FIN RESOURCES LIMITED onlyThe Board of Fin Resources Limited (ASX: FIN) (Fin or the Company) is pleased to provide its Quarterly Activities Report for the period ending 31 December 2021, along with the Appendix 5B for the same period.
Positive Sol Mar Scoping Study
Fin Resources announced the results of a positive Scoping Study on its 80%-owned North Onslow Solar Salt Project in the Pilbara region, Western Australia. The project was renamed the Sol Mar Project ("Sol Mar" or the "Project") to reflect the broader strategy of
useproducing a range of green products from seawater using renewable energy.
The highly compelling potential economics demonstrated Sol Mar's world class potential with further studies to commence and results reported progressively. The project is based on using 100% renewable energy and producing green products. All proposed products have substantial existing markets and can be produced under current Mining Act legislation.
personalThe positive Scoping Study results are to be used to accelerate the partnering strategy.
World Class Renewable Energy Potential
A leading independent renewable energy consultant was engaged by FIN to assess the potential for wind and or solar power generation and confirmed the multi gigawatt potential of FIN's 905km2 strategic tenure position at the North Onslow project area in the Pilbara region of Western Australia.
The total solar resource was estimated to be substantial at 60 GW with the total wind esource estimated at 15 GW. Of this, 29 GW and 8 GW respectively is outside of the proposed development footprint of a 5.4 Mtpa solar salt field and could be utilised for the generation of considerable surplus green power for additional uses.
FIN's strategy is not to become a large-scale energy producer but to partner with an established renewable energy project developer for the supply of renewable energy at the North Onslow project area.
ForInitial discussions have indicated there is potentially strong interest from a broad range f groups seeking this type of opportunity.
Board Changes
Mr. Brian Talbot was appointed to the Board of Directors as a Technical Director on 30 November 2021. Mr Andrew Radonjic stood down as Non-Executive Director.
Subsequent to end of the December Quarter, the Company announced the appointment of Mr. Gautam Varma as the Managing Director of the Company effective 17 January 2022. Mr. Varma is a veteran of the mining industry having held senior roles at BHP (ASX:BHP), Illuka Resources (ASX: ILU), Xstrata and, most recently as the Chief Representative for Europe, India and South East Asia at Fortescue Metals Group (ASX: FMG). Mr Simon Mottram also resigned as Non-Executive Director.
ASX Release
28 January 2022
ASX: FIN
Corporate Directory
Managing Director
Gautam Varma
Technical Director
Brian Talbot
Non-Executive Director
Ryan de Franck
Non-Executive Director
Jason Bontempo
Company Secretary
Aaron Bertolatti
Registered Office
35 Richardson Street West Perth WA 6005
info@finresources.com.au
www.finresources.com.au
Financial Commentary
The Quarterly Cashflow Report (Appendix 5B) for the period ending 31 December 2021 provides an overview of the Company's financial activities. The Company is in a strong financial position with $4.1 million in cash at onlythe end of the quarter. This will be sufficient to fund corporate costs and also facilitate exploration activities
at the Sol Mar Project during CY 2022.
Expenditure on exploration during the reporting period amounted to A$293k, and included items such as, technical consultants ($217K) and field assistants ($24k).
Payments for administration and corporate costs amounted to $297K and included costs for and associated with director's fees, listing and compliance and legal fees. The aggregate amount of payments to related parties and their associates included in the current quarter cash flows from operating activities was $97k (refer to Table 1).
During the quarter the Company received funds totalling $609k in relation to the conversion of listed options.
use | Table 1: Payments to Related Parties of the Entity and their Associates | |||||||||||
Item | Current | Previous | ||||||||||
personal | Quarter (A$) | Quarter (A$) | ||||||||||
Directors' Remuneration | ||||||||||||
Non-Executive Director Fees and Superannuation | 37,052 | 54,889 | ||||||||||
Director Consulting Fees | 45,000 | - | ||||||||||
Company Secretarial and CFO Fees | 15,000 | 15,000 | ||||||||||
Total payments to related parties of the entity and their associates | 97,052 | 69,889 | ||||||||||
Table 2: FIN Resources Limited Tenements | ||||||||||||
Tenement | Location | Area | Structure | |||||||||
E80/4808 | Western Australia | 134km2 | 70% | |||||||||
E20/900 | Western Australia | 50km2 | 51% | |||||||||
E08/2831 | Western Australia | 140km2 | 80% | |||||||||
E08/2832 | Western Australia | 153km2 | 80% | |||||||||
E08/2868 | Western Australia | 64km2 | 80% | |||||||||
E08/3069 | Western Australia | 38km2 | Pending | |||||||||
E08/3070 | Western Australia | 19km2 | 80% | |||||||||
E08/3071 | Western Australia | 10km2 | 80% | |||||||||
E08/3354 | Western Australia | 111km2 | Pending | |||||||||
E08/3355 | Western Australia | 271km2 | Pending | |||||||||
E08/3423 | Western Australia | 99km2 | Pending | |||||||||
km2 | - Square Kilometres | |||||||||||
For |
Changes during the December 2021 Quarter:
No Changes.
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www.finresources.com.au
This ASX release was authorised by the Board of the Company
For further information contact:
onlyGautam Varma Managing Director info@finresources.com.au
About Fin Resources Limited
Fin Resources Limited is an ASX listed company (ASX:FIN) focussed on the development of the Sol Mar Project. The project consists of nine exploration licences totalling 905 km2 located in a proven salt production region with ideal climatic conditions to produce high purity salt. The Company is investigating the use of renewable energy
usein the form of wind and solar energy to create a zero-carbon footprint project and potentially fuel renewable product streams like hydrogen and other green by products.
The Company's other project, McKenzie Springs, is located within the Kimberley Region of Western Australia, 85km north-east of the township of Halls Creek. The Project covers an area of approximately 134km2 including identified nickel, copper, cobalt and graphite occurrences. The McKenzie Springs Project is considered prospective for magmatic Ni-Cu sulphide and PGE mineralisation.
personalFor
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www.finresources.com.au
For personal use only
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
FIN RESOURCES LIMITED | |
ABN | Quarter ended ("current quarter") |
25 009 121 644 | 31 December 2021 |
Consolidated statement of cash flows | Current quarter | Year to date | ||
$A'000 | (6 months) | |||
$A'000 | ||||
1. | Cash flows from operating activities | |||
1.1 | Receipts from customers | - | - | |
1.2 | Payments for | |||
(a) | exploration & evaluation | - | - | |
(b) | development | - | - | |
(c) | production | - | - | |
(d) | staff costs | (69) | (138) | |
(e) | administration and corporate costs | (192) | (423) | |
1.3 | Dividends received (see note 3) | - | - | |
1.4 | Interest received | 1 | 3 | |
1.5 | Interest and other costs of finance paid | - | - | |
1.6 | Income taxes paid | - | - | |
1.7 | Government grants and tax incentives | - | - | |
1.8 | Other (provide details if material) | - | - | |
1.9 | Net cash from / (used in) operating | (260) | (558) | |
activities | ||||
2. | Cash flows from investing activities | |||
2.1 | Payments to acquire or for: | |||
(a) | entities | - | - | |
(b) | tenements | - | (500) | |
(c) | property, plant and equipment | - | - | |
(d) | exploration & evaluation | (293) | (670) | |
(e) | investments | - | - | |
(f) | other non-current assets | - | - |
ASX Listing Rules Appendix 5B (17/07/20) | Page 1 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
For personal use only
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Consolidated statement of cash flows | Current quarter | Year to date | ||
$A'000 | (6 months) | |||
$A'000 | ||||
2.2 | Proceeds from the disposal of: | |||
(a) | entities | - | - | |
(b) | tenements | - | - | |
(c) property, plant and equipment | - | - | ||
(d) | investments | - | - | |
(e) | other non-current assets | - | - | |
2.3 | Cash flows from loans to other entities | - | - | |
2.4 | Dividends received (see note 3) | - | - | |
2.5 | Other (provide details if material) | - | - | |
2.6 | Net cash from / (used in) investing | (293) | (1,170) | |
activities |
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
(excluding convertible debt securities) | 25 | 211 | |
3.2 | Proceeds from issue of convertible debt | 609 | 609 |
securities | |||
3.3 | Proceeds from exercise of options | - | 1 |
3.4 | Transaction costs related to issues of equity | - | (28) |
securities or convertible debt securities | |||
3.5 | Proceeds from borrowings | - | - |
3.6 | Repayment of borrowings | - | - |
3.7 | Transaction costs related to loans and | - | - |
borrowings | |||
3.8 | Dividends paid | - | - |
3.9 | Other (provide details if material) | - | - |
3.10 | Net cash from / (used in) financing | 634 | 159 |
activities |
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 | Cash and cash equivalents at beginning of | 4,027 | 5,043 |
period | |||
4.2 | Net cash from / (used in) operating | (260) | (558) |
activities (item 1.9 above) | |||
4.3 | Net cash from / (used in) investing activities | (293) | (1,170) |
(item 2.6 above) | |||
4.4 | Net cash from / (used in) financing activities | 634 | 793 |
(item 3.10 above) |
ASX Listing Rules Appendix 5B (17/07/20) | Page 2 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
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Fin Resources Limited published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 22:55:04 UTC.
