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ACN 110 150 055
Interim Financial Report
for the Half-Year
31 December 2021
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CONTENTS | |
CORPORATE DIRECTORY .......................................................................................................................................................... | 1 |
APPENDIX 4D - RESULTS FOR ANNOUNCEMENT TO THE ASX ........................................................................................... | 2 |
DIRECTORS' REPORT ................................................................................................................................................................. | 3 |
CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME........................................................................... | 10 |
CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION .................................................................................... | 11 |
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS.................................................................................................. | 12 |
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY..................................................................................... | 13 |
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS .............................................................................. | 14 |
DIRECTORS' DECLARATION.................................................................................................................................................... | 27 |
AUDITOR'S INDEPENDENCE DECLARATION ........................................................................................................................ | 28 |
INDEPENDENT REVIEW REPORT ............................................................................................................................................ | 29 |
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CORPORATE DIRECTORY
Directors
Mr Peter Gunzburg (Non-Executive Chairman)
Mr Brett Smith (Executive Director)
Mr Grahame White (Non-Executive Director)
Mr Patrick O'Connor (Non-Executive Director)
Company Secretary
Ms Shannon Coates
Share Registry
Computershare Investor Services Pty Ltd
Level 11, 172 St Georges Terrace
Perth WA 6000
GPO Box Melbourne VIC 3001
Phone: (within Australia) 1300 850 505
Phone: (outside Australia) +61 3 4915 4000
Facsimile: +61 3 9473 2500
Registered Office
Level 5
197 St Georges Terrace
Perth WA 6000
Phone: | +61 8 9220 5700 |
E-mail: | reception@metalsx.com.au |
Website: | www.metalsx.com.au |
Postal Address
PO Box 7248
Cloisters Square PO WA 6850
Securities Exchange
Listed on the Australian Securities Exchange
Code: ASX: MLX
Domicile and Country of Incorporation
Australia
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APPENDIX 4D - RESULTS FOR ANNOUNCEMENT TO THE ASX
This Appendix 4D is to be read in conjunction with the 2021 Annual Financial Report, the 31 December 2021 Consolidated Interim Financial Report and Directors' Report.
Dividends
The Directors do not propose to pay any dividend for the half-year ended 31 December 2021.
Key financial highlights from ordinary activities | ||||||||
6-months | 6-months | Movement | Movement | |||||
Consolidated | ended | ended | ||||||
31 Dec 2021 | 31 Dec 2020 | |||||||
$'000 | $'000 | $'000 | % | |||||
Revenue from ordinary | ||||||||
activities: | 107,658 | 50,809 | 56,849 | 111.9% | ||||
Profit/(loss) for the period from | 49,376 | 12,720 | 36,656 | 288.2% | ||||
continuing operations: | ||||||||
Profit/(loss) attributable to | 49,363 | 18,686 | 30,677 | 164.2% | ||||
members: | ||||||||
Net tangible assets per share: | 0.13 | 0.08 | 0.05 | 62.5% | ||||
6-months | 6-months | Movement | ||||||
Financial performance | ended | ended | ||||||
31 Dec 2021 | 31 Dec 2020 | |||||||
$'000 | $'000 | $'000 | ||||||
Total revenue | 107,658 | 50,809 | 56,849 | |||||
Cost of sales | (48,111) | (41,342) | (6,769) | |||||
Gross profit | 59,547 | 9,467 | 50,080 | |||||
Profit for the period from | ||||||||
continuing operations | 49,376 | 12,720 | 36,656 |
Review of Results: refer to the review of results included in the Directors' Report.
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DIRECTORS' REPORT
For the half-year ended 31 December 2021
The Directors present their report together with the consolidated interim financial report of Metals X Limited (the "Company") and its controlled entities (together the "Consolidated Entity" or "Group") for the half-year period ended 31 December 2021 ("half-year") and the auditor's independent review report thereon.
1. DIRECTORS
The names of the Company's Directors in office during the half-year and until the date of this report are set out below. Directors were in office for this entire period unless otherwise stated.
Name | Position | Date of | ||||
Appointment | ||||||
Peter Gunzburg | Non-Executive Chairman | 10 July 2020 | ||||
Brett Smith | Executive Director | 2 December 2019 | ||||
Grahame White | Non-Executive Director | 10 July 2020 | ||||
Patrick O'Connor | Non-Executive Director | 24 October 2019 |
2. NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
The Company is a limited liability company and is domiciled and incorporated in Australia. The Company owns a 50% equity interest in the Renison Tin Operation through its 50% stake in the Bluestone Mines Tasmania Joint Venture and comprises the Renison Tin Mine ("Renison") located 15km north-east of Zeehan on Tasmania's west coast and the Mount Bischoff Project, placed on care and maintenance in 2010, which is located 80km north of Renison.
The Wingellina Nickel-Cobalt Project forms part of the Company's Central Musgrave Project straddling the triple-point of the Western Australia, Northern Territory and South Australia borders. Wingellina is development-ready and is the largest undeveloped nickel-cobalt project in Australia. The Company previously announced it had executed a share sale and subscription agreement with NICO Resources Limited for the sale and spin out of its Nickel-Cobalt portfolio. The associated assets and liabilities have been reclassified as held for sale at 31 December 2021. Refer to note 7 in the consolidated interim financial statements.
The principal activities of the Group during the period were:
- Investment in a joint venture company operating a tin mine in Australia; and
- exploration and development of base metals projects in Australia.
There have been no significant changes in the nature of those activities during the year.
3. FINANCIAL RESULTS AND OVERVIEW
The Group has a consolidated profit after income tax of $49.363 million (HY 2020: $18.686 million). Other financial results for the Group include:
- Total revenue of continuing operations: $107.658 million (HY 2020: $50.809 million);
- Total cost of sales of continuing operations: $48.111 million (HY 2020: $41.342 million);
- Cash flows from operating activities: $59.391 million (HY 2020: inflow of $3.453 million);
- Cash flows used in investing activities: $9.109 million (HY 2020: outflow of $6.705 million);
- Cash flows used in financing activities: $17.406 million (HY 2020: outflow of $1.751 million);
- Cash and cash equivalents: $46.348 million (FY 2021: $13.472 million).
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Metals X Limited published this content on 22 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2022 09:00:02 UTC.