Auric Mining : Full Year Statutory Accounts

For personal use only

Auric Mining Limited

ACN 635 470 843

Financial Statements

31 December 2021

Auric Mining Limited and Controlled Entities

Contents

31 December 2021

Directors' report

Auditor's independence declaration

Consolidated	statement of profit or loss and other comprehensive income
Consolidated	statement of financial position
only	statement of changes in equity
Consolidated
Consolidated	statement of cash flows

Notes to the consolidated financial statements Directors' declaration

I dependent auditor's report to the members of Auric Mining Limited Shareholder information

General information

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use	Principal place of business
Registered office
Level 1, 1 Tully Road,	Level 1, 1 Tully Road,
E st Perth WA 6004	East Perth WA 6004
personal For

The financial statements cover both Auric Mining Limited as an individual entity and the consolidated entity consisting of Auric Mining Limited and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Auric Mining Limited's functional and presentation currency.

Auric Mining Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are:

A description of the nature of the consolidated entity's operations and its principal activities are included in the Directors' report.

The financial statements were authorised for issue, in accordance with a resolution of Directors, on 11 March 2022.

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Auric Mining Limited and Controlled Entities

Directors' report

31 December 2021

The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Auric Mining Limited (referred to hereafter as "Auric", "Company" or "parent entity") and the entities it controlled at the end of, or during, the year ended 31 December 2021.

onlyDirectors

The following persons were Directors of Auric Mining Limited during the whole of the financial year and up to the date of this report, unless otherwise stated:

Steven Morris - Non-Executive Chair

Mark English - Managing Director

J hn Utley - Executive Director

Stephen Strubel - Non-Executive Director

Particulars of each Director's experience and qualifications are set out later in this report.

usePrincipal Activities

The principal activities of the Group during the financial year were gold exploration and development.

Operating and Financial Review

A ric successfully listed on the ASX on 12 February 2021. The well-supported Initial Public Offering (IPO) raised $7.3M.

The Company completed its first RC drilling program at Munda Deposit M15/87. The drilling program commenced on 13 personalFebruary 2021 and was completed on 9 March 2021. The program was for 27 holes with 3,664 metres drilled. Refer to ASX

nnouncements dated, 23 March 2021, 29 March 2021 and 9 April 2021.

The Company completed the acquisition of the Neometals Ltd gold rights on the 10 June 2021. This acquisition consisted of acquiring the gold rights to 13 tenements and 8 applications at Widgiemooltha and Spargoville. The consideration paid was $250,000 cash plus the issue of 3,429,691 shares at $0.2041 per share totalling $700,000 and a 1% gross royalty on gold pr duction from tenement E 15/1583 or subsequent tenements. Refer to ASX announcements dated, 19 April 2021 and 10 June 2021.

The Company completed further RC drilling programs at both Munda and Guest later during the year.

The Company completed a substantial Aircore drilling program over the NMT gold rights tenements during the year.

The loss for the consolidated entity after providing for income tax amounted to $1,103,126 (31 December 2020: loss of $750,871).

Significant changes in the state of affairs

There were no significant changes in the state of affairs of the consolidated entity during the financial year.

ForDividends

There were no dividends paid, recommended or declared during the current financial year.

Matters subsequent to the end of the financial year

No matter or circumstance has arisen since 31 December 2021 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years, other than detailed in these financial statements.

Likely developments and expected results of operations

Information on likely developments, future prospects and business strategies of the operations of the consolidated entity and the expected results of operations, not otherwise disclosed in this report, have not been included in this report because the Directors believe that the inclusion of such information would be likely to result in unreasonable prejudice to the consolidated entity.

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43,908,175

$0.40

31 October 2023

29 January 2021

2,500,000

$0.40

31 October 2023

29 January 2021

14,512,834

$0.40

31 October 2023

29 January 2021

26,895,341

Grant Date

Date of Expiry

Exercise Price

Number under Option

Auric Mining Limited and Controlled Entities

Directors' report

31 December 2021

Indemnifying Officers or Auditor

During the year, the Group maintained an insurance policy which indemnifies the directors and officers in respect of any liability incurred in connection with the performance of their duties as directors and officers of the Group to the extent permitted by the Corporations Act 2001.

onlyThe Group has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor. During the financial year, the Group has

ot paid a premium in respect of a contract to insure the auditor of the Company or any related entity.

Environmental regulation

The consolidated entity is not subject to any significant environmental regulation under Australian Commonwealth or State law as it is still in exploration stages.

useProceedings on Behalf of the Company

No person has applied for leave of a Court to bring proceedings against the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of tho e proceedings.

The Company was not a party to any Court proceedings during the year.

Non-audit Services

personalThere were no non-audit services provided during the financial  year  by the auditor.

Options

At the date of this report, the unissued ordinary shares of Auric Mining Limited under option are as follows:

O tion holders do not have any rights to participate in any issues of shares or other interests of the Company or any other entity. There have been no options granted over unissued shares or interests of any controlled entity within the Group since the end of the financial year.

ForDu ing the year ended 31 December 2021, no shares of Auric Mining Limited were issued on the exercise of options granted. No person entitled to exercise an option had or has any right by virtue of the option to participate in any share issue of any

ther body corporate.

During the period ended 31 December 2020, 26,895,341 options were granted and issued to various parties. These options were cancelled on 17 November 2020 and were re-issued on 29 January 2021. Included in the 26,895,341 were 500,000 options issued as part of the cost of raising capital. These 500,000 options were brought to account in the 31 December 2020 financial statements in the option reserve. 14,512,834 options were issued as part of the capital raising and IPO.

During the year ended 31 December 2021, 2,500,000 options were issued as part of the cost of raising capital. These options granted for services rendered during the year ended 31 December 2021 have been brought to account in this year's financial statements in the option reserve.

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Auric Mining Limited and Controlled Entities

Directors' report

31 December 2021

Information on Directors and Company Secretary

Name:	Steven Morris
Title:	Non-Executive Chair
Qualifications:	Diploma of Financial Markets (FINSIA)
only	Steven has over 25 years' experience in financial markets. He was Head of Private
Experience and expertise:
	Clients (Australia) for Patersons Securities, Managing Director of Intersuisse Ltd,
	Founder and Managing Director of Peloton Shareholder Services and held senior
	executive roles in the Little Group. Steven is Vice President of the Melbourne Football
	Club.
	Steven was a Non-Executive Director of De Grey Mining Ltd("DEG") from 2014 to 2019
	and Chairman of ASX-listed Purifloh Ltd ("PO3") from 2013 to 2019.
Other current ASX directorships:	None
Directorships held in other listed	Steven was previously the Chair of Purifloh Ltd (ASX:PO3) until November 2019 and a
use	Director of De Grey Mining Ltd (ASX:DEG) until July 2019
ntities in the last three years:
Int rests in shares:	6,225,000 ordinary shares of Auric Mining Limited
Interests in options:	2,312,500 options of Auric Mining Limited
Name:	Mark English
Title:	Managing Director
Q alifications:	Bachelor of Business (Curtin University)
	Fellow of the Institute of Chartered Accountants Australia and New Zealand
	Member of the Institute of Company Directors
Experience and expertise:	Mark is a Chartered Accountant and a member of the Australian Institute of Company
	Directors. Mark has 40 year career in the resources sector and corporate services.
	Mark has particular responsibility for Company strategy, financial management,
	corporate development and acquisition opportunities. Mark was a founding Director of
	Bullion Minerals Ltd, that he managed for 10 years including completing IPO.
	Mark is a Co-Founder, Director and Shareholder in the Moora Citrus group of
	companies, WA's largest citrus producing orchard in operation for over 20 years.
Other current ASX directorships:	None
Directorships held in other listed	None
entities in the last three years:
Interests in shares:	6,681,767 ordinary shares of Auric Mining
Inte ests in options:	2,515,834 options of Auric Mining Limited
Name:	John Utley
Titl :	Technical Director
Qualifications:	Master's of Science in Earth Sciences (University of Waikato, New Zealand)
personal	Member of the Australian Institute of Mining and Metallurgy
Member of the Australian Institute of Geoscientists
Experience and expertise:	John has a 30 year career in mining and exploration, principally gold sector. John has
	worked in Australia, South America, Papua New Guinea and in Canada where he was
	Chief Geologist for Atlantic Gold Corporation, during exploration and development of
	the Touquoy Gold Mine and other gold deposits in Nova Scotia, prior to its acquisition
	by St Barbara. John previously worked with Plutonic Resources Ltd, where he was
	head of the exploration team at Darlot Gold Mine, during the discovery and
	development of the 2.3M ounce Centenary gold deposit.
Other current ASX directorships:	None
ForDirectorships held in other listed	None
entities in the last three years:
Interests in shares:	6,420,000 ordinary shares of Auric Mining Limited
Interests in options:	2,527,500 options of Auric Mining Limited

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