ANNUAL REPORT
2021
BULLETIN RESOURCES LIMITED
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2021
DIRECTORS
Paul Poli
Robert Martin
Daniel Prior
COMPANY SECRETARY
Andrew Chapman
Non-Executive Chairman
Non-Executive Director
Non-Executive Director
REGISTERED OFFICE
Suite 11, 139 Newcastle Street
PERTH WA 6000
POSTAL ADDRESS
PO Box 376
NORTHBRIDGE WA 6865
AUDITORS
BDO Audit (WA) Pty Ltd
38 Station Street
SUBIACO WA 6008
BANKERS
Westpac Banking Corporation
Level 6
109 St Georges Terrace
PERTH WA 6000
SOLICITORS
HopgoodGanim
Level 27 Allendale Square
77 St Georges Terrace
PERTH WA 6000
WEBSITE
www.bulletinresources.com
SHARE REGISTRY
Computershare Investor Services
Level 11
172 St Georges Terrace
Perth WA 6000
Enquiries (within Australia) 1300 850 505
(outside Australia) 61 3 9415 4000
www.investorcentre.com/contact
HOME STOCK EXCHANGE
Australian Securities Exchange Ltd
Level 40, Central Park
152-158 St George's Terrace
Perth WA 6000
ASX Code: BNR
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BULLETIN RESOURCES LIMITED
CONTENTS
FOR THE YEAR ENDED 30 JUNE 2021
CONTENTS
Chairman’s Report
Operations Review
Directors’ Report
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to and Forming Part of the Consolidated Financial Statements
Directors’ Declaration
Independent Auditors’ Report
Auditor’s Independence Declaration
Additional ASX Information
Schedule of Mining Tenements
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BULLETIN RESOURCES LIMITED
CHAIRMAN’S REPORT
FOR THE YEAR ENDED 30 JUNE 2021
Dear Shareholder,
What a great year 2021 turned out to be for Bulletin Resources Limited.
In future years, I think we will say 2021 was a transformative year for the Company.
We saw the continued receipt of royalties from the Geko gold mine which was a real boon for us and
as I foreshadowed in last year’s report, we received net royalties of $1,797,084 with further to come,
all from an initial investment of $250,000.
We managed to sell a 400m wide strip of land from our Lake Rebecca Gold Project for $4,767,000 to
our neighbours which included 10,750,000 shares in Apollo Consolidated Limited, where Bulletin
retains 8,600,000 shares and has seen the value of those shares increase by 10% as at the date of the
report.
We, through our chief geologist Mr Mark Csar, successfully drilled our Lake Rebecca Gold Project
where we definitively demonstrated that the Rebecca Gold trend continues into Bulletin’s ground
holding and gold mineralisation is present. Furthermore, Mr Csar cleverly acquired several high-quality
projects which has produced an interesting portfolio of tenements which we are sure, will cause
interest for all shareholders. To this end, I congratulate Mark on his achievement in putting this
portfolio together.
I, like last year, praise the management of Bulletin who together professionally manage the company
affairs with dedication to the benefit of all shareholders.
At the time of writing this report we have quality projects, close to $10,000,000 in cash, liquids and
receivables and a highly energetic team at Bulletin. We are bound for a great 2022.
Lastly, I thank all shareholders who remain loyal to Bulletin and wish them great prosperity and good
health for the future.
Yours Sincerely
Paul Poli
Non-Executive Chairman
29 September 2021
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BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2021
REVIEW OF OPERATIONS
Lake Rebecca Gold Project
The Lake Rebecca Gold Project is approximately 150km east north-east of Kalgoorlie, WA and
comprises five granted Exploration Licenses over a 575km2 area. The two northern tenements of
E28/2600 and E28/2635, totaling 170km2 are held in JV with Matsa Resources Ltd “Matsa” (BNR 80%:
MAT 20%), whilst the remaining tenements are wholly owned by Bulletin Resources Limited “Bulletin”.
The project is in the southern part of the Laverton Tectonic Zone, a regional scale shear/fault system
that is one of the more productive gold zones in the WA Goldfields. The zone hosts the Sunrise Dam,
Wallaby, Red October and Granny Smith gold camps. The tenements are adjacent to, and along strike
of Apollo Consolidated Limited’s (“AOP”, “Apollo”) 1.1M oz Rebecca Gold Project (Figure 1).
Figure 1: Location Plan of BNR’s Lake Rebecca Project, 150km ENE of Kalgoorlie
Gold mineralisation in the Lake Rebecca area is associated with wide zones of disseminated sulphides
comprising pyrrhotite, chalcopyrite and pyrite in altered granodiorite and gneiss and associated with
deformation and silicification. Within these broad mineralised zones, several higher gold grade,
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BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2021
generally west dipping lodes are developed. A targeting study completed during 2020 over the project
has identified in excess of 40 targets totaling over 100km2 in area (Figure 2).
Figure 2: Lake Rebecca Gold Project target areas over interpreted geology
Sale of Land Parcel to AOP
In February 2021, a 400m wide strip of land totaling 1.35km2 of the Lake Rebecca Gold Project was
sold to Apollo Consolidated Limited for a consideration of approximately A$5.6M comprising of:
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OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2021
10,750,000 Apollo shares (AOP share value of $0.345 at time of sale; 37.5% escrow for 6
months and 62.5% escrow for 12 months);
$250,000 in cash on satisfaction of certain conditions (paid prior to year end);
$1.0M on the earlier of the granting of a Mining Lease to Apollo over the sale area or 24
months from signing, payable in cash or AOP shares at Apollo’s election;
$1.0M on earlier of Apollo’s decision to mine the Rebecca Deposit or 48 months from signing,
payable in cash or AOP shares at Apollo’s election;
Bulletin (80%) and Matsa (20%) split the consideration in proportion to their respective
interests and Matsa relinquished its right to its 1% royalty on the area disposed.
Bulletin’s share of the consideration is approximately $4.76M. Separately Matsa and Bulletin agreed
that Matsa would receive all the $250,000 and Bulletin would receive 100% of the first $1.0M deferred
payment from AOP. The sale area was a small portion of tenement E28/2600, one of the two
tenements in the Bulletin 80%: Matsa 20% JV area. As part of the transaction Apollo will acquire first
right of refusal over the JV Exploration Licenses E28/2600 and E28/2635, should Bulletin and Matsa
look to dispose of any or all of their interest in these tenements.
The sale enables funding for Bulletin to continue exploiting the exploration potential of its ground that
now has illustrated value. The land sold to Apollo is adjacent to their Rebecca Deposit and the sale
also exposes Bulletin to any success of Apollo through its shareholding as they advance development
of their Rebecca deposit without tenement boundary restrictions.
Figure 3: Sale area to Apollo with 2020 Bulletin RC drilling results
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OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2021
Aircore Drilling
Two substantial aircore drilling campaigns were completed during the year. Drilling on Lake Rebecca
using a specialised lake aircore drill rig was followed by a land based aircore program along strike and
to the north. The aircore drilling targeted anomalous gold within regolith or weathered rock above
basement rocks. This near surface gold anomalism may be indicative of potential gold mineralisation
at depth. Gold anomalism of > 0.1 g/t Au in the regolith led to the discovery of Apollo’s Rebecca Gold
deposits.
Lake aircore drilling concluded in January 2021 which totaled 182 holes for 7,307m. Drilling showed
the regolith differs significantly between the western and eastern sides of Lake Rebecca. The western
portion of the salt lake overlies a typical Archean saprolite profile averaging 20m thickness beneath
shallow lake cover of approximately 10m thickness. The eastern half of the salt lake is deeper than the
western half and is dominated by paleo-channel or ancient river sediments that have eroded much of
the saprolite profile. The paleo-channel has an average depth of 58m and consists of a series of several
fining-up sequences of gravels, sands and clays.
Lake aircore drilling identified several new mineralised gold zones with drill results including:
2m at 2.72 g/t Au from 33m
20LRAC087
incl. 1m at 4.86 g/t Au from 33m
8m at 0.51 g/t Au from 28m
7m at 0.73 g/t Au from 76m
20LRAC088
20LRAC169
incl. 1m at 2.03 g/t Au from 82m to end of hole
3m at 0.75 g/t Au from 76m
8m at 0.47 g/t Au from 72m
4m at 0.48 g/t Au from 20m
20LRAC187
20LRAC190
20LRAC029
Intercepts of 2m at 2.72 g/t Au including 1m at 4.86g/t Au from 33m in hole 20LRAC087, 8m at 0.51
g/t Au from 28m and 8m at 0.32 g/t Au from 40m in 20LRAC088 include observations of elevated
quartz veining and silicification within saprolite. Elevated silicification is commonly associated with
gold zones further south as observed in Bulletin’s previous RC drilling and Apollo’s Rebecca Gold
deposit. These new gold intercepts are interpreted to be eastward extensions of the gold zones
associated with the Rebecca Gold deposit to the south and are approximately 1.2km north along strike
from the new tenement boundary (Figure 4).
As well as the interpreted Rebecca lode style mineralisation in holes 20LRAC087 and 20LRAC088, a
series of supergene mineralisation zones of >0.1g/t Au within saprolite including 4m at 0.48 g/t Au
from 20m in hole 20LRAC029 are recognised in the western half of Lake Rebecca. The supergene
mineralisation zones range to over 1km in length in the western half, and are interpreted to lie either
subparallel to regional geology or in a northeast zone, possibly sympathetic to the zone of ancient
drainage systems leading towards deeper portions of the salt lake.
A north striking gold mineralised zone is present in the eastern half of Lake Rebecca, sub-parallel to
regional geology. Gold mineralisation in the zone is hosted in saprolite or within the lower-most
portion of the paleo-channel directly above saprolite. Aircore hole 20LRAC169 ended at 83m and
intersected 7m at 0.73g/t Au from 76m to end of hole with the bottom 1m returning 1m at 2.03g/t
Au. The lower 3m of this interval is hosted within ultramafic saprolite, indicating mineralisation is in-
situ and potentially reflective of bedrock mineralisation at depth.
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The potential for deeper mineralisation is also supported in drilling 400m to the north with saprolite
intervals of 8m at 0.18g/t Au from 76m in hole 20LRAC174 and 4m at 0.17g/t Au from 76m in
20LRAC175. Further north still, intersections of 3m at 0.75g/t Au from 76m in hole 20LRAC187 and
8m at 0.47 g/t Au from 72m in hole 20LRAC190 are hosted within paleo-channel sands immediately
above basement rocks. These intervals are interpreted to represent alluvial gold that has been
transported from nearby weathered basement rocks.
The successful lake aircore drill program was followed up by a land aircore program of 206 holes for
8,383m along strike and in the northern part of the tenement. Drilling extended the 2.4km lake gold
anomaly to a 7km trend covering lake and land with better results including (Figure 4):
4m at 0.48 g/t Au from 20m
4m at 0.31 g/t Au from 40m
4m @ 0.27 g/t Au from 20m
20LRAC301
20LRAC223
20LRAC270
Land aircore drilling shows the anomalous gold trend continues in a less consistent pattern to the
north, along the contacts of granodiorite and mafic rocks. The drilled area is dominated by transported
lake clays of 5m to 80m thickness indicating the ancient or paleo lake location was further north of
the current day position, consistent with observations noted in other salt lakes in the east Yilgarn. In
localised areas, much of the saprolite or weathered rock profile has been eroded away by the more
recent lake sediments, leaving minimal material that could have retained any supergene gold
dispersion as a signature for deeper mineralisation. This localised lack of saprolite is interpreted to
have limited the effectiveness of aircore drilling in these areas and alternative methods to test these
areas such as RC drilling or geophysical testing will be required.
Two lines of aircore drilling spaced 800m apart tested folding associated with a NNW to SSE structural
feature to the east (Figure 4). Drilling of this target returned no anomalous results. Geology in this
area consists of a layer of transported sediments (< 4m thickness) and a sandstone unit (4m to 40m
thickness) above saprolite of up to 10m thickness and a basement of granodiorite, granite and
amphibolite.
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BULLETIN RESOURCES LIMITED
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Figure 4: Results from land AC drilling > 0.2g/t Au (highlighted in yellow) and lake AC drilling
results (white) at Bulletin’s Lake Rebecca Gold Project
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BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2021
Figure 5: Aircore drilling on Lake Rebecca
Figure 6: Land based aircore drilling north of Lake Rebecca
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BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2021
RC Drilling
RC drilling followed up on positive results from previous the southern RC programs and along strike of
extensions to Apollo’s Rebecca lodes (Figure 7).
The RC drilling program identified high grade gold zones within wider gold mineralised intercepts. The
results are highly encouraging as they indicate the area has the potential for higher grade gold zones
similar to those found at the Rebecca Gold deposit immediately to the south. Assay results from 1m
split sampling include:
1m @ 2.49 g/t Au
within 4m at 1.24 g/t Au from 31m
1m @ 3.01 g/t Au
within 11m at 1.05 g/t Au from 102m 21LRRC206
21LRRC208
Drilling north of Bulletin’s new tenement boundary following the sale of the sliver of land to Apollo
has highlighted that the Rebecca Gold trend extends at least 600m further into Bulletin’s ground and
remains open to the northwest. Importantly, higher grade intercepts of 1m at 3.01 g/t Au within 11m
at 1.05g/t Au in hole 21LRRC206 and 1m @ 2.49g/t Au within 4m at 1.24g/t Au in hole 21LRRC208
demonstrates the gold system in this area contains higher grade zones within wider gold intercepts.
This higher grade gold zonation is seen in drilling further south at Apollo’s Rebecca Gold deposit in the
development of the Laura, Maddy and Jennifer lodes and is considered to be a key driver for project
economics. Infill drilling of these wide spaced RC holes as well as extensional drilling both north and
south along strike is planned to test for additional higher grade zones in the Rebecca trend.
Drilling of two RC holes also tested depth extensions to the lake aircore drilling intercepts of 2m at
2.72 g/t Au including 1m at 4.86g/t Au from 33m in hole 20LRAC087, 8m at 0.51 g/t Au from 28m
and 8m at 0.32 g/t Au from 40m in 20LRAC088 within saprolite (Figure 7). Assay results from 1m split
sampling down dip of the western aircore hole 20LRAC087 returned a result of:
1m @ 11.30 g/t Au
within 2m at 5.86 g/t Au from 147m 21LRRC213
This intercept is hosted within a dolerite dyke near the granodiorite contact rather than typical
Rebecca type mineralisation. The dyke is interpreted to have intruded into the granodiorite along deep
seated faults that were the pathways for gold-bearing fluids. While the dyke has stoped out or
removed Rebecca style mineralisation in this area, the presence of gold mineralisation in the dyke,
along with the near surface Rebecca style mineralised saprolite seen in aircore drilling, strongly
supports further work in this area. Tight spaced magnetics to accurately map the dykes are planned
in this area, prior to further drilling.
Further potential also remains to be tested immediately east beneath the wider intercepts of 8m at
0.51g/t Au and 8m and 0.32g/t Au in drill hole 20LRAC088 (Figure 7). The high grade intersection of
2m @ 5.86g/t Au including 1m at 11.30g/t Au in hole 21LRRC213 beneath the saprolite intercept
immediately west of this target provides strong encouragement to test this eastern target.
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Figure 7: Results from 2021 RC and Lake AC (yellow) and 2020 RC drilling results (white)
Ravensthorpe Lithium Project
Lithium mineralisation at the 57km2 Ravensthorpe Lithium Project (E74/655) is hosted by the
pegmatite swarms within the Anabelle volcanic sequence, along strike of Galaxy Resource’s Mt Cattlin
lithium mine, 12km to the east. Previous explorers identified a series of outcropping pegmatites and
costean sampling of one of the outcropping lepidolite-spodumene mineralised pegmatites returned a
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BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2021
result of 10m @ 1.1 %Li2O including 1m @ 2.91 %Li2O. A preliminary drill program of this pegmatite
did not show adequate encouragement and the area was subsequently relinquished (refer ASX:
Lithium Australia (LIT) releases dated 26 May 2017 and 1 September 2017).
Bulletin considers the decision to relinquish was made too early. Strong opportunity exists to discover
economic quantities of mineralisation within known untested outcropping pegmatites. The potential
in pegmatites under shallow cover is also considered high with compilation of historical data and
reviews of previous work continuing. This work will develop new exploration targets as well as building
plans for exploration programs to test the potential of the pegmatites.
The area is also well known for gold and several gold occurrences are known to exist nearby. Gold
mineralisation is associated with thrust faulting in this area. Thrust faults have been mapped by
government geologists but the potential for gold in the tenement has not been a focus of previous
explorers and remains to be tested.
As part of tenement conditions, a Phytophthora Disease (Dieback) Management Plan has been
developed and approved by DMIRS. The plan follows best environmental practices and includes
several measures to prevent the spread of the dieback disease, including limiting on-ground activity
to the drier months of the year.
Figure 8: Ravensthorpe Lithium Project local on geology background
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Chifley Gold Project
The Chifley Gold project, E28/3002 is a 79km2 exploration tenement that is prospective for gold. It is
approximately 50km to the south of Lake Rebecca and on a northwest trending splay of the Claypan
Fault. The Claypan Fault is a major north-south structure that hosts the nearby 1Moz Lake Roe gold
deposit owned by Breaker Resources NL (ASX: “BRB”) 20 kilometers to the northwest.
The project is dominated by a band of mafic-ultramafic greenstone on the northern flank of a large
granitoid pluton (Figure 9). There are several discrete magnetic highs within the greenstone which
appear analogous to the gold mineralised setting seen at Lake Roe to the west and Roe’s Find to the
north.
The area is dominated by sheetwash or transported colluvium sands. A program of UltrafineTM soil
sampling, developed by CSIRO for exploration in this environment is planned as an initial test for this
project.
Figure 9: Chifley Gold Project interpreted geology
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Duketon North Project
The 176km2 Duketon North Project is targeting nickel and gold and is located 150km north-northwest
of Laverton. The project lies within the highly prospective Duketon Greenstone belt that hosts Regis
Resources’ 3Mtpa Moolart Well gold operations 30km to the south and the 9,300t Ni Olympia Nickel
deposit 35km to the north (Figure 10).
Geology at Duketon North comprises of a series of mafic and ultramafic, felsic volcanic and
volcaniclastics, and associated sedimentary units including BIF. The sequence has been disrupted by
several phases of faulting and folding which has resulted in a steep westerly dip and northwest strike
to the stratigraphy. Surface geology comprises aeolian sands and stabilised sand dunes with minor
hardpans and laterite development. The Turnback fault is a major regional shear zone that dominates
the tenement and it is host to the Moolart Well gold deposit to the south.
Previous exploration on the tenement is limited and has largely been focused in the north of the
tenement at the Collurabbie South prospect where aircore drilling intersected 4m @ 0.75%Ni, 684ppm
Co beneath an intersection of 4m @ 0.13%Cu in hole CBA074. A number of conductors were identified
in an electromagnetic (EM) survey and five diamond holes were drilled. The diamond drilling identified
barren sulphides but the EM conductor associated with the anomalous aircore drill hole CBA074 was
not tested and remains to be followed up (refer ASX:REN prospectus dated 28/04/2010).
Gold exploration at Collurabbie South followed earlier nickel work. Wide spaced aircore drilling of a
4km long gold-in-soil anomaly in the north of the tenement failed to explain the surface anomaly (refer
ASX: BRB announcement dated 31/10/2016). Further work in the area is required to resolve the source
of the gold-in-soil anomalism.
The potential in the south of the tenement along the Turnback fault towards Moolart Well and to the
east on an isolated folded greenstone belt remains to be explored. The area to the south has been
initially tested with wide spaced soil sampling which has likely been limited in effectiveness by the
extensive aeolian sand plains. Ground EM in the area identified four conductors of which only one has
been tested which intersected barren sulphide bearing sediments. The remaining 3 conductors,
including the strongest conductor of the four, still require testing with drilling.
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Geko Gold Project
Figure 10: Duketon North Project location
Mining at Geko with Habrok (Geko Pit) Pty Ltd (“Habrok”) and SMS Mining (SMS) recommenced in
March 2020, following a production hiatus following Coolgardie Minerals Limited’s (“CM1”) closure of
the mine and subsequent Administration process in early 2019.
Bulletin retains a royalty and profit share interest in the Geko gold mine. Bulletin is entitled to receive
a royalty payment each quarter on the following terms:
(i)
(ii)
(iii)
10% of the first 25,000 oz Au produced;
4% of the next 60,039 oz Au produced; and
2% of all production over and above 85,039 oz Au.
The above royalty is reduced by a capped amount of $3.25M at a rate of 3.33% per ounce.
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BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2021
As at 31 July 2021, Bulletin has received a royalty entitlement of $3.48M of which a payment of $1.08M
has been made towards the royalty acquisition cost for a net receipt of $2.40M.
Bulletin retains a 30% profit share after an initial $9 million profit threshold has been achieved by the
mine and a 30% joint venture on the remainder of the mining tenement at Geko.
Tenement Applications
Bulletin is actively reviewing opportunities and acquiring prospective landholding that has geological
and economic prospectivity within practical haulage distance to existing infrastructure, operating
mines or advanced projects.
A brief summary of tenement applications is provided below.
Powder Sill (E16/534) is located 30km northwest of Kalgoorlie and 15km from Evolution Resources’
Mungari Mill. The tenement application is within the Powder Sill Complex, an intrusive unit which
hosts La Mancha’s 1.8M oz gold White Foil Mine and 139k oz gold Cutters Ridge deposit to the south.
Yindana tenement applications E28/3075, E28/3076 and E28/3077 are considered prospective for
gold and are located between Bulletin’s Lake Rebecca Gold Project and Breaker Resources Limited’s
Lake Roe project, 16 kms to the west. The tenements overlie and are adjacent to a series of faults that
separate felsic-intermediate volcaniclastics and mafic volcanics. Tenement E28/3074 is in ballot with
Breaker Resources Limited.
The Mt Farmer project comprises two tenement applications (E59/2412 and E59/2413). The
tenements are located in the Dalgaranga Greenstone belt and host co-incident magnetic and gravity
anomaly highs that are comparable to the setting of the Dalgaranga gold mine, 10km along strike to
the east.
The Warburton Project (E69/3800) targets a sediment hosted or sediment-exhalative copper horizon
in the West Musgrave Province. The tenement is located approximately 100km west of OZ Minerals’
Nebo-Babel copper-nickel project. The 258km2 tenement application area includes a large number of
shallow artisanal workings and known anomalous copper sites. Discussions with the local aboriginal
community in order to access the land are ongoing.
Mt Jewel (E24/221) is 60km2 in area and lies 60km north of Kalgoorlie in an area prospective for nickel
sulphide mineralisation. This tenement application was assessed by DMIRS to be second in line in the
application process behind an application that resulted from a plaint process on the previously held
tenement. Bulletin considers the probability of its tenement application being successful as very low
but retains the application in case the preceding tenement application fails.
Competent Persons Statement
The information in this report that relates to Exploration Targets and Exploration Results is based on
information compiled by Mark Csar, who is a Fellow of The AusIMM. The exploration information in
this report is an accurate representation of the available data and studies. Mark Csar is a full-time
employee of Bulletin Resources Limited and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which he is undertaking 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’. Mark Csar consents to the inclusion in the
report of the matters based on his information in the form and context in which it appears.
17
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2021
Your Directors present their report on the entity Bulletin Resources Limited (“Bulletin”) and the
entities it controlled (“Group”) for the year ended 30 June 2021.
DIRECTORS
The names and details of the Group’s directors in office during the financial year and until the date of
this report are as follows. Directors were in office for the entire year unless otherwise stated.
Paul Poli - Non-Executive Chairman
Bachelor of Commerce FCPA
Mr Poli has over 25 years experience in general management/business, contract negotiations,
taxation, corporate and business advisory. He completed a bachelor degree at the University of
Western Australia in 1984, and after gaining experience with Duesburys Chartered Accountants, he
became a partner in a private practice in 1989.
He is a fellow of the Australian Society of Certified Practising Accountants he also holds a diploma in
Financial Services and was a registered Securities Trader.
He founded Matsa Resources Pty Ltd which has developed and become Matsa Resources Ltd, a
prosperous and well-funded mining and exploration company with a pipeline of quality projects in
Australia, and where he has held the position of Executive Chairman Ltd since 2009.
Mr Poli is particularly well qualified to contribute to the growth of entities in the mining and
exploration sector.
During the past three years Mr Poli has also served as a director of the following listed company:
Matsa Resources Limited
Interest in shares and options of the Company:
3,170,000 ordinary shares
4,000,000 unlisted options exercisable at 2.7 cents each expiring 30 November 2022
Robert Martin - Non-Executive Director
Mr Martin has over 40 years experience in the management and operation of resource projects and
other commercial undertakings. He is also a significant shareholder of the company, through his entity
Goldfire Enterprises Pty Ltd.
During the past three years Mr Martin has also served as a director of the following listed company:
Auris Minerals Limited
Interest in shares and options of the Company:
62,152,938 ordinary shares
3,000,000 unlisted options exercisable at 4.3 cents each expiring 30 November 2021
4,000,000 unlisted options exercisable at 2.7 cents each expiring 30 November 2022
12,679,414 listed options exercisable at 10 cents each expiring 30 September 2024
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Daniel Prior - Non-Executive Director
BCom, CA
Mr Prior is a chartered accountant with 12 years’ experience as a management consultant specialising
in strategy development, project management, business improvement and financial analysis working
primarily in the energy and resources sector in Australia and globally. Mr Prior spent 11 years with
Deloitte where he was a Director and is now a Manager in the Corporate Development team for the
Hall & Prior Aged Care Group.
During the past three years Mr Prior has not served as a director on any other listed public companies.
Interest in shares and options of the Company:
253,334 ordinary shares
21,112 listed options exercisable at 10 cents each expiring 30 September 2024
Franciscus (Frank) Sibbel - Non-Executive Director (resigned 1 September 2021)
B.E. (Hons) Mining, F.Aus.IMM
Mr Sibbel is a Mining Engineer who has over 40 years of extensive operational and management
experience in overseeing large and small scale mining projects from development through to
successful production. He was formerly the Operations Director of Tanami Gold NL until June 2008,
and has worked as the Principal in his own established mining consultancy firm where he has
undertaken numerous projects for both large and small mining companies.
During the past three years Mr Sibbel has also served as a director of the following listed company:
Matsa Resources Limited
Interest in shares and options of the Company:
2,250,000 ordinary shares
4,000,000 unlisted options exercisable at 2.7 cents each expiring 30 November 2022
COMPANY SECRETARY
Mr Andrew Chapman
CA F Fin GAICD
Mr Chapman is a chartered accountant with over 20 years’ experience with publicly listed companies
where he has held positions as Company Secretary and Chief Financial Officer and has experience in
the areas of corporate acquisitions, divestments and capital raisings. He has worked for a number of
public companies in the mineral resources, oil and gas and technology sectors. He is currently a
director of Matsa Resources Limited.
Mr Chapman is an associate member of the Institute of Chartered Accountants (ICAA), a Fellow of the
Financial Services Institute of Australasia (Finsia) and a graduate member of the Australian Institute of
Company Directors (AICD).
19
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2021
PRINCIPAL ACTIVITIES
Bulletin Resources Limited is a minerals exploration company based in Perth, Western Australia.
During the year the principal activities of the Group were gold exploration within Western Australia,
its royalty, profit share and joint venture interest in the Geko gold project and its joint venture interest
in the Lake Rebecca project.
FINANCIAL RESULTS AND FINANCIAL POSITION
The Group’s net profit for the year after income tax is $3,554,700 (2020: Loss of $746,666).
The Group’s net profit for the year includes the following items:
Royalty income from the Geko gold project of $1,797,084 (2020: $357,031)
Profit on disposal of tenements of $4,766,020 (2020: Nil)
Exploration, new project review and geological activities expenditure of $1,113,007 (2020:
$708,064)
Loss on sale of and fair value movement in financial assets of $406,440 (2020: gain of
$159,706)
Share based payments expense of Nil (2020: $163,968)
Total corporate and administrative expenses of $262,971 (2020: $205,994) and director
fees/employee benefits expense of $323,741 (2020: $198,697) were incurred for the year
Income tax expense of $864,648 (2020: Nil)
Review of Financial Condition
As at 30 June 2021 the Group had net assets of $5,110,711 (2020: $1,556,011).
Cash reserves at 30 June 2021 were $971,561 compared to $1,160,916 in the previous financial year.
DIVIDENDS
No dividend was paid or declared by Bulletin in the period since the end of the previous financial year
(2020: Nil), and up to the date of this report. The Directors do not recommend that any amount be
paid by way of dividend.
CORPORATE STRUCTURE
Bulletin is a company limited by shares, which is incorporated and domiciled in Australia.
EMPLOYEES
The Group had 1 employee (2020: 1), other than its four directors and 2 part time employees as at 30
June 2021 (2020: 1).
IMPACT OF COVID-19
While the onset of the COVID-19 pandemic was rapid and dramatic, the Company took immediate
action to protect the integrity of the Company’s business interests and the safety and wellbeing of its
employees and stakeholders.
20
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2021
The financial position of the Group is good with an expected ongoing royalty expected from the Geko
gold project and the ability of the Group to reduce expenditure if necessary while still keeping its
projects in good standing.
Given the exploration nature of the Company’s operations the net impact of the pandemic was
estimated to be minor on the Group’s operations. The over-arching objective of the Group is to keep
its employees and stakeholders safe and free from infection and/or spread.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
In the opinion of the Directors there were no significant changes in the state of affairs of the Group
that occurred during the year under review that has not already been disclosed in this report or in the
financial statements.
EVENTS SUBSEQUENT TO THE REPORTING DATE
On 3 August 2021 Bulletin announced that it had received its June 2021 quarter production royalty
entitlement of $899,358 from the Geko gold mine. A payment of $299,486 from the Bulletin royalty
entitlement was made towards part payment of the $3.25M acquisition cost from the total Bulletin
royalty entitlement, resulting in a net amount received of $599,872 on 30 July 2021.
On 9 August 2021 Bulletin announced that it was undertaking a capital raising of up to $3.63M via a
fully underwritten non-renounceable rights issue to raise $2.69M as well as placements to raise up to
an additional $945,000. The non-renounceable rights issue is being conducted on a 1 for 3 basis priced
at $0.045 per share to raise up to $2.69M (before costs of the issue). For every three shares issued,
there is one free attaching option exercisable at $0.10 each expiring 30 September 2024.
On completion of the non-renounceable rights issue the Company has placed a further 20M shares
and 6.67M options to raise $900,000 and has also placed 45M options at an issue price of $0.001 each
to raise $45,000. The proceeds from the capital raising will be directed towards ongoing exploration
at the Company’s projects and identification and acquisition of new project opportunities.
On 1 September 2021 Frank Sibbel resigned as a director of the Company.
The impact of the Coronavirus (COVID-19) pandemic is ongoing and whilst it has had no financial
impact for the Group up to 30 June 2021, it is not practicable to estimate the potential impact, positive
or negative, after the reporting date. The situation is rapidly developing and is dependent on measures
imposed by the Australian Government and other countries, such as maintaining social distancing
requirements, quarantine, travel restrictions and any economic stimulus that may be provided.
There have been no other matters or circumstances that have arisen since the end of the financial
year which have significantly affected or may significantly affect the operations of the Group, the
results of those operations, or the state of affairs of the Group in future financial years.
FUTURE DEVELOPMENTS
Other than as described above there are no further likely developments.
ENVIRONMENTAL REGULATIONS AND PERFORMANCE
The Group’s exploration activities are subject to various environmental laws and regulations under
Australian Legislation. The Group has adequate systems in place for the management of its
21
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2021
environmental obligations. The directors are not aware of any breaches of the legislation during the
financial year which are material in nature.
The Directors have considered the recently enacted National Greenhouse and Energy Reporting Act
2007 (the NGER Act) which introduces a single national reporting framework for the reporting and
dissemination of information about greenhouse gas emissions, greenhouse gas projects, and energy
use and production of corporations. At the current stage of development, the directors have
determined that the NGER Act will have no effect on the Company for the current, nor subsequent,
financial year. The directors will reassess this position as and when the need arises.
MEETINGS OF DIRECTORS
The number of meetings of directors held during the year and the number of meetings attended by
each director were as follows:
Directors
Paul Poli
Robert Martin
Frank Sibbel
Daniel Prior
Eligible
Attended
5
5
5
5
5
5
5
3
DIRECTORS’ INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY
As at the date of this report, the interests of the directors in the shares and options of Bulletin
Resources Limited were:
Number of
Ordinary Shares
Number of
Unlisted Options
Number of
Listed Options
Paul Poli
Frank Sibbel (resigned 1 September
2021)
Robert Martin
Daniel Prior
3,170,000
4,000,000
-
-
2,250,000
62,152,938
253,334
4,000,000
7,000,000
-
12,679,414
21,112
Options granted to directors and executives of the Company
During the financial year, there were no options over unissued ordinary shares issued in the Company
to directors or executives of the Company as part of their remuneration.
SHARE OPTIONS
As at the date of this report there are 28,500,000 unlisted unissued ordinary shares of Bulletin
Resources Limited under option.
As at the date of this report there are 71,588,316 listed unissued ordinary shares of Bulletin Resources
Limited under option.
Option holders do not have any right, by virtue of the option, to participate in any share issue of the
Company or any related body corporate.
There were no options exercised during the financial year.
22
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2021
REMUNERATION REPORT (Audited)
Principles of Compensation
This remuneration report for the year ended 30 June 2021 outlines the remuneration arrangements
of the Company 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 Group, directly or indirectly, including any director (whether
executive or otherwise) of the Group, and includes the four executives in the Group receiving the
highest remuneration.
For the purposes of this remuneration report, the term ‘executive’ includes the Executive Directors of
the Group.
The prescribed details for each person covered by this report are detailed below under the following
headings:
A. Key Management Personnel
B. Remuneration Policy
C. Remuneration of Directors and Key Management Personnel
D. Key Terms of Service Agreements
E. Other Information
A. Key Management Personnel
Names and positions held of the Group’s key management personnel (“Key Management Personnel”)
in office at any time during the financial year are:
Key Management Personnel
Mr Paul Poli
Mr Robert Martin
Mr Frank Sibbel
Mr Daniel Prior
Position
Non-Executive Chairman
Non-Executive Director
Non-Executive Director (resigned 1 September 2021)
Non-Executive Director
Mr Andrew Chapman
Company Secretary
There were no other changes to key management personnel after reporting date and before the date
the financial report was authorised for issue.
B. REMUNERATION POLICY
Board Oversight of Remuneration
Remuneration Committee
In the opinion of the directors the Company is not of sufficient size to warrant the formation of a
remuneration committee. It is the board of directors’ responsibility for determining and reviewing
compensation arrangements for the directors and the senior executives.
23
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2021
REMUNERATION REPORT (continued)
The board assesses the appropriateness of the nature and amount of remuneration of Non-Executive
Directors and Executives 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
performing Director and Executive team.
Remuneration Approval Process
The board approves the remuneration arrangements of the Executive Directors and Executives and all
awards made under the long-term incentive plan. The board also sets the aggregate remuneration of
Non-Executive Directors which is then subject to shareholder approval.
Remuneration Strategy
The Company’s remuneration strategy is designed to attract, motivate and retain employees and non-
executive directors by identifying and rewarding high performers and recognising the contribution of
each employee to the continued growth and success of the Group.
To this end, the Company embodies the following principles in its remuneration framework:
• retention and motivation of key executives;
• attraction of quality management to the Company; and
• performance incentives which allow executives to share the rewards of the success of the
Company.
Remuneration Structure
In accordance with best practice corporate governance, the structure of Non-Executive Director and
Senior Management remuneration is separate and distinct.
Remuneration report at 2020 Financial Year AGM
The 2020 financial year remuneration report received positive shareholder support at the 2020 annual
general meeting with a vote of 100% in favour.
Non-Executive Director Remuneration
Objective
The board seeks to set aggregate remuneration at a level which provides the Company with the ability
to attract and retain Directors of the highest calibre, whilst incurring a cost which is acceptable to
shareholders.
Remuneration Policy
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. An amount not exceeding the
amount determined is then divided between the Directors as agreed. The current aggregate
remuneration is $350,000 per year.
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
24
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2021
REMUNERATION REPORT (continued)
external consultants as well as the fees paid to Non-Executive Directors of comparable companies
when undertaking the annual review process. Each Director receives a fee for being a Director of the
Company. No external advice was received during the year.
Non-Executive Directors are encouraged by the board to hold shares in the Company (purchased by
the Director on market). It is considered good governance for Directors to have a stake in the
Company on whose board he or she sits.
Structure
The remuneration of Non-Executive Directors consists of Directors’ fees. Non-Executive Directors are
entitled to receive retirement benefits and to participate in any incentive programs. There are
currently no specific incentive programs.
The Chairman receives a base fee of $48,000 per annum during the financial year. The Non-Executive
Directors received a base fee of $36,000 per annum during the financial year for being a Director of
the Group apart from Daniel Prior who has a current base fee of $2,000 per month (including
superannuation).
There are no additional fees for serving on any board committees. Non-Executive Directors can receive
additional fees for work conducted for the Company outside the scope of their normal duties subject
to being authorised by the board.
During the year there were a Short Term Incentive (STI) payment totalling $105,000 were paid to the
Directors for the abnormal time, effort and resources incurred in completing negotiations on the sale
of part of the Lake Rebecca gold project to Apollo Consolidated Limited.
The remuneration report for the Non-Executive Directors for the year ended 30 June 2021 and 30 June
2020 is detailed in this report.
Executive Remuneration Structure
Remuneration Policy
The Company aims to reward executives with a level and mix of remuneration commensurate with
their position and responsibilities within the Company. The current remuneration policy adopted is
that no element of any executive package be directly related to the Company’s financial performance.
There are no elements of any executive remuneration that are dependent upon the satisfaction of any
specific condition. Remuneration is not linked to the performance of the Company but rather to the
ability to attract and retain executives of the highest calibre. The overall remuneration policy
framework however is structured in an endeavour to advance/create shareholder wealth.
Structure
In determining the level and make-up of executive remuneration, the board engages external
consultants as needed to provide independent advice.
Remuneration consists of the following key elements:
Fixed remuneration (base salary and superannuation); and
Variable remuneration (short and long term incentives).
25
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2021
REMUNERATION REPORT (continued)
The proportion of fixed remuneration and variable remuneration for each Executive for the year
ended 30 June 2021 and 30 June 2020 is detailed in this report.
Fixed Remuneration
Executive contracts of employment do not include any guaranteed base pay increase. Fixed
remuneration is reviewed annually by the board. The process consists of a review of the Company,
business unit and individual performance, relevant comparative remuneration internally and
externally and, where appropriate, external advice independent of management.
Executives are given the opportunity to receive their fixed (primary) remuneration in a variety of forms
including cash and fringe benefits such as motor vehicles. It is intended that the manner of payment
chosen will be optimal for the recipient without creating undue cost for the Company.
The fixed remuneration component for executives for the year ended 30 June 2021 and 30 June 2020
is detailed in this report.
Variable Remuneration – Short Term Incentive (STI)
The objective of the STI is to link the increase in shareholder value over the year with the remuneration
received by the Executives charged with achieving that increase. The total potential STI available is set
at a level so as to provide sufficient incentive to the Executives to achieve the performance goals and
such that the cost to the Group is reasonable in the circumstances.
Annual STI payments granted to each Executive depend on their performance over the preceding year
and are based on recommendations from the Chairman following collaboration with the board. The
board has no pre-determined performance criteria against which the amount of a STI is assessed and
there are no pre-determined maximum possible values of award under the STI scheme. In assessing
the value of an STI award to be granted the board will give consideration to the contribution of the
action being rewarded to the success of the Group. During the year a discretionary STI cash payment
of $9,132 was paid for the abnormal time, effort and resources incurred in completing negotiations
on the sale of part of the Lake Rebecca gold project to Apollo Consolidated Limited.
Variable Remuneration – Long Term Incentive (LTI)
The objective of the LTI plan is to reward Executives in a manner which aligns the element of
remuneration with the creation of shareholder wealth. As such LTI’s are made to Executives who are
able to influence the generation of shareholder wealth and thus have an impact on the Group’s
performance. The level of LTI granted is, in turn, dependent on the Company’s recent share price
performance, the seniority of the Executive and the responsibilities the Executive assumes in the
Group.
LTI grants to Executives are delivered in the form of employee share options. These options are issued
at an exercise price determined by the board at the time of issue. There were no options issued to
executives for the year ended 30 June 2021.
26
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2021
REMUNERATION REPORT (continued)
Typically, the grant of LTI’s occurs at the commencement of employment or in the event that the
individual receives a promotion and, as such, is not subsequently affected by the individual’s
performance over time. However, under certain circumstances, including breach of employment
conditions, the Directors may cause the options to expire prior to their vesting date.
The Group does have a policy to prohibit executives or directors from entering into arrangements to
protect the value of unvested LTI awards.
Other Benefits
Key management personnel can receive additional benefits as non-cash benefits as part of the terms
and conditions of their appointment. Non-cash benefits typically include car parking and expenses
where the Company pays fringe benefits tax on these benefits.
Company Performance and the Link to Remuneration
Remuneration is not linked to the performance of the Company, but based on the ability to attract
and retain Executives of the highest calibre. The overall remuneration policy framework however is
structured in an endeavour to advance/create shareholder wealth.
The table below shows the performance of the Group as measured by share price.
As at 30 June
Closing share price
Net comprehensive income/(loss)
per year ended ($)
Earnings/(loss) per share (cents)
Dividends
2021
$0.068
2020
$0.077
2019
$0.015
2018
$0.033
2017
$0.031
3,554,700
(746,666)
(1,874,339)
(539,615)
15,985,377
1.98
-
(0.42)
-
(1.05)
-
(0.33)
-
8.97
-
27
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I
T
E
L
L
U
B
T
R
O
P
E
R
’
S
R
O
T
C
E
R
D
I
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2021
D. KEY TERMS OF SERVICE AGREEMENTS
Non-Executive directors
Each of the Non-Executive Directors has an agreement with the Company which dictates the level of
remuneration they receive as a Non-Executive Director. The Non-Executive Chairman is paid $48,000
per annum and two of the Non-Executive Directors are paid $36,000 per annum with one director
receiving $2,000 per month (including superannuation). Each of the Non-Executive Directors is able to
receive additional fees for work conducted outside the normal scope of their duties.
Other Key management personnel
Company Secretary
Mr Andrew Chapman is employed as a casual employee with the Company and is remunerated on an
hourly basis for the provision of company secretarial services with a minimum amount of $3,000 per
month. Mr Chapman has a formal service agreement with the Company. Termination can be made by
either party with a two month notice period with the termination value being at the board’s discretion.
E. OTHER INFORMATION
Compensation Options Granted and Vested during the year
There were 13,000,000 options exercisable at $0.043 each expiring 30 November 2021 and 14,000,000
options exercisable at $0.027 each expiring 30 November 2022 on issue at the beginning of the period.
No options were granted or vested during the year. There were no options that were granted in
previous years that vested during the year.
There were no alterations to the terms and conditions of options granted as remuneration since their
grant date.
The maximum value of the award is equal to the number of options granted multiplied by the fair
value at grant date. The minimum value of the award in the event of forfeiture is zero and all options
vest immediately.
There were no shares issued on exercise of compensation options during the year.
Shareholdings of Key Management Personnel
Year Ended 30 June 2021
Paul Poli
Robert Martin
Frank Sibbel
Daniel Prior
Andrew Chapman
TOTAL
Balance
1 July 2020
3,170,000
41,314,702
2,250,000
190,000
516,666
47,441,368
Granted
as
Remuneration
-
-
-
-
-
-
Options
Exercised
-
-
-
-
-
-
Other
Changes
Balance
30 June 2021
-
5,300,000
-
-
-
5,300,000
3,170,000
46,614,702
2,250,000
190,000
516,666
52,741,368
29
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2021
Option Holdings of Key Management Personnel
Year Ended 30 June 2021
Balance 1
July 2020
Granted
as
Remuneration
Options
Exercised
Paul Poli
Robert Martin
Frank Sibbel
Daniel Prior
Andrew Chapman
TOTAL
8,000,000
7,000,000
7,000,000
-
5,000,000
27,000,000
-
-
-
-
-
-
-
-
-
-
-
-
Net
Change
Other
-
-
-
-
Other transactions and balances with Key Management Personnel
June
Vested and
Exercisable
Balance
30
2021
8,000,000
8,000,000
7,000,000
7,000,000
7,000,000
7,000,000
-
-
- 5,000,000
5,000,000
- 27,000,000 27,000,000
The Company has a services agreement with Matsa Resources Limited (Matsa) whereby Matsa
provides geological, accounting and administrative services to the Group on a monthly arms-length
basis and on commercial terms. Messrs Paul Poli, Frank Sibbel and Andrew Chapman are directors of
Matsa.
In the current year $56,611 has been charged to Bulletin for these services (2020: $294,374). At 30
June 2021 there was an outstanding balance of $303 (2020: $12,553) owing to Matsa.
As part of the partial sale of Lake Rebecca to AOP, Matsa and Bulletin agreed that Matsa would receive
all the $250,000 cash consideration and Bulletin would receive 100% of the first $1.0M deferred
payment from AOP rather than an 80/20% split based on their respective interests.
There have been no loans made to Key Management Personnel during the 2021 reporting year (2020:
nil).
End of Audited Remuneration Report
30
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2021
CORPORATE GOVERNANCE
The board is responsible for the corporate governance of the Company. The board guides and
monitors the business and affairs of the Company on behalf of the shareholders by whom they are
elected and to whom they are accountable. The Company has reviewed its corporate governance
practices against the Corporate Governance Principles and Recommendations (4th edition) published
by the ASX Corporate Governance Council. The 2021 Corporate Governance Statement was approved
by the Board on 24 June 2021 and is current as at 29 September 2021. A description of the Company’s
current corporate governance practices is set out in the Company’s Corporate Governance Statement
which can be viewed at www.bulletinresources.com.
INDEMNIFICATION
During the year $10,500 (2020: $10,500) was incurred as an expense for Directors and officeholders
insurance which covers all Directors and officeholders. A policy has been entered into for the year
ended 31 August 2021.
The liabilities insured are costs and expenses that may be incurred in defending civil or criminal
proceedings that may be brought against the officers in their capacity as officers of the Company.
PROCEEDINGS ON BEHALF OF COMPANY
No person has applied for leave of Court to bring proceedings on behalf of the company or intervene
in any proceedings to which the company is a party for the purpose of taking responsibility on behalf
of the company for all or any part of those proceedings other than that already disclosed.
The Company was not a party to any such proceedings during the year other than that already
disclosed.
AUDITOR’S INDEPENDENCE
A copy of the auditor’s independence declaration as required under section 307C of the Corporations
Act 2001 is set out on page 67.
Signed in accordance with a resolution of the Directors dated this 28th day of September 2021.
NON-AUDIT SERVICES
The Company may decide to employ the auditor on assignments additional to their statutory audit
duties where the auditor’s expertise and experience with the Company is important. There have been
no non-audit services provided by the Company’s auditor during the year (2020: Nil).
Signed in accordance with a resolution of the directors.
Mr. Paul Poli
Chairman
29 September 2021
31
BULLETIN RESOURCES LIMITED
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2021
Notes
2021
$
2020
$
3
4
17
10
Continuing Operations
Royalties income
Interest received
Other Income
Other expenses
Professional fees
Directors fees
Administration expenses
Employee benefit expense
Fair value movement on financial assets
Exploration expenditure
Share based payments expense
Impairment expense
Expenses from operations
Profit/(loss) from operations before income tax
expense
Income tax expense
Profit/(loss) after income tax for the year
Other comprehensive income
Items that will not be reclassified subsequently through
profit or loss:
Items that may be reclassified subsequently to profit or
loss
Other comprehensive profit/(loss) for the year
Total comprehensive profit/(loss)
the year
attributable to members of Bulletin Resources Limited
for
Profit/(loss) per share for the year from continuing
operations attributable to the members of Bulletin
Resources Limited:
Basic profit/(loss) per share (cents)
Diluted profit/(loss) per share (cents)
16
16
1,797,084
516
4,821,186
357,031
9,074
4,245
(66,897)
(218,498)
(224,802)
(88,442)
(406,440)
(1,110,959)
-
(83,400)
(2,199,438)
(39,564)
(142,854)
(270,705)
(55,843)
159,706
(603,788)
(163,968)
-
(1,117,016)
4,419,348
(746,666)
(864,648)
3,554,700
-
(746,666)
-
-
-
-
3,554,700
(746,666)
1.98
1.82
(0.42)
(0.42)
The above consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes.
32
BULLETIN RESOURCES LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
Notes
2021
$
2020
$
CURRENT ASSETS
Cash and cash equivalents
Other receivables
Other financial assets
TOTAL CURRENT ASSETS
NON CURRENT ASSETS
Other receivables
Exploration and evaluation assets
Plant and equipment
TOTAL NON CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Provisions
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Retained earnings/(accumulated losses)
TOTAL EQUITY
5
6
7
6
8
9
11
12
13
14
15
971,561
899,358
2,709,600
4,580,519
1,800,000
154,647
624
1,955,271
1,160,916
563,660
105,840
1,830,416
-
239,027
-
239,027
6,535,790
2,069,443
532,201
892,878
1,425,079
1,425,079
5,110,711
1,200,704
723,157
3,186,850
5,110,711
487,452
25,980
513,432
513,432
1,556,011
1,200,704
723,157
(367,850)
1,556,011
The above consolidated statement of financial position should be read in conjunction with the
accompanying notes.
33
BULLETIN RESOURCES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
Issued
Capital
$
Retained Earnings/
(Accumulated
Losses)
$
Equity Settled
Benefits
Reserve
Total
$
$
Balance at 1 July 2019
Profit/(loss) for the year
Total comprehensive (loss) for the
year
Transactions with owners
capacity as owners:
Share based payments (Note 17)
Balance at 30 June 2020
in their
Balance at 1 July 2020
Profit/(loss) for the year
Total comprehensive profit/(loss) for
the year
Transactions with owners
capacity as owners:
Share based payments (Note 17)
in their
1,200,704
-
-
-
1,200,704
1,200,704
-
-
-
378,816
(746,666)
(746,666)
559,189
-
2,138,709
(746,666)
-
(746,666)
-
(367,850)
163,968
723,157
163,968
1,556,011
(367,850)
3,554,700
3,554,700
723,157
-
1,556,011
3,554,700
-
3,554,700
-
-
-
Balance at 30 June 2021
1,200,704
3,186,850
723,157
5,110,711
The above consolidated statement of changes in equity should be read in conjunction with the
accompanying notes.
34
BULLETIN RESOURCES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Receipt of royalties
Payments to suppliers and employees
Interest received
Payments for exploration and evaluation
Other income
Net cash (outflows) in operating activities (Note 5)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of other financial assets
Payments for tenement acquisitions/joint venture expenditure
Payments for property, plant and equipment
Payments for other financial assets
Net cash inflows/(outflows) from investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of borrowings
Net cash (outflows) by financing activities
NET (DECREASE) IN CASH AND CASH EQUIVALENTS
Net (decrease) in cash equivalent held
2021
$
2020
$
1,555,633
(606,524)
516
(1,176,463)
81,463
(145,375)
-
(630,337)
9,720
(386,160)
-
(1,006,777)
-
-
(780)
(43,200)
(43,980)
194,807
(155,000)
-
-
39,807
-
-
-
-
(189,355)
(966,970)
Cash and cash equivalents at the beginning of the financial year
1,160,916
2,127,886
Cash and cash equivalents at the end of the financial year
971,561
1,160,916
The above consolidated statement of cash flows should be read in conjunction with the accompanying
notes.
35
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
1.
CORPORATE INFORMATION
The consolidated financial report of Bulletin Resources Limited for the year ended 30 June 2021 were
authorised for issue in accordance with a resolution of the Board of Directors on 29 September 2021.
Bulletin Resources Limited is a for-profit entity limited by shares incorporated and domiciled in
Australia whose shares are publicly traded on the Australian Securities Exchange.
The nature of the operations and principal activities of the Group are described in the Directors’
Report.
The consolidated financial report of the Company as at and for the year ended 30 June 2021 comprise
the Company and its subsidiaries (together referred to as the “Group”).
The following is a summary of the material accounting policies adopted by the Group in the
preparation of the financial report. The accounting policies have been consistently applied, unless
otherwise stated.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a)
Basis of Preparation
The financial report is a general purpose financial report, which has been prepared in accordance with
the requirements of the Corporations Act 2001 and Australian Accounting Standards and other
authoritative pronouncements of the Australian Accounting Standards Board.
The financial report has been prepared on a historical cost basis, except for certain financial assets
measured at fair value through profit and loss.
The financial report is presented in Australian dollars.
(b)
Statement of Compliance
The consolidated financial report complies with Australian Accounting Standards as issued by the
Australian Accounting Standards Board which include International Financial Reporting Standards
(IFRS) as issued by the International Accounting Standards Board.
(c)
Changes in Accounting Policies and Disclosures
Adoption of new accounting standards
In the current year, the Group has adopted all of the new and revised Standards and Interpretations
issued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations
and effective for annual reporting periods beginning on 1 July 2020.
The Group has reviewed the new and revised Standards and Interpretations in issue not yet adopted
for the year ended 30 June 2021. As a result of this review the Group has determined that there is no
significant impact of the Standards and Interpretations in issue not yet adopted by the Group.
Accordingly, the accounting policies adopted are consistent with those of the previous financial year.
36
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(d)
Basis of Consolidation
The consolidated financial statements comprise the financial statements of the parent entity and its
subsidiaries (‘the Group’) as at 30 June each year.
Control is achieved where the company has exposure to variable returns from the entity and the
power to affect those returns. The existence and effect of potential voting rights that are currently
exercisable or convertible are considered when assessing whether a consolidated entity controls
another entity.
The financial statements of the subsidiaries are prepared for the same reporting period as the parent
company, using consistent accounting policies. In preparing consolidated financial statements, all
intercompany balances and transactions, income and expenses and profit and losses resulting from
intra-group transactions, have been eliminated in full.
Subsidiaries are fully consolidated from the date on which control is obtained by the Group and cease
to be consolidated from the date on which control is transferred out of the Group.
Where there is loss of control of a controlled entity, the consolidated financial statements include the
results for the part of the reporting period during which the Company has control.
Changes in ownership interest of a subsidiary (without a change in control) are accounted for as a
transaction with owners in their capacity as owners.
(e)
Revenue recognition
Revenue is recognised when or as the Group transfers control of goods or services to a customer at
the amount to which the Group expected to be entitled. If the consideration promised includes a
variable amount, the Group estimates the amount of consideration to which it will be entitled.
Interest income is recognised on a time proportion basis using the effective interest method.
Royalty revenue is recognised on an accrual basis in accordance with the substance of the relevant
agreement (provided that it is probable that the economic benefits will flow to the Group and the
amount of revenue can be measured reliably). Royalties determined on a time basis are recognised
on a straightline basis of the period of the agreement. Royalty arrangements that are based on
production, sales and other measures are recognised by reference to the underlying arrangement.
(f)
Exploration and Evaluation Expenditure
Exploration and evaluation costs are expensed in the year they are incurred apart from:
(i) acquisition costs which are carried forward where right of tenure of the area of interest is current
and they are expected to be recouped through sale or successful development and exploitation
of the area of interest or, where exploration and evaluation activities in the area of interest have
not reached a stage that permits reasonable assessment of the existence of economically
recoverable reserves; and
(ii)
joint venture expenditure on the Geko joint venture which is capitalised and designated as a
separate area of interest.
37
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2.
(f)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Exploration and Evaluation Expenditure (continued)
Where an area of interest is abandoned or the Directors decide that it is not commercial, any
accumulated acquisition costs in respect of that area are written off in the financial period the decision
is made. Each area of interest is also reviewed at the end of each accounting period and accumulated
costs are written off to the extent that they will not be recoverable in the future.
(g)
Financial Instruments
Trade and other receivables are generally due for settlement within 30 days. They are presented as
current assets unless collection is not expected for more than 12 months after the reporting date.
Trade and other receivables are recognised at amortised cost using the effective interest rate method,
less any allowance for expected credit losses. The deferred consideration has been recognised on this
basis.
The Group assesses at each balance date whether there is objective evidence that a financial asset or
group of financial assets is impaired. For trade and other receivables, the Group applies the simplified
approach permitted by AASB 9 to determine any allowances for expected credit losses, which requires
expected lifetime losses to be recognised from initial recognition of the receivables. The expected
credit losses on these financial assets are estimated using a provision matrix based on the Group’s
historical credit loss experience. The amounts held in trade and other receivables do not contain
impaired assets and are not past due. Based on the credit history of these trade and other receivables,
it is expected that the amounts will be received when due.
The Group’s financial risk management objectives and policies are set out in Note 23.
Due to the short-term nature of these receivables their carrying value is assumed to approximate their
fair value.
Financial assets are recognised and derecognised on settlement date where the purchase or sale of
an investment is under a contract whose terms require delivery of the investment within the time-
frame established by the market concerned. They are initially measured at fair value, net of
transaction costs, except for those financial assets classified as fair value through profit or loss, which
are initially measured at fair value. Transaction costs of financial assets carried at fair value through
profit or loss are expensed in profit or loss.
The Group classifies its financial assets as either financial assets at fair value though profit or loss
(“FVTPL”), fair value though other comprehensive income (“FVTOCI”) or at amortised cost. The
classification depends on the entity’s business model for managing the financial assets and the
contractual terms of the cash flows.
For investments in equity instruments, the classification depends on whether the Group has made an
irrevocable election at the time of initial recognition to account for the equity investment at FVTPL or
FVTOCI.
Financial assets at FVTPL
For assets measured at FVTPL, gains and losses will be recorded in profit or loss. The Group’s
derivative financial instruments are recognised at FVTPL. Assets in this category are subsequently
measured at fair value. The fair values of financial assets in this category are determined by reference
to active market transactions or using a valuation technique where no active market exists. Refer to
Note 23 for additional details. The Group has elected to measure its listed equities at FVTPL.
38
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2.
(g)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Financial Instruments (continued)
Financial assets at OCI
For assets measured at FVTOCI, gains and losses will be recorded in other comprehensive income.
There is no subsequent reclassification of fair value gains and losses to profit or loss following the
derecognition of the investment. Dividends from such investments continue to be recognised in profit
or loss as other income when the Group’s right to receive payments is established. Impairment losses
(and reversal of impairment losses) on equity investments measured at FVTOCI are not reported
separately from other changes in fair value.
Assets in this category are subsequently measured at fair value. The fair values of quoted investments
are based on current bid prices in an active market.
(h)
Cash and Cash Equivalents
Cash and short-term deposits in the statement of financial position comprise cash at bank and in hand,
and short-term deposits.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and cash
equivalents as defined above, net of outstanding bank overdrafts.
(i)
Earnings per Share
Basic earnings per share is determined by dividing the operating profit or loss after income tax by the
weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus
elements in ordinary shares issued during the year.
Diluted earnings per share is calculated as net profit 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 revenue 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.
(j)
Property, Plant and Equipment
Impairment
The carrying value of plant and equipment are reviewed for impairment when events or changes in
circumstances indicate the carrying value may not be recoverable.
For an asset that does not generate largely independent cash inflows, the recoverable amount is
determined for the cash-generating unit to which the asset belongs.
If any such indication exists and where the carrying values exceed the estimated recoverable amount,
the assets or cash-generating units are written down to their recoverable amount. The recoverable
amount of plant and equipment is the greater of fair value less costs to sell and value in use.
39
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(j)
Property, Plant and Equipment (continued)
In assessing value in use, the estimated future cash flows are discounted to their present value using
pre-tax discount rate that reflects current market assessments of the time value of money and the
risks specific to the asset.
An item of property, plant and equipment is derecognised upon disposal or when no future economic
benefits are expected to arise from the continued use of the asset.
Any gain or loss arising on derecognition of the asset (calculated as the difference between the net
disposal proceeds and the carrying amount of the item) is included in the Statement of Profit or Loss
and Other Comprehensive Income in the period the item is derecognised.
(k)
Income Tax
Current Tax
Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect
of the taxable profit or tax loss for the period. It is calculated using tax rates and tax laws that have
been enacted or substantively enacted by reporting date. Current tax for current and prior periods is
recognised as a liability (or asset) to the extent that it is unpaid (or refundable).
Deferred Tax
Deferred tax is accounted for using the comprehensive balance sheet liability method in respect of
temporary differences arising from differences between the carrying amount of assets and liabilities
in the financial statements and the corresponding tax base of those items.
In principle, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax
assets are recognised to the extent that it is probable that sufficient taxable amounts will be available
against which deductible temporary differences or unused tax losses and tax offsets can be utilised.
However, deferred tax assets and liabilities are not recognised if the temporary differences giving rise
to them arise from the initial recognition of assets and liabilities (other than as a result of a business
combination) which affects neither taxable income nor accounting profit. Furthermore, a deferred tax
liability is not recognised in relation to taxable temporary differences arising from goodwill.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in
subsidiaries, branches, associates and joint ventures except where the entity is able to control the
reversal of the temporary differences and it is probable that the temporary differences will not reverse
in the foreseeable future. Deferred tax assets arising from deductible temporary differences
associated with these investments and interests are only recognised to the extent that it is probable
that there will be sufficient taxable profits against which to utilise the benefits of the temporary
differences and they are expected to reverse in the foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the
period(s) when the asset and liability giving rise to them are realised or settled, based on tax rates
(and tax laws) that have been enacted or substantively enacted by reporting date. The measurement
of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner
in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets
and liabilities.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same
taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
40
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2.
(k)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Income Tax (continued)
Current and Deferred Tax for the Period
Current and deferred tax is recognised as an expense or income in the Consolidated Statement of
Profit or Loss and Other Comprehensive Income, except when it relates to items credited or debited
directly to equity, in which case the deferred tax is also recognised directly in equity, or where it arises
from the initial accounting for a business combination, in which case it is taken into account in the
determination of goodwill or excess.
(l)
Employee Entitlements
Provision is made for the Group’s liability for employee benefits arising from services rendered by
employees to Reporting Date. Employee benefits that are expected to be settled within 1 year have
been measured at the amounts expected to be paid when the liability is settled, plus related on-costs.
Employee benefits payable later than 1 year have been measured at the present value of the
estimated future cash outflows to be made for those benefits.
(m) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount
of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is
recognised as part of the cost of acquisition of the asset or as part of an item of the expense GST. Cash
flows are stated on a gross basis.
(n)
Provisions
Provisions are recognised when the Group has a present obligation, the future sacrifice of economic
benefits is probable, and the amount of the provision can be measured reliably.
The amount recognised as a provision is the best estimate of the consideration required to settle the
present obligation at reporting date, taking into account the risks and uncertainties surrounding the
obligation. Where a provision is measured using the cash flows estimated to settle the present
obligation, its carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered
from a third party, the receivable is recognised as an asset if it is virtually certain that recovery will be
received and the amount of the receivable can be measured reliably.
Provision for Rehabilitation Costs
The Group is required to decommission and rehabilitate mines and processing sites at the end of their
producing lives to a condition acceptable to the relevant authorities.
The expected cost of any approved decommissioning or rehabilitation program, discounted to its net
present value, is provided when the related environmental disturbance occurs. The cost is capitalised
when it gives rise to future benefits, whether the rehabilitation activity is expected to occur over the
life of the operation or at the time of closure. The capitalised cost is amortised over the life of the
operation and the increase in the net present value of the provision for the expected cost is included
in financing expenses. Expected decommissioning and rehabilitation costs are based on the
discounted value of the estimated future cost of detailed plans prepared for each site. Where there is
a change in the expected decommissioning and restoration costs, the value of the provision and any
related asset are adjusted and the effect is recognised in profit or loss on a prospective basis over the
remaining life of the operation.
41
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(n)
Provisions (continued)
The estimated costs of rehabilitation are reviewed annually and adjusted as appropriate for changes
in legislation, technology or other circumstances. Cost estimates are not reduced by potential
proceeds from the sale of assets or from plant clean up at closure.
(o)
Share Based Payments
Equity settled transactions
The Group provides benefits to employees (including Directors and Executives) of the Group in the
form of share-based payments, whereby employees render services 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
using the Black-Scholes option pricing model, further details of which are given in the remuneration
report.
In valuing equity-settled transactions, no account is taken of any performance conditions, other than
conditions linked to the price of the shares of Bulletin Resources Limited.
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 Profit
or Loss and Other 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.
42
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(p)
Segment Reporting
Operating Segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision maker. The chief operating decision maker, who is responsible for allocating
resources and assessing performance of the operating segments, has been identified as the board of
Directors of Bulletin Resources Limited.
(q)
Contributed Equity
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. Incremental costs
directly attributable to the issue of new shares or options are deducted from equity.
(r)
Trade and other payables
Trade and other payables are carried at amortised cost. They represent liabilities for goods and
services provided to the Group prior to the end of the financial year that are unpaid and arise when
the Group becomes obligated to make future payments in respect of the purchase of these goods and
services. The amounts are unsecured and are usually paid within 30 days of recognition.
(s)
Research and development incentive rebate
Any rebate received for eligible research and development (R&D) activities are offset against the area
where the costs were initially incurred. For R&D expenditure that has been capitalised, any claim
received will be offset against ‘deferred exploration and evaluation expenditure’ in the statement of
financial position. For R&D expenditure that has been expensed, any claim received will be recognised
in the statement of profit or loss and other comprehensive income.
(t)
Significant Accounting Estimates and Assumptions
Recoverability of Exploration and Evaluation Assets
There is some subjectivity involved in the carry forward of capitalised exploration and evaluation
expenditure or, where appropriate, the write off to the statement of profit or loss and other
comprehensive income, however management give due consideration to areas of interest on a regular
basis and are confident that decisions to either write off or carry forward such expenditure fairly
reflect the prevailing situation.
The carrying amounts of certain assets and liabilities are often determined based on estimates and
assumptions of future events. The key estimate and assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of certain assets and liabilities within the next annual
reporting period are:
Coronavirus (COVID-19) Pandemic
Judgement has been exercised in considering the impacts of Coronavirus (COVID-19) has had, or may
have, on the Group based on known information. This consideration extends to the nature of the
products and services offered, customers, supply chain, staffing and geographic regions in which the
Group operates. Other than as addressed in specific notes, there does not currently appear to be any
significant impact upon the financial statements or any significant uncertainties with respect to events
and conditions which may impact the Group unfavourably as at the reporting date or subsequently as
a result of the of Coronavirus (COVID-19) pandemic.
43
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2.
(t)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Significant Accounting Estimates and Assumptions (continued)
Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees by reference to the fair
value of the equity instruments at the date at which they are granted. The fair value is determined by
using a Black & Scholes model, using the assumptions as discussed in note 15. The accounting
estimates and assumptions relating to equity-settled share-based payments would have no impact on
the carrying amounts of assets and liabilities in the next annual reporting period but may impact
expenses and equity.
44
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
3.
REVENUE FROM CONTINUING OPERATIONS
Royalty income
4.
OTHER INCOME
Profit on sale of tenements (i)
Other income
2021
$
1,797,804
1,797,804
2021
$
4,766,020
55,166
4,821,186
2020
$
357,031
357,031
2020
$
-
4,245
4,245
(i) On 2 February 2021, Bulletin and Matsa announced that a 400m wide strip of part of the Joint
Venture area (BNR 80%, MAT 20%) totalling 1.35km2 in area was sold to Apollo Consolidated
Limited (“Apollo”) for a total consideration of approximately $5.6M.
The total consideration for the sale of the land parcel and relevant mining data comprises:
10.75 million Apollo shares upfront (37.5% escrowed for 6 months and 62.5% escrowed for 12
months)
$250,000 in cash on satisfaction of certain conditions
$1.0M payable in cash or Apollo shares at Apollo’s election, on the earliest of the granting of
a Mining Lease to Apollo over the sale area or 24 months from signing
$1.0M payable in cash or Apollo shares at Apollo’s election, on the earliest of Apollo’s decision
to mine the Rebecca Deposit or 48 months from signing.
Bulletin’s share of the consideration is approximately $4.76M. Separately Matsa and Bulletin agreed
that Matsa would receive all the $250,000 and Bulletin would receive 100% of the first $1.0M deferred
payment from AOP.
45
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
5.
CASH AND CASH EQUIVALENTS
Cash at bank and on hand
Short term deposits
2021
$
951,321
20,241
971,561
2020
$
1,140,916
20,000
1,160,916
Reconciliation of net loss after income tax to net cash flows from operating activities
Profit/(loss) after income tax
Share based payments expense
Fair value movements on financial assets
Depreciation
Provision for impairment of joint venture
Net gain on disposal of tenements
Increase in trade and other receivables
Decrease in exploration asset due to receipt of royalty
Increase in trade and other payables
Increase/(decrease) in provisions
Net cash (used in) operating activities
2021
$
3,554,700
20120
$
(746,666)
-
406,440
156
83,400
(4,766,020)
(335,698)
-
44,748
866,899
(145,375)
163,968
(159,706)
-
-
-
(555,717)
2,084
263,280
25,980
(1,006,777)
Non-cash financing and investing activities
During the financial year Bulletin sold a proportion of its Lake Rebecca gold project for a total
consideration of $4.76M (refer Note 4(i)). The consideration was satisfied by the issue of AOP shares
to the value of $2.967M and receivables of $1.8M.
6. TRADE AND OTHER RECEIVABLES
Current
Trade debtors
Other receivables (i)
Non Current
Other receivables (refer Note 4(i))
2021
$
-
899,358
899,358
1,800,000
1,800,000
2020
$
26,297
537,363
563,660
-
-
(i) On 3 August 2021 the Company advised that it had received its royalty payment from the Geko
gold mine of $899,358 based on production for the quarter ended 30 June 2021. A payment of
$299,486 from the Bulletin royalty entitlement was made towards part payment of the $3.25M
acquisition cost from the total Bulletin royalty entitlement, resulting in a net amount received of
$599,872 on 30 July 2021.
The amount receivable reflects Bulletin’s share of the $2M portion of deferred consideration from the
sale due in 24 and 48 months.
46
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
7.
OTHER FINANCIAL ASSETS
Investments in listed entities
Opening balance
Acquisition (refer Note 4(i))
Disposals
Net change in investments (i), (ii)
Closing balance
Listed shares
2021
$
2,709,600
2020
$
105,840
2,709,600
105,840
105,840
3,010,200
-
(406,440)
2,709,600
140,940
-
(108,000)
72,900
105,840
The fair value of listed equity investments has been determined directly by reference to published
price quotations in an active market.
(i) The Company holds shares in Auris Minerals Limited (“AUR”), which is involved in exploration of
gold and base metals in Western Australia. AUR is listed on the Australian Securities Exchange.
At the end of the year the Company’s investment had a fair value of $129,600 (30 June 2020:
$105,840) which is based on AUR’s quoted share price at 30 June 2021. During the year, the
Company recognised a fair value movement of $19,440 (2020: $72,900).
(ii) The Company holds shares in Apollo Consolidated Limited (“AOP”), which is involved in
exploration of gold in Western Australia. AUR is listed on the Australian Securities Exchange.
At the end of the year the Company’s investment had a fair value of $2,580,000 (30 June 2020: Nil)
which is based on AOP’s quoted share price at 30 June 2021. During the year, the Company recognised
a fair value movement of $387,000 (2020: $Nil). (3,225,000 shares escrowed for 6 months and
5,375,000 shares escrowed for 12 months)
8.
EXPLORATION AND EVALUATION ASSETS
Exploration and evaluation expenditure (i)
Joint venture contributions (iii)
(i) Movement in carrying amounts
Balance at the beginning of the year
Acquisition of tenements
Disposal of tenements
2021
$
154,647
-
154,647
155,627
-
(980)
154,647
2020
$
155,627
83,400
239,027
-
155,627
155,627
47
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
8.
EXPLORATION AND EVALUATION ASSETS (continued)
(ii) Retained Interest
Habrok (Geko Pit) Pty Ltd (Habrok) are the current owners of the Geko gold. Habrok
recommenced mining at Geko in 21 March 2020. Gekogold holds the following interest:
1. Gekogold will retain a royalty, payable in cash, over the Project on the following terms:
(i)
(ii)
(iii)
10% of the first 25,000 oz Au produced;
4% of the next 60,039 oz Au produced; and
2% of all production over and above 85,039 oz Au.
The above royalty is reduced by a capped amount of $3.25M at a rate of 3.33% per ounce.
2. Gekogold will be entitled to 30% of the profit earned from the sale of minerals from the
Project after Habrok has earned $9M profit. Gekogold makes no contribution to the costs of
the Project and is not responsible for any losses incurred on the Project with mining to
commence by 1st October 2018, subject to no major adverse event occurring.
3. Gekogold and Habrok have formed a joint venture on a 30:70 basis on the tenement area
outside the Project. Habrok operates the joint venture.
(iii) Joint Venture Contribution
Bulletin, via its wholly owned subsidiary Gekogold, has a 30% interest in the Gekogold Exploration
and Production Joint Venture Agreement (Joint Venture) with Habrok whereby it contributes to
the Joint Venture via way of cash calls. Habrok is the operator of the Joint Venture. During the
year the joint venture did no exploration work and as such it was decided to impair the joint
venture interest.
9. PROPERTY, PLANT AND EQUIPMENT
Plant and equipment at cost
Accumulated depreciation
Movements in property, plant and equipment
At 1 July net of accumulated depreciation
Additions
Depreciation charge for the year
At 30 June net of accumulated depreciation
2021
$
2020
$
780
(156)
624
-
780
(156)
624
-
-
-
-
-
-
-
48
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
10.
INCOME TAX
(a) Numerical reconciliation of income tax expense
to prima facie tax payable
2021
$
2020
$
Profit/(loss) from continuing operations after income tax
expense
Prima facie tax expense/(benefit) on profit/(loss) from
ordinary activities at 30% (2020: 30%)
4,419,348
(746,666)
1,325,804
(224,000)
Under provision of tax in prior period
Tax effect of amounts which are not deductible
(taxable) in calculating taxable income
Share based payments
Under/over
Deferred tax assets/(liabilities) not recognised in relation to
current year tax losses
Other reconciling items
Movement in losses not previously recognised
Income tax expense
Movement in unrecognised temporary differences
Income Tax Expense is attributable to:
Loss from continuing operations
Profit from discontinuing operations
(b) Unrecognised temporary differences
Deferred Tax Assets (at 30%)
Investments
Accruals
Provisions
Capital raising costs
Accrued income
Other
Carry forward tax losses
Deferred Tax Liabilities (at 30%)
Exploration
-
49,190
99,533
74,652
625
-
-
-
-
-
-
149,982
7,450
7,794
94,258
161,209
-
416,509
837,202
-
160,053
(42,548)
(2,100)
(576,561)
864,648
-
-
-
-
271,914
7,131
8,469
64,312
-
1,005
-
352,831
(21,374)
(46,688)
Net Deferred Tax Assets (at 30%)
331,457
790,514
Going forward the potential tax benefit will only be obtained if the relevant company derives future
assessable income of a nature and an amount sufficient to enable the benefit to be realised; and
i. the relevant company continues to comply with the conditions for deductibility imposed by the
law; and
ii. no changes in tax legislation adversely affect the relevant company in realising the benefit.
49
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
11.
TRADE & OTHER PAYABLES
Trade payables (a)
Sundry creditors and accruals (b)
2021
$
134,257
397,944
532,201
2020
$
294,413
193,039
487,452
(a) Trade creditors are non-interest bearing and generally on 30 day terms.
(b) Sundry creditors and accruals are non-interest bearing and generally on 30 day terms.
Due to the short term nature of these payables, their carrying value approximates their fair value.
12. PROVISIONS
Current
Provision for annual leave
Provision for income tax
13.
ISSUED CAPITAL
(a) Share capital
Ordinary Shares
Opening balance
Movement during the year
Closing balance
2021
$
28,230
864,648
892,878
2020
$
25,980
-
25,980
2021
No
2020
No
2021
$
2020
$
179,293,074
-
179,293,074
179,293,074
-
179,293,074
1,200,704
-
1,200,704
1,200,704
-
1,200,704
(b) Movement in options on issue
Beginning of the financial year
Options issued
Options exercised during the financial year (Note 17)
Expired during the financial year
End of financial year
(c) Capital risk management
2021
No
2020
No
30,500,000
-
-
-
30,500,000
30,000,000
16,000,000
-
(15,500,000)
30,500,000
The Group’s objective when managing capital is to safeguard their ability to continue as a going
concern and to provide returns for shareholders and benefits for other stakeholders and to maintain
capital structure to reduce the cost of capital.
The net assets of the Group are equivalent to capital. Net capital is obtained through capital raisings
on the Australian Securities Exchange.
The board of Directors monitors capital on an ad-hoc basis. No formal targets are in place for return
on capital or gearing ratios, as the Group has not derived any income from its mineral exploration and
currently has no debt facilities in place.
50
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
14. RESERVES
Equity settled transaction
Movements in Reserves
Equity settled transaction reserve
Balance at beginning of financial year
Share based payment (Note 15)
Balance at end of financial year
2021
$
723,127
2020
$
723,157
2021
$
2020
$
723,157
-
723,157
559,189
163,968
723,157
The equity settled transaction reserve records share-based payment transactions.
15. RETAINED EARNINGS/(ACCUMULATED LOSSES)
Retained earnings/(accumulated losses) at beginning of
financial year
Profit/(loss) for the year
Retained earnings/(accumulated losses) at end of financial year
16.
EARNINGS PER SHARE
The profit/(loss) and weighted average number of ordinary
shares used in the calculation of gain/(loss) per share are as
follows:
2021
$
2020
$
(367,850)
3,554,700
3,186,850
378,816
(746,666)
(367,850)
2021
2020
Profit/(loss) from continuing operations ($)
Basic profit/(loss) per share (cents per share)
Profit/(loss) for the year ($)
Diluted profit/(loss) per share (cents per share)
3,554,700
1.98
3,554,700
1.82
(746,666)
(0.42)
(746,666)
(0.42)
Weighted average number of ordinary shares
Weighted average number of ordinary shares for basic earnings
per share
Effect of dilution:
-
Share options
Weighted average number of ordinary shares adjusted for the
effect of dilution
179,293,074
179,293,074
15,591,808
-
194,884,882
179,293,074
51
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
16.
EARNINGS PER SHARE (continued)
Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the
parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS
is calculated by dividing the profit attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding during the year plus the weighted average
number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary
shares into ordinary shares.
The Company has included share options and rights on issue in the calculation of dilutive earnings per
share for the current financial period.
17.
SHARE BASED PAYMENTS
Options issued during the year
The Company issues options to Director and Executives from time to time. The terms and conditions
of those options vary between option holders. There were nil (2020: 14,000,000) options issued to
Directors or Executives during the financial year.
Options issued to the Directors and Executives vest immediately.
Other relevant terms and conditions applicable to options granted in the prior year include:
any Directors or Executives vested options that are unexercised by 30 November 2022 will expire
or, if they resigned, in accordance with their specific terms and conditions; and
upon exercise, these options will be settled in ordinary shares of Bulletin Resources Limited.
In the previous financial year 2,000,000 options were issued to a consultant on the same terms and
conditions as director and executive options.
(a)
Summary of options issued
The following table illustrates the number (No.) and weighted average exercise prices (WAEP) of share
options issued.
Outstanding at 1 July
Granted during the year
Exercised during the year
Disposed of during the year
Expired during the year
Outstanding at 30 June
Exercisable at 30 June
2021
No.
30,500,000
-
-
-
-
30,500,000
30,500,000
2021
WAEP
$
0.035
-
-
-
-
0.035
0.035
2020
No.
30,000,000
16,000,000
-
-
(15,500,000)
30,500,000
30,500,000
2020
WAEP
$
0.038
0.027
-
-
(0.033)
0.035
0.035
52
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
17.
SHARE BASED PAYMENTS (continued)
There were no options issued during the year. In the prior year the following options were issued:
Directors
12,000,000 options over ordinary shares with an exercise price of $0.027 each, exercisable
immediately and expiring on 30 November 2022 were issued to Directors.
Executives
2,000,000 options over ordinary shares with an exercise price of $0.027 each exercisable
immediately and expiring on 30 November 2022 were issued to an Executive.
Consultants
2,000,000 options over ordinary shares with an exercise price of $0.027 each exercisable
immediately and expiring on 30 November 2022 were issued to a consultant.
(b) Valuation models of options issued
The fair value of the options is estimated at the date of grant, being 28 November 2019, using a Black-
Scholes model. The following table gives the assumptions made in determining the fair value of the
options granted in the financial year. The options vested immediately.
Dividend yield (%)
Expected volatility (%)
Risk-free interest rate (%)
Expected life of options (years)
Option exercise price ($)
Share price at grant date ($)
Fair value at grant date (cents)
-
85.7
0.62
3
0.027
0.021
1.02
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.
Weighted average remaining contractual life
The weighted average remaining contractual life for share options outstanding as at 30 June 2021 is
0.92 years (2020: 1.94 years).
Weighted average fair value
The weighted average fair value of the options granted during the financial year was nil (2020: 1.49
cents).
Employee Expenses
Share options granted:
- equity settled Key Management Personnel
- equity settled Other
Total expense recognised as employee costs
2021
$
2020
$
-
-
-
143,472
20,496
163,968
53
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
18. REMUNERATION OF AUDITOR
2021
$
2020
$
40,160
35,907
During the year, the following fees were received or due and
receivable by BDO for:
Audit and review of financial report
Other than their statutory audit duties, BDO Audit (WA) Pty
Ltd did not perform any other services for the Company
during the year.
19. RELATED PARTY TRANSACTIONS
(a) Directors
The names of persons who were Directors of Bulletin Resources Limited at any time during the
financial year were as follows: Paul Poli, Robert Martin, Frank Sibbel and Daniel Prior. Other key
management personnel include the Company Secretary, Andrew Chapman.
(b) Other Related Party Transactions
Transactions between related parties are on commercial terms and conditions, no more favourable
than those available to other parties unless otherwise stated.
No amounts in addition to those disclosed in the remuneration report to the financial statements were
paid or payable to Directors or other key management personnel of the Group in respect of the year
ended 30 June 2021.
(c) Transactions with related parties
(i)
On 2 February 2021, Bulletin and Matsa announced that a 400m wide strip of part of the Joint
Venture area (BNR 80%, MAT 20%) totalling 1.35km2 in area was sold to Apollo Consolidated
Limited (“Apollo”) for a total consideration of approximately $5.6M.
The total consideration for the sale of the land parcel and relevant mining data comprises:
10.75 million Apollo shares upfront (37.5% escrowed for 6 months and 62.5% escrowed for
12 months)
$250,000 in cash on satisfaction of certain conditions
$1.0M payable in cash or Apollo shares at Apollo’s election, on the earliest of the granting of
a Mining Lease to Apollo over the sale area or 24 months from signing
$1.0M payable in cash or Apollo shares at Apollo’s election, on the earliest of Apollo’s decision
to mine the Rebecca Deposit or 48 months from signing.
Bulletin’s share of the consideration is approximately $4.76M. Separately Matsa and Bulletin agreed
that Matsa would receive all the $250,000 and Bulletin would receive 100% of the first $1.0M deferred
payment from AOP.
(ii)
The Group has a services agreement with Matsa Resources Limited (Matsa) whereby Matsa
would provide accounting and administrative services to the Group on a monthly arms-length
and commercial basis. Messrs Poli, Sibbel and Chapman are directors of Matsa.
In the current year $56,611 has been charged to Bulletin for these services (2020: $294,374). At 30
June 2021 there was an outstanding balance of $303 (2020: $12,553) owing to Matsa.
54
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
19. RELATED PARTY TRANSACTIONS (continued)
Compensation of Key Management Personnel
Short-term employment benefits
Post-employment benefits
Termination benefits
Share-based payment (Note 17)
2021
$
2020
$
316,849
6,892
-
-
323,741
195,045
4,677
-
143,472
343,194
The compensation disclosed above represents an allocation of the key management personnel’s
estimated compensation from the Group in relation to their services rendered to the Group.
20.
SEGMENT REPORTING
The Group operates in the mineral exploration industry in Australia. For management purposes, the
Group is organised into one main operating segment which involves the exploration of minerals in
Australia. All of the Group’s activities are interrelated and discrete financial information is reported
to the board (Chief Operating Decision Maker) as a single segment. Accordingly, all significant
operating decisions are based upon analysis of the Group as one segment. The financial results from
this segment are equivalent to the financial statements of the Group as a whole.
21.
INVESTMENT IN CONTROLLED ENTITIES
Entity
Principal
Activity
Class of
Shares
Country of
incorporation
Equity holding
2021
%
2020
%
Lamboo
Operations Pty Ltd
Gekogold Pty Ltd
Bulletin
Queensland Pty Ltd
Mineral
Exploration
Mineral
Exploration
Mineral
Exploration
Ordinary
Australia
Ordinary
Australia
Ordinary
Australia
100
100
100
100
100
100
55
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
22. PARENT ENTITY DISCLOSURES
As at, and throughout, the financial year ended 30 June 2021 the parent company of the Group was
Bulletin Resources Limited.
Result of the parent Entity
Loss for the year
Other comprehensive gain/(loss)
Total comprehensive loss for the year
Financial position of parent entity at year end
Current assets
Total assets
Current liabilities
Total liabilities
Total equity of the parent entity comprising of:
Share capital
Reserves
Accumulated losses
Total (deficiency in)/equity
Company
2021
$
2020
$
(1,556,314)
-
(1,556,314)
(1,103,697)
-
(1,103,697)
1,101,161
1,101,885
1,459,220
1,459,220
1,293,053
1,534,164
335,184
335,184
1,200,704
723,157
(2,281,196)
1,200,704
723,157
(724,882)
(357,335)
1,198,979
56
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
23.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s principal financial instruments comprise receivables, payables, cash and short-term
deposits and financial assets at fair value through profit or loss.
Risk exposures and responses
The Group manages its exposure to key financial risks in accordance with the Group’s financial risk
management policy. The objective of the policy is to support the delivery of the Group’s financial
targets while protecting future financial security.
The main financial risks are interest rate risk, commodity risk, credit risk, equity price risk and liquidity
risk. The Group uses different methods to measure and manage different types of risks to which it is
exposed. These include monitoring levels of exposure to interest rate and assessments of market
forecasts for interest rate and commodity prices. Ageing analysis of and monitoring of receivables are
undertaken to manage credit risk, liquidity risk is monitored through the development of future rolling
cash flow forecasts.
The board reviews and agrees policies for managing each of these risks as summarised below.
Primary responsibility for identification and control of financial risks rests with the board. The board
reviews and agrees policies for managing each of the risks identified below.
Details of the significant accounting policies and methods adopted, including the criteria for
recognition, the basis of measurement and the basis on which income and expenses are recognised,
in respect of each class of financial asset, financial liability and equity instrument are disclosed in note
2(g) to the financial statements.
The accounting classification of each category of financial instruments as defined in note (2(g)), and
their carrying amounts, are set out below:
a) Interest Rate Risk Exposures
The Group’s exposure to risks of changes in market interest rates relate primarily to the Group’s cash
balances. The Group constantly analyses its interest rate exposure. Within this analysis consideration
is given to potential renewals of existing positions, alternative financing positions and the mix of fixed
and variable interest rates. The following sensitivity analysis is based on the interest rate risk
exposures in existence at the reporting date. The sensitivity analysis is for variable rate instruments.
The Group has performed a sensitivity analysis relating to its exposure to interest rate risk. At 30 June
2021 and 30 June 2020 the Group’s exposure to interest rate risk is not deemed material.
The Group's exposure to interest rate risk and the effective weighted average interest rate for classes
of financial assets are set out below:
57
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
23.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Financial
Assets
and
Cash and cash
equivalents
Trade
other
receivables
Total
Financial
Assets
Floating Interest Rate
2021
$
2020
$
Fixed Interest
Less than 1 year
2020
2021
$
$
Non-interest
Bearing
Total
2021
$
2020
$
2021
$
2020
$
951,320
1,140,916
20,241
20,000
-
-
971,561
1,160,916
-
-
-
-
2,699,358
563,660
2,699,358
563,660
951,320
1,140,916
20,241
20,000
2,699,358
563,660
3,670,919
1,724,576
The weighted average interest rate received on cash and cash equivalents by the Group was 0.25%
(2020: 0.65%).
b) Credit risk
The Group does not have any significant concentrations of credit risk. Credit risk is managed by the
board and arises from cash and cash equivalents as well as credit exposure including outstanding
receivables and committed transactions. All cash balances held at banks are held at internationally
recognised institutions. The majority of receivables are immaterial to the Group. Given this, the credit
quality of financial assets that are neither past due or impaired can be assessed by reference to
historical information about expected credit loss rates.
Credit risk arises from cash and cash equivalents and deposits with banks. The credit quality of
financial assets that are neither past due nor impaired can be assessed by reference to external credit
ratings. Financial assets that are neither past due and not impaired are as follows:
Cash and cash equivalents
Trade and other receivables
(c) Commodity Price Risk
2021
$
971,561
2,699,358
2020
$
1,160,916
563,660
The Group’s revenues are exposed to commodity price fluctuations, in particular the gold price
impacts the Geko gold royalty receivable and royalty payable.
(d) Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash balances and access to equity
funding. The Group’s exposure to the risk of changes in market interest rates relate primarily to cash
assets and floating interest rates. The Directors monitor the cash-burn rate of the Group on and on-
going basis against budget and the maturity profiles of financial assets and liabilities to manage its
liquidity risk.
As at the reporting date the Group had sufficient cash reserves to meet its requirements. The Group
has no access to credit standby facilities.
The financial liabilities of the Group had at the reporting date were trade and other payables incurred
in the normal course of business as well.
58
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
23.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Maturity analysis of financial assets and liabilities based on management’s expectation
The risk implied from the values shown in the table below, reflects a balanced view of cash inflows
and outflows. Trade payables and other financial liabilities mainly originate from the financing of
assets used in ongoing operations. To monitor existing financial assets and liabilities as well as to
enable effective controlling of future risks, management monitors its Group’s expected settlement of
financial assets and liabilities on an ongoing basis.
30 June 2021
Financial Assets
Cash and
equivalents
Other receivables
Other financial
assets
Financial Liabilities
Trade and other
payables
30 June 2020
Financial Assets
Cash and
equivalents
Other receivables
Other financial
assets
Financial Liabilities
Trade and other
payables
(e) Equity Price Risk
Carrying
amount
Contractual
cash flows
6 mths or
less
6-12 mths 1-2 years
2-5 years
971,561
2,699,358
971,561
2,699,358
971,561
899,358
-
-
- 1,000,000
2,709,600
6,380,519
2,709,600
6,380,519
1,016,100 1,693,500
-
2,887,019 1,693,500 1,000,000
-
800,000
-
800,000
532,201
532,201
532,201
532,201
532,201
532,201
-
-
-
-
-
-
Carrying
amount
Contractual
cash flows
6 mths or
less
6-12 mths 1-2 years
2-5 years
1,160,916
563,660
1,160,916
563,660
1,160,916
563,660
105,840
1,830,416
105,840
1,830,416
105,840
1,830,416
487,453
487,453
487,453
487,453
487,453
487,453
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Other Equity price risk is the risk that the value of the instrument will fluctuate as a result of changes
in market prices (other than those arising from interest rate risk or currency risk), whether caused by
factors specific to an individual investment, its issuer or all factors affecting all instruments traded in
the market.
Investments are managed on an individual basis and material buy and sell decisions are approved by
the board of Directors. The primary goal of the Group’s investment strategy is to maximise investment
returns.
59
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
23.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
The Company’s investments are solely in equity instruments. These instruments are classified as
financial investments and carried at fair value with fair value changes recognised directly in the
statement of profit or loss and other comprehensive income.
The following table details the breakdown of the investment assets held by the Group:
Listed equities (Level 1 fair value hierarchy)
7
Note
30 June 2021
$
2,709,600
30 June 2020
$
105,840
Sensitivity analysis
The Group’s equity investments are listed on the Australian Securities Exchange. A 10% increase in
stock prices at 30 June 2021 would have increased the profit by $270,960 (2020: decrease the loss by
$10,584), an equal change in the opposite direction would have decreased the profit by an equal but
opposite amount.
(f) Fair value measurements
For all financial assets and liabilities recognised in the statement of financial position, carrying
amount approximates fair value unless otherwise stated in the applicable notes.
Fair value hierarchy
The Group classifies assets and liabilities carried at fair value using a fair value hierarchy that reflects
the significance of the inputs used in determining that value. The following table analyses financial
instruments carried at fair value by the valuation method. The different levels in the hierarchy have
been defined as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (as prices) or indirectly (derived from prices); and
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
All financial assets have been valued at Level 1 at the end of the financial year.
60
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
24. COMMITMENTS AND CONTINGENCIES
Exploration and Expenditure Commitments
In order to maintain the mineral tenements in which the Company and other parties are involved, the
consolidated entity is committed to fulfill the minimum annual expenditure conditions under which
the tenements are granted. The minimum estimated expenditure commitment requirement for
granted tenements for the next year is $278,000 (2020: $154,000).
Contingencies
The Group has a contingent asset being the royalty receivable on the Geko gold project as detailed in
Note 8(ii). This royalty is reduced by a capped amount of $3.25M at a rate of 3.33% per ounce which
is only payable from the royalty received. At the date of this report it is not practicable to determine
the financial effect of the contingent asset.
The Group has a 1% net smelter royalty payable on all minerals derived from the Lake Rebecca joint
venture tenements. At the date of this report it is not practicable to determine the financial effect of
the contingent liability.
The Group, via its wholly owned subsidiary, Gekogold, has a 30% interest in the Geko gold project
tenement area outside the Geko gold mine. Habrok operates the joint venture and at this time has
not advised of a joint venture budget.
There are no other contingent assets or liabilities as at 30 June 2021.
25.
EVENTS SUBSEQUENT TO REPORTING DATE
On 3 August 2021 Bulletin announced that it had received its June 2021 quarter production royalty
entitlement of $899,358 from the Geko gold mine. A payment of $299,486 from the Bulletin royalty
entitlement was made towards part payment of the $3.25M acquisition cost from the total Bulletin
royalty entitlement, resulting in a net amount received of $599,872 on 30 July 2021.
On 9 August 2021 Bulletin announced that it was undertaking a capital raising of up to $3.63M via a
fully underwritten non-renounceable rights issue to raise $2.69M as well as placements to raise up to
an additional $945,000. The non-renounceable rights issue is being conducted on a 1 for 3 basis priced
at $0.045 per share to raise up to $2.69M (before costs of the issue). For every three shares issued,
there is one free attaching option exercisable at $0.10 each expiring 30 September 2024.
On completion of the non-renounceable rights issue the Company has placed a further 20M shares
and 6.67M options to raise $900,000 and has also placed 45M options at an issue price of $0.001 each
to raise $45,000. The proceeds from the capital raising will be directed towards ongoing exploration
at the Company’s projects and identification and acquisition of new project opportunities.
On 1 September 2021 Frank Sibbel resigned as a director of the Company.
The impact of the Coronavirus (COVID-19) pandemic is ongoing and whilst it has had no financial
impact for the Group up to 30 June 2021, it is not practicable to estimate the potential impact, positive
or negative, after the reporting date. The situation is rapidly developing and is dependent on measures
imposed by the Australian Government and other countries, such as maintaining social distancing
requirements, quarantine, travel restrictions and any economic stimulus that may be provided.
61
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
25.
EVENTS SUBSEQUENT TO REPORTING DATE (continued)
There have been no other matters or circumstances that have arisen since the end of the financial
year which have significantly affected or may significantly affect the operations of the Group, the
results of those operations, or the state of affairs of the Group in future financial years.
Other than the above, there has been no matter or circumstance that has arisen that has significantly
affected, or may significantly affect:
the Group’s operations in future financial years, or
the results of those operations in future financial years, or
the Group’s state of affairs in future financial years.
62
BULLETIN RESOURCES LIMITED
DIRECTORS DECLARATION
FOR THE YEAR ENDED 30 JUNE 2021
DIRECTORS’ DECLARATION
The Directors of the Company declare that:
1. The financial statements, comprising the 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, consolidated accompanying notes,
are in accordance with the Corporations Act 2001 and:
(a) Comply with Accounting Standards and the Corporations Regulations 2001 and other
mandatory professional reporting requirements; and
(b) Give a true and fair view of the financial position as at 30 June 2021 and of the
performance for the year ended on that date of the Group.
2.
In the Directors’ opinion, there are reasonable grounds to believe that the Group will be able
to pay its debts as and when they become due and payable.
3. The Directors have been given the declarations by the Chairman required by section 295A.
4. The Group has included in the notes to the financial statements an explicit and unreserved
statement of compliance with International Financial Reporting Standards.
This declaration is made in accordance with a resolution of the Board of Directors and is signed for
and on behalf of the Directors by:
Paul Poli
Director - Chairman
Dated this 29th day of September 2021
63
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
38 Station Street
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of Bulletin Resources Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Bulletin 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 report, 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 ended on that date; 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 Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (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 confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
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 period. 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.
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
64
Accounting for Lake Rebecca Transaction
Key audit matter
How the matter was addressed in our audit
As disclosed in Notes 4 and 8 of the Financial Report,
Our procedures included, but were not limited to:
during the year, the Group disposed of a tenement par
cel relating to the Lake Rebecca project to Apollo Con
solidated Limited (‘Apollo’).
The transaction is considered a key audit matter due to
the significant auditor attention involved in assessing:
Reviewing the relevant agreements to obtain an
understanding of the contractual nature and
terms and conditions of the transaction;
Reviewing management’s calculation of the gain
on disposal and verifying transaction
The accounting treatment on disposal including
consideration to source documentation;
the recognition of upfront and deferred elements
of consideration;
Reviewing management’s assessment over the
recoverability of the deferred consideration at
reporting date; and
Assessing the adequacy of the related
disclosures in Notes 4 and 8 of the Financial
Report.
Other information
The directors are responsible for the other information. The other information comprises the information
in the Group’s annual report for the year ended 30 June 2021, but does not include the financial report
and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and 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.
65
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.
A further description of our responsibilities for the audit of the financial report is located at the Auditing
and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 23 to 30 of the directors’ report for the
year ended 30 June 2021.
In our opinion, the Remuneration Report of Bulletin Resources Limited, for the year ended 30 June 2021,
complies with section 300A of the Corporations Act 2001.
Responsibilities
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.
BDO Audit (WA) Pty Ltd
Jarrad Prue
Director
Perth, 29 September 2021
66
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
38 Station Street
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
Australia
DECLARATION OF INDEPENDENCE BY JARRAD PRUE TO THE DIRECTORS OF BULLETIN RESOURCES
LIMITED
As lead auditor of Bulletin Resources Limited for the year ended 30 June 2021, I declare that, to the
best of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Bulletin Resources Limited and the entities it controlled during the
period.
Jarrad Prue
Director
BDO Audit (WA) Pty Ltd
Perth, 29 September 2021
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
67
BULLETIN RESOURCES LIMITED
ADDITIONAL ASX INFORMATION
FOR THE YEAR ENDED 30 JUNE 2021
The following additional information is required by the Australian Securities Exchange. The
information is current as at 27th September 2021.
Distribution schedule and number of holders of equity securities
Stock Exchange Listing – Listing has been granted for 261,057,577 ordinary fully paid shares of the
Company on issue on the Australian Securities Exchange.
Range (size of holding)
Number of Holders Number of Units
%
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 – and over
28
22
100
307
219
676
3,628
85,956
822,188
13,996,964
246,148,841
261,057,577
0.00
0.03
0.31
5.36
94.29
100.00
There were 83 shareholders holding less than a marketable parcel at 27th September 2021.
Substantial shareholders
Substantial shareholders in Bulletin Resources Ltd as disclosed in substantial holder notices provided
to the Company are detailed below -
Name
GOLDFIRE ENTERPRISES PTY LTD
Shares
% of Total Shares
62,152,938
23.81
68
Units
% of Units
35,751,230
13.69
BULLETIN RESOURCES LIMITED
ADDITIONAL ASX INFORMATION
FOR THE YEAR ENDED 30 JUNE 2021
ADDITIONAL ASX INFORMATION (CONTINUED)
20 Largest registered holders of quoted equity securities as at 27th September 2021
Rank Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
Goldfire Enterprises Pty Ltd
Temorex Pty Ltd
BNP Paribas Nominees Pty Ltd ACF Clearstream
BNP Paribas Nominees Pty Ltd
Newmek Investments Pty Ltd
Kitara Investments Pty Ltd
BNP Paribas Nominees Pty Ltd HUB24 Custodial Serv Ltd
Mr. Jason Frank Madalena
BNP Paribas Nominees Pty Ltd Six Sis
Capretti Investments Pty Ltd
20,844,444
13,829,859
9,191,497
6,666,667
5,333,334
5,333,333
5,053,334
4,891,581
4,250,069
Mr Paul Poli & Mrs Sonya Kathleen Poli
4,226,667
Sisu International Pty Ltd
BNP Paribas Nominees Pty Ltd
Alltime Nominees Pty Ltd
Angkor Imperial Resources Pty Ltd
The Sun W Investment Pty Ltd
Auro Pty Ltd
Zero Nominees Pty Ltd
Mr Mark Bahen & Mrs Margaret Patricia Bahen
4,000 000
3,689,309
3,668,745
3,446,667
3,055,555
3,000,000
2,800,000
2,666,667
7.98
5.30
3.52
2.55
2.04
2.04
1.94
1.87
1.63
1.62
1.53
1.41
1.41
1.33
1.17
1.67
1.07
1.02
20
Malekula Projects Pty Ltd
TOTAL
2,666,667
144,385,625
1.02
55.31
Distribution schedule and number of holders of listed options
Range (size of holding)
Number of Holders Number of Units
%
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 – and over
10
18
14
90
68
200
3,672
51,304
94,641
3,853,519
67,585,180
71,588,316
0.01
0.07
0.13
5.38
94.41
100.00
69
BULLETIN RESOURCES LIMITED
ADDITIONAL ASX INFORMATION
FOR THE YEAR ENDED 30 JUNE 2021
ADDITIONAL ASX INFORMATION (CONTINUED)
20 Largest registered holders of quoted options exercisable at $0.10 expiring 30 September 2024 as
at 27th September 2021
Rank Name
Units
% of Units
1
2
3
4
5
6
7
8
9
10
11
12
13
13
13
16
17
18
19
20
Alltime Nominees Pty Ltd
Capretti Investments Pty Ltd
Empire Capital Partners Pty Ltd
Nitro Super Fund Pty Ltd
Sisu International Pty Ltd
Platinum Reign Pty Ltd
Goldfire Enterprises Pty Ltd
Mrs Sonya Kathleen Poli
GAB Superannuation Fund Pty Ltd
Temorex Pty Ltd
Dr Salim Cassim
Mr Mario Giosue Franco & Mrs Immacolata Franco
Blue Atlas Pty Ltd
Blue Olive Capital Pty Ltd
Malekula Projects Pty Ltd
Harrington Holdings WA Pty Ltd
Angkor Imperial Resources Pty Ltd
The Sun W Investment Pty Ltd
DC & PC Holdings Pty Ltd
BNP Paribas Nominees Pty Ltd
8,722,914
8,250,133
7,851,852
7,500,000
3,333,333
3,000,000
2,979,270
2,627,778
2,000,000
1,737,037
1,333,333
1,050,000
1,000,000
1,000,000
1,000,000
983,333
822,222
740,740
666,666
591,286
12.18
11.52
10.97
10.48
4.66
4.19
4.16
3.67
2.79
2.43
1.86
1.47
1.40
1.40
1.40
1.37
1.15
1.03
0.93
0.83
TOTAL
Unquoted Securities
57,189,897
79.89
The number of unquoted securities on issue as at 27th September 2021 are as follows:
Name
Number on Issue
Unlisted options exercisable at 4.3 cents each on or before 30 November 2021
14,500,000
Unlisted options exercisable at 2.7 cents each on or before 30 November 2022
14,000,000
70
BULLETIN RESOURCES LIMITED
ADDITIONAL ASX INFORMATION
FOR THE YEAR ENDED 30 JUNE 2021
ADDITIONAL ASX INFORMATION (CONTINUED)
Names of persons holding more than 20% of a given class of unquoted securities as at 27th
September 2021
Unlisted options exercisable at 4.3 cents each on or before 30 November 2021
Holder
GOLDFIRE ENTERPRISES PTY LTD
Number Held
Percentage %
3,000,000
20.69
Unlisted options exercisable at 2.7 cents each on or before 30 November 2022
Holder
MR PAUL POLI
GOLDFIRE ENTERPRISES PTY LTD
Number Held
Percentage %
4,000,000
4,000,000
25.00
25.00
Restricted Securities as at 27th September 2021
There are no restricted securities on issue as at 27th September 2021.
Voting Rights
All fully paid ordinary shares carry one vote per ordinary share without restriction. Unquoted options
have no voting rights.
On-Market Buy-back
The Company is not currently performing an on-market buy-back.
71
BULLETIN RESOURCES LIMITED
SCHEDULE OF MINING TENEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Tenement
Project
Holder
Status
Share Held
E28/26001
E28/26351
Lake Rebecca
Lamboo Operations Pty Ltd
Lake Rebecca
Lamboo Operations Pty Ltd
E28/2709
Lake Rebecca
Lamboo Operations Pty Ltd
E28/2878
Lake Rebecca
Lamboo Operations Pty Ltd
E28/2977
Lake Rebecca
Lamboo Operations Pty Ltd
E28/3002
Chifley
Lamboo Operations Pty Ltd
E74/655
Ravensthorpe
Bulletin Resources Limited
E38/3552
Duketon North
Bulletin Resources Limited
1= Joint venture with Matsa Resources Limited
Live
Live
Live
Live
Live
Live
Live
Live
80%
80%
100%
100%
100%
100%
100%
100%
72
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