Canyon Resources Limited
ABN 13 140 087 261
Annual Report
30 June 2022
Canyon Resources Limited
Corporate directory
30 June 2022
Directors
Mark Hohnen - Non-executive Chairman
David Netherway - Non-executive Director
Peter Su - Non-executive Director
Scott Phegan - Non-exeuctive Director
Company secretary
Matt Worner
Registered office
Principal place of business
Share register
Auditor
Solicitors
945 Wellington Street
West Perth, Western Australia, 6005
T: +61 8 9322 7600
945 Wellington Street
West Perth, Western Australia, 6005
T: +61 8 9322 7600
Computershare Limited
Level 11, 172 St Georges Terrace
Perth, Western Australia, 6000
T: +61 8 9323 2000
F: +61 9323 2033
www.computershare.com.au
HLB Mann Judd (WA Partnership)
Level 4, 130 Stirling Street
Perth, Western Australia, 6000
Allion Partners
Level 9, 200 St Georges Terrace
Perth, Western Australia, 6000
Stock exchange listing
Canyon Resources Limited shares are listed on the Australian Securities Exchange (ASX
code: CAY)
Website
www.canyonresources.com.au
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Canyon Resources Limited
Contents
30 June 2022
Chairman's Letter
Directors' report
Auditor's independence declaration
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 the consolidated financial statements
Directors' declaration
Independent auditor's report to the members of Canyon Resources Limited
Corporate governance statement
Shareholder information
Interest in mineral permits
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Canyon Resources Limited
Chairman's Letter
30 June 2022
Dear Shareholder,
It is my pleasure to present Canyon Resources Limited’s Annual Report for the year ended 30 June 2022.
The past year has been one of progress and change for your Company.
In terms of progress, Canyon reached a major milestone in June 2022 with the delivery of the impressive Bankable Feasibility
Study (BFS) for the Company’s flagship Minim Martap Bauxite Project in Cameroon. The completion of the BFS confirms the
robust nature of the Minim Martap Project as well as the significance of this Tier 1 asset to both Canyon shareholders and the
country of Cameroon.
In addition to the BFS, the Company completed the negotiation of the key terms of the Mining Convention for the Minim
Martap Project, a significant undertaking by both Canyon management and representatives of the Government of Cameroon.
The Company continues to work with the Cameroon Government with a view to obtaining formal execution of the Mining
Convention as expeditiously as possible.
In terms of change, your Company has, over the course of 2022, looked to position itself for its next stage of development with
the appointment of highly experienced and well-regarded Chief Executive Officer, Mr Jean-Sebastien Boutet. Jean-Sebastien
is an accomplished leader and boasts a very strong background in bauxite project development, commodity marketing,
operations, international negotiations, business and corporate development and international supply chain logistics.
Additionally, the Company welcomed Mr Scott Phegan to the Board as a Non-Executive Director. Scott has significant
experience in bauxite and alumina industries over a 30-year career with Alcoa. In this time, Scott has been responsible for the
design and commissioning of multibillion-dollar refining expansions and refining projects the world over, including West Africa.
I look forward to working with Jean-Sebastien and Scott along with the rest of the Canyon team both here in Australia and in
Cameroon in moving the Company to its next stage of development.
I would also like to acknowledge the contributions of former directors Cliff Lawrenson, Steven Zaninovich and Phil Gallagher,
without whom the Company would not be in the position it is in today. To have progressed the Minim Martap Project to the
point of Bankable Feasibility Study and formal Mining Convention, particularly over the last few years working in an
environment of COVID-19 and the restrictions that the pandemic placed on us all, is truly commendable.
We look forward to completing the next phase of the project development and working alongside the Government of
Cameroon with a view to providing a genuine alternative supply of high-grade West African bauxite.
I thank all Canyon shareholders for their ongoing support and look forward to the continuing growth and development of your
Company.
Regards
Mark Hohnen
Non-Executive Chairman
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Canyon Resources Limited
Directors' report
30 June 2022
The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter
as 'the Group') consisting of Canyon Resources Limited (referred to hereafter as 'the Company' or 'parent entity') and the
entities it controlled at the end of, or during, the year ended 30 June 2022.
Directors
The following persons were Directors of Canyon Resources Limited during the whole of the financial period and up to the
date of this report, unless otherwise stated:
Mark Hohnen - Non Executive Chairman (appointed 8 August 2022)
Cliff Lawrenson - Non Executive Chairman (resigned 8 August 2022)
Phillip Gallagher - Managing Director (resigned 11 July 2022)
David Netherway - Non-Executive Director
Peter Su - Non-Executive Director
Scott Phegan - Non-Executive Director (appointed 8 August 2022)
Steven Zaninovich - Non-Executive Director (resigned 8 August 2022)
Principal activities
The principal activities of the entities within the Group during the year were continued bauxite exploration and engineering
studies.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Review of operations
The loss for the Group after providing for income tax amounted to $12,775,411 (30 June 2021: $4,751,302).
Minim Martap Project
During the year, Canyon’s focus was on the negotiation of the key terms of a Mining Convention and bankable feasibility study
for its 100% owned Minim Martap Bauxite Project (The Project).
Both key objectives were achieved during the course of the year, thereby providing significant milestones in the ongoing
movement of the Project towards the construction and production phases. The Company continues to work alongside the
Government of Cameroon for the execution of the Mining Convention.
The Project is situated adjacent to the Camrail rail line linking the region to the accessible and available Atlantic port of Douala.
The rail line is currently underutilised and coupled with the existing port of Douala, supports a low capex, low opex solution
for the delivery of very high grade, low contaminant, seaborne bauxite to market to fuel the large and growing aluminium
industry.
A summary of the highlights of the past year's operations is provided below.
Positive Bankable Feasibility Study for the Project
On 21 June 2022, Canyon completed a major milestone through the delivery of the Minim Martap Bankable Feasibility Study
(BFS). Importantly, results from the BFS confirmed Minim Martap as a robust long-term project, producing some of the
highest-grade bauxite in the world for an initial 20 years of mining.
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Key BFS Highlights
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The Project will produce up to 6.4Mt of high-grade bauxite per annum over 20 years, representing a 28% increase from
the Pre-Feasibility Study.
The Project will produce high grade bauxite averaging 51.1% Total Alumina and 2.0% average Total Silica for the first 20
years of operation.
Updated Proved Ore Reserve of 108.9Mt at 51.1% Al2O3 and 2.0% total SiO2.
Total Mineral Resource (JORC 2012) estimate of 1,027Mt at 45.3% total Al2O3 and 2.7% total SiO2.
Optimised rolling stock configuration and scheduling increased rail capacity, substantially reducing OPEX from the PFS
phase and resulted in improved project economics.
The 20-year mining schedule represents only 10.6% of the current Minim Martap Resource and technical studies
have identified opportunities for a significant future increase in production tonnages.
The ESIA submission over the Project has been submitted to the Ministry of Environment for final review and approval.
The Company’s application for a Mining Permit is progressing well with the administrative period for objecting to the
processing of the Mining Permit application having passed.
The next step is the signing of a Mining Convention with the Government of Cameroon, which is being progressed by
the Company. The required documentation has been forwarded by the Minister of Mines to the Prime Minister of
Cameroon for approval before signing.
Key BFS Financial Outcomes
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Project pre-tax NPV of US$452M (on a gross joint venture basis).
Project IRR of 22%.
Initial mine life of 20 years, with project payback in 4.1 years.
NPV based on life of mine average bauxite price of US$45.22/t FOB for Minim Martap’s high grade bauxite averaging
51.1% Al2O3.
Project development capital expenditure of US$253M, which includes the capital cost of the initial fleet of
Company acquired rail rolling stock.
C1 operating costs US$23.95/t for a 51.1% Al2O3 export product, making Minim Martap very competitive supplying some
of the world's highest-grade bauxite.
Updated Proved Ore Reserve of 108.91Mt at 51.1% Al2O3 and 2.0% total SiO2completed by Resolve Mining Solutions.
Key BFS Metrics
Financial evaluation of the Project highlights the potential for a robust project leveraging existing infrastructure and a very
high-quality product.
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Canyon Resources Limited
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Key economic modelling outcomes are shown in Table 1 below:
Table 1: Canyon Resources BFS LOM: Key Metrics
Project Summary
The BFS defines the first stage of the Minim Martap Bauxite Project and draws on the key learnings from the PFS, delivering
a BFS at an accuracy of +/- 15% for the export of metallurgical grade bauxite.
The BFS achieved the primary objective of defining an effective, standalone project, utilising existing infrastructure constraints
by optimising what is currently available, whilst identifying upgrade potential in partnership with the Government and rail
and port operators.
Stand-alone economic feasibility was demonstrated, and product scheduling highlighted the ability of the Project to deliver
long term, stable, high-grade bauxite.
Canyon believes this product quality profile provides a unique catalyst for securing joint venture and strategic partner
agreements, which have been in discussion for several months. Interest has been shown by refinery operators requiring long
term, stable, high-grade product and the Project offers a hedge against market and political volatility. The Company expects
to commence formal process of negotiations with potential partners, including off-take and strategic funding or equity
partners on the back of the robust BFS.
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Next Steps
Camalco Cameroon SA (Camalco), Canyon’s wholly owned subsidiary in Cameroon, has completed the application process for
the grant of the Mining Permit for development of the Project. Notably, the period for the Government of Cameroon to object
to the processing and approval of the Mining Permit application has passed. The decree of the President awaits the
Government of Cameroon entering into the Mining Convention, negotiations for which have been concluded.
In June 2021, the Company made a valid application for a Mining Permit over the Minim Martap Bauxite Project and
applications for the extensions of the Makan and Ngaoundal exploration licenses for a further two years (the extensions over
Makan and Ngaoundal were granted in February 2022). These applications were made after Camalco and the Government of
Cameroon entered into a Cahier de Charge which confirmed the process for the extension of the exploration licences and
process for the grant of the Mining Permit.
In June 2021, the Company also submitted a completed Environmental and Social Impact Assessment (ESIA) to the Ministry
of Mines and Ministry of Environment. The report has received an initial review with requests made for minor additional
information. All requested information has been provided to the Ministry of Environment.
In August 2021, His Excellency the Minister of Mines, Industry and Technological Development accepted Camalco’s Mining
Permit application, and its capacity to develop the Project, and announced the commencement of negotiations for the Mining
Convention for the Project. In accordance with the Mining Code of the Republic of Cameroon, the applicant for a Mining
Permit must enter into a Mining Convention prior to the Mining Permit being granted.
In January 2022, Camalco completed all negotiations with the relevant Government Ministries to finalise the terms of the
Project Mining Convention. The terms of the Mining Convention were signed off by the 15 relevant Ministries who attended
the negotiation meetings. The Mining Convention was reviewed by the Ministry of Mines and forwarded to the office of the
Prime Minister of Cameroon for approval before execution.
Figure 1: Canyon and Cameroon ministry negotiation teams at the Hotel Sawa, Douala Cameroon, January 2022
Following completion of the Mining Convention, the Company will be officially permitted to enter into binding agreements
with the Port of Douala, Camrail and the Ministry of Transport of Cameroon regarding the final operational contracts for
Camalco’s access and utilisation of state-owned infrastructure.
Prior to commencing construction and making a Final Investment Decision (FID), Camalco requires a Mining Permit which is
granted by a decree of the President of the Republic of Cameroon.
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Upon the grant of a Mining Permit for the Minim Martap mining areas, in accordance with Section 59 of the Mining Code, an
entity of the State will be granted 10% ownership of the special purpose Joint Venture Company formed for that purpose,
free of charge. The Mining Permit is, upon grant, transferred by Camalco to this new company. Up to an additional 25%
ownership of the new company may be acquired via direct investment by the entity of the State under terms and conditions
mutually agreed by the parties, and with the same rights and obligations as the other shareholders.
The BFS study determined the existing port and rail facilities are suitable for the Minim Martap Bauxite Project. The operating
charges for both the port and rail are based on industry standard costs and expert analysis by Vecturis SA (rail consultants)
and MCC-CIE (port study).
Canyon has signed a Heads of Agreement with the operator of the Cameroon railway, Bollore Africa Railways/CAMRAIL, to
organise the negotiations of, and agree on the commercial terms of, the railway contract. Camalco entered into a
Memorandum of Understanding with the Port of Douala with respect to finalising of commercial negotiations for Port access
after the completion of the BFS. Finalisation of the formal agreements for access to both of these key infrastructure items will
therefore commence immediately after the Mining Convention has been executed.
The Project will be funded through a combination of equity and debt financing. Canyon is working with its strategic partners
regarding its equity and debt strategies.
Following FID, the Engineering, Procurement and Construction (EPC) contractor will be selected, and the front-end
engineering design (FEED) is expected to commence within three months from FID. Critical long lead time equipment such as
the rail locomotives and wagons will be prioritised. Several opportunities to improve capital costs and operating expenses
have been identified in the BFS. Optimisation work will be undertaken to conclude these cost saving opportunities prior to
commencing the FEED.
Detailed engineering and procurement activities are expected to commence in early 2023, with construction in second
quarter of 2024, subject to regulatory approvals and financing.
Table 2: Project Development Timeline
Extensions received for Makan and Ngaoundal Bauxite Research Permits
On 28 February 2022, the Company announced that Camalco, received confirmation from the Minister for Mines, Industry
and Technological Development (Minister) of the extension of the Makan and Ngaoundal research permits for an additional
two years.
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Prior to the expiry of the term of the Makan and Ngaoundal research permits in July 2021, Camalco had applied for extensions
to the term of those permits, and concurrently for an exploitation license over the Minim Martap research permit, which
remains outstanding.
On 18 February 2022, La Société Nationale des Mines (Sonamines) and China Railway No. 5 Engineering Group Cooperation
Limited_Cameroon (CREC 5) announced their entry into a Memorandum of Understanding (MOU) with respect to carrying
out research work on the area of the Makan and Ngaoundal research permits. Camalco was not a party to the MOU, nor was
it aware of Sonamines and CREC 5 attempting to negotiate an agreement over Camalco’s research permits. The
announcement by CREC5 was also in direct contravention of a valid Confidentiality Agreement between Canyon and CREC5.
On 21 February 2022, the Minister issued a decision to the effect that the actions of Sonamines and CREC 5 were null and
void and that those actions were not in accordance with the Mining Code of Cameroon and the extensions to Camalco’s
permits were extended shortly thereafter.
Execution of Strategic Partnership Agreement and MOU with MCC
On 26 August 2021, the Company announced that it had entered into a Strategic Partnership Agreement and MOU with
Zhongye Changtian International Engineering Corporation of MCC (MCC-CIE), the mining engineering division of global mining
giant Metallurgical Corporation of China (MCC).
Post the signing of the Strategic Partnership and MOU, MCC representatives alongside the Canyon team met with officials
from the Government of Cameroon to present the merits of the Strategic Partnership, with positive feedback having been
received.
Key details of the MOU and Strategic Partnership Agreement are:
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The parties have commenced a Comprehensive Strategic Partnership and will immediately hold regular meetings to
promote the financing and execution of the Project.
MCC-CIE will provide Canyon with all necessary support within its capacity to assist Canyon in technical, business, off-
taking and financing related issues.
The Strategic Partnership Agreement and MOU remains in force until 31 December 2022 unless extended.
The parties agree to reach a more comprehensive legally binding agreement for the implementation of the Project to
replace the non-binding relationship established through the MOU and Strategic Partnership Agreement.
Canyon receives strong community support of the Minim Martap Project
On 30 August 2021, the Company announced that it had received letters of support from the traditional leaders and elders
of the region local to the Project. This included the Governor of the Adamaoua Region, Lamido of Ngaoundere, Sous-Prefet
of Martap and Chiefs of the villages of Haleo, Makor, Minim and Martap.
This written recognition of support for and acknowledgement of the significance of the Project to the local communities
indicates Canyon’s strong social licence to operate and develop the Project. This is significant for the Company and
demonstrates the positive impact Canyon continues to have with local communities and key stakeholders, confirming an
overwhelming support for development of the Project.
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Figure 2: Camalco management team with the Lamido of Ngaoundere at his traditional Palace
Competent Person’s Statement – Ore Reserves
The information in this report that relates to Ore Reserves is based on information compiled or reviewed by Mr John Battista,
a Competent Person who is a Member and Chartered Professional (Mining) of the Australasian Institute of Mining and
Metallurgy and Mr Andrew Hutson, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy
and is currently employed by Resolve Mining Solutions Mr Battista and Mr Hutson have sufficient experience relevant to the
style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a
Competent Person as defined in the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral
Resources, and Ore Reserves (JORC Code).
Competent Person’s Statement – Mineral Resources
The information in this report that relates to mineral resources is based on information compiled or reviewed by Mr Mark
Gifford, an independent Geological expert consulting to Canyon Resources Limited. Mr Mark Gifford is a Fellow of the
Australian Institute of Mining and Metallurgy 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 of Reporting of Exploration Results, Mineral Resources and Ore Reserves
(JORC Code).
Mineral Resource Estimate
The data in this report that relates to the Mineral Resource estimates for the Minim Martap Bauxite Project is based on
information in the Resources announcement of 11 May 2021 and available to view on the Company’s website and ASX.
The Company confirms that it is not aware of any new information or data that materially affects the information included in
the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and
technical parameters underpinning the estimates in the original market announcement continue to apply and have not
materially changed. The Company confirms that the form and the context in which the Competent Person’s findings are
presented have not been materially modified from the original market announcement.
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Canyon Resources Limited
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Bankable Feasibility Study
The data in this report that relates to the Bankable Feasibility Study for the Minim Martap Bauxite Project and associated
production targets and forecast financial information, is based on information in the BFS announcement of 21 June 2022, and
available to view on the Company’s website and ASX.
The Company confirms that all the material assumptions underpinning the production target and forecast financial
information derived from the production target continue to apply and have not materially changed.
Ore Reserve estimate
The data in this report that relates to the Ore Reserve estimate estimates for the Minim Martap Bauxite Project is based on
information in the maiden Ore Reserve announcement of 25 May 2021 and available to view on the Company’s website and
ASX.
The Company confirms that it is not aware of any new information or data that materially affects the information included in
the original market announcement and, in the case of estimates of Ore Reserves, that all material assumptions and technical
parameters underpinning the estimates in the original market announcement continue to apply and have not materially
changed. The Company confirms that the form and the context in which the Competent Person’s findings are presented have
not been materially modified from the original market announcement.
Forward-looking statements
All statements other than statements of historical fact included in this report including, without limitation, statements
regarding future plans and objectives of Canyon, are forward-looking statements. When used in this report, forward-looking
statements can be identified by words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “future”, “intend”,
“may”, “opportunity”, “plan”, “potential”, “project”, “seek”, “will” and other similar words that involve risks and
uncertainties.
These statements are based on an assessment of present economic and operating conditions, and on a number of
assumptions regarding future events and actions that are expected to take place. Such forward-looking statements are not
guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important
factors, many of which are beyond the control of the Company, its directors and management of Canyon that could cause
Canyon’s actual results to differ materially from the results expressed or anticipated in these statements.
Canyon cannot and does not give any assurance that the results, performance or achievements expressed or implied by the
forward-looking statements contained in this report will actually occur and investors are cautioned not to place undue
reliance on these forward-looking statements. Canyon does not undertake to update or revise forward-looking statements,
or to publish prospective financial information in the future, regardless of whether new information, future events or any
other factors affect the information contained in this report, except where required by applicable law and stock exchange
listing requirements.
CORPORATE
Successful share placements completed
$6.2 million placement
In August 2021 Canyon announced a successful placement of 77,257,157 new shares to institutional and sophisticated
investors at $0.08 per share to raise approximately $6.2 million (before costs). This included a pro-rata participation in the
Placement by the Company’s major shareholder, Mr Peter Su. Funds from the Placement were used for:
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delivery of the Minim Martap Project Feasibility Study and other Project deliverables;
advancing strategic Project and off-take discussions; and
corporate overheads and general working capital.
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Canyon Resources Limited
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$5.0 million placement to institutional and sophisticated and strategic investors.
On 21 June 2022, Canyon announced a placement of shares to be issued in two tranches. The first tranche of 104,636,355
fully paid ordinary shares at $0.045 per share with a free attaching option with an exercise price of $0.07 each and an expiry
of 10 August 2024 were issued on 28 June 2022, raising $4,708,636 before costs.
The second tranche of 5,444,443 fully paid ordinary shares were issued on 7 September 2022 as discussed below.
Management changes
Jean-Sebastien Boutet was appointed as Chief Executive Officer commencing 1 January 2022.
Matters subsequent to the end of the financial year
Managing Director Phillip Gallagher resigned as a Director on 11 July 2022.
10,000,000 Performance Rights were issued to CEO Jean-Sebastien Boutet on 18 July 2022 with the following vesting
conditions:
* 1,000,000 - achievement of a 10-day Volume Weighted Average Price ('VWAP') of $0.10
* 1,000,000 - achievement of a 10-day VWAP of $0.15
* 1,000,000 - achievement of a 10-day VWAP of $0.20
* 1,000,000 - achievement of a 10-day VWAP of $0.25
* 1,000,000 - after 12 months of continuous employment
* 1,000,000 - after 24 months of continuous employment
* 1,000,000 - after 36 months of continuous employment
* 1,000,000 - announcement of a fully approved mining licence
* 1,000,000 - announcement of a completed rail access agreement
* 1,000,000 - executed binding off take agreement for a minimum 2MT for a 12 month period.
On 8 August 2022 Non-executive Chairman Cliff Lawrenson and Non-executive Director Steven Zaninovich resigned whilst
Mark Hohnen was appointed as Non-executive Chairman and Scott Phegan as Non-Executive Director.
5,444,443 ordinary fully paid shares were issued on 7 September 2022 at an issue price of $0.045 raising $245,000 before
costs. The shares issued were Tranche 2 of the Placement announced on 21 June 2022, and were entitled to one free attaching
option.
104,636,355 unlisted options exercisable at $0.07 each on or before 10 August 2024 were issued on 7 September 2022. The
options were part of the placement announced on 21 June 2022 where each share was entitled to one free attaching option.
Likely developments and expected results of operations
Information on likely developments in the operations of the Group and the expected results of operations have not been
included in this report because the Directors believe it would be likely to result in unreasonable prejudice to the Group.
Environmental regulation
With respect to its environmental obligations regarding its exploration activities the Group endeavours to ensure that it
complies with all regulations when carrying out any exploration work and is not aware of any breach at this time.
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Canyon Resources Limited
Directors' report
30 June 2022
Information on Directors
Name:
Title:
Experience and expertise:
Mark Hohnen
Non-Executive Chairman (appointed 8 August 2022)
Mr Hohnen has been involved in the mineral resource sector since the late 1970s and
has extensive international business experience in a wide range of industries including
mining and exploration, property, investment, software and agriculture. Mr Hohnen has
served as Non-executive Chairman of Boss Resources Ltd (ASX:BOE), and was also a
director of Kalahari Minerals and Extract Resources, having successfully negotiated the
sale of both companies to Taurus Minerals Ltd.
Non-Executive Chairman of Parabellum Resources Ltd (ASX:PBL) - appointed 1 July 2021
Other current directorships:
Former directorships (last 3 years): Bacanora Lithium Plc (LSE: BCN) – resigned in December 2021
450,000 ordinary shares
Interests in shares:
Nil
Interests in options:
Name:
Title:
Qualifications:
Experience and expertise:
Scott Phegan
Non-Executive Director (appointed 8 August 2022)
BE Chem
Mr Phegan has held multiple technical, project, strategic and executive roles within the
bauxite and alumina industries over a 30-year international career with Alcoa. In his
capacity as Global Director for Process Design and Development, he was responsible for
design and commissioning of multibillion-dollar refining expansions and refining
development projects in Australia, Middle East, Brazil, Guinea, Ghana, Jamaica and
Vietnam.
Mr Phegan is intimately familiar with the bauxite industry supply lines, customers, and
mining practices in relation to alumina refining and project development, as well as the
bauxite business development pathway having supported customer development
activities in China and Vietnam over several years.
His experience extends across the full project execution lifecycle from study phases
through to construction, commissioning and operations.
None
Other current directorships:
Former directorships (last 3 years): None
Interests in shares:
Interests in options:
Nil
Nil
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30 June 2022
Name:
Title:
Qualifications:
Experience and expertise:
Other current directorships:
David Netherway
Non-Executive Director (Appointed 17 March 2014)
B.Eng (Mining), CDipAF, F.Aus.IMM
Mr Netherway is a mining engineer with over 40 years of experience in the mining
industry and until the takeover by Gryphon Minerals Limited, was CEO of Shield Mining
Limited, an ASX listed exploration company. He was involved in the construction and
development of the New Liberty, Iduapriem, Siguiri and Kiniero gold mines in West
Africa and has extensive mining experience in Africa, Australia, China, Canada, India and
the former Soviet Union.
Mr Netherway was the Chairman of Afferro Mining, a UK listed iron ore exploration and
development company in Cameroon until December 2013 when Afferro was subject to
a US$200 million takeover by AIM listed IMIC plc.
Chairman of Elemental Altus Royalties Corp. (ELE: TSX-V), Canyon’s joint venture
partner on the Birsok Project in Cameroon - appointed 1 July 2007.
Non-executive Director of Kore Potash Ltd (K2P:AIM, ASX & JSE) - appointed 14
December 2017.
Former directorships (last 3 years): Chairman of Kilo Goldmines Inc (KGL:TSX-V) appointed 7 July 2011 - resigned 16 March
Interests in shares:
Interests in options:
2020.
Non-Executive Director of Avesoro Resources Inc.(ASO:AIM & TSX) appointed 1
February 2011 - resigned 8 January 2020.
14,968,570 ordinary shares
555,555 unlisted options exercisable at $0.07 each on or before 10 August 2024
Name:
Title:
Qualifications:
Experience and expertise:
Peter Su
Non-Executive Director (Appointed 16 September 2020)
Hons. B.Comm
Mr Su is actively involved in property investment and development in Australia and
overseas, he is a strategic investor with a diverse range of business interests in Australia
and overseas. The Su family have historically held commercial interest in bauxite and
alumina refining in China.
None
Other current directorships:
Former directorships (last 3 years): None
Interests in shares:
Interests in options:
67,545,950 ordinary shares
4,444,444 unlisted options exercisable at $0.07 each on or before 10 August 2024
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Canyon Resources Limited
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30 June 2022
Name:
Title:
Experience and expertise:
Steven Zaninovich
Non-Executive Director (Resigned 8 August 2022)
Mr Zaninovich has spent more than 20 years in project development, maintenance and
operational readiness in the mining industry including, most recently, as Project
Director of Tawana Resources, responsible for the delivery of the Bald Hill Lithium
Project. Prior to that, he served as Chief Operating Officer with Gryphon Minerals
(“Gryphon”) before assuming the role of Vice President of Major Projects, and
becoming part of the Executive Management Team, at Teranga Gold Corporation
(“Teranga”) following its acquisition of Gryphon Minerals. During his time with Teranga
and Gryphon, and also earlier in his career, Mr Zaninovich gained specific expertise in
the development of multiple mining operations across various commodities and
jurisdictions in West Africa. He has also taken on consultant project management roles
for companies including BHP Billiton, Newmont Mining and Gold Fields.
Mr Zaninovich’s responsibilities during previous senior executive roles have included
operational running of companies, business and strategic planning, feasibility studies
and project development, site exploration operations, health and safety, environmental
and social responsibility, human resources, risk management, project generation,
strategic direction and procurement and contracts.
n/a
Other current directorships:
Former directorships (last 3 years): n/a
n/a
Interests in shares:
Name:
Title:
Qualifications:
Experience and expertise:
Cliff Lawrenson
Non-Executive Chairman (Resigned 8 August 2022)
Hons. B.Comm
Mr Lawrenson is an experienced mining professional who was previously the Managing
Director of Atlas Iron Ltd from 2017 until its acquisition by Hancock Prospecting Pty Ltd.
Prior to Atlas Iron, Mr Lawrenson was Managing Director of a number of ASX listed
companies in the mining and mining services sectors. Mr Lawrenson was a senior
executive of CMS Energy Corporation in the United States of America and Singapore
and this was preceded by an investment banking career.
n/a
Other current directorships:
Former directorships (last 3 years): n/a
n/a
Interests in shares:
Name:
Title:
Qualifications:
Experience and expertise:
Phillip Gallagher
Managing Director (Resigned 11 July 2022)
B.Bus
Mr Gallagher has had extensive experience in senior commercial and operational roles
in both private and public companies.
Mr Gallagher is the founder of Canyon Resources, has been the Company’s Managing
Director since inception.
n/a
Other current directorships:
Former directorships (last 3 years): n/a
n/a
Interests in shares:
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all
other types of entities, unless otherwise stated.
'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes
directorships of all other types of entities, unless otherwise stated.
15
Canyon Resources Limited
Directors' report
30 June 2022
Company secretary
Matt Worner
LLB, B.Bus
Appointed 16 June 2021
Mr Worner is a former lawyer, with a broad experience in IPOs, capital raising, ASX Listing Rules and Corporations Act
issues. He has held management, company secretarial and board positions with various ASX and AIM listed companies. He
maintains strong connections with brokers in both Australia and London and is currently a director of Talon Petroleum Limited
(ASX:TPD).
Meetings of Directors
The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 2022, and the
number of meetings attended by each Director were:
Cliff Lawrenson
Phillip Gallagher
David Netherway
Steven Zaninovich
Peter Su
Full Board
Audit and Risk Committee
Attended
Held
Attended
Held
5
5
5
5
5
5
5
5
5
5
2
2
2
2
-
2
2
2
2
2
Held: represents the number of meetings held during the time the Director held office.
Remuneration report (audited)
The remuneration report details the key management personnel remuneration arrangements for the Group, in accordance
with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the entity, directly or indirectly, including all Directors.
The remuneration report is set out under the following main headings:
●
●
●
●
●
●
Principles used to determine the nature and amount of remuneration
Details of remuneration
Service agreements
Share-based compensation
Additional information
Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
This report outlines the remuneration arrangements in place for the key management personnel of Canyon for the financial
year ended 30 June 2022. The information provided in this remuneration report has been audited as required by Section 308
(3C) of the Corporations Act 2001.
The remuneration report details the remuneration arrangements for key management personnel (“KMP”) who are defined
as those persons having authority and responsibility for planning, directing and controlling the major activities of the Company
and the Group, directly or indirectly, including any director (whether executive or otherwise) of the Company, and includes
the executives in the Group.
In accordance with best practice corporate governance, the structure of non-executive Director and executive Director
remuneration is separate.
16
Canyon Resources Limited
Directors' report
30 June 2022
Remuneration Philosophy
The performance of the Company depends upon the quality of the directors and executives. The philosophy of the Company
in determining remuneration levels is to:
- set competitive remuneration packages to attract and retain high calibre employees;
- link executive rewards on sustained growth and key non-financial drivers of value.
Remuneration and nomination committee
Due to the size of the Company the entire Board are members of the Remuneration and Nomination Committee. The
Committee assesses the appropriateness of the nature and amount of remuneration of directors and executives on a periodic
basis by reference to relevant employment market conditions with an overall objective of ensuring maximum stakeholder
benefit from the retention of a high-quality Board and executive team.
Non-executive Director's remuneration
The Board seeks to set aggregate remuneration at a level that provides the Company with the ability to attract and retain
directors of the highest calibre, whilst incurring a cost that is acceptable to shareholders.
The ASX Listing Rules specify that the aggregate remuneration of non-executive directors shall be determined from time to
time by a general meeting. The maximum aggregate payable to non-executive directors approved by shareholders is $300,000
per annum.
Executive remuneration
The Group aims to reward executives based on their position and responsibility, with a level and mix of remuneration which
has both fixed and variable components.
The executive remuneration and reward framework has four components:
●
●
●
●
base pay and non-monetary benefits
short-term performance incentives
share-based payments
other remuneration such as superannuation and long service leave
The combination of these comprises the executive's total remuneration.
Fixed Remuneration
Fixed remuneration is reviewed annually by the Board. The process consists of a review of relevant comparative remuneration
in the market and internally and, where appropriate, obtaining external advice on policies and practices. The Board has access
to external, independent advice where necessary.
Directors and 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 and expense payment plans. It is intended that the manner of payment chosen
will be optimal for the recipient without creating undue cost for the Company.
Variable Remuneration
The objective of the short term incentive program is to link the achievement of the Company's operational targets with the
remuneration received by the executives charged with meeting those targets. The total potential short-term incentive
available is to be set at a level so as to provide sufficient incentive to the executive to achieve the operational targets and
such that the cost to the Company is reasonable in the circumstances.
Actual payments which may be granted to each executive depend on the extent to which specific operating targets set at the
beginning of the financial year are met. For the year to 30 June 2022, and to the date of this report, the Company made $Nil
payments to key management personnel (2021: $25,000).
The Company may also make long term incentive payments to reward senior executives in a manner that aligns this element
of remuneration with the creation of shareholder wealth.
17
Canyon Resources Limited
Directors' report
30 June 2022
Employee Share Plan
On 25 November 2019 Shareholders approved a new employee incentive scheme titled the Canyon Long Term Incentive Plan.
As a result of this Shareholder approval the Company will be able to issue options, performance rights or performance shares
under the Plan to eligible participants over a period of 3 years without impacting on the Company’s ability to issue up to 15%
of its total ordinary securities without Shareholder approval in any 12-month period.
The objective of the Plan is to attract, motivate and retain key employees and it is considered by the Company that the
adoption of the Plan and the future issue of Plan Securities under the Plan will provide selected employees with the
opportunity to participate in the future growth of the Company.
Any future issues of Plan Securities to a related party or a person whose relationship with the company or the related party
is, in ASX’s opinion, such that approval should be obtained will require additional Shareholder approval under ASX Listing Rule
10.14 at the relevant time.
Voting and comments made at the Company's Annual General Meeting ('AGM')
At the 29 November 2021 AGM, 87.95% of the votes received supported the adoption of the remuneration report for the
year ended 30 June 2021. The Company did not receive any specific feedback at the AGM regarding its remuneration
practices.
Details of remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the Group are set out in the following tables.
The key management personnel of the Group for the year ended 30 June 2022 consisted of the following Directors of Canyon
Resources Limited:
●
●
●
●
●
Cliff Lawrenson (Non-Executive Chairman)
Phillip Gallagher (Managing Director)
David Netherway (Non-Executive Director)
Steven Zaninovich (Non-Executive Director)
Peter Su (Non-Executive Director)
And the following persons:
●
●
●
Jean-Sebastien Boutet (Chief Executive Officer) - appointed 1 January 2022
James Durrant (Director of Projects) - resigned 10 September 2021
Rick Smith (Chief Development Officer)
18
Canyon Resources Limited
Directors' report
30 June 2022
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-based
payments
Cash salary
and fees
$
Cash
bonus
$
Other
Super-
services * annuation
$
$
Long service
leave
$
Equity-
settled
$
Total
$
150,000
90,000
79,992
143,082
323,279
200,000
44,086
325,486
1,355,925
-
-
-
-
-
-
-
-
-
-
-
6,200
-
-
-
-
-
-
-
-
-
-
-
-
-
150,000
90,000
86,192
143,082
-
23,412
3,845
-
350,536
-
-
-
6,200
-
6,924
-
30,336
-
-
-
3,845
272,627
41,981
-
472,627
92,991
325,486
314,608 1,710,914
30 June 2022
Non-Executive Directors:
Cliff Lawrenson
David Netherway
Steven Zaninovich
Peter Su
Executive Directors:
Phillip Gallagher **
Other Key Management
Personnel:
Jean-Sebastien Boutet
James Durrant ***
Rick Smith
Refer to note 20
*
** Includes annual leave accrual $23,279.
*** Includes annual leave accrual reversal ($26,347)
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-based
payments
Cash salary
and fees
$
Cash
bonus
$
Other
Super-
services * annuation
$
$
Long service
leave
$
Equity-
settled
$
Total
$
83,468
90,000
35,525
79,992
33,333
394,976
-
12,500
-
12,500
-
-
75,000
15,273
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
83,468
102,500
-
107,450
110,525
215,215
-
33,333
21,694
5,283
-
421,953
30 June 2021
Non-Executive Directors:
Cliff Lawrenson
David Netherway
Emmanuel Correia (resigned
10 December 2020)
Steven Zaninovich
Dimitri Bacopanos (resigned
26 March 2021)
Executive Directors:
Phillip Gallagher **
Other Key Management
Personnel:
James Durrant ***
Rick Smith
Nick Allan (resigned 28 May 2021)
264,465
252,618
203,455
1,437,832
-
-
-
25,000
-
-
-
90,273
21,694
-
18,138
61,526
-
-
-
5,283
225,419
511,578
-
252,618
179,786
401,379
512,655 2,132,569
19
Canyon Resources Limited
Directors' report
30 June 2022
Refer to note 20
*
** Includes annual leave accrual $11,509
*** Includes annual leave accrual $6,132
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Name
Non-Executive Directors:
Cliff Lawrenson
David Netherway
Emmanuel Correia
Steven Zaninovich
Peter Su
Dimitri Bacopanos
Executive Directors:
Phillip Gallagher
Other Key Management Personnel:
Jean-Sebastien Boutet
James Durrant
Rick Smith
Nick Allan
Fixed remuneration
Performance related
30 June 2022 30 June 2021 30 June 2022 30 June 2021
100%
100%
-
100%
100%
-
100%
88%
100%
44%
-
100%
100%
100%
-
-
-
-
-
-
-
42%
55%
100%
-
-
56%
100%
55%
58%
45%
-
-
-
12%
-
56%
-
-
-
-
44%
-
45%
Other transactions with key management personnel
The following other transactions occurred with key management personnel:
Payment for other expenses:
Rent expense paid to Collab Capital Pty Ltd*
30 June 2022 30 June 2021
$
$
12,000
-
The following balances are outstanding at the reporting date in relation to transactions with related parties:
Current payables:
Trade payables to Collab Capital Pty Ltd*
30 June 2022 30 June 2021
$
$
3,300
-
* Collab Capital Pty Ltd provided office premises to the Company during the year. Peter Su is a Director and Shareholder of
Collab Capital Pty Ltd.
20
Canyon Resources Limited
Directors' report
30 June 2022
Service agreements
Remuneration and other terms of employment for key management personnel are formalised in service agreements. Details
of these agreements are as follows:
Name:
Title:
Details:
Mr Phillip Gallagher
Former Managing Director
Remuneration of $300,000 per annum plus superannuation.
The agreement may be terminated by the Company giving 6 months’ notice. Mr
Gallagher can terminate the agreement by giving 3 months’ written notice.
Name:
Title:
Agreement commenced:
Details:
Mr Jean-Sebastien Boutet
Chief Executive Officer
1 January 2022
Remuneration of $400,000 per annum inclusive of any other benefits.
Name:
Title:
Details:
The agreement may be terminated by either the Company or Mr Boutet upon the giving
of 6 months’ notice.
Mr Rick Smith
Chief Development Officer
Mr Smith will provide services for the agreed hours of 0.5 times of a full-time equivalent
role. Additional hours will be agreed in writing.
Remuneration of $200,000 per annum (being $400,000 full time equivalent).
The agreement may be terminated by either party with one month's written notice.
Share-based compensation
Issue of shares
There were no shares issued to Directors and other key management personnel as part of compensation during the year
ended 30 June 2022.
Options
There were no options over ordinary shares granted to or vested by Directors and other key management personnel as part
of compensation during the year ended 30 June 2022.
Performance rights
The terms and conditions of each grant of performance rights over ordinary shares affecting remuneration of Directors and
other key management personnel in this financial year or future reporting years are as follows:
Name
Grant date
Vesting condition *
Number
Fair value
per right
at grant date
James Durrant
21 August 2020
21 August 2020
1
2
333,333
666,667
$0.134
$0.134
* Performance Rights are subject to the following Vesting Conditions:
(1) 24 months continuous employment following completion of 3 month probation period
(2) Completions of successful Feasibility Study, as determined by the Board of Directors
21
Canyon Resources Limited
Directors' report
30 June 2022
The number of performance rights over ordinary shares granted to and vested by Directors and other key management
personnel as part of compensation during the year ended 30 June 2022 are set out below:
Name
Phillip Gallagher
David Netherway
Emmanuel Correia
Steven Zaninovich
James Durrant
Nick Allan
Number of Number of Number of Number of
rights
granted
during the
rights
granted
during the
rights
vested
rights
vested
during the
during the
year
year
year
year
30 June 2022 30 June 2021 30 June 2022 30 June 2021
-
-
-
-
-
-
-
-
-
-
2,000,000
1,600,000
-
-
-
-
666,667
-
5,333,333
3,333,333
3,333,334
1,200,000
1,000,000
533,333
For performance rights granted during the year ended 30 June 2022, refer to note 29 to the financial report for details of the
methodology used to value those rights.
Additional information
It is not possible at this time to evaluate the Company's financial performance using generally accepted measures such as
profitability and total shareholder return as the Company is an exploration company with no signification revenue stream.
This assessment will be developed if and when the Company moves from explorer to producer.
The earnings of the Group for the five years to 30 June 2022 are summarised below:
2022
$
2021
$
2020
$
2019
$
2018
$
Loss after income tax
(12,775,411)
(4,751,302)
(8,520,515)
(8,261,236)
(2,991,871)
The factors that are considered to affect total shareholders return ('TSR') are summarised below:
Share price at financial year end ($)
Basic earnings per share (cents per share)
0.04
(1.84)
0.12
(0.80)
0.17
(1.83)
0.21
(2.16)
0.10
(0.99)
2022
2021
2020
2019
2018
22
Canyon Resources Limited
Directors' report
30 June 2022
Additional disclosures relating to key management personnel
Shareholding
The number of shares in the Company held during the financial year by each Director and other members of key management
personnel of the Group, including their personally related parties, is set out below:
Ordinary shares
Cliff Lawrenson
Phillip Gallagher
David Netherway
Steven Zaninovich
Peter Su
Jean-Sebastien Boutet
James Durrant *
Rick Smith
Balance at Performance
the start of
the year
rights
converted
Additions
Disposals/
other
Balance at
the end of
the year
-
14,640,016
14,413,015
1,200,000
56,330,024
-
1,000,000
-
87,583,055
-
-
-
600,000
-
-
666,667
-
1,266,667
-
-
-
-
6,771,482
2,444,444
-
-
9,215,926
-
-
-
-
-
-
(1,666,667)
-
(1,666,667)
-
14,640,016
14,413,015
1,800,000
63,101,506
2,444,444
-
-
96,398,981
*
Resignation date 10 September 2021
Performance rights holding
The number of performance rights over ordinary shares in the Company held during the financial year by each Director and
other members of key management personnel of the Group, including their personally related parties, is set out below:
Performance rights over ordinary shares
Cliff Lawrenson
Phillip Gallagher
David Netherway
Steven Zaninovich
Peter Su
Jean-Sebastien Boutet
James Durrant*
Rick Smith
Balance at
the start of
the year
-
-
-
600,000
-
-
1,000,000
-
1,600,000
Granted
Converted
Expired/
forfeited/
other
Balance at
the end of
the year
-
-
-
-
-
-
-
-
-
-
-
-
(600,000)
-
-
(666,667)
-
(1,266,667)
-
-
-
-
-
-
(333,333)
-
(333,333)
-
-
-
-
-
-
-
-
-
*
Resignation date 10 September 2021
This concludes the remuneration report, which has been audited.
Shares under option
Unissued ordinary shares of Canyon Resources Limited under option at the date of this report are as follows:
Expiry date
7 September 2023
10 August 2024
Exercise
price
Number
under option
$0.200
4,000,000
$0.070 110,080,798
114,080,798
23
Canyon Resources Limited
Directors' report
30 June 2022
No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the
Company or of any other body corporate.
Shares under performance rights
Unissued ordinary shares of Canyon Resources Limited under performance rights at the date of this report are as follows:
Grant Date
18 July 2022
Number
10,000,000
Shares issued on the exercise of options
There were no ordinary shares of Canyon Resources Limited issued on the exercise of options during the year ended 30 June
2022 and up to the date of this report.
Shares issued on the exercise of performance rights
There were no ordinary shares of Canyon Resources Limited issued on the exercise of performance rights during the year
ended 30 June 2022 and up to the date of this report.
Indemnity and insurance of officers
The Company has indemnified the Directors and executives of the Company for costs incurred, in their capacity as a Director
or executive, for which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the Company paid a premium in respect of a contract to insure the Directors and executives of the
Company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits
disclosure of the nature of the liability and the amount of the premium.
Indemnity and insurance of auditor
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the
Company or any related entity against a liability incurred by the auditor.
During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the Company
or any related entity.
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf
of the Company, or to 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 part of those proceedings.
Non-audit services
There were no non-audit services provided during the financial year by the auditor.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out
immediately after this Directors' report.
Auditor
HLB Mann Judd (WA Partnership) continues in office in accordance with section 327 of the Corporations Act 2001.
24
Canyon Resources Limited
Directors' report
30 June 2022
This report is made in accordance with a resolution of Directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
On behalf of the Directors
___________________________
Scott Phegan
Non-Executive Director
30 September 2022
25
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the consolidated financial report of Canyon Resources Limited for
the year ended 30 June 2022, I declare that to the best of my knowledge and belief, there have
been no contraventions of:
a)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit;
and
b)
any applicable code of professional conduct in relation to the audit.
Perth, Western Australia
30 September 2022
L Di Giallonardo
Partner
26
Canyon Resources Limited
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2022
Other income
Interest received
Expenses:
Foreign exchange loss
Employee benefits expense
Consultants and contractors
Depreciation and amortisation expense
Impairment of exploration
Loss on disposal of plant and equipment
Travel expenses
Compliance and regulatory
Legal and professional fees
Share based payments
Exploration expenditure expensed
Interest expense
Occupancy
Administration
Loss before income tax expense
Income tax expense
Loss after income tax expense for the year
Other comprehensive loss
Items that will not be reclassified subsequently to profit or loss
Change in fair value of equity instruments
Items that may be reclassified subsequently to profit or loss
Foreign currency translation
Other comprehensive loss for the year, net of tax
Total comprehensive loss for the year
Basic loss per share
Diluted loss per share
Note 30 June 2022 30 June 2021
$
$
5
12
29
12
-
3,535
67,110
6,780
(57,200)
(2,026,461)
(466,354)
(84,789)
-
(10,779)
(310,343)
(103,806)
(258,367)
(4,695,858)
(4,461,512)
(787)
(115,135)
(187,555)
-
(1,915,244)
(320,300)
(99,961)
(232,257)
(150)
(88,928)
(121,439)
(84,699)
(1,634,786)
-
(741)
(125,879)
(200,808)
(12,775,411)
(4,751,302)
6
-
-
17
(12,775,411)
(4,751,302)
-
92,321
(792,490)
(141,997)
(792,490)
(49,676)
(13,567,901)
(4,800,978)
Cents
Cents
30
30
(1.84)
(1.84)
(0.80)
(0.80)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
27
Canyon Resources Limited
Consolidated statement of financial position
As at 30 June 2022
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Other assets
Total current assets
Non-current assets
Plant and equipment
Capitalised exploration expenditure
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Provisions
Total current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Accumulated losses
Total equity
Note 30 June 2022 30 June 2021
$
$
7
8
9
11
12
4,478,367
51,251
393,097
4,922,715
2,684,012
203,794
391,464
3,279,270
239,179
16,424,121
16,663,300
345,756
16,760,341
17,106,097
21,586,015
20,385,367
13
14
1,061,289
121,427
1,182,716
1,040,082
203,727
1,243,809
1,182,716
1,243,809
20,403,299
19,141,558
15
16
17
76,733,044
5,689,503
(62,019,248)
66,543,010
1,886,952
(49,288,404)
20,403,299
19,141,558
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
28
Canyon Resources Limited
Consolidated statement of changes in equity
For the year ended 30 June 2022
Issued
capital
$
Fair value
reserve
$
Foreign
currency
reserve
$
Share based
payments
reserve
$
Accumulated
losses
$
Total equity
$
Balance at 1 July 2020
52,441,940
36,728
147,521
5,195,927
(44,845,936)
12,976,180
Loss after income tax expense
for the year
Other comprehensive
income/(loss) for the year, net
of tax
Total comprehensive
income/(loss) for the year
Transactions with owners in
their capacity as owners:
Share-based payments (note 29)
Transfer from reserve on issue
of shares for acquisition of
Birsok
Share issued for cash
Share issue costs
Value of performance rights
expensed
Performance shares converted
Transfer balance of reserve
-
-
-
-
1,850,000
10,000,000
(914,097)
-
-
92,321
(141,997)
92,321
(141,997)
-
-
-
(4,751,302)
(4,751,302)
-
(49,676)
(4,751,302)
(4,800,978)
-
-
-
-
-
1,122,132
-
1,122,132
-
-
-
-
-
-
(1,850,000)
-
245,666
512,655
(3,165,167)
(179,785)
-
-
-
-
10,000,000
(668,431)
-
-
308,834
512,655
-
-
-
3,165,167
-
-
-
(129,049)
Balance at 30 June 2021
66,543,010
-
5,524
1,881,428
(49,288,404)
19,141,558
Issued
capital
$
Foreign
currency
reserve
$
Share based
payments
reserve
$
Accumulated
losses
$
Total equity
$
Balance at 1 July 2021
66,543,010
5,524
1,881,428
(49,288,404)
19,141,558
Loss after income tax expense for the year
Other comprehensive loss for the year, net of
tax
Total comprehensive loss for the year
-
-
-
-
-
(12,775,411)
(12,775,411)
(792,490)
-
-
(792,490)
(792,490)
-
(12,775,411)
(13,567,901)
Transactions with owners in their capacity as
owners:
Share issued for cash
Share issue costs
Shares issued in lieu of payment
Fair value of shares to be issued for exploration
and evaluation acquisition
Value of performance rights expensed
Transfer balance of reserve
10,889,209
(755,425)
56,250
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,889,209
(755,425)
56,250
4,325,000
314,608
(44,567)
-
-
44,567
4,325,000
314,608
-
Balance at 30 June 2022
76,733,044
(786,966)
6,476,469
(62,019,248)
20,403,299
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
29
Canyon Resources Limited
Consolidated statement of cash flows
For the year ended 30 June 2022
Cash flows from operating activities
Payments to suppliers and employees
Payments for exploration and evaluation expenditure
Interest received
Government grants received
Note 30 June 2022 30 June 2021
$
$
(3,211,469)
(4,767,562)
3,535
-
(3,335,751)
-
6,780
50,000
Net cash used in operating activities
27
(7,975,496)
(3,278,971)
Cash flows from investing activities
Payments for property, plant and equipment
Payments for exploration and evaluation
Proceeds from disposal of investments
Proceeds from disposal of property, plant and equipment
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issue of shares
Share issue transaction costs
Net cash from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Effects of exchange rate changes on cash and cash equivalents
11
12
(8,047)
(260,408)
138,528
3,175
(2,035)
(5,021,369)
-
68
(126,752)
(5,023,336)
15
10,889,209
(755,425)
10,000,000
(668,432)
10,133,784
9,331,568
2,031,536
2,684,012
(237,181)
1,029,261
1,610,466
44,285
Cash and cash equivalents at the end of the financial year
7
4,478,367
2,684,012
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
30
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 1. General information
The financial statements cover Canyon Resources Limited as a Group consisting of Canyon Resources Limited and the entities
it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Canyon
Resources Limited's functional and presentation currency.
Canyon Resources Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered
office and principal place of business is:
945 Wellington Street
West Perth, Western Australia, 6005
T: +61 8 9322 7600
A description of the nature of the Group's operations and its principal activities are included in the Directors' report, which is
not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of Directors, on 30 September 2022. The
Directors have the power to amend and reissue the financial statements.
Note 2. Significant accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies
have been consistently applied to all the years presented, unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian
Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
In the Directors' opinion, none of the new or amended Accounting Standards and Interpretations have had, or will have a
material effect on the Group's financial performance or position.
Going concern
This report has been prepared on the going concern basis, which contemplates the continuity of normal business activity and
realisation of assets and the settlement of liabilities in the normal course of business.
The Group has incurred a loss for the year ended 30 June 2022 of $12,775,411 (2021: $4,751,302). As at 30 June 2022, the
Group's current assets exceeded is current liabilities by $3,739,999 (30 June 2021: $2,035,461). Net cash used in operating
activities was $7,975,496 for the year ended (2021: $3,278,971).
Subsequent to year end 5,444,443 shares were issued at a price of $0.045 raising a total of $245,000 before costs.
The ability of the Group to continue as a going concern is dependent on securing additional funding through capital raising.
To address the future funding requirements of the Group the directors have undertaken the following initiatives:
●
undertaken a programme to continue to monitor the Group's ongoing working capital requirements and minimum
expenditure commitments; and
continued their focus on maintaining an appropriate level of corporate overheads in line with the Group's available cash
resources.
●
The Directors are confident that they will be able to complete a capital raising that will provide the Group with sufficient
funding to meet it's minimum expenditure commitments and support its planned level of overhead expenditures, and
therefore that it is appropriate to prepare the financial statements on the going concern basis.
However, in the event that the Group is not able to successfully complete the fundraising referred to above, a material
uncertainty would exist that may cause significant doubt as to whether the Group will continue as a going concern and,
therefore, whether it will realise its assets and extinguish is liabilities in the normal course of business and at the amounts
stated in the financial statements.
31
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 2. Significant accounting policies (continued)
The financial statements do not include adjustments relating to the recoverability and classification of recorded asset
amounts, nor to the amounts and classification of liabilities that might be necessary should the Group not continue as a going
concern.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate
for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as
issued by the International Accounting Standards Board ('IASB').
Historical cost convention
The financial statements have been prepared under the historical cost convention, except for, where applicable, the
revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through other
comprehensive income, investment properties, certain classes of property, plant and equipment and derivative financial
instruments.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher
degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements,
are disclosed in note 3.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the Group only.
Supplementary information about the parent entity is disclosed in note 24.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Canyon Resources Limited
('Company' or 'parent entity') as at 30 June 2021 and the results of all subsidiaries for the year then ended. Canyon Resources
Limited and its subsidiaries together are referred to in these financial statements as 'the Group'.
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is exposed
to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through
its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred
to the Group. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are eliminated.
Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by
the Group.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest,
without the loss of control, is accounted for as an equity transaction, where the difference between the consideration
transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity
attributable to the parent.
Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling
interest in the subsidiary together with any cumulative translation differences recognised in equity. The Group recognises the
fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit
or loss.
Operating segments
Operating segments are presented using the 'management approach', where the information presented is on the same basis
as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation
of resources to operating segments and assessing their performance.
32
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 2. Significant accounting policies (continued)
Foreign currency translation
The financial statements are presented in Australian dollars, which is Canyon Resources Limited's functional and presentation
currency.
Foreign currency transactions
Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation
at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in
profit or loss.
Foreign operations
The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting
date. The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange
rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences
are recognised in other comprehensive income through the foreign currency reserve in equity.
The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.
Revenue recognition
The Group recognises revenue as follows:
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the
amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest
rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to
the net carrying amount of the financial asset.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable
income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary
differences, unused tax losses and the adjustment recognised for prior periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the
assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:
When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a
●
transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting
nor taxable profits; or
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the
timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the
foreseeable future.
●
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future
taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax
assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the
carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable
that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against
current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on
either the same taxable entity or different taxable entities which intend to settle simultaneously.
33
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 2. Significant accounting policies (continued)
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the Group's
normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the
reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for
at least 12 months after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the Group's normal operating cycle; it is held
primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no
unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities
are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly
liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value.
Trade and other receivables
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
Property, plant and equipment
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes
expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment
(excluding land) over their expected useful lives as follows:
Plant and equipment
3-7 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.
Leasehold improvements are depreciated over the unexpired period of the lease or the estimated useful life of the assets,
whichever is shorter.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the
Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.
Exploration and evaluation assets
Exploration and evaluation costs are either expensed as incurred or capitalised where the capitalised expense meets the
requirements for capitalisation. Exploration and evaluation costs are carried forward only if the rights to tenure of the area
of interest are current and either:
●
●
The costs are expected to be recouped through successful development and exploitation of the area of interest or;
The activities in the area of interest at the reporting date have not reached a stage which permits a reasonable
assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in,
or in relation to, the area of interest, are continuing.
Accumulated acquisition costs in relation to an abandoned area are written off in full to the statement of profit or loss and
other comprehensive income in the year in which the decision to abandon the area is made.
34
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 2. Significant accounting policies (continued)
The carrying values of acquisition costs are reviewed for impairment when events or changes in circumstances indicate the
carrying value may not be recoverable. Where a decision has been made to proceed with development in respect of an area
of interest the relevant exploration and evaluation asset is tested for impairment and the balance is then reclassified to
development.
The Group has elected to capitalise all acquisition costs for its areas of interest and to expense all ongoing exploration and
evaluation expenditure with the exception of the Minim Martap project where all expenditure that meets the recognition
criteria is being capitalised.
Impairment of non-financial assets
Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount
exceeds its recoverable amount.
Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the present
value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-
generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a
cash-generating unit.
Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and
which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts
are unsecured and are usually paid within 30 days of recognition.
Employee benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled
wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are
settled.
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are
measured at the present value of expected future payments to be made in respect of services provided by employees up to
the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels,
experience of employee departures and periods of service. Expected future payments are discounted using market yields at
the reporting date on high quality corporate bonds with terms to maturity and currency that match, as closely as possible,
the estimated future cash outflows.
Share-based payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the
rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of cash is
determined by reference to the share price.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using
either the Binomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the option,
the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected
dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not
determine whether the Group receives the services that entitle the employees to receive payment. No account is taken of
any other vesting conditions.
35
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 2. Significant accounting policies (continued)
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting
period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate
of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit
or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous
periods.
The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying either the
Binomial or Black-Scholes option pricing model, taking into consideration the terms and conditions on which the award was
granted. The cumulative charge to profit or loss until settlement of the liability is calculated as follows:
●
during the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by the
expired portion of the vesting period.
from the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at the
reporting date.
●
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the cash paid to
settle the liability.
Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions
are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are
satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An
additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of
the share-based compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the condition is treated as a
cancellation. If the condition is not within the control of the Group or employee and is not satisfied during the vesting period,
any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense
is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award
is treated as if they were a modification.
Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair
value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date; and assumes that the transaction will take place either: in the
principal market; or in the absence of a principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming
they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best
use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure
fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
Issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax,
from the proceeds.
Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively adjusts the provisional
amounts recognised and also recognises additional assets or liabilities during the measurement period, based on new
information obtained about the facts and circumstances that existed at the acquisition-date. The measurement period ends
on either the earlier of (i) 12 months from the date of the acquisition or (ii) when the acquirer receives all the information
possible to determine fair value.
36
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 2. Significant accounting policies (continued)
Earnings per share
Basic earnings/loss per share
Basic earnings per share is calculated by dividing the profit/loss attributable to the owners of Canyon Resources Limited,
excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares
outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.
Diluted earnings/loss per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the
after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the
weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential
ordinary shares.
Goods and Services Tax ('GST') and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable
from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable
from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities
which are recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory,
have not been early adopted by the Group for the annual reporting period ended 30 June 2022. The Group has not yet
assessed the impact of these new or amended Accounting Standards and Interpretations.
Note 3. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that
affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in
relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and
assumptions on historical experience and on other various factors, including expectations of future events, management
believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the
related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment
to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed
below.
Coronavirus (COVID-19) pandemic
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has had, or may have,
on the Group based on known information. This consideration extends to supply chain, staffing and geographic regions in
which the consolidated entity operates. The Company has assessed that there has been no material impact on the Company’s
ability to undertake the necessary exploration activities in respect of the Minim Martap Project and to satisfy its exploration
expenditure commitments under its exploration licences, and further the Company does not anticipate there will be any
material impact in the current financial year. Other than as addressed in specific notes, there does not currently appear to
be either any significant impact upon the financial statements or any significant uncertainties with respect to events or
conditions which may impact the Group unfavourably as at the reporting date or subsequently as a result of the Coronavirus
(COVID-19) pandemic.
37
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 3. Critical accounting judgements, estimates and assumptions (continued)
Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees and consultants where the fair value of the
services provided cannot be estimated by reference to the fair value of the equity instruments at the date at which they are
granted. The fair value is determined using a Black and Scholes model and is based on assumptions disclosed in periods
disclosed when the equity instruments are granted.
Fair value measurement hierarchy
The Group is required to classify all assets and liabilities, measured at fair value, using a three level hierarchy, based on the
lowest level of input that is significant to the entire fair value measurement, being: Level 1: Quoted prices (unadjusted) in
active markets for identical assets or liabilities that the entity can access at the measurement date; Level 2: Inputs other than
quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3:
Unobservable inputs for the asset or liability. Considerable judgement is required to determine what is significant to fair value
and therefore which category the asset or liability is placed in can be subjective.
The fair value of assets and liabilities classified as level 3 is determined by the use of valuation models. These include
discounted cash flow analysis or the use of observable inputs that require significant adjustments based on unobservable
inputs.
Employee benefits provision
The liability for employee benefits expected to be settled more than 12 months from the reporting date are recognised and
measured at the present value of the estimated future cash flows to be made in respect of all employees at the reporting
date. In determining the present value of the liability, estimates of attrition rates and pay increases through promotion and
inflation have been taken into account.
Exploration and evaluation costs
The recoverability of the carrying amount of exploration and evaluation costs carried forward have been reviewed by the
directors. In conducting the review, the recoverable amount has been assessed by reference to the higher of “fair value less
costs to sell” and “value in use”. In determining value in use, future cash flows are based on various parameters.
Variations to expected future cash flows and timing thereof, could result in significant changes to the impairment test results,
which in turn could impact future financial results.
Note 4. Operating segments
The Group is managed primarily on the basis of its exploration projects. Operating segments are therefore determined on the
same basis. Reportable segments disclosed are based on aggregating tenements and permits where the tenements and
permits are considered to form a single project. This is indicated by:
●
●
●
●
having the same ownership structure;
exploration being focused on the same mineral or type of mineral;
exploration programs targeting the tenements and permits as a group, indicated by the use of the same exploration
team, and shared geological data, knowledge and confidence across the areas; and
shared mining economic considerations such as mineralisation, metallurgy, marketing, legal, environmental, social and
government factors.
Basis of accounting for purposes of reporting by operating segments
Accounting policies adopted
Unless stated otherwise, all amounts reported to the Board of Directors as the chief operating decision maker with respect
to operating segments are determined in accordance with accounting policies that are consistent to those adopted in the
annual financial statements of the Group.
38
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 4. Operating segments (continued)
Where an asset is used across multiple segments, the asset is allocated to the segment that receives the majority of economic
value from the asset. In the majority of instances, segment assets are clearly identifiable on the basis of their nature and
physical location.
Unless indicated otherwise in the segment assets note, investments in financial assets, deferred tax assets and intangible
assets have not been allocated to operating segments.
The following table presents the profit & loss and assets & liabilities information by segment provided to the Board of
Directors:
30 June 2022
Segment revenue
Expenses
Loss before income tax expense
Income tax expense
Loss after income tax expense
Material items include:
Depreciation
Share-based payments
Interest revenue
Assets
Segment assets
Total assets
Liabilities
Segment liabilities
Total liabilities
30 June 2021
Segment revenue
Expenses
Loss before income tax expense
Income tax expense
Loss after income tax expense
Material items include:
Depreciation
Share-based payments
Interest revenue
Assets
Segment assets
Total assets
Liabilities
Segment liabilities
Total liabilities
Exploration Unallocated
(Corporate)
$
(Africa)
$
Total
$
-
(5,475,420)
(5,475,420)
3,535
(7,303,526)
(7,299,991)
3,535
(12,778,946)
(12,775,411)
-
(12,775,411)
(82,157)
(4,325,000)
-
(2,632)
(370,858)
3,535
(84,789)
(4,695,858)
3,535
17,079,257
4,506,758
219,647
963,069
21,586,015
21,586,015
1,182,716
1,182,716
Exploration Unallocated
(Corporate)
$
(Africa)
$
Total
$
-
(1,079,894)
(1,079,894)
73,890
(3,745,298)
(3,671,408)
73,890
(4,825,192)
(4,751,302)
-
(4,751,302)
(96,577)
-
-
(3,384)
(1,634,786)
6,780
(99,961)
(1,634,786)
6,780
17,539,255
2,846,112
123,535
1,120,274
20,385,367
20,385,367
1,243,809
1,243,809
39
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 5. Other income
Net foreign exchange gain
Subsidies and grants
Other income
Note 6. Income tax expense
Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense
Tax at the statutory tax rate of 30%
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Sundry items
Movement in unrecognised temporary differences
Tax effect of current year tax losses for which no deferred tax asset has been recognised
Income tax expense
Deferred tax assets not recognised
Deferred tax assets not recognised comprises temporary differences attributable to:
Provisions
Accrued expenses
Capital raising costs
Carry forward tax losses
Total deferred tax assets not recognised
Unrecognised temporary differences
Deferred tax liabilities at 30%
Exploration expenditure
30 June 2022 30 June 2021
$
$
-
-
-
29,610
37,500
67,110
30 June 2022 30 June 2021
$
$
(12,775,411)
(4,751,302)
(3,832,623)
(1,425,391)
515
3,071
(3,832,108)
(80,147)
3,912,255
(1,422,320)
(147,289)
1,569,609
-
-
30 June 2022 30 June 2021
$
$
36,428
5,100
242,105
41,167,332
61,118
8,100
233,268
32,569,220
41,450,965
32,871,706
30 June 2022 30 June 2021
$
$
1,320,428
1,895,376
The potential deferred tax benefit of tax losses has not been recognised as an asset because recovery of tax losses is not
considered probable in the context of AASB 112. The benefit of these tax losses will only be realised if:
(a) The Company derives future assessable income of a nature and of an amount sufficient to enable the benefit from the
deduction for the losses to be realised.
(b) The Company complies with the conditions for deductibility imposed by the law; and
(c) No changes in tax legislation adversely affect the Company in realising the benefit from the deduction for the loss.
40
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 7. Current assets - cash and cash equivalents
Cash on hand
Cash at bank
Note 8. Current assets - trade and other receivables
Receivables on sale of shares (i)
Other receivables
BAS receivable
30 June 2022 30 June 2021
$
$
36,832
4,441,535
53,403
2,630,609
4,478,367
2,684,012
30 June 2022 30 June 2021
$
$
-
9,542
41,709
138,528
8,869
56,397
51,251
203,794
(i) 30 June 2021, an amount of $138,528 was receivable from the sale of the RTR shares sold (see note 10).
Note 9. Current assets - other assets
Prepayments
Other deposits
Other current assets
30 June 2022 30 June 2021
$
$
87,226
267,139
38,732
70,144
282,679
38,641
393,097
391,464
Other deposits includes surety bonds paid to the Cameroon Ministry of Mines in relation to the 3 Minim Martap Licences.
Note 10. Non-current assets - financial assets
Financial assets carried at fair value through other comprehensive income:
Reconciliation
Reconciliation of the fair values at the beginning and end of the current and previous
financial year are set out below:
Opening fair value
Disposals
Changes in the fair value of equity investment
Closing fair value
30 June 2022 30 June 2021
$
$
-
-
-
-
46,207
(138,528)
92,321
-
The shares held in Rumble Resources Ltd were categorised as Level 1 securities and designated as fair value through Other
Comprehensive Income.
41
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 10. Non-current assets - financial assets (continued)
The shares held in Rumble Resources Ltd were disposed of during the prior year at an average sale price of $0.4347 per share.
The funds from the sale were received in the year ended 30 June 2022 (see note 8).
Note 11. Non-current assets - plant and equipment
Plant and equipment - at cost
Less: Accumulated depreciation
Computer equipment - at cost
Less: Accumulated depreciation
Office equipment - at cost
Less: Accumulated depreciation
30 June 2022 30 June 2021
$
$
528,473
(307,917)
220,556
561,607
(270,126)
291,481
61,487
(46,000)
15,487
57,332
(54,196)
3,136
77,297
(44,581)
32,716
65,977
(44,418)
21,559
239,179
345,756
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out
below:
Balance at 1 July 2020
Additions
Disposals
Exchange differences
Transfers in/(out)
Depreciation expense
Balance at 30 June 2021
Additions
Disposals
Exchange differences
Depreciation expense
Balance at 30 June 2022
Office
Computer
equipment equipment equipment
$
Field
$
$
2,371
1,611
-
(127)
33,517
(15,813)
21,559
-
(3,008)
(1,722)
(13,693)
36,023
425
(218)
(583)
12,446
(15,377)
32,716
4,681
(6,750)
522
(15,682)
388,498
-
-
17,718
(45,963)
(68,772)
291,481
3,366
(4,196)
(14,681)
(55,414)
Total
$
426,892
2,036
(218)
17,008
-
(99,962)
345,756
8,047
(13,954)
(15,881)
(84,789)
3,136
15,487
220,556
239,179
42
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 12. Non-current assets - capitalised exploration expenditure
Exploration and evaluation phase - Minim Martap
Exploration and evaluation phase - Birsok
30 June 2022 30 June 2021
$
$
15,874,121
16,210,341
550,000
550,000
16,424,121
16,760,341
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out
below:
Balance at 1 July 2020
Expenditure during the year
Exchange differences
Impairment of assets 1
Balance at 30 June 2021
Expenditure during the year
Exchange differences
Balance at 30 June 2022
$
12,144,907
5,021,369
(173,678)
(232,257)
16,760,341
260,408
(596,628)
16,424,121
The recoupment of costs carried forward in relation to areas of interest in the exploration and evaluation phase is dependent
on successful development and commercial exploitation or sale of the respective areas.
1 As the Birsok tenements are still in the process of being renewed, all additional expenditure recognised is being expensed.
Until such time that the renewals are finalised, any further acquisition costs are unable to be capitalised in accordance with
the Company's accounting policy.
As the Minim Martap tenements expired and were in the process of being renewed during the period, expenditure incurred
of $4,461,512, as well as acquisition costs, are required to be expensed until such time that the renewals are finalised, in
accordance with the Group's accounting policy.
Confirmation was received that the Makan and Ngaoundal research permits were extended for an additional two years on 25
February 2022, whilst the mining convention negotiations continue for Minim Martap.
Note 13. Current liabilities - trade and other payables
Trade payables
Other payables
30 June 2022 30 June 2021
$
$
882,961
178,328
419,779
620,303
1,061,289
1,040,082
43
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 14. Current liabilities - provisions
Annual leave
Long service leave
Note 15. Equity - issued capital
30 June 2022 30 June 2021
$
$
61,427
60,000
147,572
56,155
121,427
203,727
30 June 2022 30 June 2021 30 June 2022 30 June 2021
Shares
Shares
$
$
Ordinary shares - fully paid
806,422,064 623,903,552
76,733,044
66,543,010
Movements in ordinary share capital
Details
Date
Shares
$
Balance
Shares issued for cash
Shares issued for cash
Conversion of performance rights
Shares issued in lieu of payment
Cost of share issues
Balance
Shares issued for cash
Shares issued for cash
Shares issued in lieu of payment
Shares issued for cash
Cost of share issues
1 July 2020
7 September 2020
29 September 2020
22 October 2020
11 February 2021
30 June 2021
9 August 2021
21 September 2021
7 February 2022
28 June 2022
499,170,219 52,441,940
71,834,988
7,183,499
28,165,012
2,816,501
14,733,333
3,165,167
10,000,000
1,850,000
-
(914,097)
623,903,552 66,543,010
70,485,675
5,638,854
6,771,482
541,719
625,000
56,250
104,636,355
4,708,636
-
(755,425)
Balance
30 June 2022
806,422,064 76,733,044
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in
proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the
Company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share
shall have one vote.
Capital risk management
The Group's objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can provide
returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost
of capital.
Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated
as total borrowings less cash and cash equivalents.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to reduce debt.
44
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 15. Equity - issued capital (continued)
The Group would look to raise capital when an opportunity to invest in a business or company was seen as value adding
relative to the current Company's share price at the time of the investment. The Group is not actively pursuing additional
investments in the short term as it continues to integrate and grow its existing businesses in order to maximise synergies.
The Group is subject to certain financing arrangements covenants and meeting these is given priority in all capital risk
management decisions. There have been no events of default on the financing arrangements during the financial year.
The capital risk management policy remains unchanged from the 30 June 2021 Annual Report.
Note 16. Equity - reserves
Foreign currency reserve
Share-based payments reserve
30 June 2022 30 June 2021
$
$
(786,966)
6,476,469
5,524
1,881,428
5,689,503
1,886,952
Financial assets at fair value through other comprehensive income reserve
The reserve is used to recognise increments and decrements in the fair value of financial assets at fair value through other
comprehensive income.
Foreign currency reserve
The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign
operations to Australian dollars. It is also used to recognise gains and losses on hedges of the net investments in foreign
operations.
Share-based payments reserve
The reserve is used to recognise the value of equity benefits provided to employees and Directors as part of their
remuneration, and other parties as part of their compensation for services.
45
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 16. Equity - reserves (continued)
Movements in reserves
Movements in each class of reserve during the current and previous financial year are set out below:
Balance at 1 July 2020
Foreign currency translation
Amortisation of shares issued in lieu of payment
Shares issued in lieu of payment
Performance rights issued to directors/employees
Movement in fair value of equity instruments
Performance shares converted
Issue of options
Transfer balance to accumulated losses
Balance at 30 June 2021
Foreign currency translation
Fair value of shares to be issued for exploration and evaluation
acquisition
Performance rights issued to directors/employees
Transfer balance to accumulated losses
Balance at 30 June 2022
Note 17. Equity - accumulated losses
Accumulated losses at the beginning of the financial year
Loss after income tax expense for the year
Transfer from fair value reserve
Transfer from share-based payments reserve
Accumulated losses at the end of the financial year
Note 18. Equity - dividends
Fair value
reserve
$
Share based
payment
reserve
$
Foreign
currency
translation
$
36,728
-
-
-
-
92,321
-
-
(129,049)
5,195,927
-
1,122,132
(1,850,000)
512,655
-
(3,165,167)
245,666
(179,785)
147,521
(141,997)
-
-
-
-
-
-
-
Total
$
5,380,176
(141,997)
1,122,132
(1,850,000)
512,655
92,321
(3,165,167)
245,666
(308,834)
-
-
-
-
-
-
1,881,428
-
5,524
(792,490)
1,886,952
(792,490)
4,325,000
314,608
(44,567)
-
-
-
4,325,000
314,608
(44,567)
6,476,469
(786,966)
5,689,503
30 June 2022 30 June 2021
$
$
(49,288,404)
(12,775,411)
-
44,567
(44,845,936)
(4,751,302)
129,049
179,785
(62,019,248)
(49,288,404)
There were no dividends paid, recommended or declared during the current or previous financial year.
Note 19. Financial instruments
This note provides information about how the Group determines fair values of various financial assets and liabilities.
Liquidity risk
Vigilant liquidity risk management requires the Group to maintain sufficient liquid assets (mainly cash and cash equivalents)
and available borrowing facilities to be able to pay debts as and when they become due and payable.
The Group manages liquidity risk by maintaining adequate cash reserves by continuously monitoring actual and forecast cash
flows and matching the maturity profiles of financial assets and liabilities.
46
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 19. Financial instruments (continued)
Remaining contractual maturities
The following tables detail the Group's remaining contractual maturity for its financial instrument liabilities. The tables have
been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial
liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual
maturities and therefore these totals may differ from their carrying amount in the statement of financial position.
30 June 2022
Non-derivatives
Non-interest bearing
Trade payables
Other payables
Total non-derivatives
30 June 2021
Non-derivatives
Non-interest bearing
Trade payables
Other payables
Total non-derivatives
Weighted
average
interest rate
%
1 year or less
$
Between 1
and 2 years
$
Between 2
and 5 years
$
Over 5 years
$
Remaining
contractual
maturities
$
-
-
882,961
178,328
1,061,289
-
-
-
-
-
-
-
-
-
882,961
178,328
1,061,289
Weighted
average
interest rate
%
1 year or less
$
Between 1
and 2 years
$
Between 2
and 5 years
$
Over 5 years
$
Remaining
contractual
maturities
$
-
-
419,779
620,303
1,040,082
-
-
-
-
-
-
-
-
-
419,779
620,303
1,040,082
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed
above.
Note 20. Key management personnel disclosures
Directors
The following persons were Directors of Canyon Resources Limited during the financial year:
Cliff Lawrenson
Phillip Gallagher
David Netherway
Steven Zaninovich
Peter Su
Non-Executive Chairman
Managing Director
Non-Executive Director
Non-Executive Director
Non-Executive Director
Other key management personnel
The following persons also had the authority and responsibility for planning, directing and controlling the major activities of
the Group, directly or indirectly, during the financial year:
Jean-Sebastien Boutet
James Durrant
Rick Smith
Chief Executive Officer (appointed 1 January 2022)
Project Director (resigned 10 September 2021)
Chief Development Officer
47
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 20. Key management personnel disclosures (continued)
Compensation
The aggregate compensation made to Directors and other members of key management personnel of the Group is set out
below:
Short-term employee benefits
Post-employment benefits
Long-term benefits
Share-based payments
Included in Short-term benefits were payments to directors for additional services:
Cardrona Energy Pty Ltd (1) - Advisory Fees
Zivvo Pty Ltd (2) - Consulting Fees
30 June 2022 30 June 2021
$
$
1,362,125
30,336
3,845
314,608
1,553,105
61,526
5,283
512,655
1,710,914
2,132,569
30 June 2022 30 June 2021
-
6,200
75,000
15,273
6,200
90,273
(1) Cardrona Energy Pty Ltd - Emmanuelle Correia is a director and shareholder
(2) Zivvo Pty Ltd - Steve Zaninovich is a director and shareholder
Note 21. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by HLB Mann Judd (WA Partnership),
the auditor of the Company:
30 June 2022 30 June 2021
$
$
49,343
42,025
Audit services - HLB Mann Judd (WA Partnership)
Audit or review of the financial statements
Note 22. Contingent liabilities
There are no contingencies outstanding as at 30 June 2022.
Note 23. Related party transactions
Parent entity
Canyon Resources Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in note 25.
Key management personnel
Disclosures relating to key management personnel are set out in note 20 and the remuneration report included in the
Directors' report.
48
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 23. Related party transactions (continued)
The following transactions occurred with related parties:
Payment for other expenses:
Rent expense paid to Collab Capital Pty Ltd*
30 June 2022 30 June 2021
$
$
12,000
-
The following balances are outstanding at the reporting date in relation to transactions with related parties:
Current payables:
Trade payables to Collab Capital Pty Ltd*
30 June 2022 30 June 2021
$
$
3,300
-
*
Collab Capital Pty Ltd provided office premises to the Company during the year. Peter Su is a Director and Shareholder
of Collab Capital Pty Ltd.
Terms and conditions
All transactions were made on normal commercial terms and conditions and at market rates.
Note 24. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Loss after income tax
Other comprehensive income for the year, net of tax
Total comprehensive loss
Parent
30 June 2022 30 June 2021
$
$
(13,011,793)
(9,266,903)
-
(13,011,793)
92,321
(9,174,582)
49
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 24. Parent entity information (continued)
Statement of financial position
Total current assets
Total assets
Total current liabilities
Total liabilities
Equity
Issued capital
Share-based payments reserve
Accumulated losses
Total equity
Note 25. Interests in subsidiaries
Parent
30 June 2022 30 June 2021
$
$
4,503,463
2,832,391
10,518,578
8,857,934
963,069
1,120,274
963,069
1,120,274
76,733,044
6,476,469
(73,654,004)
66,543,010
1,881,428
(60,686,778)
9,555,509
7,737,660
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance
with the accounting policy described in note 2:
Name
Neufco Pty Ltd
Canyon West Africa Pty Ltd
Askia Sarl Pty Ltd
Canyon Derosa Pty Ltd
Canyon Cameroon Pty Ltd
Askia Minerals Sarl
Canyon West Africa Sarl
CSO Sarl
Deorsa Sarl
Camalco SA
Camalco Holdings Ltd
Principal place of business /
Country of incorporation
Ownership interest
30 June 2022 30 June 2021
%
%
Australia
Australia
Australia
Australia
Australia
Burkina Faso
Burkina Faso
Burkina Faso
Burkina Faso
Cameroon
British Virgin Islands
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Canyon Resources Limited is the ultimate Australian parent entity and ultimate parent of the Group.
Note 26. Events after the reporting period
Managing Director Phillip Gallagher resigned as a Director on 11 July 2022.
50
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 26. Events after the reporting period (continued)
10,000,000 Performance Rights were issued to CEO Jean-Sebastien Boutet on 18 July 2022 with the following vesting
conditions:
* 1,000,000 - achievement of a 10-day Volume Weighted Average Price ('VWAP') of $0.10
* 1,000,000 - achievement of a 10-day VWAP of $0.15
* 1,000,000 - achievement of a 10-day VWAP of $0.20
* 1,000,000 - achievement of a 10-day VWAP of $0.25
* 1,000,000 - after 12 months of continuous employment
* 1,000,000 - after 24 months of continuous employment
* 1,000,000 - after 36 months of continuous employment
* 1,000,000 - announcement of a fully approved mining licence
* 1,000,000 - announcement of a completed rail access agreement
* 1,000,000 - executed binding off take agreement for a minimum 2MT for a 12 month period.
On 8 August 2022 Non-executive Chairman Cliff Lawrenson and Non-executive Director Steven Zaninovich resigned whilst
Mark Hohnen was appointed as Non-executive Chairman and Scott Phegan as Non-Executive Director.
5,444,443 ordinary fully paid shares were issued on 7 September 2022 at an issue price of $0.045 raising $245,000 before
costs. The shares issued were Tranche 2 of the Placement announced on 21 June 2022, and were entitled to one free attaching
option.
104,636,355 unlisted options exercisable at $0.07 each on or before 10 August 2024 were issued on 7 September 2022. The
options were part of the placement announced on 21 June 2022 where each share was entitled to one free attaching option.
No other matter or circumstance has arisen since 30 June 2022 that has significantly affected, or may significantly affect the
Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
Note 27. Reconciliation of loss after income tax to net cash used in operating activities
30 June 2022 30 June 2021
$
$
(12,775,411)
(4,751,302)
84,789
10,779
4,695,858
57,200
-
99,961
150
1,634,786
(29,610)
232,257
14,015
(1,633)
21,207
(82,300)
4,422
(94,898)
(394,088)
19,351
(7,975,496)
(3,278,971)
Loss after income tax expense for the year
Adjustments for:
Depreciation and amortisation
Net loss on disposal of property, plant and equipment
Share-based payments
Foreign exchange differences
Impairment of exploration and evaluation
Change in operating assets and liabilities:
Decrease in trade and other receivables
Increase in other operating assets
Increase/(decrease) in trade and other payables
Increase/(decrease) in employee benefits
Net cash used in operating activities
51
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 28. Non-cash investing and financing activities
Issue of performance rights to directors and employees (refer note 29)
Options issued to advisors for capital raising costs
Issue of shares on acquisition of exploration project (refer note 29)
Issue of ordinary shares in lieu of payment (refer note 29)
Note 29. Share-based payments
Performance rights
30 June 2022 30 June 2021
$
$
314,608
-
4,325,000
56,250
512,655
245,666
1,122,131
-
4,695,858
1,880,452
CEO Jean-Sebastien Boutet shall be entitled to participate in the Long-Term Incentive Plan via the issue of Performance Rights
as follows:
Tranche
Vesting conditions
Share Price
Employment
Tenure
Project
Milestones
1
2
3
4
5
6
7
8
9
10
Achievement of a 10-day Volume Weighted Average
Price ('VWAP') of $0.10
Achievement of a 10-day VWAP of $0.15
Achievement of a 10-day VWAP of $0.20
Achievement of a 10-day VWAP of $0.25
12 months continuous employment
24 months continuous employment
36 months continuous employment
Fully approved mining licence
Complete rail access agreement
Executed binding off take agreement for minimum 2MT
for a 12 month period
1,000,000
1,000,000
1,000,000
1,000,000
-
-
-
-
-
-
-
-
-
1,000,000
1,000,000
1,000,000
-
-
-
-
-
-
-
-
-
1,000,000
1,000,000
-
-
1,000,000
4,000,000
3,000,000
3,000,000
These performance rights were valued, using a valuation methodology based on the guidelines set out in AASB 2 Share-based
Payment.
Assumptions:
Share price vesting conditions
Number of performance rights
Valuation date
Interest rate
Volatility rate
Vesting share price
Share price on valuation date
Indicative value per Performance Right
- Mr Jean-Sebastien Boutet
Tranche 1
Tranche 2
Tranche 3
Tranche 4
1,000,000
1 January 2022
1.85%
100%
$0.100
$0.096
$0.084
$84,300
1,000,000
1 January 2022
1.85%
100%
$0.150
$0.096
$0.075
$74,900
1,000,000
1 January 2022
1.85%
100%
$0.200
$0.096
$0.0711
$71,100
1,000,000
1 January 2022
1.85%
100%
$0.250
$0.096
$0.070
$69,700
52
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 29. Share-based payments (continued)
Assumptions:
Employment tenure conditions
Tranche 5
Tranche 6
Tranche 7
Number of performance rights
Valuation date
10 day VWAP
Indicative value per Performance Right
- Mr Jean-Sebastien Boutet
1,000,000
1 January 2022
$0.090
$0.090
$90,000
1,000,000
1 January 2022
$0.090
$0.090
$90,000
1,000,000
1 January 2022
$0.090
$0.090
$90,000
Assumptions:
Project Milestone
Tranche 8
Tranche 9
Tranche 10
Number of performance rights
Valuation date
10 day VWAP
Indicative value per Performance Right
- Mr Jean-Sebastien Boutet
1,000,000
1 January 2022
$0.090
$0.090
$90,000
1,000,000
1 January 2022
$0.090
$0.090
$90,000
1,000,000
1 January 2022
$0.090
$0.090
$90,000
The value of the Performance Rights is being expensed over the deemed life of the Rights. During the period $272,627 was
recognised as an expense in relation to the rights.
The Performance Rights were issued subsequent to year end, on 18 July 2022. However, they relate to the period from when
Mr Boutet commenced employment, being 1 January 2022.
On 21 August 2020 the Directors approved the issue of 3.6 million Performance Rights to key management personnel, which
included 2 million rights to Mr James Durrant.
The Performance Rights were issued for nil cash consideration and are convertible into fully paid ordinary shares in the capital
of the Company on the terms and conditions under the Canyon Long Term Incentive Plan and subject to the following Vesting
Conditions:
(1) 12 months continuous employment following completion of 3 month probation period (16.67%)
(2) 24 months continuous employment following completion of 3 month probation period (16.67%)
(3) Completion of a successful PFS, as determined by the Board of Directors (33.33%)
(4) Completion of a successful Feasibility Study, as determined by the Board of Directors (33.33%)
These performance rights were valued, using a valuation methodology based on the guidelines set out in AASB 2 Share based
payment. The 10 day VWAP was used given the fluctuations in the Company's share price on and around the grant date.
Assumptions:
Valuation date
10 day VWAP
Indicative value per Performance Right
- Mr James Durrant
21 August 2020
$0.1337
$0.1337
$267,400
In previous periods, vesting conditions 1 and 2 were satisfied in respect of the Performance Rights issued to Mr Durrant and
have been converted into ordinary shares. On termination of his employment, the Company agreed to convert 666,667
Performance Rights into ordinary shares with the balance of 333,333 lapsing on his resignation.
The value of the Performance Rights is being expensed over the deemed life of the Rights. During the period, $41,981 was
recognised as an expense in relation to the rights.
53
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 29. Share-based payments (continued)
Ordinary Shares
Canyon issued 625,000 ordinary fully paid shares on 7 February 2022 to a consultant in lieu of payment for services provided
for the year ended 30 June 2022. The company recorded an amount of $56,250 as a share based payment expense being the
fair value (market price) of the shares at the measurement date being 16 August 2021, the date the agreement was entered
into.
Acquisition of Birsok
On 12 October 2018 the Company Announced that it signed a Letter of Intent (“LoI”) with Altus Strategies Plc (Altus), to
transfer to Canyon a 100% interest in the Birsok and Mandoum licences (the “Birsok project”) and to terminate its existing
bauxite Joint Venture Agreement (“JVA”) with Altus. The Terms of the LoI are:
Part A: In lieu of the termination of the JVA, Canyon will issue to Altus:
(1) 15,000,000 ordinary free trading Canyon shares (the "Initial Issue shares" or "Tranche 1");
(2) 10,000,000 ordinary Canyon shares to be issued 12 months following the Initial Issue shares and subject to a 12 month
voluntary escrow ("Tranche 2")
Part B: In lieu of the transfer of the Birsok project:
(1) 5,000,000 ordinary Canyon shares, to be issued to Altus upon the execution of a mining convention on the Minim Martap
project and subject to a 12 month voluntary escrow ("Tranche 3");
(2) a US$1.50 per tonne royalty on ore mined and sold from the Birsok project.
Tranche 1 Shares were issued to Altus on 10 February 2020 and Tranche 2 shares were issued 11 February 2021.
The Directors consider it is probable that the Tranche 3 shares will vest. As a result, in the current year, the Company recorded
an amount of $925,000 as a cost of acquisition of the Birsok Project being the fair value (market price) of the third tranche of
shares (5,000,000) at the measurement date being 12 October 2018, the date the agreement was entered into.
All amounts recognised are being expensed, as the Birsok tenements are still in the process of being renewed. Until such time
that the renewals are finalised, any further acquisition costs are unable to be capitalised in accordance with the Group's
accounting policy.
Shares Issued for the Acquisition of the Minim Martap Project
In August 2018 Canyon announced that it had been granted the licences for the Minim Martap Project.
The Company had engaged Mr Serge Asso’o to assist it in its negotiations with the Government and to navigate the many
levels of Government involved in the acquisition. The Company agreed to pay Mr Asso’o a success fee comprised of Canyon
shares upon the successful granting of the Project to Canyon and the satisfaction of a number of project related milestones:
54
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 29. Share-based payments (continued)
Subject to shareholder approval, Mr Asso’o will be issued:
(1) 30,000,000 ordinary Canyon shares following approval of grant of Minim Martap project from the Cameroon
Government. 50% of the shares will be voluntarily escrowed for 6 months after their issue.
(2) 20,000,000 ordinary Canyon shares 12 months after the granting of permits. 50% of the shares will be voluntarily
escrowed for 6 months after their issue.
(3) 20,000,000 ordinary Canyon shares upon the completion and execution of a final detailed Mining Convention with the
Government of Cameroon for the mine and infrastructure related to the Minim Martap project. A final Mining
Convention includes all rail, port, other infrastructure and land access agreements for the Project, all taxation
agreements and other duties relating to the Project, commitments regarding local employment, environmental and
community agreements and all other agreements with the Government of Cameroon that relate to the long term
operation of the Project.
(4) 30,000,000 ordinary Canyon shares following the issuing of a Mining Permit, the securing and confirmation of full mine
funding and the Final Investment Decision by the Board to commence mine construction. A mining permit can only be
issued by the Government of Cameroon upon the execution of the Mining Convention, a detailed Bankable Feasibility
Study (BFS) being accepted by the Government and the securing of full funding for the mine construction.
After receiving shareholder approval, Canyon issued the first Tranche of Shares to Mr Asso’o in December 2018. The second
tranche vested 12 months from granting of the permits and shareholder approval to issue the shares was granted at the AGM
on 27 November 2019. On 10 February 2020, the Company issued 20,000,000 shares to Mr Asso’o in relation to Tranche 2.
The Directors consider it probable that Tranches 3 and 4 will vest in the future. As a result, the Company recorded an amount
of $1,360,000 in relation to the third tranche of shares (20,000,000) and $2,040,000 in relation to the fourth Tranche of shares
(30,000,000) as a cost of Acquisition of the Minim Martap Project being the fair value (market price) at the measurement date
being 15 August 2017, the date the agreement was entered into. As a result, the Company has recorded a total amount of
$3,400,000 in relation to Tranches 3 and 4 during the current period.
All amounts recognised are being expensed, as the Minim Martap tenements are still in the process of being renewed. Until
such time that the renewals are finalised, any further acquisition costs are unable to be capitalised in accordance with the
Group's accounting policy.
Options
Weighted
average
exercise price
30 June 2022 30 June 2022 30 June 2021 30 June 2021
Weighted
average
exercise price
Number of
options
Number of
options
Outstanding at the beginning of the financial year
Granted
Expired
9,000,000
-
(5,000,000)
$0.200
$0.000
$0.200
5,000,000
4,000,000
-
$0.200
$0.200
$0.000
Outstanding at the end of the financial year
4,000,000
$0.000
9,000,000
$0.200
Exercisable at the end of the financial year
4,000,000
$0.200
9,000,000
$0.200
55
Canyon Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 29. Share-based payments (continued)
Total value expensed in profit and loss
Performance rights issued to Mr Zaninovich
Performance rights issued to employees
Shares issued in lieu of payment
Shares issued on acquisition of Birsok:
Tranche 2
Tranche 3
Shares issued on acquisition of Minim Martap:
Tranche 3
Tranche 4
Note 30. Loss per share
Loss after income tax
30 June 2022 30 June 2021
$
$
-
314,608
56,250
370,858
107,450
405,205
-
512,655
-
925,000
925,000
1,122,131
-
1,122,131
1,360,000
2,040,000
3,400,000
-
-
-
4,695,858
1,634,786
30 June 2022 30 June 2021
$
$
(12,775,411)
(4,751,302)
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings per share
692,714,648 592,508,401
Weighted average number of ordinary shares used in calculating diluted earnings per share
692,714,648 592,508,401
Basic loss per share
Diluted loss per share
Cents
Cents
(1.84)
(1.84)
(0.80)
(0.80)
56
Canyon Resources Limited
Directors' declaration
30 June 2022
In the Directors' opinion:
●
●
●
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board as described in note 2 to the financial statements;
the attached financial statements and notes give a true and fair view of the Group's financial position as at 30 June 2022
and of its performance for the financial year ended on that date; and
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due
and payable.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the Directors
___________________________
Scott Phegan
Non-Executive Director
30 September 2022
57
INDEPENDENT AUDITOR’S REPORT
To the members of Canyon Resources Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Canyon Resources Limited (“the Company”) and its controlled
entities (“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 statements, including a summary of significant accounting policies, and the
directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations
Act 2001, including:
(a) 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 then ended; and
(b) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Report section of our report. We are independent of the Group in accordance with the auditor
independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (“the Code”) that are relevant to our audit of the financial report in Australia. We have also
fulfilled our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 2 in the financial report, which indicates that a material uncertainty exists
that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not
modified in respect of this matter.
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.
58
In addition to the matter described in the Material Uncertainty Related to Going Concern section above,
we have determined the matters described below to be the key audit matters to be communicated in
our report.
Key Audit Matter
How our audit addressed the key audit
matter
Carrying amount of capitalised exploration
expenditure
Note 12 in the financial report
In accordance with AASB 6 Exploration for and
Evaluation of Mineral Resources,
the Group
capitalises acquisition costs for its areas of interest
and then expenses further exploration and evaluation
expenditure as incurred, with the exception of the
Minim Martap project where all expenditure that
meets the capitalisation criteria is being capitalised.
The cost model is applied after recognition.
As the Minim Martap tenements expired and were in
the process of being renewed during the period,
expenditure incurred as well as acquisition costs were
required to be expensed until the renewals were
finalised in February 2022.
Our audit focussed on the Group’s assessment of the
the capitalised exploration
carrying amount of
expenditure, as this is one of the most significant
assets of the Group.
Our procedures included but were not
limited to the following:
− We obtained an understanding of the
associated with
key
management’s review of the carrying
values of each area of interest;
processes
− We
considered
Directors’
assessment of potential indicators of
impairment;
the
− We obtained evidence that the Group
has current rights to tenure of its areas
of interest;
− We examined the exploration budget for
the year ending 30 June 2022 and
discussed with management the nature
of planned ongoing activities;
substantiated a
sample of
exploration and evaluation transactions;
and
− We
− We examined the disclosures made in
the financial report.
Information Other than the Financial Report and Auditor’s Report Thereon
The directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 30 June 2022, but does not include the
financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report, or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
59
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 have 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 Australian Auditing Standards will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also:
−
Identify and assess the risks of material misstatement of the financial report, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
− Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
− Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
− Conclude on the appropriateness of the directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial report or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditor’s report. However, future events or conditions may cause the Group to cease to
continue as a going concern.
− Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and events in
a manner that achieves fair presentation.
We communicate with the directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the directors, we determine those matters that were of most
significance in the audit of the financial report of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
60
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included within the directors’ report for the year ended 30
June 2022.
In our opinion, the Remuneration Report of Canyon 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.
HLB Mann Judd
Chartered Accountants
Perth, Western Australia
30 September 2022
L Di Giallonardo
Partner
61
Canyon Resources Limited
Corporate governance statement
30 June 2022
Corporate Governance Statement
In fulfilling its obligations and responsibilities to its various stakeholders, the Board is a strong advocate of corporate
governance. This statement outlines the principle corporate governance of Canyon Resources Limited. The Board of Directors
(“Board”) supports a system of corporate governance to ensure that the management of Canyon Resources Limited is
conducted to maximise shareholder wealth in a proper and ethical manner.
ASX Corporate Governance Council Recommendations
The Board has adopted corporate governance policies and practices consistent with the ASX Corporate Governance Council’s
Principles of Good Corporate Governance and Best Practice Recommendations (“ASX Principles and Recommendations 4th
Edition”) where considered appropriate for the Group’s size and nature. Such policies include, but are not limited to the
Board Charter, Board Committee Charters, Code of Conduct, Trading in Securities, Continuous Disclosure, Shareholder
Communication and Risk Management Policies.
Further details in respect to the Group’s corporate governance practices and copies of the Group’s corporate governance
polices and the Corporate Governance Statement, approved by the Board, are available on the Group’s website:
https://canyonresources.com.au/corporate/corporate-governance/
62
Canyon Resources Limited
Shareholder information
30 June 2022
Shareholder information
Additional information required by the ASX Listing Rules not disclosed elsewhere in this Annual Report is set out below.
Shareholdings
1.
The issued capital of the Company as at 16 September 2022 is 811,866,507 ordinary fully paid shares (details below). All
issued ordinary fully paid shares carry one vote per share.
Ordinary Shares
Holding Ranges
Holders
Total Units
% Issued Share
Capital
above 0 up to and including 1,000
above 1,000 up to and including 5,000
above 5,000 up to and including 10,000
above 10,000 up to and including 100,000
above 100,000
Totals
84
218
385
1,358
892
2,937
7,707
846,958
3,172,418
58,155,192
749,684,232
811,866,507
Unmarketable parcels
The number of shareholdings held in less than marketable parcels is 713.
2.
Top 20 Shareholders as at 16 September 2022
Position
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Holder Name
AUSGLOBAL BAUXITE PTY LTD
ALTUS STRATEGIES LTD
MAMMON IBT PTY LTD
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