year ended 30 June 2022
	US$’000	US$’000	US$’000

Net gain on disposal of other assets	-	3,117	-
ERS revenue	1,566	-	-
Other	-	20	12

Total other income	1,566	3,137	12

Other income for the year ended 30 June 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 ERCOT mitigate rolling blackouts. The Group receives recurring capacity payments for agreeing to curtail electricity consumption in response to abnormally high electricity demand or other grid emergencies. Other income is generated by the Group’s participation in

this program at the site in Childress, Texas, and the revenue is recognized on a monthly basis depending on electricity related factors as determined by the operator.

Reconciliation of loss after income tax to net cash from/(used in) operating activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of loss after income tax to net cash from/(used in) operating activities [Abstract]
Loss after income tax expense for the year	$ (28,955)	$ (171,871)	$ (419,770)
Adjustments for:
Depreciation	50,650	30,856	7,741
Capital raising costs	0	0	4,212
Impairment of assets	0	105,172	167
Reversal of impairment of assets	(108)	0	0
Other income	0	(3,137)	0
Gain on disposal of subsidiaries	0	(3,258)	0
Gain/(loss) on disposal of property, plant and equipment	(43)	6,628	(12)
Foreign exchange loss/(gain)	(3,540)	5,055	(8,889)
Loss on embedded derivatives held at fair value through profit or loss	0	0	390,743
Accrued interest	0	11,223	26,748
Amortization of capitalized borrowing costs	0	1,038	2,508
Share-based payment expense	23,636	14,356	13,896
Realized gain on financial asset	(4,121)	0	0
Unrealized loss on financial asset	3,448	0	0
Change in operating assets and liabilities:
Decrease/(increase) in other receivables	(5,588)	17,641	(72)
Increase in deferred tax assets	0	(6,271)	(9,645)
Increase/(decrease) in trade and other payables	2,869	(5,800)	6,476
Increase/(decrease) in provision for income tax	1,357	(1,172)	671
Increase in deferred tax liabilities	0	9,674	6,892
Increase/(decrease) in employee benefits	409	(1,175)	2,026
Increase in other provisions	7,203	3,703	2,469
Increase in deferred revenue	2,558	0	0
Increase for prepayments and deposits	2,941	(6,617)	(4,604)
Net cash from operating activities	$ 52,716	$ 6,045	$ 21,557

Material accounting policies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Going concern [Abstract]
Loss after income tax	$ (28,955)	$ (171,871)	$ (419,770)
Cash flows from (used in) operating activities	52,716	6,045	$ 21,557
Current assets (liabilities)	$ 401,389	65,229
Assets (liabilities)		$ 305,361

- 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 - Current And Deferred Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income tax expense
Current tax expense/(benefit)	$ 1,709	$ (1,013)	$ 672
Deferred tax expense	1,744	3,403	2,052
Income tax expense	$ 3,453	$ 2,390	$ 2,724

- 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

Provisions

12 Months Ended

Jun. 30, 2024

Provisions [abstract]

Provisions

Note 18. Provisions

Consolidated

30 June 2024

30 June 2023

US$’000

Current liabilities

Non-refundable sales tax and other provisions

13,375

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 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 in addition to the formally submitted a formal notice of objection to the CRA in November 2022. The CRA provided an initial response to the Group's formal notice of objection in April 2024, to which the Group responded to in early July 2024. The Group has yet to receive further correspondence from the CRA in relation to the matter.

Additionally, amendments were made to Canadian Tax legislation in June 2023 regarding Mining Activities in respect of Cryptoassets. The CRA has yet to clarify it's interpretation of this legislation and the application to the subsidiaries of the Group. The Group continues to monitor developments in this regard. Consequently, the affected subsidiaries continue to accrue a provision in line with the aforementioned methodology.

Financial instruments

12 Months Ended

Jun. 30, 2024

Disclosure of detailed information about 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 2024	30 June 2023	30 June 2024	30 June 2023
	US$’000	US$’000	US$’000	US$’000

US dollars	442,127	96,888	56,720	32,619
Canadian dollars	112,639	124,549	1,265	37,390

	554,766	221,437	57,985	70,009

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 2024	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	%	45,350	45,350	10	%	(55,427)	(55,427)
Canadian dollar	10	%	18,115	18,115	10	%	(18,251)	(18,251)
Australian dollar	10	%	(62,606)	(62,606)	10	%	76,179	76,179

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 2023: 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 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 and term deposits.

A reasonably possible change of 100 basis points ("bp") in interest rates at the reporting date would have increased (decreased) profit or loss by the amounts shown below:


30 June 2024	100 bp increase US$’000	100 bp decrease US$’000

Term deposit	425	(425)
Remunerated bank account	897	(897)
Cash flow sensitivity (net)	1,322	(1,322)

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 2024	%	US$’000	US$’000	US$’000	US$’000	US$’000

Trade and other payables	-	24,780	-	-	-	24,780
Lease liabilities	-	371	261	516	2,869	4,017
Total non-derivatives		25,151	261	516	2,869	28,797


	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

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

Financial assets at fair value through profit or loss


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000
Current assets
Electricity financial asset	6,530	-

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	-	-
Additions	28,332	-
Financial asset realized	(18,354)	-
Unrealized loss	(3,448)	-

Closing fair value	6,530	-

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 the consolidated statements of profit and loss.

As at 30 June 2024, the financial asset comprises the fair value of unused electricity procured for future periods.

On settlement, a realized gain or loss on a financial asset is recognized 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 year ended 30 June 2024, the realized gain was $4,121,000 (2023: nil).

Issued capital - Movements in Ordinary Share Capital (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Issued capital [Abstract]
Balance	$ 965,857
Shares issued for services	(319)	$ 0	$ 0
Balance	$ 1,764,289	$ 965,857
Issued capital
Number of shares [Abstract]
Balance (in shares)	64,747,477	53,028,867
Shares issued under Committed Equity Facility (in shares)	12,887,814	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
Shares issued under ATM Facility Facility (in shares)	108,063,868
Share based payment - third party issuance (in shares)	106,687
Share based payment - employees (in shares)	561,840
Capital raise costs, net of tax (in shares)		0
Balance (in shares)	186,367,686	64,747,477	53,028,867
Issued capital [Abstract]
Balance	$ 965,857	$ 926,581
Shares issued under Committed Equity Facility	51,417	39,939
Unpaid shares issued under Committed Equity Facility		1,642
Shares issued for services		500
Equity settled share-based payments		15
Shares issued under ATM Facility	771,438
Shares issued for services	319
Share based payment - employees	1,397
Capital raise costs, net of tax	(26,139)	(2,820)
Balance	$ 1,764,289	$ 965,857	$ 926,581

Operating segments (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure of operating segments [abstract]

Disclosure of geographical areas

Geographical information

Disaggregated revenue data by geographical region in terms of where the services were provided within the operating segment is as follows:

Consolidated

30 June 2024

30 June 2023

US$’000

Revenue per geographical area

Australia

184,087

81,884

North-America

4,671

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

Consolidated

30 June 2024

30 June 2023

US$’000

Non-current assets per geographical area

Australia

658

867

North-America

699,989

241,969

Financial Instruments - Liquidity Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Current assets
Electricity financial asset	$ 6,530	$ 0	$ 0
Reconciliation of the fair values at the beginning and end of the current and previous financial period are set out below:
Opening fair value	0	0
Additions	28,332	0
Financial asset realized	(18,354)	0
Unrealized loss	(3,448)	0	0
Closing fair value	$ 6,530	$ 0	$ 0

Property, plant and equipment (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure of detailed information about property, plant and equipment [abstract]

Consolidated Property, Plant and Equipment


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000

Land - at cost	3,601	1,803

Buildings - at cost	215,542	153,100
Less: Accumulated depreciation	(13,237)	(5,042)
Total buildings	202,305	148,058

Plant and equipment - at cost	4,856	4,145
Less: Accumulated depreciation	(1,142)	(712)
Total plant and equipment	3,714	3,433

Mining hardware - at cost	177,766	115,024
Less: Accumulated depreciation	(54,892)	(15,709)
Less: Accumulated impairment	(25,605)	(25,934)
Total mining hardware	97,269	73,381

HPC hardware - at cost	33,315	-
Less: Accumulated depreciation	(1,779)	-
Total HPC hardware	31,536	-

Development assets - at cost	102,946	14,427

Total property, plant and equipment	441,371	241,102

The effect of these changes on actual and expected depreciation expense was as follows.


In $'000	30 June 2024	30 June 2025	30 June 2026	30 June 2027
Increase / (decrease) in depreciation expenses	11,568	1,712	(21,037)	(8,818)

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	HPC hardware	Development assets	Total
Consolidated	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000

Balance at 1 July 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
Additions	1,817	3,288	876	65,291	33,685	150,408	255,365
Disposals	-	-	(35)	(6)	-	(5)	(46)
Exchange differences	(19)	(2,706)	(104)	(1,595)	(369)	252	(4,541)
Reversal of impairment	-	-	-	-	-	108	108
Assets written off	-	-	-	-	-	(202)	(202)
Transfers in/(out)	-	62,042	-	-		(62,042)	-
Depreciation expense (note 6)	-	(8,377)	(456)	(39,802)	(1,780)	-	(50,415)

Balance at 30 June 2024	3,601	202,305	3,714	97,269	31,536	102,946	441,371

Non-cash investing and financing activities

12 Months Ended

Jun. 30, 2024

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 2024	Year ended 30 June 2023	Year ended 30 June 2022
	US$’000	US$’000	US$’000

Mining hardware finance additional fee payable in cash or equity	-	-	(1,424)
Mining hardware finance prepayments made directly by third party financier	-	(3,420)	(37,980)
Additions to right of use assets	347	373	298
Share issuance proceeds under Committed Equity Facility	-	1,642	-
Realized gain on financial asset	4,121	-	-
ATM agent fees	23,143	-	-
Share based payment - third party issuance	319	-	-

Total non-cash investing and financing activities	27,930	(1,405)	(39,106)

Property, plant and equipment - Changes on Actual and Expected Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Property, plant and equipment [line items]
Increase / (decrease) in depreciation expenses				$ 11,568
Forecast
Property, plant and equipment [line items]
Increase / (decrease) in depreciation expenses	$ (8,818)	$ (21,037)	$ 1,712

Key management personnel disclosures

12 Months Ended

Jun. 30, 2024

Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [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 (d/b/a IREN) 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, Co-Founder and Co-Chief Executive Officer	6 November 2018	-
William Roberts	Executive Director, Co-Founder and Co-Chief Executive Officer	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	17 July 2023	-

The following persons were considered to be KMP of Iris Energy Limited (d/b/a IREN) at any time during the year:


Individual	Position	Date of Commencement	Date ceased to be KMP
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 may 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).

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 2024	Year ended 30 June 2023
	US$	US$

Short-term employee benefits	8,137,249	7,967,322
Post-employment benefits	86,515	66,830
Share-based payments	21,571,999	13,905,489

Total KMP compensation	29,795,763	21,939,641

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 2024	30 June 2024		30 June 2023	30 June 2023

Outstanding as at 1 July	10,008,224	$	37.84	6,973,516	$	53.16
Granted during the year	2,564,809	-		3,070,379	$	2.97
Forfeited during the year	-	-		(31,671)	$	36.45
Exercised during the year	(104,559)	-		(4,000)	-

Outstanding at the end of the financial year	12,468,474	$	30.37	10,008,224	$	37.84

Exercisable at the end of the financial year	2,017,021	$	3.92	2,017,021	$	3.87

Income tax expense (Tables)

12 Months Ended

Jun. 30, 2024

Major components of tax expense (income) [abstract]

Reconciliation of Income Tax Expense and Tax at the Statutory Rate


	Consolidated
	Year ended 30 June 2024	Year ended 30 June 2023	Year ended 30 June 2022
	US$’000	US$’000	US$’000

Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense	(25,502)	(169,481)	(417,046)

Tax at the statutory tax rate of 30% (2023: 30%, 2022: 30%)	(7,650)	(50,844)	(125,114)

Tax effect amounts which are not deductible in calculating taxable income:
Non-deductible/non-allowable items	8,793	4,756	128,643

	1,143	(46,088)	3,529
Current year tax losses not recognized	1,207	28,349	534
Recognition of previously unrecognized tax losses	12	-	(1,019)
Derecognition of previously recognized tax losses	860	-	-
Difference in overseas tax rates	(315)	1,979	203
Current year temporary differences not recognized	535	-	-
Prior year tax over/(under) provisions	(296)	(212)	(523)
Deconsolidation of Non-recourse SPVs	-	18,362	-
Other	307	-	-

Income tax expense	3,453	2,390	2,724

Income Tax Expense


	Consolidated
	Year ended 30 June 2024	Year ended 30 June 2023	Year ended 30 June 2022
	US$’000	US$’000	US$’000

Income tax expense
Current tax expense/(benefit)	1,709	(1,013)	672
Deferred tax expense	1,744	3,403	2,052

Income tax expense	3,453	2,390	2,724

Unrecognized Deferred Tax Assets


	Consolidated
	30 June 2024	30 June 2023	30 June 2022
	US$’000	US$’000	US$’000
Unrecognized deferred tax assets
Available tax losses	155,608	136,849	19,268

Tax effect at the applicable tax rate for each jurisdiction	41,750	39,238	5,117

Deferred tax asset on tax losses recognized to the extent of taxable temporary differences	19,148	10,761	3,854
Deferred tax asset on losses not recognized	22,602	28,477	1,263

Disclosure of temporary difference, unused tax losses and unused tax credits

The following are the deferred tax assets and liabilities recognized by the Group and movements during the years ended 30 June 2024 and 30 June 2023:


	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 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	6,271
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

As at 1 July 2023	10,761	(268)	-	34	3,961	2,339	16,827
(Charge)/credit to profit or loss	8,391	152	-	702	(1,701)	1,654	9,198
(Charge)/credit to equity					-		-
As at 30 June 2024	19,152	(116)	-	736	2,260	3,993	26,025
Offset against deferred tax liabilities							(26,025)
As at 30 June 2024							-


	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 2022	(4,692)	(3,471)	(347)	(8,510)
(Charge)/credit to profit or loss	(7,426)	(1,540)	(708)	(9,674)
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)

As at 1 July 2023	(12,118)	(5,011)	(1,055)	(18,184)
(Charge)/credit to profit or loss	(12,455)	2,227	(738)	(10,966)
As at 30 June 2024	(24,573)	(2,784)	(1,793)	(29,150)
Offset against deferred tax assets				26,025
As at 30 June 2024				(3,125)

Finance expense

12 Months Ended

Jun. 30, 2024

Finance expense [Abstract]

Finance expense

Note 8. Finance expense


	Consolidated
	Year ended 30 June 2024	Year ended 30 June 2023	Year ended 30 June 2022
	US$’000	US$’000	US$’000

Interest expense on borrowings	-	15,213	5,343
Interest expense on hybrid financial instruments	-	-	26,748
Interest expense on lease liabilities	253	112	99
Amortization of capitalized borrowing costs	-	1,038	2,508
Loss on embedded derivatives held at fair value through profit or loss	-	-	390,743

Total finance expense	253	16,363	425,441

For the year ended 30 June 2023, 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.

Computer hardware prepayments - Non-current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Computer Hardware Prepayments [Abstract]
Mining hardware prepayment	$ 239,841	$ 68

Right-of-use assets - Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Non-current assets
Right-of-use assets	$ 1,549	$ 1,374
Land and buildings
Non-current assets
Right-of-use assets	1,549	1,374	$ 1,253
Land and buildings \| Gross Carrying Amount
Non-current assets
Right-of-use assets	2,054	1,649
Land and buildings \| Accumulated Depreciation
Non-current assets
Right-of-use assets	$ (505)	$ (275)

Income tax expense - Recognized Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Deferred tax assets
Deferred tax assets	$ 16,827	$ 10,556
(Charge)/credit to profit or loss	9,198	6,271
(Charge)/credit to equity	0
Deferred tax asset gross	26,025	16,827
Offset against deferred tax liabilities	(26,025)	(16,819)
Deferred tax assets	0	8
Deferred tax liabilities
Deferred tax liabilities	18,184	8,510
(Charge)/credit to profit or loss	(10,966)	(9,674)
Deferred tax liabilities	29,150	18,184
Offset against deferred tax assets	26,025	16,819
Deferred tax liabilities	(3,125)	(1,365)
Tax losses
Deferred tax assets
Deferred tax assets	10,761	3,854
(Charge)/credit to profit or loss	8,391	6,907
Deferred tax asset gross	19,152	10,761
Employee benefits
Deferred tax assets
Deferred tax assets	(268)	113
(Charge)/credit to profit or loss	152	(381)
Deferred tax asset gross	(116)	(268)
Property, plant and equipment
Deferred tax assets
Deferred tax assets	0	15
(Charge)/credit to profit or loss	0	(15)
Deferred tax asset gross	0	0
Deferred tax liabilities
Deferred tax liabilities	12,118	4,692
(Charge)/credit to profit or loss	(12,455)	(7,426)
Deferred tax liabilities	24,573	12,118
Unrealized foreign exchange losses
Deferred tax assets
Deferred tax assets	34	725
(Charge)/credit to profit or loss	702	(691)
Deferred tax asset gross	736	34
Deferred tax liabilities
Deferred tax liabilities	5,011	3,471
(Charge)/credit to profit or loss	2,227	(1,540)
Deferred tax liabilities	2,784	5,011
Capital raising costs
Deferred tax assets
Deferred tax assets	3,961	4,627
(Charge)/credit to profit or loss	(1,701)	(666)
(Charge)/credit to equity	0
Deferred tax asset gross	2,260	3,961
Other deferred tax assets
Deferred tax assets
Deferred tax assets	2,339	1,222
(Charge)/credit to profit or loss	1,654	1,117
Deferred tax asset gross	3,993	2,339
Other deferred tax liabilities
Deferred tax liabilities
Deferred tax liabilities	1,055	347
(Charge)/credit to profit or loss	(738)	(708)
Deferred tax liabilities	$ 1,793	$ 1,055

Property, plant and equipment - Consolidated (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Non-current assets [Abstract]
Property, plant and equipment	$ 441,371	$ 241,102	$ 247,562
Land
Non-current assets [Abstract]
Property, plant and equipment	3,601	1,803	1,836
Land \| At Cost
Non-current assets [Abstract]
Property, plant and equipment	3,601	1,803
Buildings
Non-current assets [Abstract]
Property, plant and equipment	202,305	148,058	13,082
Buildings \| At Cost
Non-current assets [Abstract]
Property, plant and equipment	215,542	153,100
Buildings \| Accumulated Depreciation
Non-current assets [Abstract]
Property, plant and equipment	(13,237)	(5,042)
Plant and Equipment
Non-current assets [Abstract]
Property, plant and equipment	3,714	3,433	3,200
Plant and Equipment \| At Cost
Non-current assets [Abstract]
Property, plant and equipment	4,856	4,145
Plant and Equipment \| Accumulated Depreciation
Non-current assets [Abstract]
Property, plant and equipment	(1,142)	(712)
Mining Hardware
Non-current assets [Abstract]
Property, plant and equipment	97,269	73,381	163,147
Mining Hardware \| At Cost
Non-current assets [Abstract]
Property, plant and equipment	177,766	115,024
Mining Hardware \| Accumulated Depreciation
Non-current assets [Abstract]
Property, plant and equipment	(54,892)	(15,709)
Mining Hardware \| Accumulated Impairment
Non-current assets [Abstract]
Property, plant and equipment	(25,605)	(25,934)
HPC Hardware
Non-current assets [Abstract]
Property, plant and equipment	31,536	0	0
HPC Hardware \| At Cost
Non-current assets [Abstract]
Property, plant and equipment	33,315	0
HPC Hardware \| Accumulated Depreciation
Non-current assets [Abstract]
Property, plant and equipment	(1,779)	0
Development Assets
Non-current assets [Abstract]
Property, plant and equipment	102,946	14,427	$ 66,297
Development Assets \| At Cost
Non-current assets [Abstract]
Property, plant and equipment	$ 102,946	$ 14,427

General information

12 Months Ended

Jun. 30, 2024

General information [Abstract]

General information

Note 1. General information

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

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

Iris Energy Limited (d/b/a IREN) 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 consolidated financial statements were authorized and approved for issue, in accordance with a resolution of Directors, on 28 August 2024. The Directors have the power to amend and reissue the consolidated financial statements.

Key management personnel disclosures (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract]

Directors and Key Management Personnel

The following persons were Directors of Iris Energy Limited (d/b/a IREN) 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, Co-Founder and Co-Chief Executive Officer	6 November 2018	-
William Roberts	Executive Director, Co-Founder and Co-Chief Executive Officer	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	17 July 2023	-

The following persons were considered to be KMP of Iris Energy Limited (d/b/a IREN) at any time during the year:


Individual	Position	Date of Commencement	Date ceased to be KMP
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 2024	Year ended 30 June 2023
	US$	US$

Short-term employee benefits	8,137,249	7,967,322
Post-employment benefits	86,515	66,830
Share-based payments	21,571,999	13,905,489

Total KMP compensation	29,795,763	21,939,641

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 2024	30 June 2024		30 June 2023	30 June 2023

Outstanding as at 1 July	10,008,224	$	37.84	6,973,516	$	53.16
Granted during the year	2,564,809	-		3,070,379	$	2.97
Forfeited during the year	-	-		(31,671)	$	36.45
Exercised during the year	(104,559)	-		(4,000)	-

Outstanding at the end of the financial year	12,468,474	$	30.37	10,008,224	$	37.84

Exercisable at the end of the financial year	2,017,021	$	3.92	2,017,021	$	3.87

Contingent liabilities	12 Months Ended
Contingent liabilities	Jun. 30, 2024
Disclosure of 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 Trial Court with respect to, among other things, claims brought by the lender, NYDIG, seeking remedies regarding the limited recourse equipment financing facilities entered into by the Non-Recourse SPVs. A judgement on those 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 Iris Energy Limited (d/b/a IREN) to be void. On 21 August 2023, Iris Energy Limited (d/b/a IREN) and the Non-Recourse SPVs filed a notice to appeal the judgement. On 30 January 2024, NYDIG filed a notice of cross appeal with the Court of Appeal to appeal the dismissal of the substantive consolidation and oppression remedy relief that was dismissed. In particular, NYDIG sought an order that the substantive consolidation and oppression remedies be remitted to the Trial Court for consideration and reasons. On 27 June 2024, the Court of Appeal released its reasons for judgment. The Court of Appeal: (a) granted the appeal by the Non-Recourse SPVs and Iris Energy Limited (d/b/a IREN), finding that the intercompany transactions were not fraudulent conveyances (b) denied NYDIG’s cross-appeal by finding that there is no basis for appellate interference in relation to the Trial Court’s dismissal of NYDIG’s substantive consolidation claim; and (c) upheld NYDIG’s cross-appeal in part by finding that the application for relief in relation to the oppression remedy is remitted to the Trial Court for the judge for consideration. The matter has not been listed in the Trial Court as of the date of these consolidated financial statements.

Issued capital

12 Months Ended

Jun. 30, 2024

Disclosure of classes of share capital [abstract]

Issued capital

Note 21. Issued capital

Consolidated

30 June 2024

30 June 2023

30 June 2024

30 June 2023

US$’000

Ordinary shares - Issued capital

186,367,686

64,747,477

1,764,289

965,857

Movements in ordinary share capital


Details	Date	Shares	US$’000

Opening balance as at	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, net of tax		-	(2,820)

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		108,063,868	771,438
Shares issued for services		106,687	319
Share based payment - employees		561,840	1,397
Capital raise costs, net of tax			(26,139)

Closing balance as at	30 June 2024	186,367,686	1,764,289

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.

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 Sales Agents, 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, Iris Energy Limited (d/b/a IREN) may offer and sell its ordinary shares having an aggregate offering price of up to $500,000,000. On 15 May, 2024, Iris Energy Limited (d/b/a IREN) filed a new registration statement, including an accompanying prospectus, that provided Iris Energy Limited (d/b/a IREN) with the option, but not the obligation, to sell up to an aggregate of $500 million of its Ordinary shares pursuant to the Sales Agreement. As at 30 June 2024, 108,063,868 shares have been issued under the ATM facilities raising total gross proceeds of approximately $771,438,000. An additional $5,191,000 was raised through the sale of 463,089 shares from trades which were executed in June 2024 and subsequently issued and settled in July 2024.

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 Iris Energy Limited (d/b/a IREN) 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 ended 30 June 2024, 12,887,814 shares were issued under the facility raising gross proceeds of $51,417,000. On February 15, 2024, Iris Energy Limited (d/b/a IREN) terminated the Purchase Agreement and the Registration Rights Agreement and on February 16, 2024, Iris Energy Limited (d/b/a IREN) filed a post-effective amendment to the registration statement on Form F-1 related to this offering, which deregistered all remaining shares on such registration statement, terminating the offering.

Loan-funded shares

As at 30 June 2024, there are 1,496,768 (30 June 2023: 1,954,049) restricted ordinary shares issued to management under the Employee Share Plans as well as certain non-employee founders of Podtech Innovation Inc. The total number of ordinary shares outstanding (including the loan funded shares) is 187,864,454 as at 30 June 2024 (30 June 2023: 66,701,526).

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.

Lease liabilities

12 Months Ended

Jun. 30, 2024

Presentation of leases for lessee [abstract]

Lease liabilities

Note 15. Right-of-use assets


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000

Non-current assets
Land and buildings - right-of-use assets	2,054	1,649
Less: Accumulated depreciation	(505)	(275)

Total right-of-use assets	1,549	1,374

Reconciliations

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


Consolidated						US$’000
Balance at 1 July 2022						1,253
Additions						373
Disposals						-
Exchange differences						(32)
Impairment of assets						-
Depreciation (note 6)						(220)

Balance at 30 June 2023						1,374
Additions						347
Disposals						-
Lease modification						102
Exchange differences						(39)
Impairment of assets						-
Depreciation (note 6)						(235)

Balance at 30 June 2024						1,549

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.

Note 17. Lease liabilities

Consolidated

30 June 2024

30 June 2023

US$’000

Current liabilities

Lease liability

214

192

Non-current liabilities

Lease liability

1,441

1,256

Total lease liabilities

1,655

1,448

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 2022			1,267
Additions			390
Lease charges			(332)
Finance charges			166
Exchange differences			(42)
Balance as at 30 June 2023			1,448
Additions			344
Modifications			101
Lease charges			(398)
Finance charges			194
Exchange differences			(34)
Balance as at 30 June 2024			1,655
Current portion			214
Non-current portion			1,441

Issued capital (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure of classes of share capital [abstract]

Issued Capital

Consolidated

30 June 2024

30 June 2023

30 June 2024

30 June 2023

US$’000

Ordinary shares - Issued capital

186,367,686

64,747,477

1,764,289

965,857

Movements in Ordinary Share Capital

Movements in ordinary share capital


Details	Date	Shares	US$’000

Opening balance as at	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, net of tax		-	(2,820)

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		108,063,868	771,438
Shares issued for services		106,687	319
Share based payment - employees		561,840	1,397
Capital raise costs, net of tax			(26,139)

Closing balance as at	30 June 2024	186,367,686	1,764,289

Property, plant and equipment

12 Months Ended

Jun. 30, 2024

Disclosure of detailed information about property, plant and equipment [abstract]

Property, plant and equipment

Note 14. Property, plant and equipment


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000

Land - at cost	3,601	1,803

Buildings - at cost	215,542	153,100
Less: Accumulated depreciation	(13,237)	(5,042)
Total buildings	202,305	148,058

Plant and equipment - at cost	4,856	4,145
Less: Accumulated depreciation	(1,142)	(712)
Total plant and equipment	3,714	3,433

Mining hardware - at cost	177,766	115,024
Less: Accumulated depreciation	(54,892)	(15,709)
Less: Accumulated impairment	(25,605)	(25,934)
Total mining hardware	97,269	73,381

HPC hardware - at cost	33,315	-
Less: Accumulated depreciation	(1,779)	-
Total HPC hardware	31,536	-

Development assets - at cost	102,946	14,427

Total property, plant and equipment	441,371	241,102

Details of impairment expenses recorded during the year ended 30 June 2023 is set out in note 16.

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	HPC hardware	Development assets	Total
Consolidated	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000

Balance at 1 July 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
Additions	1,817	3,288	876	65,291	33,685	150,408	255,365
Disposals	-	-	(35)	(6)	-	(5)	(46)
Exchange differences	(19)	(2,706)	(104)	(1,595)	(369)	252	(4,541)
Reversal of impairment	-	-	-	-	-	108	108
Assets written off	-	-	-	-	-	(202)	(202)
Transfers in/(out)	-	62,042	-	-		(62,042)	-
Depreciation expense (note 6)	-	(8,377)	(456)	(39,802)	(1,780)	-	(50,415)

Balance at 30 June 2024	3,601	202,305	3,714	97,269	31,536	102,946	441,371

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

Change in estimates

Following the announcement made in May 2024, the Group intends to grow to 30 EH/s operating capacity by 31 December 2024, therefore planning to renew its current Bitcoin mining fleet to improve both hashrate and efficiency. As such, the Group intends to replace older miners consisting of the S19j Pros with the newer Bitmain S21 Pros, which resulted in changes in the expected usage of the S19j Pros. The S19j Pros which were previously intended to be used for four years, are now expected to remain active until 1 October 2024. As a result, the expected useful life of the S19j Pros decreased, and their estimated residual value is now expected to equal the secondary market price upon selling date which is expected to be approximately $16,770,000.

The effect of these changes on actual and expected depreciation expense was as follows.


In $'000	30 June 2024	30 June 2025	30 June 2026	30 June 2027
Increase / (decrease) in depreciation expenses	11,568	1,712	(21,037)	(8,818)

Depreciation

12 Months Ended

Jun. 30, 2024

Depreciations [Abstract]

Depreciation

Note 6. Depreciation


	Consolidated
	Year ended 30 June 2024	Year ended 30 June 2023	Year ended 30 June 2022
	US$’000	US$’000	US$’000

Depreciation of property, plant and equipment	50,415	30,636	7,682
Depreciation of right-of-use assets	235	220	59

Total depreciation	50,650	30,856	7,741

Other income (Details) - USD ($) $ in Thousands	12 Months Ended
Other income (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Analysis of income and expense [abstract]
Net gain on disposal of other assets	$ 0	$ 3,117	$ 0
ERS revenue	1,566	0	0
Other	0	20	12
Other income	$ 1,566	$ 3,137	$ 12

Income tax expense - Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Unrecognized deferred tax assets
Available tax losses	$ 155,608	$ 136,849	$ 19,268
Tax effect at the applicable tax rate for each jurisdiction	41,750	39,238	5,117
Deferred tax asset on tax losses recognized to the extent of taxable temporary differences	19,148	10,761	3,854
Deferred tax asset on losses not recognized	$ 22,602	$ 28,477	$ 1,263

Dividends	12 Months Ended
Dividends	Jun. 30, 2024
Dividends [Abstract]
Dividends	Note 22. Dividends There were no dividends paid, recommended or declared during the current or previous financial year.

Related party transactions (Details) - USD ($)	12 Months Ended
Related party transactions (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Outstanding balances for related party transactions [abstract]
Transactions with related parties	$ 0	$ 0
Receivables due from related parties	0	0
Payables to related parties	0	0
Loans from related parties	0	0
Amounts payable, related party transactions	$ 0	$ 0

Earnings per share

12 Months Ended

Jun. 30, 2024

Earnings per share [abstract]

Earnings per share

Note 23. Earnings per share

Year ended
30 June 2024

Year ended
30 June 2023

Year ended
30 June 2022

US$’000

Loss after income tax

(28,955)

(171,871)

(419,770)


	Number	Number	Number

Weighted average number of shares used in calculating basic earnings per share	99,640,920	54,775,571	40,941,074
Weighted average number of shares used in calculating diluted earnings per share	99,640,920	54,775,571	40,941,074


	US$	US$	US$

Basic earnings per share	(0.29)	(3.14)	(10.25)

Diluted earnings per share	(0.29)	(3.14)	(10.25)

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

Issued capital - Narrative (Details) - USD ($)	1 Months Ended	6 Months Ended	12 Months Ended
Issued capital - Narrative (Details) - USD ($)	Jul. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	May 15, 2024	Mar. 21, 2024	Sep. 13, 2023	Sep. 23, 2022	Jun. 30, 2022
Issued capital
At-The-Market Facility [Abstract]
Shares issued under ATM Facility Facility (in shares)			108,063,868
Shares issued under ATM Facility			$ 771,438,000
Committed Equity Facility [Abstract]
Increase (decrease) in number of shares issued			12,887,814	11,089,357
Share based payment transactions under committed equity facility			$ 51,417,000	$ 39,939,000
Loan-funded shares [Abstract]
Number of shares outstanding (in shares)			186,367,686	64,747,477					53,028,867
Issued capital \| Subsequent Events [Member]
At-The-Market Facility [Abstract]
Shares issued under ATM Facility	$ 5,191,000
Additional shares issued (in shares)	463,089
Ordinary shares
Ordinary shares [Abstract]
Par value per share			$ 0
Loan-funded shares [Abstract]
Number of restricted shares issued (in shares)			1,496,768	1,954,049
Number of shares outstanding (in shares)			187,864,454	66,701,526
B. Riley Principal Capital II, LLC \| Ordinary shares \| Offerings At The Market
At-The-Market Facility [Abstract]
Maximum value of shares to be issued under share sale option agreement (in shares)					$ 500,000,000	$ 500,000,000	$ 300,000,000
Term of option agreement to sell ordinary shares		36 months
Value of shares increased to be issued under share sale option agreement						200,000,000
Committed Equity Facility [Abstract]
Maximum value of shares to be issued under share sale option agreement (in shares)					$ 500,000,000	$ 500,000,000	300,000,000
Term of option agreement to sell ordinary shares		36 months
B. Riley Principal Capital II, LLC \| Ordinary shares \| Committed Equity Facility
At-The-Market Facility [Abstract]
Term of option agreement to sell ordinary shares			2 years
Committed Equity Facility [Abstract]
Term of option agreement to sell ordinary shares			2 years
B. Riley Principal Capital II, LLC \| Ordinary shares \| Committed Equity Facility \| Maximum
At-The-Market Facility [Abstract]
Maximum value of shares to be issued under share sale option agreement (in shares)								$ 100,000,000
Committed Equity Facility [Abstract]
Maximum value of shares to be issued under share sale option agreement (in shares)								$ 100,000,000
B. Riley Principal Capital II, LLC \| Ordinary shares \| Equity offerings at the market \| Maximum
At-The-Market Facility [Abstract]
Maximum value of shares to be issued under share sale option agreement (in shares)							300,000,000
Committed Equity Facility [Abstract]
Maximum value of shares to be issued under share sale option agreement (in shares)							$ 300,000,000

Share-based payments - Measuring Fair Value of Arrangements Granted (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($) shares $ / shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Fair Value of Arrangements Granted
Expense from share-based payment transactions \| $	$ 23,636	$ 14,356	$ 13,896
Long Term Incentive Plan Date 1 July 2022, Service RSUs
Fair Value of Arrangements Granted
Expected dividend as percentage, share options granted	0.00%
Expected volatility, share options granted	0.00%
Risk free interest rate, share options granted	0.00%
Weighted average expected life	3 years 8 months 26 days
Exercise price, share options granted	$ 3.73
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 3.73
Granted during the year (in shares) \| shares	1,109,500
Long Term Incentive Plan Date 1 July 2022, TSR RSUs
Fair Value of Arrangements Granted
Expected dividend as percentage, share options granted	0.00%
Expected volatility, share options granted	120.00%
Risk free interest rate, share options granted	3.00%
Weighted average expected life	3 years 3 months
Exercise price, share options granted	$ 3.73
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 3.22
Granted during the year (in shares) \| shares	138,189
Vesting period	3 years 3 months
Long Term Incentive Plan Date 1 July 2022, TSR RSUs
Fair Value of Arrangements Granted
Expected dividend as percentage, share options granted	0.00%
Expected volatility, share options granted	120.00%
Risk free interest rate, share options granted	3.25%
Weighted average expected life	4 years 3 months
Exercise price, share options granted	$ 3.73
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 3.38
Granted during the year (in shares) \| shares	138,189
Vesting period	4 years 3 months
Long Term Incentive Plan Date 1 July 2022, Share Price Target RSU
Fair Value of Arrangements Granted
Expected dividend as percentage, share options granted	0.00%
Expected volatility, share options granted	120.00%
Risk free interest rate, share options granted	3.60%
Weighted average expected life	15 years
Exercise price, share options granted	$ 3.73
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 1.72
Granted during the year (in shares) \| shares	611,260
Long Term Incentive Plan Date 22 December 2022, Service RSUs
Fair Value of Arrangements Granted
Expected dividend as percentage, share options granted	0.00%
Expected volatility, share options granted	0.00%
Risk free interest rate, share options granted	0.00%
Weighted average expected life	1 year
Exercise price, share options granted	$ 1.13
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 1.13
Granted during the year (in shares) \| shares	104,559
Long Term Incentive Plan Date 11 January 2023, Service RSUs
Fair Value of Arrangements Granted
Expected dividend as percentage, share options granted	0.00%
Expected volatility, share options granted	0.00%
Risk free interest rate, share options granted	0.00%
Weighted average expected life	3 years 9 months
Exercise price, share options granted	$ 1.53
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 1.53
Granted during the year (in shares) \| shares	169,870
Long Term Incentive Plan Date 11 January 2023, TSR RSUs
Fair Value of Arrangements Granted
Expected dividend as percentage, share options granted	0.00%
Expected volatility, share options granted	120.00%
Risk free interest rate, share options granted	3.25%
Weighted average expected life	3 years 9 months
Exercise price, share options granted	$ 1.53
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 1.32
Granted during the year (in shares) \| shares	42,467
Long Term Incentive Plan Date 19 June 2023, Service RSUs
Fair Value of Arrangements Granted
Expected dividend as percentage, share options granted	0.00%
Expected volatility, share options granted	0.00%
Risk free interest rate, share options granted	0.00%
Weighted average expected life	2 years
Exercise price, share options granted	$ 3.42
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 3.42
Granted during the year (in shares) \| shares	1,426,332
Long Term Incentive Plan Date 1 July 2023, Service RSUs
Fair Value of Arrangements Granted
Expected dividend as percentage, share options granted	0.00%
Expected volatility, share options granted	0.00%
Risk free interest rate, share options granted	0.00%
Weighted average expected life	2 years
Exercise price, share options granted	$ 4.66
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 4.66
Granted during the year (in shares) \| shares	1,676,083
Long Term Incentive Plan Date 1 July 2023, TSR RSUs
Fair Value of Arrangements Granted
Expected dividend as percentage, share options granted	0.00%
Expected volatility, share options granted	0.00%
Risk free interest rate, share options granted	4.39%
Weighted average expected life	3 years
Exercise price, share options granted	$ 4.66
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 2.40
Granted during the year (in shares) \| shares	1,534,598
Long Term Incentive Plan Date 17 July 2023, Service RSUs
Fair Value of Arrangements Granted
Expected dividend as percentage, share options granted	0.00%
Expected volatility, share options granted	0.00%
Risk free interest rate, share options granted	0.00%
Weighted average expected life	1 year
Exercise price, share options granted	$ 7.14
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 7.14
Granted during the year (in shares) \| shares	18,908
Long Term Incentive Plan Date 13 January 2024, Service RSUs
Fair Value of Arrangements Granted
Expected dividend as percentage, share options granted	0.00%
Expected volatility, share options granted	0.00%
Risk free interest rate, share options granted	0.00%
Weighted average expected life	2 years
Exercise price, share options granted	$ 5.15
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 5.15
Granted during the year (in shares) \| shares	45,078
Long Term Incentive Plan Date 13 January 2024, TSR RSUs
Fair Value of Arrangements Granted
Expected dividend as percentage, share options granted	0.00%
Expected volatility, share options granted	0.00%
Risk free interest rate, share options granted	3.85%
Weighted average expected life	3 years
Exercise price, share options granted	$ 5.15
Exercise price (in dollars per share)	0
Weighted average of fair value (in dollars per share)	$ 2.98
Granted during the year (in shares) \| shares	40,127

Provisions (Tables)

12 Months Ended

Jun. 30, 2024

Provisions [abstract]

Provisions

Consolidated

30 June 2024

30 June 2023

US$’000

Current liabilities

Non-refundable sales tax and other provisions

13,375

6,172

Goodwill and impairment - Reconciliations of Impairment of Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure of impairment loss and reversal of impairment loss [abstract]
Goodwill	$ 0	$ 603
Development assets	0	1,084
Impairment of assets	0	105,172	$ 167
Non-Recourse SPVs
Disclosure of impairment loss and reversal of impairment loss [abstract]
Mining hardware	0	64,824
Mining hardware prepayments	0	1,660
Mining Hardware
Disclosure of impairment loss and reversal of impairment loss [abstract]
Mining hardware	0	25,700
Mining hardware prepayments	$ 0	11,301
Impairment of assets		$ 12,961

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, 2024 shares $ / shares	Jun. 30, 2023 shares $ / shares
Number of Options and RSUs [Abstract]
Outstanding at beginning of year (in shares) \| shares	10,008,224	6,973,516
Granted during the year (in shares) \| shares	2,564,809	3,070,379
Forfeited during the year (in shares) \| shares	0	(31,671)
Exercised during the period (in shares) \| shares	(104,559)	(4,000)
Outstanding at end of year (in shares) \| shares	12,468,474	10,008,224
Exercisable at end of year (in shares) \| shares	2,017,021	2,017,021
Weighted average exercise price
Outstanding at beginning of year (in dollars per share) \| $ / shares	$ 37.84	$ 53.16
Granted during the year (in dollars per share) \| $ / shares	0	2.97
Weighted average exercise price of share options forfeited in share-based payment arrangement \| $ / shares	0	36.45
Weighted average exercise price of share options exercised in share-based payment arrangement \| $ / shares	0	0
Outstanding at end of year (in dollars per share) \| $ / shares	30.37	37.84
Exercisable at end of year (in dollars per share) \| $ / shares	$ 3.92	$ 3.87

Consolidated statements of financial position - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Current assets
Cash and cash equivalents	$ 404,601	$ 68,894
Other receivables	29,367	6,543
Financial assets at fair value through profit or loss	6,530	0
Prepayments and other assets	11,888	13,793
Total current assets	452,386	89,230
Non-current assets
Property, plant and equipment	441,371	241,102
Right-of-use assets	1,549	1,374
Deferred tax assets	0	8
Computer hardware prepayments	239,841	68
Prepayments and other assets	17,459	0
Other assets	427	292
Total non-current assets	700,647	242,844
Total assets	1,153,033	332,074
Current liabilities
Lease liabilities	214	192
Income tax	1,389	32
Employee benefits	1,342	961
Trade and other payables	32,119	16,644
Deferred revenue	2,558	0
Provisions	13,375	6,172
Total current liabilities	50,997	24,001
Non-current liabilities
Lease liabilities	1,441	1,256
Deferred tax liabilities	3,125	1,365
Employee benefits	119	91
Total non-current liabilities	4,685	2,712
Total liabilities	55,682	26,713
Equity
Issued capital	1,764,289	965,857
Foreign currency translation reserve	(34,993)	(34,655)
Share-based payments reserve	51,286	28,435
Accumulated losses	(683,231)	(654,276)
Total equity	1,097,351	305,361
Total liabilities and equity	$ 1,153,033	$ 332,074

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jun. 30, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Other operating expenses (Tables)

12 Months Ended

Jun. 30, 2024

Other operating expenses [Abstract]

Other Operating Expenses


	Consolidated
	Year ended 30 June 2024	Year ended 30 June 2023	Year ended 30 June 2022
	US$’000	US$’000	US$’000

Insurance	7,033	5,687	5,065
Sponsorship and marketing	2,051	716	305
ERS fees	94	-	-
Charitable donations	640	164	464
Legal expenses	1,797	-	-
Filing fees	79	76	462
Site identification costs	-	15	258
Non-refundable sales tax (See Note 18 - Provisions)	6,276	4,972	2,469
Non-refundable provincial sales tax	1,408	371	-
Other expenses	1,707	2,277	861

Total other operating expenses	21,085	14,278	9,884

Financial instruments - Sensitivity Analysis (Details) - Currency risk $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($)
US Dollars \| 10% Strengthened
Sensitivity analysis [Abstract]
Strengthened / weakened, effect on profit before tax	$ 45,350
Strengthened / weakened, effect on equity	45,350
US Dollars \| 10% Weakened
Sensitivity analysis [Abstract]
Strengthened / weakened, effect on profit before tax	(55,427)
Strengthened / weakened, effect on equity	(55,427)
Canadian Dollars \| 10% Strengthened
Sensitivity analysis [Abstract]
Strengthened / weakened, effect on profit before tax	18,115
Strengthened / weakened, effect on equity	18,115
Canadian Dollars \| 10% Weakened
Sensitivity analysis [Abstract]
Strengthened / weakened, effect on profit before tax	(18,251)
Strengthened / weakened, effect on equity	(18,251)
Australia, Dollars \| 10% Strengthened
Sensitivity analysis [Abstract]
Strengthened / weakened, effect on profit before tax	(62,606)
Strengthened / weakened, effect on equity	(62,606)
Australia, Dollars \| 10% Weakened
Sensitivity analysis [Abstract]
Strengthened / weakened, effect on profit before tax	76,179
Strengthened / weakened, effect on equity	$ 76,179

Commitments

12 Months Ended

Jun. 30, 2024

Commitments [Abstract]

Commitments

Note 26. Commitments

As at 30 June 2024, the Group had commitments of $194,641,000 (30 June 2023: $7,481,000) which are payable within the year ended 30 June 2025. These commitments include committed capital expenditure on infrastructure related to site development.

The committed amounts are payable as set out below:


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000
Mining hardware commitments
Amounts payable within 12 months of balance date:	116,982	-
Amounts payable after 12 months of balance date:	-	-

Other commitments
Amounts payable within 12 months of balance date:	77,659	7,481
Amounts payable after 12 months of balance date:	-	-

Total commitments	194,641	7,481

Share-based payments

12 Months Ended

Jun. 30, 2024

Disclosure of terms and conditions of share-based payment arrangement [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 Plans

The Group’s Employee Share Plans are loan-funded share schemes. 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 Plans are dependent on specific service thresholds being met by the employee.

2021 Executive Director Liquidity and Price Target Options

On 20 January 2021, the 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 generally 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 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.

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 based on 24,195,092 ordinary shares outstanding at the time of issuance:

•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

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.

2022 Long-Term Incentive Plan Restricted Stock Units ("2022 LTIP")

In June 2022, the Board approved a new long term incentive plan under which participating employees generally 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 2022 LTIP.

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

•1,594,215 RSUs 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 the nominated entity of 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 Co-Founder and Co-Chief Executive Officer grant of 713,166 to each of the nominated entity, 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 vested within 10 days of the release of the consolidated Group financial statements for the year ended 30 June 2023.

During the year ended 30 June 2024, there were no grants made under the 2022 LTIP.

2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP")

In June 2023, the 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 2023 LTIP.

During the year ended 30 June 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:

◦809,883 RSUs are subject to time-based vesting conditions and will vest after one years;

◦809,883 RSUs are subject to time-based vesting conditions and will vest after two years;

◦1,574,725 RSUs 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 within 10 days of the release of the consolidated Group financial statements for the year ended 30 June 2024 or in any event by no later than 31 December 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
	30 June 2024	30 June 2024	30 June 2023	30 June 2023

Outstanding as at 1 July	8,906,839	$41.93	9,010,547	$41.67
Granted during the year	34,454	$13.47	-	-
Forfeited during the year	-	-	(103,708)	$20.03
Exercised during the year	(457,282)	$1.89	-	-

Outstanding at the end of the financial year	8,484,011	$43.97	8,906,839	$41.93

Exercisable at the end of the financial year	3,332,076	$3.01	3,485,302	$2.97

As at 30 June 2024, the weighted average remaining contractual life of options outstanding is 6.56 years (30 June 2023: 7.57 years). As at 30 June 2024, the exercise prices associated with the options outstanding ranges from $1.53 to $75.00 (30 June 2023: $1.53 to $75.00). For the share options exercised during the year, the weighted average share price at the date of exercise is $9.27.

Reconciliation of outstanding RSUs

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


	Number of RSUs	Number of RSUs
	30 June 2024	June 30, 2023

Outstanding as at 1 July	3,623,867	-
Granted during the year	3,314,794	3,740,366
Forfeited during the year	(221,455)	(112,499)
Exercised during the year	(104,559)	(4,000)

Outstanding at the end of the financial year	6,612,647	3,623,867

Exercisable at the end of the financial year	-	-

As at 30 June 2024, the weighted average remaining contractual life of RSUs outstanding is 2.76 years. All RSUs have a nil weighted average exercise price.

Valuation methodology

The fair value of instruments issued under the Employee Share Plans have been measured using a Black-Scholes-Merton valuation model. The fair value of the Executive Director Liquidity and Price Target 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 2024 and 30 June 2023:


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$

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

1 July 2023
Service RSUs	-	-		-		2.00	4.66	-	4.66	1,676,083
TSR RSUs	-	-		4.39	%	3.00	4.66	-	2.40	1,534,598

17 July 2023
Service RSUs	-	-		-		1.00	7.14	-	7.14	18,908

13 January 2024
Service RSUs	-	-		-		2.00	5.15	-	5.15	45,078
TSR RSUs	-	-		3.85	%	3.00	5.15	-	2.98	40,127

The share-based payment expense for the year was $23,636,000 (2023: $14,356,000, 2022: $13,896,000).

Goodwill and impairment - Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Non-current assets
Goodwill	$ 0	$ 0
At Cost
Non-current assets
Goodwill	598	617
Impairment
Non-current assets
Goodwill	$ (598)	$ (617)

Lease liabilities - Narrative (Details) - Lease liabilities	12 Months Ended
	Jun. 30, 2024
Prince George, British Columbia, Canada
Borrowings [Abstract]
Lease term	30 years
Sydney, Australia
Borrowings [Abstract]
Lease term	3 years
Vancouver, British Columbia, Canada
Borrowings [Abstract]
Lease term	5 years

Income tax expense - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Major components of tax expense (income) [abstract]
Deductible temporary differences for which no deferred tax asset is recognised	$ 123,987

Deferred revenue (Tables)

12 Months Ended

Jun. 30, 2024

Deferred revenue 1 [Abstract]

Disclosure of disaggregation of revenue from contracts with customers


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000

Current liabilities
British Columbia ("B.C.") Affordability Credit	2,078	-
AI Cloud deferred revenue	480	-

Total deferred revenue	2,558	-

Operating segments

12 Months Ended

Jun. 30, 2024

Disclosure of operating segments [abstract]

Operating segments

Note 4. Operating segments

Identification of reportable operating segments

The Group is organized into different business activities:

•Bitcoin mining: The Group owns and operates ASIC hardware used to mine Bitcoin. The revenue depends on the number of Bitcoin received from the mining pool each day and the Bitcoin price.

•AI cloud services: The Group owns and operates HPC hardware and generates revenue by providing third-party customers with remote access to these HPC hardware.

However, the Group's CODM assesses the business performance and primarily makes resource allocation decisions based on the Group as a whole, rather than by individual business lines or geographical regions.

The Group’s internal reporting used by the CODM is structured as a single integrated business and thus does not contain discrete financial information on separate business activities. Therefore, in accordance with IFRS 8 Operating Segments, the Group has determined that it has only one reportable segment.

Additionally, revenue and assets related to the AI cloud services business activity represent less than 10% of the Group's total revenue and assets.

Major customers

The Group generated 98% (2023: 100%, 2022: 100%) of its revenue through the provision of computing power to three (2023: two, 2022: two) Bitcoin mining pools for the year ended 30 June 2024.

Geographical information

Disaggregated revenue data by geographical region in terms of where the services were provided within the operating segment is as follows:

Consolidated

30 June 2024

30 June 2023

US$’000

Revenue per geographical area

Australia

184,087

81,884

North-America

4,671

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

Consolidated

30 June 2024

30 June 2023

US$’000

Non-current assets per geographical area

Australia

658

867

North-America

699,989

241,969

Cash and cash equivalents (Tables)

12 Months Ended

Jun. 30, 2024

Cash and cash equivalents [abstract]

Cash and Cash Equivalents


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000

Cash at bank	304,601	38,657
Cash on deposit (cash equivalents)	100,000	30,237

Total cash and cash equivalents	404,601	68,894

Share-based payments - Reconciliation of Outstanding Share Options (Details) - Share Options	12 Months Ended
	Jun. 30, 2024 shares $ / shares	Jun. 30, 2023 shares $ / shares
Number of options
Outstanding at beginning of year (in shares) \| shares	8,906,839	9,010,547
Granted during the year (in shares) \| shares	34,454	0
Forfeited during the year (in shares) \| shares	0	(103,708)
Exercised during the period (in shares) \| shares	(457,282)	0
Outstanding at end of year (in shares) \| shares	8,484,011	8,906,839
Exercisable at end of year (in shares) \| shares	3,332,076	3,485,302
Weighted average exercise price
Outstanding at beginning of year (in dollars per share)	$ 41.93	$ 41.67
Granted during the year (in dollars per share)	13.47	0
Weighted average exercise price of share options forfeited in share-based payment arrangement	0	20.03
Weighted average exercise price of share options exercised in share-based payment arrangement	1.89	0
Outstanding at end of year (in dollars per share)	43.97	41.93
Exercisable at end of year (in dollars per share)	$ 3.01	$ 2.97
Weighted average remaining contractual life	6 years 6 months 21 days	7 years 6 months 25 days
Weighted average share price at date of exercise (in dollars per share)	$ 9.27
Minimum
Weighted average exercise price
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
Weighted average exercise price
Outstanding at beginning of year (in dollars per share)	75.00
Outstanding at end of year (in dollars per share)	$ 75.00	$ 75.00

Financial Instruments - Liquidity Risk Contractual Maturities (Details) - Liquidity Risk - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Remaining contractual maturities [Abstract]
Total non-derivatives	$ 28,797	$ 16,918
Trade and other payables
Remaining contractual maturities [Abstract]
Weighted average contractual interest rate	0.00%	0.00%
Total non-derivatives	$ 24,780	$ 13,541
Lease liabilities
Remaining contractual maturities [Abstract]
Weighted average contractual interest rate	0.00%	0.00%
Total non-derivatives	$ 4,017	$ 3,377
Not later than one year
Remaining contractual maturities [Abstract]
Total non-derivatives	25,151	13,876
Not later than one year \| Trade and other payables
Remaining contractual maturities [Abstract]
Total non-derivatives	24,780	13,541
Not later than one year \| Lease liabilities
Remaining contractual maturities [Abstract]
Total non-derivatives	371	335
Later than one year and not later than two years
Remaining contractual maturities [Abstract]
Total non-derivatives	261	326
Later than one year and not later than two years \| Trade and other payables
Remaining contractual maturities [Abstract]
Total non-derivatives	0	0
Later than one year and not later than two years \| Lease liabilities
Remaining contractual maturities [Abstract]
Total non-derivatives	261	326
Later than two years and not later than five years
Remaining contractual maturities [Abstract]
Total non-derivatives	516	446
Later than two years and not later than five years \| Trade and other payables
Remaining contractual maturities [Abstract]
Total non-derivatives	0	0
Later than two years and not later than five years \| Lease liabilities
Remaining contractual maturities [Abstract]
Total non-derivatives	516	446
Later than five years
Remaining contractual maturities [Abstract]
Total non-derivatives	2,869	2,270
Later than five years \| Trade and other payables
Remaining contractual maturities [Abstract]
Total non-derivatives	0	0
Later than five years \| Lease liabilities
Remaining contractual maturities [Abstract]
Total non-derivatives	$ 2,869	$ 2,270

Right-of-use assets

12 Months Ended

Jun. 30, 2024

Presentation of leases for lessee [abstract]

Right-of-use assets

Note 15. Right-of-use assets


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000

Non-current assets
Land and buildings - right-of-use assets	2,054	1,649
Less: Accumulated depreciation	(505)	(275)

Total right-of-use assets	1,549	1,374

Reconciliations

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


Consolidated						US$’000
Balance at 1 July 2022						1,253
Additions						373
Disposals						-
Exchange differences						(32)
Impairment of assets						-
Depreciation (note 6)						(220)

Balance at 30 June 2023						1,374
Additions						347
Disposals						-
Lease modification						102
Exchange differences						(39)
Impairment of assets						-
Depreciation (note 6)						(235)

Balance at 30 June 2024						1,549

Note 17. Lease liabilities

Consolidated

30 June 2024

30 June 2023

US$’000

Current liabilities

Lease liability

214

192

Non-current liabilities

Lease liability

1,441

1,256

Total lease liabilities

1,655

1,448

Lease liabilities


Reconciliation			US$’000
Balance as at 1 July 2022			1,267
Additions			390
Lease charges			(332)
Finance charges			166
Exchange differences			(42)
Balance as at 30 June 2023			1,448
Additions			344
Modifications			101
Lease charges			(398)
Finance charges			194
Exchange differences			(34)
Balance as at 30 June 2024			1,655
Current portion			214
Non-current portion			1,441

Goodwill and impairment

12 Months Ended

Jun. 30, 2024

Goodwill and impairment [Abstract]

Goodwill and impairment

Note 16. Goodwill and impairment


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000
Non-current assets
Goodwill - at cost	598	617
Less: Impairment	(598)	(617)

Total goodwill	-	-

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 CGU to which the goodwill is allocated is compared to its recoverable amount. For the years ended 30 June 2024 and 30 June 2023 the Group operated as a single CGU.

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

As at 30 June 2024, no impairment indicators existed for the CGU.

Reconciliation

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


	Year ended 30 June 2024	Year ended 30 June 2023
	US$’000	US$’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.

As at June 30, 2024, the Group has not identified any indicator of impairment for the property, plant and equipment.

Provisions (Details) - USD ($) $ in Thousands	12 Months Ended
Provisions (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Current liabilities [Abstract]
Non-refundable sales tax and other provisions	$ 13,375	$ 6,172
North-America
Current liabilities [Abstract]
Percentage of GST required to remit	5.00%
Percentage of GST on exported services

Property, plant and equipment - Reconciliations of Written Down Values (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract]
Property, plant and equipment, beginning balance	$ 241,102	$ 247,562
Additions	255,365	254,669
Deconsolidation of subsidiaries		(90,054)
Disposals	(46)	(39,052)
Exchange differences	(4,541)	(9,779)
Impairment of assets		(91,608)
Reversal of impairment	108
Assets written off	(202)
Transfers in/(out)	0	0
Depreciation expense (note 6)	(50,415)	(30,636)	$ (7,682)
Property, plant and equipment, ending balance	441,371	241,102	247,562
Land
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract]
Property, plant and equipment, beginning balance	1,803	1,836
Additions	1,817	0
Deconsolidation of subsidiaries		0
Disposals	0	(6)
Exchange differences	(19)	(27)
Impairment of assets		0
Reversal of impairment	0
Assets written off	0
Transfers in/(out)	0	0
Depreciation expense (note 6)	0	0
Property, plant and equipment, ending balance	3,601	1,803	1,836
Buildings
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract]
Property, plant and equipment, beginning balance	148,058	13,082
Additions	3,288	22,467
Deconsolidation of subsidiaries		0
Disposals	0	0
Exchange differences	(2,706)	2,852
Impairment of assets		0
Reversal of impairment	0
Assets written off	0
Transfers in/(out)	62,042	113,967
Depreciation expense (note 6)	(8,377)	(4,310)
Property, plant and equipment, ending balance	202,305	148,058	13,082
Plant and Equipment
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract]
Property, plant and equipment, beginning balance	3,433	3,200
Additions	876	673
Deconsolidation of subsidiaries		0
Disposals	(35)	0
Exchange differences	(104)	(93)
Impairment of assets		0
Reversal of impairment	0
Assets written off	0
Transfers in/(out)	0	0
Depreciation expense (note 6)	(456)	(347)
Property, plant and equipment, ending balance	3,714	3,433	3,200
Mining Hardware
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract]
Property, plant and equipment, beginning balance	73,381	163,147
Additions	65,291	163,663
Deconsolidation of subsidiaries		(90,054)
Disposals	(6)	(39,046)
Exchange differences	(1,595)	(7,826)
Impairment of assets		(90,524)
Reversal of impairment	0
Assets written off	0
Transfers in/(out)	0	0
Depreciation expense (note 6)	(39,802)	(25,979)
Property, plant and equipment, ending balance	97,269	73,381	163,147
HPC Hardware
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract]
Property, plant and equipment, beginning balance	0	0
Additions	33,685	0
Deconsolidation of subsidiaries		0
Disposals	0	0
Exchange differences	(369)	0
Impairment of assets		0
Reversal of impairment	0
Assets written off	0
Transfers in/(out)		0
Depreciation expense (note 6)	(1,780)	0
Property, plant and equipment, ending balance	31,536	0	0
Development Assets
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract]
Property, plant and equipment, beginning balance	14,427	66,297
Additions	150,408	67,866
Deconsolidation of subsidiaries		0
Disposals	(5)	0
Exchange differences	252	(4,685)
Impairment of assets		(1,084)
Reversal of impairment	108
Assets written off	(202)
Transfers in/(out)	(62,042)	(113,967)
Depreciation expense (note 6)	0	0
Property, plant and equipment, ending balance	$ 102,946	$ 14,427	$ 66,297

Interests in subsidiaries (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure of 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 2024 %	30 June 2023 %

Iris Energy Custodian Pty Ltd	Australia	100%	100%
Iris Energy Holdings Pty Ltd	Australia	100%	100%
SA 1 Holdings Pty Ltd	Australia	100%	100%
SA 2 Holdings Pty Ltd	Australia	100%	100%
TAS 1 Holdings Pty Ltd	Australia	100%	100%
Podtech Data Centers Inc.	Canada	100%	100%
IE CA Compute Ltd.	Canada	100%	-%
IE CA Leasing Ltd.	Canada	100%	-%
IE CA 1 Holdings Ltd.	Canada	100%	100%
IE CA 2 Holdings Ltd.	Canada	100%	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 CA Development Holdings 7 Ltd.	Canada	100%	100%
IE US 1, Inc.	United States of America	100%	100%
IE US Holdings Inc.	United States of America	100%	100%
IE US Development Holdings 1 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 Development Holdings 5 Inc.	United States of America	100%	100%
IE US Development Holdings 6 Inc.	United States of America	100%	-%
IE US Hardware 1 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%
IE US Operations Inc.	United States of America	100%	100%

Other receivables

12 Months Ended

Jun. 30, 2024

Other receivables [Abstract]

Other receivables

Note 11. Other receivables


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000

Current assets
Trade receivable	152	-
Government grant receivable (note 20)	2,078	-
Share issuances proceeds receivable	16,563	1,581
Provincial sales tax receivable	-	122
Interest receivable	1,472	-
ERS receivable	1,128	-
Other receivable	130	97
GST receivable	7,844	4,743

Total other receivables	29,367	6,543

Financial instruments (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure of detailed information about financial instruments [abstract]

Financial Asset or Liability by Currency

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 2024	30 June 2023	30 June 2024	30 June 2023
	US$’000	US$’000	US$’000	US$’000

US dollars	442,127	96,888	56,720	32,619
Canadian dollars	112,639	124,549	1,265	37,390

	554,766	221,437	57,985	70,009

Sensitivity Analysis for Types of Market Risk and Interest Rate Risk


	Strengthened				Weakened
30 June 2024	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	%	45,350	45,350	10	%	(55,427)	(55,427)
Canadian dollar	10	%	18,115	18,115	10	%	(18,251)	(18,251)
Australian dollar	10	%	(62,606)	(62,606)	10	%	76,179	76,179

A reasonably possible change of 100 basis points ("bp") in interest rates at the reporting date would have increased (decreased) profit or loss by the amounts shown below:


30 June 2024	100 bp increase US$’000	100 bp decrease US$’000

Term deposit	425	(425)
Remunerated bank account	897	(897)
Cash flow sensitivity (net)	1,322	(1,322)

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 2024	%	US$’000	US$’000	US$’000	US$’000	US$’000

Trade and other payables	-	24,780	-	-	-	24,780
Lease liabilities	-	371	261	516	2,869	4,017
Total non-derivatives		25,151	261	516	2,869	28,797


	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

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

Disclosure of Financial Assets at Fair Value Through Profit or Loss

Financial assets at fair value through profit or loss


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000
Current assets
Electricity financial asset	6,530	-

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	-	-
Additions	28,332	-
Financial asset realized	(18,354)	-
Unrealized loss	(3,448)	-

Closing fair value	6,530	-

Share-based payments (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Disclosure of number and weighted average exercise prices of 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 2024	30 June 2024	30 June 2023	30 June 2023

Outstanding as at 1 July	8,906,839	$41.93	9,010,547	$41.67
Granted during the year	34,454	$13.47	-	-
Forfeited during the year	-	-	(103,708)	$20.03
Exercised during the year	(457,282)	$1.89	-	-

Outstanding at the end of the financial year	8,484,011	$43.97	8,906,839	$41.93

Exercisable at the end of the financial year	3,332,076	$3.01	3,485,302	$2.97

Reconciliation of Outstanding RSUs

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


	Number of RSUs	Number of RSUs
	30 June 2024	June 30, 2023

Outstanding as at 1 July	3,623,867	-
Granted during the year	3,314,794	3,740,366
Forfeited during the year	(221,455)	(112,499)
Exercised during the year	(104,559)	(4,000)

Outstanding at the end of the financial year	6,612,647	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 2024 and 30 June 2023:


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$

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

1 July 2023
Service RSUs	-	-		-		2.00	4.66	-	4.66	1,676,083
TSR RSUs	-	-		4.39	%	3.00	4.66	-	2.40	1,534,598

17 July 2023
Service RSUs	-	-		-		1.00	7.14	-	7.14	18,908

13 January 2024
Service RSUs	-	-		-		2.00	5.15	-	5.15	45,078
TSR RSUs	-	-		3.85	%	3.00	5.15	-	2.98	40,127

Consolidated statements of cash flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Receipts from other income	$ 438	$ 3,104	$ 0
Payments for electricity, suppliers and employees	(139,535)	(72,183)	(32,231)
Interest received	5,008	803	4
Interest paid	(213)	(4,102)	(5,253)
Net cash from operating activities	52,716	6,045	21,557
Cash flows from investing activities
Payments for property, plant and equipment net of mining hardware prepayments	(141,855)	(116,064)	(83,654)
Payments for mining hardware prepayments	(338,054)	0	(210,593)
Payments for prepayments and other assets	(18,600)	(7,363)	(22,038)
Repayments/(advancement) of loan proceeds	0	2,291	(1,870)
Deconsolidation of Non-Recourse SPVs	0	(1,214)	0
Proceeds from disposal of property, plant and equipment	43	32,488	40
Proceeds from release of deposits	0	18,395	0
Net cash used in investing activities	(498,466)	(71,467)	(318,115)
Cash flows from financing activities
Proceeds from hybrid financial instruments	0	0	107,845
Capital raise costs	(946)	(1,012)	(4,212)
Proceeds from mining hardware finance	0	0	65,200
Repayment of borrowings	0	(9,432)	(12,120)
Proceeds from Initial Public Offering (net of underwriting fees)	0	0	215,331
Proceeds from loan funded shares	503	0	0
Payment of borrowing transaction costs	0	(250)	0
Share issuances	783,069	39,252	0
Repayment of lease liabilities	(497)	(318)	(6)
Net cash from financing activities	782,129	28,240	372,038
Net increase/(decrease) in cash and cash equivalents	336,379	(37,182)	75,480
Cash and cash equivalents at the beginning of the financial year	68,894	109,970	38,990
Effects of exchange rate changes on cash and cash equivalents	(672)	(3,894)	(4,500)
Cash and cash equivalents at the end of the financial year	404,601	68,894	109,970
Bitcoin Mining Revenues
Cash flows from operating activities
Receipts from revenue	183,586	78,423	59,037
AI cloud service revenue
Cash flows from operating activities
Receipts from revenue	$ 3,432	$ 0	$ 0

Commitments - Committed Amounts Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Amounts Payable within 12 Months of Balance Date
Committed Amounts Payable [Abstract]
Contractual capital commitments	$ 194,641	$ 7,481
Amounts Payable within 12 Months of Balance Date \| Other Commitments
Committed Amounts Payable [Abstract]
Contractual capital commitments	77,659	7,481
Amounts Payable within 12 Months of Balance Date \| Mining Hardware
Committed Amounts Payable [Abstract]
Contractual capital commitments	116,982	0
Amounts Payable After 12 Months of Balance Date \| Other Commitments
Committed Amounts Payable [Abstract]
Contractual capital commitments	0	0
Amounts Payable After 12 Months of Balance Date \| Mining Hardware
Committed Amounts Payable [Abstract]
Contractual capital commitments	$ 0	$ 0

Earnings per share (Tables)

12 Months Ended

Jun. 30, 2024

Earnings per share [abstract]

Earnings per share

Year ended
30 June 2024

Year ended
30 June 2023

Year ended
30 June 2022

US$’000

Loss after income tax

(28,955)

(171,871)

(419,770)


	Number	Number	Number

Weighted average number of shares used in calculating basic earnings per share	99,640,920	54,775,571	40,941,074
Weighted average number of shares used in calculating diluted earnings per share	99,640,920	54,775,571	40,941,074


	US$	US$	US$

Basic earnings per share	(0.29)	(3.14)	(10.25)

Diluted earnings per share	(0.29)	(3.14)	(10.25)

Prepayments and other assets (Tables)

12 Months Ended

Jun. 30, 2024

Current prepayments and current accrued income other than current contract assets [abstract]

Prepayments and other assets


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000

Current assets
Security deposits	2,101	2,420
Prepayments	9,787	11,373

Total current	11,888	13,793

Non-current assets
Security deposits	17,459	-

Total prepayments and other assets	29,347	13,793

Right-of-use assets - Reconciliations (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Right-of-use assets [abstract]
Balance at beginning of the period	$ 1,374
Additions	347	$ 373	$ 298
Depreciation (note 6)	(235)	(220)	(59)
Balance at Ending of the period	1,549	1,374
Land and buildings
Right-of-use assets [abstract]
Balance at beginning of the period	1,374	1,253
Additions	347	373
Disposals	0	0
Lease modification	102
Exchange differences	(39)	(32)
Impairment of assets	0	0
Depreciation (note 6)	(235)	(220)
Balance at Ending of the period	$ 1,549	$ 1,374	$ 1,253

Goodwill and impairment (Tables)

12 Months Ended

Jun. 30, 2024

Goodwill and impairment [Abstract]

Carrying Amount of Goodwill


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000
Non-current assets
Goodwill - at cost	598	617
Less: Impairment	(598)	(617)

Total goodwill	-	-

Disclosure of Impairment Loss and Reversal of Impairment Loss

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


	Year ended 30 June 2024	Year ended 30 June 2023
	US$’000	US$’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

Material accounting policies (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure of initial application of standards or interpretations [abstract]

Expected Useful Lives


Buildings			20 years
Plant and equipment			3-10 years
Mining hardware1			2 - 4 years
High-performance computing ("HPC") hardware			5 years

Non-cash investing and financing activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Non-cash investing and financing activities [Abstract]
Mining hardware finance additional fee payable in cash or equity	$ 0	$ 0	$ (1,424)
Mining hardware finance prepayments made directly by third party financier	0	(3,420)	(37,980)
Additions to right of use assets	347	373	298
Share issuance proceeds under Committed Equity Facility	0	1,642	0
Realized gain on financial asset	4,121	0	0
ATM agent fees	23,143	0	0
Shares issued for services	319	0	0
Total non-cash investing and financing activities	$ 27,930	$ (1,405)	$ (39,106)

Financial instruments - Price Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Price Risk
Disclosure of credit risk exposure [abstract]
Bitcoin held	$ 0	$ 0

Right-of-use assets (Tables)

12 Months Ended

Jun. 30, 2024

Presentation of leases for lessee [abstract]

Right-of-use Assets


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000

Non-current assets
Land and buildings - right-of-use assets	2,054	1,649
Less: Accumulated depreciation	(505)	(275)

Total right-of-use assets	1,549	1,374

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:


Consolidated						US$’000
Balance at 1 July 2022						1,253
Additions						373
Disposals						-
Exchange differences						(32)
Impairment of assets						-
Depreciation (note 6)						(220)

Balance at 30 June 2023						1,374
Additions						347
Disposals						-
Lease modification						102
Exchange differences						(39)
Impairment of assets						-
Depreciation (note 6)						(235)

Balance at 30 June 2024						1,549

Non-cash investing and financing activities (Tables)

12 Months Ended

Jun. 30, 2024

Non-cash investing and financing activities [Abstract]

Non-cash Investing and Financing Activities


	Consolidated
	Year ended 30 June 2024	Year ended 30 June 2023	Year ended 30 June 2022
	US$’000	US$’000	US$’000

Mining hardware finance additional fee payable in cash or equity	-	-	(1,424)
Mining hardware finance prepayments made directly by third party financier	-	(3,420)	(37,980)
Additions to right of use assets	347	373	298
Share issuance proceeds under Committed Equity Facility	-	1,642	-
Realized gain on financial asset	4,121	-	-
ATM agent fees	23,143	-	-
Share based payment - third party issuance	319	-	-

Total non-cash investing and financing activities	27,930	(1,405)	(39,106)

Issued capital - Ordinary shares (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Issued capital [abstract]
Issued capital	$ 1,764,289	$ 965,857
Issued capital
Issued capital [abstract]
Number of shares outstanding (in shares)	186,367,686	64,747,477	53,028,867
Issued capital	$ 1,764,289	$ 965,857	$ 926,581

Property, plant and equipment - Narrative (Details) - Mining Hardware $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2024	Jun. 30, 2024 USD ($)	Jun. 30, 2023
Property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment		5 years
Fair value of asset		$ 16,770
Miner Purchase Option With Bitmain S 21 Pro
Property, plant and equipment [line items]
Hashrate operating capacity of Bitmain miners	30		10
Maximum
Property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment		4 years

Lease liabilities - Reconciliation of Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Borrowings and Lease Liabilities Reconciliation [Roll Forward]
Balance at beginning of the period	$ 1,448	$ 1,267
Additions	344	390
Modifications	101
Lease charges	(398)	(332)
Finance charges	194	166
Exchange differences	(34)	(42)
Balance at ending of the period	1,655	$ 1,448
Current portion	214
Non-current portion	$ 1,441

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Financial instruments - Foreign Currency Risk and Interest Rate Risk (Details) - Currency risk - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Financial assets and liabilities [Abstract]
Financial assets	$ 554,766	$ 221,437
Financial liabilities	57,985	70,009
US Dollars
Financial assets and liabilities [Abstract]
Financial assets	442,127	96,888
Financial liabilities	56,720	32,619
Canadian Dollars
Financial assets and liabilities [Abstract]
Financial assets	112,639	124,549
Financial liabilities	$ 1,265	$ 37,390

- 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

Income tax expense

12 Months Ended

Jun. 30, 2024

Major components of tax expense (income) [abstract]

Income tax expense

Note 9. Income tax expense


	Consolidated
	Year ended 30 June 2024	Year ended 30 June 2023	Year ended 30 June 2022
	US$’000	US$’000	US$’000

Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense	(25,502)	(169,481)	(417,046)

Tax at the statutory tax rate of 30% (2023: 30%, 2022: 30%)	(7,650)	(50,844)	(125,114)

Tax effect amounts which are not deductible in calculating taxable income:
Non-deductible/non-allowable items	8,793	4,756	128,643

	1,143	(46,088)	3,529
Current year tax losses not recognized	1,207	28,349	534
Recognition of previously unrecognized tax losses	12	-	(1,019)
Derecognition of previously recognized tax losses	860	-	-
Difference in overseas tax rates	(315)	1,979	203
Current year temporary differences not recognized	535	-	-
Prior year tax over/(under) provisions	(296)	(212)	(523)
Deconsolidation of Non-recourse SPVs	-	18,362	-
Other	307	-	-

Income tax expense	3,453	2,390	2,724


	Consolidated
	Year ended 30 June 2024	Year ended 30 June 2023	Year ended 30 June 2022
	US$’000	US$’000	US$’000

Income tax expense
Current tax expense/(benefit)	1,709	(1,013)	672
Deferred tax expense	1,744	3,403	2,052

Income tax expense	3,453	2,390	2,724


	Consolidated
	30 June 2024	30 June 2023	30 June 2022
	US$’000	US$’000	US$’000
Unrecognized deferred tax assets
Available tax losses	155,608	136,849	19,268

Tax effect at the applicable tax rate for each jurisdiction	41,750	39,238	5,117

Deferred tax asset on tax losses recognized to the extent of taxable temporary differences	19,148	10,761	3,854
Deferred tax asset on losses not recognized	22,602	28,477	1,263

In addition to tax losses unrecognized, there are $123,987,000 of deductible temporary differences in relation to capital losses, capital raising costs and other temporary differences for which no deferred tax asset is recognized as at 30 June 2024. 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 recognized by the Group and movements during the years ended 30 June 2024 and 30 June 2023:


	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 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	6,271
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

As at 1 July 2023	10,761	(268)	-	34	3,961	2,339	16,827
(Charge)/credit to profit or loss	8,391	152	-	702	(1,701)	1,654	9,198
(Charge)/credit to equity					-		-
As at 30 June 2024	19,152	(116)	-	736	2,260	3,993	26,025
Offset against deferred tax liabilities							(26,025)
As at 30 June 2024							-


	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 2022	(4,692)	(3,471)	(347)	(8,510)
(Charge)/credit to profit or loss	(7,426)	(1,540)	(708)	(9,674)
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)

As at 1 July 2023	(12,118)	(5,011)	(1,055)	(18,184)
(Charge)/credit to profit or loss	(12,455)	2,227	(738)	(10,966)
As at 30 June 2024	(24,573)	(2,784)	(1,793)	(29,150)
Offset against deferred tax assets				26,025
As at 30 June 2024				(3,125)

Commitments (Tables)

12 Months Ended

Jun. 30, 2024

Commitments [Abstract]

Maturity of Committed Amount Payable

The committed amounts are payable as set out below:


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000
Mining hardware commitments
Amounts payable within 12 months of balance date:	116,982	-
Amounts payable after 12 months of balance date:	-	-

Other commitments
Amounts payable within 12 months of balance date:	77,659	7,481
Amounts payable after 12 months of balance date:	-	-

Total commitments	194,641	7,481

Finance expense (Details) - USD ($) $ in Thousands	12 Months Ended
Finance expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Finance expense [Abstract]
Interest expense on borrowings	$ 0	$ 15,213	$ 5,343
Interest expense on hybrid financial instruments	0	0	26,748
Interest expense on lease liabilities	253	112	99
Amortization of capitalized borrowing costs	0	1,038	2,508
Loss on embedded derivatives held at fair value through profit or loss	0	0	390,743
Total finance expense	$ 253	$ 16,363	$ 425,441

Other operating expenses (Details) - USD ($) $ in Thousands	12 Months Ended
Other operating expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Other operating expenses [Abstract]
Insurance	$ 7,033	$ 5,687	$ 5,065
Sponsorship and marketing	2,051	716	305
ERS fees	94	0	0
Charitable donations	640	164	464
Legal expenses	1,797	0	0
Filing fees	79	76	462
Site identification costs	0	15	258
Non-refundable sales tax (See Note 18 - Provisions)	6,276	4,972	2,469
Non-refundable provincial sales tax	1,408	371	0
Other expenses	1,707	2,277	861
Total other operating expenses	$ 21,085	$ 14,278	$ 9,884

Operating segments - Narrative (Details)	12 Months Ended
Operating segments - Narrative (Details)	Jun. 30, 2024 segment mining_pool	Jun. 30, 2023 mining_pool	Jun. 30, 2022 mining_pool
Operating segments [Abstract]
Number of operating segment	8
Number of reportable segment	1
Bitcoin Mining Revenues
Operating segments [Abstract]
Percentage of entity's revenue (as percent)	98.00%	100.00%	100.00%
Number of bitcoin mining pools \| mining_pool	3	2	2

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Earnings per share [abstract]
Loss after income tax	$ (28,955)	$ (171,871)	$ (419,770)
Weighted average number of shares used in calculating basic earnings per share (in shares)	99,640,920	54,775,571	40,941,074
Weighted average number of shares used in calculating diluted earnings per share (in shares)	99,640,920	54,775,571	40,941,074
Basic earnings per share (in dollars per share)	$ (0.29)	$ (3.14)	$ (10.25)
Diluted earnings per share (in dollars per share)	$ (0.29)	$ (3.14)	$ (10.25)

- 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

Lease liabilities (Tables)

12 Months Ended

Jun. 30, 2024

Presentation of leases for lessee [abstract]

Disclosure of detailed information about lease liabilities

Consolidated

30 June 2024

30 June 2023

US$’000

Current liabilities

Lease liability

214

192

Non-current liabilities

Lease liability

1,441

1,256

Total lease liabilities

1,655

1,448

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 2022			1,267
Additions			390
Lease charges			(332)
Finance charges			166
Exchange differences			(42)
Balance as at 30 June 2023			1,448
Additions			344
Modifications			101
Lease charges			(398)
Finance charges			194
Exchange differences			(34)
Balance as at 30 June 2024			1,655
Current portion			214
Non-current portion			1,441

Cash and cash equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Current assets [Abstract]
Cash at bank	$ 304,601	$ 38,657
Short-term deposits, classified as cash equivalents	100,000	30,237
Cash and cash equivalents	$ 404,601	$ 68,894	$ 109,970	$ 38,990

Consolidated statements of profit or loss and other comprehensive income - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Revenue
Other income	$ 1,566	$ 3,137	$ 12
Gain on disposal of subsidiaries	0	3,258	0
Expenses
Depreciation	(50,650)	(30,856)	(7,741)
Electricity charges	(81,605)	(35,753)	(10,978)
Realized gain on financial asset	4,121	0	0
Employee benefits expense	(22,203)	(17,897)	(7,448)
Share-based payments expense	(23,636)	(14,356)	(13,896)
Impairment of assets	0	(105,172)	(167)
Reversal of impairment of assets	108	0	0
Professional fees	(8,079)	(6,271)	(6,807)
Site expenses	(8,657)	(4,544)	(1,821)
Other operating expenses	(21,085)	(14,278)	(9,884)
Gain/(loss) on disposal of property, plant and equipment	43	(6,628)	0
Unrealized loss on financial asset	(3,448)	0	0
Operating profit/(loss)	(26,333)	(153,851)	307
Finance expense	(253)	(16,363)	(425,441)
Interest income	5,831	924	79
Foreign exchange gain/(loss)	(4,747)	(191)	8,009
Loss before income tax expense	(25,502)	(169,481)	(417,046)
Income tax expense	(3,453)	(2,390)	(2,724)
Loss after income tax expense for the year	(28,955)	(171,871)	(419,770)
Items that may be reclassified subsequently to profit or loss
Foreign currency translation	(338)	(13,641)	(23,553)
Other comprehensive income/(loss) for the year, net of tax	(338)	(13,641)	(23,553)
Total comprehensive loss for the year	$ (29,293)	$ (185,512)	$ (443,323)
Basic earnings per share (in dollars per share)	$ (0.29)	$ (3.14)	$ (10.25)
Diluted earnings per share (in dollars per share)	$ (0.29)	$ (3.14)	$ (10.25)
Bitcoin Mining Revenues
Revenue
Revenue	$ 184,087	$ 75,509	$ 59,037
AI cloud service revenue
Revenue
Revenue	$ 3,105	$ 0	$ 0

Cash and cash equivalents

12 Months Ended

Jun. 30, 2024

Cash and cash equivalents [abstract]

Cash and cash equivalents

Note 10. Cash and cash equivalents


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000

Cash at bank	304,601	38,657
Cash on deposit (cash equivalents)	100,000	30,237

Total cash and cash equivalents	404,601	68,894

Cash on deposit includes term deposits with maturities of less than 90 days and are therefore considered cash and cash equivalents.

Other receivables (Tables)

12 Months Ended

Jun. 30, 2024

Other receivables [Abstract]

Other Receivables


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000

Current assets
Trade receivable	152	-
Government grant receivable (note 20)	2,078	-
Share issuances proceeds receivable	16,563	1,581
Provincial sales tax receivable	-	122
Interest receivable	1,472	-
ERS receivable	1,128	-
Other receivable	130	97
GST receivable	7,844	4,743

Total other receivables	29,367	6,543

Right-of-use assets - Narrative (Details)	12 Months Ended
Right-of-use assets - Narrative (Details)	Jun. 30, 2024
Site \| Prince George, British Columbia, Canada
Right-of-use assets [abstract]
Lease term	30 years
Corporate Office \| Sydney, Australia
Right-of-use assets [abstract]
Lease term	3 years
Corporate Office \| Vancouver, British Columbia, Canada
Right-of-use assets [abstract]
Lease term	5 years

Computer hardware prepayments - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2024	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	May 31, 2025 USD ($)	Mar. 31, 2025 USD ($)
Property, plant and equipment [line items]
Computer hardware prepayments		$ 239,841	$ 68
Impairment of assets		0	105,172	$ 167
Mining Hardware
Property, plant and equipment [line items]
Impairment of assets			12,961
Mining Hardware \| IE CA 3 Holdings Ltd.
Property, plant and equipment [line items]
Impairment of assets			2,381
Mining Hardware \| Miner Purchase Option With Bitmain S 21 Pro
Property, plant and equipment [line items]
Impairment of assets			$ 11,301
Hashrate operating capacity of Bitmain miners	30		10
Mining Hardware \| IE CA 3 Holdings Ltd.
Property, plant and equipment [line items]
Impairment of assets			$ 1,660
Bitcoin Mining Hardware
Property, plant and equipment [line items]
Computer hardware prepayments		203,783
Bitcoin Mining Hardware \| Forecast
Property, plant and equipment [line items]
Expected option deposits expire					$ 13,290	$ 22,768
Bitcoin Mining Hardware, Nonrefundable
Property, plant and equipment [line items]
Computer hardware prepayments		$ 36,058
Non-refundable deposit percentage		10.00%

Computer hardware prepayments (Tables)

12 Months Ended

Jun. 30, 2024

Computer Hardware Prepayments [Abstract]

Mining Hardware Prepayments

Consolidated

30 June 2024

30 June 2023

US$’000

Non-current assets

Mining hardware prepayment

239,841

Trade and other payables (Tables)

12 Months Ended

Jun. 30, 2024

Trade and other payables [abstract]

Trade and Other Payables


	Consolidated
	30 June 2024	30 June 2023
	US$’000	US$’000

Current liabilities
Trade payables	27,346	11,544
Employment tax payables	367	2,207
Accrued expenses	4,406	2,893

Total trade and other payables	32,119	16,644

Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
Depreciation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Depreciations [Abstract]
Depreciation of property, plant and equipment	$ 50,415	$ 30,636	$ 7,682
Depreciation of right-of-use assets	235	220	59
Total depreciation	$ 50,650	$ 30,856	$ 7,741

Other operating expenses

12 Months Ended

Jun. 30, 2024

Other operating expenses [Abstract]

Other operating expenses

Note 7. Other operating expenses


	Consolidated
	Year ended 30 June 2024	Year ended 30 June 2023	Year ended 30 June 2022
	US$’000	US$’000	US$’000

Insurance	7,033	5,687	5,065
Sponsorship and marketing	2,051	716	305
ERS fees	94	-	-
Charitable donations	640	164	464
Legal expenses	1,797	-	-
Filing fees	79	76	462
Site identification costs	-	15	258
Non-refundable sales tax (See Note 18 - Provisions)	6,276	4,972	2,469
Non-refundable provincial sales tax	1,408	371	-
Other expenses	1,707	2,277	861

Total other operating expenses	21,085	14,278	9,884

Other operating expenses previously included site expenses, however, for the year ended 30 June 2024, site expenses has been presented as a separate financial statement line item. Comparative figures have been updated accordingly.

Share-based payments - Reconciliation of Outstanding RSUs (Details) - Restricted Share Units	12 Months Ended
	Jun. 30, 2024 shares $ / shares	Jun. 30, 2023 shares $ / shares
Number of RSUs
Outstanding at beginning of year (in shares)	3,623,867	0
Number of RSUs granted (in shares)	3,314,794	3,740,366
Forfeited during the year (in shares)	(221,455)	(112,499)
Exercised during the period (in shares)	(104,559)	(4,000)
Outstanding at end of year (in dollars per share)	6,612,647	3,623,867
Number of other equity instruments exercisable in share-based payment arrangement	0	0
Weighted average remaining contractual life of RSUs outstanding	2 years 9 months 3 days
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement \| $ / shares	$ 0	$ 0

Computer hardware prepayments

12 Months Ended

Jun. 30, 2024

Computer Hardware Prepayments [Abstract]

Computer hardware prepayments

Note 12. Computer hardware prepayments

Consolidated

30 June 2024

30 June 2023

US$’000

Non-current assets

Mining hardware prepayment

239,841

Computer hardware prepayments represent payments made by the Group for the purchase of Bitcoin mining hardware. These prepayments are in accordance with payment schedules set out in relevant purchase agreements with hardware manufacturers.

Mining hardware prepayments at 30 June 2024 include Bitcoin mining hardware prepayments of $203,783,000 and $36,058,000 relating to initial 10% non-refundable deposits for options to purchase further Bitcoin mining hardware. $22,768,000 and $13,290,000 of these option deposits expire if unexercised before March and May 2025 respectively.

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. During the year ended 30 June 2023, 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 3 February 2023. See note 16.