For personal use only
Admiralty Resources NL
ABN: 74 010 195 972
FINANCIAL REPORT
FOR THE HALF -YEAR ENDED
31 DECEMBER 2021
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For personal use only
Table of Contents
Page | |
Corporate Directory | 3 |
Directors' Report | 4 |
Auditor's Independence Declaration | 6 |
Consolidated Statement of Profit or Loss and Other Comprehensive Income | 7 |
Consolidated Statement of Financial Position | 8 |
Consolidated Statement of Changes in Equity | 9 |
Consolidated Statement of Cash Flows | 10 |
Notes to the Financial Statements | 11 |
Directors' Declaration | 20 |
Independent Auditor's Review Report | 21 |
ASX Additional Information | 23 |
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For personal use only
Admiralty Resources NL - ABN 74 010 195 972
Interim Financial Report 31 December 2021
CORPORATE DIRECTORY
Admiralty Resources NL | Share Registry: | |
ABN: 74 010 195 972 | Boardroom Limited | |
Level 12, 225 George St | ||
Directors: | Sydney NSW 2000 Australia | |
Qing Zhong | ||
Jian Barclay | Website: | |
Bin Li | ||
www.ady.com.au | ||
Company Secretary: | Admiralty Resources Group Structure | |
Jarrod White | ||
Admiralty Resources NL (ACN 010 195 972) has the | ||
Principal Place of Business: | following subsidiaries: | |
• Admiralty Minerals Chile Pty Ltd | ||
C/- Traverse Accountants | ||
Suite 305, Level 3 | • Admiralty Minerals Chile Pty Ltd Agencia en Chile | |
35 Lime Street | (Chilean branch of Admiralty Minerals Chile Pty | |
Sydney NSW 2000 | Ltd, which owns mineral concessions in Chile) | |
(02) 9283 6502 | • Bulman Resources Pty Ltd (100% ownership of | |
the Bulman lead/zinc project in the Northern | ||
Registered Office: | Territory, Australia) | |
• Pyke Hill Resources Pty Ltd (has a 50% ownership | ||
C/- Traverse Accountants | ||
interest in the Pyke Hill Nickel/Cobalt resource in | ||
Suite 305, Level 3 | ||
Western Australia subject to an exploitation | ||
35 Lime Street | ||
agreement with Cougar Metals NL) | ||
Sydney NSW 2000 | ||
• Admiralty Resources (Hong Kong) Limited | ||
(02) 9283 6502 | ||
• ADY Investments Pty Ltd (currently inactive) | ||
Securities Quoted: | • Fortune Global Holdings Corporation (currently | |
inactive) | ||
Australian Securities Exchange Ltd (ASX) | ||
• Servicios Admiralty Resources Chile Limitada | ||
Code: ADY (shares) | ||
Auditors: | ||
RSM Australia Partners | ||
Level 13, 60 Castlereagh Street | ||
Sydney NSW 2000 | ||
Bankers: | ||
Westpac Banking Corporation | Scotiabank Azul | National Australia Bank |
447 Bourke Street | Av. Costanera Sur 2710 | Level 13, Tower B |
Melbourne VIC 3000 | Piso 21 Torre A. Las | 799 Pacific Highway |
Australia | Condes, Santiago | Chatswood NSW 2067 |
Chile | Australia | |
Lawyers: | ||
Addisons Lawyers | Noguera, Larraín & | |
Level 12 | Dulanto Abogados | |
60 Carrington Street | El Golf 40, piso 11 | |
Sydney NSW 2000 | Las Condes, Santiago | |
Australia | Chile |
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For personal use only
Admiralty Resources NL - ABN 74 010 195 972
Interim Financial Report 31 December 2021
DIRECTOR'S REPORT
The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity' or "Group") consisting of Admiralty Resources NL (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2021.
Directors
The names of the Directors of the Company during or since the end of the previous financial period and up to the date of this report are:
- Qing Zhong (Managing Director)
- Bin Li (Non-executive Director)
- Jian Barclay (Non-executive chairperson, Non-executive Director)
OPERATING AND FINANCIAL REVIEW
Principal Activities
The consolidated entity's principal activities during the course of the financial year were the exploration for and development of economic mineral deposits.
Operating Results
The results for the six-month period reflect a loss after tax of $1,714,028 (2020: profit of $866,416).
REVIEW OF OPERATIONS
HIGHLIGHTS:
Soberana Project
There was no activity during the period.
The Company is engaged with the liquidator of Rocterra. ADY will continue to keep the market informed as progress is made during this process.
Mariposa Project
The Company continued to pursue its indicative joint venture structure with Hainan pursuant to the Term Sheet and is now progressing to settling a final Joint Venture Agreement between the Company and Hainan.
A summary of the proposed terms can be found on the Company's announcement to the ASX on 8 November 2021.
Mariposa Project Update
In parallel with settling the Joint Venture Agreement with Hainan, ADY and Hainan have continued to progress towards commencement of construction activities at Mariposa - now expected to commence by the end of May 2022. The Company notes that delays in settling the Joint Venture Agreement and enabling commencement of activities at Mariposa were largely due to COVID-19 related travel disruption particularly given Hainan's operations team have previously been unable to apply for visas to enter Chile however this process is now underway.
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For personal use only
Admiralty Resources NL - ABN 74 010 195 972
Interim Financial Report 31 December 2021
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the consolidated entity during the financial half- year.
Events Subsequent to Balance Date
There were no significant events subsequent to balance date.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is included within these financial statements on page 6. This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.
Signed in accordance with a resolution of directors.
On behalf of the directors
Qing Zhong
Managing Director
16 March 2022
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Admiralty Resources NL published this content on 16 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 March 2022 06:07:02 UTC.