TerraCom : Appendix 4D and December 2021 Half Year Financial Statements

For personal use only

TerraCom Limited

Appendix 4D

Half-year report

1. Company details

Name of entity:	TerraCom Limited
ABN:	35 143 533 537
Reporting period:	For the half-year ended 31 December 2021
Previous period:	For the half-year ended 31 December 2020
2. Results for announcement to the market
					$'000
Revenue from ordinary activities		up	51.0%	to	387,442
Profit for the half-year after income tax	up	185.7%	to	57,385
Profit for the half-year attributable to the owners of TerraCom
Limited		up	206.6%	to	52,741

The Interim Consolidated Financial Report for the 6 months ended 31 December 2021 should be read in conjunction with the 2021 Annual Financial Report.

3. Dividends

No dividends have been paid, recommended or declared during the current or previous reporting period.

4. Net tangible assets

Previous

Reporting period

period *restated

Cents Cents

Net tangible assets per ordinary security	(1.97)	(3.64)

5. Details of associated and joint venture entities which control has been lost

The operating and management agreement for North Block Complex (Pty) Ltd (NBC) expired on 31 October 2021. From and after this date the direct operational management and control of NBC changed to the NBC board of directors, which is equally represented by shareholders as noted below:

• Universal Coal and Energy Holdings (Pty) Ltd (UCEHSA) (49%) (sole ultimate shareholder is TerraCom); and
• Ndalamo Resources (Pty) Ltd (51%) (Ndalamo).

Given the loss of operating and management rights of NBC, TerraCom no longer has direct operational control as defined within AASB10 Consolidated Financial Statements (AASB 10). As such, NBC has been deconsolidated from 31 October 2021, the date in which it was determined in accordance with AASB 10 that control ceased.

For personal use only

TerraCom Limited

Appendix 4D

Half-year report

6. Control gained over entities

No change since 30 June 2021.

7. Audit qualification or review

The Interim Consolidated Financial Statements for the 6 months ended 31 December 2021 were subject to review by auditors and the review report is attached to the financial statements.

8. Attachments

The Interim Consolidated Financial Statements for the 6 months ended 31 December 2021 are attached.

This announcement has been approved by the Board for release.

Craig Ransley	Danny McCarthy
Executive Chairman	Managing Director
P [phone]	P [phone]
E [e-mail]	E [e-mail]

About TerraCom Limited

TerraCom Limited (ASX: TER) is an emerging company originating as a resource explorer with a large portfolio of operating assets in Australia and South Africa. We are currently enacting a growth strategy towards delivering a Mid-Tier diversified operating and trading business and have global focus on the development of a high yielding diversified asset portfolio for its investors. To learn more about TerraCom visit terracomresources.com.

For personal use only

TerraCom Limited

(ABN 35 143 533 537)

Interim consolidated financial statements for the 6 months ended 31 December 2021

TerraCom Limited

Interim consolidated financial statements for the 6 months ended 31 December 2021

Contents

onlyCorporate directory Directors' Report

Auditor's independence declaration

Interim consolidated statement of profit or loss and other comprehensive income useInterim consolidated statement of financial position

Interim consolidated statement of changes in equity Interim consolidated statement of cashflows

Notes to the interim consolidated financial statements

Page

2

3

10

11

12

14

15

16

Directors' declaration	33
personalFor	34
Independent Auditor's Report

General information

The financial statements are presented in Australian dollars (AUD), which is the presentation currency of TerraCom Limited. The functional currency of the Australian exploration subsidiaries and United Kingdom subsidiaries is Australian dollars (AUD), the South African subsidiaries and associates functional currency is South African Rand (ZAR), and the balance of the subsidiaries and TerraCom Limited is United States Dollar (USD).

TerraCom Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is at Blair Athol Mine Access Road, Clermont, Queensland, 4721.

A description of the nature of the Group's operations and its principal activities are included in the Directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of Directors, on 28 February 2022. The Directors have the power to amend and reissue the financial statements.

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TerraCom Limited

Interim consolidated financial statements for the 6 months ended 31 December 2021

Corporate directory

onlyDirectors at the date of this report

useCompany secretary Executive management team

Registered office and & Principal place of business

personalContact address Share register

Solicitors

ForAuditors

Bankers

Stock exchange listing

Mr Craig Ransley

Mr Daniel (Danny) McCarthy

Mr Matthew Hunter

Mr Glen Lewis

Mr Craig Lyons

Mr Shane Kyriakou

Mr Graeme Campbell (appointed 28 January 2022)

Mr Mark Lochtenberg (appointed 28 January 2022)

Ms Megan Etcell

Mr Craig Ransley, Executive Chairman

Mr Daniel (Danny) McCarthy, Managing Director Ms Megan Etcell, Interim Chief Financial Officer Mr Nathan Boom, Chief Commercial Officer

Blair Athol Mine Access Road

Clermont, Queensland, 4721

Australia

PO Box 131

Claremont, Queensland, 4721

Australia

Link Market Services Limited

Level 12, 680 George Street

Sydney, New South Wales, 2000

Australia

Telephone: [phone]

Facsimile: [phone]

Ashurst Australia

Level 11, 5 Martin Place

Sydney, New South Wales, 2000

Australia

Ernst & Young

200 George Street

Sydney, New South Wales, 2000

Australia

Westpac Banking Corporation

Suite 2, Level 2 22 Walker Street

Townsville, Queensland, 4810

Australia

TerraCom Limited shares are listed on the Australian Securities Exchange (ASX code: TER)

Website	terracomresources.com
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