29Metals : FY2021 Appendix 4E & Annual Financial Report

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ASX ANNOUNCEMENT

Wednesday, 23 February 2022

Appendix 4E and Annual Financial Report

Accompanying this release is the Appendix 4E and Annual Financial Report for 29Metals Limited ('29Metals' or, the 'Company') and its controlled entities for the year ended 31 December 2021.

-ENDS-

This announcement was authorised for release by the Board of Directors.

Investor Enquiries	Media Enquiries
Michael Slifirski	Citadel-MAGNUS
Group Manager Investor Relations	Michael Weir / Cameron Gilenko
[e-mail]	[e-mail]/
	[e-mail]
[phone]	[phone] / [phone]

29Metals Limited (ABN 95 650 096 094

Head office: Level 2, 150 Collins Street, Melbourne VIC 3000

For personal use only

Appendix 4E and

Annual Financial Report

29Metals Limited and Controlled Entities

FOR THE YEAR ENDED 31 DECEMBER 2021

APPENDIX 4E AND ANNUAL FINANCIAL REPORT FOR 29METALS LIMITED AND ITS CONTROLLED ENTITIES for the year ended 31 December 2021

CONTENTS

For personal use only

• APPENDIX 4E

• DIRECTORS' REPORT

• OPERATING AND FINANCIAL REVIEW

• REMUNERATION REPORT

• CONSOLIDATED FINANCIAL STATEMENTS
  F INDEPENDENT AUDITOR'S REPORT

PAGE

A-1 to A-2

B-1 to B-8

C-1 to C-22

D-1 to D-2 (Chair Letter)

D-3 to D-23E-1 to E-57

F-1 to F-7

Page (i)

APPENDIX 4E AND ANNUAL FINANCIAL REPORT FOR 29METALS LIMITED AND ITS CONTROLLED ENTITIES for the year ended 31 December 2021

APPENDIX 4E

For personal use only

APPENDIX 4E

29METALS LIMITED

FINANCIAL YEAR ENDED 31 DECEMBER 2021

Current Reporting Period	12 months ended 31 December 2021
Previous Corresponding Reporting Period	12 months ended 31 December 20201

RESULTS FOR ANNOUNCEMENT TO THE MARKET

	31 DECEMBER	31 DECEMBER	INCREASE /
	2021	2020		DECREASE
	$'000	$'000		$'000	%
Revenue from ordinary activities	600,762	434,451		166,311	38%
Profit from ordinary activities after tax attributable to members	121,013	-	2	121,013	100%
Net profit for the period attributable to members	121,013	-	2	121,013	100%

Distributions

No interim or final dividend declared or proposed.

Record date of final dividend: not applicable.

Net tangible assets

	31 DECEMBER 2021	31 DECEMBER 2020
	$	$
Net tangible assets per share1	1.60	N/a

1. Includes right of use assets.

Explanation of results

REQUIREMENT	TITLE	REFERENCE
Review of results	Operating and Financial Overview	Page C-1 to C-22
A statement of comprehensive income	Consolidated Statement of Comprehensive Income	Page E-2
A statement of financial position	Consolidated Statement of Financial Position	Page E-3
A statement of retained earnings	Consolidated Statement of Changes in Equity	Page E-4
A statement of cash flows	Consolidated Statement of Cash Flows	Page E-5
Earnings per share	Consolidated Statement of Comprehensive Income	Page E-2

• The comparative information presented in the Consolidated Financial Statements is that of Golden Grove Group (comprising Golden, LP (as the head entity), Golden Grove Holdings (No.2) Pty Ltd, Golden Grove Holdings (No.3) Pty Ltd and Golden Grove Operations Pty Ltd, as set out in the table of controlled entities over page) for the year ended 31 December 2020. Refer to Note 2 to the Financial Statements.
  2 Refer Note 41 of the Consolidated Financial Statements for first-time adoption of Australian Accounting Standards ('AAS') - Golden Grove, LP.

Page A-1

APPENDIX 4E AND ANNUAL FINANCIAL REPORT FOR 29METALS LIMITED AND ITS CONTROLLED ENTITIES for the year ended 31 December 2021

For personal use only

APPENDIX 4E

Details of entities over which control has been gained or lost during the period

29Metals Limited was incorporated on 27 May 2021. In June and July 2021, 29Metals executed a series of transactions and an initial public offering (the 'IPO'), comprising:

• a restructure of the Capricorn Copper Group (the 'Restructure') pursuant to which 29Metals gained control of the Capricorn Copper Group effective 7 June 2021;
• the reverse acquisition of 29Metals (including the Capricorn Copper Group) and the Redhill Group which completed on 5 July 2021 conditional on, amongst other things, the IPO occurring (the 'Reverse Acquisition'); and
• the IPO with listing on the Australian Stock Exchange ('ASX') achieved on 2 July 2021,

(together, the 'Restructure and IPO Transactions').

During the year ended 31 December 2021, control was gained over the following entities, including as a result of the Restructure and IPO Transactions.

NAME OF ENTITY	DATE CONTROL GAINED
29Metals Finance Pty Ltd	31 May 2021
Golden Grove Holdings (No.1) Pty Ltd1	5 July 2021
Lighthouse Minerals Pty Ltd	7 June 2021
Capricorn Copper Group, comprising:	7 June 2021

• Capricorn Copper Holdings Pty Ltd2
• Capricorn Copper Pty Ltd

Golden Grove Group, comprising:

5 July 2021

• Golden Grove, LP3
• Golden Grove Holdings (No.2) Pty Ltd
• Golden Grove Holdings (No.3) Pty Ltd
• Golden Grove Operations Pty Ltd

Redhill Group

5 July 2021

• Redhill Mining Hong Kong Limited4
• Redhill Magallanes, SpA5

Unless otherwise stated below, all entities are companies registered in Australia.

1. Golden Grove Holdings (No.1) Pty Ltd is the general partner for Golden Grove, LP.
2. Owned 97.4% by 29Metals and 2.6% by Lighthouse Minerals Pty Ltd
3. A limited partnership registered in New South Wales under the Partnership Act 1982 (NSW).
4. A company registered in Hong Kong.
5. A company registered in Chile.

Refer to Note 34 of the Consolidated Financial Statements for further details of the Reverse Acquisition. Further details of these entities are included in the Annual Financial Report.

Details of any associates and joint venture entities

There were no associates or joint ventures during the period.

Any other significant information needed by an investor

Further significant information needed by an investor to make an informed assessment of the Group's financial performance and financial position is contained in the accompanying Annual Financial Report, which comprises the Directors' Report and the Consolidated Financial Statements for the year ended 31 December 2021.

Audit of accounts upon which this report is based and qualification of audit

The Consolidated Financial Statements and Remuneration Reports have been audited by Ernst & Young. The audit report is included in the Annual Financial Report, and is not subject to a modified opinion, emphasis of matter, or other matter paragraph.

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