Anson Resources Limited
(ABN 46 136 636 005)
Financial Report
for the Year Ended 30 June 2021
Anson Resources Limited
Index
Corporate Information
Directors’ Report
Auditor’s Independence Declaration
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Cash Flows
Consolidated Statement of Changes in Equity
Notes to the Consolidated Financial Statements
Directors’ Declaration
Independent Auditor’s Report
ASX Additional Information
1
2
24
25
26
27
28
29
73
74
78
2021 Annual Financial Report
Corporate Information
Directors
Auditor
Anson Resources Limited
Stantons International
Level 2, 1 Walker Avenue
West Perth WA 6005
Bruce Richardson
Executive Chairman and CEO
Peter (Greg) Knox
Executive Director
Michael van Uffelen
Non-executive Director
Company Secretary
Nicholas Ong
Registered and Principal Office
Share Registry
Level 1
35 Outram Street
West Perth, WA 6005
Automic Pty Ltd
Level 2 – 267 St Georges Tce
Perth, WA 6000
Telephone: +61 478 491 355
Telephone: 1300 288 644
Email: info@ansonresources.com
Web address: www.automicgroup.com.au
Web Address
www.ansonresources.com
Securities Exchange Listings
Australian Securities Exchange: (ASX: ASN)
OTC Markets Group (OTCQB: ANSNF)
ABN:
46 136 636 005
2021 Annual Financial Report
1
Anson Resources Limited
Directors’ Report
Your Directors submit their report on the Group consisting of Anson Resources Limited (the “Company” or
“Anson”) and its controlled entities (the “Group”) for the year ended 30 June 2021.
Directors
The names of directors who held office during or since the end of the financial year and until the date of this
report are as follows. Directors were in office for this entire financial year unless otherwise stated.
Bruce Andrew Richardson, B.A (Hons)
Executive Chairman and CEO (Director since 30 April 2009)
Mr Richardson has a proven track record of over ten years in exploration, mining and production in public and
private companies, and over 30 years of international business experience, with a particular focus on China.
He has raised over $170 million of investment in mining projects.
He is fluent in Mandarin and has 10 years’ experience in the public sector having worked as an Australian
Trade Commissioner in the Australian Embassy in Beijing, with responsibility for the resources portfolio, and
Trade Development Director, Australian Commerce & Industry Office Taipei, Taiwan. In 2006 and 2007 Mr
Richardson worked for the Government of Western Australia as Manager China, Department of Industry and
Resources developing business and political relationships with China.
Directorships in other listed entities in the past 3 years: None
Peter (Greg) Knox, B.Sc (Geology)
Non-executive Director (Director since 22 September 2011)
Mr Knox is a qualified geologist with over 30 years of experience in the resources industry in exploration, mine
development and mining operations. He has worked on projects from grass-roots exploration through to mine
development and production and has extensive experience in gold, base metals and iron for several ASX listed
companies.
Directorships in other listed entities in the past 3 years: None
Michael van Uffelen, B.Comm, CA
Non-executive Director (Director since 18 October 2018)
Mr van Uffelen holds a Bachelor of Commerce from the University of Western Australia and is a Chartered
Accountant. He has more than 30 years accounting and finance experience gained with major accounting
firms, investment banks and public companies both in Australia and internationally.
Directorships in other listed entities in the past 3 years:
- Nanoveu Limited (14 February 2018 to present)
- Tian Poh Resources Limited (31 May 2015 to present)
Directors’ interests in securities of the Company and related bodies corporate
The relevant interests of each Director in the securities of Anson Resources Limited at the date of this Report
are as follows:
Bruce Richardson
Peter (Greg) Knox
Michael van Uffelen
Fully paid
ordinary shares
No.
Performance
Rights
No.
25,094,223
15,158,270
483,000
12,200,000
5,200,000
3,600,000
2021 Annual Financial Report
2
Anson Resources Limited
Directors’ Report (continued)
Company Secretary
Nicholas Ong, B.Comm, MBA, GradDipAppFin, GradDipACG (Appointed on 30 November 2020)
Nicholas brings 16 years’ experience in listing rules compliance and corporate governance. He is experienced
in mining project finance, mining and milling contract negotiations, mine CAPEX & OPEX management, and
toll treatment reconciliation. Nicholas is a Fellow of the Governance Institute of Australia and Fellow of Institute
of Chartered Secretaries and Administrators. He holds a Bachelor of Commerce and a Master of Business
Administration from the University of Western Australia.
Mr Tino Kapfumo, B.Comm CA (Resigned on 30 November 2020)
Mr Kapfumo holds a Bachelor of Commerce from the University of Western Australia and is a Chartered
Accountant. He has gained experience with both major and mid-tier accounting firms dealing with a wide variety
of entities including listed entities; not for profit entities and large private companies with operations both in
Australia and internationally.
Dividends
No dividends have been paid or declared since the start of the financial year and the Directors do not
recommend the payment of a dividend in respect of this financial year.
Principal Activities
The principal activities during the year of the entities within the Group were:
➢ Exploration for minerals in the State of Utah in the United States of America and the mid-west of
Western Australia;
➢ Development of the Paradox Brine Project in Utah, primarily for the extraction of lithium, bromine,
iodine and boron chemicals; and
➢ Exploration of The Bull Project’s mafic-ultramafic intrusive complex which has similar geological
terrane as Chalice Gold Mines Limited’s (ASX:CHN) Julimar Ni-Cu-PGE Discovery.
Operating and financial review
Paradox Brine Project – Utah, USA
Key focus areas during the year were advancing engineering studies and performance testing of lithium
hydroxide and lithium carbonate in lithium-ion battery test cells. Anson intends to use these results to further
discussions with prospective off-take partners.
Following a strategic review and recognition of changing market conditions for lithium, Anson has decided to
accelerate the production of lithium chemicals to Stage 1 of the Project. An updated PEA (Scoping Study) was
released to the ASX on 1 September 2021.
The geologic model for the Paradox Basin brine aquifers has similar affinities to brine concentrations in Tertiary
aged closed evaporative basins, as well as those associated with brine aquifer hosted in older Carboniferous
and Palaeozoic sediments and commonly associated with hydrocarbon deposits.
Location:
The location of the Paradox Brine Project within the Paradox Basin is shown in Figure 1.
2021 Annual Financial Report
3
Directors’ Report (continued)
Anson Resources Limited
Figure 1: Location of the Paradox Brine Project.
Pre-feasibility Studies:
Following completion of the initial PEA is 2020 for sodium bromide production (see ASX Announcement of 5
June 2020) updated PEAs were completed in two stages:
➢ Adding the production of lithium chemicals via the use of direct lithium extraction (see ASX
Announcement of 25 March 2021); and
➢ Using an alternative direct lithium extraction process in which lithium was recovered without the use
of chemicals thereby reducing the cost of the lithium extraction process and reducing the estimated
operating costs, (see ASX Announcement of 1 September 2021).
The next stage is to progress to a feasibility study. Worley will complete the cost estimates for PFS for the
Stage 1 development of the Project, a 15,000tpa sodium bromide (NaBr) plant (see ASX Announcement 5
June 2020). The PFS will expand upon Anson’s latest PEA which includes Lithium Carbonate and will provide
further definition of CAPEX/OPEX expectations of this project. Deliverables from the study include the piping
and instrumentation diagrams, plant layout and civil work estimates as well as those for utility connections and
infrastructure.
Worley’s scope of work also includes the preliminary design for the NaBr plant together with the brine pipeline,
chlor-alkali plant, the ancillary equipment and utility and supply infrastructure. The chlor-alkali plant, a key
component of the facility, will produce the chlorine required to separate the bromine from the well brine.
Chemetics®, part of the Worley group, will design the chlor-alkali plant. It is expected that this work will be
completed in 1H of FY22.
Furthermore, Anson commissioned De Dietrich to produce a process design for the bromine extraction
component of the 15,000tpa NaBr plant. This work includes mass and energy balance, process calculations,
equipment lists and specifications as well as the preliminary plant layout required for the completion of the
PFS. De Dietrich has conducted tests on Anson’s brine, used for the extraction of bromine and conversion to
sodium bromide, up to pilot plant stage (see ASX Announcement 20 December 2019). This work has been
completed and has been included in the PFS for the NaBr plant.
Anson is continuing its negotiations with a number of other companies for the supply of equipment, utilities and
other supplies. Most significantly Anson commissioned a “Interconnect/System Impact Study” (the Study) by
the local electrical power provider, Rocky Mountain Power (Rocky Mountain). The Study concluded that the
load service required by Anson for Stage 1 of the Project can be “accomodated” from two nearby power lines.
2021 Annual Financial Report
4
Anson Resources Limited
Directors’ Report (continued)
Production Wells Planning / Application to Drill Two Production Wells:
Anson submitted an Application Permit to Drill (APD) two production wells covering a total area of 6.56 acres
within the Company’s Paradox Brine Project. The APD has been submitted to the School and Institutional Trust
Lands Administration (SITLA) of the Government of Utah and the Utah Department of Gas and Minerals
(UDOGM).
Significantly, the two production bores (LCW-1 and LCW-2) are located on the “The Little Utah” (see Figure
1), lease which covers 80 acres and was granted to Anson by the Utah State government earlier this year
under Other Business Arrangement (OBA) (see ASX announcement 30 March 2021). An OBA allows for
special consideration to bring significant projects into production, demonstrating the Government of Utah’s
support for the development of Paradox. It is expected that Anson’s application will be considered by both
SITLA and DOGM by the end of Q3 2021, however this timeline may be affected by delays related to the
COVID-19 pandemic.
JORC 2012 Estimate Re-entry Program – Extension to Leadville
Anson has recently updated its JORC resource estimates for brine located in the Paradox Formation including
its main target clastic zone 31(see ASX announcement 30 March 2021). The Company’s strategy to increase
the inferred and indicated JORC resource was to conduct additional re-entry programs and sample the
targeted Paradox clastic zones and had prepared and submitted a Plan of Operations (PoO) to the Bureau of
Land Management (BLM) to re-enter the Mineral Canyon well to sample brine from Clastic zones 17, 19, 29,
31 and 33 (see ASX Announcement 10 September 2020).
However, as the revised Exploration Target provides justification for re-entering old wells to sample the
saturated brines found in the Leadville, Anson altered its exploration program for the Mineral Canyon well and
redesigned the drilling procedures to enable it to extend the sampling program to extend into the Leadville
limestone brines that have been recorded for the Mineral Canyon well. As a result, Anson has submitted a
revised PoO to the BLM for its consideration. Once approved, Anson intends to conduct its first sampling of
the Leadville. If successful, this data can then be utilised in future JORC Resource estimation upgrades.
The table below shows a summary of contained tonnes for Li2CO3, Br and NaBr extracted from the JORC
estimate, see ASX announcement “Anson Granted Additional Paradox Brine Project Claims” released on 30
March 2021.
Category
Clastic
Zone
Brine
Tonnes
Effective
Porosity
Indicated
Inferred
Resource
31
31
(Mt)
38
73
111
Indicated
17,19,29,33
39
Inferred
17,19,29,33
172
Resource
TOTAL
211
322
(%)
14.5
16.9
14
14
Li
Br
B
I
Contained (‘000t)1
(ppm)
(ppm)
(ppm)
(ppm)
LCE
Br2
172
3,304
162
141
177
2,542
164
164
35
68
173
3,292
3,324
153
103
74
75
74
3,397
122
3,320
147
54
51
3,334
15
68
83
126
185
311
131
570
701
186
1,012
Table 1: Table showing the contained tonnes in Indicated and Inferred Categories for the Paradox Brine Project.
1 Lithium is converted to lithium carbonate (Li2CO3) using a conversion factor of 5.32. Rounding errors may occur.
2021 Annual Financial Report
5
Directors’ Report (continued)
Anson Resources Limited
Figure 2: Map showing the updated inferred and indicated resource areas & the 2km area of influence of the
Mineral Canyon Fed 1-3 well.
Increase in Exploration Target:
Following an extensive review of historic data bases from previous exploration programs within the Paradox
Brine Project area, a massive brine aquifer has been identified in the Mississippian Leadville Formation aka
Leadville Limestone (Leadville) approximately 1,500 feet below the current target clastic zones that are located
within the Paradox Formation (Paradox) at approximately 6,500 feet which includes the clastic zones 17,19,
29, 31 and 33 and have been used to calculate the current Indicated and Inferred JORC resource estimate.
The Exploration Target for the Leadville supersaturated brine consists of 1.3Bt – 1.8Bt grading 80 – 140ppm
Li and 2,000 – 3,000ppm Br (see ASX announcement 6 April 2021), see Table 2.
Leadville Limestone
Exploration Target
Porosity
(%)
Density
Brine
(Mt)
Li Grade
(ppm)
Li
(Tonnes)
Li2CO3
(Tonnes)
Br
Grade
(ppm)
Br
(Tonnes)
MIN
MAX
14
14
1.27
1.27
1,300
1,800
80
140
104,000
553,000
2,000
2,600,000
252,000
1,340,000
3,000
5,400,000
Table 2: Leadville Exploration Target Range with brine & grade variables.
The Exploration Target figure is conceptual in nature as there has been insufficient exploration undertaken on
the Project to define a mineral resource for the Leadville. It is uncertain that future exploration will result in a
mineral resource.
The revised Exploration Target is of both the Mississippian Leadville and Pennsylvanian Paradox Units has a
combined range of 1.7 billion tons to 2.5 billion tons of brine. This represents an up to 230% increase in
contained Li, see Table 3, and a 493% increase in contained Br of the previous Exploration Target (see ASX
announcement 11 May 2020).
2021 Annual Financial Report
6
Directors’ Report (continued)
Anson Resources Limited
Unit and Clastic
Zones
Porosity
(%)
Density
Brine
(Mt)
Li
Grade
(ppm)
Li
(Tonnes)
Li2CO3
(Tonnes)
Br
Grade
(ppm)
Br
(Tonnes)
Mississippian Leadville Formation
Minimum
Maximum
14
14
1.27
1.27
1,300
1,800
80
140
104,000
553,000
2,000 2,600,000
252,000
1,340,000
3,000 5,400,000
Pennsylvanian Paradox Formation (Clastic Zones 17,19, 29,31,33)
Minimum
Maximum
TOTAL
Minimum
Maximum
14
14
1.27
1.27
365
700
50
300
18,250
97,090
2,000
730,000
109,500
582,450
3,000 1,095,000
1,665
2,500
122,250
650,090
3,330,000
361,250
1,922,450
6,495,000
Table 3: Exploration Target Mississippian Leadville & Paradox Formations with brine & grade variables.
Figure 3: Cross section of the location of existing wells drilled into the Paradox and Leadville rock units
Project Flow Sheet:
(Not to Scale)
The flow sheet below shows the project producing both NaBr and Li2CO3. Significantly, the chlorine that will
be produced from the electrolysis process will be fed into the bromine extraction process negating the need to
purchase chlorine as part of the bromine production process. Some of the chlorine that is produced will also
be converted to hydrochloric acid (HCl) for use in both the bromine and lithium extraction processes.
2021 Annual Financial Report
7
Directors’ Report (continued)
Anson Resources Limited
Figure 4: Paradox Brine Project Phase 1 Flowsheet
Test Work:
Lithium Hydroxide & Lithium Carbonate Battery Test Work
Initial test work by Novonix Battery Technology Solutions in Nova Scotia, Canada (parent Novonix Limited,
ASX: NVX, OTCQX: NVNXF) using Anson’s lithium hydroxide (LiOH.H2O) and lithium carbonate (Li2CO3) bulk
samples extracted from Paradox Brine Project has indicated a lithium quality that exceeds commercially
available Tier 1 products currently used in the production of high-performance lithium-ion batteries. Novonix
sintered commercial NMC622-hydroxide precursor powders with Tier 1 commercial lithium products, Anson’s
Li2CO3 and LiOH.H2O and conducted an electrochemical evaluation of the respective performance in coin half-
cells. The batteries were charged and discharged for up to 10 cycles (cycle testing on-going). From coin cells,
capacity retention and impedance growth were measured. Anson’s Li2CO3 outperformed the commercial
product blend while its LiOH.H2O performed similarly to the market available product. In particular Anson’s
Li2CO3 showed improved capacity retention over commercial grade Li2CO3. Capacity retention improvement
in batteries is a key objective in the lithium-ion battery industry to extend battery life (See ASX announcement
8 March 2021).
Alternate DLE Technology Test Work
On 13 August 2021, Anson announced that it has successfully conducted test work at a third-party laboratory
using an alternate Direct Lithium Extraction (“DLE”) technology that has improved the estimated lithium
recovery rate in the first stage of the extraction process to 91.5%, an increase of over 10% from the previous
test work results (see ASX Announcement 14 November 2018). DLE technologies use physical or chemical
selective processes to remove lithium from brines while leaving other components in the brine. As part of its
continual improvement agenda, Anson has continued to test several alternative DLE technologies over the
past two years, with the aim of improving operational and economic performance, as well as taking into account
Environmental, Social & Governance (ESG) considerations.
Elemental bromine production
De Dietrich Process Systems GmbH (De Dietrich) successfully completed the second stage of test work to
extract bromine from brine from Anson’s Paradox Brine Project. The test work was conducted in De Dietrich’s
bromine pilot plant in Germany and achieved a yield of 90% (See Announcement of 20 December 2019 titled
Anson Bromine Piloting Successful).
De Dietrich has extensive experience in bromine plants having designed, engineered and supplied equipment
to 31 bromine projects throughout the world, most recently to companies in India.
2021 Annual Financial Report
8
Anson Resources Limited
Directors’ Report (continued)
The Bull Nickel-Copper-PGE Project – Western Australia
During the year the Bull Ni-Cu-PGE Project tenement was granted to Anson. The Bull tenement abuts the
Chalice Gold Mines Limited’s (Chalice) tenements and is 20km south west along strike of the Julimar Ni-Cu-
PGE high grade deposit.
Initial ground truthing program completed at the 100% owned The Bull Project located in Western Australia
(The Bull) has confirmed the interpreted mafic-ultramafic intrusive complex. The confirmation of the mafic-
ultramafic intrusive complex is significant as it determines that The Bull has a similar geological terrane as
Julimar Ni-Cu- PGE discovery correlating with the geophysical interpretation (see ASX announcement 19
November 2020). Geochemical samples confirmed presence of PGE with associated nickel and copper (see
ASX announcement 21 December 2020).
Anson had previously reprocessed historical aeromagnetic surveys and identified 3 major targets. Target 1
was modelled as a 1,400m long x 500m wide x 500m deep chonolith body, with favourable geometry for
hosting large-scale magmatic sulphide deposits (see Figure 6). The interpreted chonolith geometry is
considered significant, as similar irregular intrusive bodies host globally significant magmatic Ni-Cu+/-PGE
sulphide deposits including the Jinchuan Deposit in China and the Kabanga Deposit in Tanzania.
Figure 5: A TMI aeromagnetic image showing three Target anomalies.
Anson announced a Fixed Loop Electromagnetic (FLEM) survey at Target 1. The commencement of the FLEM
follows the completion of the 3D Aeromagnetic Inversion Model (see ASX Announcement 7 July 2021) which
confirmed the favourable geometry and mineralised potential of the Target 1 ovoid shaped anomaly at The
Bull Project. The FLEM survey is an important next step in identifying and refining targets for future drill
programs.
2021 Annual Financial Report
9
Directors’ Report (continued)
Anson Resources Limited
Figure 6: The planned layout for the Fixed Loop Electromagnetic Survey (FLEM) overlaying the 3D model.
Independent geophysical consultants have designed the FLEM survey at The Bull Project to completely cover
the 3D magnetic model. The aim is to identify bedrock conductors within the anomaly given the relative shallow
depth of the target, which may represent massive sulphide accumulations.
The data generated from the FLEM survey will be considered with other geophysical surveys to identify drilling
targets and prepare a Programme of Works (PoW) for submission to the Department of Mines, Industry
Regulations and Safety (DMIRS).
Yellow Cat Project – Utah, USA
The Yellow Cat Project is located 30 km north of Moab, in the Thompson District, Grand County Utah. There
are two separate areas; the Yellow Cat claims and the Yellow Cat West claims. In total the Project consists of
85 Lode claims for a total of 708 hectares.
The Yellow Cat Project is considered prospective for the development of both uranium and vanadium due to
the high historic grade mineralisation present on the Claims, see Table 8 below and also ASX announcements
dated 22nd and 30th June 2020. Mineralisation occurs within the sandstone units of the Salt Wash member,
a rock unit synonymous with uranium and vanadium production across the Colorado Plateau.
Activities During the Year:
SRK completed the initial uranium and vanadium exploration program. Multiple occurrences of visible
mineralisation were observed and XRF readings were taken on the faces of these workings. Exceptional XRF
values of up to 26.51% uranium (U3O8) and 81,030ppm vanadium (V) were recorded by SRK during a site
visit to the Yellow-Cat project area. Refer ASX announcement of 15 October 2020 for detailed results.
Following the review of the ground survey and XRF screening results, SRK conducted rock sampling of areas
where the XRF screening had been conducted as well as from additional outcrop and underground locations.
All samples were submitted to ALS Reno, Nevada. High grade assay values of up to 87,600ppm uranium (U)
(10.33% U3O8) and 143,500ppm vanadium (V) (25.61% V2O5) were reported (see ASX announcement 21
September 2021).
2021 Annual Financial Report
10
Anson Resources Limited
Directors’ Report (continued)
Ajana Project – Western Australia
The Ajana Project is located in Northampton, Western Australia, a proven and established mining province for
zinc, lead and silver. The Ajana Project is adjacent to the North West Coast Highway and 130km north of
Geraldton. The prospective ground on the 222km2 of tenements E66/89 and E66/94 contain extensive areas
of graphitic schist mineralization. The Ajana area is dominated by the Proterozoic gneiss with conformable
lenses of meta-sediment, pelitic gneiss, meta-quartzite, mafic gneiss and graphitic schist known as the
Northampton Metamorphic Complex, which typically hosts high-grade graphite deposits in Western Australia
and graphite deposits worldwide.
Activities During the Year:
Anson has completed a heritage survey, which included archaeological and ethnographical work area
clearance, in the Galena area at its Ajana Project. The survey was undertaken with the full involvement of the
Nanda representatives who were nominated by the native title group. The survey was completed over the
Surprise, Ethel Maud and Block 1 prospect areas.
Anson completed the heritage survey so small exploration programs can be carried out in these areas. The
exploration programs will consist of reverse circulation (RC) drilling under and along strike of existing pits and
mine shafts.
During the quarter, three POWs were submitted for the Surprise, Ethel Maude and Block 1 Cu targets. POW
at Ethel Maude is now approved. Anson is proposing to drill 23 holes at Surprise. 16 holes at Ethel Maude to
target lead, zinc and silver, and 8 holes at Block 1.
JORC (2012) Resource Estimate:
The 100% owned Mary Springs tenement, E66/94, contains a JORC 2012 Mineral Resource estimate for lead
and is summarised in Table 4. The Ore Block Modelling and the interpretative work was carried out using a
1% lead cut-off.
Category
Indicated
Inferred
Total
BCM
Tonnes % Pb BCM
Tonnes % Pb BCM
Tonnes % Pb
+ 1% Pb
80,000
240,000
6.6
50,000
150,000
6.2
130,000
390,000
6.5
Table 4: Mary Springs Mineral Resource Estimate, JORC 2012.
Zones of Pb-Zn-Cu-Ag rich mineralisation were intersected in drilling which has yet to be modelled into the
resource. Additionally, further drilling may enable the zinc, copper and silver bearing zones to be modelled as
part of a future resource.
Hooley Wells Nickel-Cobalt Laterite – Western Australia
The Hooley Wells Nickel-Cobalt Laterite Project is located 800km north of Perth and 300km east of Geraldton
in Western Australia. Tenement E9/2218 and E9/2219 contain historical shallow drilling which has intersected
nickel and cobalt laterites.
The project contains extensive cobalt mineralisation over an area of 1.5km * 0.8km. Results of some historic
drilling are shown below.
• HAC004, 22m @ 0.97% Ni & 0.06% Co & 1.05% Cr
o
Incl. 4m @ 1.41% Ni & 0.11% Co & 1.99% Cr
• HAC003, 33m @ 0.5% Ni & 0.04 % Co & 0.55% Cr
o
Activities During the Year:
Incl. 8m @ 0.84% Ni & 0.10% Co & 0.22% Cr
An aerial magnetic survey was completed over the Hooley Well tenements to define magnetic target areas for
future drilling programs. Data interpretation is underway.
2021 Annual Financial Report
11
Anson Resources Limited
Directors’ Report (continued)
COVID-19
Beginning in February 2020, governments worldwide issued increasingly stringent orders to contain the spread
of COVID-19, including shelter-in-place orders and travel bans. In response to this Anson ceased travel for all
employees. The Group however continued to operate at full capacity including enacting necessary precautions
for essential staff attending offices in accordance with local restrictions, which also included some staff working
from home at times. The continued safe operation of the Group during this period allowed the completion and
publication of the PEA, resulting in the project advancing despite uncertain and difficult operating conditions.
The COVID-19 pandemic is a new risk to human health and is a concern the Anson Board takes seriously and
is confident appropriate procedures are in place to navigate the Group through this period.
Government assistance during the year as a result of the pandemic amounted to $22,500.
Operating results for the year
Net loss attributable to equity holders of the parent for the year ended 30 June 2021 was $4,521,182 (2020:
loss of $3,596,915) of which $1,413,658 (2020: $1,055,559) was spent on exploration and evaluation activities
and $nil (2020: $193,388) was incurred in acquiring projects. The loss per share was 0.54 cents (2020: loss
per share of 0.60 cents).
Cash and cash equivalents at 30 June 2021 totalled $2.233 million (2020: $0.568 million).
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the Group during the financial year.
Significant events after balance date
On 13 August 2021 Anson announced 4,400,000 shares were issued on the exercise of options at $0.08685
per share.
On 20 September 2021, Anson completed an equity capital raising of $7.36m by way of the issue of 89,849,693
ordinary shares at 0.091 per share.
On 24 September 2021, Anson announced 4,293,150 shares were issued on the exercise of ASNOC listed
options at $0.035 per share.
On 27 September 2021, Anson concluded a Bonus Issue of 97,702,126 options exercisable $0.091 expiring
29 October 2021.
Other than the above there has not arisen in the interval between the end of the financial year and the date of
this report any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors
of the Company, to affect significantly the operations of the Group and the results of those operations.
Likely developments and expected results
Likely developments, future prospects and business strategies of the operations of the Group and the expected
results of those operations have not been included in this report as the Directors believe that the inclusion of
such information would likely to result in unreasonable prejudice to the Group.
Environmental legislation
The Group’s projects are subject to the respective laws and regulations regarding environmental matters and
the discharge of hazardous wastes and materials in the countries in which the projects are located.
As with all exploration, these projects would be expected to have a variety of environmental impacts should
development proceed.
The Group intends to conduct its activities in an environmentally responsible manner and in accordance with
applicable laws and industry standards. Areas disturbed by the Group’s activities will be rehabilitated as
required by the respective laws and regulations.
2021 Annual Financial Report
12
Anson Resources Limited
Directors’ Report (continued)
Share Options and Performance Rights
Options and performance rights granted
There were no performance rights granted during the year ended 30 June 2021.
The following options were granted in the financial year:
Class
Grant Date
Expiry Date
Exercise
Price
Unlisted Options
4 Dec 2020
4 Dec 2022
$0.056
Unlisted Options
29 Jan 2021
30 Jun 2023
$0.0555
Number Issued
24,088,000
5,000,000
Options exercised and performance rights converted
The following options and performance rights have been converted to fully paid ordinary shares during the
year ended 30 June 2021.
Class
Grant Date
Expiry Date
Listed Options
24 Jun 2020
30 Jun 2023
Unlisted Options
4 Dec 2020
4 Dec 2022
Performance Rights
12 Nov 2019
16 Feb 2027
Exercise
Price
$0.035
$0.056
Nil
Number Converted
690,000
24,088,000
1,800,000
The following options have been converted to fully paid ordinary shares since 30 June 2021 to the date of
this report.
Class
Grant Date
Expiry Date
Exercise
Price
Number Issued
Unlisted Options
17 May 2019
16 May 2022
$0.08685
4,400,000
Options and performance rights expiry
Options and performance rights on issue
At the date of this report, unissued ordinary shares of the Company under option and performance rights yet
to convert are:
Class
Grant Date
Expiry Date
Exercise
Price
Number of
Options/rights
Unlisted Options
17 May 2019
16 May 2022
$0.08685
Listed Options
24 June 2020
30 June 2023
$0.035
Unlisted Options
29 January 2021
30 Jun 2023
$0.0555
Unlisted Options
27 Sep 2021
29 Oct 2021
$0.091
Performance rights
20 April 2018
18 April 2025
Performance rights
30 November 2018 29 November 2023
Performance rights
12 Nov 2019
16 Feb 2027
Nil
Nil
Nil
7,114,105
61,810,000
5,000,000
97,702,126
4,800,000
1,400,000
14,800,000
These options and rights do not entitle the holder to participate in any share issue of the Company or any other
entity.
Convertible note
At the date of this report, assumed unissued shares of the company under convertible note yet to convert is
37,125,037.
2021 Annual Financial Report
13
Anson Resources Limited
Directors’ Report (continued)
Indemnification and insurance of Directors and Officers
The Company has agreed to indemnify directors and executive officers against all liabilities to another person
(other than the Company or related body corporate) that may arise from their position as officers of the
Company and its controlled entities, except where the liability arises out of conduct involving a lack of good
faith. The agreement stipulates that the Company will meet the full amount of any such liabilities, including
costs and expenses. The contract of insurance prohibits disclosure of the nature of the liability and the amount
of the premium.
No indemnity has been paid in respect of auditors of the Group.
Directors’ Meetings
The number of meetings of Directors held during the financial year and the number of meetings attended by
each Director was as follows:
Name
B Richardson
G Knox
M van Uffelen
Number of meeting
eligible to attend
8
8
8
Number of meetings
attended
8
8
8
Auditor Independence and Non-Audit Services
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act
2001 is set out on page 24.
Non-Audit Services
The Company’s auditor, Stantons, did not provide any non-audit services to the Company during the year.
Proceedings on Behalf of the Company
There are no proceedings on behalf of the Company under section 237 of the Corporations Act 2001 in the
financial year or at the date of this report.
Forward Looking Statements: Statements regarding plans with respect to Anson’s mineral projects are
forward looking statements. There can be no assurance that Anson’s plans for development of its projects will
proceed as expected and there can be no assurance that Anson will be able to confirm the presence of mineral
deposits, that mineralisation may prove to be economic or that a project will be developed.
Competent Person’s Statement 1: The information in this announcement that relates to exploration results
and geology is based on information compiled and/or reviewed by Mr Greg Knox, a member in good standing
of the Australasian Institute of Mining and Metallurgy. Mr Knox is a geologist who has sufficient experience
which is relevant to the style of mineralisation under consideration and to the activity being undertaken to
qualify as a “Competent Person”, as defined in the 2012 Edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion in this report of the
matters based on information in the form and context in which they appear. Mr Knox is a director of Anson and
a consultant to Anson.
Competent Person’s Statement 2: The information contained in this ASX release relating to Exploration
Results and Mineral Resource Estimates has been prepared by Mr Richard Maddocks, MSc in Mineral
Economics, BSc in Geology and Grad Dip in Applied Finance. Mr Maddocks is a Fellow of the Australasian
Institute of Mining and Metallurgy (111714) with over 30 years of experience. Mr Maddocks has sufficient
experience that is relevant to the style of mineralisation and type of deposit under consideration and to the
activity being undertaken to qualify as a competent person as defined in the 2012 edition of the Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
2021 Annual Financial Report
14
Anson Resources Limited
Directors’ Report (continued)
Mr Maddocks is an independent consultant to Anson Resources Ltd. Mr Maddocks consents to the inclusion
in this announcement of this information in the form and context in which it appears. The information in this
announcement is an accurate representation of the available data from exploration at the Paradox Brine
Project.
Information is extracted from reports entitled ‘Anson Obtains a Lithium Grade of 235ppm at Long Canyon No
2’ created on 1 April 2019, ‘Anson Estimates Exploration Target For Additional Zones’ created on 12 June
2019, ‘Anson Estimates Maiden JORC Mineral Resource’ created on 17 June 2019, ‘Anson Re-enters Skyline
Well to Increase Br-Li Resource’ created on 19 September 2019, ‘Anson Confirms Li, Br for Additional Clastic
Zones’ created on 23 October 2019 and all are available to view on the ASX website under the ticker code
ASN. Anson confirms that it is not aware of any new information or data that materially affects the information
included in the original market announcement and, in the case of estimates of Mineral Resources or Ore
Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant
market announcement continue to apply and have not materially changed. Anson confirms that the form and
context in which the Competent Person’s findings are presented have not been materially modified from the
original market announcement.
Remuneration report (audited)
This remuneration report for the year ended 30 June 2021 outlines remuneration arrangements of the
Company and the Group in accordance with the requirements of the Corporations Act 2001 (the Act) and its
regulations. This information has been audited as required by section 308(3C) of the Act.
The remuneration report details the remuneration arrangements for key management personnel (KMP) who
are defined as those persons having authority and responsibility for planning, directing and controlling the
major activities of the Company and the Group, directly or indirectly, including any director (whether executive
or otherwise) of the parent company, and including the executives in the Parent and the Group receiving the
highest remuneration.
For the purposes of this report, the term “executive” includes the executive directors, Chief Executive Officer
(CEO), Chief Finance Officer (CFO) and other senior management of the Company. For this financial year the
CFO and company secretary are appointed through an outsourced private entity and hence are not classified
as KMP.
Individual key management personnel disclosures
The following were key management personnel of the Group at any time during the financial year and unless
otherwise indicated were key management personnel for the entire year:
(i) Directors
B Richardson Executive Chairman and Chief Executive Officer
G Knox
M van Uffelen Non-executive Director
Executive Director
(ii) Executives
T Kapfumo
Company Secretary (resigned 30 November 2021)
The Remuneration Report is set out under the following main headings:
A.
B.
C.
D.
E.
F.
G.
H.
I.
J.
K.
Principles used to determine the nature and amount of remuneration
Details of remuneration for the year ended 30 June 2021
Details of remuneration for the year ended 30 June 2020
Service agreements
Share-based compensation
Option holdings of key management personnel
Share holdings of key management personnel
Loans to key management personnel
Other transactions and balances with key management personnel
Use of remuneration consultants
Voting and comments made at the Company’s 2020 Annual General Meeting
2021 Annual Financial Report
15
Anson Resources Limited
Directors’ Report (continued)
Remuneration report (audited) (continued)
The information provided under headings A-I includes remuneration disclosures that are required under
Accounting Standard AASB 124 Related Party Disclosures. These disclosures have been transferred from
the financial report and have been audited.
This report outlines the remuneration arrangements in place for Directors and executives of Anson Resources
Ltd and its controlled entities (the “Company” and the “Group”).
A.
Principles used to determine the nature and amount of remuneration
Remuneration philosophy
The performance of the Group depends upon the quality of its directors and executives. To prosper, the Group
must attract, motivate and retain highly skilled directors and executives.
To this end, the Group embodies the following principles in its compensation framework:
• Provide competitive rewards to attract high calibre executives;
•
• Significant portion of executive compensation ‘at risk’, dependent upon meeting pre-determined
Link executive rewards to shareholder value;
performance benchmarks; and
• Establish appropriate, demanding performance hurdles in relation to variable executive compensation
Remuneration consists of fixed remuneration and variable remuneration.
Fixed Remuneration
Fixed remuneration is reviewed annually by the Board of Directors. The process consists of a review of relevant
comparative remuneration in the market and internally and, where appropriate, external advice on policies and
practices.
Variable Remuneration
For the purposes of assisting in incentivising the board and management, an employee share plan was
introduced in 2013 under which loan funded shares and performance rights have been issued. Given the
current structure of that plan, there exists a direct link between the creation of shareholder wealth performance
and the financial rewards for Directors and key management personnel.
Remuneration Reviews
The Board of Directors of the Company is responsible for determining and reviewing compensation
arrangements for the directors, the Executive Chairman and CEO and all other key management personnel.
The Board of Directors assesses the appropriateness of the nature and amount of compensation of key
management personnel on a periodic basis by reference to relevant employment market conditions with the
overall objective of ensuring maximum stakeholder benefit from the retention of a high quality board and
executive team.
Remuneration structure
In accordance with best practice Corporate Governance, the structure of non-executive director and executive
remuneration is separate and distinct.
Non-executive Director remuneration
The Board seeks to set aggregate remuneration at a level that provides the Company with the ability to attract
and retain directors of the highest calibre, whilst incurring a cost that is acceptable to shareholders.
2021 Annual Financial Report
16
Anson Resources Limited
Directors’ Report (continued)
Remuneration report (audited) (continued)
The Constitution and the ASX Listing Rules specify that the aggregate remuneration of non-executive directors
shall be determined from time to time by a general meeting. The amount of aggregate remuneration sought to
be approved by shareholders and the manner in which it is apportioned amongst directors is reviewed annually.
The Board considers advice from external shareholders as well as the fees paid to non-executive directors of
comparable companies when undertaking the annual review process. Non-executive directors receive a fee
for being a director of the Company. The compensation of non-executive directors for the year ended 30 June
2021 is detailed below.
Senior Manager and Executive Director remuneration
Objective
The entity aims to reward executives with a level and mix of compensation commensurate with their position
and responsibilities within the entity so as to:
•
•
•
•
reward executives for company, business unit and individual performance against targets set to
appropriate benchmarks;
align the interests of executives with those of shareholders;
link rewards with the strategic goals and performance of the company; and
ensure total compensation is competitive by market standards.
Compensation consists of the following key elements:
•
•
Fixed Compensation; and
Variable Compensation - Long Term Incentive (LTI).
The proportion of fixed compensation and variable compensation (potential short term and long term
incentives) is established for each key management person by the Directors.
Fixed Compensation
Objective
Fixed compensation is reviewed annually by the Directors. The process consists of a review of individual
performance, relevant comparative compensation in the market and internally and, where appropriate, external
advice on policies and practices.
Structure
Executives are given the opportunity to receive their fixed remuneration in a variety of forms including cash
and fringe benefits such as motor vehicles and expense payment plans.
Variable Pay — Long Term Incentive (LTI)
Objective
The objective of the LTI plan is to reward executives in a manner that aligns this element of compensation with
the creation of shareholder wealth. As such LTI grants are only made to executives who are able to influence
the generation of shareholder wealth and thus have a direct impact on the Group's performance against the
relevant long term performance hurdle.
Structure
LTI grants to key management personnel are delivered in the form of loan funded share plans, options and
performance rights.
2021 Annual Financial Report
17
Anson Resources Limited
Directors’ Report (continued)
Remuneration report (audited) (continued)
B.
Details of remuneration for the year ended 30 June 2021
Salary &
Fees(i)
Non
monetary
benefits(ii) Superannuation
Share-based
payments(iii)
Total
Proportion of
remuneration
performance
related
%
Directors
Non-executive
M van Uffelen (iv)
Executive
B Richardson (vi)(vii)
P G Knox (iv)
Total Directors
455,966
192,652
781,146
56,333
-
56,333
Other KMPs
T Kapfumo (v)
Total other KMPs
53,327
53,327
-
-
132,528
-
3,470
28,112
164,110
-
3,470
6,940
5,066
5,066
84,881
40,138
153,131
597,180
236,260
997,550
-
-
58,393
58,393
17%
14%
17%
15%
-
-
15%
Total KMPs
834,473
56,333
12,006
153,131
1,055,943
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
This amount is gross of taxes and mandatory statutory deductions as applicable in Australia and the United States.
As such for Mr Knox income is not comparable to the prior period as prior periods were partially subject to USA and
Australian tax regulations. Further to this Messrs. Richardson and Knox’s income derived in the United States
includes deductions for Medicare and Social Security which they will not benefit from as they not citizens of the
United States. Finally, these amounts are presented in Australian Dollars, however some payments are made in
United States Dollars, as such the Australian Dollar value varies depending on the exchange rate, which
experienced an increased level of volatility in financial year 2021.
Relates to annual leave accrued but not taken by Mr Richardson during the year.
Share based payments comprise the amortisation of the measured cost of performance rights issued at grant date.
This grant date cost is based on the price of the Company’s shares which is amortised to the estimated date of the
hurdle being achieved based on an assessment of the probability of achievement of the hurdles specified in the
performance rights. See Note 19 for further information. The ultimate benefit received by the participant may be
materially different to this calculated value, and may be received at a significantly different time to the date presented
in this table. See Note 19 for details of performance shares granted which converted to fully paid ordinary shares
in this financial year.
Includes consulting fees for services provided by a related entity. Note consulting fees are based on services
provided and these fees are dependent on the work required in any given month.
Resigned on 30 November 2020.
Amounts exclude expatriate benefits.
Amount includes a gross payment of US$45,156 (2020: Nil) to Mr Richardson due to an underpayment of monies
owned under his employment contract. This has also had an impact on accruement of leave that was not taken by
Mr Richardson during this period.
2021 Annual Financial Report
18
Anson Resources Limited
Directors’ Report (continued)
Remuneration report (audited) (continued)
C.
Details of remuneration for the year ended 30 June 2020
Salary &
Fees(i)
Non
monetary
benefits(ii) Superannuation
Share-based
payments(iii)
Total(iv)
Proportion of
remuneration
performance
related
%
Directors
Non-executive
M van Uffelen (v)
A Grant (vi)
Executive
B Richardson (vii)
P G Knox (vii)
Total Directors
Other KMPs
T Kapfumo
166,527
31,624
409,402
187,179
794,732
123,390
Total other KMPs
123,390
-
-
38,530
-
38,530
3,470
-
-
3,470
6,940
66,879
-
236,876
31,624
187,475
83,687
635,407
274,336
338,041
1,178,243
4,514
4,514
11,723
11,723
-
-
139,627
139,627
Total KMPs
918,122
43,044
18,663
338,041
1,317,870
28
-
30
31
29
-
-
26
(i)
(ii)
(iii)
(iv)
(v)
This amount is gross of taxes and mandatory statutory deductions as applicable in Australia and the United States.
As such for Messrs. Richardson and Knox incomes are not comparable to the prior period as prior periods were
partially subject to Australian tax regulations. Further to this Messrs. Richardson and Knox’s income derived in the
United States includes deductions for Medicare and Social Security which they will not benefit from as they not
citizens of the United States. Finally, these amounts are presented in Australian Dollars, however some payments
are made in United States Dollars, as such the Australian Dollar value varies depending on the exchange rate,
which experienced an increased level of volatility in calendar year 2020.
Relates to annual leave accrued but not taken during the year. No net leave was accrued in the prior period.
Share based payments comprise the amortisation of the measured cost of performance rights issued at grant date.
This grant date cost is based on the price of the Company’s shares which is amortised to the estimated date of the
hurdle being achieved based on an assessment of the probability of achievement of the hurdles specified in the
performance rights. See Note 19 for further information. The ultimate benefit received by the participant may be
materially different to this calculated value, and may be received at a significantly different time to the date presented
in this table. No performance shares granted converted to fully paid ordinary shares in this financial year.
Effective 1 April 2020 to 30 June 2020 the board and management took voluntarily reductions in remuneration in
light of the uncertainty brought about by the COVID-19 pandemic. Refer Section D Service Agreements for further
details.
Includes consulting fees for services provided by a related entity. Note consulting fees are based on services
provided and these fees are dependent on the work required in any given month.
(vi)
Resigned on 31 July 2019
(vii)
Amounts exclude expatriate benefits.
2021 Annual Financial Report
19
Anson Resources Limited
Directors’ Report (continued)
Remuneration report (audited) (continued)
D.
Service agreements
Executive Directors
Bruce Richardson
Executive Chairman and CEO, Mr Richardson, is employed under contract. The current employment contract
commenced on 19 February 2019 and has no fixed term.
The main terms of the employment contract with Mr Richardson are as follows:
• Remuneration of US$300,000 p.a.;
• 25 days of annual leave p.a.;
• 6-month notice period
• Expatriate benefits to ensure the employee is no worse off as a result of relocation.
P. Gregory Knox
Mr Knox receives a Director fee of $40,000 per annum inclusive of superannuation that was set by the Board
in 2011.
In addition to this fee the Company also pays Attadale Land Access Pty Ltd (an entity controlled by Mr Knox)
a monthly fee of $13,000 including GST for geological consulting services for work performed in Australia. Note
that consulting fees are based on services provided and these fees are dependent on the work required in any
given month.
When work was performed in the United States, Mr Knox receives a base salary of US$120,000 pa. Mr Knox
relocated from the USA to Australia in November 2020.
Non-executive Directors’ remuneration
Michael van Uffelen
Mr van Uffelen receives a Non-executive Director fee of $40,000 per annum inclusive of superannuation. In
addition to the director fees, Mr van Uffelen is paid for additional services provided to the board under contract
with Black Tourmaline Consulting, an entity in which Mr van Uffelen has a beneficial interest, for remuneration
of $8,000 per month plus GST. Note that consulting fees are based on services provided and these fees are
dependent on the work required in any given month.
E.
Share-based compensation
Options granted to key management personnel
No options were granted as compensation during the year to KMPs.
No options vested during the year.
Performance rights issued to Key Management Personnel (KMP)
No performance rights were granted as compensation during the year to KMPs.
1,800,000 performance rights vested during the year, refer to table and notes below.
2021 Annual Financial Report
20
Anson Resources Limited
Directors’ Report (continued)
Remuneration report (audited) (continued)
The amount recognised as share-based payment expense for the performance rights issued to the KMPs
during the year was $153,131 (2020: $338,041). This is disclosed under director and employee benefits
expenses.
The table below shows the number of Performance Rights granted, converted and forfeited during the year.
Balance at
start of year
Granted
Converted
Forfeited
Balance at
end of year
30 June 2021
Directors
B Richardson
13,200,000
P G Knox
M van Uffelen
Other KMP
T Kapfumo
5,600,000
4,000,000
-
-
-
-
-
(1,000,000)
(400,000)
(400,000)
-
-
-
-
-
12,200,000
5,200,000
3,600,000
-
On 22 July 2020, the Company issued 1,800,000 ordinary shares for nil consideration, as a result of the
satisfaction of performance milestone – Tranche O, being completion of the PEA as at 30 June 2020.
The shares to be issued in the event of vesting of the Performance Rights shall rank pari-passu in all respects
with other fully paid ordinary shares in the Company.
F.
Option holdings of key management personnel
The movement during the reporting period in the number of options over ordinary shares held directly, indirectly
or beneficially by each key management person, including their related parties, is as follows:
30 June 2021
Directors
B Richardson
P G Knox
M van Uffelen
Other KMP
T Kapfumo
Balance
at start of
the year
Granted
Exercised
Options
Lapsed
Balance at
end of the
year
Vested and
exercisable
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2021 Annual Financial Report
21
Anson Resources Limited
Directors’ Report (continued)
Remuneration report (audited) (continued)
G.
Share holdings of key management personnel
The movement during the reporting period in the number of ordinary shares in the Company held directly,
indirectly or beneficially by each key management person, including their related parties, is as follows:
30 June 2021
Directors
B Richardson
P G Knox
M van Uffelen
Other KMP
T Kapfumo
Balance at start
of the year
Issued upon
vesting of
performance
rights
On-market
acquisitions/
(disposals)
Balance at end of
the year
24,094,223
14,758,270
83,000
1,000,000
400,000
400,000
-
-
-*
25,094,223
15,158,270
483,000
58,824
-
(58,824)
-
*During the year Michael van Uffelen transferred 400,000 ordinary shares from a controlled entity to another related party.
H.
Loans to Key Management Personnel
On 27 February 2014, the Company issued 3,000,000 shares at 1.4 cents per share to Key Management
Personnel (KMPs) under a loan funded share plan approved at the Annual General Meeting of the Company
held on 28 November 2013.
On 10 December 2014, the Company issued 5,000,000 shares at 1.3 cents per share to Key Management
Personnel (KMPs) under a loan funded share plan approved at the Annual General Meeting of the Company
held on 26 November 2014.
On 21 December 2015, the Company issued 4,250,000 shares at 0.9 cents per share to Key Management
Personnel (KMPs) under a loan funded share plan approved at the Annual General Meeting of the Company
held on 27 November 2015.
The cost of the loan funded share plan is recognised as a share-based payment expense. The terms of the
loans are:
Interest rate: 8% per annum.
• Term of loan: 10 years.
•
• Lien: The Company shall have a lien over the shares until the loan is repaid and the Company shall
be entitled to sell the shares in accordance with the terms of the Employee Share Plan if the loan is
not repaid when due.
• Payments in relation to shares: Any dividends or capital returns in relation to the shares shall be
applied against repayment of the loan.
• Proceeds of sale: In the event of sale of the shares all sales proceeds shall be applied against
repayment of the loan.
Limit of liability: The liability of the employee to repay the loan is limited to the payments received by the
employee in relation to the shares and any proceeds from the disposal of the shares.
2021 Annual Financial Report
22
Anson Resources Limited
Directors’ Report (continued)
Remuneration report (audited) (continued)
I.
Other transactions and balances with Key Management Personnel
Other than the compensation show above there were no other transactions with KMPs or their associated
entities during the year. No other transactions with key management personnel occurred during the year.
J.
Use of remuneration consultants
The Group did not engage the services of a remuneration consultant during the year.
K.
Voting and comments made at the Company’s 2020 Annual General Meeting
At the 2020 AGM, no comments were made on the remuneration report considered at the meeting and votes
cast against adoption of the remuneration report were fewer than the threshold of 25%.
END OF THE REMUNERATION REPORT
Signed in accordance with a resolution of the Directors:
Bruce Richardson
Executive Chairman and Chief Executive Officer
Perth, 30 September 2021
2021 Annual Financial Report
23
PO Box 1908
West Perth WA 6872
Australia
Level 2, 1 Walker Avenue
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
30 September 2021
Board of Directors
Anson Resources Limited
Level 1
35 Outram Street
West Perth WA 6005
Dear Directors
RE:
ANSON RESOURCES LIMITED
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following
declaration of independence to the directors of Anson Resources Limited.
As Audit Director for the audit of the financial statements of Anson Resources Limited for the year ended
30 June 2021, I declare that to the best of my knowledge and belief, there have been no contraventions
of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
Yours sincerely
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
Martin Michalik
Director
Liability limited by a scheme approved under Professional Standards Legislation
Stantons Is a member of the Russell
Bedford International network of firms
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
Consolidated
Note
2021
$
2020
$
Other Income
Interest income
Other income
Expenses
Consultants
Depreciation
Director and employee benefits expenses
Exploration and evaluation costs
Foreign exchange gain
166
22,500
22,666
(119,386)
(111,955)
(1,088,715)
(1,413,658)
108,421
9
Loss on derivative instrument at fair value profit and loss
16
(1,070,196)
Interest expense
Occupancy costs
Project acquisition costs
Share-based payment expenses
Travel and accommodation
Other expenses
Loss from continuing operations before income tax
expense
Income tax expense
Loss from continuing operations after income tax
expense
Other Comprehensive Income:
Items that will not be reclassified subsequently to profit or
loss
13(a)
19
2
3
335
51,237
51,572
(33,267)
(158,019)
(1,260,340)
(1,055,559)
658
(2,610)
(142,020)
(133,992)
(193,388)
(82,901)
(203,388)
(383,661)
(276,411)
(109,306)
125,000
-
(10,933)
(576,709)
(4,521,182)
(3,596,915)
-
-
(4,521,182)
(3,596,915)
Changes in fair value of financial assets – fair value OCI
18
87,545
(35,916)
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign
subsidiaries
18
(233,023)
27,905
Total comprehensive loss for the year
(4,666,660)
(3,604,926)
Loss for the year attributable to members of the parent
entity
Total comprehensive loss for the year attributable to
members of the parent entity
(4,521,182)
(3,596,915)
(4,666,660)
(3,604,926)
Basic and diluted loss per share (cents per share)
5
(0.54)
(0.60)
The accompanying notes form part of these financial statements
2021 Annual Financial Report
25
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
Anson Resources Limited
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Other assets
Total Current Assets
NON-CURRENT ASSETS
Property, plant and equipment
Intangible assets
Financial assets - fair value OCI
Other assets
Total Non-Current Assets
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Provisions
Lease liabilities
Convertible note
Derivative financial liability
Total Current Liabilities
NON-CURRENT LIABILITIES
Provisions
Lease liabilities
Total Non-current Liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Reserves
Accumulated losses
TOTAL EQUITY
Consolidated
Note
2021
2020
$
$
6
7
8
9
10
11
8
12
13
14
15
16
13
14
17
18
2,232,947
21,466
87,857
2,342,270
201,363
2,799,392
130,594
611,625
568,250
23,803
47,521
639,574
193,113
2,517,958
94,810
666,720
3,742,974
3,472,601
6,085,244
4,112,175
396,095
91,128
63,450
674,113
1,705,318
2,930,104
600,531
179,650
112,488
553,882
635,122
2,081,673
278,448
24,748
303,196
294,069
50,333
344,402
3,233,300
2,426,075
2,851,944
1,686,100
26,657,184
21,838,998
2,885,223
(26,690,463)
2,016,383
(22,169,281)
2,851,944
1,686,100
The accompanying notes form part of these financial statements
2021 Annual Financial Report
26
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
Cash flows from Operating Activities
Payments to suppliers and employees
Payments for acquisition of projects
Payments for exploration
Interest paid
Other income received
Consolidated
Note
2021
$
2020
$
(1,583,967)
(1,455,081)
-
(85,623)
(1,216,278)
(1,386,139)
(10,670)
(25,733)
22,500
30,990
Net cash (used in) operating activities
26(i)
(2,788,415)
(2,921,586)
Cash Flows from Investing Activities
Purchase of property, plant & equipment
Proceeds on the sale of property, plant & equipment
Proceeds from sale of financial assets – FVOCI
Proceeds from return of office rental bonds
Payments for refundable exploration bonds
Proceeds from return of refundable exploration bonds
Interest received
Payment for development expenditures
Net cash (used in) investing activities
Cash Flows from Financing Activities
Proceeds from the issue of shares
Capital raising costs
Proceeds from exercise of options
Proceeds from issue of convertible note
Repayment of lease liabilities
Net cash provided by financing activities
Net increase/(decrease) in cash held
Cash at the beginning of the financial year
Effect of foreign exchange on amounts held in foreign currencies
(58,358)
-
102,434
-
-
-
155
(4,831)
19,000
13,933
10,782
(25,538)
124,663
335
(1,164,542)
(1,594,640)
(1,120,311)
(1,456,296)
4,613,800
2,100,000
(307,505)
1,373,078
(33,120)
-
-
1,089,554
(91,875)
(71,627)
5,587,498
3,084,807
1,678,772
(1,293,075)
568,250
1,855,438
(14,075)
5,887
Cash at the end of the financial year
6
2,232,947
568,250
The accompanying notes form part of these financial statements
2021 Annual Financial Report
27
Anson Resources Limited
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
Consolidated Group
Contributed
Equity
Accumulated
Losses
Share
Based
Payments
Reserve
Financial
Asset-Fair
Value OCI
Reserve
Foreign
Currency
Translation
Reserve
$
19,700,213
$
(18,572,366)
$
1,545,543
$
51,081
$
(187,337)
Balance at 1 July 2019
Loss attributable to members of the
parent entity
Change in fair value of financial
assets – Fair Value OCI
Exchange differences on translation
of foreign subsidiaries
Total comprehensive loss for the
year
Transactions with owners in their
capacity as owners:
Issue of share capital
Shares issued for acquisition of an
asset
Share issue costs
Issue of performance rights
Issue of options
-
-
-
-
(3,596,915)
-
-
(3,596,915)
2,100,000
300,000
(261,215)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
338,041
277,066
Total
$
2,537,134
(3,596,915)
(35,916)
-
(35,916)
-
-
-
27,905
27,905
(35,916)
27,905
(3,604,926)
-
-
-
-
-
-
-
-
-
-
2,100,000
300,000
(261,215)
338,041
277,066
Balance at 30 June 2020
21,838,998
(22,169,281)
2,160,650
15,165
(159,432)
1,686,100
Balance at 1 July 2020
Loss attributable to members of the
parent entity
Change in fair value of financial
assets – Fair Value OCI
Exchange differences on translation
of foreign subsidiaries
Total comprehensive loss for the
year
Transactions with owners in their
capacity as owners:
Issue of share capital
Share issue costs
Conversion of options
21,838,998
(22,169,281)
2,160,650
15,165
(159,432)
1,686,100
-
-
-
-
(4,521,182)
-
-
(4,521,182)
-
-
-
-
-
-
-
(55,800)
153,131
916,987
-
87,545
-
-
(4,521,182)
87,545
-
(233,023)
(233,023)
87,545
(233,023)
(4,666,660)
-
-
-
-
-
-
-
-
-
-
-
-
4,613,800
(1,224,492)
1,373,078
-
153,131
916,987
-
-
-
-
-
-
4,613,800
(1,224,492)
1,373,078
Conversion of performance rights
55,800
Vesting of performance rights
Issue of options
-
-
Balance at 30 June 2021
26,657,184
(26,690,463)
3,174,968
102,710
(392,455)
2,851,944
2021 Annual Financial Report
28
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
(a)
Basis of preparation
i. Statement of Compliance
The financial report is a general-purpose financial report, which has been prepared in accordance with
Australian Accounting Standards, including Australian Accounting Interpretations, other authoritative
pronouncements of the Australian Accounting Standards Board (“AASB”) and the Corporations Act 2001 (Cth).
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a
financial report containing relevant and reliable information about transactions, events and conditions to which
they apply. Compliance with Australian Accounting Standards ensures that the financial statements and notes
also comply with International Financial Reporting Standards as issued by the IASB. Material accounting
policies adopted in the preparation of these financial statements are presented below. They have been
consistently applied unless otherwise stated.
The financial report has also been prepared on an accruals basis and are based on historical cost basis other
than for certain financial assets which are carried at fair value.
The financial report is presented in Australian dollars.
The Company has been an ASX listed public company since 6 July 2010 and is incorporated in Australia. It
has operations in Australia and the United States of America. The principal activities are the exploration for
minerals primarily for the extraction and development of lithium, bromine, iodine and boron chemicals from a
project in the United States of America.
The financial statements were authorised for issue on 30 September 2021.
(b)
Application of new and revised Accounting Standards
New standards and interpretations adopted
The Group has adopted all of the new, revised or amending Accounting Standards and Interpretations issued
by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not
been early adopted.
New standards and interpretations not yet adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not
yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended
30 June 2021. The consolidated entity has not yet assessed the impact of these new or amended Accounting
Standards and Interpretations
(c)
Statement of compliance
The financial report complies with Australian Accounting Standards, which include Australian equivalents to
International Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial report,
comprising the financial statements and notes thereto, complies with International Financial Reporting
Standards (IFRS).
2021 Annual Financial Report
29
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(d)
Basis of consolidation
The consolidated financial statements incorporate all of the assets, liabilities and results of the parent (Anson
Resources Limited) and its subsidiaries. Subsidiaries are entities the parent controls. The parent controls an
entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the
ability to affect those returns through its power over the entity. A list of the subsidiaries is provided in Note
21(a).
The assets, liabilities and results of all the subsidiaries are fully consolidated into the financial statements of
the Group from the date on which control is obtained by the Group. The consolidation of a subsidiary is
discontinued from the date that control ceases. Intercompany transactions, balances and unrealised gains or
losses on transactions between Group entities are fully eliminated on consolidation. Accounting policies of
subsidiaries have been changed and adjustments made where necessary to ensure uniformity of the
accounting policies adopted by the Group.
Equity interests in a subsidiary not attributable, directly or indirectly, to the Group are presented as “non-
controlling interests". The Group initially recognises non-controlling interests that are present ownership
interests in subsidiaries and are entitled to a proportionate share of the subsidiary's net assets on liquidation
at either fair value or at the non-controlling interests' proportionate share of the subsidiary's net assets.
Subsequent to initial recognition, non-controlling interests are attributed their share of profit or loss and each
component of other comprehensive income. Non-controlling interests are shown separately within the equity
section of the statement of financial position and statement of comprehensive income.
(e)
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the Group’s consolidated financial statements requires management to make judgements,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and
the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount
of assets or liabilities affected in future periods.
In the process of applying the Group’s accounting policies, management has made the following judgements,
which have the most significant effect on the amounts recognised in the consolidated financial statements:
Determining the lease term of contracts with renewal and termination options – Group as lessee
The Group determines the lease term as the non-cancellable term of the lease, together with any periods
covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by
an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has a lease contract
that includes an extension option. The Group applies judgement in evaluating whether it is reasonably certain
whether or not to exercise the option to renew the lease. That is, it considers all relevant factors that create an
economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the
lease term if there is a significant event or change in circumstances that is within its control and affects its
ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant
leasehold improvements or significant customisation to the leased asset).
Share-based payment transactions:
Estimating fair value for share-based payment transactions requires determination of the most appropriate
valuation model, which depends on the terms and conditions of the grant. This estimate also requires
determination of the most appropriate inputs to the valuation model including the expected life of the share
option or appreciation right, volatility and dividend yield and making assumptions about them.
The Group measures the cost of equity-settled share-based payments at fair value at the grant date using an
option pricing model, taking into account the terms and conditions upon which the instruments were granted.
The fair value is determined by a valuation using a Black Scholes Option Pricing Model, using the assumptions
detailed in Note 19.
2021 Annual Financial Report
30
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount,
which is the higher of its fair value less costs of disposal and its value in use.
The fair value less costs of disposal calculation is based on available data from binding sales transactions,
conducted at arm’s length, for similar assets or observable market prices less incremental costs for disposing
of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the
budget for the next five years and do not include restructuring activities that the Group is not yet committed to
or significant future investments that will enhance the asset’s performance of the CGU being tested. The
recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future
cash-inflows and the growth rate used for extrapolation purposes.
Deferred taxation
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will
be available against which the losses can be utilised. Significant management judgement is required to
determine the amount of deferred tax assets that can be recognised, base level of future taxable profits
together with future tax planning strategies.
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only when management considers
that it is probable that sufficient future tax profits will be available to utilise those temporary differences.
Significant management judgement is required to determine the amount of deferred tax assets that can be
recognised, based upon the likely timing and the level of future taxable profits over the next two years together
with future tax planning strategies.
Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the consolidated statement of
financial position cannot be measured based on quoted prices in active markets, their fair value is measured
using valuation techniques including the discounted cash flow (DCF) model.
The inputs to these models are taken from observable markets where possible, but where this is not feasible,
a degree of judgement is required in establishing fair values. Judgements include considerations of inputs
such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the
reported fair value of financial instruments.
Leases - Estimating the incremental borrowing rate
The Group cannot readily determine the interest rate implicit in a lease, therefore, it uses its incremental
borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to
pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a
similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the
Group ‘would have to pay’, which requires estimation when no observable rates are available (such as for
subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms
and conditions of the lease. The Group estimates the IBR using observable inputs (such as market interest
rates) when available and is required to make certain entity-specific estimates.
(f)
Cash and cash equivalents
Cash comprises cash at bank and in hand. Cash equivalents are short term, highly liquid investments that are
readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash
and cash equivalents as defined above.
(g)
Trade and other receivables
Trade receivables are measured on initial recognition at fair value and are subsequently measured at
amortised cost using the effective interest rate method, less provision for impairment. Trade receivables are
generally due for settlement within periods ranging from 30 to 90 days.
2021 Annual Financial Report
31
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(h)
Foreign currency translation
Both the functional and presentation currency of the Company is Australian dollars. Each entity in the Group
determines its own functional currency and items included in the financial statements of each entity are
measured using that functional currency.
Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange
rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies
are retranslated at the rate of exchange ruling at the balance sheet date.
All exchange differences in the consolidated financial report are taken to profit or loss with the exception of
differences on foreign currency borrowings that provide a hedge against a net investment in a foreign entity.
These are taken directly to equity until the disposal of the net investment, at which time they are recognised in
profit or loss.
Tax charges and credits attributable to exchange differences on those borrowings are also recognised in
equity.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
exchange rate as at the date of the initial transaction.
Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at
the date when the fair value was determined.
The functional currency of the foreign operations, Tikal Minerals SA; A1 Lithium Inc., Paradox Lithium LLC and
Blackstone Resources Inc is USD.
As at the reporting date the assets and liabilities of these subsidiaries are translated into the presentation
currency of Anson Resources Limited at the rate of exchange prevailing at the balance date and their
statements of profit or loss are translated at the average exchange rate for the year.
The exchange differences arising on the translation are taken directly to a separate component of equity.
On disposal of a foreign entity, the deferred cumulative amount recognised in equity relating to that particular
foreign operation is recognised in profit or loss.
(i)
Income tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted by the balance sheet date.
Deferred income tax is provided on all temporary differences at the balance sheet date between the tax bases
of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences except:
•
•
when the deferred income tax liability arises from the initial recognition of goodwill or of an asset or
liability in a transaction that is not a business combination and that, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss; or
when the taxable temporary difference is associated with investments in subsidiaries, associates or
interests in joint ventures, and the timing of the reversal of the temporary difference can be controlled
and it is probable that the temporary difference will not reverse in the foreseeable future.
2021 Annual Financial Report
32
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused
tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses
can be utilised, except:
•
•
when the deferred income tax asset relating to the deductible temporary difference arises from the
initial recognition of an asset or liability in a transaction that is not a business combination and, at the
time of the transaction, affects neither the accounting profit nor taxable profit or loss; or
when the deductible temporary difference is associated with investments in subsidiaries, associates
or interests in joint ventures, in which case a deferred tax asset is only recognised to the extent that it
is probable that the temporary difference will reverse in the foreseeable future and taxable profit will
be available against which the temporary difference can be utilised.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred
income tax asset to be utilised.
Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to
the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year
when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted
or substantively enacted at the balance date.
Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off
current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same
taxable entity and the same taxation authority.
(j)
Other taxes
Revenues, expenses and assets are recognised net of the amount of GST except:
•
•
when the GST incurred on a purchase of goods and services is not recoverable from the taxation
authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part
of the expense item as applicable; and
receivables and payables, which are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables
or payables in the Consolidated Statement of Financial Position.
Cash flows are included in the Consolidated Statement of Cash Flows on a gross basis and the GST
component of cash flows arising from investing and financing activities, which is recoverable from, or payable
to, the taxation authority are classified as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the
taxation authority.
(k)
Property, plant and equipment
Plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment
losses. Such cost includes the cost of replacing parts that are eligible for capitalisation when the cost of
replacing the parts is incurred. Similarly, when each major inspection is performed, its cost is recognised in
the carrying amount of the plant and equipment as a replacement only if it is eligible for capitalisation.
Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows:
Office Equipment – over 2 to 5 years
Computer Equipment – over 2.5 years
Motor vehicles – over 2 to 5 years
Plant and Equipment – over 2 to 5 years
Right to use Buildings – over 2 to 4 years
2021 Annual Financial Report
33
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate,
at each financial year end.
(i) Impairment
The carrying values of plant and equipment are reviewed for impairment at each reporting date, with the
recoverable amount being estimated when events or changes in circumstances indicate that the carrying value
may be impaired.
The recoverable amount of plant and equipment is the higher of fair value less costs to sell and value in use.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-
tax discount rate that reflects current market assessments of the time value of money and the risks specific to
the asset.
For an asset that does not generate largely independent cash inflows, recoverable amount is determined for
the cash-generating unit to which the asset belongs, unless the asset's value in use can be estimated to be
close to its fair value.
An impairment exists when the carrying value of an asset or cash-generating units exceeds its estimated
recoverable amount. The asset or cash-generating unit is then written down to its recoverable amount.
For plant and equipment, impairment losses are recognised in the Consolidated Statement of Profit or Loss
and Other Comprehensive Income.
(ii) De-recognition and disposal
An item of property, plant and equipment is derecognised upon disposal or when no further future economic
benefits are expected from its use or disposal.
Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in profit or loss in the year the asset is derecognised.
(l)
Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets
acquired in a business combination is their fair value at the date of acquisition. Following initial recognition,
intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.
Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related
expenditure is reflected in profit or loss in the period in which the expenditure is incurred.
The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment
whenever there is an indication that the intangible asset may be impaired.
The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed
at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of
consumption of future economic benefits embodied in the asset are considered to modify the amortisation
period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation
expense on intangible assets with finite lives is recognised in the Consolidated Statement of Profit or Loss and
Other Comprehensive Income in the expense category that is consistent with the function of the intangible
assets.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either
individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to
determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite
to finite is made on a prospective basis.
An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no
future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of
the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the
asset) is included in the consolidated statement of profit or loss and other comprehensive income.
2021 Annual Financial Report
34
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Research and development costs
Research costs are expensed as incurred. Development expenditures on an individual project are recognised
as an intangible asset when the Group can demonstrate:
• The technical feasibility of completing the intangible asset so that the asset will be available for
use or sale
Its intention to complete and its ability and intention to use or sell the asset
•
• How the asset will generate future economic benefits
• The availability of resources to complete the asset
• The ability to measure reliably the expenditure during development
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any
accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when
development is complete and the asset is available for use. It is amortised over the period of expected future
benefit. Amortisation is recorded in cost of sales. During the period of development, the asset is tested for
impairment annually.
(m)
Financial Instruments - Initial recognition and subsequent measurement
(i) Financial assets
Initial recognition and measurement
Financial assets are classified at initial recognition and subsequently measured at amortised cost, fair value
through other comprehensive income (OCI), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow
characteristics and the Group’s business model for managing them. With the exception of trade receivables
that do not contain a significant financing component or for which the Group has applied the practical
expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset
not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant
financing component or for which the Group has applied the practical expedient are measured at the
transaction price determined under AASB 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs
to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount
outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.
The Group’s business model for managing financial assets refers to how it manages its financial assets in
order to generate cash flows. The business model determines whether cash flows will result from collecting
contractual cash flows, selling the financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a time frame established by
regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the
date that the Group commits to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four categories:
• Financial assets at amortised cost (debt instruments)
• Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt
instruments)
• Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses
upon derecognition (equity instruments)
• Financial assets at fair value through profit or loss
2021 Annual Financial Report
35
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Financial assets at amortised cost (debt instruments)
The Group measures financial assets at amortised cost if both of the following conditions are met:
• The financial asset is held within a business model with the objective to hold financial assets in order
to collect contractual cash flows and;
• The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding
The Group’s financial assets at amortised cost includes trade and other receivables.
Financial assets at fair value through OCI (debt instruments)
The Group measures debt instruments at fair value through OCI if both of the following conditions are met:
• The financial asset is held within a business model with the objective of both holding to collect
contractual cash flows and selling and
• The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment
losses or reversals are recognised in the statement of profit or loss and computed in the same manner as for
financial assets measured at amortised cost.
The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change
recognised in OCI is recycled to profit or loss.
Financial assets designated at fair value through OCI (equity instruments)
Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments
designated at fair value through OCI when they meet the definition of equity under AASB 132 Financial
Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-
instrument basis.
Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as
other income in the statement of profit or loss when the right of payment has been established, except when
the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case,
such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to
impairment assessment.
The Group elected to classify irrevocably its listed equity investments under this category.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required
to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the
purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives,
are also classified as held for trading unless they are designated as effective hedging instruments. Financial
assets with cash flows that are not solely payments of principal and interest are classified and measured at
fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt
instruments to be classified at amortised cost or at fair value through OCI, as described above, debt
instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates,
or significantly reduces, an accounting mismatch.
Financial assets at fair value through profit or loss are carried in the consolidated statement of financial position
at fair value with net changes in fair value recognised in the consolidated statement of profit or loss and other
comprehensive income.
This category includes derivative instruments and any listed equity investments which the Group decides not
irrevocably elected to classify at fair value through OCI. Dividends on listed equity investments are also
recognised as other income in the statement of profit or loss when the right of payment has been established.
2021 Annual Financial Report
36
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the
host and accounted for as a separate derivative if: the economic characteristics and risks are not closely
related to the host; a separate instrument with the same terms as the embedded derivative would meet the
definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded
derivatives are measured at fair value with changes in fair value recognised in profit or loss. Reassessment
only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that
would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss
category.
A derivative embedded within a hybrid contract containing a financial asset host is not accounted for
separately. The financial asset host together with the embedded derivative is required to be classified in its
entirety as a financial asset at fair value through profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets)
is primarily derecognised (i.e., removed from the Group’s consolidated statement of financial position) when:
• The rights to receive cash flows from the asset have expired; Or
• The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation
to pay the received cash flows in full without material delay to a third party under a ‘pass-through’
arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the
asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of
the asset, but has transferred control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-
through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership.
When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor
transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its
continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset
and the associated liability are measured on a basis that reflects the rights and obligations that the Group has
retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower
of the original carrying amount of the asset and the maximum amount of consideration that the Group could
be required to repay.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair
value through profit or loss. ECLs are based on the difference between the contractual cash flows due in
accordance with the contract and all the cash flows that the Group expects to receive, discounted at an
approximation of the original effective interest rate. The expected cash flows will include cash flows from the
sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase
in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that
are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been
a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses
expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on
lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical
credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic
environment.
2021 Annual Financial Report
37
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every
reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all
reasonable and supportable information that is available without undue cost or effort. In making that evaluation,
the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers that
there has been a significant increase in credit risk when contractual payments are more than 30 days past
due.
The Group considers a financial asset in default when contractual payments are 90 days past due. However,
in certain cases, the Group may also consider a financial asset to be in default when internal or external
information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before
taking into account any credit enhancements held by the Group. A financial asset is written off when there is
no reasonable expectation of recovering the contractual cash flows.
(ii)
Financial Liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss,
loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge,
as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group’s financial liabilities include trade and other payables, loans and borrowings including a convertible
note, and derivative financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the
near term. This category also includes derivative financial instruments entered into by the Group that are not
designated as hedging instruments in hedge relationships as defined by AASB 9. Separated embedded
derivatives are also classified as held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognised in the statement of profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the
initial date of recognition, and only if the criteria in AASB 9 are satisfied. The Group has designated the
convertible note embedded derivative liability as at fair value through profit or loss.
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost
using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities
are derecognised as well as through the effective interest rate amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the effective interest rate. The effective interest rate amortisation is included as
finance costs in the statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Convertible Notes
Convertible notes are recognised as a liability on an amortised cost basis using the effective interest method
until extinguished upon conversion or at the instrument’s maturity date.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as
the derecognition of the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the statement of profit or loss.
2021 Annual Financial Report
38
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(iii)
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement
of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is
an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
(n)
Impairment of assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If
any such indication exists, or when annual impairment testing for an asset is required, the Group makes an
estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of its fair value less
costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate
cash inflows that are largely independent of those from other assets or groups of assets and the asset's value
in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as part
of the cash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit
exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down
to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-
tax discount rate that reflects current market assessments of the time value of money and the risks specific to
the asset. Impairment losses relating to continuing operations are recognised in those expense categories
consistent with the function of the impaired asset unless the asset is carried at revalued amount (in which case
the impairment loss is treated as a revaluation decrease).
An assessment is also made at each reporting date as to whether there is any indication that previously
recognised impairment losses may no longer exist or may have decreased. If such indication exists, the
recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been
a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss
was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount.
That increased amount cannot exceed the carrying amount that would have been determined, net of
depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised
in profit or loss unless the asset is carried at revalued amount, in which case the reversal is treated as a
revaluation increase. After such a reversal the depreciation charge is adjusted in future periods to allocate the
asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.
(o)
Trade and other payables
Trade payables and other payables are carried at amortised costs and represent liabilities for goods and
services provided to the Group prior to the end of the period that are unpaid and arise when the Group becomes
obliged to make future payments in respect of the purchase of these goods and services.
(p)
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation.
When the Group expects some or all of a provision to be reimbursed, for example under an insurance contract,
the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The
expense relating to any provision is presented in the statement of profit or loss net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that
reflects the risks specific to the liability.
When discounting is used, the increase in the provision due to the passage of time is recognised as a borrowing
cost.
Provision for Rehabilitation
In accordance with the Group’s environmental policy and applicable legal requirements, a provision for site
rehabilitation is recognised in respect of the estimated cost of rehabilitation, decommissioning and restoration
of the area disturbed during mining activities up to the reporting date but not yet rehabilitated.
When the liability is initially recognised, the estimated cost is included within exploration expenditure. At each
reporting date the site rehabilitation provision is re-measured to reflect any changes in discount rates and
timing or amounts of the costs to be incurred. Additional disturbances or changes in rehabilitation costs will be
recognised as additions or changes to the corresponding exploration expenditure and rehabilitation provision,
prospectively from the date of change.
2021 Annual Financial Report
39
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Employee entitlements
A current liability is recognised for the amount expected to be paid an employee for annual leave they are
presently entitled to as a result of past service. The liability includes allowances for on-costs such as
superannuation and payroll taxes as well as any future salary and wage increases that the employee may be
reasonably entitled to.
The Group’s net obligation in respect of long-term employee benefits is the amount of future benefit that
employees have earned in return for their service up to reporting date, plus related on costs. The benefit is
discounted to determine its present value and the discount rate is the yield at reporting date on high-quality
corporate bonds that have maturity dates approximating the terms of the Group’s obligations.
(q)
Employee leave benefits
(i) Wages, salaries, annual leave and sick leave
Liabilities for wages and salaries, including non-monetary benefits expected to be settled within 12 months of
the reporting date are recognised in other payables in respect of employees’ services up to the reporting date,
they are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for non-
accumulating sick leave are recognised when the leave is taken and are measured at the rates paid or payable.
(ii) Long service leave
The liability for long service leave is recognised in the provision for employee benefits and measured as the
present value of expected future payments to be made in respect of services provided by employees up to the
reporting date. Consideration is given to expected future wage and salary levels, experience of employee
departures, and period of service. Expected future payments are discounted using market yields at the
reporting date on national government bonds with terms to maturity and currencies that match, as closely as
possible, the estimated future cash outflows.
(r)
Share-based payment transactions
The Group provides benefits to directors, employees (including senior executives) and consultants of the
Group in the form of share-based payments, whereby services are rendered in exchange for shares or rights
over shares (equity-settled transactions).
The cost of these equity-settled transactions with employees is measured by reference to the fair value of the
equity instruments at the date at which they are granted. The fair value is determined by an internal valuation
model, further details of which are given in Note 19.
In valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions
linked to the price of the shares of Anson Resources Limited (market conditions) if applicable.
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over
the period in which the performance and/or service conditions are fulfilled, ending on the date on which the
relevant employees become fully entitled to the award (the vesting period).
The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date
reflects (i) the extent to which the vesting period has expired and (ii) the Group’s best estimate of the number
of equity instruments that will ultimately vest. No adjustment is made for the likelihood of market performance
conditions being met as the effect of these conditions is included in the determination of fair value at grant
date. The statement of comprehensive income charge or credit for a period represents the movement in
cumulative expense recognised as at the beginning and end of that period.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is only
conditional upon a market condition. If the terms of an equity-settled award are modified, as a minimum an
expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any
modification that increases the total fair value of the share-based payment arrangement, or is otherwise
beneficial to the employee, as measured at the date of modification.
If an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any
expense not yet recognised for the award is recognised immediately. However, if a new award is substituted
for the cancelled award and designated as a replacement award on the date that it is granted, the cancelled
and new award are treated as if they were a modification of the original award, as described in the previous
paragraph.
2021 Annual Financial Report
40
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The dilutive effect, if any, of outstanding options is reflected as additional share dilution in the computation of
earnings per share (see Note 5).
The value of shares issued to employees financed by way of a non-recourse loan under the Employee Share
Plan is recognised with a corresponding increase in equity when the Company receives funds from either the
employees repaying the loan or upon the loan termination. All shares issued under the plan with non-recourse
loans are considered, for accounting purposes, to be options.
(s)
Issued capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of tax, from the proceeds.
(t)
Earnings/(loss) per share
Basic earnings/(loss) per share is calculated as net profit/(loss) attributable to members of the parent, adjusted
to exclude any costs of servicing equity (other than dividends) and preference share dividends, divided by the
weighted average number of ordinary shares, adjusted for any bonus element.
Diluted earnings/(loss) per share is calculated as net profit/(loss) attributable to members of the parent,
adjusted for:
•
•
•
costs of servicing equity (other than dividends) and preference share dividends;
the after tax effect of dividends and interest associated with dilutive potential ordinary shares
that have been recognised as expenses; and
other non-discretionary changes in revenues or expenses during the period that would result
from the dilution of potential ordinary shares; divided by the weighted average number of
ordinary shares and dilutive potential ordinary shares, adjusted for any bonus element.
(u)
Exploration and evaluation expenditure
Exploration and evaluation costs are expensed as incurred. Acquisition costs will normally be expensed but
will be assessed on a case by case basis and if appropriate may be capitalised. These acquisition costs are
only carried forward to the extent that they are expected to be recouped through the successful development
or sale of the area. Accumulated acquisition costs in relation to an abandoned area are written off in full against
profit in the year in which the decision to abandon the area is made.
The carrying values of acquisition costs are reviewed for impairment when events or changes in circumstances
indicate the carrying value may not be recoverable.
(v)
Fair value of assets and liabilities
The Group measures some of its assets and liabilities at fair value on either a recurring or non-recurring basis,
depending on the requirements of the applicable Accounting Standard.
Fair value is the price the Group would receive to sell an asset or would have to pay to transfer a liability in an
orderly (ie unforced) transaction between independent, knowledgeable and willing market participants at the
measurement date.
As fair value is a market-based measure, the closest equivalent observable market pricing information is used
to determine fair value. Adjustments to market values may be made having regard to the characteristics of the
specific asset or liability. The fair values of assets and liabilities that are not traded in an active market are
determined using one or more valuation techniques.
These valuation techniques maximise, to the extent possible, the use of observable market data.
To the extent possible, market information is extracted from either the principal market for the asset or liability
(ie the market with the greatest volume and level of activity for the asset or liability) or, in the absence of such
a market, the most advantageous market available to the entity at the end of the reporting period (ie the market
that maximises the receipts from the sale of the asset or minimises the payments made to transfer the liability,
after taking into account transaction costs and transport costs).
For non-financial assets, the fair value measurement also takes into account a market participant's ability to
use the asset in its highest and best use or to sell it to another market participant that would use the asset in
its highest and best use.
2021 Annual Financial Report
41
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The fair value of liabilities and the entity's own equity instruments (excluding those related to share-based
payment arrangements) may be valued, where there is no observable market price in relation to the transfer
of such financial instruments, by reference to observable market information where such instruments are held
as assets. Where this information is not available, other valuation techniques are adopted and, where
significant, are detailed in the respective note to the financial statements.
Valuation techniques
In the absence of an active market for an identical asset or liability, the Group selects and uses one or more
valuation techniques to measure the fair value of the asset or liability, The Group selects a valuation technique
that is appropriate in the circumstances and for which sufficient data is available to measure fair value. The
availability of sufficient and relevant data primarily depends on the specific characteristics of the asset or
liability being measured. The valuation techniques selected by the Group are consistent with one or more of
the following valuation approaches:
• Market approach: valuation techniques that use prices and other relevant information generated by
market transactions for identical or similar assets or liabilities.
•
•
Income approach: valuation techniques that convert estimated future cash flows or income and
expenses into a single discounted present value.
Cost approach: valuation techniques that reflect the current replacement cost of an asset at its current
service capacity.
Each valuation technique requires inputs that reflect the assumptions that buyers and sellers would use when
pricing the asset or liability, including assumptions about risks. When selecting a valuation technique, the
Group gives priority to those techniques that maximise the use of observable inputs and minimise the use of
unobservable inputs. Inputs that are developed using market data (such as publicly available information on
actual transactions) and reflect the assumptions that buyers and sellers would generally use when pricing the
asset or liability are considered observable, whereas inputs for which market data is not available and therefore
are developed using the best information available about such assumptions are considered unobservable.
Fair value hierarchy
AASB 13 requires the disclosure of fair value information by level of the fair value hierarchy, which categorises
fair value measurements into one of three possible levels based on the lowest level that an input that is
significant to the measurement can be categorised into as follows:
Level 1
Measurements based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the
entity can access at the measurement date.
Level 2
Measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset
or liability, either directly or indirectly.
Level 3
Measurements based on unobservable inputs for the asset or liability.
The fair values of assets and liabilities that are not traded in an active market are determined using one or
more valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable
market data. If all significant inputs required to measure fair value are observable, the asset or liability is
included in Level 2. If one or more significant inputs are not based on observable market data, the asset or
liability is included in Level 3.
The Group would change the categorisation within the fair value hierarchy only in the following circumstances:
•
•
if a market that was previously considered active (Level 1) became inactive (Level 2 or Level 3) or vice
versa; or
if significant inputs that were previously unobservable (Level 3) became observable (Level 2) or vice
versa.
When a change in the categorisation occurs, the Group recognises transfers between levels of the fair value
hierarchy (i.e. transfers into and out of each level of the fair value hierarchy) on the date the event or change
in circumstances occurred.
2021 Annual Financial Report
42
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(w)
Leases
For any new contracts entered into on or after 1 July 2018, the Group considers whether a contract is, or
contains a lease. A lease is defined as ‘a contract, or part of a contract, that conveys the right to use an asset
(the underlying asset) for a period of time in exchange for consideration’. To apply this definition the Group
assesses whether the contract meets three key evaluations which are whether:
•
•
•
the contract contains an identified asset, which is either explicitly identified in the contract or implicitly
specified by being identified at the time the asset is made available to the Group
the Group has the right to obtain substantially all of the economic benefits from use of the identified
asset throughout the period of use, considering its rights within the defined scope of the contract
the Group has the right to direct the use of the identified asset throughout the period of use. The
Group assess whether it has the right to direct ‘how and for what purpose’ the asset is used throughout
the period of use.
Measurement and recognition of leases as a lessee
At lease commencement date, the Group recognises a right-of-use asset and a lease liability on the balance
sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease
liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the
asset at the end of the lease, and any lease payments made in advance of the lease commencement date
(net of any incentives received).
The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to
the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group also
assesses the right-of-use asset for impairment when such indicators exist.
At the commencement date, the Group measures the lease liability at the present value of the lease payments
unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the
Group’s incremental borrowing rate.
Lease payments included in the measurement of the lease liability are made up of fixed payments (including
in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a
residual value guarantee and payments arising from options reasonably certain to be exercised.
Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest.
It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed
payments.
When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or
profit and loss if the right-of-use asset is already reduced to zero.
The Group has elected to account for short-term leases and leases of low-value assets using the practical
expedients. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are
recognised as an expense in profit or loss on a straight-line basis over the lease term.
On the statement of financial position, right-of-use assets have been included in property, plant and equipment
and lease liabilities have been shown separately.
2021 Annual Financial Report
43
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(x)
Going concern
The financial report has been prepared on a going concern basis, which contemplates the continuity of normal
business activities and the realisation of assets and the settlement of liabilities in the ordinary course of
business.
Based upon the Group’s existing cash resources, the Directors consider there are reasonable grounds to
believe that the Group will be able to continue as a going concern after consideration of the following factors:
•
•
•
•
The Group has cash reserves of $2,232,947 at 30 June 2021;
The Group has no loans or borrowings;
The Group has the ability to adjust its expenditure outlays subject to results of its exploration activities
and the Group’s funding position; and
The Directors regularly monitor the Group’s cash position and on an on-going basis consider a number
of strategic and operational plans to ensure that adequate funding continues to be available for the Group
to meet its business objectives.
The Directors believe that the above indicators demonstrate that the Group will be able to pay its debts as and
when they fall due and continue as a going concern. Therefore, the Directors believe it is appropriate to adopt
the going concern basis for the preparation of the Group’s 2021 annual financial report.
NOTE 2: OTHER EXPENSES
Compliance costs
Conference costs
Legal fees
Printing and postage
Audit fees
Gain on sale of property plant and equipment
Insurance
Share registry costs
Website and IT costs
Sundry expenses
Consolidated
2021
$
115,818
16,166
48,027
18,579
49,081
-
55,823
38,509
8,660
226,046
2020
$
71,009
-
55,284
26,273
29,625
(12,273)
73,726
16,330
42,080
81,607
Total other expenses
576,709
383,661
2021 Annual Financial Report
44
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 3: INCOME TAX
(a)
Income tax benefit
No income tax is payable by the parent or consolidated entities as they
recorded losses for income tax purposes for the financial year.
(b) Numerical reconciliation between income tax benefit and pre-tax
net loss
-
-
Loss before income tax benefit
(4,521,182)
(3,596,915)
Income tax calculated at 26% (2020: 27.5%)
(1,175,507)
(989,152)
Tax effect of:
Cost of equity settled awards
Sundry amounts
Section 40-880 deduction
Exploration acquisition costs (reversed)/incurred
Derivative FVPL
39,814
14,847
(137,246)
(32,500)
278,251
92,961
7,986
(89,395)
53,182
-
Future income tax benefit not brought to account
1,012,341
924,418
Income tax benefit
(c) Tax losses
-
-
Unused tax losses for which no deferred tax asset has been
recognised (as recovery is currently not probable)
Potential at 25% (2020: 27.5%)
6,602,177
5,628,773
(d) Unrecognised temporary differences
Temporary differences for which deferred tax assets have not been
recognised (at 25%; 2020: 27.5%):
Accruals
Section 40-880 deduction
8,233
137,246
17,453
89,395
Unrecognised deferred tax assets relating to the above temporary
differences
145,479
106,848
The potential tax benefit at 30 June 2021 in respect of tax losses not
brought into account has been calculated at 25%. A rate of 27.5% was
applied for the year ended 30 June 2020.
2021 Annual Financial Report
45
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 4: SEGMENT REPORTING
Identification of reportable segments
The Group operates predominantly in the mineral exploration industry in Australia and USA. Inter-segment
transactions are priced at cost to the Consolidated Group.
The Group has identified its operating segments based on monthly internal reports. Management has identified
the operating segments based on the two principal locations of its projects – Australia and the United States
of America (“USA”). The Group also maintains a treasury function primarily responsible for overall
management of the operating segments, raising capital and distributing funds to operating segments.
Segment assets include the costs to acquire tenements (where applicable) and the capitalised development
costs of those tenements. Financial assets including cash and cash equivalents, and investments in financial
assets, are reported in the Corporate segment.
Basis of accounting for purposes of reporting by operating segments
Accounting policies adopted
Unless stated otherwise, all amounts reported to the board of directors, being the chief decision maker with
respect to operating segments, are determined in accordance with accounting policies that are consistent to
those adopted in the annual financial statements of the Group.
Inter-segment transactions
An internally determined transfer price is set for all inter-segment sales. This price is reset quarterly and is
based on what would be realised in the event the sale was made to an external party at arm's length. All such
transactions where applicable are eliminated on consolidation of the Group's financial statements.
Corporate charges, where applicable are allocated to reporting segments based on the segments' overall
proportion of revenue generation within the Group. The board of directors believes this is representative of
likely consumption of head office expenditure that should be used in assessing segment performance and cost
recoveries.
Inter-segment loans payable and receivable are initially recognised at the consideration received/to be
received net of transaction costs. If inter-segment loans receivable and payable are not on commercial terms
these are not adjusted to fair value based on market interest rates. This policy represents a departure from
that applied to the statutory financial statements.
Segment assets
Where an asset is used across multiple segments, the asset is allocated to that segment that receives majority
economic value from that asset. In the majority of instances, segment assets are clearly identifiable on the
basis of their nature and physical location.
Segment liabilities
Liabilities are allocated to segments where there is a direct nexus between the incurrence of the liability and
the operations of the segment. Borrowings and tax liabilities are generally considered to relate to the Group
as a whole and are not allocated. Segment liabilities include trade and other payables and certain direct
borrowings.
Unallocated items
The following items of expenses, assets and liabilities are not allocated to operating segments as they are not
considered part of the core operations of any segment:
Income tax expense
• Non-exploration impairment of assets and other non-recurring items of revenue or expense
•
• Deferred tax assets and liabilities
• Current tax liabilities
• Other financial assets and liabilities
2021 Annual Financial Report
46
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 4: SEGMENT REPORTING (Continued)
For the year ended 30 June 2021
identified
Segment revenue
Segment loss/profit results
Amounts not included in segment results but
reviewed by the board:
Expenses not directly allocable to
segments or areas of interest
Depreciation
Consultants
Director and employee expenses
Interest Expense
Occupancy
Share based payment expense
Travel and accommodation
Foreign exchange gain
Other expenses
Loss after income tax
AS AT 30 JUNE 2021
Segment assets
Unallocated assets:
Trade and other receivables
Plant and equipment
Other assets
Total Assets
Segment asset increases for the year
Capital expenditure – development
Total segment asset increases for the year
Segment Liabilities
Unallocated liabilities:
Trade and other payables
Provisions
Financial liabilities
Total Liabilities
Mineral
Exploration
Australia
$
-
(13,311)
Mineral
Exploration
USA
$
-
(1,275,599)
Corporate
Total
$
$
166
45,924
166
(1,242,986)
(111,955)
(119,386)
(1,088,715)
(276,411)
(109,306)
-
(10,933)
108,421
(1,669,911)
(4,521,182)
-
3,386,859
2,353,854
5,740,713
21,466
201,363
121,702
6,085,244
-
-
281,434
281,434
-
-
281,434
281,434
6,245
268,448
2,379,431
2,654,124
389,850
101,128
88,198
3,233,300
2021 Annual Financial Report
47
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 4: SEGMENT REPORTING (Continued)
For the year ended 30 June 2020
identified
Segment revenue
Segment loss results
Amounts not included in segment results but
reviewed by the board:
Expenses not directly allocable to
segments or areas of interest
Depreciation
Consultants
Director and employee expenses
Loss on derivative instrument at FVPL
Occupancy
Share based payment expense
Travel and accommodation
Foreign exchange gain
Other expenses
Loss after income tax
AS AT 30 JUNE 2020
Segment assets
Unallocated assets:
Trade and other receivables
Plant and equipment
Other assets
Total Assets
Segment asset increases for the year
Capital expenditure – development
Total segment asset increases for the year
Segment Liabilities
Unallocated liabilities:
Trade and other payables
Provisions
Financial liabilities
Total Liabilities
Mineral
Exploration
Australia
$
Mineral
Exploration
USA
$
Corporate
Total
$
$
-
(241,303)
-
(993,449)
335
(90,448)
335
(1,325,200)
(158,019)
(33,267)
(1,260,340)
(2,610)
(133,992)
(82,901)
(203,388)
658
(397,856)
(3,596,915)
-
3,184,681
636,590
3,821,271
23,803
193,113
73,988
4,112,175
-
-
1,422,132
1,422,132
-
-
1,422,132
1,422,132
6,269
613,628
1,189,004
1,808,901
274,703
179,650
162,821
2,426,075
2021 Annual Financial Report
48
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 5: LOSS PER SHARE
Basic loss per share (cents per share)
Diluted loss per share (cents per share)
The loss and weighted average number of ordinary shares used in the
calculation of basic loss per share is as follows:
Loss for the year
Weighted average number of shares outstanding during the year used in
calculations of basic and diluted loss per share:
Consolidated
2021
(0.54)
(0.54)
2020
(0.60)
(0.60)
$
$
(4,521,182)
(3,596,915)
No.
No.
835,229,050 597,769,997
There is no dilution of shares due to options, performance rights and the convertible note, as the potential
ordinary shares are not dilutive and therefore not included in the calculation of diluted loss per share.
NOTE 6: CASH AND CASH EQUIVALENTS
Cash at bank and term deposits
Consolidated
2021
$
2020
$
2,232,947 568,250
2,232,947 568,250
Cash at bank earns interest at floating rates based on daily bank deposit rates.
The Group’s exposure to interest rate risk and a sensitivity analysis for financial assets and liabilities are
disclosed in note 25(a).
As at 30 June 2021, The Group’s cash and cash equivalents denominated in USD amounted to $118,686
(2020: 269,992).
NOTE 7: TRADE AND OTHER RECEIVABLES
Current
GST recoverable
Other receivables
NOTE 8: OTHER ASSETS
Current
Prepayments
Office lease security deposits
Non-current
Office lease security deposits
Exploration bonds
Consolidated
2021
$
2020
$
10,966
10,500
21,466
3,556
20,247
23,803
Consolidated
2021
$
2020
$
78,173
9,684
87,857
37,837
9,684
47,521
24,161
587,464
611,625
26,467
640,253
666,720
As at 30 June 2021, The Group’s other assets denominated in USD amounted to $611,625 (2020: 666,720)
2021 Annual Financial Report
49
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 9: PROPERTY, PLANT AND EQUIPMENT
At cost
Accumulated depreciation
Cost
As at 1 July 2019
Additions
Disposals
Exchange differences
At 30 June 2020
Additions
Disposals
Exchange differences
Consolidated
2021
$
535,002
(333,639)
2020
$
464,687
(271,574)
201,363
193,113
Right of Use
Buildings
$
Motor
Vehicles
$
Plant and
Equipment
$
Office
Equipment
$
Total
$
265,478
-
-
3,353
268,831
48,170
-
(19,030)
82,378
-
(28,378)
2,738
56,738
46,162
-
(4,942)
79,494
-
-
2,635
82,129
6,650
-
(7,155)
52,031
4,831
-
127
56,989
3,602
-
(3,142)
479,381
4,831
(28,378)
8,853
464,687
104,584
-
(34,269)
As at 30 June 2021
297,971
97,958
81,624
57,449
535,002
Depreciation and impairment
As at 1 July 2019
Depreciation charge for the year
Disposals
Exchange differences
As at 30 June 2020
Depreciation charge for the year
Disposals
Exchange differences
As at 30 June 2021
Net Book Value
As at 30 June 2020
As at 30 June 2021
29,450
98,039
-
411
127,900
77,569
-
4,577
210,046
33,628
15,146
(23,386)
17
25,405
21,716
(44,545)
-
2,576
50,817
21,525
-
81
72,423
4,901
-
(6,926)
70,398
22,504
23,309
-
33
45,846
7,769
-
(2,996)
50,619
136,399
158,019
(23,386)
542
271,574
111,955
(44,545)
(5,345)
333,639
140,931
87,925
31,333
95,382
9,706
11,226
11,143
6,830
193,113
201,363
Included in the net carrying amount of property, plant and equipment are right-of-use assets as follows:
Right of Use Buildings
Consolidated
2021
$
87,926
2020
$
140,931
87,926
140,931
Depreciation in relation to right-of-use assets during the year was $77,569 (2020: $98,039)
2021 Annual Financial Report
50
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 9: PROPERTY, PLANT AND EQUIPMENT (continued)
During the year, an office lease was extended after the initial term has ended for a period of a further two
years. This addition to write of use assets was measured at its carrying value at the commencement date and
the incremental borrowing rate applied to corresponding lease liability was 4%.
The useful life of the assets were estimated as follows for 2021 and 2020
Right of Use Buildings
Motor vehicles
Plant and equipment
Office equipment
2-4 years
2-5 years
2-5 years
2-5 years
NOTE 10: INTANGIBLE ASSETS
Development costs
Reconciliation of movements during the year:
Balance at the beginning of the year
Development costs capitalised
Consolidated
2021
$
2020
$
2,799,392
2,517,958
2,799,392
2,517,958
Consolidated
2021
$
2020
$
2,517,958
281,434
1,095,826
1,422,132
2,799,392
2,517,958
During the year the Group continued the development of its bromine and lithium extraction process flowsheet
including metallurgical testing test work that produced bromine, lithium carbonate and lithium hydroxide and
advanced engineering studies at its Paradox Brine Project in Utah, USA.
The recoverability of the carrying amount of the development costs is dependent on the successful
development and commercial exploitation or sale of chemical products of the project.
Capitalised development costs will be amortised over the expected useful life of the intangible asset once full
commercialisation of production commences.
NOTE 11: FINANCIAL ASSETS – FAIR VALUE OCI
Non-Current
Shares in listed entities
Shares in listed entities
Opening balance
Disposals
Movements in fair value
Movements in foreign currency
Consolidated
2021
$
2020
$
130,594
130,594
94,810
94,810
94,810
(48,541)
87,545
(3,220)
130,594
146,833
(15,253)
(35,916)
(854)
94,810
These listed entities shares have been valued using quoted prices in active markets. The fair value of these
shares is denominated in Canadian Dollars.
2021 Annual Financial Report
51
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 12: TRADE AND OTHER PAYABLES
Current
Trade payables
Other payables
Accruals
Convertible note interest payable
Consolidated
2021
$
275,709
15,395
31,666
73,325
396,095
2020
$
483,272
29,613
63,467
24,179
600,531
Trade payables are non-interest bearing and are normally settled on 30-day terms.
As at 30 June 2021, The Group’s trade and other payables denominated in USD amounted to $116,009 (2020:
$452,915).
NOTE 13: PROVISIONS
Current
Employee entitlements
Project acquisition
Rehabilitation
Make good
Non-current
Make good
Rehabilitation
Consolidated
2021
$
2020
$
91,128
-
-
-
91,128
10,000
268,448
278,448
44,650
125,000
-
10,000
179,650
-
294,069
294,069
a
b
c
c
b
a. The Group has recognised a provision for the estimated costs required in relation to hurdles pursuant
to an agreement entered into for the acquisition of the Paradox Lithium Brine Project. During the year,
a court case in relation to the original acquisition of the Paradox Lithium Brine Project was settled, and
as a result, these offer shares have been reversed.
b. The rehabilitation provision relates to the Group’s rehabilitation obligations in the United States. Such
activities include dismantling infrastructure; removal of waste material and land rehabilitation. The
provision is shown at its present value taking into account the time value of money.
c. This relates to the estimated cost of making good the premises in relation to the lease entered into
during the year.
2021 Annual Financial Report
52
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 14: LEASE LIABILITIES
Current
Non-Current
Consolidated
2021
$
2020
$
63,450
24,748
88,198
112,488
50,333
162,821
The Group has leases for its offices and some IT equipment. With the exception of short-term leases and
leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset and
a lease liability. Variable lease payments which do not depend on an index or a rate (such as lease payments
based on a percentage of Group sales) are excluded from the initial measurement of the lease liability and
asset. The Group classifies its right-of-use assets in a consistent manner to its property, plant and equipment
(see Note 9).
Each lease generally imposes a restriction that, unless there is a contractual right for the Group to sublet the
asset to another party, the right-of-use asset can only be used by the Group. Leases are either non-cancellable
or may only be cancelled by incurring a substantive termination fee. Some leases contain an option to purchase
the underlying leased asset outright at the end of the lease, or to extend the lease for a further term. The Group
is prohibited from selling or pledging the underlying leased assets as security.
For leases over office buildings the Group must keep those properties in a good state of repair and return the
properties in their original condition at the end of the lease. Further, the Group must insure items of property,
plant and equipment and incur maintenance fees on such items in accordance with the lease contracts.
The table below describes the nature of the Group’s leasing activities by type of right-of-use asset recognised
on balance sheet:
Right of use
asset
Number leased
Range of
remaining term
Average
remaining term
Office Building
2
1-2yrs
1.50yrs
Leases with
extension
options
1
Leases with
purchase
option
nil
The lease liabilities are secured by the related underlying assets. Future minimum lease payments at 30 June
2021 and 2020 were as follows:
Within 1
Year ($)
1-2
Years
($)
2-3 Years
($)
3-4 Years
($)
4-5
Years
($)
After 5
Years
($)
Minimum lease payments due
30 June 2021
Lease payments
Finance Charges
Net present values
67,122
(3,672)
63,450
25,199
(451)
24,748
-
-
-
-
-
-
-
-
-
-
-
-
Total ($)
92,321
(4,123)
88,198
2021 Annual Financial Report
53
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 14: LEASE LIABILITIES (continued)
Within 1
Year ($)
1-2
Years
($)
2-3 Years
($)
3-4 Years
($)
4-5
Years
($)
After 5
Years
($)
Minimum lease payments due
30 June 2020
Lease payments
Finance Charges
Net present values
126,399
(13,911)
112,488
53,904
(3,071)
50,333
-
-
-
-
-
-
-
-
-
-
-
-
Total ($)
179,803
(16,982)
162,821
Lease payments not recognised as a liability
The Group has elected not to recognise a lease liability for short term leases (leases with an expected term of
12 months or less) or for leases of low value assets. Payments made under such leases are expensed on a
straight-line basis. In addition, certain variable lease payments are not permitted to be recognised as lease
liabilities and are expensed as incurred.
The expense relating to payments not included in the measurement of the lease liability is as follows:
Short term leases
Leases of low value assets
Consolidated
2021
2020
($)
($)
11,898
3,510
15,408
34,684
4,885
39,569
The interest expense on lease liabilities during the year was $13,668 (2020: $25,733).
As at 30 June 2021, The Group’s lease liabilities denominated in USD amounted to $41,788 (2020: $141,399).
2021 Annual Financial Report
54
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 15: CONVERTIBLE NOTE
On 21 January 2020, the Company completed the issue of a convertible note to its strategic investor, Chia Tai
Xingye International, Zhongfan Group (Chia Tai).
The convertible note is unsecured; has a face value of US$750,000; and matures on 20 January 2023. The
convertible note has a coupon interest rate of 5% per annum. Chia Tai may convert the note into fully paid
ordinary shares at a conversion price of A$0.028 per share at any time before maturity date and the Company
may redeem the notes at any time before conversion.
The conversion feature of the note is required to be separated from the note and is accounted for a as
derivative financial liability. The fair value of the embedded derivative at the time of issuance was $632,512
and was recorded at a discount for purposes of accounting for the debt component of the notes. The discount
is amortised as interest expense using the effective interest method over the term of the convertible note.
The principal amount, unamortised debt discount and net carrying amount of the liability component of the
convertible note as at year end is as follows:
Principal amount
Unamortised debt discount
Carrying value
Consolidated
2021
$
2020
$
997,606
(323,493)
1,092,817
(538,935)
674,113
553,882
Coupon interest expense and amortisation of debt discount for the year is as follows:
Coupon interest expense
Amortisation of debt discount
Total finance expense on convertible note
Consolidated
2021
$
2020
$
49,146
215,442
24,179
93,577
264,588
117,756
2021 Annual Financial Report
55
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 16: DERIVATIVE FINANCIAL LIABILITY
The Group’s derivative financial liability consists of the conversion feature of the convertible note issued during
the year (See Note 15).
The fair value of this conversion feature is determined using valuation techniques. These valuation techniques
maximise the use of observable market data where it is available and rely as little as possible on entity specific
estimates. Inputs into the valuation include share price volatility and time to expiration. At initial recognition,
the proceeds received on issue of the convertible note are split between the host debt contract and the
embedded derivative liability. The embedded derivative liability is calculated first and the residual value is
assigned to the debt host liability component.
The conversion feature derivative liability represents an embedded derivative financial instrument in the host
debt contract. The conversion feature represents the Group’s obligation to issue Anson Resources Limited
shares should the note holder exercise their conversion option. The embedded conversion derivative is carried
in the Consolidated Statement of Financial Position at its estimated fair value and adjusted at the end of each
reporting period, with any unrealised gain or loss reflected in the Consolidated Statement of Profit or Loss and
Other Comprehensive Income. During the year, the Group recognised $1,070,196 (2020: $2,610) revaluation
loss in the Consolidated Statement of Profit or Loss and Other Comprehensive Income relating to the
conversion feature derivative.
The fair value at year end is shown below:
Derivative financial liability (conversion feature on convertible note)
1,705,318
635,122
Total derivative financial liability
1,705,318
635,122
Consolidated
2021
2020
$
$
NOTE 17: CONTRIBUTED EQUITY
Paid up capital – ordinary shares
Capital raising costs
Consolidated
2021
$
2020
$
30,659,297
(4,002,113)
24,616,619
(2,777,621)
26,657,184
21,838,998
2021 Annual Financial Report
56
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 17: CONTRIBUTED EQUITY (continued)
(a)
Ordinary shares
2021 movements in ordinary share capital:
Balance at 1 July 2020
Issue of shares via private placement at $0.0185 each
Issue of shares via share purchase plan at $0.0185 each
Issue of shares on conversion of performance rights at $0.031 each
Issue of shares via private placement at $0.028 each
Issue of shares on conversion of unlisted options at $0.056 each
Issue of shares on conversion of listed options at $0.035 each
Capital raising costs (i)
Balance at 30 June 2021
2020 movements in ordinary share capital:
Balance at 1 July 2019
Issue of shares via private placement at $0.03 each
Issue of shares via private placement at $0.012 each
Issue of shares to vendors for acquisition of State Exploration Pty Ltd
Capital raising costs
Balance at 30 June 2020
Number of
shares
$
662,461,778
62,702,704
56,486,587
1,800,000
86,028,573
24,088,000
690,000
-
21,838,998
1,160,000
1,045,000
55,800
2,408,800
1,348,928
24,150
(1,224,492)
894,257,642
26,657,184
549,961,778
50,000,000
50,000,000
12,500,000
-
19,700,213
1,500,000
600,000
300,000
(261,215)
662,461,778
21,838,998
(i)
Included in the capital raising costs is the value of 5,000,000 and 24,088,000 options issued to the underwriters of
the share purchase plan which amounted to $916,987
2021 Annual Financial Report
57
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 17: CONTRIBUTED EQUITY (continued)
(b)
Share options
Note (i)
Note (ii)
Note (iii)
Note (iv)
Note (v)
Note (vi)
Note (vii)
2021
Balance at 1 July 2020
5,681,819
10,000,000
11,514,105
10,000,000
62,500,000
-
-
Issued during the year
Exercised during the year
Expired during the year
-
-
(5,681,819)
-
-
(10,000,000)
-
-
-
-
-
-
-
(690,000)
-
24,088,000
(24,088,000)
-
Balance at 30 June 2021
-
-
11,514,105
10,000,000
61,810,000
2020
Balance at 1 July 2019
5,681,819
10,000,000
11,514,105
-
-
Issued during the year
Exercised during the year
Expired during the year
-
-
-
-
-
-
10,000,000
-
-
62,500,000
-
-
Balance at 30 June 2020
5,681,819
10,000,000
11,514,105
10,000,000
62,500,000
-
-
-
-
-
-
5,000,000
-
-
5,000,000
-
-
-
-
-
(i)
(ii)
(iii)
(iv)
(v)
(vi)
Unlisted options exercisable at 20c each on or before 18/07/20 issued as part of a private placement.
These options expired during the year.
Unlisted options exercisable at 20c each on or before 18/07/20 issued to brokers as part of fees of
raising capital. These options expired during the year.
Unlisted options exercisable at 8.7c each on or before 16/05/22 issued as part of an equity placement
agreement.
Unlisted options exercisable at 6c each on or before 10/09/21 issued as part of an equity placement
agreement.
Listed options exercisable at 3.5c each on or before 30/06/23 issued as part of an equity placement
agreement. During the year 690,000 listed options were exercised and converted into ordinary shares
at $0.035 each.
Unlisted options issued 04/12/20, exercisable at 5.6c each on or before 04/12/22 issued as part of an
equity placement agreement. During the year, these options were exercised and converted into
ordinary shares at $0.0555 each.
(vii)
Unlisted options issued 29/01/21, exercisable at 5.55c each on or before 30/06/23 issued as part of
an equity placement agreement.
Refer Note 19(a) for further details of options granted by the Company.
(c)
Performance Rights
Opening balance
Issued during the year
Vested during the year
Closing balance
2021 (No.)
2020 (No.)
a. b.
c.
22,800,000
-
(1,800,000)
6,200,000
16,600,000
-
21,000,000
22,800,000
2021 Annual Financial Report
58
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 17: CONTRIBUTED EQUITY (continued)
a. No performance shares were issued during the year.
b.
In the prior year the 16,600,000 Performance Rights were issued with the following vesting milestones:
i.
ii.
iii.
iv.
v.
vi.
vii.
viii.
1.8m on passing first stage battery/cathode manufacturer lithium chemical acceptance testing;
2.2m on securing an off-take agreement for lithium and / or bromine chemicals;
1.8m on securing funding for a full-scale production plant;
1.8m on completing a scoping or pre-feasibility study for lithium and / or bromine chemicals. This
milestone was met during the year;
2m on securing an off-take agreement(s) for chemical products other than lithium or bromine from the
Paradox Brine project. This milestone was assessed to be unachievable and hence no expense has
been recognized from date of grant.
2m on securing a strategic investor to finance boron, bromine and/or iodine production in an on-site pilot
plant program
2.6m on divestment, joint venture or financing of any project; and
2.4m on establishing a JORC Resource for a mineral exploration project other than the Paradox Brine
Project.
c. These Performance Rights vested and were converted to ordinary shares as a result of the following performance
hurdles being achieved:
i.
1.8m on completing a scoping or pre-feasibility study for lithium and / or bromine chemicals.
Refer Note 19(b) for further details of Performance Rights granted by the Company.
NOTE 18: RESERVES
The following table shows a breakdown of the Consolidated Statement of Financial Position line item
‘Reserves’ and the movements in these reserves during the year. A description of the nature and purpose of
each reserve is provided below the table.
Share-based
payments
$
Financial
Assets –
FVOCI
$
Foreign
currency
translation
$
Total
reserves
$
As at 1 July 2020
2,160,650
15,165
(159,432)
2,016,383
Foreign currency translation of subsidiary
Revaluation of financial assets
Issue of options
Vesting of Performance Rights
Conversion of Performance Rights
-
-
916,987
153,131
(55,800)
-
87,545
-
-
-
(233,023)
-
-
-
-
(233,023)
87,545
916,987
153,131
(55,800)
As at 30 June 2021
3,174,968
102,710
(392,455)
2,885,223
Share-based
payments
$
Financial
Assets –
FVOCI
$
Foreign
currency
translation
$
Total
reserves
$
As at 1 July 2019
1,545,543
51,081
(187,337)
1,409,287
Foreign currency translation of subsidiary
Revaluation of financial assets
Issue of options
Issue of Performance Rights
-
277,066
338,041
-
(35,916)
-
-
27,905
-
-
-
27,905
(35,916)
277,066
338,041
As at 30 June 2020
2,160,650
15,165
(159,432)
2,016,383
2021 Annual Financial Report
59
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 18: RESERVES (continued)
Share-based payments reserve
The share-based payment reserve represents the fair value of the actual or estimated number of unexercised
share options and performance rights granted to management and consultants of the Company recognised in
accordance with the accounting policy adopted for share-based payments and the cash price of rights options
issued to investors and the proceeds raised from the issue of options under an entitlement issue.
Financial Assets - FVOCI
Changes in the fair value and exchange differences arising on translation of financial assets that are classified
as fair value through other comprehensive income (FVOCI), are recognised in other comprehensive income
and accumulated in a separate reserve within equity. Amounts are not reclassified to profit or loss when the
associated assets are sold or impaired.
Foreign currency translation reserve
The foreign currency translation reserve is used to record exchange differences arising from the translation of
the financial statements of foreign subsidiaries.
NOTE 19: SHARE BASED PAYMENTS
(a) Options
During the year, the following options were granted to brokers and equity providers in consideration for services
provided in managing and assisting with raising capital.
Grant date
Expiry date
Share price
at grant
date
Exercise
Expected
Risk free
Dividend
price
volatility
rate
yield
Number of
options
Value per
Option
Total Value
Vesting terms
$
04/12/2020
04/12/22
$0.034
$0.056
137%
0.12%
0%
24,088,000
$0.0198
477,263
Immediately
29/01/2021
30/06/23
$0.100
$0.0555
168%
0.11%
0%
5,000,000
$0.0879
439,724
Immediately
916,987
The fair value of the equity-settled share options granted is estimated as at the date of grant using the Black
Scholes model taking into account the terms and conditions upon which the options and shares were granted,
unless the share options are listed and have a quoted market price.
The fair value of the options granted are recognised as capital raising costs.
The Black Scholes Option Pricing Model assumes that the securities the subject of the valuation can be sold
on a secondary market. The terms and conditions of the Options state that no application will be made for the
Shares to be listed for official quotation on ASX, until certain milestones are met. Accordingly, a discount for
lack of marketability is required to determine an indicative fair value of the Options.
For the purposes of arriving at an appropriate discount rate, the Company has considered:
•
•
that discounts have traditionally been applied in the range of 10% to 30% to reflect the non-negotiability
of unlisted equities; and
the fact that the Securities will be unlisted.
The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns
that may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future
trends, which may also not necessarily be the actual outcome. No other features of options granted were
incorporated into the measurement of fair value.
In addition, a further 50,000,000 free attaching options were granted during the year, with a weighted average
exercise price of 3.5 cents and expiring on 30 June 2023. These were issued as part of a private placement.
None were exercised during the year.
2021 Annual Financial Report
60
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 19: SHARE BASED PAYMENTS (continued)
Options issued in prior year
During the prior year, the following options were granted to brokers and equity providers in consideration for
services provided in managing and assisting with raising capital.
Class
Grant Date
Expiry Date
Unlisted Options
12 Nov 2019
10 Sept 2021
Unlisted Options
24 June 2020
30 June 2023
Exercise
Price
Number of
Options granted
$0.060
$0.035
10,000,000
12,500,000
The fair value of the equity-settled share options granted is estimated as at the date of grant using the Black
Scholes model taking into account the terms and conditions upon which the options and shares were granted,
unless the share options are listed and have a quoted market price.
The fair value of the options granted are recognised as an expense over the period from grant to vesting date.
The Black Scholes Option Pricing Model assumes that the securities the subject of the valuation can be sold
on a secondary market. The terms and conditions of the Options state that no application will be made for the
Shares to be listed for official quotation on ASX, until certain milestones are met. Accordingly, a discount for
lack of marketability is required to determine an indicative fair value of the Options.
For the purposes of arriving at an appropriate discount rate, the Company has considered:
•
•
that discounts have traditionally been applied in the range of 10% to 30% to reflect the non-negotiability
of unlisted equities; and
the fact that the Securities will be unlisted.
The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns
that may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future
trends, which may also not necessarily be the actual outcome. No other features of options granted were
incorporated into the measurement of fair value.
The below table lists the assumptions used in the valuation:
Grant
Date
Vesting
Date
Number
Issued
Stock Price at
Grant Date
Exerc.
Price
Risk Free
Rate
Volatility
Value Per
option
Options
12/11/19
12/11/19
10,000,000
Options
24/06/20
24/06/20
12,500,000
$0.031
$0.024
6c
0.84%
86%
3.5c
0.27%
120%
0.83c
1.55c
In addition, a further 50,000,000 free attaching options were granted during the prior year, with a weighted
average exercise price of 3.5 cents and expiring on 30 June 2023. These were issued as part of a private
placement.
2021 Annual Financial Report
61
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 19: SHARE BASED PAYMENTS (continued)
(b) Performance Rights
The movement in performance rights during the year is presented below:
Balance at start of the year
Issued during the year:
Bruce Richardson
Greg Knox
Michael van Uffelen
Converted during the year:
Bruce Richardson
Greg Knox
Michael van Uffelen
30 June 2021
(No.)
30 June 2020
(No.)
22,800,000
6,200,000
-
-
-
-
8,600,000
4,000,000
4,000,000
16,600,000
(1,000,000)
(400,000)
(400,000)
(1,800,000)
-
-
-
-
Balance at year end
21,000,000
22,800,000
The Performance Rights issued were for nil cash consideration and nil issue price.
The vesting of the Performance Rights is conditional upon the Group’s achievement of various performance
hurdles in relation to the Group’s projects.
The shares to be issued in the event of vesting of the Performance Rights shall rank pari-passu in all respects
with other fully paid ordinary shares in the Company.
Unvested Performance Rights issued in prior periods (1,400,000) will lapse on 29 November 2023 and
4,800,000 will lapse on 18 April 2025 and 14,800,000 will lapse on 16 February 2027.
The assessed fair value at grant date of the Performance Rights granted in the prior year was 3.1 cents. The
initial undiscounted value of the Performance Rights is the value of an underlying share in the Company as
traded on ASX at the deemed date of grant of the Performance Right. As the performance conditions are not
market based performance conditions, no discount is applied. The value of the Performance Rights is
amortised over the period during which the respective performance hurdle may be achieved. In the event the
performance hurdle is achieved before the end of the vesting period, the remaining unamortised value is
immediately expensed.
(c) Expenses arising from share-based payment transactions
Total expenses arising from share-based payment transactions recognised during the year were as follows:
2021
$
2020
$
Performance rights issued (Included in director and employee benefits)
153,131
338,041
Options Issued
(d) Loan Funded Share Plan Shares
-
82,901
153,131
420,942
The Company has established a Loan Funded Share Plan for the purposes of attracting and retaining the
services of Directors and employees of a high calibre. No shares were issued under the Plan in the current
financial year (2019: Nil). As at balance date, a total of 8,750,000 shares remain on issue under the Plan.
2021 Annual Financial Report
62
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 20: COMMITMENTS AND CONTINGENCIES
(a)
Expenditure commitments contracted for exploration tenements:
In order to maintain current rights of tenure to exploration tenements, the Group is required to meet minimum
expenditure requirements. These obligations are not provided for in the financial statements are summarised
below:
No later than 12 months
Between 12 months and 5 years
Consolidated
2021
$
132,000
832,000
2020
$
65,500
58,125
964,000
123,625
(b)
Earn-in agreement for exploration claims:
In September 2016 the Group agreed to earn into a project comprising of 87 Placer Claims (ULI Project). Legal
agreements were completed in March 2017 with Voyageur Minerals Inc. (Voyageur) for the Group to earn up
to a 70% interest in these 87 Placer Claims.
An initial 10% interest was earned upon signing the joint venture agreement and in consideration for payment
of a fee of US$75,000.
A further 40% interest was earned through completion of agreed milestones, which included defining the
location(s) for one or more drill holes, completing a NI 43-101 technical report, and expending US$666,000
(any underspent portion of which could be deferred to the next stage of the earn-in without the additional 40%
interest being affected). The achievement of these milestones increased the Group’s intertest in the 87 claims
of the ULI Project to 50%2.
At the date of this Report, the joint venture partner, Voyageur, (current holding of 50% interest) had not
completed the formalities to transfer the claims to the joint venture company as required under the agreement.
This has not had any impact on this financial report.
(c)
The Group is the lessee in respect of certain low value items which have not been capitalised.
Operating lease commitments:
At the reporting date, the Group had outstanding minimum commitments under these non-cancellable
operating leases, which fall due as follows:
No later than 12 months
Between 12 months and 5 years
Greater than 5 years
(d)
Contingent liabilities
The are no contingent liabilities as at 30 June 2021.
Consolidated
2021
$
2020
$
629
-
-
629
5,977
629
-
6,606
1 Anson commenced with a 10% interest in these 87 claims which increased to 50% from the work done and may be
subject to finalisation under the terms of the agreement to earn-into the ULI Project.
2021 Annual Financial Report
63
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 20: COMMITMENTS AND CONTINGENCIES (continued)
(e)
Loan funded share plan contingent asset
The Company has issued shares to key management personnel under a loan funded share plan. The grant
of these securities is accounted for as a share based payment with the value having been calculated using a
Black-Scholes option pricing model at the date of issue. Notwithstanding the accounting treatment of the loan
funded share plan as an option, the shares are restricted and can only be released upon the holder paying the
loan attached to the shares. The balance of the contingent asset increased due to interest and was:
Loan funded share plan contingent asset
NOTE 21: RELATED PARTY DISCLOSURE
(a)
Subsidiaries
Consolidated
2021
2020
$
$
175,399 161,957
175,399 161,957
The consolidated financial statements include the financial statements of Anson Resources Limited and the
subsidiaries listed in the following table:
Name
Tikal Minerals SA (i) (iii)
Rhodes Resources Pty Ltd (iii)
Western Cobalt Pty Ltd (iii)
A1 Lithium Inc.
Paradox Lithium LLC (iii)
Blackstone Resources Inc (ii) (iii)
State Exploration Pty Ltd (iii)
Country of
Incorporation
%
Equity Interest
2021
%
Equity interest
2020
Guatemala
Australia
Australia
USA
USA
USA
Australia
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
(i)
(ii)
(iii)
One share owned by Bruce Richardson, Executive Chairman and CEO, beneficially held on behalf of Anson
Resources Limited. 4,999 shares held by Anson Resources Limited directly.
Incorporated 15 November 2018.
Dormant entities
(b)
Ultimate parent
Anson Resources Limited is the ultimate Australian parent entity and ultimate parent of the Group.
(c)
Key management personnel (KMP)
Refer to Note 22 for details of compensation to key management personnel.
There were no other transactions with KMPs or their associated entities during the year and in the prior year.
2021 Annual Financial Report
64
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 21: RELATED PARTY DISCLOSURE (continued)
(d)
Loan funded share plan contingent asset
The Company has issued shares to key management personnel under a loan funded share plan. The grant
of these securities is accounted for as a share based payment with the value having been calculated using a
Black-Scholes option pricing model at the date of issue. Notwithstanding the accounting treatment of the loan
funded share plan as an option, the shares are restricted and can only be released upon the holder paying the
loan attached to the shares. The balance of the contingent asset increased due to interest and was:
Loan funded share plan contingent asset
NOTE 22: COMPENSATION FOR KEY MANAGEMENT PERSONNEL
Short-term employee benefits
Post-employment benefits
Share-based payments
Consolidated
2021
$
175,399
175,399
2020
$
161,957
161,957
Consolidated
2021
$
2020
$
890,806
961,166
12,006
18,663
153,131
338,041
1,055,943
1,317,870
Refer to the Remuneration Report for further information.
Included in the short-term employee benefits is an amount of $81,728 of consulting fees capitalised as
development cost (2020: $28,291).
NOTE 23: EVENTS AFTER BALANCE DATE
On 13 August 2021 Anson announced 4,400,000 shares were issued on the exercise of options at $0.08685
per share.
On 20 September 2021, Anson completed an equity capital raising of $7.36m by way of the issue of 80,849,693
ordinary shares at 0.091 per share.
On 24 September 2021, Anson announced 4,293,150 shares were issued on the exercise of ASNOC listed
options at $0.035 per share.
On 27 September 2021, Anson concluded a Bonus Issue of 97,702,126 options exercisable $0.091 expiring
29 October 2021.
Other than the above there has not arisen in the interval between the end of the financial year and the date of
this report any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors
of the Company, to affect significantly the operations of the Group and the results of those operations.
2021 Annual Financial Report
65
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 24: AUDITOR’S REMUNERATION
Amounts received or due and receivable by the auditors for:
Audit or review of the financial reports of the Group
Consolidated
2021
$
2020
$
49,081
49,081
29,625
29,625
NOTE 25: FINANCIAL RISK MANAGEMENT
The Group’s financial situation is not complex. Its activities may expose it to a variety of financial risks in the
future: market risk (including currency risk and fair value interest rate risk), credit risk, liquidity risk and cash
flow interest rate risk. At that stage the Group’s overall risk management program will focus on the
unpredictability of the financial markets and seek to minimise potential adverse effects on the financial
performance of the Group.
Risk management is carried out under an approved framework covering a risk management policy and internal
compliance and control by management. The Board identifies, evaluates and approves measures to address
financial risks.
The Group holds the following financial instruments:
Financial Assets
Cash and cash equivalents
Trade and other receivables
Other assets - deposits and bonds paid
Financial Assets – Fair Value OCI
Financial Liabilities
Trade and other payables
Lease liabilities
Convertible Note
Derivative financial liability
(a)
Market risk
Cash flow and fair value interest rate risk
Consolidated
2021
$
2020
$
2,232,947
21,446
621,309
130,594
568,250
23,803
676,404
94,810
3,006,296
1,363,267
396,095
88,198
674,113
1,705,318
600,531
162,821
553,882
635,122
2,863,724
1,952,356
The Group receives interest on its cash management accounts based on daily balances at variable rates. The
Group’s operating accounts do not attract interest. The Group did not have any deposits at fixed rates during
the year. Deposits at variable rates expose the Group to cash flow interest rate risk.
2021 Annual Financial Report
66
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 25: FINANCIAL RISK MANAGEMENT (continued)
At reporting date the interest rate profile of the Group’s interest bearing financial instruments was:
Variable rate instruments
Cash at bank
Fixed rate instruments
Lease liabilities
Convertible note
Consolidated
2021
$
2020
$
2,232,947
568,250
88,198
674,113
762,311
162,821
553,882
716,703
Cash flow sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates would increase or decrease the Group’s loss by $22,329 (2020:
$5,683), based on the cash at bank at reporting date and calculated on an annual basis. The Board assessed
a 100 basis point movement as being reasonably possible based on short term historical movements. This
analysis assumes that all other variables remain constant.
Foreign currency risk
As a result of USD cash deposits, the Group's statement of financial performance can be affected significantly
by movements in the US$/A$ exchange rates.
The Group also has transactional currency exposures. Such exposure arises from sales or purchases by an
operating entity in currencies other than the functional currency.
The Group had the following exposure to US$ foreign currency expressed in A$ equivalents, which are not
designated as cash flow hedges:
Financial Assets
Cash and cash equivalents
Other assets - deposits and bonds paid
Financial Liabilities
Trade and other payables
Lease Liabilities
Consolidated
2021
$
2020
$
118,686
611,625
730,311
269,992
666,720
936,712
116,009
41,788
157,797
452,915
141,399
594,314
The Group had the following exposure to Canadian Dollar foreign currency expressed in A$ equivalents, which
are not designated in cash flow hedges:
Financial Assets
Investments
Consolidated
2021
$
2020
$
130,594
130,594
94,810
94,810
2021 Annual Financial Report
67
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 25: FINANCIAL RISK MANAGEMENT (continued)
Sensitivity analysis
The following table illustrates sensitivities to the Group’s exposures to exchange rates:
Year ended 30 June 2021
+/- 5% in $A/$US
+/- 5% in $A/$CAD
Year ended 30 June 2020
+/- 5% in $A/$US
+/- 5% in $A/$CAD
Other price risk
Consolidated
Profit/loss
$
Equity
$
21,520
-
21,520
6,530
352,805
-
352,805
4,515
Other price risk relates to the risk that the fair value of future cash flows on a financial instrument will fluctuate
because of changes in market prices due to demand and supply factors (other than those arising from interest
rate or currency risk).
The Group is exposed to securities price risk on financial assets FVOCI listed on the TSX Venture Exchange
in Canada in the metals and mining sector.
At 30 June 2021, the Group had the following exposure to security price risk:
Financial Assets
Investments
Consolidated
2020
$
2021
$
130,594
130,594
94,810
94,810
The following table illustrates sensitivities to the Group’s exposures to security price risk:
Year ended 30 June 2021
+/- 20% in listed investments
Year ended 30 June 2020
+/- 20% in listed investments
(b)
Credit risk
Consolidated
Profit/loss
$
Equity
$
-
-
26,119
18,962
The Group has no significant concentrations of credit risk. Cash transactions are limited to high credit quality
financial institutions.
Credit risk arises from cash and cash equivalents, and deposits with banks and financial institutions, as well
as credit exposures on outstanding receivables and committed transactions. In relation to other credit risk
areas management assesses the credit quality of the customer, taking into account its financial position, past
experience and other factors.
The maximum exposure to credit risk at the reporting date is the carrying amount of the financial assets as
summarised at the beginning of this note.
2021 Annual Financial Report
68
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 25: FINANCIAL RISK MANAGEMENT (continued)
(c)
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an
adequate amount of committed credit facilities and the ability to close-out market positions. The Group
manages liquidity risk by continuously monitoring forecast and actual cash flows and matching the maturity
profiles of financial assets and liabilities. The Group will aim at maintaining flexibility in funding by accessing
appropriate committed credit lines available from different counterparties where appropriate and possible.
Surplus funds when available are generally only invested in high credit quality financial institutions in highly
liquid markets.
The Group has no borrowing facilities.
(d)
Capital Risk Management
The Company manages its capital to ensure that it will be able to continue as a going concern while maximising
the return to shareholders. The capital structure of the Company consists of equity attributable to equity
holders, comprising issued capital and reserves as disclosed in Notes 17 and 18.
The Board reviews the capital structure on a regular basis and considers the cost of capital and the risks
associated with each class of capital. The Company will balance its overall capital structure through new share
issues as well as the issue of debt, if the need arises.
As part of the management of capital in the prior period the Company arranged an equity funding facility of
$15 million. Under the terms of the facility, the Company may, at its discretion, call for the subscriber to
subscribe for shares in the Company at any time until April 2022, up to a total placement amount of
$15,000,000. Each placement amount is up to $250,000 in any period of 20 trading days (and up to $1,500,000
with the prior consent of the subscriber).
Shares issued to the subscriber will be priced at the average of 2 daily volume weighted average prices
(VWAP) of Company shares nominated by the subscriber from those during the 20 trading days which follow
a placement notice being given by the Company to the subscriber (but cannot be priced at less than the
minimum acceptable price specified by the Company in a placement notice). A commission of 5% will be
payable by the Company at the time of issue.
The Company raised $nil (2020: $nil) under this equity placement facility during the financial year.
2021 Annual Financial Report
69
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 26: CASH FLOW INFORMATION
(i)
Reconciliation of loss after income tax to net cash flows from operating activities:
Loss for the year
Adjustments for:
Depreciation
Loss on derivative instrument FVPL
Share-based payments
Interest income
Interest expense
Gain on sale of property, plant & equipment
Project acquisition costs
Unrealised foreign exchange differences
Changes in operating assets and liabilities:
Decrease/(increase) in trade and other receivables
Decrease/(Increase) in other assets
(Decrease)/Increase in trade and other payables
(Decrease)/Increase in provisions
Net cash outflow from operating activities:
Consolidated
2021
$
2020
$
(4,521,182)
(3,596,915)
111,955
1,070,196
153,131
(166)
276,411
1,696
(125,000)
411,027
158,019
2,610
720,941
(335)
116,287
(12,273)
-
27,247
(2,621,932)
(2,584,419)
2,337
14,759
(204,436)
20,857
(20,577)
229,236
(153,289)
(392,537)
(2,788,415)
(2,921,586)
(ii)
Changes in liabilities arising from financing activities
1 July 2020
New
Leases
Cash
Flows
Other
30 June
2021
Current Finance Leases and hire
purchase contracts
Lease liabilities
Convertible note
Total liabilities from financing activities
-
-
-
-
-
162,821
553,882
716,703
48,170
(91,875)
(30,918)
88,198
-
48,170
-
(91,875)
120,231
89,313
674,113
762,311
30 June
2019
New
Leases
Cash
Flows
Other
30 June
2020
Current Finance Leases and hire
purchase contracts
Lease liabilities
Convertible note
3,627
230,822
-
Total liabilities from financing activities
234,449
-
-
-
-
(3,627)
(71,627)
-
-
3,626
162,182
1,089,554
(535,672)
553,882
1,014,300
(532,046)
716,064
The ‘Other’ column includes the effect of reclassification of non-current portion of interest-bearing loans and
borrowings, including obligations under finance leases and hire purchase contracts to current due to the
passage of time and the effect of accrued but not yet paid interest on interest-bearing loans and borrowings.
The Group classifies interest paid as cash flows from operating activities.
2021 Annual Financial Report
70
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 27: PARENT ENTITY INFORMATION
(a)
Information relating to Anson Resources Limited
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Net (liabilities)/assets
Contributed equity
Reserves
Accumulated losses
Total shareholders’ equity
Loss of the parent entity
Total comprehensive loss of the parent entity
(b) Guarantees
Consolidated
2021
$
2,204,687
669,289
2,873,976
2020
$
317,900
435,202
753,102
(2,436,395)
(1,495,001)
(24,748)
-
(2,461,143)
(1,495,001)
412,833
(741,899)
26,657,184
21,838,998
3,277,678
2,175,816
(29,522,029)
(24,756,713)
412,833
(741,899)
(4,765,316)
(4,621,304)
(4,677,770)
(4,657,220)
No guarantees have been entered into by the Company in relation to the debts of its subsidiaries.
(c) Commitments and Contingencies
Commitments and contingencies of the Company as at reporting date are disclosed in Note 20 to the
financial statements.
NOTE 28: FAIR VALUE MEASUREMENT
Fair value hierarchy
The following table details the Group’s assets and liabilities, measured or disclosed at fair value, using a three
level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:
• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can
access at the measurement date.
• Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly or indirectly.
• Level 3: Unobservable inputs for the asset or liability.
2021 Annual Financial Report
71
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Anson Resources Limited
NOTE 28: FAIR VALUE MEASUREMENT (continued)
The following table details the Group’s assets and liabilities measured or disclosed at fair value.
2021
Assets
Financial Assets - FVOCI
Total assets
Liabilities
Derivative Liability
Total liabilities
2020
Assets
Financial Assets - FVOCI
Total assets
Liabilities
Derivative Liability
Total liabilities
Level 1
$
Level 2
$
Level 3
$
Total
$
130,594
130,594
-
-
-
1,705,318
- 1,705,318
94,810
94,810
-
-
-
-
635,122
635,122
-
-
-
-
-
-
-
-
130,594
130,594
1,705,318
1,705,318
94,810
94,810
635,122
635,122
Estimates of fair value take into account factors and market conditions evident at balance date. Uncertainty
and changes in global market conditions in the future may impact fair values in the future.
Transfers between level 1 and 3
There were no movements between different fair value measurement levels during the financial year (2020:
none).
2021 Annual Financial Report
72
Anson Resources Limited
DIRECTORS’ DECLARATION
1.
In the opinion of the Directors:
a)
the consolidated financial statements and notes of the Group are in accordance with the
Corporations Act 2001 including:
(i)
giving a true and fair view of the Group’s financial position as at 30 June 2021 and of
its performance for the year ended 30 June 2021; and
(ii)
complying with Accounting Standards and Corporations Regulations 2001;
(iii)
the financial statements and notes thereto are in accordance with International
Financial Reporting Standards issued by the International Accounting Standards
Board; and
b)
there are reasonable grounds to believe that the Group will be able to pay its debts as and
when they become due and payable.
2.
This declaration has been made after receiving the declarations required to be made to the Directors
in accordance with Section 295A of the Corporations Act 2001 for the year ended 30 June 2021.
This declaration is signed in accordance with a resolution of the Board of Directors.
Bruce Richardson
Executive Chairman and CEO
30 September 2021
2021 Annual Financial Report
73
PO Box 1908
West Perth WA 6872
Australia
Level 2, 1 Walker Avenue
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
ANSON RESOURCES LIMITED
Report on the Audit of the Financial Report
Our Opinion
We have audited the financial report of Anson Resources Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2021, the consolidated
statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity
and the consolidated statement of cash flows for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies, and the directors' declaration.
In our opinion: the accompanying financial report of the Group is in accordance with the Corporations Act
2001, including:
(i)
giving a true and fair view of the Group's financial position as at 30 June 2021 and of its
financial performance for the year then ended; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the Group in accordance with the auditor independence requirements of
the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards
Board's APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of
the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the
Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the financial report of the current year. These matters were addressed in the context of our audit of the
financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Liability limited by a scheme approved under Professional Standards Legislation
Stantons Is a member of the Russell
Bedford International network of firms
We have determined the following matters described to be Key Audit Matters to be communicated in our
report.
Key Audit Matters
How these matters were addressed in the audit
Capitalised development costs
As disclosed in Note 10 to the consolidated
financial statements, the carrying value of the
capitalised development costs at 30 June 2021
was $2,799,392.
We identified the capitalisation of development
costs as a key audit matter due to the quantum
(46% of total assets) and nature of the amount in
addition to the significant management judgment
about the future performance and viability of the
Paradox Brine Project to which the costs relate to.
The Group conducts a significant
level of
development activities and has to apply judgment in
for
that meet
identifying costs
capitalisation under
the
the
accounting standards.
the criteria
requirements of
Measurement of Share based payments
As disclosed in Note 19 of the consolidated financial
statement, the Company granted 24,088,000 and
5,000,000 unlisted options to brokers and equity
providers in consideration for the services provided
in managing, and assisting with, raising capital. The
total fair value recognised as capital raising costs
amounted to $916,987.
The Company accounted for these options in
accordance with AASB 2: Share-based Payment.
Measurement of share-based payments was a key
audit matter due to the complex and judgmental
estimates used in determining the fair value of the
share-based payments.
Inter alia, our audit procedures included the
following:
▪
▪
▪
▪
Evaluated the nature of the development
costs
that are capitalised as
incurred
intangible assets;
the
Assessed
the
capitalisation based on our knowledge of the
business and industry;
reasonableness of
Evaluated the appropriateness of expenses
capitalised, on a sample basis, by agreeing
material costs incurred to external invoices
and other relevant supporting documents; and
Assessed whether any impairment of the
capitalised development costs was necessary
at 30 June 2021.
Inter alia, our procedures included the following:
▪ Reviewed the relevant agreements to obtain
an understanding of the contractual nature
and terms and conditions of the share-based
payment arrangements;
▪ Reviewed management’s determination of
the fair value of the share-based payments
granted, considering the appropriateness of
the valuation models used in assessing the
valuation inputs focusing on the Group’s
interpretation of grant date; vesting dates and
vesting conditions;
▪ Assessed the allocation of the share-based
payment expense over the relevant period (as
applicable); and
▪ Assessed the adequacy of the disclosures in
accordance with the applicable accounting
standards.
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Group's annual report for the year ended 30 June 2021 but does not include the financial report
and our auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we
have performed, we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such
internal control as the directors determine is necessary to enable the preparation of the financial report that
gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or has no
realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with the Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of this
financial report.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit. An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the financial report.
The procedures selected depend on the auditor's judgement, including the assessment of the risks of material
misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the entity's preparation of the financial report that gives a true
and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity's internal control.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial
report.
We conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the
financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Group to cease to continue as a going concern.
We evaluate the overall presentation, structure and content of the financial report, including the disclosures,
and whether the financial report represents the underlying transactions and events in a manner that achieves
fair presentation.
We obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the financial report. We are responsible for the direction,
supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in Internal control that we identify
during our audit.
The Auditing Standards require that we comply with relevant ethical requirements relating to audit
engagements. We also provide the Directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Report on the Remuneration Report
We have audited the Remuneration Report included in pages 15 to 23 of the directors’ report for the year
ended 30 June 2021. The directors of the Company are responsible for the preparation and presentation of
the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is
to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
Opinion on the Remuneration Report
In our opinion, the Remuneration Report of Anson Resources Limited for the year ended 30 June 2021
complies with section 300A of the Corporations Act 2001.
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(An Authorised Audit Company)
Martin Michalik
Director
West Perth, Western Australia
30 September 2021
Anson Resources Limited
ASX ADDITIONAL INFORMATION
Additional information required by the Australian Securities Exchange and not shown elsewhere in this report
is as follows. The information is current as at 22 September 2021.
(A)
DISTRIBUTION OF EQUITY SECURITIES
Ordinary share capital
•
970,757,335 fully paid ordinary shares are held by 5,924 individual shareholders.
All issued fully paid ordinary shares carry one vote per share and carry the rights to dividends.
Options
•
•
7,114,105 options expiring 15 May 2022 and exercisable at $0.08685 are held by 1 option holder.
61,810,000 options expiring 30 June 2023 and exercisable at $0.035 are held by 226 option holders.
Options do not carry a right to vote.
The number of security holders by size of holding are:
Fully paid ordinary shares
Options
Range
Holders
Units
%
Holders
Units
1,000
-
5,000
-
-
10,000
- 100,000
-
Over
1
1,001
5,001
10,001
100,001
Total
130
512
1,099
3,043
1,140
5,924
11,797
1,984,213
8,897,890
122,382,398
837,481,037
0.00
0.20
0.92
12.61
86.27
970,757,335
100.00
4
1
6
117
98
226
Unquoted equity securities shareholdings greater than 20%
647
4,112
51,017
5,653,614
56,100,610
%
-
0.01
0.08
9.15
90.76
61,810,000
100.00
Unlisted options with an exercise price of $0.08685 and expiring 16 May 2022
LS WHITEHALL GROUP INC
Number %
7,114,105 100
Unlisted convertible note with a face value of US750,000, maturing 20 January 2023 with a conversion price
of A$0.028
CHIA TAI XINGYE INTERNATIONAL
(B)
SUBSTANTIAL SHAREHOLDERS
Ordinary shareholders
Number
Percentage
CHIA TAI XINGYE INTNL
117,500,000
12.10%
Fully paid
Number %
1
100
2021 Annual Financial Report
78
ASX ADDITIONAL INFORMATION (continued)
(C)
TWENTY LARGEST SECURITY HOLDERS
Anson Resources Limited
Fully paid
Ordinary shareholders
CHIA TAI XINGYE INTERNATIONAL
MR DESHUN SHI
CITICORP NOMINEES PTY LIMITED
MR DARREN MICHAEL WARNE
JACK THE DOG PTY LTD
CS THIRD NOMINEES PTY LIMITED
P.G. KNOX
RICHARDSON BUSINESS CONSULTANTS PTY LTD
APEDAILE STEVEN J + ML
MR BASSAM OTHMAN
MRS XIAOXUAN LI
MR JASWANT SINGH
BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM
MR LI XIAO
BRUCE RICHARDSON
MRS BHAVYA RAVIKIRAN
MR TOMAS SONER
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
WO WAH INDUSTRIAL INVESTMENT LIMITED
MR KEITH RAYMOND BALLARD & MRS MICHELLE
KATHLEEN BALLARD
Number
117,500,000
17,184,951
14,628,261
13,200,000
13,076,258
12,314,456
11,408,270
11,403,636
10,700,000
9,740,000
8,150,000
8,085,862
7,684,784
7,650,000
7,326,951
7,242,890
7,000,000
6,074,735
6,000,000
5,450,000
Percentage
12.10%
1.77%
1.51%
1.36%
1.35%
1.27%
1.18%
1.17%
1.10%
1.00%
0.84%
0.83%
0.79%
0.79%
0.75%
0.75%
0.72%
0.63%
0.62%
0.56%
(D)
UNMARKETABLE PARCELS
There were 751 holdings (2,579,776 shares in total) of less than a marketable parcel of ordinary shares at 22
September 2021.
301,821,054
31.09%
(E)
VOTING RIGHTS
The voting rights attaching to ordinary shares are:
On a show of hands, each member present in person or by proxy has one vote, and upon a poll, each share
has one vote.
Options do not carry any voting rights.
(F)
ON-MARKET BUY BACK
There is no current on-market buy-back.
(G)
PRINCIPLES OF GOOD CORPORATE GOVERNANCE AND RECOMMENDATIONS
The Board has adopted and approved the Company’s Corporate Governance Statement, which can be found
on the Company’s website at www.ansonresources.com/corporate.
(H)
RESTRICTED SECURITIES
There are currently 8,750,000 employee loan plan shares on issue which can be released once the amounts
owing on them are paid.
2021 Annual Financial Report
79
ASX ADDITIONAL INFORMATION (continued)
(I)
MINERAL TENEMENTS
The Group holds the following tenements:
Anson Resources Limited
Project
Lease
Commodity
Holder
Locality
Status
Ajana
E66/89
Graphite and
base metals
Rhodes Resources Pty
Ltd
Western
Australia
E66/94
Graphite and
base metals
Anson Resources
Limited
Western
Australia
Hooley Well
E9/2218
Cobalt, nickel
E9/2219
Cobalt, nickel
ELA9/2462
Cobalt, nickel
Western Cobalt Pty
Ltd
Western
Australia
Anson Resources
Limited
Anson Resources
Limited
Western
Australia
Western
Australia
Granted
Granted
Granted
Granted
Under Application
The Bull
E70/5420
Ni-Cu-PGE
State Exploration Pty
Ltd
Western
Australia
Granted
ELA70/5619
Ni-Cu-PGE
Anson Resources
Limited
Western
Australia
Under Application
Paradox
Brine
Paradox
Brine
Paradox
Brine
Paradox
Brine
Paradox
Brine
Paradox
Brine
Paradox
Brine
87 Placer
Claims
155 Placer
Claims
71 Placer
Claims
189 Placer
Claims
66 Placer
Claims
178 Placer
Claims
334 Placer
Claims
Paradox
Brine
2 Potash &
Mineral Lease
Paradox
Brine
2 Industrial
Permit
Lithium
(i)
Utah, USA
Lithium
A1 Lithium Inc
Utah, USA
Lithium
A1 Lithium Inc
Utah, USA
Lithium
A1 Lithium Inc
Utah, USA
Lithium
A1 Lithium Inc
Utah, USA
Lithium
A1 Lithium Inc
Utah, USA
(i)
(ii)
(iii)
(iv)
(v)
(vi)
Lithium
A1 Lithium Inc
Utah, USA
(vii)
Lithium
A1 Lithium Inc
Utah, USA
(viii)
Lithium
A1 Lithium Inc
Utah, USA
Yellow Cat
Project
66 Lode
Claims
Vanadium and
Uranium
Blackstone Resources
Inc
Utah, USA
2021 Annual Financial Report
(ix)
(x)
80
Anson Resources Limited
ASX ADDITIONAL INFORMATION (continued) (Tenements as at 30 June 2021)
(i)
Anson currently holds a 50% interest in 87 Placer Claims in Utah, USA (the ULI Project).
At the date of this Report, the holder of the remaining 50% interest had not completed the formalities to
transfer the claims to the joint venture company (Paradox Lithium LLC) established for this purpose.
Further, achievement of the milestones which increased Anson’s interest to 50% may be subject to
finalisation under the terms of the agreement to earn-into the ULI Project
These claims are referred to as ULI-13, ULI-14, ULI-14S, ULI-15, ULI15S, ULI16, ULI16S, ULI-30, ULI-
31, ULI-32, ULI-33, ULI-34, ULI-35, ULI-36, ULI-37, ULI-38, ULI-39, ULI-40, ULI-41, ULI-42, ULI-43,
ULI-54, ULI-55, ULI-56, ULI-57, ULI-58, ULI-59, ULI-60, ULI-60-E, ULI-61-E, ULI-62-E, ULI-63, ULI-64,
ULI-64 N, ULI-65, ULI-65 W, ULI-66, ULI-67, ULI-68, ULI-69, ULI-70, ULI-71, ULI-77, ULI-78, ULI-79,
ULI-80, ULI-81, ULI-81 W, ULI-82, ULI-83, ULI-84, ULI-85, ULI-86, ULI-87, ULI-88, ULI-89, ULI-90, ULI-
91, ULI-92, ULI-93, ULI-93 E, ULI-94, ULI-95, ULI-96, ULI-97, ULI-97 E, ULI-98, ULI-98 N, ULI-99,
ULI-100, ULI-101, ULI-102, ULI-102 N, ULI-103, ULI-104, ULI-105, ULI-105 N, ULI-106, ULI-107, ULI-
107 N, ULI-108, ULI-109, ULI-110, ULI-111, ULI-112, ULI-113 and ULI-114.
(ii) Anson currently holds a 100% interest in 155 Placer Claims in Utah, USA. Under the terms of an
earn-in agreement for the ULI Project, these placer claims may be subject to area of interest
provisions of the agreement to earn-into the ULI Project.
These claims are referred to as ULI201, ULI202, ULI203, ULI204, ULI205, ULI206, ULI207, ULI208,
ULI209, ULI210, ULI211, ULI212, ULI213, ULI214, ULI215, ULI216, ULI217, ULI218, ULI219, ULI220,
ULI225, ULI226, ULI227, ULI228, ULI229, ULI230, ULI231, ULI232, ULI233, ULI234, ULI235, ULI236,
ULI237, ULI238, ULI239, ULI240, ULI241, ULI242, ULI243, ULI244, ULI245, ULI249, ULI250, ULI251,
ULI252, ULI253, ULI254, ULI255, ULI256, ULI257, ULI258, ULI259, ULI260, ULI261, ULI262, ULI263,
ULI264, ULI265, ULI266, ULI267, ULI268, ULI269, ULI273, ULI274, ULI275, ULI276, ULI277, ULI278,
ULI279, ULI280, ULI281, ULI282, ULI283, ULI284, ULI285, ULI286, ULI287, ULI288, ULI289, ULI293,
ULI294, ULI295, ULI296, ULI297, ULI298, ULI299, ULI300, ULI301, ULI302, ULI303, ULI304, ULI305,
ULI306, ULI307, ULI311, ULI312, ULI313, ULI314, ULI315, ULI316, ULI317, ULI318, ULI319, ULI320,
ULI321, ULI322, ULI323, ULI324, ULI325, ULI326, ULI330, ULI331, ULI332, ULI333, ULI334, ULI335,
ULI336, ULI337, ULI338, ULI339, ULI340, ULI341, ULI342, ULI343, ULI344, ULI345, ULI350, ULI351,
ULI352, ULI353, ULI354, ULI355, ULI356, ULI357, ULI358, ULI359, ULI360, ULI361, ULI362, ULI369,
ULI370, ULI371, ULI372, ULI373, ULI374, ULI375, ULI376, ULI379, ULI380, ULI381, ULI382, ULI383,
ULI384, ULI385, ULI386,
(iii) Anson currently holds a 100% interest in 71 Placer Claims in Utah, USA. Under the terms of an
earn-in agreement for the ULI Project, these placer claims may be subject to area of interest
provisions of the agreement to earn-into the ULI Project.
These claims are referred to as ULI501, ULI525, ULI549, ULI573 ULI597, ULI621, ULI645, ULI646,
ULI647, ULI648, ULI653, ULI654, ULI655, ULI656, ULI661, ULI662, ULI663, ULI664, ULI665, ULI666,
ULI667, ULI668, ULI669, ULI670, ULI671, ULI672, ULI673, ULI674, ULI675, ULI676, ULI677, ULI678,
ULI679, ULI680, ULI681, ULI682, ULI683, ULI688, ULI689, ULI690, ULI691, ULI696, ULI697, ULI698,
ULI699, ULI700, ULI701, ULI702, ULI703, ULI704, ULI705, ULI706, ULI707, ULI708, ULI709, ULI710,
ULI711, ULI712, ULI713, ULI714, ULI715, ULI716, ULI717, ULI718, ULI719, ULI720, ULI721, ULI722,
ULI723, ULI724, and ULI725.
2021 Annual Financial Report
81
Anson Resources Limited
ASX ADDITIONAL INFORMATION (continued) (Tenements as at 30 June 2021)
(iv) Anson currently holds a 100% interest in 189 Placer Claims in Utah, USA.
These claims are referred to as, ,ULI649, ULI650, ULI651, ULI652, ULI657, ULI658, ULI659, ULI660,
ULI726, ULI727, ULI728, ULI729, ULI730, ULI731, ULI732, ULI733, ULI734, ULI735, ULI736, ULI737,
ULI738, ULI739, ULI740, ULI741, ULI742, ULI743, ULI744, ULI745, ULI746, ULI747, ULI748, ULI749,
ULI750, ULI751, ULI752, ULI753, ULI754, ULI755, ULI756, ULI757, ULI758, ULI759, ULI760, ULI761,
ULI762, ULI763, ULI764, ULI765, ULI766, ULI767, ULI768, ULI769, ULI770, ULI771, ULI772, ULI773,
ULI774, ULI775, ULI776, ULI777, ULI778, ULI779, ULI780, ULI781, ULI782, ULI783, ULI784, ULI785,
ULI786, ULI787, ULI788, ULI789, ULI790, ULI791, ULI792, ULI793, ULI794, ULI795, ULI844, ULI845,
ULI846, ULI847, ULI848, ULI849, ULI850, ULI851, ULI852, ULI853, ULI854, ULI855, ULI856, ULI857,
ULI858, ULI859, ULI860, ULI861, ULI862, ULI863, ULI864, ULI865, ULI866, ULI867, ULI868, ULI869,
ULI870, ULI871, ULI872, ULI873, ULI874, ULI875, ULI876, ULI877, ULI878, ULI879, ULI880, ULI881,
ULI882, ULI883, ULI884, ULI885, ULI886, ULI887, ULI888, ULI889, ULI890, ULI891, ULI892, ULI893,
ULI894, ULI895, ULI896, ULI897, ULI898, ULI899, ULI900, ULI901, ULI902, ULI903, ULI904, ULI905,
ULI906, ULI907, ULI908, ULI909, ULI910, ULI911, ULI912, ULI913, ULI914, ULI915, ULI916, ULI917,
ULI918, ULI919, ULI920, ULI921, ULI922, ULI923, ULI924, ULI925, ULI926, ULI927, ULI928, ULI929,
ULI930, ULI931, ULI932, ULI933, ULI934, ULI935, ULI936, ULI937, ULI938, ULI939, ULI940, ULI941,
ULI942, ULI943, ULI944, ULI945, ULI946, ULI947, ULI948, ULI949, ULI950, ULI951, ULI952, ULI953
and ULI954.
(v) Anson currently holds a 100% interest in 66 Placer Claims in Utah, USA.
These claims are referred to as CLOUD001, CLOUD002, CLOUD003, CLOUD004, CLOUD005,
CLOUD006, CLOUD007, CLOUD008, CLOUD009, CLOUD010, CLOUD011, CLOUD012, CLOUD013,
CLOUD014, CLOUD015, CLOUD016, CLOUD017, CLOUD018, CLOUD019, CLOUD020, CLOUD021,
CLOUD022, CLOUD023, CLOUD024, CLOUD025, CLOUD026, CLOUD027, CLOUD028, CLOUD029,
CLOUD030, CLOUD031, CLOUD032, CLOUD033, CLOUD034, CLOUD035, CLOUD036, CLOUD037,
CLOUD038, CLOUD039, CLOUD040, CLOUD041, CLOUD042, CLOUD043, CLOUD044, CLOUD045,
CLOUD046, CLOUD047, CLOUD048, CLOUD049, CLOUD050, CLOUD051, CLOUD052, CLOUD053,
CLOUD054, CLOUD055, CLOUD056, CLOUD057, CLOUD058, CLOUD059, CLOUD060, CLOUD061,
CLOUD062, CLOUD063, CLOUD064, CLOUD065 and CLOUD066
(vi) Anson currently holds a 100% interest in 178 Placer Claims in Utah, USA.
These claims are referred to as CANE001, CANE002, CANE003, CANE004, CANE005, CANE006,
CANE007, CANE008, CANE009, CANE010, CANE011, CANE012, CANE013, CANE014, CANE015,
CANE016, CANE017, CANE018, CANE019, CANE020, CANE021, CANE022, CANE023, CANE024,
CANE025, CANE026, CANE027, CANE028, CANE029, CANE030, CANE031, CANE032, CANE033,
CANE034, CANE035, CANE036, CANE037, CANE038, CANE039, CANE040, CANE041, CANE042,
CANE043, CANE044, CANE045, CANE046, CANE047, CANE048, CANE049, CANE050, CANE051,
CANE052, CANE053, CANE054, CANE055, CANE056, CANE057, CANE058, CANE059, CANE060,
CANE061, CANE062, CANE063, CANE064, CANE065, CANE066, CANE067, CANE068, CANE069,
CANE070, CANE071, CANE072, CANE073, CANE074, CANE075, CANE076, CANE077, CANE078,
CANE079, CANE080, CANE081, CANE082, CANE083, CANE084, CANE085, CANE086, CANE087,
CANE088, CANE089, CANE090, CANE091, CANE092, CANE093, CANE094, CANE095, CANE096,
CANE097, CANE098, CANE099, CANE100, CANE101, CANE102, CANE103, CANE104, CANE105,
CANE106, CANE107, CANE108, CANE109, CANE110, CANE111, CANE112, CANE113, CANE114,
CANE115, CANE116, CANE117, CANE118, CANE119, CANE120, CANE121, CANE122, CANE123,
CANE124, CANE125, CANE126, CANE127, CANE128, CANE129, CANE130, CANE131, CANE132,
CANE133, CANE134, CANE135, CANE136, CANE137, CANE138, CANE139, CANE140, CANE141,
CANE142, CANE143, CANE144, CANE145, CANE146, CANE147, CANE148, CANE149, CANE150,
CANE151, CANE152, CANE153, CANE154, CANE155, CANE156, CANE157, CANE158, CANE159,
CANE160, CANE161, CANE162, CANE163, CANE164, CANE165, CANE166, CANE167, CANE168,
CANE169, CANE170, CANE171, CANE172, CANE173, CANE314, CANE175, CANE176, CANE177,
and CANE178.
2021 Annual Financial Report
82
ASX ADDITIONAL INFORMATION (continued) (Tenements as at 30 June 2021)
(vii) Anson currently has applied for a 100% interest in 334 Placer Claims in Utah, USA. Under the
terms of the earn-in agreement referred to in point (i) above for the ULI Project, 88 of these placer
claims may be subject to area of interest provisions of the agreement to earn-into the ULI Project.
Anson Resources Limited
These claims are referred
to as CLOUDIII001, CLOUDIII002, CLOUDIII003, CLOUDIII004,
CLOUDIII005, CLOUDIII006, CLOUDIII007, CLOUDIII008, CLOUDIII009, CLOUDIII010, CLOUDIII011,
CLOUDIII012, CLOUDIII013, CLOUDIII014, CLOUDIII015, CLOUDIII016, CLOUDIII017, CLOUDIII018,
CLOUDIII019, CLOUDIII020, CLOUDIII021, CLOUDIII022, CLOUDIII023, CLOUDIII024, CLOUDIII025,
CLOUDIII026, CLOUDIII027, CLOUDIII028, CLOUDIII029, CLOUDIII030, CLOUDIII031, CLOUDIII032,
CLOUDIII033, CLOUDIII034, CLOUDIII035, CLOUDIII036, CLOUDIII037, CLOUDIII038, CLOUDIII039,
CLOUDIII040, CLOUDIII041, CLOUDIII042, CLOUDIII043, CLOUDIII044, CLOUDIII045, CLOUDIII046,
CLOUDIII047, CLOUDIII048, CLOUDIII049, CLOUDIII050, CLOUDIII051, CLOUDIII052, CLOUDIII053,
CLOUDIII054, CLOUDIII055, CLOUDIII056, CLOUDIII057, CLOUDIII058, CLOUDIII059, CLOUDIII060,
CLOUDIII061, CLOUDIII062, CLOUDIII063, CLOUDIII064, CLOUDIII065, CLOUDIII066, CLOUDIII067,
CLOUDIII068, CLOUDIII069, CLOUDIII070, CLOUDIII071, CLOUDIII072, CLOUDIII073, CLOUDIII074,
CLOUDIII075, CLOUDIII076, CLOUDIII077, CLOUDIII078, CLOUDIII079, CLOUDIII080, CLOUDIII081,
CLOUDIII082, CLOUDIII083, CLOUDIII084, CLOUDIII085, CLOUDIII086, CLOUDIII087, CLOUDIII088,
CLOUDIII089, CLOUDIII090, CLOUDIII091, CLOUDIII092, CLOUDIII093, CLOUDIII094, CLOUDIII095,
CLOUDIII096, CLOUDIII097, CLOUDIII098, CLOUDIII099, CLOUDIII100, CLOUDIII101, CLOUDIII102,
CLOUDIII103, CLOUDIII104, CLOUDIII105, CLOUDIII106, CLOUDIII107, CLOUDIII108, CLOUDIII109,
CLOUDIII110, CLOUDIII111, CLOUDIII112, CLOUDIII113, CLOUDIII114, CLOUDIII115, CLOUDIII116,
CLOUDIII117, CLOUDIII118, CLOUDIII119, CLOUDIII120, CLOUDIII121, CLOUDIII122, CLOUDIII123,
CLOUDIII124, CLOUDIII125, CLOUDIII126, CLOUDIII127, CLOUDIII128, CLOUDIII129, CLOUDIII130,
CLOUDIII131, CLOUDIII132, CLOUDIII133, CLOUDIII134, CLOUDIII135, CLOUDIII136, CLOUDIII137,
CLOUDIII138, CLOUDIII139, CLOUDIII140, CLOUDIII141, CLOUDIII142, CLOUDIII143, CLOUDIII144,
CLOUDIII145, CLOUDIII146, CLOUDIII147, CLOUDIII148, CLOUDIII149, CLOUDIII150, CLOUDIII151,
CLOUDIII152, CLOUDIII153, CLOUDIII154, CLOUDIII155, CLOUDIII156, CLOUDIII157, CLOUDIII158,
CLOUDIII159, CLOUDIII160, CLOUDIII161, CLOUDIII162, CLOUDIII163, CLOUDIII164, CLOUDIII165,
CLOUDIII166, CLOUDIII167, CLOUDIII168, CLOUDIII169, CLOUDIII170, CLOUDIII171, CLOUDIII172,
CLOUDIII173, CLOUDIII174, CLOUDIII175, CLOUDIII176, CLOUDIII177, CLOUDIII178, CLOUDIII179,
CLOUDIII180, CLOUDIII181, CLOUDIII182, CLOUDIII183, CLOUDIII184, CLOUDIII185, CLOUDIII186,
CLOUDIII187, CLOUDIII188, CLOUDIII189, CLOUDIII190, CLOUDIII191, CLOUDIII192, CLOUDIII193,
CLOUDIII194, CLOUDIII195, CLOUDIII196, CLOUDIII197, CLOUDIII198, CLOUDIII199, CLOUDIII200,
CLOUDIII201, CLOUDIII202, CLOUDIII203, CLOUDIII204, CLOUDIII205, CLOUDIII206, CLOUDIII207,
CLOUDIII208, CLOUDIII209, CLOUDIII210, CLOUDIII211, CLOUDIII212, CLOUDIII213, CLOUDIII214,
CLOUDIII215, CLOUDIII216, CLOUDIII217, CLOUDIII218, CLOUDIII219, CLOUDIII220, CLOUDIII221,
CLOUDIII222, CLOUDIII223, CLOUDIII224, CLOUDIII225, CLOUDIII226, CLOUDIII227, CLOUDIII228,
CLOUDIII229, CLOUDIII230, CLOUDIII231, CLOUDIII232, CLOUDIII233, CLOUDIII234, CLOUDIII235,
CLOUDIII236, CLOUDIII237, CLOUDIII238, CLOUDIII239, CLOUDIII240, CLOUDIII241, CLOUDIII242,
CLOUDIII243, CLOUDIII244, CLOUDIII245, CLOUDIII246, CLOUDIII247, CLOUDIII248, CLOUDIII249,
CLOUDIII250, CLOUDIII251, CLOUDIII252, CLOUDIII253, CLOUDIII254, CLOUDIII255, CLOUDIII256,
CLOUDIII257, CLOUDIII258, CLOUDIII259, CLOUDIII260, CLOUDIII261, CLOUDIII262, CLOUDIII263,
CLOUDIII264, CLOUDIII265, CLOUDIII266, CLOUDIII267, CLOUDIII268, CLOUDIII269, CLOUDIII270,
CLOUDIII271, CLOUDIII272, CLOUDIII273, CLOUDIII274, CLOUDIII275, CLOUDIII276, CLOUDIII277,
CLOUDIII278, CLOUDIII279, CLOUDIII280, CLOUDIII281, CLOUDIII282, CLOUDIII283, CLOUDIII284,
CLOUDIII285, CLOUDIII286, CLOUDIII287, CLOUDIII288, CLOUDIII289, CLOUDIII290, CLOUDIII291,
CLOUDIII292, CLOUDIII293, CLOUDIII294, CLOUDIII295, CLOUDIII296, CLOUDIII297, CLOUDIII298,
CLOUDIII299, CLOUDIII300, CLOUDIII301, CLOUDIII302, CLOUDIII303, CLOUDIII304, CLOUDIII305,
CLOUDIII306, CLOUDIII307, CLOUDIII308, CLOUDIII309, CLOUDIII310, CLOUDIII311, CLOUDIII312,
CLOUDIII313, CLOUDIII314, CLOUDIII315, CLOUDIII316, CLOUDIII317, CLOUDIII318, CLOUDIII319,
CLOUDIII320, CLOUDIII321, CLOUDIII322, CLOUDIII323, CLOUDIII324, CLOUDIII325, CLOUDIII326,
CLOUDIII327, CLOUDIII328, CLOUDIII329, CLOUDIII330, CLOUDIII331, CLOUDIII332,
CLOUDIII333 and CLOUDIII334.
(viii) Anson currently holds a 100% interest in 2 SITLA Potash and Mineral Salts Lease in Utah, USA. This
claim is referred to as ML-53853-OBA and ML-54099-OBA.
(ix) Anson currently holds a 100% interest in 2 SITLA Industrial Permit in Utah, USA. These claims are
referred to as SULA1872 and 1930.
2021 Annual Financial Report
83
Anson Resources Limited
ASX ADDITIONAL INFORMATION (continued) (Tenements as at 30 June 2021)
(x)
Anson currently holds a 100% interest in 66 lode claims.
These claims are referred to as
YELLOWCAT002, YELLOWCAT011, YELLOWCAT012, YELLOWCAT013, YELLOWCAT014,
YELLOWCAT015, YELLOWCAT016, YELLOWCAT017, YELLOWCAT018, YELLOWCAT019,
YELLOWCAT020, YELLOWCAT021, YELLOWCAT022, YELLOWCAT023, YELLOWCAT024,
YELLOWCAT025, YELLOWCAT039, YELLOWCAT041, YELLOWCAT042, YELLOWCAT043,
YELLOWCAT044, YELLOWCAT045, YELLOWCAT046, YELLOWCAT047, YELLOWCAT048,
YELLOWCAT049, YELLOWCAT050, YELLOWCAT051, YELLOWCAT052, YELLOWCAT053,
YELLOWCAT054, YELLOWCAT055, YELLOWCAT056, YELLOWCAT057, YELLOWCAT058,
YELLOWCAT059, YELLOWCAT060, YELLOWCAT061, YELLOWCAT073, YELLOWCAT074,
YELLOWCAT076, YELLOWCAT078, YELLOWCAT080, YELLOWCAT082, YELLOWCAT083,
YELLOWCAT084, YELLOWCAT086, YELLOWCAT236, YELLOWCAT238, YELLOWCAT240,
YELLOWCAT242, YELLOWCAT244, YELLOWCAT246, YELLOWCAT271, YELLOWCAT272,
YELLOWCAT273, YELLOWCAT274, YELLOWCAT275, YELLOWCAT276, YELLOWCAT277,
YELLOWCAT278, YELLOWCAT284, YELLOWCAT312, YELLOWCAT314, and JM#1 to JM#22.
2021 Annual Financial Report
84