2022
ANNUAL
REPORT
ASX:BNR
www.bulletinresources.com
ABN 81 144 590 858
BULLETIN RESOURCES LIMITED
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2022
DIRECTORS
Paul Poli
Robert Martin
Daniel Prior
Neville Bassett
COMPANY SECRETARY
Andrew Chapman
Non-Executive Chairman
Non-Executive Director
Non-Executive Director
Non-Executive Director
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BULLETIN RESOURCES LIMITED
CONTENTS
FOR THE YEAR ENDED 30 JUNE 2022
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 2022
Dear Shareholder,
Last year I noted that in future, 2021 may be seen as a transformative year for Bulletin. 2022 has been
a year where that transformation has continued.
In mid-2021 Bulletin was granted its initial Ravensthorpe tenement which was considered prospective
for lithium. The work conducted thus far during the 2022 year has proven that the area remains highly
prospective for lithium with two separate pegmatite trends identified. Spodumene lithium
mineralisation has been found in a number of locations along the eastern trend with assay results
from rock chips returning very high lithium grades. Mapping also identified high grade lepidolite
mineralisation in pegmatite outcrop within the western trend.
The location of the Ravensthorpe project only 12km south-west and along strike of Allkem Limited’s
operating Mt Cattlin lithium mine is excellent and Bulletin subsequently added two further tenements
to the project via acquisition. Bulletin is working through the drilling approvals process which is taking
some time, but there is an expectation that these regulatory approvals should be received in time to
allow drilling in the summer months. In the meantime, preliminary metallurgical testwork conducted
has shown that the spodumene mineralisation can generate a saleable concentrate grade from a
standard industry processing plant.
The demand for lithium continues to grow as the global electric vehicle value chain looks for the next
wave of supply. Western Australia is well placed to serve that supply wave as evidenced by key
industry players such as Allkem and Pilbara Minerals. While at the very early stages, Bulletin hopes to
diligently work away at the Ravensthorpe project with a view to one day forming part of the that
supply wave.
To a lesser extent Bulletin has also worked on its Lake Rebecca gold project and is anticipating a
diamond drilling program to commence in early 2023. It is worth noting that Ramelius Resources
Limited’s $181M takeover of Apollo Consolidated in late 2021 continues to highlight the prospectivity
of the area. The Rebecca project hosts a 1.2M ounce resource and abuts Bulletin’s project. Ramelius
has stated that they expect to grow that resource.
Bulletin remains well funded to continue its exploration work at both Ravensthorpe and Lake Rebecca.
The above mentioned takeover generated $3.8M in cash for Bulletin as well as a shareholding in
Ramelius resulting in approximately $10M in cash, liquids and receivables at year end, an enviable
position for a small explorer.
I would like to thank the entire Bulletin team for their excellent work and professional approach to
building a great company.
Lastly, I would like to thank all shareholders for their support in what Bulletin is doing and I expect
2023 to be another exciting year.
Yours Sincerely
Paul Poli
Non-Executive Chairman
30 September 2022
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REVIEW OF OPERATIONS
Ravensthorpe Lithium Project
Bulletin’s 100% owned 130 km2 Ravensthorpe Lithium Project hosts spodumene bearing pegmatites
and is located only 12km southwest and along strike of Allkem Limited’s (ASX: AKE) Mt Cattlin lithium
mine. The LCT (Lithium-Caesium-Tantalum) type pegmatites are hosted within greenstones of the
Annabelle Volcanic sequence (Figure 1).
Targeting and Review of Previous Work
Following the recent 2021 grant of the
initial Ravensthorpe Lithium project tenement, a
comprehensive review of previous exploration identified at least two pegmatite trends in the local
area:
1. The Western Pegmatite Trend, which had been the focus of most of the previous
exploration activity with work including a costean containing lepidolite and spodumene
reporting 10m @ 1.1 %Li2O and minor shallow drilling; and
2. The Eastern Pegmatite Trend which had only been lightly explored by limited rock chip
sampling with a historic best grade of 6.6% Li2O from a spodumene sample at the Deep
Purple pegmatite
Outcropping pegmatites of the Western Pegmatite Trend were initially tested by limited rock chip
sampling by past explorers, with the Horseshoe pegmatite subject to follow up exploration including
a costean and a small drill program. Costean sampling in the north of the lepidolite-spodumene
mineralised Horseshoe pegmatite returned a result of 10m @ 1.1% Li2O including 1m @ 2.91% Li2O
(refer ASX: Lithium Australia (LIT) releases dated 26 May 2017 and 1 September 2017).
A subsequent shallow 26 drill hole program on the Horseshoe pegmatite outcrop failed to intersect
significant lithium mineralisation. Bulletin believes there may be potential for better lithium grades
at depth as deeper drilling resulting in significant lithium intersections down-dip from lower grade
outcropping pegmatites are seen elsewhere. An example is Marindi Metals Ltd’s drilling of an
outcropping pegmatite that reported observed lepidolite at surface. Drilling intersected 34m @ 3.1%
Li2O with spodumene and petalite approximately 60m down-dip (refer ASX: MZN releases dated 20
December 2016 and 28 December 2016). A second example is noted with Pioneer Resources Ltd
drilling a 7m @ 1.52% Li2O intercept approximately 50m down-dip of a lithium anomalous pegmatite
outcrop (refer ASX: PIO announcement dated 4 October 2016). Lithium Australia had proposed 5 holes
to test the depth extension potential at the Horseshoe pegmatite, but the drilling was not undertaken
up before the tenement was surrendered due to the low lithium price at the time.
Mapping by previous explorers supports the potential for additional pegmatites that have yet to be
identified as they may not be outcropping or are buried by scree. Spodumene float was noted
upstream of the Horseshoe pegmatite in the central part of the tenement, suggesting spodumene
bearing pegmatites lie west of Horseshoe and an outcrop with green spodumene has also been
recorded in a creek bed west of the Deep Purple.
Very limited rock chip sampling by previous explorers along the Eastern Pegmatite Trend provided
limited elevated lithium grades. Weathering of the pegmatites may have leached out the near surface
lithium mineralisation. In the southeast of the tenement, the Phillips South area and southern
extensions are an immediate target for additional pegmatites which may be obscured by colluvium
and scree. The area is relatively untested and anomalous lithium grades in rock chips to 1.2% Li2O have
been recorded. Green muscovite, which is indicative of lithium mineralisation, has been recorded in
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mapping at Phillips South. Further exploration along the Eastern Pegmatite Trend was considered
warranted for mapping and sampling by Bulletin.
Figure 1: Bulletin’s Ravensthorpe Lithium Project location over regional geology, highlighting the
Annabelle Volcanics which host lithium bearing pegmatites in the Ravensthorpe area
Bulletin’s Mapping and Sampling
During the year, on-ground exploration commenced following DMIRS approval of Bulletin’s Dieback
Management Plan that includes several measures to prevent the spread of the Phytophthora dieback
disease.
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Eastern Pegmatite Trend
Spodumene lithium mineralisation has been identified in several localities, both as outcrop and as lag
occurrences along the Eastern Pegmatite Trend. Rock chips of outcropping and lag pegmatite with
spodumene and minor amblygonite at Big pegmatite returned high grade lithium results including
(Figure 2 and Figure 3):
o 8.21% Li2O
o 6.95% Li2O
o 5.45% Li2O
o 5.39% Li2O
Rock chip samples of spodumene in pegmatite lag 800m to the north of the Big pegmatite spodumene
discovery returned high lithium grades of (Figure 2 and Figure 4):
o 7.04% Li2O
o 1.49% Li2O
Spodumene bearing pegmatite outcrop located 700m southwest of the spodumene at Big pegmatite
returned high lithium grades of (Figure 2 and Figure 4):
o 6.80% Li2O
o 2.17% Li2O
The finds of spodumene lithium mineralisation some distance from Big pegmatite complement the
known spodumene occurrences at Big, Deep Purple and Creek pegmatites and significantly increase
the lithium prospectivity of the broader Eastern Pegmatite Trend.
Mapping also discovered a lepidolite bearing pegmatite outcrop approximately 500m east of Phillips
South pegmatite with results of (Figure 2):
o 4.01% Li2O
o 3.62% Li2O
o 3.05% Li2O
This outcrop is the southern-most occurrence of lepidolite noted along the Eastern Pegmatite Trend
to date. The lepidolite grades are comparable to the higher lithium lepidolite grades in rock chips seen
at Horseshoe pegmatite in the Western Pegmatite Trend 3kms to the west.
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Figure 2: Rock chip assays above 2.0% Li2O and mapped spodumene locations
Western Pegmatite Trend
Rock chip sampling program at regular 10m intervals along the strike of a lepidolite rich outcrop in the
southern portion of the Horseshoe pegmatite returned lithium grades up to 4.50% Li2O with an
average grade of 3.1% Li2O, 0.8% Rb and 0.16% Cs. Laboratory results of the six rock chip samples at
Horseshoe pegmatite all show elevated lithium grades (Figure 2):
o 4.50% Li2O
o 3.09% Li2O
o 2.85% Li2O
o 2.79% Li2O
o 2.68% Li2O
o 2.39% Li2O
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Additional known zones of lepidolite mineralisation at Horseshoe remain to be tested. While no
spodumene has been mapped by Bulletin in this part of the Horseshoe pegmatite, the remainder of
Horseshoe as well as other outcropping pegmatites in the Western Pegmatite Trend will be
investigated to evaluate their potential economic value.
Figure 3: Lithium mineralisation at Big pegmatite
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Figure 4: Spodumene lithium mineralisation north and southwest of Big pegmatite
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Deep Purple pegmatite
The Deep Purple pegmatite is a broad, 700m long swarm of outcropping and subcropping pegmatites,
with pegmatite rubble (lag) down slope and along trend suggesting continuation under cover. The
pegmatites dip moderately west. An outcrop of pegmatite core zone measuring 10m x 15m in area
contains grey coloured spodumene typified by large crystals up to 20cm in length with grades to 6.54%
Li2O (Figure 2 and Figure 5). Other lithium minerals observed at Deep Purple Pegmatite include
lepidolite and less commonly, zinnwaldite, a lithium mica.
Outcrops north of Deep Purple appear to be locally truncated by an east-west trending Proterozoic
dolerite dyke. Extensions of the Eastern pegmatite Trend to the north of Deep Purple pegmatite are
considered likely and remain to be mapped.
Figure 5: Coarse spodumene from Deep Purple pegmatite
Creek pegmatite
The Creek pegmatite lies southwest of the Deep Purple pegmatite and is limited to a creek bed that
hosts large 10cm to 15cm green altered spodumene laths (Figure 2). Spodumene samples are intensely
weathered and altered with grades of 1.08% Li2O and 0.16% Li2O indicating lithium has remobilised,
possibly into adjacent lepidolite. The spodumene is green due to higher Fe content and may represent
a less fractionated melt to that seen at the Deep Purple pegmatite.
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Phillips South pegmatite
The Phillips South pegmatite is a series of small pegmatite outcrops in a 170m long north-south trend
with an apparent thickness of 25m. Lepidolite and green muscovite, indicative of pegmatite
fractionation was noted, and rock textures indicate the outcrop comprises the intermediate zone of
the pegmatite. Lepidolite rock-chip samples assayed up to 2.67% Li2O, 1.6% Rb and 1957ppm Cs
(Figure 2).
Big pegmatite
The Big pegmatite area consists of approximately 40 pegmatite outcrops in a close-spaced stacked
dyke swarm arrangement over a 700m x 500m area. Individual pegmatites within the stacked swarm
arrangement at Big pegmatite have exposures of up to 200m in width, generally dip gently to the west
and southwest and are estimated to have a true thickness of up to 10m (Figure 6).
The Big pegmatite has a surface expression of sub cropping and outcropping rocks defining the surface
of adjacent hills. Within the lower elevation creek bed, the pegmatite outcrops as a large microcline
rich pavement. The size and nature of the microcline indicates the outcrop exposed at surface is the
wall and intermediate zone of a sizeable pegmatitic body.
Mapping along the southern margin of Big pegmatite identified spodumene and lesser amblygonite in
a creek which appears to have exposed the core zone of the pegmatite (Figure 2, Figure 3 and Figure
6).
A large green pod of muscovite on what may be the pegmatite intermediate-core margin was mapped
in the central area of Big pegmatite. The green colouration of muscovite is encouraging as it may be
indicative of fractionation and can be associated with lithium mineralisation.
The potential of lithium mineralisation within the core of the Big pegmatite is also supported by the
low fractionation indices of K:Rb, K:Cs and Ba:Rb. Low fractionation indices indicate a more
fractionated, or better evolved magma melt, leading to the development of higher-grade lithium
bearing minerals in the pegmatite core zone.
No lepidolite has been mapped in the body of the Big Pegmatite area. The most southerly observation
of lepidolite along the Eastern Pegmatite Trend is immediately north of Big Pegmatite area (Figure 6).
Quarry pegmatite
The Quarry pegmatite is located within the Western Pegmatite Trend. It was historically mined for
tantalite and has a strike length of approximately 500m, dipping gently west. The northern end of the
pegmatite contains a quartz-lepidolite-zinnwaldite core zone of approximately 80m in length. Drilling
by early explorers reported the pegmatite to be 14m - 24m thick with a best result of 2m @ 0.28%
Li2O from 6m in hole CD5 (DMIRS Wamex reference a10799). Bulletin rock chipping of lepidolite
bearing pegmatite outcrops at surface returned results of 3.28% Li2O and 3.01% Li2O (Figure 2).
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Figure 6: Big Pegmatite area and rock chip sampling results
Horseshoe pegmatite
The Horseshoe pegmatite is south of Quarry pegmatite and comprises three bodies which are thought
to be part of a single pegmatite body dismembered by faulting and erosion. It covers an area of 600m
x 1km. Most of Horseshoe dips gently west and has a thickness fluctuating between 3m to 15m.
Mineralisation in the Horseshoe pegmatite is comprised of veins and pods of lepidolite accompanied
by elbaite with lesser amounts of spodumene. Horseshoe has been the subject of most historical
exploration activity.
A preliminary investigation of the southern part of Horseshoe pegmatite by Bulletin comprised rock
chip sampling at regular 10m intervals along the strike of a 1m wide and 50m long, lepidolite rich,
outcrop returned lithium grades up to 4.50% Li2O with an average grade of 3.1% Li2O, 0.8% Rb and
0.16% Cs (Figure 2).
New Tenement Acquisitions
In March 2022, Bulletin entered into an agreement to acquire two tenements totaling 75km2, doubling
the area of the Ravensthorpe Lithium Project. Bulletin finalised the acquisition of the 36km2 tenement,
E74/680 in June 2022. The new tenement is north and immediately along strike of known spodumene
bearing pegmatites. The new ground partly overlies the Annabelle Volcanics, a host rock to Bulletin’s
lithium bearing pegmatites as well as AKE’s Mt Cattlin lithium mine (Figure 1). While previous
explorers focused on the nickel potential of the area, they also reported pegmatite float in mapping.
The source of the pegmatite float rocks is yet to be found.
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Figure 7: E74/680 pegmatite target highlighted within shaded radiometric map (NE shading) limited
to Annabelle Volcanics
Interpretation of radiometric imagery over the newly acquired tenement with a focus on pegmatites
has been completed over the area. Pegmatites are coarse-grained and comprise of large potassium-
feldspar and potassium-mica crystals which can persist in soil when the pegmatites are eroded.
Radiometric spectrometry can identify areas of higher potassium (K) in soils, indicating potentially
eroded pegmatites, particularly when the dataset interpretation can be guided by examples of known
nearby pegmatite occurrences.
Figure 7 shows the potassium radiometric image within the Annabelle volcanics, the host rock to
pegmatites in the Ravensthorpe area. A large 2.5km long potassium anomaly indicative of pegmatite
has been identified within the newly acquired tenement E74/680. Potassium highs in the radiometric
image also correlate well with known mapped pegmatites to the south.
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The new tenement is also prospective for nickel within ultramafics that lie immediately northwest of
the Annabelle Volcanics. Historical auger surface sampling has identified several co-incident Ni-Cu
anomalies within NNE trending ultramafic units that have yet to be followed up with deeper drilling.
Six conductors identified in an aerial VTEM survey were followed up by previous explorers with an on-
ground MLTEM survey. MLTEM conductor AD3 was interpreted as a late time bedrock conductor and
was recommended for drill testing however it was not followed up. Later interpretation of the VTEM
survey identified an additional three high priority targets that also remain to be tested (Figure 8).
Tenement E74/680 lies north of the South Coast Highway and the area is dominated by large acre
agricultural cropping operations. Landholder access agreements over key target areas in the newly
acquired tenement have been entered into, enabling on-ground exploration. Bulletin’s focus is on the
lithium potential in the area, however plans to validate these nickel targets with infill auger sampling
and high resolution ground geophysics will be finalised once crops in the area have been harvested.
Figure 8: Historical soil and EM targets for follow up on E74/680
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Preliminary Metallurgical Assessment
Subsequent to year end, Bulletin engaged BHM Process Consultants Pty Ltd (“BHM”) to undertake
testwork to examine the potential of creating a saleable product from the Eastern Pegmatite Trend.
Results from this early phase of metallurgical testwork are highly encouraging and confirm the
pegmatite mineralisation at the Ravensthorpe Lithium Project to be of a very high quality and able to
achieve saleable product grades at high metallurgical recoveries.
The diagnostic testwork indicates a concentrate grade of greater than 6.0% Li2O with a recovery of
greater than 75% overall Li2O can be produced from standard industry dense media separation (DMS)
techniques. In summary the testwork noted:
•
•
•
•
•
•
•
•
•
The samples display that the pegmatites at the Ravensthorpe lithium project are of a high
grade, coarse grained nature (2.0% to 4.4% Li2O contained).
The tested blended composite which included appropriate mining dilution, yielded
potential concentrate at higher than required grades (>6.0% Li2O) at high recoveries of
>75% Li2O.
A suitable processing method of simple, conventional Dense Media Separation (DMS) is an
appropriate treatment pathway given 80 - 90% of the entering lithium units can proceed
to the coarse treatment pathway.
Upgrades greater than four times were observed achieving saleable lithium content
grades.
It is surmised that the bulk of the processing loss was generated from the “Wall Rock”
constituent in the blended composite and not from the pegmatite mineralisation.
The rougher flotation response is excellent. Should the remaining fine lithium units prove
economically viable, further upgrade potential can be explored in future bodies of work.
The potential coarse concentrate’s likely penalty elements are considered relatively low
including iron at well below the 1.5 % Fe2O3 cut-off.
Any fines concentrate generated from flotation is likely to be elevated in iron at 2.4% and
will require further processing, lithium cleaner flotation upgrade followed by magnetic
separation.
Key loss areas can only be further explored and optimised once a potential resource and
mine plan is generated to define the pegmatite vs host mineralisation blend ratios.
In summary, BHM report the Ravensthorpe Project pegmatites contain spodumene mineralisation
that should respond well and generate good recoveries and yields to saleable concentrate grades from
standard industry, two stage, coarse and intermediate size fraction DMS processing plants.
DMIRS Drilling approvals
Drilling of spodumene bearing pegmatites along the Eastern Pegmatite Trend with the focus on Big
pegmatite is planned. Works towards obtaining drilling permits and expanding the potential of the
Ravensthorpe Lithium project were progressed throughout the year with further work required before
permission to drill is granted by the regulatory authority, DMIRS. Drilling is within the Cocanarup
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Timber Reserve and consent to explore within the Timber Reserve was provided as part of tenement
grant conditions. Tetris Environmental Pty Ltd completed their initial assessment of the proposed
drilling program and a Native Vegetation Clearing Proposal (NVCP) was submitted and accepted for
assessment by DMIRS. Supporting works for the drill application continue to be progressed and timing
of approvals will be determined by DMIRS with the expectation that drilling will be able to commence
in the drier summer months.
Lake Rebecca Gold Project
The Lake Rebecca Gold Project is approximately 150km east north-east of Kalgoorlie, WA and
comprises eight granted Exploration Licences over a 600km2 area. The two northern tenements of
E28/2600 and E28/2635 total 170km2 and are held in Joint Venture with Matsa Resources Limited
(BNR 80%: MAT 20%), whilst the remaining tenements are wholly owned by Bulletin.
The project is in the southern part of the Laverton Tectonic Zone, a regional scale shear/fault system
which 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 Ramelius Resources Limited’s (Ramelius, “RMS”) 1.2M oz Rebecca Gold project.
Aircore Drilling
Aircore drilling was comprised of 206 holes for 8,383m. The drilling was along strike and north of
earlier lake aircore drilling and targeted structural features which are considered prospective for gold.
All significant mineralisation occurrences in the Lake Rebecca area appear to have a close association
with structural events such as folding or faulting. The aircore drilling aimed to identify any 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
above similar rock types to the south led to the discovery of Ramelius’ Rebecca Gold deposit system.
The land based aircore drilling extended an anomalous gold in regolith anomaly at the Lake Rebecca
Gold Project to 7km in strike length with results including (Figure 10):
4m at 0.48 g/t Au from 20m
20LRAC301
4m at 0.31 g/t Au from 40m
20LRAC223
4m @ 0.27 g/t Au from 20m
20LRAC270
Results show anomalous gold in regolith generally follows the contact of granodiorite and mafic rocks,
a similar setting to that seen further south at Ramelius’ Rebecca Gold project deposits. Much of the
saprolite or weathered rock profile has been eroded away in parts 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 in parts of the drilled area 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 as follow up.
The new 7km long gold trend demonstrates potential to find higher grade gold discoveries at depth.
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Figure 9: Bulletin project locations on magnetic background
EIS Co-funding for Diamond Drilling Approved
An Exploration Incentive Scheme (EIS) application to test for gold mineralisation beneath extensive
gold-in-regolith aircore anomalies from the aircore drilling on Lake Rebecca was approved by DMIRS.
Both eastern and western gold in regolith trends are proposed to be tested at depth for associated
basement mineralisation with diamond drilling using a specialised lake rig. The targets lie beneath
extensive trends of anomalous gold-in-regolith that includes intersections such as 7m @ 0.73 g/t Au
and 2m @ 2.72 g/t Au (Figure 10). The mineralised granodiorite regolith is the same lithological setting
as that seen at Ramelius’ Rebecca, Duke and Duchess deposits to the southwest. Timing of drilling is
dependent on the availability of a suitable lake drill rig.
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Figure 10: Results from land AC drilling (> 0.2g/t Au highlighted in yellow) and previous lake aircore
drill results (white) at Bulletin’s Lake Rebecca Gold Project (refer ASX: BNR release dated 19 August
2021)
Soil Sampling
An ultrafine soil sampling program comprising 6 lines of 1km x 100m spacing was completed on a
geological target within E28/2977 in the southern part of the Lake Rebecca Gold Project area (Figure
11). Sampling identified an anomalous gold trend greater than 9ppb Au over 4km in strike within the
targeted interpreted gneissic terrain. A peak value of 22 ppb Au is located in the NW corner of the
sampled area. Furthermore, both anomalous areas show elevated copper and nickel values in soil
sample results.
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The results are not as high in absolute gold value as Bulletin’s soil sample results over northern
extensions of the Lake Rebecca deposit which may be a function of weathering profiles, as little
transported soil profile is developed north of Rebecca, whereas transported soils are evident over the
entirety of the sampled area in E28/2977. Follow up infill sampling of the 4km anomalous trend, as
well as extensions to the gold anomaly in the NW corner of the surveyed area is planned.
Figure 11: Soil sampling results at Lake Rebecca Gold Project
New Tenements at Lake Rebecca
During the year, DMIRS granted three new tenements totaling 33km2. The new tenements are located
immediately southwest of Ramelius’ Rebecca Project.
The new tenement area was targeted for its underlying complex folding of mafic and ultramafic rocks
associated with elevated magnetic signatures seen in regional geophysical surveys. Bulletin believes
structural complexity is a key criterion for finding large gold deposits in this area. Both the nearby
Rebecca (1.2Moz Au) and Lake Roe (1.7Moz Au) deposits are in structurally complex environments
(Figure 9).
Bulletin has commenced a review of the limited historical work over the tenements and plans to
commence on-ground exploration activity once defined targets have been identified.
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Figure 12: Rehabilitation of RC pads and tracks at Lake Rebecca.
Figure 13: Rehabilitation of AC tracks at Lake Rebecca.
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Chifley Gold Project
The Chifley Gold Project, E28/3002 is a 79km2 exploration tenement. It is approximately 50km to the
south of Lake Rebecca and on a northwest trending splay of the Claypan Fault, a major north-south
structure that hosts the nearby 1Moz Lake Roe gold deposit owned by Breaker Resources NL (ASX:
“BRB”) 20kms to the northwest. The tenement is interpreted to be dominated by a band of mafic-
ultramafic greenstone on the northern flank of a large granitoid pluton (Figure 9). A series of discreet
magnetic high units within the greenstone form the initial target as these features can be associated
with mineralisation.
The Chifley Gold Project was soil sampled on an 800m x 200m grid pattern over most of the tenement.
Minor outcropping granite, shale and quartz blow float was noted in the NW of the tenement while
the remainder was under transported cover with no outcrop. Outcrops in the NW of the tenement
exhibited strong foliation indicating the presence of a fault zone/NW-SE stress, presumably along the
contact of the granite and interpreted mafics. No mafic lithologies were noted.
Figure 14 shows the 75th (5.1 ppb Au) and 90th (6.6 ppb Au) percentile Au ppb outlines. Several zones
of elevated gold are noted in the south-eastern portion of the tenement. The largest congruent gold-
in-soil anomaly is a 2km strike extent area lying over interpreted ultramafics as well as the interpreted
contact between mafics and the eastern granitic body. This anomalous area is supported by elevated
Cu grades (Figure 15). Infill soil sampling of this area is planned prior to AC drilling.
Figure 14: Au ppb distribution (75 and 90%%) over geology
21
BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Figure 15: Cu ppb distribution (75 and 90%%) over geology
Duketon North
The Duketon North Project E38/3552 lies within the highly prospective Duketon Greenstone belt. The
belt has gold and nickel potential with the Regis Resources’ 3Mtpa Moolart Well gold operations 30km
to the south and the 9,300t Ni (573kt at 1.63% Ni, 1.19% Cu) Olympia nickel deposit 35km to the north.
It is located 150km north-northwest of Laverton (Figure 16).
Previous exploration on the tenement is limited and has largely focused on 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 auger hole CBA074. A number of conductors were
identified in an electromagnetic (EM) survey and 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).
Potential in the south of the tenement along the Turnback fault towards Moolart Well remains to be
explored. This area 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, intersecting barren sulphide bearing sediments. The
remaining three conductors, including the strongest conductor of the four, still require drill testing.
A thin, folded greenstone belt in the northeast of the tenement was mapped and sampled but failed
to return significant results. The eastern portion of the tenement was subsequently partially
surrendered after year end in order to reduce expenditure commitments. The more prospective
Turnback fault system along the western boundary of the tenement remains to be investigated.
22
BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Figure 16: Bulletin’s Duketon North Project location
Tenements in Application
Bulletin currently has several tenements in application. Tenement areas are selected based on their
geological prospectivity and proximity to advanced or operational projects to maximize potential
commercial outcomes. Examples of tenements currently in application include Mt Farmer E59/2413,
which surrounds the Aldoro Resources (ASX: ARN) Niobe Rubidium project east of Mt Magnet and
Powder Sill E16/534, which lies east of Kalgoorlie on the Powder Sill Complex, an intrusive unit which
hosts Evolution Mining’s (ASX: EVN) White Foil Mine (1.8Moz at 1.6g/t Au resource) and Cutters Ridge
deposits (139Koz at 1.2g/t Au - 2016 unpublished) to the south.
23
BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Geko Gold Project
During the year Bulletin continued to receive royalties from the Geko gold mine. Bulletin has received
gross royalty entitlements of $3.71M for a net $2.56M in royalty payments from the Geko operation
to date.
Bulletin retains a royalty, joint venture and profit share interest in the Geko gold mine. The royalty
entitlement is:
(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. The royalty
is paid quarterly based on production and the remaining capped consideration payable is $2.01M.
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 mining tenement M15/621 at Geko.
Corporate
In August 2021, the Company conducted a capital raising of $3.63M via a fully underwritten 1 for 3
non-renounceable rights issue priced at $0.045 per share to raise $2.69M (before costs of the issue)
as well as placements to raise an additional $945,000. For every three shares issued, there was one
free attaching option exercisable at $0.10 each expiring 30 September 2024.
On completion of the non-renounceable rights issue, the Company placed a further 20M shares and
51.67M options to raise $945,000. All options have an exercise price of $0.10 each expiring 30
September 2024.
The proceeds from the capital raising are to be directed towards ongoing exploration at the Company’s
projects and identification and acquisition of new project opportunities.
On 1 September 2021 Franciscus Sibbel resigned as a director of the Company.
Mr Neville Bassett was appointed as a non-executive director of the Company on 15 October 2021.
Mr Bassett is a Chartered Accountant and has been involved with numerous public company listings
and capital raisings, mergers and acquisitions and maintains significant knowledge and exposure to
the Australian financial markets. He has a wealth of experience in matters pertaining to the
Corporations Act, ASX listing requirements, corporate taxation and finance.
During the period the Company sold 3.225M Apollo Consolidated Limited “AOP” shares on-market
generating cash proceeds of $2.05M. In October 2021, Ramelius launched an ultimately successful
takeover bid for AOP where Bulletin received $1.83M in cash and 955,675 Ramelius shares valued at
$1.51M at the time of issue of the Ramelius shares.
During the year a total of 28.5M unlisted options were exercised which resulted in the Company
receiving proceeds of $1,001,500 as follows:
14M options with an exercise price of $0.027; and
14.5M options with an exercise price of $0.043.
A further $3,352 was received from the exercise of 33,523 listed options during the year with an
exercise price of $0.10 each.
24
BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
On 18 January 2022, Bulletin appointed Mark Csar as Chief Executive Officer.
Mr Csar is a geologist with over 30 years of experience in exploration, development and mining
operations in Australia and internationally. He has held senior positions for major ASX companies
including WMC, Aberfoyle Resources, RGC and Iluka Resources in commodities including gold, copper,
nickel, tin and mineral sands. Mr Csar has worked throughout Australia, North America, Indonesia and
Thailand and has led the advancement of several exploration plays into mining operations. Mr Csar is
a Fellow of the AusIMM. He has been the Company’s Chief Geologist for the past two years.
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.
25
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
Your Directors present their report on the entity Bulletin Resources Limited (“Bulletin”) and the
entities it controlled (“Group”) for the year ended 30 June 2022.
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
B. Comm, FCPA DFP
Mr Poli is a fellow of the Australian Society of Certified Practicing Accountants and a former registered
Securities Trader. He was the founder and managing partner of a taxation and business advisory firm
for 19 years prior to founding and heading Matsa Resources Limited in 2009. Mr Poli was appointed
to the Bulletin Resources board and as non-executive chairman in 2014. He is well versed in all aspects
of business, particularly financial management through both his previous consulting roles and through
his personal ownership of private companies in Western Australia, the Northern Territory and South
East Asia. Mr Poli co-led the negotiations for several significant transactions for Bulletin Resources
being the sale of Halls Creek for $12M to Pantoro Limited, and the $5.7M Apollo transaction. Mr Poli,
in his capacity as Chairman for Matsa Resources Ltd led the negotiations for the $14M Norseman
Project sale to Panoramic Resources Limited, $6M Matsa minority interest sale to Westgold Resources
Limited, and $7M Matsa’s Symons Hill IGO joint venture.
He has been chairman of Bulletin Resources Limited for over 8 years and a significant investor in the
mining industry, Mr Poli is particularly well qualified to drive the creation of a significant mining and
exploration company.
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:
3,870,000 ordinary shares
Robert Martin - Non-Executive Director
Mr Martin has over 40 years of experience in the management and operation of resource projects and
other commercial undertakings in his own right and in his capacity as a director and advisor to
numerous public companies. Since being appointed to the Bulletin board, Mr Martin has maintained
a substantial shareholding in Bulletin. Mr Martin uses his extensive business acumen and experience
to mentor the company’s board and took a co-lead with the negotiations in the $12M Pantoro Limited
and $5.7M Apollo Consolidated deals which were instrumental in producing the company’s current
strong financial position.
Mr Martin has extensive knowledge in all aspects of business and is particularly attuned in mining,
engineering and the entertainment businesses which bodes well for his substantial contribution to the
management of the company.
26
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
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:
68,486,271 ordinary shares
12,334,414 listed options exercisable at 10 cents each expiring 30 September 2024
Neville Bassett - Non-Executive Director (appointed 15 October 2021)
B. Bus, FCA, AM
Mr Bassett is a Fellow of Chartered Accountants Australia and New Zealand specialising in investment
banking and corporate advisory services. He has been involved with numerous public company listings
and capital raisings, mergers and acquisitions and maintains significant knowledge and exposure to
the Australian financial markets. He has a wealth of experience in matters pertaining to the
Corporations Act, ASX listing requirements, corporate taxation and finance.
Mr Bassett was a Director/Councillor of the Royal Flying Doctor Service in Western Australia for 26
years, serving 8 years as Chairman before his retirement in 2017. He served 6 years as Western
Operations representative on the National Board of the Australian Council of the Royal Flying Doctor
Service of Australia. Mr Bassett was awarded a Member of the Order of Australia (AM) in the 2015
Australia Day Honours.
During the past three years Mr Bassett has also served as a director of the following listed companies:
Current
Auris Minerals Limited
Pointerra Limited
Pharmaust Ltd
Tennant Minerals Ltd
Previous
Metalsearch Limited
Zeotech Ltd
Yowie Group Ltd
Interest in shares and options of the Company:
Nil
Daniel Prior - Non-Executive Director
B. Com, CA
Mr Prior is a chartered accountant with 12 years of 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.
27
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
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.
COMPANY SECRETARY
Mr Andrew Chapman
CA F Fin GAICD
Mr Chapman is a chartered accountant with over 25 years of experience with publicly listed companies
where he has held positions as a Director, 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).
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 and other minerals exploration within
Western Australia and its royalty, profit share and joint venture interest in the Geko gold project.
FINANCIAL RESULTS AND FINANCIAL POSITION
The Group’s net profit for the year after income tax is $462,686 (2021: $3,554,700).
The Group’s net profit for the year includes the following items:
Royalty income from the Geko gold project of $153,158 (2021: $1,797,084)
Profit on disposal of tenements of $Nil (2021: $4,766,020)
Exploration, new project review and geological activities expenditure of $819,597 (2021:
$1,110,959)
Net gain on sale of and fair value movement in financial assets of $2,057,587 (2021: Loss
$406,440)
Share based payments expense of $61,712 (2021: Nil)
Total corporate and administrative expenses of $443,470 (2021: $262,971) and director
fees/employee benefits expense of $389,224 (2021: $323,741) were incurred for the year
Income tax expense of $159,635 (2021: $864,648)
28
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
Review of Financial Condition
As at 30 June 2022, the Group had net assets of $10,412,692 (2021: $5,110,711).
Cash reserves at 30 June 2022 were $7,285,663 compared to $971,561 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
(2021: 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 2 employees (2021: 1), other than its four directors and 1 part time employee as at 30
June 2022 (2021: 2).
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
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
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.
29
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
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
Eligible
Attended
Paul Poli
Robert Martin
Neville Bassett (appointed 15 October 2021)
Daniel Prior
Frank Sibbel (resigned 1 September 2021)
4
4
3
4
1
4
4
3
4
1
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
Neville Bassett (appointed 15.10.2021)
Robert Martin
Daniel Prior
3,870,000
-
68,486,271
253,334
-
-
-
-
-
-
12,334,414
211,112
Options granted to directors and executives of the Company
During the financial year, the Company granted 1,500,000 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 1,500,000 unlisted unissued ordinary shares of Bulletin
Resources Limited under option.
As at the date of this report there are 71,554,809 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.
During the financial year, 28,500,000 unlisted options and 33,523 listed options were exercised.
30
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
REMUNERATION REPORT (Audited)
Principles of Compensation
This remuneration report for the year ended 30 June 2022 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 Neville Bassett
Mr Daniel Prior
Position
Non-Executive Chairman
Non-Executive Director
Non-Executive Director (resigned 1 September 2021)
Non-Executive Director (appointed 15 October 2021)
Non-Executive Director
Mr Andrew Chapman
Mark Csar
Company Secretary
Chief Executive Officer (appointed 18 January 2022)
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.
31
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
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 2021 Financial Year AGM
The 2021 financial year remuneration report received positive shareholder support at the 2021 annual
general meeting with a vote of 98.13% 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.
32
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
REMUNERATION REPORT (continued)
The amount of aggregate remuneration sought to be approved by shareholders and the manner in
which it is apportioned amongst Directors is reviewed annually. The board considers advice from
external 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.
On 1 October 2021 Directors’ fees were increased. The Chairman now receives a base fee of $72,000
per annum. The Non-Executive Directors now receive a base fee of $60,000 per annum apart from
Daniel Prior who receives a base fee of $2,500 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.
In the prior year, there was a Short Term Incentive (STI) payment totalling $105,000 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 2022 and 30 June
2021 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).
33
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
REMUNERATION REPORT (continued)
The proportion of fixed remuneration and variable remuneration for each Executive for the year
ended 30 June 2022 and 30 June 2021 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 2022 and 30 June 2021
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. In the prior 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 500,000 options issued
to executives for the year ended 30 June 2022.
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.
34
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
REMUNERATION REPORT (continued)
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
2022
$0.105
2021
$0.068
2020
$0.077
2019
$0.015
2018
$0.033
462,686
3,554,700
(746,666)
(1,874,339)
(539,615)
0.18
-
1.98
-
(0.42)
-
(1.05)
-
(0.33)
-
35
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I
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
*Mr Mark Csar was appointed Chief Executive Officer on 18 January 2022, and prior to this he held
the position of Chief Geologist. During the year, 1,000,000 options were granted to Mr Csar prior to
his appointment, therefore, the value of the options were not included in the remuneration table
above. The fair value of $41,141 has been expensed through the profit and loss, refer to Note 17.
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 $72,000
per annum and two of the Non-Executive Directors are paid $60,000 per annum with one director
receiving $2,500 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
Chief Executive Officer
Mr Mark Csar was appointed Chief Executive Officer on 18 January 2022. He has a contract of
employment with the Company whereby he receives a salary of $260,000 plus statutory
superannuation. This contract is for an unlimited term and is capable of termination on one month’s
notice. The Group retains the right to terminate the contract immediately, by making payment equal
to one month’s pay in lieu of notice.
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
The table below sets out options granted during the year to Directors and Executives. There were
500,000 options issued to Executives during the year. There were no options that were granted in
previous years that vested during the year. The options were issued free of charge and entitle the
holder to subscribe for one fully paid ordinary share in the Company. These options were vested
immediately.
For details on the valuation of the options, including models and assumptions used, please refer to
Note 17.
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.
37
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
Option Holdings of Key Management Personnel
Year Ended 30 June 2022
Balance 1
July 2021
Granted
as
Remuneration
Options
Exercised
Net
Change
Other
Balance 30
June 2022
Vested and
Exercisable
P Poli
R Martin
F Sibbel**
D Prior
A Chapman
M Csar*
TOTAL
8,000,000
7,000,000
7,000,000
-
5,000,000
-
27,000,000
-
-
-
-
500,000
-
500,000
(700,000) (7,300,000)
-
(7,000,000) 13,334,414 13,334,414
-
211,112
- (7,000,000)
-
211,112
-
13,334,414
-
211,112
(2,000,000)
-
568,519
1,004,033
(27,000,000) (2,681,922) 15,118,078 15,118,078
(2,931,481)
1,004,033
568,519
1,004,033
Shareholdings of Key Management Personnel
Year Ended 30 June 2022
P Poli
R Martin
F Sibbel
D Prior
A Chapman
M Csar
TOTAL
Balance
1 July 2021
3,170,000
46,614,702
2,250,000
190,000
616,666
-
52,841,368
Options
Granted
as
Exercised
Remuneration
700,000
-
- 7,000,000
-
-
-
-
- 2,000,000
-
-
- 9,700,000
Other
Changes
Balance
30 June 2022
-
14,871,569
(2,250,000)
63,334
(1,118,157)
1,648,396
13,215,142
3,870,000
64,486,271
-
253,334
1,498,509
1,648,396
75,756,510
*Mr Mark Csar was appointed Chief Executive Officer on 18 January 2022. During the year, 1,000,000
options were granted to Mr Csar prior to his appointment.
** Mr Frank Sibbel resigned as Director on 1 September 2021.
Other transactions and balances with Key Management Personnel
The Company has a services agreement with Matsa Resources Limited (Matsa) whereby Matsa
provides 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 $145,140 has been charged to Bulletin for these services (2021: $56,611). At 30
June 2022 there was an outstanding balance of nil (2021: $4,400) 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 2022 reporting year (2021:
nil).
End of Audited Remuneration Report
38
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
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 30 September 2022. 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 $13,000 (2021: $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 2023.
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 77.
Signed in accordance with a resolution of the Directors dated this 30th day of September 2022.
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 (2021: Nil).
Signed in accordance with a resolution of the directors.
Mr. Paul Poli
Chairman
30 September 2022
39
BULLETIN RESOURCES LIMITED
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2022
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 from operations before income tax expense
Income tax expense
Profit 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)
Notes
2022
$
2021
$
3
4
153,158
1,036
3,035,094
1,797,084
516
4,821,186
(80,129)
(197,027)
(443,470)
(192,197)
(772,835)
(819,597)
(61,712)
-
(2,566,967)
(66,897)
(218,498)
(224,802)
(88,442)
(406,440)
(1,110,959)
-
(83,400)
(2,199,438)
622,321
(159,635)
462,686
4,419,348
(864,648)
3,554,700
17
10
-
-
-
-
462,686
3,554,700
16
16
0.18
0.17
1.98
1.82
The above consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes.
40
BULLETIN RESOURCES LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022
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
NON CURRENT LIABILITIES
Provisions
TOTAL NON CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Retained earnings/(accumulated losses)
TOTAL EQUITY
Notes
2022
$
2021
$
5
6
7
6
8
9
11
12
12
13
14
15
7,285,663
1,107,097
923,237
9,315,998
800,000
585,637
55,839
1,441,476
971,561
899,358
2,709,600
4,580,519
1,800,000
154,647
624
1,955,271
10,757,474
6,535,790
152,544
129,289
281,833
62,949
62,949
532,201
892,878
1,425,079
-
-
344,782
10,412,692
1,425,079
5,110,711
5,933,287
829,869
3,649,536
10,412,692
1,200,704
723,157
3,186,850
5,110,711
The above consolidated statement of financial position should be read in conjunction with the
accompanying notes.
41
BULLETIN RESOURCES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
Issued
Capital
$
Retained Earnings/
(Accumulated
Losses)
$
Equity Settled
Benefits
Reserve
Total
$
$
1,200,704
-
(367,850)
3,554,700
723,157
-
1,556,011
3,554,700
-
3,554,700
- 3,554,700
-
1,200,704
1,200,704
-
-
3,186,850
-
723,157
-
5,110,711
3,186,850
462,686
723,157
-
5,110,711
462,686
-
462,686
-
462,686
3,996,903
1,058,852
-
(323,172)
5,933,287
-
-
-
-
-
3,649,536
-
-
45,000
-
61,712
3,996,903
1,058,852
45,000
(323,172)
61,712
829,869 10,412,692
Balance at 1 July 2020
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 2021
in their
in their
Balance at 1 July 2021
Profit/(loss) for the year
Total comprehensive profit/(loss) for
the year
Transactions with owners
capacity as owners:
Issue of share capital
Exercise of options
Issue of options
Share issue costs
Share based payments (Note 17)
Balance at 30 June 2022
The above consolidated statement of changes in equity should be read in conjunction with the
accompanying notes.
42
BULLETIN RESOURCES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Receipt of royalties
Payments to suppliers and employees
Interest received
Payments for exploration and evaluation
Income taxes paid
Other income
Net cash outflows from operating activities (Note 5)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of other financial assets (Note 7)
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
Proceeds from issue of shares
Proceeds from issue of options
Costs of share issue
Net cash inflows from financing activities
2022
$
2021
$
946,113
(1,226,877)
1,036
(819,597)
(944,952)
204,672
(1,839,603)
1,555,633
(606,524)
516
(1,176,463)
-
81,463
(145,375)
3,857,450
(1,250)
(59,079)
(13,500)
3,783,621
4,648,256
45,000
(323,172)
4,370,084
-
-
(780)
(43,200)
(43,980)
-
-
-
-
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
Net increase/(decrease) in cash equivalent held
6,314,102
(189,355)
Cash and cash equivalents at the beginning of the financial year
971,561
1,160,916
Cash and cash equivalents at the end of the financial year
7,285,663
971,561
The above consolidated statement of cash flows should be read in conjunction with the accompanying
notes.
43
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
1.
CORPORATE INFORMATION
The consolidated financial report of Bulletin Resources Limited for the year ended 30 June 2022 were
authorised for issue in accordance with a resolution of the Board of Directors on 30 September 2022.
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 2022 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 2021.
The Group has reviewed the new and revised Standards and Interpretations in issue not yet adopted
for the year ended 30 June 2022. 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.
44
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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.
45
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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.
46
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.
(g)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Financial Instruments (continued)
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.
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.
47
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.
(j)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
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.
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.
(j)
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.
48
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.
(k)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Income Tax (continued)
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.
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.
49
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(n)
Provisions (continued)
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.
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).
50
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.
(o)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Share Based Payments (continued)
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.
(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.
51
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.
(s)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
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
Asset Acquisition not Constituting a Business
When an asset acquisition does not constitute a business combination, the assets and liabilities are
assigned a carrying amount based on their relative fair values in an asset purchase transaction and no
deferred tax will arise in relation to the acquired assets and assumed liabilities as the initial recognition
exemption for deferred tax under AASB 112 applies. No goodwill will arise on the acquisition and
transaction costs of the acquisition will be included in the capitalised cost of the asset.
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.
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.
52
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
3.
REVENUE FROM CONTINUING OPERATIONS
Royalty income
4.
OTHER INCOME
Profit on sale of tenements (i)
Profit on sale of investments (ii)
Other income
2022
$
153,158
153,158
2022
$
-
2,830,422
204,672
3,035,094
2021
$
1,797,804
1,797,804
2021
$
4,766,020
-
55,166
4,821,186
(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%) totaling 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.
In October 2021, Ramelius Resources Ltd (RMS) launched a successful takeover bid for AOP. All terms
and conditions of the above sale remain unchanged and all deferred consideration will be honoured
by RMS.
(ii) During the year, the Company sold 3.225M AOP shares on-market generating cash proceeds of
$2.05M. In October 2021, AOP was taken over by RMS. Bulletin received $1.83M in cash and
955,675 RMS shares valued at $1.51M at the time of issue of the RMS shares for the remaining
AOP shares held by the Company. A total net gain on sale of the AOP shares of $2,830,422 was
recognised in the consolidated statement of profit or loss.
53
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
5.
CASH AND CASH EQUIVALENTS
Cash at bank and on hand
Short term deposits
2022
$
7,265,351
20,312
7,285,663
2021
$
951,321
20,241
971,561
Reconciliation of net profit after income tax to net cash flows from operating activities
Profit after income tax
Share based payments expense
Fair value movements on financial assets
Profit on sale of investments
Depreciation
Provision for impairment of joint venture
Profit on disposal of tenements
Decrease/(increase) in trade and other receivables
(Decrease)/increase in trade and other payables
(Decrease)/increase in provisions
Net cash outflows in operating activities
2022
$
2021
$
462,686
3,554,700
61,712
772,835
(2,830,422)
3,864
-
-
792,261
(401,898)
(700,641)
(1,839,603)
-
406,440
-
156
83,400
(4,766,020)
(335,698)
44,748
866,899
(145,375)
Non-cash financing and investing activities
In 2021, 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
Prepayments
Other receivables (i)
Non Current
Other receivables (i)
2022
$
2021
$
-
694
1,106,403
1,107,097
-
-
899,358
899,358
800,000
800,000
1,800,000
1,800,000
(i) Other receivables comprise of the following:
Bulletin’s share of the $2M portion of deferred consideration from the sale due within 12 and
36 months from balance sheet date (refer Note 4(i));
Geko royalty payment receivable from Geko gold mine amounting to $85,873 (2021:
$899,358); and
Sundry debtor amounting to $20,530 (2021: nil).
54
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
7.
OTHER FINANCIAL ASSETS
Financial assets at fair value through profit and loss
Opening balance
Acquisition (ii)
Disposals (ii)
Net change in investments (i) & (ii)
Closing balance
Listed shares
2022
$
923,237
2021
$
2,709,600
923,237
2,709,600
2,709,600
1,566,472
(2,580,000)
(772,835)
923,237
105,840
3,010,200
-
(406,440)
2,709,600
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 in AUR had a fair value of $91,800 (30 June
2021: $129,600) which is based on AUR’s quoted share price at 30 June 2022. During the year,
the Company recognised a fair value movement of $37,800 (2021: $19,440).
(ii) The Company holds shares in Ramelius Resources Limited (“RMS”), which is involved in
exploration of gold in Western Australia. RMS is listed on the Australian Securities Exchange.
During the year, the Company sold 3.225M AOP shares on-market generating cash proceeds of
$2.05M. In October 2021, AOP was taken over by RMS. Bulletin received $1.83M in cash and
955,675 RMS shares valued at $1.51M at the time of issue of the RMS shares for the remaining
AOP shares held by the Company
At the end of the year, the Company’s investment in RMS had a fair value of $831,437 which is
based on RMS’s quoted share price at 30 June 2022. During the year, the Company recognised a
fair value movement of $735,035.
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 (iv)
Disposal of tenements
2022
$
585,637
-
585,637
154,647
430,990
-
585,637
2021
$
154,647
-
154,647
155,627
-
(980)
154,647
55
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
8.
(ii)
EXPLORATION AND EVALUATION ASSETS (continued)
Retained Interest
Habrok (Geko Pit) Pty Ltd (Habrok) are the current owners of the Geko gold project. Habrok
recommenced mining at Geko on 21 March 2020 and suspended mining in the 30 September
2021 quarter. 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.
(iv) During the year, the Company acquired two new tenements from Mining Equities Pty Ltd,
increasing its tenement holding at the Ravensthorpe Lithium Project by more than double in area.
The consideration for the acquisition is the issue of 4 million fully paid ordinary shares for a 100%
interest in the two tenements (E74/680 and E74/698) is comprised as follows:
• 500,000 shares as a non-refundable deposit (issued on 29 March 2022);
• 2,500,000 shares for E74/680 (issued on 27 June 2022); and
• 1,000,000 shares for E74/698 (subject to conditions being met).
The transaction is subject to terms and conditions, including access agreements, typical to an
agreement of this nature.
The exploration asset acquired is in the exploration phase and this together with the unique
nature of the assets, means that the valuation of the asset cannot be readily estimated and as
such, the fair value of the asset acquired has been measured by reference to the value of the
equity instruments granted. As at 30 June 2022, 3,000,000 ordinary shares in the Company
were issued as consideration valued at $302,500, based on the share price at the date of
completion when the rights of ownership to the asset was transferred.
56
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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
2022
$
2021
$
59,859
(4,020)
55,839
624
59,079
(3,864)
55,839
780
(156)
624
-
780
(156)
624
57
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
10.
INCOME TAX
(a) Numerical reconciliation of income tax expense
to prima facie tax payable
2022
$
2021
$
Profit/(loss) from continuing operations after income tax
expense
Prima facie tax expense/(benefit) on profit/(loss) from
ordinary activities at 30% (2021: 30%)
622,321
4,419,348
186,696
1,325,804
Under provision of tax in prior period
Tax effect of amounts which are not deductible
(taxable) in calculating taxable income
Under/over
Deferred tax assets/(liabilities) not recognised in relation to
current year tax losses
Movement in deferred tax through equity
Other reconciling items
Permanent differences
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
Other
Carry forward tax losses
Deferred Tax Liabilities (at 30%)
Exploration
84,092
-
(96,952)
21,402
(35,603)
-
159,635
-
-
-
-
23,598
13,168
33,872
116,846
-
215,522
403,006
160,053
(42,548)
-
(2,100)
-
(576,561)
864,648
-
-
-
-
271,914
7,131
8,469
64,312
1,005
-
352,831
(150,879)
(21,374)
Net Deferred Tax Assets (at 30%)
252,127
331,457
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.
58
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
11.
TRADE & OTHER PAYABLES
Trade payables (a)
Sundry creditors and accruals (b)
2022
$
110,827
41,717
152,544
2021
$
134,257
397,944
532,201
(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
Non current
Provision for long service leave
13.
ISSUED CAPITAL
2022
$
49,959
79,330
129,289
62,949
62,949
2021
$
28,230
864,648
892,878
-
-
(a) Share capital
Ordinary Shares
Opening balance
Issued capital
Issued capital
Issued capital
Exercise of options
Exercise of options
Exercise of options
Share issue costs
Closing balance
$/share
2022
No
2021
No
2022
$
2021
$
$0.045
$0.215
$0.12
$0.027
$0.043
$0.10
-
179,293,074
79,764,513
500,000
2,500,000
16,000,000
14,500,000
33,523
-
292,591,100
179,293,074
-
-
-
-
-
-
-
179,293,074
1,200,704
3,589,403
107,500
300,000
432,000
623,500
3,352
(323,172)
5,933,287
1,200,704
-
-
-
-
-
-
-
1,200,704
2022
No
2021
No
(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
30,500,000
71,588,332
(30,533,523)
-
71,554,809
30,500,000
-
-
-
30,500,000
59
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
13.
ISSUED CAPITAL (continued)
(c) Capital risk management
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.
14. RESERVES
Equity settled transaction
Movements in Reserves
Equity settled transaction reserve
Balance at beginning of financial year
Options issued
Share based payment (Note 17)
Balance at end of financial year
2022
$
784,869
2021
$
723,157
2022
$
2021
$
723,157
45,000
61,712
829,869
723,157
-
-
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 for the year
Retained earnings/(accumulated losses) at end of financial year
2022
$
2021
$
3,186,850
462,686
3,649,536
(367,850)
3,554,700
3,186,850
60
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
16.
EARNINGS PER SHARE
The profit and weighted average number of ordinary shares used
in the calculation of gain per share are as follows:
Profit from continuing operations ($)
Basic profit per share (cents per share)
Profit for the year ($)
Diluted profit per share (cents per share)
2022
2021
462,686
0.18
462,686
0.17
3,554,700
1.98
3,554,700
1.82
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
255,706,627
179,293,074
20,310,588
15,591,808
276,017,214
194,884,882
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, Executives, employees and consultants from time to time.
The terms and conditions of those options vary between option holders. There were 1,500,000 (2021:
nil) options issued to Directors, Executives and employees during the financial year.
Options issued to the Directors, Executives or employees vest immediately.
Other relevant terms and conditions applicable to options granted as above include:
any Directors, Executives or employees vested options that are unexercised by the anniversary of
their grant date 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.
(a)
Summary of options issued to Directors and Executives
During the year the following options were issued to Executives:
500,000 options over ordinary shares with an exercise price of $0.10 each exercisable immediately
and expiring on 30 November 2024.
61
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
17.
SHARE BASED PAYMENTS (continued)
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 (i)
Granted during the year (ii)
Exercised during the year
Disposed of during the year
Expired during the year
Outstanding at 30 June
Exercisable at 30 June
2022
No.
27,000,000
500,000
1,000,000
(27,000,000)
-
-
1,500,000
1,500,000
2022
WAEP
$
0.035
0.10
0.10
0.035
-
-
0.10
0.10
2021
No.
27,000,000
-
-
-
-
2021
WAEP
$
0.035
-
-
-
-
27,000,000
27,000,000
0.035
0.035
(i) During the year, 500,000 options over ordinary shares with an exercise price of $0.10 each
exercisable immediately and expiring on 30 November 2024 were issued to Mr Andrew Chapman
under the Employee Share Option Plan.
(ii) During the year, 1,000,000 options over ordinary shares with an exercise price of $0.10 each
exercisable immediately and expiring on 30 November 2024 were issued to Mr Mark Csar, these
were granted in his capacity as Chief Geologist under the Employee Share Option Plan prior to his
appointment as Chief Executive Officer on 18 January 2022.
(c)
Valuation models of options issued
The fair value of the options is estimated at the date of grant, being 30 November 2021, using a Black-
Scholes model. The following table gives the assumptions made in determining the fair value of the
options granted in the financial year. The options vested immediately.
Grant Date
No of options
Dividend yield (%)
Expected volatility (%)
Risk-free interest rate (%)
Expected life of options (years)
Option exercise price ($)
Share price at grant date ($)
Fair value at grant date ($)
30/11/2021
1,500,000
-
97.53
0.87
3
0.10
0.075
0.04
The expected life of the options is based on historical data and is not necessarily indicative of
exercise patterns that may occur.
62
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
17.
SHARE BASED PAYMENTS (continued)
Weighted average remaining contractual life
The weighted average remaining contractual life for share options outstanding as at 30 June 2022 is
2.42 years (2021: 0.94 years).
Weighted average fair value
The weighted average fair value of the options granted during the financial year was $0.04 (2021: nil).
Employee Expenses
Share options granted:
- equity settled - Executive
- equity settled - ESOP
Total expense recognised as employee costs
18. REMUNERATION OF AUDITOR
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.
2022
$
2021
$
20,571
41,141
61,712
-
-
-
2022
$
2021
$
47,124
40,160
63
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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 (resigned 1 September 2022),
Neville Bassett (appointed 15 October 2021) and Daniel Prior. Other key management personnel
include the Company Secretary, Andrew Chapman and Mark Csar, who was appointed as Chief
Executive Officer on 18 January 2022.
(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 2022.
(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%) totaling 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.
In October 2021, Ramelius Resources Ltd (RMS) successfully taken over AOP. All terms and conditions
of the above transaction remain unchanged and all deferred consideration will be honoured by RMS.
(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 $145,140 has been charged to Bulletin for these services (2021: $56,611). At 30
June 2022 there was an outstanding balance of nil (2021: $4,400) owing to Matsa.
(iii) On 9 November 2021, Bulletin exercised 2,700,000 options in Auris Minerals Limited (Auris) at
an exercise price of 0.5 cents. Mr Neville Bassett is a director of Auris.
64
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
19. RELATED PARTY TRANSACTIONS (continued)
Compensation of Key Management Personnel
Short-term employment benefits
Post-employment benefits
Termination benefits
Share-based payment (Note 17)
2022
$
2021
$
417,901
19,346
-
20,571
457,818
316,849
6,892
-
-
323,741
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
2022
%
2021
%
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
65
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
22. PARENT ENTITY DISCLOSURES
As at, and throughout, the financial year ended 30 June 2022 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 equity/(deficiency in equity)
Company
2022
$
2021
$
(787,460)
-
(787,460)
(1,556,314)
-
(1,556,314)
5,569,240
6,056,070
281,832
344,781
1,101,161
1,101,885
1,459,220
1,459,220
5,933,287
829,869
(3,068,656)
1,200,704
723,157
(2,281,196)
3,694,500
(357,335)
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.
66
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
23.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
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
2022 and 30 June 2021 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:
Financial
Assets
and
Cash and cash
equivalents
Trade
other
receivables
Total
Financial
Assets
Floating Interest Rate
2022
$
2021
$
Fixed Interest
Less than 1 year
2021
2022
$
$
Non-interest
Bearing
Total
2022
$
2021
$
2022
$
2021
$
7,265,352
951,320
20,312
20,241
-
-
7,285,663
971,561
-
-
-
-
1,907,097
2,699,358
1,907,097
2,699,358
7,265,352
951,320
20,312
20,241
1,907,097
2,699,358
9,192,760
3,670,919
The weighted average interest rate received on cash and cash equivalents by the Group was 0.25%
(2021: 0.25%).
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:
67
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
23.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Cash and cash equivalents
Trade and other receivables
(c) Commodity Price Risk
2022
$
7,285,663
1,907,097
2021
$
971,561
2,699,358
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.
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 2022
Financial Assets
Cash and
equivalents
Other receivables
Other financial
assets
Financial Liabilities
Trade and other
payables
Carrying
amount
Contractual
cash flows
6 mths or
less
6-12 mths
1-2
years
2-5 years
7,285,663
1,907,097
7,285,663 7,285,663
1,907,097
-
107,097 1,000,000
923,237
10,115,997
923,237
-
10,115,997 8,315,997 1,000,000
923,237
113,303
113,303
113,303
113,303
113,303
113,303
-
-
-
-
-
-
-
-
-
800,000
-
800,000
-
-
68
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
23.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
30 June 2021
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
-
-
-
-
-
-
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.
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 2022
$
923,237
30 June 2021
$
2,709,600
Sensitivity analysis
The Group’s equity investments are listed on the Australian Securities Exchange. A 10% increase in
stock prices at 30 June 2022 would have increased the profit by $92,323 (2021: increase the profit by
$270,960), an equal change in the opposite direction would have decreased the profit by an equal but
opposite amount.
69
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
23.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(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.
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 $471,500 (2021: $278,000).
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.
The Group has a contingent liability being the consideration of 1,000,000 shares still to be issued to
Mining Equities Pty Ltd for the acquisition of tenement E74/398 at the Ravensthorpe Lithium Project.
The completion of the transaction is subject to terms and conditions being met. See Note 8 (iv) for
further details.
There are no other contingent assets or liabilities as at 30 June 2022.
70
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
25.
EVENTS SUBSEQUENT TO REPORTING DATE
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.
71
BULLETIN RESOURCES LIMITED
DIRECTORS DECLARATION
FOR THE YEAR ENDED 30 JUNE 2022
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 2022 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 30th day of September 2022
72
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
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 2022, 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 2022 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.
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.
73
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.
Accounting for exploration and evaluation assets
Key audit matter
How the matter was addressed in our audit
As disclosed in Note 8 of the financial
report, the carrying value of exploration and
evaluation assets represents a significant
asset of the Group.
Judgement is applied in determining the
treatment of exploration expenditure in
accordance with Australian Accounting
Standard AASB 6 Exploration for and
Evaluation of Mineral Resources. In
particular:
(cid:127) Whether the conditions for capitalisation
are satisfied;
(cid:127) Which elements of exploration and
evaluation expenditure qualify for
recognition; and
(cid:127) Whether facts and circumstances
indicate that the exploration and
expenditure assets should be tested for
impairment.
Furthermore, there is complexity and
judgment in determining the fair value of
exploration assets acquired by way of share-
based payment.
The accounting for exploration and
evaluation assets is therefore considered as
a key audit matter.
Our procedures included, but were not limited to the
following:
(cid:127)
(cid:127)
(cid:127)
(cid:127)
(cid:127)
(cid:127)
(cid:127)
(cid:127)
Reviewing management’s assessment of the
accounting treatment of tenements acquired;
Assessing the fair value of exploration assets
acquired by way of share-based payment at
acquisition date;
Obtaining a schedule of the areas of interest held
by the Group and assessing whether the rights to
tenure of the areas of interest remained current
at balance date;
Considering the status of the ongoing exploration
programmes in the areas of interest by holding
discussions with management, and reviewing the
Group’s exploration budgets, ASX announcements
and directors’ minutes;
Considering whether the areas of interest had
reached a stage where a reasonable assessment
of economically recoverable reserves existed;
Verifying, on a sample basis, exploration and
evaluation expenditure capitalised during the
year for compliance with the recognition and
measurement criteria of AASB 6;
Considering whether any facts or circumstances
existed to suggest impairment testing was
required; and
Assessing the adequacy of the related disclosures
in Note 8 of the Financial Report.
74
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 2022, 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.
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.
75
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 31 to 38 of the directors’ report for the
year ended 30 June 2022.
In our opinion, the Remuneration Report of Bulletin Resources Limited, for the year ended 30 June
2022, 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
30 September 2022
76
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
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 2022, 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
30 September 2022
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.
77
BULLETIN RESOURCES LIMITED
ADDITIONAL ASX INFORMATION
FOR THE YEAR ENDED 30 JUNE 2022
The following additional information is required by the Australian Securities Exchange. The
information is current as at 7th September 2022.
Distribution schedule and number of holders of equity securities
Stock Exchange Listing – Listing has been granted for 292,591,100 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
56
253
288
1,032
321
1,950
8,758
883,720
2,381,967
42,227,798
247,088,857
292,591,100
0.00
0.30
0.81
14.43
84.45
100.00
There were 210 shareholders holding less than a marketable parcel at 7th 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
68,486,271
23.41
78
BULLETIN RESOURCES LIMITED
ADDITIONAL ASX INFORMATION
FOR THE YEAR ENDED 30 JUNE 2022
20 Largest registered holders of quoted equity securities as at 7th September 2022
Rank Name
Units
% of Units
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
8.54
4.79
3.74
3.71
3.42
2.42
2.28
2.22
1.99
1.82
1.73
1.37
1.37
1.32
1.20
0.75
0.72
0.71
0.70
0.70
Goldfire Enterprises Pty Ltd
Goldfire Enterprises Pty Ltd
BNP Paribas Nominees Pty Ltd ACF Clearstream
Temorex Pty Ltd
Temorex Pty Ltd
BNP Paribas Nominees Pty Ltd
Newmek Investments Pty Ltd
BNP Paribas Nominees Pty Ltd
HSBC Custody Nominees (Australia) Limited
Kitara Investments Pty Ltd
Mr. Jason Frank Madalena
RPM Super Pty Ltd
Sisu International Pty Ltd
25,000,000
14,017,897
10,957,154
10,844,444
10,000,000
7,088,700
6,666,667
6,486,798
5,812,789
5,333,334
5,053,334
4,000,000
4,000,000
Mr Paul Poli & Mrs Sonya Kathleen Poli
3,870,000
Applied Solutions (Private) Limited
Mr Marx Lin
Ms Fatima Danium
Mr Yaosheng Zhang
Dark Cloud Capital Pty Ltd
Goldfire Enterprises Pty Ltd
TOTAL
3,500,000
2,200,000
2,100,968
2,080,000
2,055,556
2,049,838
133,117,479
45.50
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
16
18
125
85
254
2,802
44,527
123,894
5,770,789
65,612,781
71,554,793
0.00
0.06
0.17
8.07
91.70
100.00
79
BULLETIN RESOURCES LIMITED
ADDITIONAL ASX INFORMATION
FOR THE YEAR ENDED 30 JUNE 2022
20 Largest registered holders of quoted options exercisable at $0.10 expiring 30 September 2024 as
at 7th September 2022
Rank Name
Units
% of Units
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Nitro Super Fund Pty Ltd
7,975,000
11.15
Alltime Nominees Pty Ltd
The Sun W Investment Pty Ltd
Sisu International Pty Ltd
Mrs Belinda Poznik
Mrs Sonya Kathleen Poli
Goldfire Enterprises Pty Ltd
Capretti Investments Pty Ltd
Sabre Finco Pty Ltd
Temorex Pty Ltd
GAB Superannuation Fund Pty Ltd
Mr Phillip Stanley Holten
BNP Paribas Nominees Pty Ltd Barclays
Platinum Reign Pty Ltd
BNP Paribas Nominees Pty Ltd Hub24 Custodial Serv Ltd
Blue Olive Capital Pty Ltd
Mr David Christopher Kemp
Malekula Projects Pty Ltd
Mr Christopher Robin Barker
Stockton Avenue Investments Pty Ltd
5,700,000
4,040,740
3,333,333
3,148,088
2,980,001
2,979,270
2,335,000
1,909,589
1,737,037
1,612,919
1,510,000
1,501,244
1,500,000
1,494,444
1,072,223
1,019,755
1,000,000
970,000
755,090
7.97
5.65
4.66
4.40
4.16
4.16
3.26
2.67
2.43
2.25
2.11
2.10
2.10
2.09
1.50
1.43
1.40
1.36
1.06
TOTAL
Unquoted Securities
48,573,733
67.88
The number of unquoted securities on issue as at 7th September 2022 are as follows:
Name
Unlisted options exercisable at 10 cents each on or before 30 November
2024
Number on
Issue
Number of
Holders
1,500,000
2
80
BULLETIN RESOURCES LIMITED
ADDITIONAL ASX INFORMATION
FOR THE YEAR ENDED 30 JUNE 2022
Restricted Securities as at 7th September 2022
There are no restricted securities on issue as at 7th September 2022.
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.
81
BULLETIN RESOURCES LIMITED
SCHEDULE OF MINING TENEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Tenement
Project
Holder
Status
Share Held
E28/26001
E28/26351
E28/2709
E28/2878
E28/2977
E28/3075
E28/3076
E28/3077
Lake Rebecca
Lamboo Operations Pty Ltd
Lamboo Operations Pty Ltd
Lamboo Operations Pty Ltd
Lamboo Operations Pty Ltd
Lamboo Operations Pty Ltd
Lamboo Operations Pty Ltd
Lamboo Operations Pty Ltd
Lamboo Operations Pty Ltd
E28/3002
Chifley
Lamboo Operations Pty Ltd
E74/655
E74/680
E74/698
Ravensthorpe
Bulletin Resources Limited
Bulletin Resources Limited
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
Live
Live
Live
Deposit Paid;
Completion
outstanding
Live
80%
80%
100%
100%
100%
100%
100%
100%
100%
100%
100%
0%
100%
82
ASX:BNR
www.bulletinresources.com