For personal use only
RESOLUTION MINERALS LTD
ACN: 617 789 732
ACN 617 789 732
Interim Consolidated Financial Statements
for the half-year ended 31 December 2021
RESOLUTION MINERALS LTD
ACN: 617 789 732
For personal use only
Contents | |
STATEMENT OF FINANCIAL POSITION ...................................................................................................................................... | 5 |
STATEMENT OF CHANGES IN EQUITY....................................................................................................................................... | 6 |
STATEMENT OF CASH FLOWS ................................................................................................................................................... | 7 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ................................................................................................... | 8 |
DIRECTORS' DECLARATION ..................................................................................................................................................... | 15 |
INDEPENDENT REVIEW REPORT ............................................................................................................................................. | 16 |
This Interim Report covers Resolution Minerals Ltd ("RML" or the "Company") as a Group consisting of Resolution Minerals Ltd and its subsidiaries, collectively referred to as the "Group". The financial report is presented in the Australian currency.
RML is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:
Resolution Minerals Ltd
Level 4, 29-31 King William Street
Adelaide SA 5000
Websitewww.resolutionminerals.com
For personal use only
RESOLUTION MINERALS LTD
ACN: 617 789 732
Directors' Report
The Directors of Resolution Minerals Ltd present their Report together with the financial statements of the consolidated entity, being Resolution Minerals Ltd ("RML" or "the Company") and its controlled entities ("the Group") for the half year ended 31 December 2021 and the Independent Review Report thereon.
DIRECTORS
The following persons were directors of RML throughout the period.
- Craig Farrow
- Duncan Chessell
- Andrew Shearer
REVIEW OF OPERATIONS AND FINANCIAL RESULTS
Resolution Minerals Ltd holds exploration projects for gold and battery minerals (Cu & Co) respectively in the highly prospective Tintina Gold Belt in Alaska, USA and in the McArthur and Nicholson's Basins in the Northern Territory.
In the half year to 31 December 2021, the Company continued expenditure to earn into 64North Project in Alaska, USA and progress its battery metals projects in the Northern Territory.
The net loss of the Company, from the six months to 31 December 2021 was $524,854 (31 December 2020: $363,025). The main factors contributing to the increased loss were primarily a reduction in other income of $83,156 due to the COVID-19 cashflow boost and project recharges.
On 2 March Dr Paul Kitto joined the Board of the Company as a Non-Executive Technical Director and Managing Director Duncan Chessell will transition to a Non-Executive Director role in early May 2022 as the Company undertakes a search for a new Chief Executive Officer.
A copy of the auditor's Independence Declaration as required under s307C of the Corporations Act 2001 (Cth) is included on page 3 of this financial report and forms part of this Directors' Report.
Signed in accordance with a resolution of the Directors.
Duncan Chessell
Managing Director
9 March 2022
2
RESOLUTION MINERALS LTD
ACN: 617 789 732
Auditor's Independence Declaration
For personal use only
3
RESOLUTION MINERALS LTD
ACN: 617 789 732
For personal use only
Statement of Profit or Loss and Other Comprehensive Income
For the half year ended 31 December 2021
Notes | 31 December | 31 December | |
2021 | 2020 | ||
$ | $ | ||
Interest income | 299 | 361 | |
Government grants | - | 50,000 | |
Other income | 8,171 | 41,327 | |
Broker and investor relations | (49,213) | (45,100) | |
Employee benefits expense | (194,375) | (179,984) | |
Exploration expense | (35,726) | (19,127) | |
Impairment expense | (1,964) | - | |
Depreciation | (11,973) | (5,896) | |
Other expenses | (240,073) | (204,606) | |
Loss before tax | (524,854) | (363,025) | |
Income tax benefit | - | - | |
Loss for the period from continuing operations attributable to | |||
(524,854) | (363,025) | ||
owners of the parent | |||
Other Comprehensive income attributable to owners of the parent | 6,268 | - | |
Total Comprehensive loss for the period attributable to owners | |||
(518,586) | (363,025) | ||
of the parent | |||
Earnings / (loss) Per Share from Continuing Operations | |||
Basic and diluted Loss - cents per share | 2 | (0.10) | (0.14) |
This statement should be read in conjunction with the notes to the financial statements.
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Resolution Minerals Ltd. published this content on 09 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 March 2022 02:20:05 UTC.