Iris Energy Limited (IREN) 6-K 12 Feb 25 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Dec. 31, 2024
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--06-30
Entity Registrant Name	IREN Limited
Entity Central Index Key	0001878848
Entity File Number	001-41072
Entity Address, Address Line One	Level 6
Entity Address, Address Line Two	55 Market Street
Entity Address, City or Town	Sydney, NSW
Entity Address, Postal Zip Code	2000
Entity Address, Country	AU

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, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Revenue
Other income	$ 3,444	$ 527	$ 5,070	$ 527
Expenses
Depreciation	(36,198)	(7,558)	(70,207)	(15,177)
Electricity charges	(30,171)	(16,746)	(59,993)	(36,111)
Employee benefits expense	(6,985)	(4,334)	(14,706)	(8,511)
Share-based payments expense	(7,975)	(5,966)	(16,159)	(11,805)
Impairment of assets	0	0	(9,524)	0
Reversal of impairment of assets	516	108	516	108
Professional fees	(3,533)	(2,322)	(6,345)	(3,932)
Other transaction costs	(1,452)	0	(1,452)	0
Site expenses	(2,975)	(1,665)	(5,341)	(3,517)
Other operating expenses	(10,543)	(6,008)	(20,312)	(10,260)
Gain/(loss) on disposal of property, plant and equipment	(672)	5	167	16
Realized gain/(loss) on financial asset	0	101	(4,215)	3,119
Unrealized gain/(loss) on financial instruments	12,900	(258)	12,900	(258)
Renewable energy credits (RECs)	(1,400)	(152)	(2,049)	(279)
Operating profit/(loss)	31,099	(2,221)	(22,742)	(9,636)
Finance expense	(6,253)	(30)	(6,309)	(64)
Interest income	1,587	665	3,875	1,378
Foreign exchange loss	(4,559)	(4,707)	(3,371)	(2,449)
Profit/(loss) before income tax expense	21,874	(6,293)	(28,547)	(10,771)
Income tax (expense)/benefit	(2,996)	1,065	(4,278)	244
Profit/(loss) after income tax expense for the period	18,878	(5,228)	(32,825)	(10,527)
Items that may be reclassified subsequently to profit or loss
Foreign currency translation	(11,973)	7,584	(10,123)	2,002
Other comprehensive income/(loss) for the period, net of tax	(11,973)	7,584	(10,123)	2,002
Total comprehensive income/(loss) for the period	$ 6,905	$ 2,356	$ (42,948)	$ (8,525)
Basic earnings per share (in dollars per share)	$ 0.0009	$ (0.0007)	$ (0.0016)	$ (0.0015)
Diluted earnings per share (in dollars per share)	$ 0.0009	$ (0.0007)	$ (0.0016)	$ (0.0015)
Bitcoin mining revenue
Revenue
Revenue	$ 113,483	$ 42,047	$ 163,058	$ 76,444
AI cloud service revenue
Revenue
Revenue	$ 2,660	$ 0	$ 5,850	$ 0

Unaudited interim consolidate_2

Unaudited interim consolidated statements of financial position - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Current assets
Cash and cash equivalents	$ 427,273	$ 404,601
Other receivables	26,459	29,367
Financial assets at fair value through profit or loss	28,300	6,530
Prepayments and deposits	40,209	11,888
Current assets excluding assets classified as held for sale	522,241	452,386
Assets held for sale	2,952	0
Total current assets	525,193	452,386
Non-current assets
Property, plant and equipment	1,209,339	441,371
Right-of-use assets	1,743	1,549
Computer hardware prepayments	36,068	239,841
Prepayments and deposits	23,106	17,459
Non-current financial assets at fair value through profit or loss	56,017	0
Other assets	616	427
Total non-current assets	1,326,889	700,647
Total assets	1,852,082	1,153,033
Current liabilities
Trade and other payables	144,564	32,119
Other current financial liabilities	999	0
Lease liabilities	381	214
Income tax	1,941	1,389
Employee benefits	5,039	1,342
Deferred revenue	2,291	2,558
Provisions	17,816	13,375
Convertible notes liabilities	318,214	0
Current derivative financial liabilities	67,800	0
Total current liabilities	559,045	50,997
Non-current liabilities
Lease liabilities	1,313	1,441
Deferred tax liabilities	5,261	3,125
Employee benefits	192	119
Total non-current liabilities	6,766	4,685
Total liabilities	565,811	55,682
Equity
Issued capital	1,985,104	1,764,289
Foreign currency translation reserve	(45,116)	(34,993)
Share-based payments reserve	62,339	51,286
Accumulated losses	(716,056)	(683,231)
Total equity	1,286,271	1,097,351
Total liabilities and equity	$ 1,852,082	$ 1,153,033

Unaudited interim consolidate_3

Unaudited interim consolidated statements of changes in equity - USD ($) $ in Thousands	Total	Issued capital	Foreign currency translation reserves	Share-based payments reserves	Accumulated losses
Beginning 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 period	(10,527)	0	0	0	(10,527)
Other comprehensive loss for the period, net of tax	2,002	0	2,002	0	0
Total comprehensive loss for the period	(8,525)	0	2,002	0	(10,527)
Transactions with owners in their capacity as owners:
Capital raise costs	(2,801)	(2,801)	0	0	0
Share issuances	75,672	75,672	0	0	0
Share-based payments	12,141	118	0	12,023	0
Ending balance at Dec. 31, 2023	381,848	1,038,846	(32,653)	40,458	(664,803)
Beginning balance at Jun. 30, 2024	1,097,351	1,764,289	(34,993)	51,286	(683,231)
Changes in equity [abstract]
Loss after income tax expense for the period	(32,825)	0	0	0	(32,825)
Other comprehensive loss for the period, net of tax	(10,123)	0	(10,123)	0	0
Total comprehensive loss for the period	(42,948)	0	(10,123)	0	(32,825)
Transactions with owners in their capacity as owners:
Capital raise costs	(6,804)	(6,804)	0	0	0
Share issuances	221,767	221,767	0	0	0
Share-based payments	16,905	5,852	0	11,053	0
Ending balance at Dec. 31, 2024	$ 1,286,271	$ 1,985,104	$ (45,116)	$ 62,339	$ (716,056)

Unaudited interim consolidate_4

Unaudited interim consolidated statements of cash flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Receipts from other income	$ 2,240	$ 0
Payments for electricity, suppliers and employees	(127,189)	(55,906)
Interest received	4,629	1,520
Interest paid	(75)	(48)
Net cash from operating activities	49,864	21,246
Cash flows from investing activities
Payments for property, plant and equipment net of computer hardware prepayments	(244,890)	(31,389)
Payments for computer hardware prepayments	(326,061)	(32,626)
Payments for prepayments and deposits	(4,797)	(10,243)
Proceeds from disposal of property, plant and equipment	8,318	0
Net cash used in investing activities	(567,430)	(74,258)
Cash flows from financing activities
Capital raising costs	(2,485)	(747)
Proceeds from loan funded shares	858	0
Proceeds from convertible notes*	311,646	0
Proceeds from share issuances	231,666	74,994
Repayment of lease liabilities	(223)	(133)
Net cash from financing activities	541,462	74,114
Net increase in cash and cash equivalents	23,896	21,102
Cash and cash equivalents at the beginning of the period	404,601	68,894
Effects of exchange rate changes on cash and cash equivalents	(1,224)	311
Cash and cash equivalents at the end of the period	427,273	90,307
Bitcoin mining revenue
Cash flows from operating activities
Receipts from revenue	163,058	75,680
AI cloud service revenue
Cash flows from operating activities
Receipts from revenue	$ 7,201	$ 0

General information

General information	6 Months Ended
	Dec. 31, 2024
General information [Abstract]
General information	Note 1. General information These unaudited interim consolidated financial statements cover IREN Limited as a Group consisting of IREN Limited (“Company” or “Parent Entity”) and the entities it controlled at the end of, or during, the period (collectively the “Group”). On 28 November 2024, the Company changed its name from Iris Energy Limited to IREN Limited. The Company’s shares trade on the NASDAQ under the ticker symbol “IREN”. IREN Limited is incorporated and domiciled in Australia. Its registered office and principal place of business are: Registered office Principal place of business c/o Pitcher Partners Level 6, 55 Market Street Level 13, 664 Collins Street Sydney NSW 2000 Docklands VIC 3008 Australia Australia The Group is a leading next-generation data center business powering the future of Bitcoin, AI and beyond. The unaudited interim consolidated financial statements were authorized for issue, in accordance with a resolution of Directors, on 12 February 2025. The Directors have the power to amend and reissue the unaudited interim consolidated financial statements.

Material accounting policies

Material accounting policies	6 Months Ended
	Dec. 31, 2024
Disclosure of initial application of standards or interpretations [abstract]
Material accounting policies	Note 2. Material accounting policies These unaudited interim consolidated financial statements for the period ended 31 December 2024 have been prepared in accordance with IAS 34 Interim Financial Reporting , and should be read in conjunction with the Group’s last annual consolidated financial statements as at and for the year ended 30 June 2024 (‘last annual financial statements’). They do not include all of the information required for a complete set of financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”). However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements for the year ended 30 June 2024. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the policies stated below. Functional currency Effective 1 July 2024, the Parent Company has changed its functional currency from AUD to USD. This change reflects the increase in USD-denominated activities and US-based investments, including capital raising in USD, capital and operational expenditures and revenues. The change has been accounted for prospectively, and prior period comparative figures have not been restated, in accordance with IAS 21. Assets held for sale Non-current assets are classified as assets held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Assets held for sale are stated at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held-for-sale and subsequent gains or losses on remeasurement are recognized in profit and loss. Once classified as held for sale, property plan and equipment are no longer depreciated. Hybrid financial instruments (convertible notes and embedded derivatives) Hybrid financial instruments are separated into the host liability and embedded derivative components based on the terms of the agreement. On issuance, the liability component of the hybrid financial instrument is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The embedded derivative component is initially recognized at fair value and changes in the fair value are recorded in profit or loss. The host debt is carried at amortized cost using the effective interest method until it is extinguished on conversion or redemption. Any directly attributable transaction costs are allocated to the liability and embedded derivative components in proportion to their initial carrying amount. 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 2024, the Group incurred a loss after tax of $32,825,000 (31 December 2023: $10,527,000) and net operating cash inflows of $49,864,000 (31 December 2023: $21,246,000). As at 31 December 2024, the Group had net current liabilities of $33,852,000 (30 June 2024: net current assets of $401,389,000) and net assets of $1,286,271,000 (30 June 2024: net assets of $1,097,351,000). Included in the net current liabilities position of $33,852,000 as at 31 December 2024, are convertible notes and embedded derivative liabilities of $318,214,000 and $67,800,000 respectively. Under IFRS 9 and IAS 1, these instruments are required to be classified as current liabilities due to the related conversion option that may be exercised by the noteholders within twelve months of the reporting period date. If the conversion option is exercised by the noteholders within twelve months, these liabilities are expected to be settled in ordinary shares of the company and are not expected to result in a cash outflow from the Group (excluding any accrued coupon interest). See note 14 for additional details on the convertible notes, embedded derivatives and their associated conversion options. 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. We are also pursuing a strategy to expand and diversify our revenue streams into new markets. Pursuant to that strategy, we are increasing our focus on diversification into HPC solutions, including the provision of AI cloud services. 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 mining economics including Bitcoin prices and global hashrate; • Expansion of operations at the Childress site, Texas with installed nameplate capacity of 350MW as at 31 December 2024 incrementally increasing to 650MW by 30 June 2025 and 750MW by 31 December 2025; • Three operational sites in British Columbia, Canada with installed nameplate capacity of 160MW; 80MW Mackenzie, 50MW Prince George and 30MW Canal Flats; • 1,896 GPUs installed with projected revenue based on existing contracted prices and recent market pricing of AI cloud services provided to customers; • 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. New or amended Accounting Standards and Interpretations adopted In April 2024, the International Accounting Standards Board (“IASB”) issued IFRS 18 Presentation and Disclosure in the Financial Statements, which replaces IAS 1 Presentation of Financial Statements. Although IFRS 18 includes many of the requirements of IAS 1, it introduces new requirements to better structure financial statements and provides more detailed and useful information to investors, including: • two new subtotals defined in the statement of profit or loss, namely (1) operating profit and (2) profit or loss before financing and income taxes; • the classification of all income and expenses within the statement of profit or loss in one of five categories; • a new requirement to disclose performance measures defined by management; • an improvement in the principles related to the aggregation and disaggregation of information in the financial statements and accompanying notes. The publication of IFRS 18 results also in consequential amendments to other IFRS standards, including IAS 7 Statement of Cash Flows. IFRS 18 is effective for annual periods beginning on or after 1 January 2027, with earlier application permitted. IFRS 18 will apply retrospectively with specific transitional provisions. The Group is currently working to identify all impacts that the amendments will have on the primary financial statements and notes to the consolidated financial statements.

Critical accounting judgements,

Critical accounting judgements, estimates and assumptions	6 Months Ended
	Dec. 31, 2024
Critical accounting judgements, estimates and assumptions [Abstract]
Critical accounting judgements, estimates and assumptions	Note 3. Critical accounting judgements, estimates and assumptions When preparing the unaudited interim Consolidated Financial Statements, management undertakes a number of judgments, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results. Other than the change in Functional Currency of the Company (refer to note 2 - Material accounting policies), the judgments, estimates and assumptions applied to the unaudited interim Consolidated Financial Statements, including the key sources of estimation uncertainty, were the same as those applied in the Group's Consolidated Financial Statement for the year ended 30 June 2024.

Other income

Other income	6 Months Ended
	Dec. 31, 2024
Analysis of income and expense [abstract]
Other income	Note 4. Other income Three Three Six months ended Six months ended 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 US$'000 US$'000 US$'000 US$'000 ERS Revenue 1,405 527 3,031 527 Insurance income 1,699 - 1,699 - Other income 341 - 340 - Total other income 3,444 527 5,070 527 Other income comprises income generated from an Emergency Response Service (“ERS”) program entered into in Texas. This ERS program is a demand response program designed to help Electric Reliability Council of Texas (“ERCOT”) mitigate rolling blackouts. 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. Other income also includes insurance income related to insurance recovery of theft of mining hardware in transit (Refer to note 5 - Other operating expenses).

Other operating expenses

Other operating expenses	6 Months Ended
	Dec. 31, 2024
Other operating expenses [Abstract]
Other operating expenses	5. Other operating expenses Three Three Six months ended Six months ended 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 US$'000 US$'000 US$'000 US$'000 Insurance 4,650 1,447 7,642 3,099 Sponsorship and marketing 857 401 1,435 694 Loss on theft of PPE in transit - - 1,724 - ERS fees 84 32 182 32 Charitable donations 175 91 249 233 Filing fees 21 18 43 36 Other expenses 841 542 1,468 781 Non-refundable sales tax (See note 15 - Provisions) 2,542 1,372 5,223 2,966 Non-refundable provincial sales tax 1,329 308 2,302 622 Site identification costs 44 - 44 - Legal expenses - 1,797 - 1,797 Total other operating expenses 10,543 6,008 20,312 10,260 Insurance expenses include $1,900,000 and $151,000 of construction insurance costs and $5,742,000 and $2,948,000 of other insurance costs for the six months ended 31 December 2024 and 2023, respectively. Other operating expenses previously included site expenses, however, for the period ended 31 December 2024, site expenses has been presented as a separate financial statement line item. Comparative figures have been updated accordingly. Loss on theft of PPE in transit In July 2024, a shipment of mining hardware with a carrying value of $1,724,000 was stolen whilst in transit to the Group’s site at Childress. The hardware was written off during the period ended 30 September 2024. An associated insurance claim was approved by insurers in October 2024 with the insurance proceeds (less a non-deductible amount of $25,000) recorded as Other Income (Refer to note 4 - Other income).

Cash and cash equivalents

Cash and cash equivalents	6 Months Ended
	Dec. 31, 2024
Cash and cash equivalents [abstract]
Cash and cash equivalents	Note 6. Cash and cash equivalents 31 Dec 2024 30 Jun 2024 US$'000 US$'000 Current assets Cash at bank 427,273 304,601 Cash on deposit (cash equivalents) - 100,000 Total cash and cash equivalents 427,273 404,601 Cash on deposit includes term deposits with maturities of less than 90 days and are therefore considered cash and cash equivalents.

Other receivables

Other receivables	6 Months Ended
	Dec. 31, 2024
Other receivables [Abstract]
Other receivables	Note 7. Other receivables 31 Dec 2024 30 Jun 2024 US$'000 US$'000 Current assets Trade receivables 88 152 Government grant receivable 649 2,078 Share issuance proceeds - 16,563 Interest receivable 738 1,472 ERS receivable 3,341 1,128 Other receivables 2,476 130 Goods and services tax receivable 19,167 7,844 Total other receivables 26,459 29,367

Financial asset at fair value t

Financial asset at fair value through profit or loss	6 Months Ended
	Dec. 31, 2024
Current financial assets at fair value through profit or loss [abstract]
Financial asset at fair value through profit or loss	Note 8. Financial asset at fair value through profit or loss 31 Dec 2024 30 Jun 2024 US$'000 US$'000 Current assets Capped call transactions (refer to note 14) 28,300 - Electricity financial asset - 6,530 Total current financial assets at fair value through profit or loss 28,300 6,530 Non-current assets Prepaid forward contract (refer to note 14) 56,017 - Electricity financial asset - 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 6,530 - Additions 15,686 28,332 Financial asset realized (6,530) (18,354) Revaluation decrements (unrealized loss) - (3,448) Close-out costs (7,211) - Transfer to prepayment (8,475) - Closing fair value - 6,530 Capped call transactions and prepaid forward contract On 6 December 2024, the Group issued convertible notes and has separately entered into privately negotiated capped call transactions and prepaid forward share purchase contract. Refer to Note 14 for further information related to the convertible notes and related financial instruments. Electricity financial asset A subsidiary of the Company previously entered into a Power Supply Agreement ("PSA") for the procurement of electricity at the Childress site. Under the PSA, the subsidiary had the right to purchase a fixed quantity of electricity in advance at a fixed price however, the subsidiary had no obligation to take physical delivery of electricity purchased. For any unused electricity purchased, the subsidiary sold the unused electricity to the counterparty of the PSA at the prevailing spot price at the time of curtailment. As the PSA met the definition of a financial instrument under IAS 32, it was previously accounted for as a financial asset at fair value through profit and loss under IFRS 9. An addendum to the PSA was signed on 23 August 2024 which allows for the purchase of electricity at spot price based on actual usage. The addendum resulted in the payment of a liquidation payment of $7,211,000 to exit positions previously entered into under the fixed quantity and price arrangements. As such, this liquidation fee is recognized as a realized loss on financial asset. The addendum to the PSA does not meet the definition of a financial instrument under IAS 32, accordingly there is no corresponding financial asset recognized as at 31 December 2024. Realized loss on financial asset During the six months period ended 31 December 2024 a realized loss of $4,215,000 (31 December 2023: gain of $3,119,000) was incurred comprising of the liquidation payment of $7,211,000, $452,000 realized loss on fixed price contracts incurred in July 2024, partially offset by the reversal of the $3,448,000 unrealized loss recorded on fixed price contracted amounts outstanding at 30 June 2024.

Computer hardware prepayments

Computer hardware prepayments	6 Months Ended
	Dec. 31, 2024
Computer hardware prepayments [Abstract]
Computer hardware prepayments	Note 9. Computer hardware prepayments 31 Dec 2024 30 Jun 2024 US$'000 US$'000 Non-current assets Mining hardware prepayments 36,057 239,841 High-performance computing hardware prepayments 11 - Total computer hardware prepayments (See note 12 - Property, plant and equipment) 36,068 239,841 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 2024. These prepayments are in accordance with payment schedules set out in relevant purchase agreements with hardware manufacturers. Reconciliations Mining hardware prepayments High-performance computing hardware prepayments Total computer hardware prepayments (See note 12 - Property, plant and equipment) US$'000 US$'000 US$'000 Balance at 1 July 2024 239,841 - 239,841 Addition during the period 337,836 38,186 376,022 Transfer to property, plant and equipment (534,177) (36,500) (570,677) Transfer to other receivables - (1,675) (1,675) Transfer to profit and loss (1,724) - (1,724) Exchange differences (5,719) - (5,719) Balance at 31 December 2024 36,057 11 36,068

Prepayments and deposits

Prepayments and deposits	6 Months Ended
	Dec. 31, 2024
Current prepayments and current accrued income other than current contract assets [abstract]
Prepayments and deposits	Note 10. Prepayments and deposits 31 Dec 2024 30 Jun 2024 US$'000 US$'000 Current assets Security deposits 1,163 2,101 Prepayments 39,046 9,787 40,209 11,888 Non-current assets Security deposits 23,106 17,459 Total prepayments and other assets 63,315 29,347 T he increase in current prepayments primarily relates to electricity prepayments in relation to the Childress site which increased following the addendum to the PSA signed on 23 August 2024 (refer to note 8 - Financial asset at fair value through profit or loss) and the additional operational capacity that was commissioned during the three months ended 31 December 2024. Non-current deposits include connection deposits paid for expansion projects in British Columbia, Canada and West Texas, USA.

Assets held for sale

Assets held for sale	6 Months Ended
	Dec. 31, 2024
Non-Current Assets Held For Sale And Discontinued Operations [Abstract]
Assets held for sale	Note 11. Assets held for sale US$’000 S19jPros Carrying value prior held for sale classification 13,278 Impairment expense (2,582) Total assets held for sale at 30 September 2024 10,696 S19jPros sold after held for sale classification (8,129) Impairment reversal 516 Foreign currency translation difference (131) Held for sale amount at 31 December 2024 2,952 As at 30 September 2024, the Group classified 54,080 miners as held for sale, with a total carrying value of $10,696,000. This classification was made in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, as the miners were no longer in use, were actively marketed for sale, and their sale was deemed highly probable. No depreciation has been charged on the assets classified as held for sale in line with the requirements of IFRS 5. The carrying value of these assets is the lower of their carrying amount immediately before classification and their fair value less costs to sell. In October 2024, the Group sold 41,740 miners for total sale proceeds of $8,129,000. Following this transaction, approximately 12,300 S19j Pro miners remained as held for sale. In November 2024, the Group reassessed the fair value of the remaining miners classified as held for sale, to reflect improved market conditions. In accordance with IFRS 5, the revaluation resulted in a reversal of impairment of $516,000. The reversal of impairment was recognized in profit or loss during the three months ended 31 December 2024. Refer to note 13 - Impairment of assets. As disclosed in note 22 - Events after the reporting period, 6,300 of the held for sale S19j Pro miners were sold after 31 December 2024. As at the date of the unaudited interim consolidated financial statements, approximately 6,000 S19j Pro miners remain as held for sale.

Property, plant and equipment

Property, plant and equipment	6 Months Ended
	Dec. 31, 2024
Disclosure of detailed information about property, plant and equipment [abstract]
Property, plant and equipment	Note 12. Property, plant and equipment 31 Dec 2024 30 Jun 2024 US$'000 US$'000 Non-current assets Land - at cost 5,554 3,601 Buildings - at cost 386,089 215,542 Less: Accumulated depreciation (19,918) (13,237) 366,171 202,305 Plant and equipment - at cost 7,203 4,856 Less: Accumulated depreciation (1,513) (1,142) 5,690 3,714 Mining hardware - at cost 643,475 177,766 Less: Accumulated depreciation (44,628) (54,892) Less: Accumulated impairment (6,934) (25,605) 591,913 97,269 HPC hardware – at cost 68,190 33,315 Less: Accumulated depreciation (5,818) (1,779) 62,372 31,536 Development assets - at cost 177,639 102,946 Total property, plant and equipment 1,209,339 441,371 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 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 Balance at 1 July 2024 3,601 202,305 3,714 97,269 31,536 102,946 441,371 Additions 1,554 4,873 2,555 75,165 1,225 246,109 331,481 Transfer from computer hardware prepayment - - - 534,177 36,501 - 570,678 Disposals - - - (25,320) - (33) (25,353) Exchange differences (45) (4,433) (160) (11,084) (2,630) (284) (18,636) Impairment - - - (6,942) - - (6,942) Transfers in/(out) 444 170,655 - - - (171,099) - Transfer to asset held for sale - - - (13,278) - - (13,278) Depreciation expense - (7,229) (419) (58,074) (4,260) - (69,982) Balance at 31 December 2024 5,554 366,171 5,690 591,913 62,372 177,639 1,209,339 Depreciation of mining hardware commences once units are installed onsite and available for use. Of the $58,074,000 depreciation expense for mining hardware recognized during the six months period, $15,330,000 relates to mining hardware that was either sold or classified as held for sale during the period. 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. Depreciation in the consolidated statements of profit or loss als o includes $225,000 of right-of-use asse ts depreciation. Bitmain T21 mining hardware During the six months ended 31 December 2024, Bitmain replaced 1.8 EH/s of faulty Bitmain T21 miners under its warranty obligations, with miners of the same model and specification at no additional cost to the subsidiary of the Group that owned the miners. This replacement transaction qualifies as a non-monetary exchange under IFRS, as no cash or financial instruments were involved in the exchange. The subsidiary did not receive a right to receive any fixed or determinable number of currency units, and the replacement was completed solely through the exchange of non-monetary assets. Consequently, the replacement units received have been included as an addition in the property, plant and equipment reconciliation at their fair value on recognition of $25,204,000. The units returned have been included as a disposal in the property plant and equipment reconciliation at their carrying amount on disposal of $24,284,000. The difference between the carrying amount of the faulty miners returned and the fair value of the new miners received resulted in the recognition of a gain in the consolidated statements of profit or loss. Accordingly, a gain of $920,000 has been recognized as a "Gain on Warranty" as set out in the table below: Gain on disposal of property, plant and equipment Three months ended Three months ended Six months ended Six months ended 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 US$'000 US$'000 US$'000 US$'000 Gain on Warranty - - 920 - Gain/(loss) on disposal of mining hardware (672) 5 (753) 16 Total gain/(loss) on disposal of property, plant and equipment (672) 5 167 16

Impairment of assets

Impairment of assets	6 Months Ended
	Dec. 31, 2024
Disclosure Of Impairment Of Assets [Abstract]
Impairment of assets	Note 13. Impairment of assets Three months ended Three months ended Six months ended Six months ended 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 US$'000 US$'000 US$'000 US$'000 Impairment of assets subsequently classified as held for sale - - 6,836 - Impairment of revaluation of assets classified as held for sale - - 2,582 - Impairment of mining hardware - - 106 - Total impairment expense - - 9,524 - On 1 September 2024, the Group classified the majority of its S19jPro mining hardware as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale, resulting in an impairment of $6,836,000 representing the difference between their fair value and the carrying amount of the hardware on that date. Subsequently, a further impairment loss of $2,582,000 was recognized to adjust the carrying value of the miners to their estimated fair value less costs to sell as at 30 September 2024. Three months ended Three months ended Six months ended Six months ended 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 US$'000 US$'000 US$'000 US$'000 Reversal of impairment 516 108 516 108

Provisions

Provisions	6 Months Ended
	Dec. 31, 2024
Provisions [abstract]
Provisions	Note 15. Provisions 31 Dec 2024 30 Jun 2024 US$'000 US$'000 Current liabilities Non-refundable sales tax and other provisions 17,816 13,375 Non-Refundable Sales Tax The Canada Revenue Agency ("CRA") is currently auditing the input tax credits ("ITCs") claimed by two of the Group’s Canadian subsidiaries. As part of this audit, the CRA has issued proposal letters, where they have indicated that the ITCs claimed by these subsidiaries are refundable. However, it also asserts that 5% Goods and Services Tax ("GST") should be applied to services exported to the Australian parent under an intercompany services agreement. If GST were to apply to these exported services, the Australian parent may not be eligible to recover the tax, accordingly the Group has recognised a provision to account for this potential tax liability. Typically, the export of services from Canada are subject to a 0% GST rate. A formal notice of objection to the CRA’s position was submitted in November 2022, followed by an additional response in July 2024. As at 31 December 2024, the Group has not received further correspondence from the CRA regarding the objection.

Issued capital

Issued capital	6 Months Ended
	Dec. 31, 2024
Disclosure of classes of share capital [abstract]
Issued capital	Note 16. Issued capital Consolidated 31 Dec 2024 30 Jun 2024 31 Dec 2024 30 Jun 2024 Shares Shares US$'000 US$'000 Ordinary shares - fully paid and unrestricted 213,504,987 186,367,686 1,985,104 1,764,289 Movements in ordinary share capital Details Date Shares US$'000 Opening balance as at 1 July, 2024 186,367,686 1,764,289 Shares issued under the ATM Facility 25,407,471 221,767 Share based payment - Vested shares 1,729,830 5,852 Capital raise costs - (6,804) Closing balance as at 31 December, 2024 213,504,987 1,985,104 At-the-market Facility On 15 May 2024, IREN Limited filed a registration statement, including an accompanying prospectus, that provided IREN Limited with the option, but not the obligation, to sell up to an aggregate of $500,000,000 of its ordinary shares pursuant to the Sales Agreement. Loan-funded shares As at 31 December 2024, there are 901,311 (30 June 2024: 1,496,768) loan funded shares. The total number of ordinary shares outstanding (including the loan funded shares) is 214,406,298 as at 31 December 2024 (30 June 2024: 187,864,454).

Earnings per share

Earnings per share	6 Months Ended
	Dec. 31, 2024
Earnings per share [abstract]
Earnings per share	Note 17. Earnings per share Basic earnings per share is computed by dividing net profit/(loss) after income tax by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated by adjusting the profit or loss attributable to ordinary shareholders, and the weighted average number of shares outstanding, for the effects of all dilutive potential ordinary shares. For the three month period ended 31 December 2024, 143,124 shares were excluded in determining the diluted earnings per share as their effect is anti-dilutive. For the other periods presented, potential ordinary shares have not been included in the calculation diluted earnings per share because their effect is antidilutive. As at 31 December 2024, the conversion option related to the convertible notes is not exercisable by the noteholders until on or after 31 March 2025. As such, the potential ordinary shares were not considered in the dilutive earnings per share calculation. For the Three Months Ended 31 December 2024 Three months ended Three months ended 31 Dec 2024 31 Dec 2023 US$'000 US$'000 Profit/(loss) after income tax 18,878 (5,228) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 210,470,186 72,665,044 Weighted average number of ordinary shares used in calculating diluted earnings per share 221,031,697 72,665,044 US$ US$ Basic earnings per share 0.09 (0.07) Diluted earnings per share 0.09 (0.07) For the Six Months Ended 31 December2024 Six months ended Six months ended 31 Dec 2024 31 Dec 2023 US$'000 US$'000 Loss after income tax (32,825) (10,527) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 199,866,316 70,074,566 Weighted average number of ordinary shares used in calculating diluted earnings per share 199,866,316 70,074,566 US$ US$ Basic earnings per share (0.16) (0.15) Diluted earnings per share (0.16) (0.15)

Contingent liabilities

Contingent liabilities	6 Months Ended
	Dec. 31, 2024
Disclosure of contingent liabilities [abstract]
Contingent liabilities	Note 18. Contingent liabilities NYDIG, who was the lender under limited recourse equipment financing loans to IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd. (bankrupt entities for which PricewaterhouseCoopers is currently acting as trustee) (Non-Recourse SPVs), has brought claims against the Non-Recourse SPVs and IREN Limited. All claims except the oppression remedy, which had been dismissed by the Trial Court, were unsuccessful. On 27 June 2024, the oppression claim was remitted by the Court of Appeal to the Trial Court for consideration. The matter has not been listed in the Trial Court as at the date of these interim financial statements.

Commitments

Commitments	6 Months Ended
	Dec. 31, 2024
Commitments [Abstract]
Commitments	Note 19. Commitments As at 31 December 2024, the Group had commitment s of $106,333,000 (30 June 2024: $194,641,000) which are payable in installments as set out below. As at 31 December 2024, total Grou p commitments a re set out in the table below (excludes shipping and taxes). 31 Dec 2024 30 Jun 2024 US$'000 US$'000 Mining Hardware 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 105,751 77,659 Amounts payable after 12 months of balance date 582 - Total Commitments 106,333 194,641

Share-based payments

Share-based payments	6 Months Ended
	Dec. 31, 2024
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Share-based payments	Note 20. Share-based payments The Group has entered into a number of share-based compensation arrangements. Details of these arrangements, which are considered as options for accounting purposes, are described in Group’s Consolidated Financial Statements for the year ended 30 June 2024. • 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 ("2022 LTIP") • 2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP") (see below for the grants made under the 2023 LTIP during the six months ending 31 December 2024) During the six months ended 31 December 2024, the following grants were made under the 2023 LTIP: • 676,208 restricted stock units ("RSUs") to certain employees and key management personnel (“KMP”) of the Group were issued RSUs of which: - 175,666 RSUs are subject to time-based vesting conditions and will vest after one year; - 175,666 RSUs are subject to time-based vesting conditions and will vest after two years - 324,876 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). • 53,811 RSUs to certain Non-Executive Directors. These RSUs will vest after one year. • 1,338,391 RSUs granted to each Co-Founder and Co-CEO (or their nominated entity) will vest as follows (subject to the relevant criteria disclosed which is tested at the end of each respective vesting period): ◦ 118,099 will vest following one year of continued service; ◦ 118,099 will vest following two years of continued service; ◦ 118,099 will vest following three years of continued service; and ◦ 984,094 will vest subject to the achievement of share price milestones across 7 tranches, with the vesting of each tranche based on the relevant ordinary share price across any 30 trading day average prior to 2027 being equal to or exceeding: ▪ $20 share price for 116,857 RSUs (190% premium to 90-day average closing price of $6.91 on June 28, 2024) ▪ $25 share price for 124,359 RSUs (262% premium to 90-day average closing price of $6.91 on June 28, 2024) ▪ $30 share price for 131,970 RSUs (334% premium to 90-day average closing price of $6.91 on June 28, 2024) ▪ $35 share price for 140,228 RSUs (407% premium to 90-day average closing price of $6.91 on June 28, 2024) ▪ $40 share price for 147,466 RSUs (479% premium to 90-day average closing price of $6.91 on June 28, 2024) ▪ $45 share price for 156,129 RSUs (551% premium to 90-day average closing price of $6.91 on June 28, 2024) ▪ $50 share price for 167,085 RSUs (624% premium to 90-day average closing price of $6.91 on June 28, 2024). Reconciliation of outstanding share options Set out below are summaries of options granted under all plans: Number of options Weighted average exercise price Number of options Weighted average exercise price 31 Dec 2024 31 Dec 2024 30 Jun 2024 30 Jun 2024 Outstanding as at 1 July 8,484,011 $ 43.97 8,906,839 $ 41.93 Granted during the period - $ - 34,454 $ 13.47 Forfeited during the period (13,299) $ 1.53 - $ - Exercised during the period (582,158) $ 1.53 (457,282) $ 1.89 Outstanding at the end of the period 7,888,554 $ 46.98 8,484,011 $ 43.97 Exercisable at the end of the period 2,854,914 $ 3.61 3,332,076 $ 3.01 As at 31 December 2024, the weighted average remaining contractual life of options outstanding is 6.31 years (30 June 2024: 6.56 years). As at 31 December 2024 the exercise prices associated with the options outstanding ranges from $1.53 to $75.00 (30 June 2024: $1.53 to $75.00). Reconciliation of outstanding RSUs Set out below are summaries of RSUs granted under all plans: Number of RSUs Number of RSUs 31 Dec 2024 30 Jun 2024 Outstanding as at 1 July 6,612,647 3,623,867 Granted during the period 3,406,801 3,314,794 Forfeited during the period (20,371) (221,455) Exercised during the period (1,147,672) (104,559) Outstanding as at end of period 8,851,405 6,612,647 Exercisable as at end of period 226,445 - As at 31 December 2024, the weighted average remaining contractual life of RSUs outstanding is 2.51 years (30 June 2024: 2.76 years). All RSUs have a nil weighted average exercise price. As at 31 December 2024, there are 226,445 of RSUs (30 June 2024: nil) that are vested but remain unexercised. Recipients have the right to exercise their vested RSUs at any time, subject to notice provisions and holding system processing times. The Company recorded a total of $16,159,000 and $7,975,000 respectively as share based payment expense during the six and three months ended 31 December 2024 ($11,805,000 and $5,966,000 respectively for the six and three months ended 31 December 2023).

Related party transactions

Related party transactions	6 Months Ended
	Dec. 31, 2024
Related party transactions [abstract]
Related party transactions	Note 21. Related party transactions Parent entity IREN 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.

Financial instruments

Financial instruments	6 Months Ended
	Dec. 31, 2024
Convertible notes [Abstract]
Financial Instruments [text block]	14. Convertible notes and related financial instruments On 6 December 2024, the Group issued $440,000,000 in aggregate principal amount of 3.25% Convertible Senior Notes due 2030 (the "2030 Notes"). In connection with the offering of the 2030 Notes, the Group has identified a single combined embedded derivative, being the conversion option and redemption right, and has separately entered into privately negotiated capped call transactions (the “Capped Call Transactions”) and a prepaid forward share purchase contract ("Prepaid Forward Contract") with a financial institution ("Forward Counterparty"). The net proceeds from the sale of the 2030 Notes were approximately $311,600,000 after deducting offering and issuance costs related to the 2030 Notes, the Capped Call Transactions costs of $44,352,000 and Prepaid Forward Contract costs of $73,717,000, as described below. 2030 Convertible Senior Notes and embedded derivatives The 2030 Notes were issued pursuant to an indenture, dated 6 December 2024, between the Group and U.S. Bank Trust Company, National Association, as trustee. The Group pays interest on the 2030 Notes semiannually in arrears at a rate of 3.25% per annum on 15 June and 15 December each year. The 2030 Notes will mature on 15 June 2030, unless earlier purchased, redeemed or converted, the 2030 Notes are convertible based upon an initial conversion rate of 59.4919 shares of the Group’s ordinary shares per $1,000 principal amount of 2030 Notes (equivalent to a conversion price of approximately $16.81 per share of the Group’s ordinary shares). The conversion rate and conversion price will be subject to customary adjustment upon the occurrence of certain specified events. The Group will settle any conversions of the 2030 Notes in cash, ordinary shares or a combination thereof, with the form of consideration determined at the Group’s election. Holders may convert all or a portion of their 2030 Notes only under the following circumstances: (1) During any calendar quarter commencing after the calendar quarter ending on 31 March 2025, if the last reported sale price per ordinary share of ours, no par value, exceeds 130% of the conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per ordinary share on such trading day and the conversion rate on such trading day; (3) upon the occurrence of specified corporate events; (4) If the Group call such notes for redemption; or (5) at any time from, and including, 15 March 2030 until the close of business on the second scheduled trading day immediately before the maturity date. Holders of 2030 Notes who convert their 2030 Notes in connection with a notice of a redemption or a make-whole fundamental change may be entitled to a premium in the form of an increase in the conversion rate of the 2030 Notes. The Group may not redeem the 2030 Notes prior to 20 December 2027. On or after 20 December 2027, the Group may redeem for cash all or part of the 2030 Notes if the last reported sale price of the Group’s ordinary shares equals or exceeds 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including at least one of the five trading days immediately preceding the date on which the Group provides notice of redemption, during any 30 consecutive trading days ending on, and including the trading day immediately preceding the date on which the Group provides notice of the redemption. The redemption price will be 100% of the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest, if any. The Group determined that the convertible note contained a single combined embedded derivative for the convertible option (holder's option to exchange the notes for a variable number of the Group's ordinary shares) and redemption right (Group's ability to redeem the notes at their discretion). Consequently, the combined embedded derivative is classified as a derivative liability. The remaining debt host contract is discounted by the initial fair value of the separated embedded derivative less the principal amount of the convertible note. The fair value of the debt host, together with the allocated issuance costs, is accreted at an effective interest rate of 9.85% over the term of the instrument and will be accreted up to the principal amount at maturity. As the embedded derivative is treated as a derivative liability that may convert to equity (at the noteholders discretion) within 12 months of the reporting date, it is classified as a current liability. In line with IAS 1 and IFRS 9 the associated debt host and Capped Call Transactions are also classified as current. The Prepaid Forward Contract is classified as non-current in accordance with IAS 1 and IFRS 9 as its contractual maturity is 15 August 2030, The fair value of the convertible note is estimated using the same method and inputs as the separated embedded derivative from convertible note. The Group determined that the convertible note is a Level 3 liability given an unobservable input is included in its valuation. The convertible notes and embedded derivative are presented in the consolidated statement of financial position as follows: Convertible notes Embedded derivative US$'000 US$'000 Balance as at 1 July 2024 - - Initial recognition on 6 December 2024 327,000 113,000 Capital raising costs (9,972) - Interest expenses ( 9.85%) 2,185 - Coupon interest payable ( 3.25% ) (999) - Change in fair value of embedded derivative - (45,200) Balance as at 31 December 2024 318,214 67,800 Financial Assets at fair value through profit or loss 31 Dec 2024 30 Jun 2024 US$'000 US$'000 Capped Call Transactions 28,300 - Prepaid Forward Contract 56,017 - Capped Call Transactions In conjunction with the offering of the 2030 Notes, the Group used $44,352,000 of the proceeds from the 2030 Notes to enter into the Capped Call Transactions with certain financial institutions, of which, $1,452,000 related to transaction costs and was immediately expensed in ‘Other transactions costs’ within the consolidated statements of profit or loss and other comprehensive income. The Capped Call Transactions are generally expected to reduce potential dilution to holders of the Group's ordinary shares upon any conversion of the 2030 Notes and/or offset any cash payments we are required to make in excess of the principal amount of the 2030 Notes upon conversion of the 2030 Notes in the event that the market price per share of our common stock is greater than the strike price of the Capped Call Transactions, with such reduction and/or offset subject to a cap. The Capped Call Transactions have an initial cap price of approximately $25.86 per share, which represents a premium of 100% over the last reported sale price of the ordinary shares of $12.93 per share on 3 December 2024 and is subject to certain adjustments under the terms of the Capped Call Transactions. Collectively, the Capped Call Transactions cover, initially, the number of shares of the ordinary shares underlying the 2030 Notes, subject to anti-dilution adjustments substantially similar to those applicable to the 2030 Notes. The Capped Call Transactions are a separate transaction entered into by the Group with the option counterparties to the 2030 Notes and are not part of the terms of the 2030 Notes and will not affect any holder’s rights under the 2030 Notes. Holders of the 2030 Notes will not have any rights with respect to the Capped Call Transactions. The Capped Call Transactions are classified as a current asset and remeasured to fair value at the end of each reporting period, with changes in fair value booked into consolidated statements of profit or loss and other comprehensive income, as the contract includes provisions that could require cash settlement. The initial grant date fair value of the Capped Call Transactions was determined to be $42,900,000 with the $1,452,000 difference to the $44,352,000 cash cost of the transaction, recorded as other transaction cost and immediately expensed within the consolidated statements of profit or loss. Prepaid Forward Contract In conjunction with the offering of the 2030 Notes, the Group entered also into a Prepaid Forward Contract share purchase transactions with the Forward Counterparty. Pursuant to the Prepaid Forward Contract transactions, the Group used $73,717,000 of the net proceeds from the offering of the 2030 Notes to fund the Prepaid Forward Contract. The aggregate number of shares of the Group’s ordinary shares underlying the Prepaid Forward Contract was approximately 5,700,000 based on the last reported sale price on the pricing date of 3 December 2024. The contractual expiration date for the Prepaid Forward Contract is 15 August 2030. Upon settlement of the Prepaid Forward Contract, the Forward Counterparty will deliver to the Group cash until the Group receives shareholder approval to repurchase its ordinary shares pursuant to the terms of the Prepaid Forward Contract or is otherwise permitted to repurchase its ordinary shares pursuant to the terms of the Prepaid Forward Contract under the laws of the Group’s jurisdiction of incorporation and, thereafter, the number of ordinary shares underlying the Prepaid Forward Contract or the portion thereof being settled early. The Prepaid Forward Contract is a separate transaction to the 2030 Notes entered into by the Group with the Forward Counterparty and is not part of the terms of the 2030 Notes and will not affect any holder’s rights under the 2030 Notes. Holders of the 2030 Notes will not have any rights with respect to the Prepaid Forward Contract. The Prepaid Forward Contract is classified as a non-current asset and remeasured to fair value at the end of each reporting period, with changes in fair value booked into consolidated statements of profit or loss and other comprehensive income, as the contract includes provisions that could require cash settlement. Fair value measurement 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. The following table provides the fair value measurement hierarchy of the Group’s financial assets and financial liabilities: As at 31 December 2024 Carrying Value Level 1 Level 2 Level 3 US$'000 US$'000 US$'000 US$'000 Financial assets at fair value through profit or loss Capped Call Transactions - - - 28,300 Prepaid Forward Contract - - - 56,017 Total financial assets held at fair value through profit or loss - - - 84,317 Financial liabilities at amortized cost Convertible notes 318,214 - - - Financial liabilities at fair value through profit or loss Embedded derivative liability - - - 67,800 Total financial liabilities held at fair value through profit or loss 318,214 - - 67,800 As at 31 December 2024, the carrying value of all of the Group’s financial assets and liabilities represented a reasonable approximation of the fair value of such liabilities, with the exception of the convertible notes which were recognized at amortized cost. There were no transfers between levels during the six months period ended 31 December 2024. Valuation techniques for fair value measurements categorized within level 3 An instrument is included in level 3 if the financial instrument is not traded in an active market and if the fair value is determined by using valuation techniques that are not based on the use of observable market data for all significant inputs. The estimated fair value approximates to 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. Specific valuation techniques used to value level 3 financial instruments were: • Embedded derivative liability: Monte-Carlo pricing simulations; • Capped Call Transactions: Black-Scholes-Merton valuation model; and, • Prepaid Forward Contract: Analytical formula. The following information is relevant in the determination of fair value of the financial assets and liabilities at 31 December 2024: 31 Dec 2024 Closing share price $9.82 Conversion price $16.81 Risk free interest rate 4.38 % Dividend yield nil Expected volatility 40 % Level 3 liabilities The following tables shows a reconciliation from the beginning balances to the ending balances for fair value measurement in Level 3 of the fair value hierarchy: Embedded derivative Capped call Prepaid forward US$'000 US$'000 US$'000 Balance as at 1 July 2024 - - - Fair value at issuance date (113,000) 42,900 73,717 Unrealized gain/(loss) recognized in profit and loss 45,200 (14,600) (17,700) Balance as at 31 December 2024 (67,800) 28,300 56,017 The total unrealized gain on financial instruments was $12,900,000 for the three and six months ended 31 December 2024. Uncertainty of fair value measurements relating to unobservable inputs Volatility is a measure of the expected change in variables over a fixed period of time. Some financial instruments benefit from an increase in volatility and others benefit from a decrease in volatility. Generally, for a long position in an option, an increase in volatility would result in an increase in the fair values of financial instruments.

Material accounting policies (P

Material accounting policies (Policies)	6 Months Ended
	Dec. 31, 2024
Disclosure of initial application of standards or interpretations [abstract]
Basis of preparation	These unaudited interim consolidated financial statements for the period ended 31 December 2024 have been prepared in accordance with IAS 34 Interim Financial Reporting , and should be read in conjunction with the Group’s last annual consolidated financial statements as at and for the year ended 30 June 2024 (‘last annual financial statements’). They do not include all of the information required for a complete set of financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”). However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements for the year ended 30 June 2024. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the policies stated below.
Functional currency	Functional currency Effective 1 July 2024, the Parent Company has changed its functional currency from AUD to USD. This change reflects the increase in USD-denominated activities and US-based investments, including capital raising in USD, capital and operational expenditures and revenues. The change has been accounted for prospectively, and prior period comparative figures have not been restated, in accordance with IAS 21.
Assets held for sale	Assets held for sale Non-current assets are classified as assets held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Assets held for sale are stated at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held-for-sale and subsequent gains or losses on remeasurement are recognized in profit and loss. Once classified as held for sale, property plan and equipment are no longer depreciated.
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 2024, the Group incurred a loss after tax of $32,825,000 (31 December 2023: $10,527,000) and net operating cash inflows of $49,864,000 (31 December 2023: $21,246,000). As at 31 December 2024, the Group had net current liabilities of $33,852,000 (30 June 2024: net current assets of $401,389,000) and net assets of $1,286,271,000 (30 June 2024: net assets of $1,097,351,000). Included in the net current liabilities position of $33,852,000 as at 31 December 2024, are convertible notes and embedded derivative liabilities of $318,214,000 and $67,800,000 respectively. Under IFRS 9 and IAS 1, these instruments are required to be classified as current liabilities due to the related conversion option that may be exercised by the noteholders within twelve months of the reporting period date. If the conversion option is exercised by the noteholders within twelve months, these liabilities are expected to be settled in ordinary shares of the company and are not expected to result in a cash outflow from the Group (excluding any accrued coupon interest). See note 14 for additional details on the convertible notes, embedded derivatives and their associated conversion options. 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. We are also pursuing a strategy to expand and diversify our revenue streams into new markets. Pursuant to that strategy, we are increasing our focus on diversification into HPC solutions, including the provision of AI cloud services. 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 mining economics including Bitcoin prices and global hashrate; • Expansion of operations at the Childress site, Texas with installed nameplate capacity of 350MW as at 31 December 2024 incrementally increasing to 650MW by 30 June 2025 and 750MW by 31 December 2025; • Three operational sites in British Columbia, Canada with installed nameplate capacity of 160MW; 80MW Mackenzie, 50MW Prince George and 30MW Canal Flats; • 1,896 GPUs installed with projected revenue based on existing contracted prices and recent market pricing of AI cloud services provided to customers; • 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.
New or amended Accounting Standards and Interpretations adopted	New or amended Accounting Standards and Interpretations adopted In April 2024, the International Accounting Standards Board (“IASB”) issued IFRS 18 Presentation and Disclosure in the Financial Statements, which replaces IAS 1 Presentation of Financial Statements. Although IFRS 18 includes many of the requirements of IAS 1, it introduces new requirements to better structure financial statements and provides more detailed and useful information to investors, including: • two new subtotals defined in the statement of profit or loss, namely (1) operating profit and (2) profit or loss before financing and income taxes; • the classification of all income and expenses within the statement of profit or loss in one of five categories; • a new requirement to disclose performance measures defined by management; • an improvement in the principles related to the aggregation and disaggregation of information in the financial statements and accompanying notes. The publication of IFRS 18 results also in consequential amendments to other IFRS standards, including IAS 7 Statement of Cash Flows. IFRS 18 is effective for annual periods beginning on or after 1 January 2027, with earlier application permitted. IFRS 18 will apply retrospectively with specific transitional provisions. The Group is currently working to identify all impacts that the amendments will have on the primary financial statements and notes to the consolidated financial statements.

Other income (Tables)

Other income (Tables)	6 Months Ended
	Dec. 31, 2024
Analysis of income and expense [abstract]
Other Income	Three Three Six months ended Six months ended 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 US$'000 US$'000 US$'000 US$'000 ERS Revenue 1,405 527 3,031 527 Insurance income 1,699 - 1,699 - Other income 341 - 340 - Total other income 3,444 527 5,070 527

Other operating expenses (Table

Other operating expenses (Tables)	6 Months Ended
	Dec. 31, 2024
Other operating expenses [Abstract]
Other Operating Expenses	Three Three Six months ended Six months ended 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 US$'000 US$'000 US$'000 US$'000 Insurance 4,650 1,447 7,642 3,099 Sponsorship and marketing 857 401 1,435 694 Loss on theft of PPE in transit - - 1,724 - ERS fees 84 32 182 32 Charitable donations 175 91 249 233 Filing fees 21 18 43 36 Other expenses 841 542 1,468 781 Non-refundable sales tax (See note 15 - Provisions) 2,542 1,372 5,223 2,966 Non-refundable provincial sales tax 1,329 308 2,302 622 Site identification costs 44 - 44 - Legal expenses - 1,797 - 1,797 Total other operating expenses 10,543 6,008 20,312 10,260

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	6 Months Ended
	Dec. 31, 2024
Cash and cash equivalents [abstract]
Cash and Cash Equivalents	31 Dec 2024 30 Jun 2024 US$'000 US$'000 Current assets Cash at bank 427,273 304,601 Cash on deposit (cash equivalents) - 100,000 Total cash and cash equivalents 427,273 404,601

Other receivables (Tables)

Other receivables (Tables)	6 Months Ended
	Dec. 31, 2024
Other receivables [Abstract]
Other Receivables	31 Dec 2024 30 Jun 2024 US$'000 US$'000 Current assets Trade receivables 88 152 Government grant receivable 649 2,078 Share issuance proceeds - 16,563 Interest receivable 738 1,472 ERS receivable 3,341 1,128 Other receivables 2,476 130 Goods and services tax receivable 19,167 7,844 Total other receivables 26,459 29,367

Financial asset at fair value_2

Financial asset at fair value through profit or loss (Tables)	6 Months Ended
	Dec. 31, 2024
Current financial assets at fair value through profit or loss [abstract]
Financial Asset at Fair Value through Profit or Loss	31 Dec 2024 30 Jun 2024 US$'000 US$'000 Current assets Capped call transactions (refer to note 14) 28,300 - Electricity financial asset - 6,530 Total current financial assets at fair value through profit or loss 28,300 6,530 Non-current assets Prepaid forward contract (refer to note 14) 56,017 - Electricity financial asset - 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 6,530 - Additions 15,686 28,332 Financial asset realized (6,530) (18,354) Revaluation decrements (unrealized loss) - (3,448) Close-out costs (7,211) - Transfer to prepayment (8,475) - Closing fair value - 6,530 Capped call transactions and prepaid forward contract On 6 December 2024, the Group issued convertible notes and has separately entered into privately negotiated capped call transactions and prepaid forward share purchase contract. Refer to Note 14 for further information related to the convertible notes and related financial instruments. Electricity financial asset

Computer hardware prepayments (

Computer hardware prepayments (Tables)	6 Months Ended
	Dec. 31, 2024
Computer hardware prepayments [Abstract]
Mining Hardware Prepayments	31 Dec 2024 30 Jun 2024 US$'000 US$'000 Non-current assets Mining hardware prepayments 36,057 239,841 High-performance computing hardware prepayments 11 - Total computer hardware prepayments (See note 12 - Property, plant and equipment) 36,068 239,841 Reconciliations Mining hardware prepayments High-performance computing hardware prepayments Total computer hardware prepayments (See note 12 - Property, plant and equipment) US$'000 US$'000 US$'000 Balance at 1 July 2024 239,841 - 239,841 Addition during the period 337,836 38,186 376,022 Transfer to property, plant and equipment (534,177) (36,500) (570,677) Transfer to other receivables - (1,675) (1,675) Transfer to profit and loss (1,724) - (1,724) Exchange differences (5,719) - (5,719) Balance at 31 December 2024 36,057 11 36,068

Prepayments and deposits (Table

Prepayments and deposits (Tables)	6 Months Ended
	Dec. 31, 2024
Current prepayments and current accrued income other than current contract assets [abstract]
Prepayments and deposits	31 Dec 2024 30 Jun 2024 US$'000 US$'000 Current assets Security deposits 1,163 2,101 Prepayments 39,046 9,787 40,209 11,888 Non-current assets Security deposits 23,106 17,459 Total prepayments and other assets 63,315 29,347

Assets held for sale (Tables)

Assets held for sale (Tables)	6 Months Ended
	Dec. 31, 2024
Non-Current Assets Held For Sale And Discontinued Operations [Abstract]
Disclosure of analysis of assets as held for sale	US$’000 S19jPros Carrying value prior held for sale classification 13,278 Impairment expense (2,582) Total assets held for sale at 30 September 2024 10,696 S19jPros sold after held for sale classification (8,129) Impairment reversal 516 Foreign currency translation difference (131) Held for sale amount at 31 December 2024 2,952

Property, plant and equipment (

Property, plant and equipment (Tables)	6 Months Ended
	Dec. 31, 2024
Disclosure of detailed information about property, plant and equipment [abstract]
Consolidated Property, Plant and Equipment	31 Dec 2024 30 Jun 2024 US$'000 US$'000 Non-current assets Land - at cost 5,554 3,601 Buildings - at cost 386,089 215,542 Less: Accumulated depreciation (19,918) (13,237) 366,171 202,305 Plant and equipment - at cost 7,203 4,856 Less: Accumulated depreciation (1,513) (1,142) 5,690 3,714 Mining hardware - at cost 643,475 177,766 Less: Accumulated depreciation (44,628) (54,892) Less: Accumulated impairment (6,934) (25,605) 591,913 97,269 HPC hardware – at cost 68,190 33,315 Less: Accumulated depreciation (5,818) (1,779) 62,372 31,536 Development assets - at cost 177,639 102,946 Total property, plant and equipment 1,209,339 441,371 Gain on disposal of property, plant and equipment Three months ended Three months ended Six months ended Six months ended 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 US$'000 US$'000 US$'000 US$'000 Gain on Warranty - - 920 - Gain/(loss) on disposal of mining hardware (672) 5 (753) 16 Total gain/(loss) on disposal of property, plant and equipment (672) 5 167 16
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 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 Balance at 1 July 2024 3,601 202,305 3,714 97,269 31,536 102,946 441,371 Additions 1,554 4,873 2,555 75,165 1,225 246,109 331,481 Transfer from computer hardware prepayment - - - 534,177 36,501 - 570,678 Disposals - - - (25,320) - (33) (25,353) Exchange differences (45) (4,433) (160) (11,084) (2,630) (284) (18,636) Impairment - - - (6,942) - - (6,942) Transfers in/(out) 444 170,655 - - - (171,099) - Transfer to asset held for sale - - - (13,278) - - (13,278) Depreciation expense - (7,229) (419) (58,074) (4,260) - (69,982) Balance at 31 December 2024 5,554 366,171 5,690 591,913 62,372 177,639 1,209,339

Impairment of assets (Tables)

Impairment of assets (Tables)	6 Months Ended
	Dec. 31, 2024
Disclosure Of Impairment Of Assets [Abstract]
Impairment of assets	Three months ended Three months ended Six months ended Six months ended 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 US$'000 US$'000 US$'000 US$'000 Impairment of assets subsequently classified as held for sale - - 6,836 - Impairment of revaluation of assets classified as held for sale - - 2,582 - Impairment of mining hardware - - 106 - Total impairment expense - - 9,524 -

Provisions (Tables)

Provisions (Tables)	6 Months Ended
	Dec. 31, 2024
Provisions [abstract]
Provisions	31 Dec 2024 30 Jun 2024 US$'000 US$'000 Current liabilities Non-refundable sales tax and other provisions 17,816 13,375

Issued capital (Tables)

Issued capital (Tables)	6 Months Ended
	Dec. 31, 2024
Disclosure of classes of share capital [abstract]
Issued Capital	Consolidated 31 Dec 2024 30 Jun 2024 31 Dec 2024 30 Jun 2024 Shares Shares US$'000 US$'000 Ordinary shares - fully paid and unrestricted 213,504,987 186,367,686 1,985,104 1,764,289
Movements in Ordinary Share Capital	Movements in ordinary share capital Details Date Shares US$'000 Opening balance as at 1 July, 2024 186,367,686 1,764,289 Shares issued under the ATM Facility 25,407,471 221,767 Share based payment - Vested shares 1,729,830 5,852 Capital raise costs - (6,804) Closing balance as at 31 December, 2024 213,504,987 1,985,104

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Dec. 31, 2024
Earnings per share [abstract]
Earnings Per Share Basic and Diluted	For the Three Months Ended 31 December 2024 Three months ended Three months ended 31 Dec 2024 31 Dec 2023 US$'000 US$'000 Profit/(loss) after income tax 18,878 (5,228) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 210,470,186 72,665,044 Weighted average number of ordinary shares used in calculating diluted earnings per share 221,031,697 72,665,044 US$ US$ Basic earnings per share 0.09 (0.07) Diluted earnings per share 0.09 (0.07) For the Six Months Ended 31 December2024 Six months ended Six months ended 31 Dec 2024 31 Dec 2023 US$'000 US$'000 Loss after income tax (32,825) (10,527) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 199,866,316 70,074,566 Weighted average number of ordinary shares used in calculating diluted earnings per share 199,866,316 70,074,566 US$ US$ Basic earnings per share (0.16) (0.15) Diluted earnings per share (0.16) (0.15)

Commitments (Tables)

Commitments (Tables)	6 Months Ended
	Dec. 31, 2024
Commitments [Abstract]
Maturity of Committed Amount Payable	As at 31 December 2024, total Grou p commitments a re set out in the table below (excludes shipping and taxes). 31 Dec 2024 30 Jun 2024 US$'000 US$'000 Mining Hardware 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 105,751 77,659 Amounts payable after 12 months of balance date 582 - Total Commitments 106,333 194,641

Share-based payments (Tables)

Share-based payments (Tables)	6 Months Ended
	Dec. 31, 2024
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Reconciliation of Outstanding Share Options	Set out below are summaries of options granted under all plans: Number of options Weighted average exercise price Number of options Weighted average exercise price 31 Dec 2024 31 Dec 2024 30 Jun 2024 30 Jun 2024 Outstanding as at 1 July 8,484,011 $ 43.97 8,906,839 $ 41.93 Granted during the period - $ - 34,454 $ 13.47 Forfeited during the period (13,299) $ 1.53 - $ - Exercised during the period (582,158) $ 1.53 (457,282) $ 1.89 Outstanding at the end of the period 7,888,554 $ 46.98 8,484,011 $ 43.97 Exercisable at the end of the period 2,854,914 $ 3.61 3,332,076 $ 3.01
Reconciliation of Outstanding RSUs	Set out below are summaries of RSUs granted under all plans: Number of RSUs Number of RSUs 31 Dec 2024 30 Jun 2024 Outstanding as at 1 July 6,612,647 3,623,867 Granted during the period 3,406,801 3,314,794 Forfeited during the period (20,371) (221,455) Exercised during the period (1,147,672) (104,559) Outstanding as at end of period 8,851,405 6,612,647 Exercisable as at end of period 226,445 -

Financial instruments (Tables)

Financial instruments (Tables)	6 Months Ended
	Dec. 31, 2024
Convertible notes [Abstract]
Disclosure of fair value measurement of liabilities [text block]	Convertible notes Embedded derivative US$'000 US$'000 Balance as at 1 July 2024 - - Initial recognition on 6 December 2024 327,000 113,000 Capital raising costs (9,972) - Interest expenses ( 9.85%) 2,185 - Coupon interest payable ( 3.25% ) (999) - Change in fair value of embedded derivative - (45,200) Balance as at 31 December 2024 318,214 67,800 Financial Assets at fair value through profit or loss 31 Dec 2024 30 Jun 2024 US$'000 US$'000 Capped Call Transactions 28,300 - Prepaid Forward Contract 56,017 - The following table provides the fair value measurement hierarchy of the Group’s financial assets and financial liabilities: As at 31 December 2024 Carrying Value Level 1 Level 2 Level 3 US$'000 US$'000 US$'000 US$'000 Financial assets at fair value through profit or loss Capped Call Transactions - - - 28,300 Prepaid Forward Contract - - - 56,017 Total financial assets held at fair value through profit or loss - - - 84,317 Financial liabilities at amortized cost Convertible notes 318,214 - - - Financial liabilities at fair value through profit or loss Embedded derivative liability - - - 67,800 Total financial liabilities held at fair value through profit or loss 318,214 - - 67,800 The following tables shows a reconciliation from the beginning balances to the ending balances for fair value measurement in Level 3 of the fair value hierarchy: Embedded derivative Capped call Prepaid forward US$'000 US$'000 US$'000 Balance as at 1 July 2024 - - - Fair value at issuance date (113,000) 42,900 73,717 Unrealized gain/(loss) recognized in profit and loss 45,200 (14,600) (17,700) Balance as at 31 December 2024 (67,800) 28,300 56,017
Disclosure of fair value measurement of assets [text block]	Convertible notes Embedded derivative US$'000 US$'000 Balance as at 1 July 2024 - - Initial recognition on 6 December 2024 327,000 113,000 Capital raising costs (9,972) - Interest expenses ( 9.85%) 2,185 - Coupon interest payable ( 3.25% ) (999) - Change in fair value of embedded derivative - (45,200) Balance as at 31 December 2024 318,214 67,800 Financial Assets at fair value through profit or loss 31 Dec 2024 30 Jun 2024 US$'000 US$'000 Capped Call Transactions 28,300 - Prepaid Forward Contract 56,017 - The following table provides the fair value measurement hierarchy of the Group’s financial assets and financial liabilities: As at 31 December 2024 Carrying Value Level 1 Level 2 Level 3 US$'000 US$'000 US$'000 US$'000 Financial assets at fair value through profit or loss Capped Call Transactions - - - 28,300 Prepaid Forward Contract - - - 56,017 Total financial assets held at fair value through profit or loss - - - 84,317 Financial liabilities at amortized cost Convertible notes 318,214 - - - Financial liabilities at fair value through profit or loss Embedded derivative liability - - - 67,800 Total financial liabilities held at fair value through profit or loss 318,214 - - 67,800 The following tables shows a reconciliation from the beginning balances to the ending balances for fair value measurement in Level 3 of the fair value hierarchy: Embedded derivative Capped call Prepaid forward US$'000 US$'000 US$'000 Balance as at 1 July 2024 - - - Fair value at issuance date (113,000) 42,900 73,717 Unrealized gain/(loss) recognized in profit and loss 45,200 (14,600) (17,700) Balance as at 31 December 2024 (67,800) 28,300 56,017
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [text block]	The following information is relevant in the determination of fair value of the financial assets and liabilities at 31 December 2024: 31 Dec 2024 Closing share price $9.82 Conversion price $16.81 Risk free interest rate 4.38 % Dividend yield nil Expected volatility 40 %
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block]	The following information is relevant in the determination of fair value of the financial assets and liabilities at 31 December 2024: 31 Dec 2024 Closing share price $9.82 Conversion price $16.81 Risk free interest rate 4.38 % Dividend yield nil Expected volatility 40 %

Material accounting policies (D

Material accounting policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Going concern [Abstract]
Loss after income tax	$ (18,878)	$ 5,228	$ 32,825	$ 10,527
Cash flows from (used in) operating activities			49,864	$ 21,246
Current assets	(33,852)		(33,852)		$ 401,389
Net assets	$ 1,286,271		$ 1,286,271		$ 1,097,351
Minimum
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, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Analysis of income and expense [abstract]
ERS Revenue	$ 1,405	$ 527	$ 3,031	$ 527
Insurance income	1,699	0	1,699	0
Other income	341	0	340	0
Total other income	$ 3,444	$ 527	$ 5,070	$ 527

Other operating expenses - Othe

Other operating expenses - Other operating expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Other operating expenses [Abstract]
Insurance	$ 4,650	$ 1,447	$ 7,642	$ 3,099
Sponsorship and marketing	857	401	1,435	694
Loss on theft of PPE in transit	0	0	1,724	0
ERS fees	84	32	182	32
Charitable donations	175	91	249	233
Filing fees	21	18	43	36
Other expenses	841	542	1,468	781
Non-refundable sales tax (See note 15 - Provisions)	2,542	1,372	5,223	2,966
Non-refundable provincial sales tax	1,329	308	2,302	622
Site identification costs	44	0	44	0
Legal expenses	0	1,797	0	1,797
Total other operating expenses	$ 10,543	$ 6,008	$ 20,312	$ 10,260

Other operating expenses - Narr

Other operating expenses - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2024	Jun. 30, 2024
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	$ 1,209,339,000		$ 1,209,339,000			$ 441,371,000
Loss on theft of PPE in transit	0	$ 0	1,724,000	$ 0
Non-deductible amount	25,000		25,000
Insurance	4,650,000	$ 1,447,000	7,642,000	3,099,000
Other Insurance Contracts
Disclosure of detailed information about property, plant and equipment [line items]
Insurance			5,742,000	2,948,000
Construction Insurance
Disclosure of detailed information about property, plant and equipment [line items]
Insurance			1,900,000	$ 151,000
Mining hardware
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	$ 591,913,000		$ 591,913,000		$ 1,724,000	$ 97,269,000

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Current assets
Cash at bank	$ 427,273	$ 304,601
Cash on deposit (cash equivalents)	0	100,000
Total cash and cash equivalents	$ 427,273	$ 404,601	$ 90,307	$ 68,894

Other receivables (Details)

Other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Current assets [Abstract]
Trade receivables	$ 88	$ 152
Government grant receivable	649	2,078
Share issuance proceeds	0	16,563
Interest receivable	738	1,472
ERS receivable	3,341	1,128
Other receivables	2,476	130
Goods and services tax receivable	19,167	7,844
Total other receivables	$ 26,459	$ 29,367

Financial asset at fair value_3

Financial asset at fair value through profit or loss (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 23, 2024	Jul. 31, 2024	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Disclosure of financial assets [line items]
Financial assets at fair value through profit or loss			$ 6,530	$ 28,300		$ 28,300		$ 6,530
Unrealized gain/(loss) on financial instruments			(3,448)
Current assets
Electricity financial asset			6,530	28,300		28,300		6,530
Reconciliation of the fair values at the beginning and end of the current and previous financial period are set out below:
Opening fair value		$ 6,530				6,530
Unrealized gain/(loss) on financial instruments			(3,448)
Closing fair value			6,530	28,300		28,300		6,530
Liquidation payment	$ 7,211					7,211
Realized gain/(loss) on financial asset		(452)		0	$ 101	(4,215)	$ 3,119
Non-current financial assets at fair value through profit or loss			0	56,017		56,017		0
Prepaid forward contract (refer to note 14)
Reconciliation of the fair values at the beginning and end of the current and previous financial period are set out below:
Non-current financial assets at fair value through profit or loss			0	56,017		56,017		0
Capped call transactions (refer to note 14)
Disclosure of financial assets [line items]
Financial assets at fair value through profit or loss			0	28,300		28,300		0
Current assets
Electricity financial asset			0	28,300		28,300		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
Closing fair value			0	28,300		28,300		0
Electricity financial asset
Disclosure of financial assets [line items]
Financial assets at fair value through profit or loss			6,530	0		0		6,530
Current assets
Electricity financial asset			6,530	0		0		6,530
Reconciliation of the fair values at the beginning and end of the current and previous financial period are set out below:
Opening fair value		6,530				6,530
Closing fair value			6,530	0		0		6,530
Electricity financial asset [Domain] | Electricity financial asset
Disclosure of financial assets [line items]
Financial assets at fair value through profit or loss			6,530	0		0		6,530
Additions						15,686		28,332
Financial asset realized						(6,530)		(18,354)
Unrealized gain/(loss) on financial instruments						0		(3,448)
Close-out costs						7,211		0
Transfer to prepayment						8,475		0
Current assets
Electricity financial asset			6,530	0		0		6,530
Reconciliation of the fair values at the beginning and end of the current and previous financial period are set out below:
Opening fair value		$ 6,530				6,530	$ 0	0
Additions						15,686		28,332
Financial asset realized						(6,530)		(18,354)
Unrealized gain/(loss) on financial instruments						0		(3,448)
Close-out costs						(7,211)		0
Transfer to prepayment						(8,475)		0
Closing fair value			$ 6,530	$ 0		$ 0		$ 6,530

Computer hardware prepayments -

Computer hardware prepayments - Schedule of prepayments (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2024 USD ($)
Computer Hardware Prepayments [Line Items]
Computer hardware prepayments	$ 36,068
Non-current assets
Beginning balance	239,841
Addition during the period	376,022
Transfer to property, plant and equipment	(570,677)
Transfer to other receivables	(1,675)
Transfer to profit and loss	(1,724)
Exchange differences	(5,719)
Ending balance	36,068
Mining hardware prepayments
Computer Hardware Prepayments [Line Items]
Computer hardware prepayments	36,057
Non-current assets
Beginning balance	239,841
Addition during the period	337,836
Transfer to property, plant and equipment	(534,177)
Transfer to other receivables	0
Transfer to profit and loss	(1,724)
Exchange differences	(5,719)
Ending balance	36,057
HPC hardware
Computer Hardware Prepayments [Line Items]
Computer hardware prepayments	11
Non-current assets
Beginning balance	0
Addition during the period	38,186
Transfer to property, plant and equipment	(36,500)
Transfer to other receivables	(1,675)
Transfer to profit and loss	0
Exchange differences	0
Ending balance	$ 11

Prepayments and deposits (Detai

Prepayments and deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Current assets
Security deposits	$ 1,163	$ 2,101
Prepayments	39,046	9,787
Prepayments and deposits	40,209	11,888
Non-current assets
Security deposits	23,106	17,459
Total prepayments and other assets	$ 63,315	$ 29,347

Assets held for sale (Details)

Assets held for sale (Details) $ in Thousands	1 Months Ended		2 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2025 USD ($) miner	Nov. 30, 2024 USD ($)	Nov. 25, 2024 USD ($) miner shares	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) miner	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)
Changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	$ 1,209,339				$ 441,371	$ 441,371
Impairment						6,942
S19jPros sold after held for sale classification						(25,353)
Foreign currency translation difference						18,636
Property, plant and equipment, ending balance				$ 1,209,339		1,209,339
Assets held for sale				$ 2,952	$ 10,696	$ 2,952	$ 0
Number of miners | miner					54,080
S19jPros sold during the period						41,740
S19jPros remaining as held for sale as at period end				12,300		12,300
Subsequent events | At-the-Market Offerings
Changes in property, plant and equipment [abstract]
Shares issued under the ATM Facility			$ 51,941
Shares issued under the ATM Facility (in shares) | shares			4,515,404
Mining Assets, S19jPro
Changes in property, plant and equipment [abstract]
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations						$ 8,129
Mining Assets, S19jPro | Assets and liabilities classified as held for sale
Changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	2,952		$ 10,696	$ 10,696	$ 13,278	13,278
Impairment					2,582
S19jPros sold after held for sale classification				(8,129)
Impairment reversal		$ 516		516
Foreign currency translation difference				(131)
Property, plant and equipment, ending balance				$ 2,952	$ 10,696	$ 2,952
Mining Assets, S19jPro | Subsequent events
Changes in property, plant and equipment [abstract]
Assets held for sale	$ 1,502
Number of miners classified as held for sale | miner	6,300		6,300
Number of miners | miner	6,000

Property, plant and equipment -

Property, plant and equipment - Consolidated (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jul. 31, 2024	Jun. 30, 2024
Non-current assets [Abstract]
Property, plant and equipment	$ 1,209,339		$ 441,371
Land
Non-current assets [Abstract]
Property, plant and equipment	5,554		3,601
Land | At Cost
Non-current assets [Abstract]
Property, plant and equipment	5,554		3,601
Buildings
Non-current assets [Abstract]
Property, plant and equipment	366,171		202,305
Buildings | At Cost
Non-current assets [Abstract]
Property, plant and equipment	386,089		215,542
Buildings | Accumulated Depreciation
Non-current assets [Abstract]
Property, plant and equipment	(19,918)		(13,237)
Plant and equipment
Non-current assets [Abstract]
Property, plant and equipment	5,690		3,714
Plant and equipment | At Cost
Non-current assets [Abstract]
Property, plant and equipment	7,203		4,856
Plant and equipment | Accumulated Depreciation
Non-current assets [Abstract]
Property, plant and equipment	(1,513)		(1,142)
Mining hardware
Non-current assets [Abstract]
Property, plant and equipment	591,913	$ 1,724	97,269
Mining hardware | At Cost
Non-current assets [Abstract]
Property, plant and equipment	643,475		177,766
Mining hardware | Accumulated Depreciation
Non-current assets [Abstract]
Property, plant and equipment	(44,628)		(54,892)
Mining hardware | Accumulated Impairment
Non-current assets [Abstract]
Property, plant and equipment	(6,934)		(25,605)
HPC hardware
Non-current assets [Abstract]
Property, plant and equipment	62,372		31,536
HPC hardware | At Cost
Non-current assets [Abstract]
Property, plant and equipment	68,190		33,315
HPC hardware | Accumulated Depreciation
Non-current assets [Abstract]
Property, plant and equipment	(5,818)		(1,779)
Development assets
Non-current assets [Abstract]
Property, plant and equipment	177,639		102,946
Development assets | At Cost
Non-current assets [Abstract]
Property, plant and equipment	$ 177,639		$ 102,946

Property, plant and equipment_2

Property, plant and equipment - Reconciliations of written down values (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2024 USD ($)
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	$ 441,371
Additions	331,481
Transfer from computer hardware prepayment	570,678
Disposals	(25,353)
Exchange differences	(18,636)
Impairment	(6,942)
Transfers in/(out)	0
Transfer to asset held for sale	(13,278)
Depreciation expense	(69,982)
Property, plant and equipment, ending balance	1,209,339
Land
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	3,601
Additions	1,554
Transfer from computer hardware prepayment	0
Disposals	0
Exchange differences	(45)
Impairment	0
Transfers in/(out)	444
Transfer to asset held for sale	0
Depreciation expense	0
Property, plant and equipment, ending balance	5,554
Buildings
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	202,305
Additions	4,873
Transfer from computer hardware prepayment	0
Disposals	0
Exchange differences	(4,433)
Impairment	0
Transfers in/(out)	170,655
Transfer to asset held for sale	0
Depreciation expense	(7,229)
Property, plant and equipment, ending balance	366,171
Plant and equipment
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	3,714
Additions	2,555
Transfer from computer hardware prepayment	0
Disposals	0
Exchange differences	(160)
Impairment	0
Transfers in/(out)	0
Transfer to asset held for sale	0
Depreciation expense	(419)
Property, plant and equipment, ending balance	5,690
Mining hardware
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	97,269
Additions	75,165
Transfer from computer hardware prepayment	534,177
Disposals	(25,320)
Exchange differences	(11,084)
Impairment	(6,942)
Transfers in/(out)	0
Transfer to asset held for sale	(13,278)
Depreciation expense	(58,074)
Property, plant and equipment, ending balance	591,913
HPC hardware
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	31,536
Additions	1,225
Transfer from computer hardware prepayment	36,501
Disposals	0
Exchange differences	(2,630)
Impairment	0
Transfers in/(out)	0
Transfer to asset held for sale	0
Depreciation expense	(4,260)
Property, plant and equipment, ending balance	62,372
Development assets
Reconciliations of the written down values [Abstract]
Property, plant and equipment, beginning balance	102,946
Additions	246,109
Transfer from computer hardware prepayment	0
Disposals	(33)
Exchange differences	(284)
Impairment	0
Transfers in/(out)	(171,099)
Transfer to asset held for sale	0
Depreciation expense	0
Property, plant and equipment, ending balance	$ 177,639

Property, plant and equipment_3

Property, plant and equipment - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation, property, plant and equipment			$ 69,982
Depreciation, right-of-use assets			225
Additions			331,481
S19jPros sold after held for sale classification			25,353
Gain on warranty	$ 0	$ 0	920	$ 0
Mining hardware
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation, property, plant and equipment			58,074
Depreciation of disposals			15,330
Additions			75,165
S19jPros sold after held for sale classification			$ 25,320
Mining Assets, Bitmain T21 Miners
Disclosure of detailed information about property, plant and equipment [line items]
Hashrate operating capacity of Bitmain miners			1.8
Additions			$ 25,204
S19jPros sold after held for sale classification			24,284
Gain on warranty			$ 920

Property, plant and equipment_4

Property, plant and equipment - Disposal of property, plant and equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about property, plant and equipment [line items]
Gain on Warranty	$ 0	$ 0	$ 920	$ 0
Gain/(loss) on disposal of property, plant and equipment	(672)	5	167	16
Mining hardware
Disclosure of detailed information about property, plant and equipment [line items]
Gain/(loss) on disposal of property, plant and equipment	$ (672)	$ 5	$ (753)	$ 16

Impairment of assets (Details)

Impairment of assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Disclosure of impairment loss and reversal of impairment loss [line items]
Total impairment expense	$ 0	$ 0	$ 9,524	$ 0
Reversal of impairment of assets	516	108	516	108
Impairment of assets subsequently classified as held for sale
Disclosure of impairment loss and reversal of impairment loss [line items]
Total impairment expense	0	0	6,836	0
Impairment of revaluation of assets classified as held for sale
Disclosure of impairment loss and reversal of impairment loss [line items]
Total impairment expense	0	0	2,582	0
Mining hardware | Impairment of mining hardware
Disclosure of impairment loss and reversal of impairment loss [line items]
Total impairment expense	$ 0	$ 0	$ 106	$ 0

Trade payables and lease liabil

Trade payables and lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Current liabilities
Trade and other payables	$ 144,564	$ 32,119
Current lease liabilities	381	214
Non-current liabilities [abstract]
Non-current lease liabilities	$ 1,313	$ 1,441

Provisions (Details)

Provisions (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2024	Jun. 30, 2024
Current liabilities [Abstract]
Non-refundable sales tax and other provisions	$ 17,816	$ 13,375
CANADA
Current liabilities [Abstract]
Percentage of GST required to remit	5%
Percentage of GST on exported services

Issued capital - Ordinary share

Issued capital - Ordinary shares (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Issued capital [abstract]
Issued capital	$ 1,985,104	$ 1,764,289
Issued capital
Issued capital [abstract]
Number of shares outstanding (in shares)	213,504,987	186,367,686
Issued capital	$ 1,985,104	$ 1,764,289

Issued capital - Movements in O

Issued capital - Movements in Ordinary Share Capital (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2024 USD ($) shares
Issued capital [Abstract]
Opening balance	$ 1,764,289
Closing balance	$ 1,985,104
Issued capital
Number of shares [Abstract]
Opening balance (in shares) | shares	186,367,686
Shares issued under the ATM Facility (in shares) | shares	25,407,471
Share based payment - Vested shares (in shares) | shares	1,729,830
Capital raise costs (in shares) | shares	0
Closing balance (in shares) | shares	213,504,987
Issued capital [Abstract]
Opening balance	$ 1,764,289
Shares issued under the ATM Facility	221,767
Share based payment - Vested shares	5,852
Capital raise costs	(6,804)
Closing balance	$ 1,985,104

Issued capital - Narrative (Det

Issued capital - Narrative (Details) - Ordinary shares - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	May 15, 2024
Disclosure of classes of share capital [line items]
Number of restricted shares issued (in shares)	901,311	1,496,768
Number of shares outstanding (in shares)	214,406,298	187,864,454
B. Riley Principal Capital II, LLC | At-the-Market Offerings
Disclosure of classes of share capital [line items]
Maximum value of shares to be issued under share sale option agreement (in shares)			$ 500,000,000

Earnings per share (Details)

Earnings per share (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024 USD ($) shares $ / shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Earnings per share [abstract]
Profit/(loss) after income tax | $	$ 18,878	$ (5,228)	$ (32,825)	$ (10,527)
Weighted average number of ordinary shares used in calculating basic earnings per share (in shares)	210,470,186	72,665,044	199,866,316	70,074,566
Weighted average number of ordinary shares used in calculating diluted earnings per share (in shares)	221,031,697	72,665,044	199,866,316	70,074,566
Basic earnings per share (in dollars per share) | $ / shares	$ 0.0009	$ (0.0007)	$ (0.0016)	$ (0.0015)
Diluted earnings per share (in dollars per share) | $ / shares	$ 0.0009	$ (0.0007)	$ (0.0016)	$ (0.0015)
Number of instruments that are antidilutive in period presented	143,124

Commitments - Narrative (Detail

Commitments - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Commitments [Abstract]
Contractual capital commitments	$ 106,333	$ 194,641

Commitments - Committed Amounts

Commitments - Committed Amounts Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Committed Amounts Payable [Abstract]
Contractual capital commitments	$ 106,333	$ 194,641
Amounts payable within 12 months of balance date
Committed Amounts Payable [Abstract]
Contractual capital commitments		194,641
Amounts payable within 12 months of balance date | Other Commitments
Committed Amounts Payable [Abstract]
Contractual capital commitments	105,751	77,659
Amounts payable within 12 months of balance date | Mining hardware
Committed Amounts Payable [Abstract]
Contractual capital commitments	0	116,982
Amounts payable after 12 months of balance date | Other Commitments
Committed Amounts Payable [Abstract]
Contractual capital commitments	582	0
Amounts payable after 12 months of balance date | Mining hardware
Committed Amounts Payable [Abstract]
Contractual capital commitments	$ 0	$ 0

Share-based payments - RSUs Nar

Share-based payments - RSUs Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2024 USD ($) shares $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) shares tranche $ / shares	Dec. 31, 2023 USD ($)	Jun. 30, 2024 shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions | $	$ 7,975	$ 5,966	$ 16,159	$ 11,805
$75 Exercise Price Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted during the period (in dollars per share) | $ / shares					$ 75
2023 Long-Term Incentive Plan Restricted Stock Units | Tranche One | Time-based Vesting Conditions
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs issued (in shares)	175,666		175,666
Vesting period (in years)			1 year
2023 Long-Term Incentive Plan Restricted Stock Units | Tranche Two | Time-based Vesting Conditions
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs issued (in shares)	175,666		175,666
Vesting period (in years)			2 years
2023 Long-Term Incentive Plan Restricted Stock Units | Tranche Three | Performance-based Vesting Conditions
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs issued (in shares)	324,876		324,876
Vesting period (in years)			3 years
2023 Long-Term Incentive Plan Restricted Stock Units | Key Management Personnel
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs issued (in shares)	676,208		676,208
2023 Long-Term Incentive Plan Restricted Stock Units | Non-Executive Director
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period (in years)			1 year
Number of RSUs vested (in shares)			53,811
2023 Long-Term Incentive Plan Restricted Stock Units | Co-Founder and Co-CEO
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs issued (in shares)	1,338,391		1,338,391
2023 Long-Term Incentive Plan Restricted Stock Units | Co-Founder and Co-CEO | Performance-based Vesting Conditions
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs issued (in shares)	984,094		984,094
Number of tranches | tranche			7
Number of trading days			30 days
2023 Long-Term Incentive Plan Restricted Stock Units | Co-Founder and Co-CEO | Tranche One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs issued (in shares)	118,099		118,099
Vesting period (in years)			1 year
2023 Long-Term Incentive Plan Restricted Stock Units | Co-Founder and Co-CEO | Tranche One | Performance-based Vesting Conditions
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs issued (in shares)	116,857		116,857
Number of trading days			90 days
Share price (in dollars per share) | $ / shares	$ 20		$ 20
Share premium (as percent)			190%
Average closing share price (in dollars per share) | $ / shares			$ 6.91
2023 Long-Term Incentive Plan Restricted Stock Units | Co-Founder and Co-CEO | Tranche Two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs issued (in shares)	118,099		118,099
Vesting period (in years)			2 years
2023 Long-Term Incentive Plan Restricted Stock Units | Co-Founder and Co-CEO | Tranche Two | Performance-based Vesting Conditions
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs issued (in shares)	124,359		124,359
Number of trading days			90 days
Share price (in dollars per share) | $ / shares	$ 25		$ 25
Share premium (as percent)			262%
Average closing share price (in dollars per share) | $ / shares			$ 6.91
2023 Long-Term Incentive Plan Restricted Stock Units | Co-Founder and Co-CEO | Tranche Three
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs issued (in shares)	118,099		118,099
Vesting period (in years)			3 years
2023 Long-Term Incentive Plan Restricted Stock Units | Co-Founder and Co-CEO | Tranche Three | Performance-based Vesting Conditions
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs issued (in shares)	131,970		131,970
Number of trading days			90 days
Share price (in dollars per share) | $ / shares	$ 30		$ 30
Share premium (as percent)			334%
Average closing share price (in dollars per share) | $ / shares			$ 6.91
2023 Long-Term Incentive Plan Restricted Stock Units | Co-Founder and Co-CEO | Tranche Four | Performance-based Vesting Conditions
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs issued (in shares)	140,228		140,228
Number of trading days			90 days
Share price (in dollars per share) | $ / shares	$ 35		$ 35
Share premium (as percent)			407%
Average closing share price (in dollars per share) | $ / shares			$ 6.91
2023 Long-Term Incentive Plan Restricted Stock Units | Co-Founder and Co-CEO | Tranche Five | Performance-based Vesting Conditions
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs issued (in shares)	147,466		147,466
Number of trading days			90 days
Share price (in dollars per share) | $ / shares	$ 40		$ 40
Share premium (as percent)			479%
Average closing share price (in dollars per share) | $ / shares			$ 6.91
2023 Long-Term Incentive Plan Restricted Stock Units | Co-Founder and Co-CEO | Tranche Six | Performance-based Vesting Conditions
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs issued (in shares)	156,129		156,129
Number of trading days			90 days
Share price (in dollars per share) | $ / shares	$ 45		$ 45
Share premium (as percent)			551%
Average closing share price (in dollars per share) | $ / shares			$ 6.91
2023 Long-Term Incentive Plan Restricted Stock Units | Co-Founder and Co-CEO | Tranche Seven | Performance-based Vesting Conditions
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs issued (in shares)	167,085		167,085
Number of trading days			90 days
Share price (in dollars per share) | $ / shares	$ 50		$ 50
Share premium (as percent)			624%
Average closing share price (in dollars per share) | $ / shares			$ 6.91
Restricted Share Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs vested (in shares)			1,147,672		104,559
Weighted average remaining contractual life of RSUs outstanding (in years)					2 years 9 months 3 days
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in dollars per share) | $ / shares	$ 0		$ 0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	226,445		226,445		0

Share-based payments - Reconcil

Share-based payments - Reconciliation of Outstanding Share Options (Details) - Share Options	6 Months Ended	12 Months Ended
	Dec. 31, 2024 shares $ / shares	Jun. 30, 2024 shares $ / shares
Number of Options [Abstract]
Outstanding beginning of period (in shares) | shares	8,484,011	8,906,839
Granted during the period (in shares) | shares	0	34,454
Forfeited during the period (in shares) | shares	(13,299)	0
Exercised during the period (in shares) | shares	(582,158)	(457,282)
Outstanding end of period (in shares) | shares	7,888,554	8,484,011
Exercisable at end of period (in shares) | shares	2,854,914	3,332,076
Weighted Average Exercise Price [Abstract]
Outstanding beginning of period (in dollars per share) | $ / shares	$ 43.97	$ 41.93
Granted during the period (in dollars per share) | $ / shares	0	13.47
Forfeited during the year (in dollars per share) | $ / shares	1.53	0
Exercised during the period (in dollars per share) | $ / shares	1.53	1.89
Outstanding end of period (in dollars per share) | $ / shares	46.98	43.97
Exercisable at end of period (in dollars per share) | $ / shares	$ 3.61	$ 3.01

Share-based payments - Share Op

Share-based payments - Share Options Narrative (Details) - Share Options - $ / shares	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average remaining contractual life (in years)	6 years 3 months 21 days	6 years 6 months 21 days
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share)	$ 46.98	$ 43.97	$ 41.93
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share)	1.53	1.53
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share)	$ 75	$ 75

Share-based payments - Reconc_2

Share-based payments - Reconciliation of Outstanding RSUs (Details) - Restricted Share Units - shares	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024
Number of RSUs [Abstract]
Outstanding at beginning of period (in shares)	6,612,647	3,623,867
Granted during the period (in shares)	3,406,801	3,314,794
Forfeited during the year (in shares)	(20,371)	(221,455)
Exercised during the period (in shares)	(1,147,672)	(104,559)
Outstanding at end of period (in shares)	8,851,405	6,612,647
Exercisable as at end of period (in shares)	226,445	0

Related party transactions (Det

Related party transactions (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024
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

Events after the reporting peri

Events after the reporting period (Details)	1 Months Ended	2 Months Ended		10 Months Ended
	Jan. 31, 2025 USD ($) miner	Feb. 13, 2025 USD ($)	Nov. 25, 2024 USD ($) miner	Jan. 21, 2025 USD ($) shares	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) miner	Jun. 30, 2024 USD ($)
Disclosure of non-adjusting events after reporting period [line items]
Assets held for sale					$ 2,952,000	$ 10,696,000	$ 0
Number of miners | miner						54,080
Number of shares sold under previous ATM | shares				133,471,339
Total proceeds under previous ATM				$ 993,294,000
Subsequent events
Disclosure of non-adjusting events after reporting period [line items]
New ATM capacity				$ 1,000,000,000
Number or miners S21 T21 swap		9,025
Subsequent events | At-the-Market Offerings
Disclosure of non-adjusting events after reporting period [line items]
Shares issued under the ATM Facility			$ 51,941,000
Subsequent events | Mining Assets, S19jPro
Disclosure of non-adjusting events after reporting period [line items]
Number of miners classified as held for sale | miner	6,300		6,300
Assets held for sale	$ 1,502,000
Number of miners | miner	6,000
Major purchases of assets [member]
Disclosure of non-adjusting events after reporting period [line items]
S21 Pro - Option exercised		48,030
S21 XP - Option exercised		30,000
S21 Pros capacity - Option exercised		11.2
S21 XP capacity - Option exercised		8.1
Bitmain contract - Option exercised		$ 411,350,000
S21 XP upgrade capacity		2.4
S21 XP upgrade		$ 35,840,000

Financial instruments - Narrati

Financial instruments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about financial instruments [line items]
Net proceeds of convertible notes			$ 311,600,000
Convertible notes - Capped call transaction costs			44,352,000
Convertible notes - Prepaid forward contract costs			$ 73,717,000
Annual interest rate on convertible notes			3.25%
Convertible notes - Initial conversion rate - Number of shares			59.4919
Convertible notes - Initial conversion rate			$ 1,000
Conversion Price - Convertible notes	$ 16.81		$ 16.81
Conversion option - % of conversion price			130%
Trading days for conversion option			20
Conversion option - Number of consecutive days of circumstances for option to be convertible			30 days
Conversion option - Consecutive days for options to be met			10 days
Conversion option criteria			98%
Convertible notes - Redemption price			100%
Convertible note - Effective interest rate			9.85%
Other transaction costs	$ 1,452,000	$ 0	$ 1,452,000	$ 0
Capped Call Transactions - initial cap price			$ 25.86
Last reported sale price on 3 December 2024			$ 12.93
Prepaid forward shares			5,700,000
Unrealized gain/(loss) on financial instruments	12,900,000	$ (258,000)	$ 12,900,000	$ (258,000)
Initial convertible notes issuance			440,000,000
Total financial assets held at fair value through profit or loss | Capped Call Transactions
Disclosure of detailed information about financial instruments [line items]
Current financial assets	$ 42,900,000		$ 42,900,000

Financial instruments - Level 3

Financial instruments - Level 3 Valuation (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2024
Reconciliation of changes in fair value measurement, liabilities [abstract]
Financial liabilities at end of period	$ 318,214	$ 318,214
Changes in fair value measurement, assets [abstract]
Convertible note - Effective interest rate		9.85%
Annual interest rate on convertible notes		3.25%
Total financial assets held at fair value through profit or loss
Changes in fair value measurement, assets [abstract]
Financial assets at end of period	0	$ 0
Total financial assets held at fair value through profit or loss | Capped Call Transactions
Changes in fair value measurement, assets [abstract]
Financial assets at end of period	0	0
Total financial assets held at fair value through profit or loss | Prepaid forward contract (refer to note 14)
Changes in fair value measurement, assets [abstract]
Financial assets at end of period	0	0
Level 3
Reconciliation of changes in fair value measurement, liabilities [abstract]
Financial liabilities at end of period	67,800	67,800
Level 3 | Total financial assets held at fair value through profit or loss
Changes in fair value measurement, assets [abstract]
Financial assets at end of period	84,317	84,317
Level 3 | Total financial assets held at fair value through profit or loss | Capped Call Transactions
Changes in fair value measurement, assets [abstract]
Financial assets at beginning of period	42,900	0
Increase (decrease) in fair value measurement, assets	(14,600)
Financial assets at end of period	28,300	28,300
Level 3 | Total financial assets held at fair value through profit or loss | Prepaid forward contract (refer to note 14)
Changes in fair value measurement, assets [abstract]
Financial assets at beginning of period	73,717	0
Increase (decrease) in fair value measurement, assets	(17,700)
Financial assets at end of period	56,017	56,017
Financial liabilities at fair value through profit or loss | Convertible notes | Level 3
Reconciliation of changes in fair value measurement, liabilities [abstract]
Financial liabilities at beginning of period	327,000	0
Capital raising costs	(9,972)
Interest Expense, Liabilties	2,185
Coupon interest payable (3.25%)	(999)
Change in fair value of embedded derivative	0
Financial liabilities at end of period	318,214	318,214
Financial liabilities at fair value through profit or loss | Embedded Derivative | Level 3
Reconciliation of changes in fair value measurement, liabilities [abstract]
Financial liabilities at beginning of period	113,000	0
Capital raising costs	0
Interest Expense, Liabilties	0
Coupon interest payable (3.25%)	0
Change in fair value of embedded derivative	45,200
Financial liabilities at end of period	$ 67,800	$ 67,800

Financial instruments - Financi

Financial instruments - Financial Assets at Fair Value (Details) - Total financial assets held at fair value through profit or loss - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 06, 2024	Jun. 30, 2024
Disclosure of detailed information about financial instruments [line items]
Financial assets	$ 0
Level 3
Disclosure of detailed information about financial instruments [line items]
Financial assets	84,317
Capped Call Transactions
Disclosure of detailed information about financial instruments [line items]
Financial assets	0
Capped Call Transactions | Level 3
Disclosure of detailed information about financial instruments [line items]
Financial assets	28,300	$ 42,900	$ 0
Prepaid forward contract (refer to note 14)
Disclosure of detailed information about financial instruments [line items]
Financial assets	0
Prepaid forward contract (refer to note 14) | Level 3
Disclosure of detailed information about financial instruments [line items]
Financial assets	$ 56,017	$ 73,717	$ 0

Financial instruments - Fair Va

Financial instruments - Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 06, 2024	Jun. 30, 2024
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	$ 318,214
Total financial assets held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Financial assets	0
Convertible notes | Financial liabilities at amortized cost
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	318,214
Embedded Derivative | Financial liabilities at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0
Level 1
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0
Level 1 | Total financial assets held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Financial assets	0
Level 1 | Convertible notes | Financial liabilities at amortized cost
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0
Level 1 | Embedded Derivative | Financial liabilities at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0
Level 2
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0
Level 2 | Total financial assets held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Financial assets	0
Level 2 | Convertible notes | Financial liabilities at amortized cost
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0
Level 2 | Embedded Derivative | Financial liabilities at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0
Level 3
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	67,800
Level 3 | Total financial assets held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Financial assets	84,317
Level 3 | Convertible notes | Financial liabilities at amortized cost
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0
Level 3 | Embedded Derivative | Financial liabilities at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	67,800
Capped Call Transactions | Total financial assets held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Financial assets	0
Capped Call Transactions | Level 1 | Total financial assets held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Financial assets	0
Capped Call Transactions | Level 2 | Total financial assets held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Financial assets	0
Capped Call Transactions | Level 3 | Total financial assets held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Financial assets	28,300	$ 42,900	$ 0
Prepaid forward contract (refer to note 14) | Total financial assets held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Financial assets	0
Prepaid forward contract (refer to note 14) | Level 1 | Total financial assets held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Financial assets	0
Prepaid forward contract (refer to note 14) | Level 2 | Total financial assets held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Financial assets	0
Prepaid forward contract (refer to note 14) | Level 3 | Total financial assets held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Financial assets	$ 56,017	$ 73,717	$ 0

Financial instruments - Inputs

Financial instruments - Inputs and Valuation Technique (Details)	6 Months Ended
	Dec. 31, 2024 $ / shares
Convertible notes [Abstract]
Closing share price	$ 9.82
Conversion Price - Convertible notes	$ 16.81
Risk free interest rate, share options granted	4.38%
Expected volatility, share options granted	40%