Ausgold : Interim Financial Report for the half year ended 31 12 2021

For personal use only

ABN 67 140 164 496

INTERIM FINANCIAL REPORT

FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

For personal use only

AUSGOLD LIMITED

ABN 67 140 164 496

CONTENTS
CORPORATE DIRECTORY.........................................................................................................................................	3
DIRECTORS' REPORT ...............................................................................................................................................	4
AUDITOR'S INDEPENDENCE DECLARATION............................................................................................................	8
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME..................................	9
CONSOLIDATED STATEMENT OF FINANCIAL POSITION........................................................................................	10
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY.........................................................................................	11
CONSOLIDATED STATEMENT OF CASH FLOWS.....................................................................................................	12
1.	REPORTING ENTITY.................................................................................................................................	13
2.	BASIS OF PREPARATION AND ACCOUNTING POLICIES ...........................................................................	13
3.	GOING CONCERN....................................................................................................................................	13
4.	SEGMENT REPORTING ............................................................................................................................	14
5.	EXPLORATION AND EVALUATION EXPENDITURE AND PREPAYMENT ....................................................	14
6.	CONTRIBUTED EQUITY............................................................................................................................	15
7.	RESERVES................................................................................................................................................	16
8.	COMMITMENTS AND CONTINGENCIES ..................................................................................................	17
9.	RELATED PARTY DISCLOSURE .................................................................................................................	17
10.	EVENTS SUBSEQUENT TO REPORTING DATE ..........................................................................................	18
DIRECTORS' DECLARATION...................................................................................................................................	19
INDEPENDENT AUDITOR'S REVIEW REPORT ........................................................................................................	20

AUSGOLD LIMITED

ABN 67 140 164 496

For personal use only

CORPORATE DIRECTORY

DIRECTORS

Mr Richard Lockwood

Non-Executive Chairman

Dr Matthew Greentree

Chief Executive Officer and Managing Director

Mr Denis Rakich

Executive Director

Mr Geoffrey Jones

Non-Executive Director

Mr Neil Fearis

Non-Executive Director

Mr Timothy Kestell

Non-Executive Director

COMPANY SECRETARY

Mr Denis Rakich

REGISTERED OFFICE

Level 4, 251 St Georges Terrace

PERTH WA 6000

Telephone:	[phone]
Facsimile:	[phone]

Web: www.ausgoldlimited.com.au

Email: [e-mail]

AUSTRALIAN BUSINESS NUMBER

ABN 67 140 164 496

SECURITIES EXCHANGE

Australian Securities Exchange (ASX)

Level 40 Central Park

152-158 St Georges Terrace

PERTH WA 6000

ASX Code: AUC

SHARE REGISTRY

Automic Group

Level 5, 191 St Georges Terrace PERTH WA 6000

Telephone:

1300 288 664

AUDITORS

BDO Audit (WA) Pty Ltd

Level 9, Mia Yellagonga Tower 2

5 Spring St

PERTH WA 6000

Telephone:	[phone]
Facsimile:	[phone]

BANKERS

Westpac Banking Corporation

Level 8, 109 St Georges Terrace PERTH WA 6000

SOLICITORS

Squire Patton Boggs (AU)

Level 21, 300 Murray Street PERTH WA 6000

Lawton McMaster Legal

Level 9, 40 The Esplanade Perth WA 6000

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For personal use only

AUSGOLD LIMITED

ABN 67 140 164 496

DIRECTORS' REPORT

The Directors present their report, together with the financial statements, on the consolidated entity consisting of Ausgold Limited and the entities it controlled for the half-year ended 31 December 2021. Ausgold Limited ("Ausgold" or "the Company") and its controlled entities (collectively known as "the Group" or "consolidated entity") are domiciled in Australia.

PRINCIPAL ACTIVITIES

The consolidated entity's principal activities during the course of the half-year were the exploration for gold and other precious metals.

DIRECTORS

The names and details of the Company's Directors in office during the half-year and until the date of this report are as follows:

	Name			Period of Directorship
	Mr Richard Lockwood			Non-Executive Chairman since 2 September 2012
	Non-Executive Chairman
Dr Matthew Greentree		Chief Executive Officer since 10 April 2017
Chief Executive Officer and Managing Director		Managing Director since 19 April 2018
	Mr Denis Rakich			Director since 31 January 2013
	Executive Director and Company Secretary
Mr Geoffrey Jones		Director since 29 July 2016
Non-Executive Director
	Mr Neil Fearis			Director since 15 April 2016
	Non-Executive Director
Mr Timothy Kestell		Director appointed 12 August 2021
Non-Executive Director

REVIEW OF OPERATIONS

EXPLORATION

Katanning Gold Project, WA (100% interest)

The Katanning Gold project (KGP) is Ausgold's flagship project, located 275km south-east of Perth in the south-west Yilgarn Craton and approximately 40km north-east of the wheatbelt town of Katanning. Ausgold holds a dominant tenure position in this relatively underexplored greenstone belt, an area prospective for Archean gold deposits.

The KGP lies within a major mineralised structural corridor, representing a 17km belt hosting multi-lode gold mineralisation across three key zones, which include the following Resource deposits and prospects (Figure 1)

• Northern Zone - Datatine
• Central Zone - Jackson, Olympia, Jinkas, and Jinkas South
• Southern Zone - Rifle Range, Dingo, and Lukin

During the half-year, Ausgold engaged independent geological consultants to undertake an update of the KGP geological model to provide an upgrade of the KGP JORC resource. The estimate was completed and announced to ASX on 7 December 2021. The new Resource which totals 1.84 million ounces of gold (Table 1) is a 19% increase in total contained ounces from the previous Resource estimate which had been upgraded in April 2021 (ASX Announcement 15 April 2021).

Completed in accordance with the 2012 JORC Code, assessment has been undertaken of the Central Zone and Dingo resource areas. The Central Resource area contains most of the Resource at KGP and includes the stacked Jinkas-White Dam (now combined), Olympia and Jackson lodes and updated density estimation. In addition, several high-grade ore shoots are identified within the Jinkas, White Dam and Jinkas South lodes. The total Resource includes the Dingo area has been re- estimated based on new drilling and updated density estimation. The Datatine deposit remains unchanged from the 2019 estimate.

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AUSGOLD LIMITED

ABN 67 140 164 496

REVIEW OF OPERATIONS (CONT'D)

Figure 1 - Map of the 17km Katanning Gold Project, including the Northern, Central and Southern Zones

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