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PACIFIC BAUXITE LIMITED
A B N 6 2 1 1 2 9 1 4 4 5 9
( S U B J E C T T O D E E D O F C O M P A N Y A R R A N G E M E N T )
INTERIM FINANCIAL
REPORT 2021
For the Half-Year Ended 31 December 2021
Pacific Bauxite Limited ABN: 62 112 914 459
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P A C I F I C B A U X I T E L I M I T E D
C O R P O R A T E D I R E C T O R Y
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Directors
Peter Lewis
Peter Michael
John Traicos
Joint and Several Deed Administrators
Richard Albarran
Cameron Shaw
Registered Office
2A / 300 Fitzgerald Street
North Perth WA 6006
Head Office
2A / 300 Fitzgerald Street
North Perth WA 6006
Auditors
Rothsay Auditing
Level 1, Lincoln House
4 Ventnor Avenue
West Perth WA 6005
Share Registry
Computershare Investor Services Pty Ltd
Level 11 172 St Georges Terrace
Perth WA 6000
Country of Incorporation
Pacific Bauxite Limited is domiciled and incorporated in Australia
Stock Exchange Listing
Pacific Bauxite Limited is listed on the Australian Securities Exchange (ASX Code: PBX)
Pacific Bauxite Limited ABN: 62 112 914 459
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C O N T E N T S | |
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Directors' Report ............................................................................................................................................... | 1 |
Auditor's Independence Declaration ............................................................................................................ | 8 |
Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income ............................ | 9 |
Interim Consolidated Statement of Financial Position ................................................................................ | 10 |
Interim Consolidated Statement of Changes in Equity............................................................................... | 11 |
Interim Consolidated Statement of Cash Flows........................................................................................... | 12 |
Notes to the Consolidated Financial Statements........................................................................................ | 13 |
Directors' Declaration .................................................................................................................................... | 17 |
Independent Auditor's Review Report ......................................................................................................... | 18 |
Pacific Bauxite Limited ABN: 62 112 914 459
For personal use only
P A C I F I C B A U X I T E L I M I T E D
D I R E C T O R S ' R E P O R T
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The directors of Pacific Bauxite Limited (Pacific Bauxite or Company) submit their report for the half year ended 31 December 2021.
DIRECTORS
The directors that held office during the whole of the half year (unless otherwise stated) and up to the date of this report were:
Peter Lewis - Non-Executive Chairman
Peter Michael - Non-Executive Director (appointed 6 September 2021)
John Traicos - Non-Executive Director (appointed 6 September 2021)
REVIEW AND RESULTS OF OPERATIONS
The Company is currently taking the relevant steps to allow the effectuation of a DOCA subject to shareholder approval, and recapitalisation of the Company, and following this, subject to ASX approval, recommence trading on the exchange.
The net loss of the entity for the half year after tax was $311,665 (2020: loss of $127,033) with total revenues
of nil (2020: $nil). Major costs were administration $267,739 (2020: $126,583), employment costs of $39,900
(2020: $nil) and the Group's share of the losses of its associate $444 (2020: $nil).
PROJECT REVIEW
AUSTRALIA
PGE PROJECTS
On 31 December 2021, the Company announced that it had entered into agreements to acquire 100% of the issued capital of Western Yilgarn PGM Pty Ltd (Western Yilgarn) and AAM Resources Pty Ltd (AAM Resources), who own various projects located in the Eastern Goldfields and Pilbara regions of Western Australia (Figure 1) prospective for platinum group metals, gold, nickel and other minerals (Proposed Acquisitions).
The tenement package to be acquired as a result of the Proposed Acquisitions comprises three exploration licences (E36/1010, E36/1011 and E70/5767) granted to Western Yilgarn, three exploration licences (E52/3861, E58/0562 and E59/2496) granted to AAM Resources and two exploration licence applications (E36/1025 and E70/5921) applied for by Western Yilgarn (collectively, the PGE Projects). The PGE Projects is comprised of the Mount Magnet (Challa & Boondanoo), Sylvania, Bulga and Melbourne Prospects. An overview of the location of the PGE Projects is shown below.
Pacific Bauxite Limited | 1 |
ABN: 62 112 914 459 |
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P A C I F I C B A U X I T E L I M I T E D
D I R E C T O R S ' R E P O R T
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Figure 1 - PGE Project Locations
Material terms of the Proposed Acquisitions are:
- 1,500,000 Shares to St Barnabas Pty Ltd and Glen William Goulds (collectively, the Vendors) for the acquisition of Western Yilgarn and 1,500,000 Shares to the Vendors for the acquisition of AAM Resources (all on a post-Consolidation basis and all Shares issued at a deemed issue price of $0.20) (together, the Consideration Shares);
- a 2% net smelter return royalty payable to the vendors on all minerals extracted from the PGE Projects; and
- reimbursement to the Vendors of outgoings in respect of the PGE Projects, including costs associated with keeping such tenements in good standing (currently totalling approximately $43,000).
The Proposed Acquisitions are conditional on various conditions precedent including the Company obtaining all necessary regulatory and shareholder approvals to effect the Proposed Acquisitions and satisfying all other requirements of the ASX for the reinstatement to official quotation of the Company's shares on ASX.
DARLING RANGE BAUXITE PROJECT
The Company, through its wholly owned subsidiary PBX Aus Pty Ltd, has a 100% interest in exploration licence application (ELA) 70/5111 (Darling Range Bauxite Project). The project covers a total area of 349km2 within the Darling Ranges located approximately 75km northeast of Perth, Western Australia (Figure 2).
Pacific Bauxite Limited | 2 |
ABN: 62 112 914 459 |
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Pacific Bauxite Limited published this content on 20 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2022 04:25:08 UTC.