Iris Energy Limited (IREN) 6-K 15 Feb 24 Iris Energy Reports Second Quarter and Half Year FY24 Results Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Dec. 31, 2023
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--06-30
Entity Registrant Name	Iris Energy Ltd
Entity Central Index Key	0001878848
Entity File Number	001-41072
Entity Address, Address Line One	Level 12
Entity Address, Address Line Two	44 Market Street
Entity Address, City or Town	Sydney, NSW
Entity Address, Country	AU
Entity Address, Postal Zip Code	2000

Unaudited interim consolidated

Unaudited interim consolidated statements of profit or loss and other comprehensive income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Revenue
Bitcoin mining revenue	$ 42,047	$ 13,755	$ 76,444	$ 29,967
Other income	527	0	527	0
Total revenue	42,574	13,755	76,971	29,967
Expenses
Depreciation	(7,558)	(11,544)	(15,177)	(18,996)
Electricity charges	(16,746)	(7,362)	(36,111)	(13,937)
Realized gain on financial asset	101	0	3,119	0
Employee benefits expense	(4,334)	(4,064)	(8,511)	(8,662)
Share-based payments expense	(5,966)	(3,152)	(11,805)	(6,770)
Impairment of assets	0	(105,172)	0	(105,172)
Reversal of impairment of assets	108	0	108	0
Professional fees	(2,322)	(1,747)	(3,932)	(3,040)
Other operating expenses	(7,825)	(3,624)	(14,056)	(7,240)
Gain/(loss) on sale of assets	5	(5,137)	16	(5,137)
Unrealized loss on financial asset	(258)	0	(258)	0
Operating profit/(loss)	(2,221)	(128,047)	(9,636)	(138,987)
Finance expense	(30)	(10,350)	(64)	(13,915)
Interest income	665	257	1,378	214
Foreign exchange loss	(4,707)	(6,225)	(2,449)	(7,176)
Loss before income tax (expense)/benefit	(6,293)	(144,365)	(10,771)	(159,864)
Income tax (expense)/benefit	1,065	411	244	(2,030)
Loss after income tax (expense)/benefit for the period	(5,228)	(143,954)	(10,527)	(161,894)
Items that may be reclassified subsequently to profit or loss
Foreign currency translation	7,584	14,112	2,002	(12,115)
Other comprehensive income/(loss) for the period, net of tax	7,584	14,112	2,002	(12,115)
Total comprehensive income/(loss) for the period	$ 2,356	$ (129,842)	$ (8,525)	$ (174,009)
Basic earnings per share (in dollars per share)	$ (0.072)	$ (2.7146)	$ (0.1502)	$ (3.0529)
Diluted earnings per share (in dollars per share)	$ (0.072)	$ (2.7146)	$ (0.1502)	$ (3.0529)

Unaudited interim consolidate_2

Unaudited interim consolidated statements of profit or loss and other comprehensive income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2022
Unaudited interim consolidated statements of profit or loss and other comprehensive income [Abstract]
Impairment expenses	$ 15,209	$ 15,209

Unaudited interim consolidate_3

Unaudited interim consolidated statements of financial position - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Current assets
Cash and cash equivalents	$ 90,307	$ 68,894
Other receivables	5,689	6,543
Financial assets at fair value through profit or loss	1,280	0
Prepayments and other assets	11,910	13,793
Total current assets	109,186	89,230
Non-current assets
Property, plant and equipment	264,182	241,102
Right-of-use assets	1,269	1,374
Deferred tax assets	1,240	8
Computer hardware prepayments	30,555	68
Other assets	370	292
Prepayments and other assets	10,365	0
Total non-current assets	307,981	242,844
Total assets	417,167	332,074
Current liabilities
Trade and other payables	17,503	16,644
Lease liabilities	209	192
Income tax	680	32
Employee benefits	3,561	961
Provisions	10,390	6,172
Total current liabilities	32,343	24,001
Non-current liabilities
Lease liabilities	1,150	1,256
Deferred tax liabilities	1,719	1,365
Employee benefits	107	91
Total non-current liabilities	2,976	2,712
Total liabilities	35,319	26,713
Net assets	381,848	305,361
Equity
Issued capital	1,038,846	965,857
Reserves	7,805	(6,220)
Accumulated losses	(664,803)	(654,276)
Total equity	$ 381,848	$ 305,361

Unaudited interim consolidate_4

Unaudited interim consolidated statements of changes in equity - USD ($) $ in Thousands	Total	Issued Capital [Member]	Reserves [Member]	Accumulated Losses [Member]
Balance at Jun. 30, 2022	$ 437,362	$ 926,581	$ (6,814)	$ (482,405)
Changes in equity [Abstract]
Loss after income tax (expense)/benefit for the period	(161,894)	0	0	(161,894)
Other comprehensive loss for the period, net of tax	(12,115)	0	(12,115)	0
Total comprehensive loss for the period	(174,009)	0	(12,115)	(161,894)
Transactions with owners in their capacity as owners:
Share-based payments	6,770	0	6,770	0
Balance at Dec. 31, 2022	270,123	926,581	(12,159)	(644,299)
Balance at Jun. 30, 2023	305,361	965,857	(6,220)	(654,276)
Changes in equity [Abstract]
Loss after income tax (expense)/benefit for the period	(10,527)	0	0	(10,527)
Other comprehensive loss for the period, net of tax	2,002	0	2,002	0
Total comprehensive loss for the period	(8,525)	0	2,002	(10,527)
Transactions with owners in their capacity as owners:
Issue of ordinary shares (note 13)	75,672	75,672	0	0
Capital raise costs	(2,801)	(2,801)	0	0
Share-based payments	12,141	118	12,023	0
Balance at Dec. 31, 2023	$ 381,848	$ 1,038,846	$ 7,805	$ (664,803)

Unaudited interim consolidate_5

Unaudited interim consolidated statements of cash flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities
Receipts from disposal of Bitcoin mined	$ 75,680	$ 29,945
Payments for electricity, suppliers and employees (inclusive of GST)	(55,906)	(32,318)
Interest received	1,520	254
Interest paid	(48)	(4,144)
Net cash from/(used in) operating activities	21,246	(6,263)
Cash Flows from Investing Activities
Payments for property, plant and equipment net of computer hardware prepayments	(31,389)	(54,653)
Payments for computer hardware prepayments	(32,626)	(10,003)
Repayments of loan proceeds	0	2,244
Prepayments and deposits	(10,243)	(4,919)
Proceeds from disposal of property, plant and equipment	0	16,616
Net cash used in investing activities	(74,258)	(50,715)
Cash Flows from Financing Activities
Capital raising costs	(747)	(214)
Repayment of borrowings	0	(9,432)
Capital raising receipts	74,994	0
Payment of borrowing transaction costs	0	(200)
Repayment of lease liabilities	(133)	(108)
Net cash from/(used in) financing activities	74,114	(9,954)
Net increase/(decrease) in cash and cash equivalents	21,102	(66,932)
Cash and cash equivalents at the beginning of the period	68,894	109,970
Effects of exchange rate changes on cash and cash equivalents	311	(2,377)
Cash and cash equivalents at the end of the period	$ 90,307	$ 40,661

General information

General information	6 Months Ended
	Dec. 31, 2023
General information [Abstract]
General information	Note 1. General information These unaudited interim consolidated financial statements cover Iris Energy Limited as a Group consisting of Iris Energy Limited (“Company” or “Parent Entity”) and the entities it controlled at the end of, or during, the period (collectively the “Group”). The Company’s shares trade on the NASDAQ under the ticker symbol “IREN”. Iris Energy Limited is incorporated and domiciled in Australia. Its registered office and principal place of business are: Registered office Principal place of business c/o Pitcher Partners Leve l 12, 44 Mark Level 13, 664 Collins Street Sydney NSW 2000 Docklands VIC 3008 Australia Australia The Group is an owner and operator of institutional-grade, highly efficient proprietary Bitcoin mining data centers powered by renewable energy. The unaudited interim consolidated financial statements were authorized for issue, in accordance with a resolution of Directors, on 15

Significant accounting policies

Significant accounting policies	6 Months Ended
	Dec. 31, 2023
Significant accounting policies [Abstract]
Significant accounting policies	Note 2. Significant accounting policies These unaudited interim consolidated financial statements for the periods ended 31 December 2023 have been prepared in accordance with IAS 34 Interim Financial Reporting d for a complete s The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the policies stated below Revenue recognition The Group records revenue from contracts with customers in accordance with IFRS 15, Revenue from Contracts with Customers (“IFRS 15”) as follows: ● Step 1: Identify the contract with a customer; ● Step 2: Identify the performance obligations in the contract; ● Step 3: Determine the transaction price, which is the total consideration provided by the customer; ● Step 4: Allocate the transaction price among the performance obligations in the contract based on their relative fair values; and ● Step 5: Recognize revenue when (or as) the Group satisfies a performance obligation. Bitcoin mining revenue The Group operates data center infrastructure supporting the verification and validation of Bitcoin blockchain transactions in exchange for Bitcoin, referred to as “Bitcoin mining”. The Company has entered into arrangements with mining pools, whereby computing power is directed to the mining pools in exchange for non-cash consideration in the form of Bitcoin. The provision of computing power is the only performance obligation in the contract with the mining pool operators. The Company has the right to decide the point in time and duration for which it will provide hash computation services to the mining pools. The contracts are terminable at any time by either party without substantive compensation to the other party for such termination. Upon termination, the mining pool operator (i.e., the customer) is required to pay the Company any amount due related to previously satisfied performance obligations. Therefore, the Company has determined that the duration of the contract is less than 24 hours and that the contract continuously renews throughout the day. In the mining pools which the Company participated in during the periods, the Company is not directly exposed to the pool’s success in mining blocks. The Company is rewarded in Bitcoin for the hashrate it contributes to these mining pools. The reward for the hashrate contributed by the Company is based on the current network difficulty and global daily revenues from transaction fees, less mining pool fees. The fair value of the non-cash consideration is determined using the quantity of Bitcoin received multiplied by the spot price of the Bitcoin price at the end of the day at the website of Kraken, the trading platform over which we exchange the Bitcoin we have mined (“Kraken”). Management considers the prices quoted on Kraken to be a Level 1 input under IFRS 13 Fair Value Measurement. The Group did not hold any Bitcoin on hand as at 31 December 2023 (31 December 2022: Nil 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 six months ended 31 December 2023, the Group incurred a loss after tax of $10,527,000 (31 December 2022: $161,894,000) and net operating cash inflows of $21,246,000 (31 December 2022: outflows of $6,263,000). As at 31 December 2023, the Group had net current assets of $76,843,000 (30 June 2023: net current assets of $65,229,000) and net assets of $381,848,000 (30 June 2023: net assets of $305,361,000). As further background, the Group’s miners are designed specifically to mine Bitcoin and its future success will depend in a large part upon the value of Bitcoin, and any sustained decline in its value could adversely affect the business and results of operations. Specifically, the revenues from Bitcoin mining operations are predominantly based upon two factors: (i) the number of Bitcoin rewards that are successfully mined and (ii) the value of Bitcoin. A decline in the market price of Bitcoin, increases in the difficulty of Bitcoin mining, changes in the regulatory environment, the halving event expected in Q4 FY2024 and/or adverse changes in other inherent risks would significantly negatively impact the Group’s operations. Due to the volatility of the Bitcoin price and the effects of the other aforementioned factors, there can be no guarantee that future mining operations will be profitable. The strategy to mitigate these risks and uncertainties is to try execute a business plan aimed at operational efficiency, revenue growth, improving overall mining profit, managing operating expenses and working capital requirements, maintaining potential capital expenditure optionality, and securing additional financing, as needed, through one or more debt and/or equity capital raisings. The continuing viability of the Group and its ability to continue as a going concern and meet its debts and commitments as they fall due are therefore significantly dependent upon several factors. These factors have been considered in preparing a cash flow forecast over the next 12 months to consider the going concern of the Group. The key assumptions include: ● A base case scenario assuming recent Bitcoin prices and global hashrate, with a reduction in global hashrate following the halving event expected in Q4 FY2024; ● Three operational sites in British Columbia, Canada with installed nameplate capacity of 160MW; 80MW Mackenzie (BC, Canada), 50MW Prince George (BC, Canada), and 30MW Canal Flats (BC, Canada). ● A fourth operational site at Childress, Texas with initial installed nameplate capacity of 20MW incrementally increasing to 100 MW by 30 June 2024. The key assumptions have been stress tested using a range of Bitcoin price and global hashrate scenarios including with respect to the halving event expected in Q4 FY2024 As a result, the Group has concluded there is material uncertainty related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. However, the Group considers that it will be successful in the above matters and will have adequate cash reserves to enable it to meet its obligations for at least one year from the date of approval of the consolidated financial statements, and, accordingly, has prepared the consolidated financial statements on a going concern basis. New or amended Accounting Standards and Interpretations adopted The Group has adopted all of the new or amended IFRS and Interpretations as issued by the International Accounting Standards Board (“IASB”) that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. The Group believes that the impact of recently issued standards or amendments to existing standards that are not yet effective will not have a material impact on the Group’s unaudited interim consolidated financial statements.

Other income

Other income	6 Months Ended
	Dec. 31, 2023
Other income [Abstract]
Other income	Note 3. Other income Three months ended 31 Dec 2023 Three months ended 31 Dec 2022 Six months ended 31 Dec 2023 Six months ended 31 Dec 2022 $’000 $’000 $’000 $’000 Other income 527 - 527 - Other inco me comprises

Other operating expenses

Other operating expenses	6 Months Ended
	Dec. 31, 2023
Other operating expenses [Abstract]
Other operating expenses	Note 4. Other operating expenses Three months ended 31 Dec 2023 Three months ended 31 Dec 2022 Six months ended 31 Dec 2023 Six months ended 31 Dec 2022 $'000 $'000 $'000 $'000 Insurance 1,447 1,437 3,099 3,392 Sponsorship and marketing 401 99 694 110 Short term office and equipment rental 92 54 203 155 Site expenses 1,511 889 3,068 1,377 Charitable donations 91 85 233 149 Filing fees 19 19 38 39 Site identification costs - - - 15 Other expenses 787 506 1,336 976 Non-refundable sales tax (See Note 12) 1,372 535 2,966 1,027 Non-refundable provincial sales tax 308 - 622 - Legal expenses 1,797 - 1,797 - Total other operating expenses 7,825 3,624 14,056 7,240

Cash and cash equivalents

Cash and cash equivalents	6 Months Ended
	Dec. 31, 2023
Cash and cash equivalents [Abstract]
Cash and cash equivalents	Note 5. Cash and cash equivalents 31 Dec 2023 30 Jun 2023 $'000 $'000 Current assets Cash at bank 90,307 38,657 Cash on deposit - 30,237 Total cash and cash equivalents 90,307 68,894

Other receivables

Other receivables	6 Months Ended
	Dec. 31, 2023
Other receivables [Abstract]
Other receivables	Note 6. Other receivables 31 Dec 2023 30 Jun 2023 $'000 $'000 Current assets Share issuance proceeds - 1,581 Trade and other receivables 635 97 Provincial sales tax receivable - 122 Goods and services tax receivable 5,054 4,743 Total other receivables 5,689 6,543

Financial asset at fair value t

Financial asset at fair value through profit or loss	6 Months Ended
	Dec. 31, 2023
Financial asset at fair value through profit or loss [Abstract]
Financial asset at fair value through profit or loss	Note 7. Financial asset at fair value through profit or loss 31 Dec 2023 30 Jun 2023 $'000 $'000 Current assets Electricity financial asset 1,280 - 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 1,538 - Revaluation decrements (unrealized loss) (258 ) - Closing fair value 1,280 - Power Supply Agreement A subsidiary of the Company 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 subsequently remeasured at an estimated fair value each reporting period with the change in the fair value recorded in change in fair value of financial asset in the consolidated statements of operations. As at 31 December 2023, the financial asset comprises the fair value of unused electricity purchased for the forward period to 31 January 2024. On settlement, a realized gain or loss on a financial asset is recognised in profit or loss. The gain or loss is calculated based on the unused quantity of electricity multiplied by prevailing spot price at the time of curtailment less the price paid upon prepayment (fixed costs). As at 31 December 2023, the realized gain for the six-months period is $3.1m (30 June 2023: nil nil

Computer hardware prepayments

Computer hardware prepayments	6 Months Ended
	Dec. 31, 2023
Computer hardware prepayments [Abstract]
Computer hardware prepayments	Note 8. Computer hardware prepayments 31 Dec 2023 30 Jun 2023 $'000 $'000 Non-current assets Mining hardware prepayments 22,264 68 High-performance computing hardware prepayments 8,291 - Total computer hardware prepayments 30,555 68 Computer hardware prepayments represent payments made by the Group for the purchase of mining hardware and High-performance computing ("HPC") hardware, that are yet to be delivered as at 31 December 2023. These prepayments are in accordance with payment schedules set out in relevant purchase agreements with hardware manufacturers.

Prepayments and other assets

Prepayments and other assets	6 Months Ended
	Dec. 31, 2023
Prepayments and other assets [Abstract]
Prepayments and other assets	Note 9. Prepayments and other assets 31 Dec 2023 30 Jun 2023 $'000 $'000 Current assets Security deposits 2,905 2,420 Prepayments 9,005 11,373 11,910 13,793 Non-current assets Security deposits 10,365 - Total prepayments and other assets 22,275 13,793 Non-current deposits include connection deposits paid for expansion projects in British Columbia, Canada and West Texas, USA.

Property, plant and equipment

Property, plant and equipment	6 Months Ended
	Dec. 31, 2023
Property, plant and equipment [Abstract]
Property, plant and equipment	Note 10. Property , plant and equip 31 Dec 2023 30 Jun 2023 $'000 $'000 Non-current assets Land - at cost 1,808 1,803 Buildings - at cost 155,424 153,100 Less: Accumulated depreciation (8,971 ) (5,042 ) 146,453 148,058 Plant and equipment - at cost 6,025 4,145 Less: Accumulated depreciation (1,003 ) (712 ) 5,022 3,433 HPC hardware – at cost 1,389 - Mining hardware - at cost 115,111 115,024 Less: Accumulated depreciation (26,853 ) (15,709 ) Less: Accumulated impairment (25,935 ) (25,934 ) 62,323 73,381 Development assets - at cost 47,187 14,427 Total property, plant and equipment 264,182 241,102 Reconciliations Reconciliations of the written down values at the beginning and end of the current period are set out below: Land Buildings Plant and equipment Mining hardware HPC hardware Development assets Total Consolidated $'000 $'000 $'000 $'000 $'000 $'000 $'000 Balance at 1 July 2023 1,803 148,058 3,433 73,381 - 14,427 241,102 Additions - 880 1,880 80 1,389 33,987 38,217 Disposals - - (35 ) - - - (35 ) Exchange differences 5 (26 ) (49 ) (113 ) - 45 (138 ) Reversal of impairment - - - - - 108 108 Transfers in/(out) - 1,380 - - - (1,380 ) - Depreciation expense - (3,839 ) (207 ) (11,025 ) - - (15,071 ) Balance at 31 December 2023 1,808 146,453 5,022 62,323 1,389 47,187 264,182 Depreciation of mining hardware commences once units are installed onsite and available for use. Development assets includes costs related to the development of data center infrastructure at Childress, Texas along with other early-stage development costs. Depreciation will commence on the development assets at Childress as each phase of the underlying infrastructure becomes available for use.

Lease liabilities

Lease liabilities	6 Months Ended
	Dec. 31, 2023
Lease liabilities [Abstract]
Lease liabilities	Note 11. Lease liabilities 31 Dec 2023 30 Jun 2023 $'000 $'000 Current liabilities Lease liability 209 192 Non-current liabilities Lease liability 1,150 1,256 Total lease liabilities 1,359 1,448 Lease liabilities The Group's lease liability includes a 30-year lease of a site in Prince George, B.C., Canada, a three-year lease of a corporate office in Sydney, Australia and a five-year corporate office lease in Vancouver, B.C., Canada.

Provisions

Provisions	6 Months Ended
	Dec. 31, 2023
Provisions [Abstract]
Provisions	Note 12. Provisions 31 Dec 2023 30 Jun 2023 $‘000 $‘000 Current liabilities Non-refundable sales tax and other provisions 10,390 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 and submitted a formal notice of objection to the CRA in November 2022. The CRA has acknowledged receipt of the appeal application however has not yet provided any further correspondence to the Group. R ecent amendments made to Canadian Tax legislation in June 2023 are being considered by the relevant subsidiaries and the CRA. To date, the CRA has not issued any interpretation guidance on the new legislation or proposed any potential changes to previous conclusions communicated to subsidiaries of the Group. Consequently, the affected subsidiaries continue to accrue a provision in line with the aforementioned methodology

Issued capital

Issued capital	6 Months Ended
	Dec. 31, 2023
Issued capital [Abstract]
Issued capital	Note 13. Issued capital Consolidated 31 Dec 2023 30 Jun 2023 31 Dec 2023 30 Jun 2023 Shares Shares $'000 $'000 Ordinary shares - fully paid and unrestricted 82,419,050 64,747,477 1,038,846 965,857 Movements in ordinary share capital Details Date Shares $'000 Opening balance as at 1 July 2023 64,747,477 965,857 Shares issued under Committed Equity Facility 12,887,814 51,417 Shares issued under the ATM Facility 4,679,200 24,254 Share based payment - vested shares 104,559 117 Capital raise costs - (2,801 ) Closing balance as at 31 December 2023 82,419,050 1,038,846 At-the-market Facility On 13 September 2023, Iris Energy Limited entered into an At-the-market Sales Agreement with B. Riley Securities, Inc., Cantor Fitzgerald & Co. and Compass Point Research & Trading, LLC, pursuant to which Iris Energy Limited has the option, but not the obligation, to sell up to $300,000,000 of its ordinary shares through or to the Brokers, for a period of up to 36 months (“the ATM Facility”). During the period 4,679,200 ordinary shares were issued under the ATM Facility raising gross proceeds of approximately $24,253,962. Committed Equity Facility On 23 September 2022, Iris Energy Limited 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 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 period 12,887,814 shares were issued under the facility raising gross proceeds of $51,417,000. Loan-funded shares As at 31 December 2023, there are 1,954,049 (30 June 2023: 1,954,049) restricted ordinary shares issued to management under the Employee Share Plan as well as certain non-employee founders of Podtech Innovation Inc. The total number of ordinary shares outstanding (including the loan funded shares) is 84,373,099 as at 31 December 2023 (30 June 2023: 66,701,526).

Earnings per share

Earnings per share	6 Months Ended
	Dec. 31, 2023
Earnings per share [Abstract]
Earnings per share	Note 14. Earnings per share Three months ended 31 Dec 2023 Three months ended 31 Dec 2022 $'000 $'000 Loss after income tax (5,228 ) (143,954 ) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 72,665,044 53,028,867 Weighted average number of ordinary shares used in calculating diluted earnings per share 72,665,044 53,028,867 Cents Cents Basic earnings per share (7.20 ) (271.46 ) Diluted earnings per share (7.20 ) (271.46 ) Six months ended 31 Dec 2023 Six months ended 31 Dec 2022 $'000 $'000 Loss after income tax (10,527 ) (161,894 ) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 70,074,566 53,028,867 Weighted average number of ordinary shares used in calculating diluted earnings per share 70,074,566 53,028,867 Cents Cents Basic earnings per share (15.02 ) (305.29 ) Diluted earnings per share (15.02 ) (305.29 ) As the Group has recorded a loss after tax for all periods presented, any potential ordinary shares are antidilutive.

Contingent liabilities

Contingent liabilities	6 Months Ended
	Dec. 31, 2023
Contingent liabilities [Abstract]
Contingent liabilities	Note 15. Contingent liabilities In addition to PwC continuing in their capacity as receiver in respect of the Non-Recourse SPVs, a hearing was held in June 2023 in The Supreme Court of British Columbia with respect to, among other things, claims brought by the lender, NYDIG ABL LLC, seeking remedies regarding the limited recourse equipment financing facilities entered into by the Non-Recourse SPVs. A judgement on these proceedings was delivered on 10 August 2023 which declared, among other things, that the transactions pursuant to hashpower services provided by the Non-Recourse SPVs to the Company to be void. On 21 August 2023, the Company filed a notice to appeal the judgement. On January 31,2024 NYDIG ABL LLC filed a notice of cross appeal with the Court of Appeal seeking an order that the substantive consolidation and oppression remedies be remitted to the Supreme Court for consideration and reasons. The Company’s appeal and NYDIG’s cross appeal will be heard by the Court of Appeal on March 12, 2024.

Commitments

Commitments	6 Months Ended
	Dec. 31, 2023
Commitments [Abstract]
Commitments	Note 16. Commitments As at 31 December 2023, the Group had commitments of $48,215,000 (30 June 2023: $7,481,000) which are payable in instalments from January 2024 to December 2024. As at 31 December 2023, total Group commitments are set out in the table below (excludes shipping and taxes). 31 Dec 2023 30 Jun 2023 $'000 $'000 Amounts payable within 12 months of balance date 48,215 7,481 Amounts payable after 12 months of balance date 2,941 - Total Commitments 51,156 7,481

Share-based payments

Share-based payments	6 Months Ended
	Dec. 31, 2023
Share-based payments [Abstract]
Share-based payments	Note 17. S hare-bas The Group has entered into a number of share-based compensation arrangements. Details of these arrangements, which are considered as options for accounting purposes, are described in Group’s Consolidated Financial Statements for the year ended 30 June 2023. ● Employee Share Plan ● 2021 Executive Director Liquidity and Price Target Options ● Employee Option Plan ● Non-Executive Director Option Plan ● $75 Exercise Price Options ● 2022 Long-Term Incentive Plan Restricted Stock Units ● 2023 Long-Term Incentive Plan Restricted Stock Units (see below for the grants made under this 2023 LTIP this period) 2023 Long-Term Incentive Plan Restricted Stock Units On 1 July 2023, our Board approved a revised long term incentive plan under which participating employees have been granted RSUs in three tranches, the first two tranches being time-based vesting conditions and the third Under the terms of the plan, the Board maintains sole discretion over the administration, eligibility and vesting criteria of instruments issued under the LTIP. During the six months ended 31 December 2023, the following grants were made under the 2023 LTIP: ● 3,109,286 RSUs to certain employees and key management personnel (“KMP”) of the Group were issued RSUs of which: - 33.3% of each individual’s RSU grant are subject to time-based vesting conditions and will vest after one years; - 33.3% of each individual’s RSU grant are subject to time-based vesting conditions and will vest after two years - 33.4% of each individual’s RSU grant are subject to performance-based vesting conditions and will vest after three years based on total shareholder return measured against the Nasdaq Small Cap Index (NQUSS) (and continued service over the vesting period). ● 120,303 RSUs to certain Non-Executive Directors. These RSUs will vest after one year. Reconciliation of outstanding share options Set out below are summaries of options granted under all plans: Number options Weighted average exercise price Number of options Weighted average exercise price 31 Dec 2023 31 Dec 2023 30 Jun 2023 30 Jun 2023 Outstanding as at 1 July 2023 8,906,839 $ 41.93 9,010,547 $ 41.67 Granted during the period - $ 0.00 - $ 0.00 Forfeited during the period - $ 0.00 (103,708 ) $ 20.03 Vested during the period - $ 0.00 - $ 0.00 Outstanding as at 31 December 2023 8,906,839 $ 41.93 8,906,839 $ 41.93 Exercisable as at 31 December 2023 3,615,546 $ 3.00 3,485,302 $ 2.97 As at 31 December 2023, the weighted average remaining contractual life of options outstanding is 6.88 years (30 June 2023: 7.57 years). As at 31 December 2023 the exercise prices associated with the options outstanding ranges from $1.53 to $75.00 (30 June 2023: $1.53 to $75.00). Reconciliation of outstanding RSUs Set out below are summaries of RSUs granted under all plans: Number of RSUs 31 Dec 2023 Outstanding as at 1 July 3,623,867 Granted during the period 3,229,589 Forfeited during the period (177,772 ) Vested during the period (104,559 ) Outstanding as at end of period 6,571,125 Exercisable as at end of period - As at 31 December 2023, the weighted average remaining contractual life of RSUs outstanding is 3.26 years (30 June 2023: 4.55 years). All RSUs have a nil

Related party transactions

Related party transactions	6 Months Ended
	Dec. 31, 2023
Related party transactions [Abstract]
Related party transactions	Note 18. Related party transactions Parent entity Iris Energy Limited is the ultimate parent entity. Changes in key management personnel There have been no new appointments made to key management personnel during the period. Transactions with related parties There were no transactions with related parties during the current and previous period. Receivable from and payable to related parties There were no trade receivables from or trade payables to related parties at the current and previous reporting date. Loans from/to related parties There were no loans to or from related parties at the current and previous reporting date. Terms and conditions The loan from related parties was interest free and has since been repaid.

Events after the reporting peri

Events after the reporting period	6 Months Ended
	Dec. 31, 2023
Events after the reporting period [Abstract]
Events after the reporting period	Note 19. Events after the reporting period Mining Hardware purchase contract and option On 16 January, 2024, the Group announced it had entered into an agreement with Bitmain Technologies Delaware Limited (“Bitmain”) to purchase 5,000 Bitmain T21 miners (1.0 EH/s) which are scheduled for delivery in June 2024. The total contracted cost is $13,300,000. The Group also paid a non-refundable deposit of $12,768,000 as an initial 10% option down payment in relation to a hardware purchase option to acquire up to 48,000 Bitmain T21 miners (9.1 EH/s) at a price of $14/TH. Decisions with respect to exercising all, some or none of the miner purchase options will be made during 2024. If the entire option is exercised, the total contracted cost will be $127,680,000. If the option is exercised, the miners are scheduled for phased delivery in monthly batches from June 2024 to November 2024. ATM Facility Subsequent to 31 December 2023, the Company issued a further 19,660,120 Ordinary shar es for tota Purchases NVIDIA H100 GPUs to target generative AI On 14 February 2024, the Group announced the additional purchase of 568 of NVIDIA’s latest-generation artificial intelligence (“AI”) H100 GPUs for ~US$22 million. No other matter or circumstance has arisen since 31 December 2023 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.

Significant accounting polici_2

Significant accounting policies (Policies)	6 Months Ended
	Dec. 31, 2023
Significant accounting policies [Abstract]
Basis of preparation	These unaudited interim consolidated financial statements for the periods ended 31 December 2023 have been prepared in accordance with IAS 34 Interim Financial Reporting d for a complete s The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the policies stated below
Revenue recognition	Revenue recognition The Group records revenue from contracts with customers in accordance with IFRS 15, Revenue from Contracts with Customers (“IFRS 15”) as follows: ● Step 1: Identify the contract with a customer; ● Step 2: Identify the performance obligations in the contract; ● Step 3: Determine the transaction price, which is the total consideration provided by the customer; ● Step 4: Allocate the transaction price among the performance obligations in the contract based on their relative fair values; and ● Step 5: Recognize revenue when (or as) the Group satisfies a performance obligation. Bitcoin mining revenue The Group operates data center infrastructure supporting the verification and validation of Bitcoin blockchain transactions in exchange for Bitcoin, referred to as “Bitcoin mining”. The Company has entered into arrangements with mining pools, whereby computing power is directed to the mining pools in exchange for non-cash consideration in the form of Bitcoin. The provision of computing power is the only performance obligation in the contract with the mining pool operators. The Company has the right to decide the point in time and duration for which it will provide hash computation services to the mining pools. The contracts are terminable at any time by either party without substantive compensation to the other party for such termination. Upon termination, the mining pool operator (i.e., the customer) is required to pay the Company any amount due related to previously satisfied performance obligations. Therefore, the Company has determined that the duration of the contract is less than 24 hours and that the contract continuously renews throughout the day. In the mining pools which the Company participated in during the periods, the Company is not directly exposed to the pool’s success in mining blocks. The Company is rewarded in Bitcoin for the hashrate it contributes to these mining pools. The reward for the hashrate contributed by the Company is based on the current network difficulty and global daily revenues from transaction fees, less mining pool fees. The fair value of the non-cash consideration is determined using the quantity of Bitcoin received multiplied by the spot price of the Bitcoin price at the end of the day at the website of Kraken, the trading platform over which we exchange the Bitcoin we have mined (“Kraken”). Management considers the prices quoted on Kraken to be a Level 1 input under IFRS 13 Fair Value Measurement. The Group did not hold any Bitcoin on hand as at 31 December 2023 (31 December 2022: Nil
Going concern	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 six months ended 31 December 2023, the Group incurred a loss after tax of $10,527,000 (31 December 2022: $161,894,000) and net operating cash inflows of $21,246,000 (31 December 2022: outflows of $6,263,000). As at 31 December 2023, the Group had net current assets of $76,843,000 (30 June 2023: net current assets of $65,229,000) and net assets of $381,848,000 (30 June 2023: net assets of $305,361,000). As further background, the Group’s miners are designed specifically to mine Bitcoin and its future success will depend in a large part upon the value of Bitcoin, and any sustained decline in its value could adversely affect the business and results of operations. Specifically, the revenues from Bitcoin mining operations are predominantly based upon two factors: (i) the number of Bitcoin rewards that are successfully mined and (ii) the value of Bitcoin. A decline in the market price of Bitcoin, increases in the difficulty of Bitcoin mining, changes in the regulatory environment, the halving event expected in Q4 FY2024 and/or adverse changes in other inherent risks would significantly negatively impact the Group’s operations. Due to the volatility of the Bitcoin price and the effects of the other aforementioned factors, there can be no guarantee that future mining operations will be profitable. The strategy to mitigate these risks and uncertainties is to try execute a business plan aimed at operational efficiency, revenue growth, improving overall mining profit, managing operating expenses and working capital requirements, maintaining potential capital expenditure optionality, and securing additional financing, as needed, through one or more debt and/or equity capital raisings. The continuing viability of the Group and its ability to continue as a going concern and meet its debts and commitments as they fall due are therefore significantly dependent upon several factors. These factors have been considered in preparing a cash flow forecast over the next 12 months to consider the going concern of the Group. The key assumptions include: ● A base case scenario assuming recent Bitcoin prices and global hashrate, with a reduction in global hashrate following the halving event expected in Q4 FY2024; ● Three operational sites in British Columbia, Canada with installed nameplate capacity of 160MW; 80MW Mackenzie (BC, Canada), 50MW Prince George (BC, Canada), and 30MW Canal Flats (BC, Canada). ● A fourth operational site at Childress, Texas with initial installed nameplate capacity of 20MW incrementally increasing to 100 MW by 30 June 2024. The key assumptions have been stress tested using a range of Bitcoin price and global hashrate scenarios including with respect to the halving event expected in Q4 FY2024 As a result, the Group has concluded there is material uncertainty related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. However, the Group considers that it will be successful in the above matters and will have adequate cash reserves to enable it to meet its obligations for at least one year from the date of approval of the consolidated financial statements, and, accordingly, has prepared the consolidated financial statements on a going concern basis.
New or amended Accounting Standards and Interpretations adopted	New or amended Accounting Standards and Interpretations adopted The Group has adopted all of the new or amended IFRS and Interpretations as issued by the International Accounting Standards Board (“IASB”) that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. The Group believes that the impact of recently issued standards or amendments to existing standards that are not yet effective will not have a material impact on the Group’s unaudited interim consolidated financial statements.

Other income (Tables)

Other income (Tables)	6 Months Ended
	Dec. 31, 2023
Other income [Abstract]
Other Income	Three months ended 31 Dec 2023 Three months ended 31 Dec 2022 Six months ended 31 Dec 2023 Six months ended 31 Dec 2022 $’000 $’000 $’000 $’000 Other income 527 - 527 -

Other operating expenses (Table

Other operating expenses (Tables)	6 Months Ended
	Dec. 31, 2023
Other operating expenses [Abstract]
Other Operating Expenses	Three months ended 31 Dec 2023 Three months ended 31 Dec 2022 Six months ended 31 Dec 2023 Six months ended 31 Dec 2022 $'000 $'000 $'000 $'000 Insurance 1,447 1,437 3,099 3,392 Sponsorship and marketing 401 99 694 110 Short term office and equipment rental 92 54 203 155 Site expenses 1,511 889 3,068 1,377 Charitable donations 91 85 233 149 Filing fees 19 19 38 39 Site identification costs - - - 15 Other expenses 787 506 1,336 976 Non-refundable sales tax (See Note 12) 1,372 535 2,966 1,027 Non-refundable provincial sales tax 308 - 622 - Legal expenses 1,797 - 1,797 - Total other operating expenses 7,825 3,624 14,056 7,240

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	6 Months Ended
	Dec. 31, 2023
Cash and cash equivalents [Abstract]
Cash and Cash Equivalents	31 Dec 2023 30 Jun 2023 $'000 $'000 Current assets Cash at bank 90,307 38,657 Cash on deposit - 30,237 Total cash and cash equivalents 90,307 68,894

Other receivables (Tables)

Other receivables (Tables)	6 Months Ended
	Dec. 31, 2023
Other receivables [Abstract]
Other Receivables	31 Dec 2023 30 Jun 2023 $'000 $'000 Current assets Share issuance proceeds - 1,581 Trade and other receivables 635 97 Provincial sales tax receivable - 122 Goods and services tax receivable 5,054 4,743 Total other receivables 5,689 6,543

Financial asset at fair value_2

Financial asset at fair value through profit or loss (Tables)	6 Months Ended
	Dec. 31, 2023
Financial asset at fair value through profit or loss [Abstract]
Financial Asset at Fair Value through Profit or Loss	31 Dec 2023 30 Jun 2023 $'000 $'000 Current assets Electricity financial asset 1,280 - 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 1,538 - Revaluation decrements (unrealized loss) (258 ) - Closing fair value 1,280 -

Computer hardware prepayments (

Computer hardware prepayments (Tables)	6 Months Ended
	Dec. 31, 2023
Computer hardware prepayments [Abstract]
Mining Hardware Prepayments	31 Dec 2023 30 Jun 2023 $'000 $'000 Non-current assets Mining hardware prepayments 22,264 68 High-performance computing hardware prepayments 8,291 - Total computer hardware prepayments 30,555 68

Prepayments and other assets (T

Prepayments and other assets (Tables)	6 Months Ended
	Dec. 31, 2023
Prepayments and other assets [Abstract]
Prepayments and other assets	31 Dec 2023 30 Jun 2023 $'000 $'000 Current assets Security deposits 2,905 2,420 Prepayments 9,005 11,373 11,910 13,793 Non-current assets Security deposits 10,365 - Total prepayments and other assets 22,275 13,793

Property, plant and equipment (

Property, plant and equipment (Tables)	6 Months Ended
	Dec. 31, 2023
Property, plant and equipment [Abstract]
Consolidated Property, Plant and Equipment	31 Dec 2023 30 Jun 2023 $'000 $'000 Non-current assets Land - at cost 1,808 1,803 Buildings - at cost 155,424 153,100 Less: Accumulated depreciation (8,971 ) (5,042 ) 146,453 148,058 Plant and equipment - at cost 6,025 4,145 Less: Accumulated depreciation (1,003 ) (712 ) 5,022 3,433 HPC hardware – at cost 1,389 - Mining hardware - at cost 115,111 115,024 Less: Accumulated depreciation (26,853 ) (15,709 ) Less: Accumulated impairment (25,935 ) (25,934 ) 62,323 73,381 Development assets - at cost 47,187 14,427 Total property, plant and equipment 264,182 241,102
Reconciliations of Written Down Values of Property, Plant and Equipment	Reconciliations of the written down values at the beginning and end of the current period are set out below: Land Buildings Plant and equipment Mining hardware HPC hardware Development assets Total Consolidated $'000 $'000 $'000 $'000 $'000 $'000 $'000 Balance at 1 July 2023 1,803 148,058 3,433 73,381 - 14,427 241,102 Additions - 880 1,880 80 1,389 33,987 38,217 Disposals - - (35 ) - - - (35 ) Exchange differences 5 (26 ) (49 ) (113 ) - 45 (138 ) Reversal of impairment - - - - - 108 108 Transfers in/(out) - 1,380 - - - (1,380 ) - Depreciation expense - (3,839 ) (207 ) (11,025 ) - - (15,071 ) Balance at 31 December 2023 1,808 146,453 5,022 62,323 1,389 47,187 264,182

Lease liabilities (Tables)

Lease liabilities (Tables)	6 Months Ended
	Dec. 31, 2023
Lease liabilities [Abstract]
Lease Liabilities	31 Dec 2023 30 Jun 2023 $'000 $'000 Current liabilities Lease liability 209 192 Non-current liabilities Lease liability 1,150 1,256 Total lease liabilities 1,359 1,448

Provisions (Tables)

Provisions (Tables)	6 Months Ended
	Dec. 31, 2023
Provisions [Abstract]
Provisions	31 Dec 2023 30 Jun 2023 $‘000 $‘000 Current liabilities Non-refundable sales tax and other provisions 10,390 6,172

Issued capital (Tables)

Issued capital (Tables)	6 Months Ended
	Dec. 31, 2023
Issued capital [Abstract]
Issued Capital	Consolidated 31 Dec 2023 30 Jun 2023 31 Dec 2023 30 Jun 2023 Shares Shares $'000 $'000 Ordinary shares - fully paid and unrestricted 82,419,050 64,747,477 1,038,846 965,857
Movements in Ordinary Share Capital	Movements in ordinary share capital Details Date Shares $'000 Opening balance as at 1 July 2023 64,747,477 965,857 Shares issued under Committed Equity Facility 12,887,814 51,417 Shares issued under the ATM Facility 4,679,200 24,254 Share based payment - vested shares 104,559 117 Capital raise costs - (2,801 ) Closing balance as at 31 December 2023 82,419,050 1,038,846

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Dec. 31, 2023
Earnings per share [Abstract]
Earnings Per Share Basic and Diluted	Three months ended 31 Dec 2023 Three months ended 31 Dec 2022 $'000 $'000 Loss after income tax (5,228 ) (143,954 ) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 72,665,044 53,028,867 Weighted average number of ordinary shares used in calculating diluted earnings per share 72,665,044 53,028,867 Cents Cents Basic earnings per share (7.20 ) (271.46 ) Diluted earnings per share (7.20 ) (271.46 ) Six months ended 31 Dec 2023 Six months ended 31 Dec 2022 $'000 $'000 Loss after income tax (10,527 ) (161,894 ) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 70,074,566 53,028,867 Weighted average number of ordinary shares used in calculating diluted earnings per share 70,074,566 53,028,867 Cents Cents Basic earnings per share (15.02 ) (305.29 ) Diluted earnings per share (15.02 ) (305.29 )

Commitments (Tables)

Commitments (Tables)	6 Months Ended
	Dec. 31, 2023
Commitments [Abstract]
Maturity of Committed Amount Payable	As at 31 December 2023, total Group commitments are set out in the table below (excludes shipping and taxes). 31 Dec 2023 30 Jun 2023 $'000 $'000 Amounts payable within 12 months of balance date 48,215 7,481 Amounts payable after 12 months of balance date 2,941 - Total Commitments 51,156 7,481

Share-based payments (Tables)

Share-based payments (Tables)	6 Months Ended
	Dec. 31, 2023
Share-based payments [Abstract]
Reconciliation of Outstanding Share Options	Set out below are summaries of options granted under all plans: Number options Weighted average exercise price Number of options Weighted average exercise price 31 Dec 2023 31 Dec 2023 30 Jun 2023 30 Jun 2023 Outstanding as at 1 July 2023 8,906,839 $ 41.93 9,010,547 $ 41.67 Granted during the period - $ 0.00 - $ 0.00 Forfeited during the period - $ 0.00 (103,708 ) $ 20.03 Vested during the period - $ 0.00 - $ 0.00 Outstanding as at 31 December 2023 8,906,839 $ 41.93 8,906,839 $ 41.93 Exercisable as at 31 December 2023 3,615,546 $ 3.00 3,485,302 $ 2.97
Reconciliation of Outstanding RSUs	Set out below are summaries of RSUs granted under all plans: Number of RSUs 31 Dec 2023 Outstanding as at 1 July 3,623,867 Granted during the period 3,229,589 Forfeited during the period (177,772 ) Vested during the period (104,559 ) Outstanding as at end of period 6,571,125 Exercisable as at end of period -

Significant accounting polici_3

Significant accounting policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
Bitcoin mining revenue [Abstract]
Bitcoin on hand	$ 0	$ 0	$ 0	$ 0
Going concern [Abstract]
Loss after income tax	(5,228)	$ (143,954)	(10,527)	(161,894)
Net operating cash (outflows) inflows			21,246	$ (6,263)
Net current assets	76,843		76,843		$ 65,229
Net assets	$ 381,848		$ 381,848		$ 305,361
Minimum [Member]
Going concern [Abstract]
Period to adequate cash reserves to enable to meet its obligations from date of approval			1 year

Other income (Details)

Other income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Other income [Abstract]
Other income	$ 527	$ 0	$ 527	$ 0

Other operating expenses (Detai

Other operating expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Other operating expenses [Abstract]
Insurance	$ 1,447	$ 1,437	$ 3,099	$ 3,392
Sponsorship and marketing	401	99	694	110
Short term office and equipment rental	92	54	203	155
Site expenses	1,511	889	3,068	1,377
Charitable donations	91	85	233	149
Filing fees	19	19	38	39
Site identification costs	0	0	0	15
Other expenses	787	506	1,336	976
Non-refundable sales tax (See Note 12)	1,372	535	2,966	1,027
Non-refundable provincial sales tax	308	0	622	0
Legal expenses	1,797	0	1,797	0
Total other operating expenses	$ 7,825	$ 3,624	$ 14,056	$ 7,240

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Current assets [Abstract]
Cash at bank	$ 90,307	$ 38,657
Cash on deposit	0	30,237
Total cash and cash equivalents	$ 90,307	$ 68,894	$ 40,661	$ 109,970

Other receivables (Details)

Other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Current assets [Abstract]
Share issuance proceeds	$ 0	$ 1,581
Trade and other receivables	635	97
Provincial sales tax receivable	0	122
Goods and services tax receivable	5,054	4,743
Total other receivables	$ 5,689	$ 6,543

Financial asset at fair value_3

Financial asset at fair value through profit or loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
Current assets [Abstract]
Electricity financial asset	$ 1,280		$ 1,280		$ 0
Reconciliation of the fair values at the beginning and end of the current and previous financial period are set out below: [abstract]
Opening fair value			0	$ 0	0
Additions			1,538		0
Revaluation decrements (unrealized loss)	(258)	$ 0	(258)	0	0
Closing fair value	1,280		1,280		0
Realized gain	$ 101	$ 0	$ 3,119	$ 0

Computer hardware prepayments_2

Computer hardware prepayments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Non-current assets [abstract]
Mining hardware prepayments	$ 22,264	$ 68
High-performance computing hardware prepayments	8,291	0
Total computer hardware prepayments	$ 30,555	$ 68

Prepayments and other assets (D

Prepayments and other assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Current assets [Abstract]
Security deposits	$ 2,905	$ 2,420
Prepayments	9,005	11,373
Prepayments and deposits	11,910	13,793
Non-current assets [Abstract]
Security deposits	10,365	0
Total prepayments and other assets	$ 22,275	$ 13,793

Property, plant and equipment,

Property, plant and equipment, Consolidated (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Non-current assets [Abstract]
Property, plant and equipment	$ 264,182	$ 241,102
Land [Member]
Non-current assets [Abstract]
Property, plant and equipment	1,808	1,803
Land [Member] | At Cost [Member]
Non-current assets [Abstract]
Property, plant and equipment	1,808	1,803
Buildings [Member]
Non-current assets [Abstract]
Property, plant and equipment	146,453	148,058
Buildings [Member] | At Cost [Member]
Non-current assets [Abstract]
Property, plant and equipment	155,424	153,100
Buildings [Member] | Accumulated Depreciation [Member]
Non-current assets [Abstract]
Property, plant and equipment	(8,971)	(5,042)
Plant and equipment [Member]
Non-current assets [Abstract]
Property, plant and equipment	5,022	3,433
Plant and equipment [Member] | At Cost [Member]
Non-current assets [Abstract]
Property, plant and equipment	6,025	4,145
Plant and equipment [Member] | Accumulated Depreciation [Member]
Non-current assets [Abstract]
Property, plant and equipment	(1,003)	(712)
HPC hardware [Member]
Non-current assets [Abstract]
Property, plant and equipment	1,389	0
HPC hardware [Member] | At Cost [Member]
Non-current assets [Abstract]
Property, plant and equipment	1,389	0
Mining hardware [Member]
Non-current assets [Abstract]
Property, plant and equipment	62,323	73,381
Mining hardware [Member] | At Cost [Member]
Non-current assets [Abstract]
Property, plant and equipment	115,111	115,024
Mining hardware [Member] | Accumulated Depreciation [Member]
Non-current assets [Abstract]
Property, plant and equipment	(26,853)	(15,709)
Mining hardware [Member] | Accumulated impairment [Member]
Non-current assets [Abstract]
Property, plant and equipment	(25,935)	(25,934)
Development assets [Member]
Non-current assets [Abstract]
Property, plant and equipment	47,187	14,427
Development assets [Member] | At Cost [Member]
Non-current assets [Abstract]
Property, plant and equipment	$ 47,187	$ 14,427

Property, plant and equipment_2

Property, plant and equipment, Reconciliations of Written Down Values (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2023 USD ($)
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	$ 241,102
Additions	38,217
Disposals	(35)
Exchange differences	(138)
Reversal of impairment	108
Transfers in/(out)	0
Depreciation expense	(15,071)
Property, plant and equipment, ending balance	264,182
Land [Member]
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	1,803
Additions	0
Disposals	0
Exchange differences	5
Reversal of impairment	0
Transfers in/(out)	0
Depreciation expense	0
Property, plant and equipment, ending balance	1,808
Buildings [Member]
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	148,058
Additions	880
Disposals	0
Exchange differences	(26)
Reversal of impairment	0
Transfers in/(out)	1,380
Depreciation expense	(3,839)
Property, plant and equipment, ending balance	146,453
Plant and equipment [Member]
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	3,433
Additions	1,880
Disposals	(35)
Exchange differences	(49)
Reversal of impairment	0
Transfers in/(out)	0
Depreciation expense	(207)
Property, plant and equipment, ending balance	5,022
Mining hardware [Member]
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	73,381
Additions	80
Disposals	0
Exchange differences	(113)
Reversal of impairment	0
Transfers in/(out)	0
Depreciation expense	(11,025)
Property, plant and equipment, ending balance	62,323
HPC hardware [Member]
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	0
Additions	1,389
Disposals	0
Exchange differences	0
Reversal of impairment	0
Transfers in/(out)	0
Depreciation expense	0
Property, plant and equipment, ending balance	1,389
Development assets [Member]
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	14,427
Additions	33,987
Disposals	0
Exchange differences	45
Reversal of impairment	108
Transfers in/(out)	(1,380)
Depreciation expense	0
Property, plant and equipment, ending balance	$ 47,187

Lease liabilities (Details)

Lease liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2023	Jun. 30, 2023
Current liabilities [abstract]
Lease liability	$ 209	$ 192
Non-current liabilities [abstract]
Lease liability	1,150	1,256
Total lease liabilities	$ 1,359	$ 1,448
Prince George, British Columbia, Canada [Member] | Lease liabilities [member]
Non-current liabilities [abstract]
Lease term	30 years
Sydney, Australia [Member] | Lease liabilities [member]
Non-current liabilities [abstract]
Lease term	3 years
Vancouver, British Columbia, Canada [Member] | Lease liabilities [member]
Non-current liabilities [abstract]
Lease term	5 years

Provisions (Details)

Provisions (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2023	Jun. 30, 2023
Current liabilities [Abstract]
Non-refundable sales tax and other provisions	$ 10,390	$ 6,172
CANADA [Member]
Current liabilities [Abstract]
Percentage of GST required to remit	5%
Percentage of GST on exported services	0%

Issued capital, Ordinary shares

Issued capital, Ordinary shares (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Ordinary share capital [abstract]
Ordinary shares - fully paid and unrestricted	$ 1,038,846	$ 965,857
Issued Capital [Member]
Ordinary share capital [abstract]
Ordinary shares - fully paid and unrestricted (in shares)	82,419,050	64,747,477
Ordinary shares - fully paid and unrestricted	$ 1,038,846	$ 965,857

Issued capital, Movements in Or

Issued capital, Movements in Ordinary Share Capital (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2023 USD ($) shares
Issued capital [Abstract]
Opening balance	$ 965,857
Closing balance	$ 1,038,846
Issued Capital [Member]
Number of shares [Abstract]
Opening balance (in shares) | shares	64,747,477
Shares issued under Committed Equity Facility (in shares) | shares	12,887,814
Shares issued under the ATM Facility (in shares) | shares	4,679,200
Share based payment - vested shares (in shares) | shares	104,559
Capital raise costs (in shares) | shares	0
Closing balance (in shares) | shares	82,419,050
Issued capital [Abstract]
Opening balance	$ 965,857
Shares issued under Committed Equity Facility	51,417
Shares issued under ATM Facility	24,254
Share based payment - vested shares	117
Capital raise costs	(2,801)
Closing balance	$ 1,038,846

Issued capital, Summary (Detail

Issued capital, Summary (Details) - Ordinary Shares [Member] - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2023	Sep. 13, 2023	Sep. 23, 2022
Loan-funded shares [Abstract]
Number of restricted shares issued (in shares)	1,954,049	1,954,049
Number of shares outstanding (in shares)	84,373,099	66,701,526
At-the-Market [Member] | B. Riley Principal Capital II, LLC [Member]
Share purchase agreement [Abstract]
Term of option agreement to sell ordinary shares	36 months
Shares issued (in shares)	4,679,200
Proceeds from issue of ordinary shares	$ 24,253,962
At-the-Market [Member] | Maximum [Member] | B. Riley Principal Capital II, LLC [Member] | Forecast [Member]
Share purchase agreement [Abstract]
Maximum value of shares to be issued under share sale option agreement (in shares)			300,000,000
Committed Equity Facility [Member] | B. Riley Principal Capital II, LLC [Member]
Share purchase agreement [Abstract]
Term of option agreement to sell ordinary shares	2 years
Shares issued (in shares)	12,887,814
Proceeds from issue of ordinary shares	$ 51,417,000
Committed Equity Facility [Member] | Maximum [Member] | B. Riley Principal Capital II, LLC [Member]
Share purchase agreement [Abstract]
Maximum value of shares to be issued under share sale option agreement (in shares)				100,000,000

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Earnings per share [Abstract]
Loss after income tax	$ (5,228)	$ (143,954)	$ (10,527)	$ (161,894)
Weighted average number of ordinary shares used in calculating basic earnings per share (in shares)	72,665,044	53,028,867	70,074,566	53,028,867
Weighted average number of ordinary shares used in calculating diluted earnings per share (in shares)	72,665,044	53,028,867	70,074,566	53,028,867
Basic earnings per share (in dollars per share)	$ (0.072)	$ (2.7146)	$ (0.1502)	$ (3.0529)
Diluted earnings per share (in dollars per share)	$ (0.072)	$ (2.7146)	$ (0.1502)	$ (3.0529)

Commitments (Details)

Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Committed Amounts Payable [Abstract]
Commitments	$ 51,156	$ 7,481
Amounts Payable within 12 Months of Balance Date [Member]
Committed Amounts Payable [Abstract]
Commitments	48,215	7,481
Amounts Payable After 12 Months of Balance Date [Member]
Committed Amounts Payable [Abstract]
Commitments	$ 2,941	$ 0

Share-based payments, 2023 Long

Share-based payments, 2023 Long-Term Incentive Plan Restricted Stock Units (Details) - 2023 Long-Term Incentive Plan Restricted Stock Units [Member]	6 Months Ended
	Dec. 31, 2023 shares Tranche
Share-based payment [Abstract]
Number of tranches	3
Tranche One [Member] | Time-based Vesting Conditions [Member]
Share-based payment [Abstract]
Percentage of grants vested	33.30%
Vesting period	1 year
Tranche One and Two [Member] | Time-based Vesting Conditions [Member]
Share-based payment [Abstract]
Number of tranches	2
Tranche Two [Member] | Time-based Vesting Conditions [Member]
Share-based payment [Abstract]
Percentage of grants vested	33.30%
Vesting period	2 years
Tranche Three [Member] | Performance-based Vesting Conditions [Member]
Share-based payment [Abstract]
Number of tranches	3
Percentage of grants vested	33.40%
Vesting period	3 years
Non-Executive Director [Member]
Share-based payment [Abstract]
Vesting period	1 year
Number of RSUs vested (in shares) | shares	120,303
Key Management Personnel [Member]
Share-based payment [Abstract]
Number of RSUs issued (in shares) | shares	3,109,286

Share-based payments, Reconcili

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

Share-based payments, Reconci_2

Share-based payments, Reconciliation of Outstanding RSUs (Details) - Restricted Share Units [Member]	6 Months Ended	12 Months Ended
	Dec. 31, 2023 shares $ / shares	Jun. 30, 2023 shares
Number of RSUs [Abstract]
Outstanding at beginning of period (in shares)	3,623,867
Granted during the year (in shares)	3,229,589
Forfeited during the year (in shares)	(177,772)
Exercised during the period (in shares)	(104,559)
Outstanding at end of period (in dollars per share)	6,571,125	3,623,867
Exercisable at the end of period (in dollars per share)	0
Weighted average remaining contractual life of RSUs outstanding	3 years 3 months 3 days	4 years 6 months 18 days
Exercise price of RSUs (in dollars per share) | $ / shares	$ 0

Related party transactions (Det

Related party transactions (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2023
Outstanding balances for related party transactions [abstract]
Transactions with related parties	$ 0	$ 0
Trade receivables from related parties	0	0
Trade payables to related parties	0	0
Loans from related parties	0	0
Loans to related parties	$ 0	$ 0

Events after the reporting pe_2

Events after the reporting period (Details) - Subsequent events [Member]			2 Months Ended	6 Months Ended
	Feb. 14, 2024 USD ($) NVIDIA	Jan. 16, 2024 USD ($) Miners	Feb. 15, 2024 USD ($) shares	Nov. 30, 2024 USD ($)
Events after the reporting periods [Abstract]
Shares issued under the ATM Facility (in shares) | shares			19,660,120
Shares issued under ATM Facility			$ 92,938,000
Additional NVIDIA purchased | NVIDIA	568
Cost of artificial intelligence	$ 22,000,000
Miner Purchase Option with Bitmain [Member] | Mining assets [member]
Events after the reporting periods [Abstract]
Number of Bitmain miners purchased | Miners		5,000
Hashrate capacity of Bitmain T21 miners		1
Contract cost of Bitmain T21 miners		$ 13,300,000		$ 127,680,000
Non-refundable deposit paid as initial down payment		$ 12,768,000
Percentage of initial down payment of deposit		10%
Additional Bitmain miners purchased | Miners		48,000
Increase in Hashrate operating capacity of Bitmain T21 miners		9.1