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Appendix 4D
WA Kaolin Limited
ABN 56 083 187 017
FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2021
Results for announcement to the market
Extracts of the WA Kaolin Limited results for the half year ended 31 December 2021
Revenues from continuing activities
Loss from ordinary activities after tax attributable to members
Comprehensive loss for the period attributable to members
Down 0.4% to $565,804
Down 77.7% to $4,057,802
Down 77.7% To $4,057,802
For personal
Dividends | Amount per share | Franked amount per | ||
share | ||||
Interim dividend | Nil | Nil | ||
Final dividend | Nil | Nil | ||
Record date for determining entitlements to the dividend | N/A | |||
Other information | ||||
Net asset backing per ordinary share | ($0.003) per share (2020: $0.02 per share) | |||
Net tangible asset backing per ordinary share | ($0.003) per share (2020: $0.003 per share) | |||
Additional Appendix 4D disclosure requirements can be found in the Directors' Report and the 31 December 2021 half-year financial statements.
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WA Kaolin Limited
WA Kaolin Limited
ABN 56 083 187 017
Interim Financial Report
31 December 2021
For personal use only
Contents
Corporate Information
Directors' Report
Auditor's Independence Declaration
Statement of Profit or Loss and Other Comprehensive Income
Statement of Financial Position
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
Directors' Declaration
Independent Auditor's Review Report
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WA Kaolin Limited
CORPORATE INFORMATION
ABN 56 083 187 017
Directors
Dr John White (Non-Executive Chairman)
Mr Alfred Baker (Executive Director)
Ms Cathy Moises (Non-Executive Director)
Mr Linton Putland (Non-Executive Director)
Mr Cameron Baker (Alternate Director)
Company secretary
Mr. Michael Kenyon
Registered office
Lot 3 Ward Road
EAST ROCKINGHAM WA 6168
Telephone: | +61 8 9439 6300 |
Principal place of business
Lot 3 Ward Road
EAST ROCKINGHAM WA 6168
Telephone: +61 8 9439 6300
Website: www.wakaolin.com.au
Share registry
Automic Share Registry
126 Phillip Street | |
SYDNEY NSW | 2000 |
Telephone: | 1300 288 664 |
Solicitors
Gilbert & Tobin
Level 16 Brookfield Place Tower
2/123 St George's Terrace
PERTH WA | 6000 |
Telephone: | +61 8 9413 8400 |
Bankers
National Australia Bank
255 George Street
SYDNEY NSW 2000
Auditors
BDO Audit (WA) Pty Ltd
Level 9, Mia Yellagonga Tower
5 Spring Street
PERTH WA 6000
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WA Kaolin Limited
DIRECTORS' REPORT
The directors of WA Kaolin Limited (the "Company") submit the financial report for the half year ended 31 December
2021. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:
Directors
The names of directors who held office throughout the period and until the date of this report are as follows. Directors were in office for the entire period unless otherwise stated.
Dr John White
Mr Alfred Baker
Ms Cathy Moises
Mr Linton Putland
Mr Cameron Baker (Alternate)
Principal Activities
The principal activities of the Company were the development of its mineral resources of high-grade premium kaolinised granite, construction of a new proprietary production facility in Wickepin, Western Australia and value-adding processes.
Financial Results and Review of Operations
Financial Results
The Company recorded a net loss after tax for the half year of $4.1m (31 December 2020: $18.2m), of which $1.1m was
for a share-based payments expense (31 December 2020: $4.1m), $1.4m for interest on borrowings (31 December 2020:
$1.6m) and $Nil of fair value adjustments to convertible notes (31 December 2020: $8.9m). Significant non-cash expenses like those mentioned are typical for a Company that completed an IPO and subsequently listed on the ASX.
Financial Position
At 31 December 2021, the Company had cash reserves of $1.9m (30 June 2021: $10.9m).
Although the net asset position of the Company reduced to ($0.8m) as at 31 December 2021 (30 June 2021: $2.1m), this will change materially as a result of a recent capital raising event completed during the first half of calendar year 2022 (refer to "Significant Events after Reporting Date" below).
Review of Operations
Health, Safety and Environment
The Company is pleased to report that there were no significant health, safety or environmental incidents during the half year.
Operations
The Company has current operations in a Company-owned facility in East Rockingham, Western Australia, where it operates a small-scale production plant producing beneficiated kaolin utilising its K99 Process. The Company also conducts mining operations at its mining tenement in East Wickepin, Western Australia, and transfers ore to East Rockingham for processing. The Company then sells the kaolin to customers directly and through a network of distributors both in Australia and overseas.
The Company is sole owner of a mining lease, a general-purpose lease, a miscellaneous licence and retention licences which comprise the Wickepin Kaolin Project (Project). The Project, which is one of the largest known remaining kaolin resources in the world, contains an Ore Reserve of 30.5 million tonnes which is included in the Mineral Resource (reported in accordance with JORC 2012) of 644.5 million tonnes of high-grade premium kaolinised granite.
The Company is primarily focused on establishing itself as the preferred supplier of high-grade premium kaolin products globally through:
- construction of a scaled-up processing plant in East Wickepin, utilising the K99 Process;
- progressive increase in production to circa 200,000 tonnes per annum through the plant planned by the end of 2022;
- expansion of production capacity at the Wickepin plant to 400,000 tonnes per annum within 3 years through the installation of a second stage of K99 production equipment;
- negotiation of sales agreements for product on suitable commercial terms with acceptable counterparties;
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WA Kaolin Ltd. published this content on 11 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 March 2022 08:35:09 UTC.