ANNUAL
REPORT
2021
P E R T H O F F I C E
U 12 , 2 9 5 R O K E BY R O A D
S U B I A C O
P E R T H WA 6 0 0 8
B R I S B A N E O F F I C E
S U I T E 3 , L E V E L 7
1 0 0 E D WA R D S T R E E T
B R I S B A N E Q L D 4 0 0 0
C H E S S E R R E S O U R C E S . C O M . A U
C H E S S E R R E S O U R C E S . C O M . A U
that results of work will not fulfil projections/
expectations and realize the perceived potential of
the Company’s projects; uncertainties involved in
the interpretation of drilling results and other tests
and the estimation of gold reserves and resources;
risk of accidents, equipment breakdowns and
labour disputes or other unanticipated difficulties
or interruptions; the possibility of environmental
issues at the Company’s projects; the possibility of
cost overruns or unanticipated expenses in work
programs; the need to obtain permits and comply
with environmental laws and regulations and other
government requirements; fluctuations in the price
of gold and other risks and uncertainties.
References to prior ASX
Announcements
This report contains information extracted from
previous ASX market announcements reported
in accordance with the JORC Code (2012) and
available for viewing at www.chesserresources.
com.au. Chesser Resources confirms that in
respect of these announcements it is not aware of
any new information or data that materially affects
the information included in any original ASX market
announcement. The announcements are as follows:
Diamba Sud Project:
Announcements dated: 3 April 2017, 25 March 2019,
10 April 2019, 6 May 2019, 14 May 2019, 28 August
2019, 3 September 2019, 21 January 2020, 2 March
2020, 17 June 2020, 21 July 2020, 28 July 2020, 13
August 2020, 24 November 2020, 16 December
2020, 19 January 2021, 3 February 2021, 2 March
2021, 6 April 2021, 23 April 21, 31 May 2021, 1 July
2021, 2 August and 2 September 2021 for drilling
results. The Company is not aware of any new
information or data that materially affects the
information contained in those announcements.
Chesser Resources Limited | ABN 14 118 619 042
Annual Report | For the year ended 30 June 2021
Competent Person’s Declaration
The information in this report that relates to
the Diamba Sud and Diamba Nord exploration
results, Mineral Resources and Exploration
Targets is based on information compiled by
Mr. Andrew Grove, BEng (Geology), MAIG, who
is employed as Managing Director and Chief
Executive Officer of Chesser Resources Ltd. Mr.
Grove has sufficient experience which is relevant
to the style of mineralisation and type of deposits
under consideration and to the activity which he
is undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the ‘Australasian
Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves’, Mr. Grove consents
to the inclusion in the announcement of the matters
based on his information in the form and context
that the information appears.
Forward looking statements
Statements relating to the estimated or expected
future production, operating results, cash flows and
costs and financial condition of Chesser Resources
Limited’s planned work at the Company’s projects
and the expected results of such work are forward-
looking statements. Forward-looking statements
are statements that are not historical facts and
are generally, but not always, identified by words
such as the following: expects, plans, anticipates,
forecasts, believes, intends, estimates, projects,
assumes, potential and similar expressions.
Forward-looking statements also include reference
to events or conditions that will, would, may, could
or should occur. Information concerning exploration
results and mineral reserve and resource estimates
may also be deemed to be forward-looking
statements, as it constitutes a prediction of what
might be found to be present when and if a project
is developed.
These forward-looking statements are necessarily
based upon a number of estimates and
assumptions that, while considered reasonable at
the time they are made, are inherently subject to a
variety of risks and uncertainties which could cause
actual events or results to differ materially from
those reflected in the forward-looking statements,
including, without limitation: uncertainties related
to raising sufficient financing to fund the planned
work in a timely manner and on acceptable
terms; changes in planned work resulting from
logistical, technical or other factors; the possibility
2
Diamba Sud
Contents
OVERVIEW CHESSER
FY2021 HIGHLIGHTS
CHAIRMAN’S LETTER
EXPLORATION REVIEW
SUSTAINABILITY REVIEW
CHESSER VALUE STATEMENT
CORPORATE GOVERNANCE STATEMENT
DIRECTORS AND FINANCIAL REPORTS
SHAREHOLDER INFORMATION
CORPORATE DIRECTORY
4
5
6
8
32
39
40
52
106
111
3
CHESSER RESOURCES
ANNUAL REPORT 2021
OVERVIEW CHESSER
Located on the Senegal
Mali Shear Zone (“SMSZ”)
on highly prospective
geological terrane similar
to the neighbouring world
class gold mines of Loulo,
Gounkoto and Fekola on the
other side of the Mali border.
Major gold companies actively exploring around our Diamba Sud
project include:
• Barrick Gold which has discovered significant mineralisation
at Kabewest, less than 3km from Area A, and extensive gold
anomalies adjacent to the Diamba Sud tenement boundary.
•
IAMGold developing its 2.6Moz Boto gold project 50km
to the south of Diamba Sud.
• A privately-owned gold mine exploiting resources
on the western tenement boundary at Karakaene.
Two shallow high-grade
gold discoveries at Diamba
Sud (Area A and Area D) in
eastern Senegal.
Maiden Mineral Resource
estimate for Diamba Sud
due in Q4 2021.
Board and Management
team with extensive
African operating
experience.
Exploration drilling planned
to test numerous high
priority targets on Diamba
Sud.
Further drilling planned to
extend mineralisation at
Area A and Area D.
4
FY2021 HIGHLIGHTS
FY2021 HIGHLIGHTS
Advancing high-grade gold
discoveries at Diamba Sud –
eastern Senegal.
• Discovery of thick, high-grade
oxide mineralisation at Area D
in July 2020: 48m @ 6.7g/t gold
from 24m.
•
167 holes drilled for 22,863m
over Area A and Area D.
• Resource definition drilling
• Diamba Sud license renewed
program completed.
for further 3 years.
• Maiden Resource for Diamba
Sud expected in Q4 2021.
• Well-funded with cash at bank
A$8.1m at 30 June 2021.
• 96% gold recovery from initial
• Key appointments to Board
metallurgical testwork.
and Management.
• Mineralisation identified at
Area H, 1.2km south of Area D.
Sustainability framework established:
• Group Goals and Values.
• Community consultation committee
inaugurated.
• Constructed medical clinic and water facilities
• 91% Senegalese national employment,
over 100 local community members
employed during the year.
• $5m contributed to the Senegalese economy.
at Diamba Sud for the local community.
• $0.8m wages and taxes paid in Senegal.
• Community investment agreement signed.
5
CHESSER RESOURCES
ANNUAL REPORT 2021
CHAIRMAN’S
LETTER
tenement. Barrick has defined extensive gold
anomalism adjacent to our tenement boundary
including the discovery of mineralisation at
Kabewest, less than 3km from Area A and IAMGold
has commenced development of its 2.6 million
ounce Boto gold project 50km to the south of
Diamba Sud.
Exploration will now focus on extending the
mineralisation defined at Area A and Area D as well
as testing the numerous prospective targets on the
Diamba Sud tenement that have only had limited
drilling due to the focus on the two discovery areas.
Drilling during the year highlighted the prospectivity
of the larger Diamba Sud tenement with a single
drill traverse completed at Area H intersecting ore
grade mineralisation 1.2km southwest of Area D on
a previously untested geochemical anomaly.
During the year we have worked on building the
capacity of the business including a number of
key appointments; Andrew Grove (Managing
Director) who brings a wealth of African corporate,
project development and financing experience
and Boubacar Thera (Director West African
Business Development) who has significant in-
country experience having recently lead Toro Gold
through the development of their Mako Gold Mine.
The balance sheet has been de-risked with the
support of shareholders as the Company raised
A$14 million during the period and ended the year
with a healthy A$8.1 million cash balance.
A Sustainability framework has been implemented
and we continue to work closely with our local
communities to maintain our existing supportive
and co-operative relationships.
Dear Shareholders,
I am pleased to present Chesser Resources
Limited’s (the “Company” or “Chesser”) 2021
Annual Report. The past year and my first year as
Chairman has been transformative for Chesser.
It commenced with the discovery of significant
shallow high-grade oxide mineralisation at Diamba
Sud at Area D in July 2020. Since that time the
Company has undertaken extensive drilling
programs to test and define the mineralisation at
both Area A and Area D which will culminate in our
maiden Mineral Resource estimate being delivered
in the December 2021 quarter. The maiden
resource will be a significant milestone for the
Company in demonstrating the significant value of
the high-grade shallow mineralisation at Diamba
Sud and a critical step in delivering Senegal’s next
gold mine.
The Diamba Sud Project lies within the Senegal
Mali Shear Zone which hosts over 45 million ounces
of gold, including Barrick Gold’s 18 million ounce
Loulo-Gounkoto mining complex and B2Gold’s 8
million ounce Fekola gold mine just over the border
in Mali. In Senegal recognition of the prospectivity
of this sequence of rocks has resulted in significant
exploration activity surrounding our Diamba Sud
6
Our belief that Senegal is one of the most attractive investment
regions for gold in West Africa was upheld during the year. The
country continues to attract significant foreign investment from
global resources companies due to its stable political and regulatory
framework which accompanies its geological prospectivity.
I would like to thank my fellow Board members, management and our
in-country team for their ongoing efforts and dedication for all the
work undertaken during the past year.
Finally, I thank you for your continuing support and we look forward to
updating you on our progress as we enter into a very exciting period
for the Company with the delivery of our maiden resource and as we
further advance the discoveries and test the potential at Diamba Sud.
Yours sincerely,
Mark Connelly
Chairman
CHAIRMAN’S LETTER
7
EXPLORATION
REVIEW
8
CHESSER RESOURCESANNUAL REPORT 2021
The Company’s exploration activities during the
year were primarily focused on the Diamba Sud
Project in eastern Senegal. Drilling programs
to test and define mineralisation identified at
Area A and Area D were completed to support
the declaration of a maiden Mineral Resource
estimate in the December quarter 2021.
DIAMBA SUD
The Diamba Sud Project is located in eastern
Senegal and within the eastern portion of the
Kédougou-Kénieba inlier, the second most
richly endowed area of West Africa (Figure 1).
Mineralisation on the belt is generally associated
with the crustal scale terrane boundary Senegal
Mali Shear Zone (“SMSZ”).
The SMSZ hosts over 45 million ounces of gold,
including Barrick Gold’s 18 million ounce Loulo-
Gounkoto mining complex, located just 7-12km to
the east of Diamba Sud, and B2Gold’s 8 million
ounce Fekola gold mine, located ~40km to the
south southeast.
Recognition of the prospectivity of this area has
resulted in significant exploration activities being
undertaken on the geological extension of the
SMSZ on the Senegal side of the border and
surrounding the Diamba Sud tenement. Barrick
has defined extensive gold anomalism adjacent to
the tenement boundary to the east including the
discovery of mineralisation at Kabewest, just 2-3km
from Area A (Figure 2). IAMGold has commenced
development of its 2.6 million ounce Boto gold
project 50km to the south of Diamba Sud (Figure 1)
and is actively exploring in the region. Immediately
to the west of the Diamba Sud tenement a small
scale open pit gold mine (Karakaene) is being
operated by Afrigold (Figure 2).
Exploration at Diamba Sud commenced the year
with the discovery of significant high-grade shallow
oxide mineralisation at Area D with the release on
28th July 2020 of results including DDSR155 48m @
6.7g/t gold from 24m, DRS156 55m @ 4.3g/t gold
from 16m, DDSR154 38m @ 4.6g/t gold from 8m
and DDSR157 36m @ 2.9g/t gold from 6m.
Drilling activities then focused on defining and
extending the oxide mineralisation at Area D and
the previously identified mineralisation at Area A.
A 20,000m drill program was completed during the
The Diamba Sud Project is located
in eastern Senegal and within the
eastern portion of the Kédougou-
Kénieba inlier
period that covered both Areas A and D as well
as testing four prospective exploration targets on
the greater Diamba Sud tenement. Following this
program, a resource definition drilling program
commenced which was designed to infill and
extend the identified mineralisation, demonstrate
the scale of the mineralised systems and to better
understand the controls on mineralisation over
both Areas A and D. 167 drill holes for 22,863m were
drilled and reported on during the year including
26 diamond drill holes for 4,396m and 141 Reverse
Circulation (“RC”) drill holes for 18,467m. The results
for both areas are reported in detail below.
It is anticipated that after completion of this current
phase of drilling the drill data coverage will be
sufficient to undertake a maiden Mineral Resource
estimate over Area A and Area D which is expected
to be released in the December quarter 2021.
An initial metallurgical test work program was
undertaken on 10 fresh mineralised samples
from Area A which returned excellent bottle
roll recoveries averaging 96% and the samples
exhibited rapid leach kinetics with no significant
impurities or deleterious elements present. An
additional 12 samples from Area D have been
sent to ALS in Perth for metallurgical testing under
the supervision of Lycopodium. It is expected
that these results will be available to support the
maiden Mineral Resource estimate and will confirm
the previous results returned from Area A.
9
EXPLORATION REVIEW
A tenement wide Induced Polarisation geophysical
survey commenced during the year. The aim
of the survey is to improve the resolution of the
existing data and extend the Ground Array Induced
Polarisation (“GAIP”) cover over the whole Diamba
Sud tenement. Data collection and data processing
was ongoing at the end of the period. GAIP has
been proven effective for identifying structures
and certain lithological units, such as granitoids. It is
anticipated that this data will be an important tool
in combination with the existing extensive auger
geochemistry coverage for targeting future drilling
and discoveries on the Diamba Sud tenement.
Extensive gold auger anomalism exists over the
Diamba Sud tenement and on the adjacent Barrick
Bambadji JV tenement to the east which appears
to be intimately associated with the inferred
Northern Arc structure (Figure 2). The Northern Arc
structure is a potential splay off the main SMSZ
and ore grade mineralisation has been identified
over 15km of its length from Soya and Kabewest in
Barrick’s ground through Area’s A and D and down
to Area H and the Western Splay on the Diamba
Sud tenement. The significant extent and tenor of
the gold auger anomalism – combined with the
fact that numerous mineralised occurrences have
been identified and that the host rocks, structures
and mineralising fluids – show strong similarities to
neighbouring world class deposits on the same belt
demonstrate the significant potential of the area.
On Diamba Sud, outside Area’s A and D most of
the gold auger anomalies have had very little or
no drilling. Targeting work to date has identified
10 high-priority exploration targets on the greater
Diamba Sud tenement outside of Areas A and D
which will be the focus of exploration drilling in the
proceeding year.
Extensive exploration activity including further
drilling has also been planned over both the Area A
and Area D resource areas to extend mineralisation
at depth, improve the understanding on the
mineralisation controls, demonstrate the economic
value and de-risk the project.
The Company looks forward to keeping
shareholders informed on its progress as we enter
this exciting period in the development of the
Diamba Sud project.
10
CHESSER RESOURCESANNUAL REPORT 2021
Figure 1: Schematic regional geology of eastern Senegal, showing Chesser’s Project locations including
the Diamba Sud Project and its proximity to both the SMSZ and the major gold operations and projects.
11
EXPLORATION REVIEW
Figure 2: Diamba Sud plan showing historical drilling with selected significant results, gold auger geochemistry,
interpreted Northern Arc structure and priority exploration targets. Outside the Diamba Sud tenement
Barrick’s gold auger geochemistry outline and selected significant results from public reporting.
12
CHESSER RESOURCESANNUAL REPORT 2021
AREA D RESULTS
Drilling over Area D reported during the year totalled
81 drill holes for 10,705m including 19 diamond drill
holes for 2,540m and 62 RC drill holes for 8,165m.
Drilling identified and defined extensive shallow
oxide mineralisation at Area D over an approximate
400m x 400m triangle shaped area with significant
accumulation of gold mineralisation adjacent to
the eastern boundary against the Northern Arc
structure where mineralisation has developed over
a thickness of between 20m to 40m grading up
to 23g/t gold approximately 10m below surface
(Figures 3 to 7, a list of the top 20 intercepts drilled
during the year are included in Table 1).
Oxide mineralisation extents have largely been
confirmed by the drilling but remains partially open
to the west in both the oxide and underlying fresh
mineralisation in that area (Figure 7).
The resource definition drilling has been designed
to provide drill coverage over the oxide area with
an approximate density of 25m x 25m which will
hopefully be sufficient for classification of Indicated
resources once the Mineral Resource estimate has
been completed.
Fresh mineralisation below the oxide appears to be
associated with two controls:
• A broad stockwork breccia zone in a carbonate
dominated host lithology, and
• High grades possibly associated with later cross
cutting structures.
Controls on the high grades within the fresh rock
are not yet sufficiently understood to be predicted,
however significant high-grade intercepts were
intersected by drilling throughout the year (top 10
intercepts included in Table 2). DSDD044: 63m at
5.8g/t gold including 25.2m at 4.7g/t gold in fresh
(Figure 6) was released post the end of the year
(2nd August 2021) and there is significant potential
for discovery of high-grade mineralisation at depth
below the oxide mineralisation.
• The depth of drilling is generally only between
100m to 130m vertical overArea D.
• A structural geological review and further drilling
has been planned to test the potential at depth.
• Sections (Figure 4 to Figure 7) illustrate the oxide
and fresh mineralisation at Area D.
13
EXPLORATION REVIEW
FY2021 Top 20 (grade x interval length) Oxide Results Area D
Hole ID
DSR181
DSR184
DSR155
DSDD029
DSR156
DSR176
DSR173
DSR154
DSDD035
DSR175
DSR234
DSR157
DSDD028
DSR183
DSR178
DSDD035
DSR174
DSR185
DSR153
DSR249
From
(m)
To
(m)
Interval
(m)
Gold
(g/t Au)
40
2
24
16.5
16
18
10
8
13.5
2
4
6
16
34
10
30
6
17
16
33
56
37
73
58
72
62
61
48
24.2
40
36
42
26
61
38
43
32
43
52
34
16
35
48 1
41.5
55 1
44
49 2
38
10.7
38
32
36
10
27
24 2
13
26
26
34 1
1
23.4
9.8
6.7
6.8
4.3
4.4
3.6
4.6
15.5
4.4
3.5
2.9
7.3
2.7
2.9
5.3
2.6
2.6
1.9
47.5
Table 1: Top 20 oxide results Area D reported during FY2021
FY2021 Top 10 (grade x interval length) Fresh Results Area D
Hole ID
DSR185
DSR176
DSR177
DSR176
DSDD014
DSDD033
DSDD028
DSR243
DSDD016
DSR254
From
(m)
To
(m)
Interval
(m)
Gold
(g/t Au)
60
114
63
62
82.3
79.5
145
165
114
60
75
126
79
107
100.2
89
154.5
184
128
70
15
12 2
13 2
45
17.9
9.5
9.5
19
14
10
2.9
4.0
3.6
1.0
2.4
3.6
3.6
1.7
2.3
3.0
Table 2: Top 10 fresh results Area D reported during FY2021
1
Reported Interval (m) excludes internal void or no sample intervals, release date
28th July 2020.
2 Reported interval (m) excludes internal void or no sample intervals, release date
24th November 2020.
14
CHESSER RESOURCESANNUAL REPORT 2021
Figure 3: Area D plan view showing drill hold locations, selected significant results and oxide mineralisation
grade thickness contours.
15
EXPLORATION REVIEW
Figure 4: Section 1429500mN showing drilling, selected significant results and interpreted geology.
16
CHESSER RESOURCESANNUAL REPORT 2021
Figure 5: Section 1429450mN showing drilling, selected significant results and interpreted geology.
17
EXPLORATION REVIEW
Figure 6: Section 1429425mN showing drilling, selected significant results and interpreted geology.
18
CHESSER RESOURCESANNUAL REPORT 2021
E
m
0
0
5
,
2
3
2
200mN
E
m
0
0
6
,
2
3
2
E
m
0
0
7
,
2
3
2
E
m
0
0
8
,
2
3
2
3m @ 2.8g/t
2m @ 22.6g/t
9m @ 1.4g/t
BASE OF OXIDATION
FRESH ROCK
100mN
9m @ 2.4g/t
MINERALISED
STACKWORK
BRECCIA
ZONE
0mN
3m @ 1.0g/t
10m @ 3.0g/t
T
L
U
A
E F
N
3m @ 4.9g/t
DIAMBA SUD PROJECT
Area D: Section 1429350mN
xxx
Reported in this release
xxx
Reported in previous releases
Holes reported in this release
Holes pending assays
Gold Intersections (g/t)
DD drill hole
RC drill hole
0.35 - 0.5
0.5 - 1
1 - 5
>5.0
Figure 7: Section 1429350mN showing drilling, selected significant results and interpreted geology on the
western margin of Area D.
19
EXPLORATION REVIEW
• Where the interpreted dilational fault intersects
the northeast-southwest structures (Figure
9) significant high-grade mineralisation has
previously been intersected including; DSR093:
21m @ 6.7g/t gold, DSR092: 14m @ 9.5g/t gold,
DSDD00: 116m @ 8.5g/t gold and 21m @ 2.3g/t
gold. Drilling specifically targeting the trend
of the structure (drilled at an azimuth of 225
degrees) intersected significant mineralisation
within 200m of the intersection point including:
• DSR135: 15m @ 3.0g/t gold from 72m and 24m
@ 3.3g/t gold from 94m
• DSR166: 15m @ 6.1g/t gold from 77m (Figure 11)
Mineralisation intersected on section line
1429270mN approximately 500m southeast of the
intersection point indicated a possible extension
of the interpreted dilation fault trend (Figure 10),
however additional drilling is required to confirm.
Drilling along the trend of the parallel northeast-
southwest structures extended mineralisation over
300m to the south with intersections including:
• DSR206: 25m @ 7.2g/t gold from 102m (Figure 11)
• DSR200: 21m @ 4.2g/t gold from 113m (Figure 12)
• DSD020: 13m @ 5.0g/t gold from 115m (Figure
13, core photos Figure 14)
The depth of drilling is generally between 130m to
150m vertical over Area A.
A structural geological review and further drilling
has been planned to test the potential at depth.
AREA A RESULTS
Drilling over Area A reported during the year
totalled 54 drill holes for 8,273m including 7
diamond drill holes for 1,856m and 47 RC drill holes
for 6,417m.
Drilling at Area A during the year focused on
extending the identified mineralisation to the south
and along the interpreted northwest-southeast
trending dilational structure (Figure 8). Resource
definition drilling post the end of the year has been
focused and in-filling the northern and central
areas where the better near-surface higher grades
have been intersected.
Mineralisation at Area A is broadly similar to the
fresh mineralisation encountered at Area D being
associated with two controls:
• A broad stockwork breccia zone in a carbonate
dominated host lithology, and
• High grades possibly associated with later cross
cutting structures.
The carbonate dominated lithologies (termed
Sedimentary Breccias) at Area A gently dip to the
west and shallowly plunge to the south and are
confined between two granite intrusive bodies to
the east and west and are also terminated to the
north by the Northern Arc structure. High-grade
mineralisation within the sedimentary breccia units
is characterised by intense albite-carbonate-
hematite-quartz-pyrite alteration (Figure 14) and
brecciation and are thought to be associated with
several late-stage structures or feeder zones.
Two parallel northeast-southwest structures and
an orthogonal dilational fault appear to influence
high-grade mineralisation and can be traced over
300-400m in length.
It is anticipated that with the significant
additional data being derived from the resource
definition drilling and structural studies that the
understanding on the controls of the high-grade
mineralisation will be improved and be used to
target extensions to mineralisation in future
drilling programs.
20
CHESSER RESOURCESANNUAL REPORT 2021
The top 10 intercepts (grade x interval length) reported during the year are
shown in Table 3.
FY2021 Top 10 (grade x interval length)
Results Area A
Hole ID
DSR206
DSR166
DSR200
DSDD020
DSR204
DSR194
DSDD021
DSDD026
DSDD020
DSDD020
From
(m)
To
(m)
Interval
(m)
Gold
(g/t Au)
102
77
113
115
99
147
195
180
199
163
127
92
134
128
103
156
206
183
214
173
25
15
21
13
4
9
11
3
15
10
7.2
6.1
4.2
5.0
10.3
2.9
1.9
6.5
1.1
1.7
Table 3: Top 10 results Area A reported during FY2021
21
EXPLORATION REVIEW
Area B
10m @ 1.3g/t
7m @ 2.4g/t
3m @ 6.2g/t
DSR135
15m @ 3.0g/t
24m @ 3.3g/t
DSR166
15m @ 6.1g/t
Figure 8: Area A plan view showing drill hole locations, selected significant results and interpreted structure
and geology.
22
CHESSER RESOURCESANNUAL REPORT 2021
W
150mRL
2
3
3
,
1
5
0
m
E
2
3
3
,
2
0
0
m
E
2
3
3
2
3
3
NE-SW MINERALISED FAULTS
,
2
5
0
m
E
,
3
0
0
m
E
2
3
3
,
3
5
0
m
E
LATE N-S FAULT/DYKE
2
3
3
,
4
0
0
m
E
D R S 108
D R S 107
DSR035
8m @ 1.91g/t gold
6m @ 3.65g/t gold
D S D D 001
D S R 092
D S D D 013
D S R 090
DSR123
D S R 091
D S D D 008
D S R 093
DSR034
19m
42m
DSR036
24m @ 1.28g/t gold
BASE OF SAPROLITE
FRESH ROCK
100mRL
21m @ 6.62g/t gold
14m @ 9.53g/t gold
100m
100m
16m @ 8.51g/t gold
inc 10m @ 13.11g/t gold
50mRL
10.5m @ 1.34g/t gold
158m
0mRL
13.5m @ 1 .12g/t
2.5m @ 3.31g/t gold
0m
50m
248m
14m @ 2.83g/t gold
9m @ 2.22g/t gold
7m @ 3.73g/t gold
14m @ 1.83g/t gold
81m
75m
75m
105m
129m
123m
6m @ 3.08g/t gold
179m
21m @ 2.29g/t gold
inc 2.5m @ 6.07g/t gold
NW DILATIONAL FAULT?
E
150mRL
100mRL
50mRL
0mRL
DIAMBA SUD PROJECT Area A - Northern Arc Target, Section 1429610N (A-A’)
RC drill hole
Diamond drill hole
Faults
Oxide blanket
Au Intersection (g/t)
Mineralised faults
X
Results previously reported g/t Au
Alteration ± mineralisation zone
0.35 - 0.5
>0.5
>1.0
>5.0
Figure 9: Section 1429610mN showing drilling, selected significant results , intersection of the interpreted
NE-SW dilational fault and interpreted geology.
23
???????????EXPLORATION REVIEW
Figure 10: Section 1429270mN looking north, showing holes DSDD026 and DSR215 reported during this year.
Figure 11: Section 1429485mN looking north, showing the wide, high-grade gold intersection from hole DSR206
(true width of approximately 15 m) along the northeast trending SWF2 structure.
24
CHESSER RESOURCESANNUAL REPORT 2021
Figure 12: Section 1429435mN looking north, showing the wide, high-grade gold intersection from
hole DSR200 (true width of approximately 12 m) along the northeast trending SWF2 structure.
Figure 13: Section 1429385mN showing holes reported during the year and wide mineralisation in the
subvertical southwest-northeast trending fault (SFW2).
25
EXPLORATION REVIEW
Figure 14: DSDD020 (111-128.96m) core showing mineralised zone on the SWF2 structure.
Alteration and hydrothermal brecciation commences from 112.90m with strongly defined qtz-
carb-pyr-tourmaline matrix in upper section. Strong albite-hem-Fe carb-qtz alteration throughout
mineralised zone, with minor coarse pyrite agglomerations typically present in the high-grade
NW-SE dilational fault.
26
CHESSER RESOURCESANNUAL REPORT 2021
AREA A METALLURGY
WESTERN SPLAY
Bottle roll test work was undertaken by ALS
Metallurgy on 10 sulphide mineralisation fresh
rock samples collected from Area A drilling. The
results highlight straightforward, non-refractory
metallurgical characteristics, with a likely
processing route incorporating a simple, industry
standard cyanide leach circuit. Results highlights
include:
• 48-hour direct cyanide leach average gold
recovery of 96%.
• Mineralisation is clean, with very low presence
of toxic elements such as arsenic and mercury
and low levels of base metals, indicating a pyrite
dominated sulphide phase.
• Encouraging leach kinetics with an average
recovery within 12 hours of 99% of total
recovered gold during the 48-hour period.
• Low to moderate consumption of cyanide and
lime, which points to favourable impact on costs.
DIAMBA SUD EXPLORATION RESULTS
AREA B
A single line of 4 RC drill holes was drilled at Area
B totalling 390m (DSR163 to DSR165). Area B is
located between Area’s A and D (Figure 8) along
the Northern Arc structure and coincides with a
gold auger anomaly.
Holes DSR162-164 intersected partially altered
sedimentary breccias, whilst hole DSR165,
at the northeast end of the line, intersected
metasediments. Mineralisation was encountered
in DSR162: 10m @ 1.3g/t gold and 1m @ 3.4g/t
gold. Interest in Area B was overshadowed by
the Area D results and subsequent drill programs,
however these results will be revisited in light of the
significant additional data derived from the Area A
and Area D drilling.
Drilling over the Western Splay anomaly during the
year totalled 16 reverse circulation drill holes for
1,937m drilled over two drill campaigns.
The Western Splay structure is defined by co-
incident gold geochemical anomaly and IP feature
approximately 5km to the southwest of the Area
A and may form part of a regional northwest–
southeast striking structure possibly associated
with AfriGold’s Karakaene gold mineralisation.
The initial drilling program (DSR145 to DSR152)
confirmed a northwest–southeast mineralised
trend over approximately 300m, which may
extend by at least an additional ~200m to the
artisanal workings along strike and remains open
in both directions (Figure 15 with significant results
shown in Table 4). Drilling intersected a subvertical
brecciated structure with mineralisation associated
with quartz-carbonate-pyrite infill and strong
albite alteration. Host rocks intersected were highly
altered granitic rocks juxtaposed with brecciated
carbonate units. The structure identified by the
drilling appears to be a sub-parallel structure to
the Western Splay.
The second round of drilling (DSR268 to DSR275)
extended the drill coverage to the east in an
attempt to intersect the interpreted Western Splay
structure, however it appears that the drilling did
not intersect the Western Splay target and only
minor mineralisation was intersected.
Drilling confirmed an open ended 300m length
mineralised structure parallel to the interpreted
Western Splay demonstrating that the area is
highly prospective and will be subject to further
exploration and drilling. The detailed IP survey
currently being undertaken may assist future
targeting of these structures.
27
EXPLORATION REVIEW
Figure 15: Results from Western Splay drilling. The structure appears to be a sub-parallel structure to the
Western Splay structure based on geophysics. Historic drilling and artisanal activity indicate a potential strike
length of 500m, open in both directions.
Significant Results Western Splay FY2021
Hole ID
DSR145
DSR150
DSR152
DSR152
From
(m)
36
4
111
28
To
(m)
58
6
121
34
Interval
(m)
Gold
(g/t Au)
22
2
10
6
2.1
19.8
1.1
1.8
Table 4: Significant results Western Splay reported during FY2021
28
CHESSER RESOURCESANNUAL REPORT 2021
AREA H
A 6 RC hole drill traverse at Area H totalling 776m
(DSR262 to DSR267) was drilled to test a previously
undrilled geochemical anomaly coincident with
the interpreted trend of the Northern Arc structure,
1.2km southwest of Area D. The drill traverse was
also located approximately 100m north of a large
artisanal pit measuring approximately 100x100m in
size (Figure 2).
The lithologies encountered consist of granite
and sedimentary country rocks, a similar setting
to the central and southern portions of Area
A. The country rocks comprise of sedimentary
breccia, volcanoclastic sediments, metasediment,
and calcareous sediments. All lithologies are
intruded by late-stage diorite dykes. Mineralised
intervals are within fresh rock and are hosted within
sub-vertical structures associated with quartz-
carbonate-hematite-albite-pyrite alteration within
hydrothermally altered sedimentary breccia and
porphyritic granite.
Steep dipping mineralisation intersected by drill
holes DSR264: 9m @ 1.9g/t gold and DSR263:
3m @ 1.7g/t gold, 2m @ 2.5g/t gold, 5m @
3.4g/t gold and 5m @ 4.2g/t gold is structurally
controlled and hosted within sedimentary breccia
and granite and associated with strong quartz-
carbonate-albite-pyrite alteration (Figure 16).
Other mineralised intervals on the drill traverse are
associated with strong albite-hematite alteration
within the granite and sediments including,
DSR262: 11m @ 2.1g/t gold and DSR263: 4m @
9.6g/t gold (Figure 16).
Additional drilling will be undertaken to follow up
these encouraging results in the next field season.
Significant Results Area H FY2021
Hole ID
DSR263
DSR262
DSR263
DSR264
DSR263
From
(m)
62
28
132
34
122
To
(m)
66
39
137
43
127
Interval
(m)
Gold
(g/t Au)
4
11
5
9
5
9.6
2.1
4.2
1.9
3.4
Table 5: Significant results Area H reported during FY2021
29
EXPLORATION REVIEW
Figure 16: Area H drill section showing holes reported during the year and interpreted geology and
mineralisation.
SOUTHERN ARC
DIAMBA NORD
The Southern Arc drill traverse consisted of 6 RC
drill holes totalling 728m (DSR276 to DSR281) and
targeted the northerly extension of a gold auger
geochemical anomaly and interpreted structures
on which previous RC drilling returned significant
results including; DS007RC: 14m @ 2.9g/t gold and
DSR061: 17m @ 1.3g/t gold and 4m @ 3.8g/t gold.
Drilling on this traverse did not return any significant
results. There is no existing IP geophysics covering
this area and the extended survey may assist with
better targeting of future drilling.
The geology of the drill traverse consisted mainly
of granite intruded by a range of late-stage diorite
dykes. Sulphide minerals were observed, but not
with any typical gold bearing alteration.
No work was undertaken on Diamba Nord (Figure
1) during the period as all activities were focused
on Diamba Sud. Exploration activities at Diamba
Nord planned for FY2022 include reconnaissance
mapping and sampling and auger geochemistry
over the southern end of the tenement
commencing in the December quarter 2021. The
final 3-year renewal of the Diamba Nord tenement,
due 30 June 2021, was in progress at the end of the
period and has since been renewed.
EXPLORATION APPLICATIONS
Applications for the grant of new tenements
Morichou and Bondala (Figure 1) were outstanding
as at the end of the year. The Company is working
with the government to have these applications
granted and plans to undertake reconnaissance
geology, geochemistry and geophysics over these
areas once they have been granted.
30
CHESSER RESOURCESANNUAL REPORT 2021
The final 3-year renewal of
the Diamba Nord tenement,
due 30 June 2021, was in
progress at the end of the
period and has since been
renewed.
31
EXPLORATION REVIEW
SUSTAINABILITY
REVIEW
32
CHESSER RESOURCESANNUAL REPORT 2021
Chesser aims to deliver long-term stakeholder
value through discovery and development of
gold projects while operating in a safe and
environmentally and socially responsible manner.
Chesser’s corporate values are integral to how we
operate and to our success.
This sustainability review outlines Chesser’s
evolving Sustainability management and
reporting framework as the Company grows
and advances its Diamba Sud gold project in
eastern Senegal. During the year the Company
implemented corporate goals and values,
established its Sustainability pillars and
revised all policies and procedures to establish
a business culture and management system
to meet the Company’s Sustainability goals.
Chesser’s sustainability policies, procedures
and reporting will evolve with the aim of aligning
with an appropriate internationally recognised
standard within the next 2 years.
Chesser’s Goals
Chesser’s Values
Generate value for all stakeholders
through excellence in exploration, discovery
and development.
Unlocking Senegal’s eastern gold province
and develop Senegal’s next gold mine.
Commitment
We strive to achieve all our goals.
Character
We do what we say and act with integrity.
Community
We value all our employees, contractors,
shareholders, host communities and
government.
Chesser’s Sustainability pillars:
People and Culture
Environment
Community
Corporate
Chesser is committed
to our people,
providing a safe work
environment, free
from discrimination
and to helping each
individual reach their
full potential.
Chesser is committed
to minimising the
impacts to the
environment resulting
from our activities.
Chesser is committed
to developing a
transparent open
and trust-based
relationship with our
host communities and
to having a positive
sustainable impact by
partnering with them
through the journey.
Chesser commits to
undertake its business
ethically with integrity
and transparency,
respecting the laws
and cultures under
which we operate and
having in place quality
corporate governance
and risk management
standards.
33
SUSTAINABILITY REVIEW
FY2021 Sustainability Highlights
91%
91% Senegalese
national
employment
100 +
Over 100 local
community
members
employed during
the year
$4.7m
$4.7m contributed
to the Senegalese
economy
$235k
$235k
Government taxes
and charges paid
in Senegal
• Established Group Goals
• Established formal community
and Values.
consultation committee.
• No environmental breaches.
• Only 1 lost time injury recorded
• Construction of clinic and
water well for local community.
• Policy development aligned
with Goals and Values.
• Environmental and Social gap
analysis undertaken.
and no fatalities.
• Social investment agreement
signed with local community
of Gamba-Gamba.
• Local business support
and development.
Chesser’s Vision and Values,
Sustainability pillars and policies
can be found on the company
web site:
www.chesserresources.com.au/
visions-and-values/
www.chesserresources.com.au/
sustainability/
www.chesserresources.com.au/
corporate-governance/
34
CHESSER RESOURCESANNUAL REPORT 2021
People and Culture
Chesser is committed to developing a work
environment where individuals and the team
can achieve their full potential while operating
safely and being free from discrimination. Policy
development during the year has established a
framework for providing such an environment and
the policies flow into an Integrated Management
System (“IMS”) that details the operating
procedures, reporting requirements, responsibilities,
auditing and review requirements, and disciplinary
procedures required to implement these policies
into the operation.
A performance management system has been
implemented where performance reviews, career
development goals and Key Performance
Indicators (“KPI”) are integrated into a structured renumeration framework. Company’s values, safety,
compliance, and shareholder returns all form part of the KPI’s along-side individual performance.
91% of employees are Senegalese nationals. Chesser has a policy of preferencing local employment
and has employed over 100 local community members, predominantly as unskilled casual labour on a
rotational system so that a greater number benefit from our activities in the area. Only a small percentage
of the workforce 3% are currently female, partly due to local cultural traditions, however efforts are being
undertaken to increase the female participation in the workforce as well as employing more permanent
and skilled employees from the local community.
Employee numbers
by category
Board
Executive Management
Senior Management
Other Management
Labours/ Contractors
Casual
Total
% Total
Numbers
Male
Female
Nationals
Locals
Expats
5
3
2
7
27
100
144
100%
5
3
1
5
25
100
139
97%
0
0
1
2
2
0
5
0
0
2
2
20
0
24
3%
17%
0
0
0
0
7
100
107
74%
5
3
0
5
0
0
13
9%
During the year only 1 lost time injury was recorded, and the employee has since fully recovered and
returned to work. No fatalities have ever been recorded. The Company employs a full-time nurse on-site
at Diamba Sud. Occupation Health and Safety (“OH&S”) systems have been enhanced and a dedicated
OH&S manager will be employed at the commencement of the next field season. All employees are
scheduled to receive first aid training at the beginning of the next field season.
During the year the Company implemented strict COVID-19 management policies which included
testing, sanitary protocols, and provision of vaccines. No cases of COVID-19 were recorded from within
our workforce, although one employee was infected while on break but did not return to work until fully
recovered. Approximately 60% of our permanent employees had received at least one vaccination by the
end of the year.
35
SUSTAINABILITY REVIEW
The Community Consultation Committee (“CCC”)
comprising representatives of the local community
including religious, youth and women leaders and
interest groups and the Company was inaugurated
in June. The CCC aims to facilitate frequent open
and transparent communication between the
community and the Company.
As previously mentioned, the Company has a
policy of preferentially employing local community
members and employed over 100 local community
members during the year. The Company also has
a policy of local purchasing and supporting local
business. The Company sources as much of its
supplies as possible from the local commercial
villages of Saraya and Kedougou and the field
camp for the Diamba Sud operations is currently
based in Saraya with these facilities being rented
from a local businessman and all catering and
support services sourced locally.
At Diamba Sud meals for the workforce are
prepared and supplied by a local Gamba-Gamba
based businesswoman. The Company has worked
closely with her to ensure the quality of the meals
are to the standard required and provides working
capital to purchase additional protein for the meals.
At the commencement of the next field season,
October 2021, the field activities at Diamba Sud will
be moving into a purpose-built field camp, which
was constructed using local labour and materials,
that should allow the Company to increase the
level of local employment and increase the level of
female participation in the workforce.
ENVIRONMENT
No environmental incidents were recorded during
the year.
An Environmental and Social Gap Analysis study
was undertaken at Diamba Sud by consultants
Environmental and Social Sustainability (“ESS”).
The Analysis was undertaken in line with the
2014 Equator Principles (“EP”). The objective of
the analysis was to identify key environmental,
social, health, safety and security (“ESHSS”)
risks and impacts associated with the Project in
relation to the applicable standards including the
Equator Principles and the International Finance
Corporation (“IFC”) Performance Standards (PS).
The study found that exploration ESHSS issues
were generally being proactively managed,
although some gaps were observed in relation to
personnel, auditing and documentation.
Chesser’s policy and procedural development have
been guided by the review findings including the
future employment of a dedicated environmental
and community manager.
It is likely that during 2021/22 baseline studies
for the Environment Social Impact Assessment
(“ESIA”) will commence over the Project which will
further enhance the company’s understanding and
management of these issues.
COMMUNITY
A social investment agreement with the community
of Gamba-Gamba was signed during the year
and specifies environmental, social, economic,
and ethical support programs and undertakings
for all parties. Chesser through Boya (local
operating entity) maintains an open dialogue with
Village representatives, updating them regularly
on activities as part of an open communication
policy. The purpose of the policy is to build and
maintain an effective partnership between the
Company and the local population by promoting
trust, transparency and regular communication.
The Company is committed to supporting local
employment, education and skills training and
the community is committed to supporting the
Company’s activities and access. The Company has
committed to supporting a number of community
development projects including the construction
of a clinic and solar powered water well which were
completed and opened in June 2021.
36
CHESSER RESOURCESANNUAL REPORT 2021
Chesser through Boya (local
operating entity) maintains
an open dialogue with
Village representatives,
updating them regularly on
activities as part of an open
communication policy.
37
SUSTAINABILITY REVIEW
During the year Chesser contributed A$5m to the Senegalese economy including $0.6m
in local wages, $0.2m taxes and charges paid to the government and $57k spent on
community projects and donations. This was a significant increase from prior years (2020:
A$2m expenditure) as the Company’s activities increased post the discovery of high-grade
mineralization at Diamba Sud.
Senegal Expenditures 3
in AUD
Total local wages and
salaries
Government fees,
charges and taxes
2018
2019
2020
2021
$235,302
$296,595
$366,235
$584,875
$20,244
$318,071
$171,306
$235,055
Capital purchases
$34,007
$54,068
$34,459
$353,054
Donations and gifts
$3,662
$1,007
$4,962
$3,453
Community Water Well
Clinic
Political Donations
All other Senegal
expenditure (including)
Total
Corporate
$0
$0
$0
$0
$0
$0
$0
$0
$0
$32,632
$11,962
$0
$151,593
$225,638
$1,404,675
$3,503,478
$444,808
$895,379
$1,981,637
4,724,509
The Board has adopted a suite of charters and key corporate governance documents
which articulate the corporate governance policies and procedures adopted by Chesser.
These documents are available in the Corporate Governance section of the Company’s
website: www.chesserresources.com.au/corporate-governance
A Corporate Governance Statement, current as at 31 August 2021, has been include in this
Annual Report.
The information in the table represents payments made by the Group to Senegalese counterparties
including employees, contractors, consultants, suppliers, service providers and government
agencies. It does not include payments made to non-Senegalese counterparties and does therefore
not represent the total expenditure by the Group in the stated periods.
3
38
CHESSER RESOURCESANNUAL REPORT 2021
CHESSER VALUE
STATEMENT
Commitment
We strive to achieve
all our goals.
Character
We do what we say and
act with integrity.
Community
We value all our employees,
contractors, shareholders,
host communities and
government.
CHESSER VALUE STATEMENT
39
CORPORATE
GOVERNANCE
STATEMENT
40
CHESSER RESOURCESANNUAL REPORT 2021
INTRODUCTION
The Board and management of Chesser
Resources Limited (Chesser or Company)
recognises that the Company’s employees,
shareholders, regulators, and other stakeholders
expect Chesser to conduct its operations
ethically and with integrity. Chesser is committed
to maintaining a high standard of corporate
governance which reflects Chesser’s values and
the expectations of its stakeholders.
The Board has adopted a suite of charters and key
corporate governance documents which articulate
the corporate governance policies and procedures
adopted by Chesser.
These documents are available in the Corporate
Governance section of the Company’s website,
www.chesserresources.com.au/corporate-
governance.
This Corporate Governance Statement
(Statement), which is current as at 31 August
2021 and has been approved by the Company’s
Board, explains how Chesser complies with the
ASX Corporate Governance Council’s ‘Corporate
Governance Principles and Recommendations
– 4th Edition’ published in February 2019 (ASX
Principles and Recommendations), in relation to
the year ended 30 June 2021.
In addition to the ASX Principles and
Recommendations, the Board has considered
a number of important factors in determining its
corporate governance policies and procedures,
including the:
• relatively simple operations of the Company,
which currently only undertakes mineral
exploration and development activities.
• cost versus benefit of additional corporate
governance requirements or processes.
• size of the Board.
• Board’s experience in the resources sector.
• organisational reporting structure, number of
reporting functions, operational divisions, and
employees.
• relatively simple financial affairs with limited
complexity and quantum.
• relatively small market capitalisation and
economic value of the entity; and
• direct shareholder feedback.
41
CORPORATE GOVERNANCE STATEMENT
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51
CORPORATE GOVERNANCE STATEMENT
DIRECTORS'
AND FINANCIAL
REPORTS
52
CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Financial Report for the year ended 30 June 2021
Directors’ report
The directors of Chesser Resources Limited (the "Company" or "Chesser") submit herewith the year
financial report of the Company and the entities it controlled for the year ended 30 June 2021 (collectively
"Group"). To comply with the provisions of the Corporations Act 2001, the directors report as follows.
Directors
The following persons were directors of Chesser Resources Limited during the whole of the year under
review and up to the date of this report, unless otherwise stated:
• Mr Mark Connelly, Non-Executive Chairman (appointed 10 July 2020)
• Mr Andrew Grove, Managing Director (appointed 1 May 2021)
• Mr Simon O'Loughlin, Non-Executive Director
• Mr Simon Taylor, Non-Executive Director
• Mr Robert Greenslade, Non-Executive Director
• Mr Stephen Kelly, Executive Director (resigned 10 July 2020)
• Mr Michael Brown, Managing Director (resigned 1 February 2021)
Company secretary
Mr Stephen Kelly was the Company Secretary during the whole of the year under review and up to the date
of this report.
Mr Mark Connelly (Non-Executive Chairman)
Mr Connelly has extensive experience and involvement in African gold exploration and development
including the merger of Papillon Resources with B2 Gold Corp and the merger of Adamus Resources with
Endeavour Mining. He is currently Non-Executive Chairman at Oklo Resources Limited and Calidus
Resources Limited.
Mr Connelly is a member of the Australian Institute of Company Directors, a member of the Australian
Institute of Management and a member of the Society of Mining, Metallurgy and Exploration.
Former directorships in last 3 years
In the last 3 years, he has been Chairman of West African Resources and Non-Executive Director of Tao
Commodities Limited and Primero Group Limited.
Mr Andrew Grove (Managing Director)
Mr. Grove has over 30 years technical, commercial, and financial experience in global resources including
14 years with Macquarie Bank’s Mining Finance and Risk Management Group. Mr Grove has
significant operational experience gained across all phases of resources projects such as the Sunrise Gold
Dam project in Western Australia and has substantial African gold mining experience including his
previous role as Group General Manager Business Development and Investor Relations at Perseus Mining
Limited.
Mr Grove has a Bachelor of Engineering (Mineral Exploration and Mining Geology) and a Masters Degree
in Mineral and Energy Economics.
Former directorships in last 3 years
Nil.
53 | P a g e
53
DIRECTORS' REPORT
Chesser Resources Limited
Financial Report for the year ended 30 June 2021
Directors’ report
Mr Simon O'Loughlin, BA(Acc) (Non-Executive Director)
Mr O'Loughlin is the founding member of O'Loughlins Lawyers, an Adelaide based medium sized specialist
commercial law firm. For many years he has practiced both in Sydney and Adelaide, in the corporate and
commercial fields with, in more recent times, a particular focus on the resources sector. He also holds
accounting qualifications. Mr O’Loughlin is Non-Executive Chairman of Stellar Resources Limited and a
Non-Executive Director of Bod Australia Limited and Petratherm Limited.
Mr O'Loughlin has extensive experience and involvement with companies in the small industrial and
resources sectors. He has also been involved in the listing and back-door listing of numerous companies on
the ASX and National Stock Exchanges. He is a former Chairman of the Taxation Institute of Australia (SA
Division) and Save the Children Fund (SA Division).
Former directorships in last 3 years
In the last 3 years, he has been a director of Kibaran Resources Ltd, Odin Mining Ltd, ARC Exploration
Limited, Piedmont Lithium Limited, and Oklo Resources Limited.
Mr Simon Taylor, BSc(Geology), MAIG, GCertAppFin (Finsia) (Non-Executive Director)
Mr Taylor is a geologist with 20 years ' experience throughout Australia and overseas having held senior
geologist and exploration manager positions for numerous ASX listed resource companies. He has gained
considerable experience in exploration, project assessment and joint venture negotiations. His experience
includes providing consulting services to resource companies and financial corporations as a resource
analyst. Mr Taylor's corporate experience includes project appraisal, advice on placements and fundraising.
He is a member of the Australian Institute of Geoscientists and is the Managing Director of Oklo Resources
Limited and Non-Executive Director of Stellar Resources Limited and Black Canyon Resources Limited.
Former directorships in last 3 years
King Solomon Mines Limited, and Bod Australia Limited.
Mr Robert Greenslade (Non-Executive Director)
Mr Greenslade has extensive experience in investment banking with over 30 years’ experience in mergers
and acquisitions, capital raisings and strategic advisory predominantly in the resources industry.
Robert is currently a director and co-founder of GP Securities a private investment vehicle focusing on
various industries including private equity, resources, manufacturing in the food and retail sectors and
technology. Until February 2016, Robert was a Managing Director at Standard Chartered Bank and Head of
Australia, Mining and Metals Division, following the Bank’s acquisition of Gryphon Partners Advisory, (a
boutique corporate advisory firm focusing on the resources sector of which Robert was a co-founder), in
2011.
Prior to Gryphon Partners Advisory, Robert held various senior roles at Normandy Mining Limited, including
Head of Corporate Development and at Newmont Mining following Newmont’s takeover of Normandy.
Former directorships in last 3 years
Nil
54
54 | P a g e
CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Financial Report for the year ended 30 June 2021
Directors’ report
Company Secretary
Mr Stephen Kelly, B.Bus, ACA (Company Secretary and Chief Financial Officer)
Mr Kelly was appointed as the Company Secretary and Chief Financial Officer of the Company on 15
November 2012. A qualified Australian Chartered Accountant, Mr Kelly has more than 30 years’
international experience in the areas of external and internal audit, risk management and compliance,
treasury, and corporate finance across a range of industry sectors including mining, infrastructure, property
development and banking and finance.
Former directorships in last 3 years
Nil
Interests in the shares and options of the Company
As at the date of this report, the interests of the directors in the shares and options of Chesser Resources
Limited were:
Mr Mark Connelly
Mr Andrew Grove
Mr Simon O’Loughlin
Mr Simon Taylor
Mr Robert Greenslade
Number of Ordinary
Shares #
150,000
350,000
4,033,334
5,100,001
24,812,748
Number of Options
over Ordinary
Shares #
1,400,000
5,000,000
1,250,000
1,500,000
500,000
Number of rights
over Ordinary
Shares
-
-
82,429
-
90,260
# Includes shares in which the Director has an indirect interest through associated entities.
Meetings of Directors
The number of meetings of the Company's board of directors and each board committee held during the
year ended 30 June 2021, and the numbers of meetings attended by each director were as follows:
Number of meetings held
Mr Mark Connelly (appointed 10 July 2020)
Mr Andrew Grove (appointed 1 May 2021)
Mr Simon O’Loughlin
Mr Simon Taylor
Mr Robert Greenslade
Mr Michael Brown (resigned 1 February 2021)
Mr Stephen Kelly (resigned 10 July 2020)
Board Meetings
7
Number of meetings
eligible to attend
7
-
7
7
7
5
-
Number of meetings
attended
7
-
7
7
7
5
-
The full Board fulfilled the roles of the Audit, Risk and Compliance Committee and the Remuneration and
Nominations Committee during the financial year.
55 | P a g e
55
DIRECTORS' REPORT
Chesser Resources Limited
Financial Report for the year ended 30 June 2021
Directors’ report
PRINCIPAL ACTIVITIES
The principal activity undertaken by the Company during the year was the exploration for gold on its
mineral exploration licences in Senegal with a particular focus on its flagship Diamba Sud Project.
Exploration Activities
During the period the Company incurred exploration expenditure of $5,539,978 (2020: $2,616,793) principally in
relation to the Diamba Sud project. The exploration activities undertaken included the following:
•
•
•
•
•
•
Completion of the 4,000 metre Phase 4 Reverse Circulation (“RC”) drilling program at the Diamba Sud
project that was commenced in the 2020 financial year.
Initial metallurgical testwork for the Diamba Sud project.
Completion of a 20,000 metre Phase 5 RC and diamond drilling (“DD”) program at the Diamba Sud
project.
Commencement of a 10,000-metre resource definition drill program at the Diamba Sud project.
Collection of a series of metallurgical samples for metallurgical analysis to support the maiden mineral
resource estimate that is being prepared for the Diamba Sud project.
Commencement of a GAIP survey over the Diamba Sud project.
Further information regarding the Company’s Senegal projects and the exploration activities undertaken during
the financial year is provided in the Operations Review accompanying this Directors’ Report.
Corporate activities
During the year the Company:
•
•
•
•
Appointed Mr Mark Connelly as Non-Executive Chairman of the Company on 10 July 2020.
Appointed Mr Andrew Grove as Chief Executive Officer on 1 February 2021. Andrew assumed the role of
Managing Director on 1 May 2021.
Raised a total of $14,000,000 pursuant to private placements in July 2020 and December 2020 in which
approximately 113 million shares were issued.
Issued 21,000,000 unlisted options in July 2020 at an issue price of $0.08 and an expiry date of 16 July
2021.
Received $1,168,000 on the exercise of 12,050,616 options.
•
• On 12 July 2020, 23,809,524 A Class Performance Shares expired without vesting.
• On 1 September 2020, the Company issued 2,000,000 unlisted options with an exercise price of $0.08
and an expiry date of 30 November 2023 to Taylor Collison as consideration for corporate advisory and
lead manager services.
• On 8 December 2020 and 1 May 2021, the Company issued a total of 19.3 million zero exercise price
options (ZEPOs) to Directors, key management personnel and employees under the Employee Incentive
Plan.
• On 8 December 2020, the Company issued 1,026,685 salary sacrifice rights with an expiry date of 7
December 2025 as consideration for cash remuneration sacrificed by Directors and management in the
period 1 April 2020 to 30 September 2020.
• On 20 January 2021, the Company issued 600,000 unlisted options, in three tranches of 200,000 options
with an exercise price of $0.24, $0.35, and $0.45 respectively and an expiry date of 19 August 2024.
Operating result
The Company reported a loss after tax for the year of $2,745,821 (2020: loss of $1,135,683). The significant items
affecting the loss after tax were:
56 | P a g e
56
CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Financial Report for the year ended 30 June 2021
Directors’ report
•
•
•
An increase in share-based payments expense to $1,008,931 (2020: $32,192) due to the amortisation
over the vesting period of Non-Executive Director Options and Incentive Options issued to Directors and
Management under the Employee Incentive Plan.
An increase in key management personnel and employee remuneration expense to $859,112 (2020:
$507,041) due the appointment of Mr Mark Connelly and Mr Andrew Grove during the year as well as an
increase in the number of employees commensurate with the increase in exploration work programs as
the Diamba Sud project is progressed.
A decrease in travel expenses to $18,237 (2020: $81,709) reflecting reduced international travel by Group
personnel in the financial year as a consequence of COVID-19 related travel restrictions.
Significant changes in the reporting year
Other than the matters noted in this Directors’ Report there were no significant changes in the Company’s
operations in the reporting year.
Dividends
No dividends were paid or declared during the year and no recommendation is made as to payment of
dividends.
Impact of COVID-19
The outbreak of the COVID-19 pandemic in early 2020 and the subsequent travel and trade restrictions imposed
by the governments of numerous countries including Australia have caused disruption to businesses and
economic activity. The Board and Management of the Group have considered the impact of the COVID-19
pandemic on the Group’s operations and financial performance and have determined that the Group has not
been materially impacted by the COVID-19 pandemic at this stage.
The Group received a $16,206 (2020: $12,342) cash boost grant from the Australian government during the
financial year as part of the Australian government’s economic response to the COVID-19 pandemic.
Events occurring after balance sheet date
Except as noted below, no matter or circumstance has arisen since the end of the year that has significantly
affected, or may significantly affect the Group’s operations, the result of those operations or the Group’s state of
affairs:
•
In the period from 1 July 2021 to the date of this report, the Company received $879,520 cash proceeds
from the exercise of 10,994,000 options, $150,520 in application monies was received prior to 30 June 2021.
• On 12 July 2021, 23,809,524 B Class Performance Shares expired without vesting.
• On 16 July 2021 668,500 options with an expiry date of 16 July 2021 expired without being exercised.
• On 27 August 2021 the Company was notified that the exploration licence for the Diamba Nord project has
been renewed until 8 June 2024.
• On 29 September 2021 the Directors resolved to issue, subject to any required shareholder approvals,
6,635,668 options with an exercise price of $Nil expiring 30 June 2026 to Directors and Executives under the
Company’s Equity Incentive Plan. The options are subject to vesting conditions.
Likely developments and expected results of operations
Following the highly encouraging exploration results to date which have confirmed a new high-grade gold
discovery at the Diamba Sud Project the Company is planning to prepare a maiden JORC resource estimate for
the Diamba Sud project in the first half of the 2022 financial year.
57 | P a g e
57
DIRECTORS' REPORT
Chesser Resources Limited
Financial Report for the year ended 30 June 2021
Directors’ report
Environmental Regulation
The Company was not subject to any significant environmental regulation under a law of the Commonwealth of
a State or Territory of Australia.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is
attached to this report.
Shares under Option
Unissued ordinary shares of the Company under option at the date of this report are as follows:
Grant Date
Expiry Date
of options
options
remuneration
Exercise price
Number under
Issued as
04/01/2019
15/03/2019
15/03/2019
15/03/2019
15/03/2019
18/12/2019
08/09/2020
08/12/2020
20/01/2021
20/01/2021
20/01/2021
20/01/2021
30/04/2021
31/12/2021
31/12/2021
31/12/2021
31/12/2022
31/12/2022
30/11/2022
30/11/2023
07/12/2025
19/08/2024
19/08/2024
19/08/2024
07/12/2025
031/1/2026
$0.05
$0.05
$0.05
$0.05
$0.05
$0.12
$0.08
$0.00
$0.24
$0.35
$0.45
$Nil
$Nil
in current or
prior period ?
2,000,000
500,000
5,000,000
500,000
1,000,000
2,000,000
2,000,000
6,400,000
200,000
200,000
200,000
4,400,000
5,000,000
29,400,000
Yes
Yes
Yes
Yes
Yes
No
No
Yes
Yes
Yes
Yes
Yes
Yes
In addition, at the date of this report the Company had on issue 1,026,685 salary sacrifice rights with an expiry of
7 December 2025 and an exercise price of $NIL.
No option holder has any right under the options to participate in any other share issue of the company or any
other entity.
Shares issued as a result of the exercise of options
The Company issued 2,713,116 fully paid ordinary shares at an issue price of $0.10 and 8,775,000 fully paid
ordinary shares at an issue price of $0.08 during the financial year as a result of the exercise of options. Total
funds received on the exercise of options during the year was $1,168,832 (2020: $155,701) including $150,000 in
option exercise proceeds received for which the resulting shares were issued subsequent to the end of the
reporting period (2020: $Nil). In the period from 1 July 2021 to the date of this report, the Company has received
$879,520 cash proceeds from the exercise of 10,994,000 options.
Schedule of mining tenements
As at 30 June 2021, the Company had interests in the following tenements:
TENEMENT
Diamba Sud
Diamba Nord
LOCATION
Senegal
Senegal
EXPIRY DATE
9 June 2024
8 June 2024
INTEREST
100%
100%
58 | P a g e
58
CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Financial Report for the year ended 30 June 2021
Directors’ report
Remuneration Report (Audited)
a) Policy for determining the nature and amount of key management personnel remuneration
The Board of Chesser Resources Limited is responsible for determining and reviewing compensation
arrangements for the Non- Executive Directors and the Executive Director. The Board's remuneration policy
is to ensure that the remuneration package properly reflects the person's duties and responsibilities, with
the overall objective of ensuring maximum stakeholder benefit from the retention of a high -quality board
and executive team. Such officers are given the opportunity to receive their base emolument in a variety of
forms. It is intended that the manner of payment chosen will be optimal for the recipient without creating
undue cost to the Group. In accordance with best practice corporate governance, the structure of non-
executive director and executive remuneration is separate and distinct.
Non-Executive Director Remuneration
Objective
The Board seeks to set aggregate remuneration at a level which provides the Group with the ability to
attract and retain directors of a high calibre, whilst incurring a cost which is acceptable to shareholders.
Structure
Remuneration of non-executive directors is determined by the Board, within the maximum amount
approved by the shareholders from time to time (currently set at an aggregate of $400,000 per annum).
The amount of aggregate remuneration sought to be approved by shareholders and the manner in which it
is apportioned amongst directors is reviewed annually. The Board considers the fees paid to non-executive
directors of comparable companies when undertaking the annual review process.
Each non-executive director receives a fee for being a director of the Group. The Non-Executive Chairman
received an annual fee of $60,000 inclusive of statutory superannuation (2020: $40,000 plus statutory
superannuation). All other Non-Executive Directors receive an annual fee of $40,000 plus statutory
superannuation (2020: $40,000 plus statutory superannuation). Non-Executive Directors who are called
upon to perform extra services beyond the director’s ordinary duties may be paid additional fees for those
services. No fees were paid to Non-Executive Directors for additional services during the year ended 30
June 2021 (2020: $Nil).
Non-executive directors may also be granted options from time to time. The options granted are
considered by the Board to be an effective means of appropriately compensating Directors whilst
preserving the Company’s cash reserves and providing an alignment between Director and shareholder
interests.
Executive Director and Key Management Personnel Remuneration
Objective
The Group aims to reward executives with a level and mix of remuneration commensurate with their
position and responsibilities within the Group so as to:
•
•
•
•
Reward executives for Group and individual performance against agreed targets;
Align the interest of executives with those of shareholders;
Link reward with the strategic goals and performance of the Group; and
Ensure total remuneration is competitive by market standards.
59 | P a g e
59
DIRECTORS' REPORT
Chesser Resources Limited
Financial Report for the year ended 30 June 2021
Directors’ report
Structure
In determining the level and make-up of executive remuneration, the Board has had regard to market levels
of remuneration for comparable executive roles. It is the Board's policy that employment contracts are
entered into with all senior executives.
Variable Remuneration – Equity Incentive Plan
Objective
The objectives of the equity incentive plan are to:
•
Recognise the ability and efforts of the employees of the Group who have contributed to the success
of the Group and to provide them with rewards where deemed appropriate.
Provide an incentive to the employees to achieve the long-term objectives of the Group and improve
the performance of the Group.
Attract persons of experience and ability to employment with the Group and foster and promote
loyalty between the Group and its employees.
Preserve the Company’s cash resources through the use of equity incentives.
•
•
•
The Company did not pay any cash incentives to Directors and key management personnel during the
financial year (2020: $Nil).
Structure
Long term incentives granted to senior executives are delivered in the form of options in accordance with
an Employee Incentive Plan. As part of the Group's annual strategic planning process, the Board and
management agree upon a set of financial and non-financial objectives for the Group. The objectives form
the basis of the assessment of management performance and vary but are targeted directly to the Group's
business and financial performance and thus to shareholder value. In the current financial year, the key
performance measures to which the issue of equity incentives were linked relate to the estimation of a
maiden JORC compliant resource for the Diamba Sud Project (2020: nil equity incentives issued).
b) Remuneration, Group performance and shareholder wealth
The development of remuneration policies and structures is considered in relation to the effect on Group
performance and shareholder wealth. They are designed by the Board to align Director and Executive
behaviour with improving Group performance and ultimately shareholder wealth. The Board considers that
the estimation of a maiden JORC resource for the Diamba Sud project is the performance measure most
relevant to generating shareholder value at the current stage of the Company’s development.
Executives are currently remunerated by a combination of cash base remuneration and options. The options
granted are considered by the Board to provide an alignment between the employees and shareholders
interests.
The table below shows for the current financial year and previous four financial years the total remuneration
cost of the key management personnel, earnings per ordinary share (EPS), dividends paid or declared, and
the closing price of ordinary shares on ASX at year end.
60
60 | P a g e
CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Financial Report for the year ended 30 June 2021
Directors’ report
Financial Year
2021
2020
2019
2018
2017
Total
Remuneration
$
1,259,614
515,089
533,391
417,200
215,700
EPS
(Cents)
Dividends
(Cents)
Share Price
(Cents)
(0.65)
(0.40)
(0.95)
(0.49)
(0.58)
-
-
-
-
-
13.0
9.4
4.4
6.0
4.5
Given the stage of the Company’s development and the fact that it does not currently have any revenue
producing operations, the Board does not consider EPS or dividends paid or declared to be meaningful
measures for assessing executive performance.
Key management personnel
The following persons were key management personnel of the Group during the financial year (unless
noted otherwise the persons listed were key management personnel for the whole of the financial year):
Name
Mark Connelly
Simon O’Loughlin
Simon Taylor
Robert Greenslade
Andrew Grove
Stephen Kelly
Michael Brown
Position Held
Non-Executive Chairman (appointed 10 July 2020)
Non-Executive Director
Non-Executive Director
Non-Executive Director
Managing Director (appointed 1 May 2021)
Chief Executive Officer (appointed 1 February 2021)
Executive Director (resigned 10 July 2020), CFO and Company Secretary
Managing Director (resigned 1 February 2021)
The Company has entered into an employment agreement with Mr Andrew Grove pursuant to which he
was appointed the Company’s Chief Executive Officer effective 1 February 2021 and Managing Director
effective 1 May 2021. The key terms of the agreement are:
• Mr Grove will be paid an annual salary of $325,000 per annum plus superannuation. In addition, Mr
Grove will be entitled to participate in incentive or bonus plans as may be introduced by the
Company from time to time.
•
The Agreement may be terminated by either Mr Grove or the Company by providing six months’
notice or payment in lieu of notice. The Company may terminate the agreement without notice in
the event of misconduct.
• After completing three month’s service, Mr Grove was issued 5,000,000 incentive options with a $nil
exercise price and an expiry date of 31 January 2026 and subject to the following vesting
conditions:
-
-
-
1,666,667 options vest on announcing a JORC resource of 500,000 ounces Au at a grade not less
than 2 g/t
1,666,667 options vest on announcing a JORC resource of 750,000 ounces Au at a grade of not
less than 2g/t
1,666,666 options vest on announcing a JORC resource of 1,000,000 ounces Au at a grade of not
less than 2g/t
61 | P a g e
61
DIRECTORS' REPORT
Chesser Resources Limited
Financial Report for the year ended 30 June 2021
Directors’ report
The Company has entered into a Consultancy Agreement with KCG Advisors Pty Ltd pursuant to which Mr
Stephen Kelly is engaged to provide Chief Financial Officer and Company Secretarial services to the
Company effective from 11 May 2015. The key terms of the Agreement are:
•
KCG Advisors Pty Ltd to receive $225 per hour, exclusive of GST, for services provided by Mr Kelly.
• Unless otherwise agreed between the parties, a monthly cap of $10,000 (2020: monthly cap of
•
$10,000), exclusive of GST, will apply to payments to KCG Advisors Pty Ltd; and
The Agreement may be terminated by either party at any time on the giving of not less than one
month’s notice in writing.
The Company entered into a Consultancy Agreement with MEMM Capital Pty Ltd pursuant to which Mr
Michael Brown was engaged to provide Managing Director services to the Company effective from 5
November 2018. On 1 February 2021 Mr Brown resigned from his position as Managing Director effective
1 February 2021. The key terms of Mr Brown’s agreement were:
• Mr Brown was paid $280,000 per annum, inclusive of superannuation.
•
The Agreement may be terminated by either Mr Brown or the Company by providing three months’
notice. Mr. Brown resigned 1 February 2021.
c) Details of remuneration
Compensation paid, payable or provided by the Group or on behalf of the Group, to key management
personnel is set out below. Key management personnel include all Directors of the Group and certain
executives who, in the opinion of the Board and Managing Director, have authority and responsibility for
planning, directing, and controlling the activities of the Group directly or indirectly.
2021
Non-Executive Directors
Mr Mark Connellya
Mr Simon O’Loughlin
Mr Simon Taylor
Mr Robert Greenslade
Cash and
salary fees
Super-
annuation
Share Based
Payments^
Total
remuneration
$
$
$
$
54,795
35,000
40,000
34,525
5,205
3,800
3,800
-
100,416
43,512
39,125
42,149
160,416
82,312
82,925
76,674
Total Non-Executive Directors
164,320
12,805
225,202
402,327
Executive Directors
Mr Andrew Groved
Mr Michael Brownb
135,417
192,500
9,046
-
109,048
137,539
253,511
330,039
Total Executive Directors
327,917
9,046
246,587
583,550
Proportion of
remuneration that
is performance
based#
%
-%
2%
3%
-%
1%
43%
42%
42%
56%
56%
Other Key Management Personnel
Mr Stephen Kellyc
Total Other Key Management
Personnel
Total Key Management Personnel
Compensation
a Appointed 10 July 2020
62
120,000
-
153,737
273,737
120,000
-
153,737
273,737
612,237
21,851
625,526
1,259,614
32%
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CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Financial Report for the year ended 30 June 2021
Directors’ report
b Resigned 1 February 2021
c Resigned as Executive Director 10 July 2020. Continued in office Company Secretary and Chief Financial Officer for entire
period
d Appointed Chief Executive Office 1 February 2021; appointed Managing Director 1 May 2021
^ Equity-settled share-based payments as per Corporations Regulation 2M.3.03(1) Item 11.
# Share based payments issued to Non- Executive Directors in 2021 are not subject to performance related vesting conditions.
Share based payment issued to Non-Executive Directors in prior years included performance related vesting conditions.
2020
Non-Executive Directors
Mr Simon O’Loughlin
Mr Simon Taylor
Mr Robert Greensladea
Cash and
salary fees
Super-
annuation
Share Based
Payments^
Total
remuneration
$
$
$
$
40,000
40,000
10,000
3,800
3,800
-
2,510
3,346
-
46,310
47,146
10,000
Total Non-Executive Directors
90,000
7,600
5,856
103,456
Executive Directors
Mr Michael Brown
Mr Stephen Kellyb
280,000
120,000
-
-
9,123
2,510
Total Executive Directors
Total Key Management Personnel
Compensation
a Appointed 8 April 2020
b Resigned 10 July 2020
^ Equity-settled share-based payments as per Corporations Regulation 2M.3.03(1) Item 11.
400,000
490,000
17,489
11,633
7,600
-
289,123
122,510
411,633
515,089
Proportion of
remuneration that
is performance
based
%
5%
7%
-
6%
3%
2%
3%
3%
d) Share-based compensation
During the 2021 financial year the following options were issued to key management personnel:
•
•
•
8,900,000 zero price options with an exercise price of $nil and an expiry date of 7 December 2025.
Prior to year-end 2,500,000 of these zero price options were cancelled.
5,000,000 zero price options with an exercise price of $Nil and an expiry date of 31 January 2026
844,214 Salary Sacrifice Rights with an exercise price of $Nil and an expiry date of 7 December 2025
The terms and conditions of each grant of options affecting remuneration in the current or a future
reporting period are as follows:
Date of
grant
30 November
2020
30 November
2020
Vesting and exercise date
Vest 8 December 2021
Vest 8 December 2022
Vest 8 December 2023
(a) Subject to achieving
JORC Resource of
500,000 ounces Au,
average grade not less
than 2g/t
Exercise
price
Value per
option at
grant date
$Nil
$0.21
Expiry date
7 December
2025
Number
granted
966,668
966,668
966,664
(a) 2,000,000
Vested
Nil %
7/12/25
$Nil
$0.21
Nil %
63 | P a g e
63
DIRECTORS' REPORT
Chesser Resources Limited
Financial Report for the year ended 30 June 2021
Directors’ report
Date of
grant
Vesting and exercise date
Expiry date
Exercise
price
Value per
option at
grant date
Number
granted
(b) 2,000,000
Vested
(c) 2,000,000
(a) 1,666,667
(b) 1,666,667
31 January
2026
$Nil
$0.14
Nil %
(c) 1,666,666
(b) Subject to achieving
JORC Resource of
750,000 ounces Au,
average grade not less
than 2g/t
(c) Subject to achieving
JORC Resource of
1,000,000 ounces Au,
average grade not less
than 2g/t
(a) Subject to achieving
JORC Resource of
500,000 ounces Au,
average grade not less
than 2g/t
(b) Subject to achieving
JORC Resource of
750,000 ounces Au,
average grade not less
than 2g/t
(c) Subject to achieving
JORC Resource of
1,000,000 ounces Au,
average grade not less
than 2g/t
30 April 2021
In addition, during the 2021 financial year the Company issued the following salary sacrifice rights to
Directors and Key Management Personnel who elected to receive a portion of their remuneration as salary
sacrifice rights to preserves the Company’s cash reserves.
Date of
grant
8 December
2020
Vesting and exercise date
8 December 2020
Expiry date
7 December
2025
Exercise
price
$Nil
Value per
option at
grant date
$0.08
$0.21
Number
granted
712,714
131,500
Vested
100%
100%
During the 2020 financial year the Company did not issue any share-based compensation to key
management personnel.
The number of options over ordinary shares in the company provided as remuneration to directors and key
management personnel is shown in section (e) below. When exercisable, each option is convertible into one
ordinary share of Chesser Resources Limited.
Options are granted to attract, retain, and incentivise key management personnel.
The board has rules that contain restrictions on removing the ‘at risk’ aspect of the options granted to
executives. Executives may not enter into any transactions designed to remove the ‘at risk’ aspect of an
instrument before it vests.
64 | P a g e
64
CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Financial Report for the year ended 30 June 2021
Directors’ report
In the event of termination (specified circumstances) only vested options are entitled to be exercised.
Unvested options are forfeited unless the Board exercises its discretion to allow the holder to retain the
options on terms determined by the Board.
The assessed fair value at grant date of options granted to the individuals is allocated equally over the
period from grant date to vesting date, and the amount is included in the remuneration tables above. Fair
values at grant date are independently determined using a Black Scholes option pricing model that takes
into account the exercise price, the term of the option, 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.
Shares provided on exercise of remuneration options
During the financial year, 2,000,000 (2020: 2,000,000) options previously issued as remuneration were
exercised. The fair value of those options at the time of exercise was $240,000 (2020: $14,000)
e) Unlisted option holdings
The numbers of options over ordinary shares in the Company held during the financial year by each
director and each key management person of the Group, including their personally related parties, are set
out below:
2021
Name
Balance at
start of
year
Granted as
compensation
Exercised
Held on
cessation as
key
management
personnel
Balance at
end of year
Vested and
exercisable
Unvested
Key Management Personnel of Chesser Resources Limited
M Connelly a
-
A Grove b
-
R Greenslade
-
S Taylor
S O’Loughlin
M Brown c
S Kelly
-
-
1,250,000
1,800,000
1,350,000
3,000,000
1,350,000
1,400,000
5,000,000
500,000
500,000
500,000
4,000,000
2,000,000
(800,000)
(600,000)
-
(600,000)
-
-
-
-
-
(7,000,000)
-
1,400,000
5,000,000
1,750,000
1,500,000
1,250,000
-
2,750,000
-
-
1,250,000
1,000,000
750,000
-
750,000
1,400,000
5,000,000
500,000
500,000
500,000
-
2,000,000
8,750,000
Total
a Appointed 10 July 2020
b Appointed 1 May 2021
c Resigned 1 February 2021
13,900,000
(2,000,000)
(7,000,000)
13,650,000
3,750,000
9,900,000
2020
Name
Balance at
start of
year
Granted as
compensation
Exercised
Held on
appointment
as key
management
personnel
Balance at
end of year
Vested and
exercisable Unvested
Key Management Personnel of Chesser Resources Limited
-
R Greenslade
(800,000)
S Taylor
(600,000)
S O’Loughlin
-
M Brown
S Kelly
(600,000)
-
2,600,000
1,950,000
3,000,000
1,950,000
-
-
-
-
-
1,250,000
-
-
-
-
1,250,000
1,800,000
1,350,000
3,000,000
1,350,000
1,250,000
1,800,000
1,350,000
3,000,000
1,350,000
Total
9,500,000
-
(2,000,000)
1,250,000
8,750,000
8,750,000
-
-
-
-
-
-
65 | P a g e
65
DIRECTORS' REPORT
Chesser Resources Limited
Financial Report for the year ended 30 June 2021
Directors’ report
f) Unlisted salary sacrifice rights
The number of salary sacrifice rights over ordinary shares in the Company held during the financial year by
each director and each key management person of the Group, including their personally related parties, are
set out below:
2021
R Greenslade
S O’Loughlin
M Brown a
S Kelly
Balance at start
of year
Granted as
compensation
Exercised
-
-
-
-
-
90,260
82,429
494,746
176,779
844,214
Balance at the
end of the year
90,260
82,429
494,746
176,779
844,214
-
-
-
-
-
a Resigned 1 February 2021
During the year, the Company issued 844,214 unlisted Salary Sacrifice Rights to directors and key
management personnel in lieu cash remuneration totaling $88,450 that was accrued in the 2020 and 2021
financial years. 712,714 unlisted Salary Sacrifice Rights related to remuneration accrued in the 2020 financial
year and 131,500 unlisted Salary Sacrifice Rights related to remuneration accrued in the 2021 financial year.
2020
R Greenslade
S O’Loughlin
M Brown
S Kelly
Balance at start
of year
Granted as
compensation
Exercised
-
-
-
-
-
-
-
-
-
-
Balance at the
end of the year
-
-
-
-
-
-
-
-
-
-
Share holdings
The number of shares in the Company held during the financial year by each director of Chesser Resources
Ltd and other key management personnel of the Group, including their personally related parties, are set
out below. There were no shares granted during the reporting period as compensation (2020: nil).
2021
M Connelly a
A Grove b
R Greenslade
S Taylor
S O’Loughlin
M Brown c
S Kelly
Balance at start
of year
Shares held on
cessation as key
management
personnel
Acquired on the
exercise of
options
-
-
23,562,748
4,300,001
3,433,334
1,458,333
1,745,000
-
-
-
-
-
(1,458,333)
-
-
-
-
800,000
600,000
-
600,000
Other
acquisitions
during the year
150,000
350,000
-
-
-
-
-
Balance at the
end of the year
150,000
350,000
23,562,748
5,100,001
4,033,334
-
2,345,000
34,499,416
(1,458,333)
2,000,000
500,000
35,541,083
a Appointed 10 July 2020
b Appointed 1 May 2021
c Resigned 1 February 2021
66
66 | P a g e
CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Financial Report for the year ended 30 June 2021
Directors’ report
2020
R Greenslade
S Taylor
S O’Loughlin
M Brown
S Kelly
Balance at start
of year
-
3,500,001
2,833,334
1,125,000
895,000
Shares held on
appointment as
key
management
personnel
23,562,748
-
-
-
-
Acquisitions
during the year
-
800,0001
600,0001
333,3332
850,0003
Balance at the
end of the year
23,562,748
4,300,001
3,433,334
1,458,333
1,745,000
8,353,335
23,562,748
2,583,333
34,499,416
1 Represents shares acquired on the exercise of option at an issue price of $0.06 per share.
2 Represents shares subscribed for by the Key Management Personnel pursuant to an issuance of shares by the Company at
an issue price of $0.06 per Share.
3 Comprised 250,000 shares subscribed for by the Key Management Personnel pursuant to an issuance of shares by the
Company and 600,000 shares acquired on the exercise of options at an issue price of $0.06 per share.
f) Use of remuneration consultants
In financial year 2021, BDO Reward Pty Limited was paid $ 20,500 (excluding GST) for assistance and advice
on remuneration structures for executive management and Non-Executive Directors. All reports and advice
related to the Managing Director and CEO’s remuneration was commissioned and received directly by the
Board of Directors. The Board is satisfied that the information provided was free from undue influence from
executive management. BDO Reward Pty Limited did not provide any other advice to the Company during
the financial year 2021.
The Company did not engage any remuneration consultants in the financial year 2020.
Loans to key management personnel
g)
There were no loans to key management personnel at any time during the financial year (2020: nil)
h) Other transactions with key management personnel
Except as disclosed in this Remuneration Report and noted below, there were no transactions with key
management personnel during the financial year (2020: $12,000).
• During the year, the Company paid KCG Advisors Pty Ltd, a company related to Mr Stephen Kelly
who was a member of Key Management Personnel of the Company during the reporting period, a
total of $12,000 (2020: $9,000) for the provision of services including office rental for the Company’s
registered office, internet and communications services and software subscriptions. As at 30 June
2021 an amount of $6,000 was owing to KCG Advisors Pty Ltd for these services (2020: $3,000).
Voting and comments made at the Company’s 2020 Annual General Meeting
i)
The Company received more than 98% of “yes” votes on its remuneration report for the financial year
ended 30 June 2020. The Company did not receive any specific feedback at the AGM or throughout the
year on its remuneration practices.
End of Remuneration Report
67 | P a g e
67
DIRECTORS' REPORT
Chesser Resources Limited
Financial Report for the year ended 30 June 2021
Directors’ report
Insurance of officers
To the extent permitted by law, the Company has indemnified (fully insured) each director and the secretary
of the Company. The liabilities insured include costs and expenses that may be incurred in defending civil or
criminal proceedings (that may be brought) against the officers in their capacity as officers of the Company
or a related body, and any other payments arising from liabilities incurred by the officers in connection with
such proceedings, other than where such liabilities arise out of conduct involving a willful breach of duty by
the officers or the improper use by the officers of their position or of information to gain advantage for
themselves or someone else or to cause detriment to the Company. It is not possible to apportion the
premium between amounts relating to the insurance against legal costs and those relating to other
liabilities
Proceedings on behalf of the Group
The Group is not aware that any person has applied to the court under section 237 of the Corporations Act
2001 for leave to bring proceedings on behalf of the Group, or to intervene in any proceedings in which the
Group is a party, for the purpose of taking responsibility on behalf of the Group for all or part of those
proceedings.
No proceedings have been brought or intervened in on behalf of the Group with leave of the court under
section 237 of the Corporations Act 2001.
Non-audit Services
The Group may decide to employ the auditor on assignments additional to their statutory audit duties
where the auditor’s expertise and experience with the Group and/or the Group are important. No non-audit
assignments were engaged with the auditor during the year (2020: none)
Details of the amounts paid or payable to the auditor, Pitcher Partners for audit services provided during
the year are set out in note 9 to the financial report.
Auditor's Independence Declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act
2001 is attached to this report.
Auditor
Pitcher Partners continues in office in accordance with section 327 of the Corporations Act 2001.
Rounding of amounts in accordance with ASIC Corporations (Rounding in Financial / Directors’
Reports) Instrument 2016/191
The amounts in the Directors’ report and in the financial report have been rounded to the nearest dollar.
This report is made in accordance with a resolution of directors.
AAnnddrreeww GGrroovvee
MMaannaaggiinngg DDiirreeccttoorr
PPeerrtthh,, 2299 SSeepptteemmbbeerr 22002211
68
68 | P a g e
CHESSER RESOURCESANNUAL REPORT 2021
Level 38, 345 Queen Street
Brisbane, QLD 4000
Postal address
GPO Box 1144
Brisbane, QLD 4001
p. +61 7 3222 8444
The Directors
Chesser Resources Limited
Level 14
167 Eagle Street
BRISBANE QLD 4000
Auditor’s Independence Declaration
In relation to the independent audit for the year ended 30 June 2021, to the best of my knowledge and
belief there have been:
(i) no contraventions of the auditor independence requirements as set out in the Corporations Act
2001; and
(ii) no contraventions of APES110 Code of Ethics for Professional Accountants (including
Independence Standards).
This declaration is in respect of Chesser Resources Limited and the entities it controlled during the
year.
PITCHER PARTNERS
JASON EVANS
Partner
Brisbane, Queensland
29 September 2021
Brisbane Sydney Newcastle Melbourne Adelaide Perth
Pitcher Partners is an association of independent firms.
An Independent Queensland Partnership ABN 84 797 724 539. Liability limited by a scheme approved under Professional Standards Legislation.
Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities.
pitcher.com.au
NIGEL FISCHER
MARK NICHOLSON
PETER CAMENZULI
JASON EVANS
KYLIE LAMPRECHT
NORMAN THURECHT
BRETT HEADRICK
WARWICK FACE
COLE WILKINSON
SIMON CHUN
JEREMY JONES
TOM SPLATT
JAMES FIELD
DANIEL COLWELL
ROBYN COOPER
FELICITY CRIMSTON
CHERYL MASON
KIERAN WALLIS
MURRAY GRAHAM
ANDREW ROBIN
69
DIRECTORS' REPORT
Level 38, 345 Queen Street
Brisbane, QLD 4000
Postal address
GPO Box 1144
Brisbane, QLD 4001
p. +61 7 3222 8444
Independent Auditor’s Report
To the Members of Chesser Resources Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Chesser Resources Limited, (“the Company”) and its controlled
entities (“the Group”), which comprises the consolidated statement of financial position as at 30 June
2021, the consolidated income statement, the consolidated statement of 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)
(b)
giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its financial
performance for the year then ended; and
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 (including Independence Standards) “the Code” that are relevant to our audit of the
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with
the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Brisbane Sydney Newcastle Melbourne Adelaide Perth
Pitcher Partners is an association of independent firms.
An Independent Queensland Partnership ABN 84 797 724 539. Liability limited by a scheme approved under Professional Standards Legislation.
Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities.
pitcher.com.au
NIGEL FISCHER
MARK NICHOLSON
PETER CAMENZULI
JASON EVANS
KYLIE LAMPRECHT
NORMAN THURECHT
BRETT HEADRICK
WARWICK FACE
COLE WILKINSON
SIMON CHUN
JEREMY JONES
TOM SPLATT
JAMES FIELD
DANIEL COLWELL
ROBYN COOPER
FELICITY CRIMSTON
CHERYL MASON
KIERAN WALLIS
MURRAY GRAHAM
ANDREW ROBIN
70
CHESSER RESOURCESANNUAL REPORT 2021
Key audit matter
How our audit addressed the matter
Exploration and evaluation expenditure - Impairment
Refer to Note 5: Critical accounting estimates and judgements and Note 13: Exploration and
Evaluation Expenditure
The Group is involved in exploration and
evaluation activities with a focus on gold
deposits in Senegal.
Exploration and evaluation expenditure totalling
$12,136,596 as disclosed in Note 13 represents
a significant balance
the
consolidated Statement of Financial Position.
recorded
in
AASB6 Exploration
for and Evaluation of
Mineral Resources requires the exploration and
for
evaluation assets
impairment when
facts and circumstances
suggest that the carrying amount may exceed
its recoverable amount.
to be assessed
to
the
performed
financial
in Note 5
As described
statements, management
an
impairment assessment at 30 June 2021 in
the accounting policy
accordance with
described
required
in Note 13 which
management to make certain estimates and
assumptions as
future events and
circumstances surrounding the development
and commercial exploitation of their Senegal
Projects.
to
Our procedures included:
• Understanding and evaluating the design and
implementation of the controls over how
exploration and evaluation expenditure is
incurred,
for
impairment;
recorded and assessed
• Obtaining an understanding of the status of
ongoing exploration programs and
future
intentions for the areas of interest, including
future budget spend and
related work
programs;
•
Enquiring of management and reviewed ASX
announcements and minutes of directors
meetings to ensure the group had not decided
to discontinue exploration and evaluation at its
areas of interest;
• Reviewing
the director’s estimates and
assumptions included in their assessment of
potential indicators of impairment;
•
•
•
Assessing whether the relevant expenditure
meets the asset recognition requirements of
AASB6 Exploration for and Evaluation of
Mineral Resources;
Verifying
remains valid; and
that each exploration
licence
Assessing
the related
the adequacy of
disclosures made in Note 5 and Note 13 of the
financial statements.
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 30 June 2021, but does not include the financial
report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Pitcher Partners is an association of independent firms.
An Independent Queensland Partnership ABN 84 797 724 539. Liability limited by a scheme approved under Professional Standards Legislation.
Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities.
2
71
DIRECTORS' REPORT
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true
and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and
for such internal control as the directors determine is necessary to enable the preparation of the financial
report that gives a true and fair view and is free from material misstatement, whether due to fraud or
error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or 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 the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
As part of an audit in accordance with 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.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the financial report. We are
responsible for the direction, supervision and performance of the Group audit. We remain solely
responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
Pitcher Partners is an association of independent firms.
An Independent Queensland Partnership ABN 84 797 724 539. Liability limited by a scheme approved under Professional Standards Legislation.
Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities.
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CHESSER RESOURCESANNUAL REPORT 2021
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, actions taken to eliminate
threats or safeguards applied.
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.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 59 to 67 of the directors’ report for the
year ended 30 June 2021. In our opinion, the Remuneration Report of Chesser Resources Limited, for
the year ended 30 June 2021, complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express
an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian
Auditing Standards.
PITCHER PARTNERS
JASON EVANS
Partner
Brisbane, Queensland
29 September 2021
Pitcher Partners is an association of independent firms.
An Independent Queensland Partnership ABN 84 797 724 539. Liability limited by a scheme approved under Professional Standards Legislation.
Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities.
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73
DIRECTORS' REPORT
Chesser Resources Limited
Consolidated Income Statement
For the year ended 30 June 2021
Revenue and other income
Auditors’ remuneration
Key management personnel and employee
remuneration
Depreciation expense
Finance charges
General and administrative expenses
Other expenses
Professional fees
Travel expenses
Share based payments expense
Share registry and exchange listing fees
Foreign exchange (losses)
Notes
7
12
2021
$
17,566
(63,242)
(859,112)
(116,986)
(6,343)
(139,457)
(196,359)
(86,825)
(18,237)
(1,008,931)
(148,248)
(119,647)
2020
$
13,402
(52,000)
(507,041)
(71,116)
(3,607)
(130,339)
(179,802)
-
(81,709)
(32,192)
(64,828)
(26,451)
Loss before income tax expense from continuing
operations
(2,745,821)
(1,135,683)
Income tax expense
Loss for the year after tax
10
-
-
(2,745,821)
(1,135,683)
Loss attributable to Owners of Chesser Resources
Limited
(2,745,821)
(1,135,683)
Basic and diluted loss per share (cents per share)
17
(0.65)
(0.40)
The accompanying accounting policies and explanatory notes form an integral part of the financial
statements.
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Chesser Resources Limited
Consolidated statement of Comprehensive Income
For the year ended 30 June 2021
2021
$
2020
$
Loss for the year after tax
(2,745,821)
(1,135,683)
Other comprehensive income
Items that may be reclassified to profit or loss
Other comprehensive income for the year, net of
tax
-
-
-
-
Total comprehensive loss for the year
(2,745,821)
(1,135,683)
Comprehensive loss attributable to the owners of
Chesser Resources Limited
(2,745,821)
(1,135,683)
The accompanying accounting policies and explanatory notes form an integral part of the
financial statements.
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75
FINANCIAL STATEMENTS
Chesser Resources Limited
Consolidated Statement of Financial Position
As at 30 June 2021
Current assets
Cash and cash equivalents
Trade and other receivables
Prepayments
Total current assets
Notes
21(a)
11
2021
$
2020
$
8,091,915
43,957
97,631
1,278,609
80,819
51,869
8,233,503
1,411,297
Non-current assets
Property, plant, and equipment
Exploration and evaluation expenditure
12
13
483,001
12,136,596
195,076
6,596,618
Total non-current assets
12,619,597
6,791,694
Total assets
20,853,100
8,202,991
Current liabilities
Trade and other payables
Provisions
Total current liabilities
Total liabilities
14
536,807
26,100
562,907
562,907
513,996
-
513,996
513,996
Net assets
20,290,193
7,688,995
Equity
Issued capital
Reserves
Accumulated losses
Total equity
15
16
28,222,867
3,467,062
(11,399,736)
14,244,737
2,098,173
(8,653,915)
20,290,193
7,688,995
The accompanying accounting policies and explanatory notes form an integral part of the
financial statements.
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CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Consolidated Statement of Changes in Equity
For the year ended 30 June 2021
2021
Balance as at 1 July 2020
Loss for the year
Other comprehensive income
Total comprehensive loss for
the year
Transactions with owners in
their capacity as owners:
Issue of equity securities
Costs of issuing equity securities
Share based payments
Total transactions with owners
in their capacity as owners
Issued Capital
$
Reserves
$
Accumulated
Losses
$
Total
Equity
$
14,244,737
-
-
2,098,173
-
-
(8,653,915)
(2,745,821)
-
7,688,995
(2,745,821)
-
-
-
(2,745,821)
(2,745,821)
15,168,832
(1,190,702)
-
-
-
1,368,889
13,978,130
1,368,889
-
-
-
-
15,168,832
(1,190,702)
1,368,889
15,347,019
Balance as at 30 June 2021
28,222,867
3,467,062
(11,399,736)
20,290,193
2020
Balance as at 1 July 2019
Loss for the year
Other comprehensive income
Total comprehensive loss for
the year
Transactions with owners in
their capacity as owners:
Issue of equity securities
Costs of issuing equity securities
Share based payments
Total transactions with owners
in their capacity as owners
Issued Capital
$
Reserves
$
Accumulated
Losses
$
Total
Equity
$
10,636,305
-
-
2,053,981
-
-
(7,518,232)
(1,135,683)
-
5,172,054
(1,135,683)
-
-
-
(1,135,683)
(1,135,683)
3,874,566
(266,134)
-
-
-
44,192
3,608,432
44,192
-
-
-
-
3,874,566
(266,134)
44,192
3,652,624
Balance as at 30 June 2020
14,244,737
2,098,173
(8,653,915)
7,688,995
The accompanying accounting policies and explanatory notes form an integral part of the financial
statements.
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FINANCIAL STATEMENTS
Chesser Resources Limited
Consolidated Statement of Cash Flows
For the year ended 30 June 2021
2021
$
2020
$
Cash flow from operating activities
Interest received
Other income
Interest paid
Payments to suppliers and employees
1,360
16,206
(6,343)
(1,616,962)
Net cash flows used in operating activities
21(b)
(1,605,739)
1,060
12,342
(3,607)
(957,995)
(948,200)
Cash flow from investing activities
Payments for property, plant, and equipment
(404,911)
(89,152)
Payments for exploration and evaluation expenditure
(5,419,041)
(2,547,842)
Net cash used in investing activities
(5,823,952)
(2,636,994)
Cash flow from financing activities
Proceeds from share issue
Costs of issuing equity securities
Net cash provided by financing activities
15,168,832
3,761,139
(906,702)
(140,707)
14,262,130
3,620,432
Reconciliation of cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Net increase (decrease) in cash and cash equivalents
1,278,609
6,832,439
1,243,371
35,238
Foreign exchange difference on cash and cash
equivalents
Cash and cash equivalents at 30 June
Non-cash financing and investing activities
21(a)
21(c)
(19,133)
-
8,091,915
1,278,609
The accompanying accounting policies and explanatory notes form an integral part of the
financial statements
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Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
1.
General information
Chesser Resources Limited (the Company) is a listed public company incorporated in Australia. The
Company’s principal place of business is Unit 12, 295 Rokeby Road, Subiaco WA 6008, and the address of its
registered office is Level 14, 167 Eagle Street, Brisbane City QLD 4000.
The entity's principal activity during the financial year was gold exploration in Senegal, West Africa.
2.
Application of new and revised Accounting Standards
Adoption of New and Revised Standards
a)
The Company has adopted all of the new and revised Standards and Interpretations issued by the Australian
Accounting Standards Board (the AASB) that are relevant to its operations and effective for the current year.
The adoption of these new and revised accounting standards and interpretations did not have any material
effect on the financial results or financial position of the Group or the Company for the reporting period.
New accounting standards not yet adopted
b)
The Directors do not consider that the adoption of any new standards and Interpretations in issue but not yet
effective at the date of these financial statements will have a material impact on the financial statements of
the Group.
3.
Significant accounting policies
Statement of compliance
a)
The financial statements comprise the consolidated financial statements of the Group consisting of Chesser
Resources Limited and its subsidiaries. The Company is a for-profit entity for the purpose of preparing the
financial statements.
These financial statements are general purpose financial statements that have been prepared in accordance
with the Corporations Act 2001, Accounting Standards, and Interpretations, and comply with the other
requirements of the law. Accounting Standards include Australian Accounting Standards. Compliance with
Australian Accounting Standards ensures that the financial statements and notes of the Company and the
Group comply with International Financial Reporting Standards ('IFRS').
The financial standards were authorised for issue by the Directors on 29 September 2021.
Going concern
b)
The financial statements have been prepared on a going concern basis, which contemplates continuity of
normal business activities and the realisation of assets and settlement of liabilities in the normal course of
business.
The Group incurred a loss for the year ended 30 June 2021 of $2,745,821 (2020 loss: $1,135,683), net cash
outflows from operating activities of $1,605,739 (2020: $948,200 outflows) and net outflows from investing
activities of $5,823,952 (2020: $2,636,994 outflows).
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FINANCIAL STATEMENTS
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
3. Significant accounting policies (continued)
Going concern (continued)
b)
During the year the consolidated entity was successful at raising capital and at 30 June 2021 had cash and
cash equivalents of $8,091,915 (30 June 2020: $1,278,609). As at 30 June 2021 the Group had net working
capital of $7,670,596 (2020 $897,301) and net assets of $20,290,193 (2020: $7,688,995).
The ability of the consolidated entity to continue as a going concern is principally dependent upon the
Group managing its cash reserves in order to balance the execution of its exploration and development
strategy with maintaining adequate working capital reserves.
Having carefully assessed the consolidated entity’s forecasts and its ability to effectively manage
expenditures and cash flows from operations, the Directors believe that the Group’s existing cash reserves
are adequate to fund the Group’s committed expenditures for at least 12 months from the date of this report
and that there is a reasonable basis to prepare the financial statements on a going concern basis.
Basis of preparation
c)
The consolidated general purpose financial statements have been prepared on the basis of historical cost,
except for certain financial instruments that are measured at revalued amounts or fair values at the end of
each reporting period, as explained in the accounting policies below. Historical cost is generally based on the
fair values of the consideration given in exchange for goods and services. All amounts are presented in
Australian dollars, unless otherwise noted. Fair value is 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,
regardless of whether that price is directly observable or estimated using another valuation technique. In
estimating the fair value of an asset or liability, the Group takes into account the characteristics of the asset
or liability if market participants would take those characteristics into account when pricing the asset or
liability at the measurement date. Fair value for measurement and/or disclosure purposes in these
consolidated financial statements is determined on such a basis, except for share-based payment
transactions that are within the scope of AASB2 and measurements that have some similarities to fair value
but are not fair value such as value in use in AASB 136.
In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3
based on the degree to which the inputs to the fair value measurement are observable and the significance
of the inputs to the fair value measurement in its entirety, which are described as follows:
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that that the
entity can access at the measurement date.
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset
or liability, either directly or indirectly; and
Level 3 inputs are unobservable inputs for the asset or liability.
The principal accounting policies are set out below.
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CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
3. Significant accounting policies (continued)
Principles of consolidation
d)
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Chesser
Resources Limited ("Company" or "parent entity") as at 30 June 2021 and the results of all subsidiaries for the
year then ended. Chesser Resources Limited and its subsidiaries together are referred to in this financial
report as the Group or the consolidated entity.
Subsidiaries are all entities (including structured 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. The acquisition method of accounting is used to account for
the acquisition of subsidiaries by the Group. Intercompany transactions, balances and unrealised gains on
transactions between Group companies 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.
Foreign currency translation
e)
Functional and presentation currency
Items included in the financial statements of each of the Group's entities are measured using the currency of
the primary economic environment in which the entity operated ("the functional currency"). The consolidated
financial statements are presented in Australian dollars, which is Chesser Resources Limited's functional and
presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency 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 year end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in profit or loss, except when they are deferred in equity as
qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net
investment in a foreign operation.
Foreign exchange gains and losses are presented in the income statement on a net basis within other income
or other expenses.
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange
rates at the date when the fair value was determined. Translation differences on assets and liabilities carried
at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-
monetary assets and liabilities such as equities held at fair value through profit or loss are recognised in
profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as
equities classified as available-for-sale financial assets are recognised in other comprehensive income.
Group companies
The functional currency of each of the Group’s entities is Australian dollars.
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FINANCIAL STATEMENTS
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
4.
Financial risk management
The Group’s principal financial instruments comprise cash and cash equivalents, trade and other receivables
and trade and other payables. The Group does not currently have any projects in production and as such the
main purpose of these financial instruments is to provide liquidity to finance the Group’s exploration and
development activities. It is, and has been throughout the financial year, the Group’s policy that no trading in
speculative financial instruments shall be undertaken. The main risks arising from the Group’s use of financial
instruments are liquidity risk, counterparty or credit risk, interest rate risk and foreign currency risk. During
the year the Group has had some transactional currency exposures, principally to the US dollar, the Western
African Franc, and the Euro. The Group has not entered into forward currency contracts to hedge these
exposures due to the short time frame associated with the currency exposure and the relatively modest
overall exposure at any one point in time. Primary responsibility for identification and control of financial risk
rests with the board of directors. However, the day-to-day management of these risks is under the control of
the Managing Directors and Chief Financial Officer. The Board agrees the strategy for managing future cash
flow requirements and projections.
The Group holds the following financial instruments all of which are carried at amortised cost.
Financial Assets
Cash and cash equivalents
Trade and other receivables
Financial Liabilities
Trade and other payables
2021
$
8,091,915
43,957
8,135,872
536,807
536,807
2020
$
1,278,609
80,819
1,359,428
513,996
513,996
Foreign exchange risk
(i)
The Group is exposed to currency risks on expenditure and cash holdings that are denominated in a
currency other than the Company’s functional and presentation currency of Australian dollars. The
currencies in which transactions primarily are denominated are Australian dollars (AUD), United States
dollar (USD), and the West African Franc (CFA).
The following table sets out the Group’s exposure to the respective currencies at the reporting date.
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Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
4. Financial risk management (continued)
a)
(i)
Market risk (continued)
Foreign exchange risk (continued)
30 June 2021
AUD
Denominated
Balances
USD
Denominated
Balances
CFA
Denominated
Balances
TOTAL
30 June 2021
Cash and cash equivalents
7,078,419
685,301
328,195
Trade and other receivables
32,929
-
11,028
Total assets
7,111,348
685,301
339,223
Trade and other payables
(204,121)
(25,446}
(307,240)
Net exposure
6,907,227
659,855
31,983
8,091,915
43,957
8,135,872
(536,807)
7,599,065
AUD
Denominated
Balances
USD
Denominated
Balances
CFA
Denominated
Balances
TOTAL
30 June 2020
30 June 2020
Cash and cash equivalents
Trade and other receivables
Total assets
Trade and other payables
851,306
21,969
873,275
(175,348)
168,723
258,580
-
58,850
1,278,609
80,819
168,723
317,430
1,359,428
(27,819)
(310,829)
(513,996)
845,432
Net exposure
697,927
140,904
6,601
The following table details the Group’s sensitivity to a 10% increase and decrease in the Australian dollar
against the relevant foreign currencies. 10% is the sensitivity rate used when reporting foreign currency risk
internally to key management personnel and represents management’s assessment of the reasonably
possible change in foreign exchange rates. A negative number in the table represents a decrease in the
operating profit before tax and reduction in equity where the Australian dollar strengthens against the
relevant currency. For a 10% strengthening of the Australian dollar against the relevant currency, there
would be a comparable impact on the loss or equity, and the balances below would be positive.
Profit / (loss) before tax and equity – AUD/USD +10%
Profit / (loss) before tax and equity – AUD/USD -10%
Profit / (loss) before tax and equity – AUD/CFA +10%
Profit / (loss) before tax and equity – AUD/CFA -10%
2021
$
65,986
(65,986)
3,198
(3,198)
2020
$
14,090
(14,090)
660
(660)
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FINANCIAL STATEMENTS
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
4. Financial risk management (continued)
Interest rate risk
a) Market risk (continued)
(ii)
The Group’s exposure to interest rate risk arises predominantly from cash and cash equivalents bearing
variable interest rates, as the Group intends to hold any fixed rate financial assets to maturity. At the end of
the reporting period the Group maintained the following variable rate accounts:
30 June 2021
30 June 2020
Weighted average
interest rate
%
Balance
$
Weighted
average interest
rate
%
Balance
$
Cash and cash
equivalents
0.05%
8,091,915
0.05%
1,278,609
At the end of the reporting period, if the interest rates had changed, as illustrated in the table below, with all
other variables remaining constant, after-tax profit and equity would have been affected as follows:
+0.1% (10bp)/ (2020:
+0.1%)
-0.1% (10bp)/ (2020: -
0.1%)
After-tax loss higher / (lower)
2020
$
2021
$
Equity higher / (lower)
2020
2021
$
$
8,092
1,279
8,092
1,279
(8,092)
(1,279)
(8,092)
(1,279)
Credit risk
a)
b)
Credit risk primarily arises from cash and cash equivalents and term deposits deposited with banks and
receivables. Cash and cash equivalents and term deposits are primarily placed with National Australia Bank
Limited. The Company has no past due or impaired financial assets in the period covered by these financial
statements. The carrying value of financial assets represents the maximum exposure to credit risk.
Liquidity risk
c)
Prudent liquidity risk management implies maintaining sufficient cash and cash equivalents in order to meet
the Group’s forecast requirements. The Group manages liquidity risk by continuously monitoring forecast
and actual cash flows and matching the maturity profiles of financial assets and liabilities. Surplus funds are
generally only invested in bank deposits. At reporting date, the Group did not have access to any undrawn
borrowing facilities.
Maturity of financial liabilities
The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the
remaining period at the reporting date to the contractual maturity date.
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CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
4. Financial risk management (continued)
c) Liquidity risk (continued)
30 June 2021
Less than 3
months
$
4 to less than
7 months
$
Total
contractual
cash flows
$
Carrying amount
$
Trade and other payables
536,807
-
536,807
536,807
30 June 2020
Less than 3
months
$
4 to less than
7 months
$
Total
contractual
cash flows
$
Carrying amount
$
Trade and other payables
499,991
14,005
513,996
513,996
Fair value estimation
d)
d)
Financial assets at fair value through profit or loss are carried at their fair value as determined by reference
to quoted bid prices in an active, liquid market (Level 1). The carrying amount of other financial assets (net
of any provision for impairment) and financial liabilities as disclosed above is assumed to approximate their
fair values primarily due to their short maturities. Estimates and judgements are continually evaluated and
are based on historical experience and other factors, including expectations of future events that may have a
financial impact on the entity and that are believed to be reasonable under the circumstances.
5.
4.
Critical accounting estimates and judgements
When preparing the financial statements, management undertakes a number of judgements, estimates and
assumptions about recognition and measurement of assets, liabilities, income, and expenses. The actual
results may differ from the judgements, estimates and assumptions made by management, and will seldom
equal the estimated results. Information about significant judgements, estimates and assumptions that have
the most significant effect on recognition and measurement of assets, liabilities, income, and expense is
provided below.
Exploration and evaluation expenditure
As at 30 June 2021 the Group had capitalised exploration and evaluation expenditure of $12,136,596 in
relation to the Senegal Projects. The ultimate recoupment of capitalised exploration and development
expenditure is dependent on the successful development and commercial exploitation, or alternatively sale,
of the respective areas of interest. The Company’s continued development of its mineral property interests is
dependent upon the determination of economically recoverable reserves, the ability of the Company to
obtain the financing necessary to maintain operations, successfully complete its exploration and
development programs and the attainment of future profitable production. The recognition of this
expenditure as an asset requires management to make certain estimates and assumptions as to future
events and circumstances. These estimates and assumptions may change as new information becomes
available. If after having capitalised expenditure under the accounting policy a judgement is made that
recovery of the expenditure is unlikely; the relevant capitalised amount will be expensed in the statement of
comprehensive income.
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85
FINANCIAL STATEMENTS
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
5. Critical accounting estimates and judgements (continued)
Share based payments
The Group measures the cost of equity settled transactions by reference to the fair value of the equity
instruments at the date at which they are granted. Fair value is calculated using a Black Scholes valuation
model, taking into account the terms and conditions upon which the options were granted. The
assumptions used in these valuation models is set out in note 16.
Deferred tax assets
No members of the Group have generated taxable income in the financial year and as such the Group
continues to carry forward tax losses that give rise to deferred tax assets. Given that the Group’s projects
remain in early exploration stages, it is unlikely that the Group will generate taxable income in the
foreseeable future in the absence of asset sales.
Taking account of the above, the deferred tax assets have not been recognised in the financial statements as
management does not believe that the members of the Group satisfy the criteria set out in AASB 112.
6. Segment information
The Group has identified its operating segments based on the internal reports that were reviewed and used
by the Managing Director or the Chief Executive Officer (Chief Operating Decision Maker) in assessing
performance and determining the allocation of resources during the year.
The Group is managed primarily on a geographic basis, that is, the location of the respective areas of
interest. Operating segments are therefore determined on the same basis.
Accounting policy
The Chief Operating Decision Maker assesses the performance of the operating segments based on a
measure of gross expenditure that includes both expenditure that is capitalised in these financial
statements and expenditure that is expensed in the income statement in these financial statements. The
measurement of gross expenditure does not include the impairment of exploration expenditure or non-
cash items such as depreciation expense and share based payments expense. Interest revenue is allocated
to the corporate segment. Other items of revenue are not allocated to segments.
All operating segments are in the exploration and development phase and did not generate any revenue in
the current or prior year.
Assets, liabilities, and cash flows are not allocated to segments in the internal reports that are prepared for
the Chief Operating Decision Maker.
86
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CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
6. Segment information (continued)
Activity by segment
Senegal Projects
The Senegal Projects, which during the financial year consisted of two exploration projects, are located
adjacent and to the west of the Senegal Mali Shear Zone in the Kédougou Inlier with a total area of
404kms2. The projects are: Diamba Sud and Diamba Nord.
Corporate
Expenditure incurred that is not directly allocated to other segments is reported as corporate costs in the
internal reports prepared for the chief operating decision maker.
The following tables present revenue and profit information for the Group’s operating segments for the
year ended 30 June 2021 and 2020, respectively.
(i)
Segment performance
Year 30 June 2021
Total segment revenue
Segment expenditure
Segment result
Diamba
Sud
Diamba
Nord
Corporate
Total
$
-
(5,488,641)
(5,488,641)
$
$
17,566
-
(51,337)
(1,517,823)
(51,337) (1,500,257)
$
17,566
(7,057,801)
(7,040,235)
Reconciliation of segment result to Group loss before tax
• Capitalised expenditure
• Depreciation expense
• Share based payments expense
• Other expenses
Net loss before tax
Year 30 June 2020
Total segment revenue
Segment expenditure
Segment result
Diamba
Sud
$
-
(2,586,297)
(2,586,297)
Reconciliation of segment result to Group loss before tax
• Capitalised expenditure
• Depreciation expense
• Share based payments expense
• Other expenses
Net loss before tax
5,539,977
(116,986)
(1,008,931)
(119,646)
(2,745,821)
Corporate
Total
Diamba
Nord
$
$
13,402
-
(30,496)
(1,019,326)
(30,496) (1,005,924)
$
13,402
(3,636,119)
(3,622,717)
2,616,793
(71,116)
(32,192)
(26,451)
(1,135,683)
87 | P a g e
87
FINANCIAL STATEMENTS
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
6. Segment information (continued)
(i)
Segment assets
The following table shows assets by geographical segment.
30 June 2021
Segment assets
30 June 2020
Segment assets
7. Revenue and other income
Interest income
Government grants
Accounting policy
Senegal
$
Australia
$
Total
$
12,961,155
7,891,945
20,853,100
7,092,527
1,110,464
8,202,991
2021
$
1,360
16,206
17,566
2020
$
1,060
12,342
13,402
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.
Government grants
Government grant revenue is recognised at fair value when there is reasonable assurance that the grant will be
received.
8.
Expenses
2021
$
2020
$
The group has identified a number of items which are material due to the significance of their nature and/or
amount. These are listed separately here to provide a better understanding of the financial performance of the
group.
Short-term lease payments
Superannuation contributions
24,878
15,296
45,539
8,430
Payments associated with short-term leases of property are recognised on a straight-line basis as an expense in
the Income Statement. Short term leases are leases with a lease term of 12 months or less. Lease payments for
short-term leases amounting to $24,878 (2020: $45,539) are recognised as expenses in the Income Statement.
All short-term leases are cancellable by the Company by providing 2 months or less notice to the lessor.
88 | P a g e
88
CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
9.
Remuneration of auditors
2021
$
2020
$
During the year the following fees were paid or payable for services provided by the auditor of the parent
entity and its related practices:
63,242
63,242
52,000
52,000
(i) Audit and assurance services
Audit and review of financial reports
Total auditors’ remuneration
10.
Income tax
(a) Income tax benefit
Current and deferred tax
(b) Deferred income tax/(revenue)
Deferred income tax/(revenue) included in tax expense comprises:
(Increase)/decrease in deferred tax assets
Increase/(decrease) in deferred tax liabilities
-
-
-
(-)
-
(c) Reconciliation of income tax expense to prima facie
income tax
Loss before income tax from continuing operations
Tax at the Australian tax rate of 26% (2020: 27.5%)
(2,745,821)
(713,914)
Tax effect of amounts which are not deductible/(taxable) in calculating taxable income:
Different tax rates in other jurisdictions
Effect of change in tax rates
Non-assessable income
Non-deductible expenses
Deductible capital raising costs
Deferred tax assets not recognised / (recognised)
Income tax benefit
(d) Deferred tax assets / liabilities comprise
Accruals
Provisions
Prepayments
Tax losses available for offset against future taxable
income
Net deferred tax assets
Deferred tax assets not recognised
(5,829)
185,141
(4,214)
262,322
(74,076)
(350,570)
350,570
-
88,192
6,786
(25,384)
3,762,944
3,832,538
(3,832,538)
-
-
-
6,466
(6,466)
-
(1,135,683)
(312,313)
(1,644)
151,306
(13,843)
(176,494)
176,494
-
52,054
-
(14,263)
3,444,177
3,481,968
(3,481,968)
-
89 | P a g e
89
FINANCIAL STATEMENTS
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
10. Income tax (continued)
(e) Unrecognised deferred tax assets
Deferred tax assets have not been recognised in respect of the following items:
Temporary differences and tax losses at 26% (2020: 27.5%)
3,832,538
3,481,968
2021
$
2020
$
Tax losses do not expire under current tax legislation. Deferred tax assets have not been recognised in
respect of these items because it is not probable that future taxable profit will be available against which
the Group can utilise the benefits from the deferred tax assets. The benefit of the tax losses will only be
available if the Company, or a tax consolidated group of which it is a member, derives future assessable
income of a nature and of an amount sufficient to enable the benefit from the tax losses to be realised, has
complied, and continues to comply with conditions for deductibility imposed by current tax legislation and
there are no adverse changes to such legislation. The conditions for deductibility of the carried forward tax
losses (continuity of ownership test and continuity of business test) will need to be considered in light of
any changes that may occur in both the ownership of the Company and the nature of the Company’s
business activities.
Accounting policy
The income tax expense or revenue for the period is the tax payable on the current period’s taxable income
based on the national income tax rate adjusted by changes in deferred tax assets and liabilities attributable
to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at
the end of the reporting period in the countries where the Company’s subsidiaries and associates operate
and generate taxable income, Management periodically evaluates positions taken in tax returns with
respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions
where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial
statements. However, deferred tax liabilities are not recognised if they arise from initial recognition of an
asset or liability in a transaction other than a business combination that at the time of the transaction
affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply
when the related deferred income tax asset is realised or the deferred income tax liability is settled.
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.
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying
amounts and tax bases of investments in controlled entities where the parent entity is able to control the
timing of the reversal of the temporary differences and it is probable that the differences will not reverse in
the foreseeable future.
90
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CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
10.
Income tax (continued)
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax
assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends
either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in
other comprehensive income or directly in equity, respectively.
11.
Trade and other receivables
Current
Other receivables
2021
$
2020
$
43,957
80,819
Other receivables represent the Company’s GST receivable, and the prior year also includes deposits paid
in advance of drilling.
Accounting Policy
Trade and other receivables are recognised initially at fair value and subsequently at the amount
considered recoverable. Trade and other receivables are generally due for settlement within 30 days except
for advance payments made on drilling contracts. They are presented as current assets unless collection is
not expected for more than 12 months after the reporting date.
Collectability of trade receivables is assessed for expected credit losses on an ongoing basis. Debts which
are known to be uncollectable are written off by reducing the carrying amount directly.
12.
Property, plant, and equipment
Field
Equipment
Motor
Vehicles
Office
Equipment
Total
Carrying amount at 1 July 2019
44,096
112,549
20,395
177,040
Additions
Depreciation
Carrying amount at 30 June 2020
Additions
Depreciation
Carrying amount at 30 June 2021
-
(12,751)
31,345
207,247
(27,985)
210,607
55,304
(39,874)
127,979
124,751
(57,855)
194,875
33,848
(18,491)
35,752
89,152
(71,116)
195,076
72,913
(31,146)
77,519
404,911
(116,986)
483,001
Accounting Policy
Property, plant, and equipment is stated at historical cost less depreciation. Historical cost includes
expenditure that is directly attributable to the acquisition of the items.
91 | P a g e
91
FINANCIAL STATEMENTS
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
12. Property, plant, and equipment (continued)
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to the
Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to
the income statement during the financial period in which they are incurred.
Depreciation of assets is calculated on the straight-line method to allocate their cost, net of their residual
values, over their estimated useful lives. The depreciation rates used for each class of depreciable asset are:
Classification
Field equipment
Motor vehicles
Office equipment
Useful lives
3 – 5 years
5 years
3 years
Depreciation Basis
Straight Line
Straight Line
Straight Line
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet
date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying
amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are
included in profit or loss.
13.
Exploration and evaluation expenditure
2021
$
2020
$
At cost
12,136,596
6,596,618
Movements in exploration and evaluation expenditure during the year is summarized as follows:
Carrying amount at beginning of period
Exploration expenditure during the period
Carrying amount at end of period
6,596,618
5,539,978
12,136,596
3,979,825
2,616,793
6,596,618
The ultimate recoupment of capitalised exploration and development expenditure is dependent on the
successful development and commercial exploitation, or alternatively sale, of the respective areas of interest.
The Company’s continued development of its mineral property interests is dependent upon the
determination of economically recoverable reserves, the ability of the Company to obtain the financing
necessary to maintain operations, successfully complete its exploration and development programs and the
attainment of future profitable production.
92
92 | P a g e
CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
13.
Exploration and evaluation expenditure
Accounting Policy
Exploration and evaluation costs, including the costs of acquiring licences, are capitalised as exploration
and evaluation assets on an area of interest basis. Costs incurred before the consolidated entity has
obtained the legal rights to explore an area are recognised in profit or loss.
Exploration and evaluation assets are only recognised if the rights to the area of interest are current and
either:
•
the expenditures are expected to be recouped through successful development and exploitation of
the area of interest or by its sale; or
• activities in the area of interest have not at the reporting date 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.
Exploration and evaluation assets are assessed for impairment if sufficient data exists to determine
technical feasibility and commercial viability and facts and circumstances suggest that the carrying amount
exceeds the recoverable amount. For the purposes of impairment testing, exploration and evaluation assets
are allocated to cash-generating units to which the exploration activity relates. The cash generating unit
shall not be larger than the area of interest. Once the technical feasibility and commercial viability of an
area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are
first tested for impairment and then reclassified from exploration and evaluation expenditure to property
and development assets within property, plant, and equipment.
Restoration costs that are expected to be incurred are provided for as part of the cost of the exploration
and evaluation phases that give rise to the need for restoration. Accordingly, these costs will be recognised
gradually over the life of the project as the phases occur.
14.
Trade and other payables
Trade payables
Accruals
Total trade and other payables
2021
$
197,608
339,199
536,807
2020
$
311,326
202,670
513,996
Accounting Policy
Trade and other payables represent liabilities for goods and services provided to the Group prior to the
end of the financial year which are unpaid. The amounts are unsecured, non-interest bearing and are
usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities
unless payment is not due within 12 months from the reporting date. They are recognised initially at their
fair value and subsequently measure at amortised cost using the effective interest method.
93 | P a g e
93
FINANCIAL STATEMENTS
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
15.
Issued capital
2021
$
2020
$
Ordinary shares – fully paid
28,222,867
14,244,737
2.1
Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the
Company in proportion to the number of and amounts paid on the shares held. On a show of hands every
holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and upon a
poll each share is entitled to one vote.
(a) Movements in ordinary shares
30 June 2021
Opening Balance 30 June 2020
Private Placement – July 2020 (Tranche 1)
Private Placement – July 2020 (Tranche 2)
Private Placement – December 2020
Director subscription – December 2020
Shares issued on the exercise of $0.08 options expiring 16 July
2021
Shares issued on the exercise of $0.10 options expiring 31
December 2020
Funds received on exercise of $0.08 options expiring 16 July
2021 for which shares were issued after the year end ^
Share issue costs
Closing Balance 30 June 2021
No.
327,356,271
2.2
29,339,068
45,660,932 2.3
37,921,238 2.4
174,000
9,337,500
2,713,116
2.5
2.6
-
452,502,125
$
14,244,737
2,347,125
3,652,875
7,963,460
36,540
747,000
271,312
150,520
(1,190,702)
28,222,867
^Funds were received prior to 30 June 2021 for 1,881,500 options with an exercise price of $0.08 per share. The shares
were issued on 2 July 2021.
Opening Balance 30 June 2019
Private Placement – September 2019
Director subscription – December 2019
Private Placement – April 2020
Shares issued on the exercise of $0.06 options expiring 31
December 2019
Shares issued as consideration for services received
Share issue costs
Closing Balance 30 June 2020
30 June 2020
No.
248,780,181
2.7
31,507,295
583,333 2.8
42,000,000 2.9
2,595,024
1,890,438
-
327,356,271
$
10,636,305
1,890,438
35,000
1,680,000
155,701
113,427
(266,134)
14,244,737
2.10
(b) Capital management
2.11
2.12 When managing capital, management’s objective is to ensure the entity continues as a going concern
and to maintain a structure that ensures the lowest cost of capital available and to ensure adequate
capital is available to meet the Group’s forecast expenditure commitments. In order to maintain or adjust
the capital structure, the Group may seek to issue new shares. Total capital is calculated as ‘equity’ as
shown in the statement of financial position.
94
94 | P a g e
CHESSER RESOURCESANNUAL REPORT 2021
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95
FINANCIAL STATEMENTS
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
16.
Reserves
Share based payments reserve
Movements:
Share based payments reserve
Balance at 1 July 2020
Options issued
Balance at 30 June 2021
Nature and purpose of reserves
2021
$
2020
$
3,467,062
3,467,062
2,098,173
2,098,173
2,098,173
1,368,889
3,467,062
2,053,981
44,192
2,098,173
Share based payments reserve
The Share based payment reserve is used to record the fair value of share-based payments made by the
Company.
Accounting Policy
Share-based compensation benefits are provided to directors and key management personnel and to
external service provides as consideration services provided.
The fair value at grant date is determined using an option pricing model that takes into account the
exercise price, the term of the option, 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.
The fair value of options granted as remuneration is recognised as share-based payments expense with a
corresponding increase in equity. The total amount to be expensed is determined by reference to the fair
value of the options granted, which includes any market performance conditions but excludes the impact of
any service and non-market performance vesting conditions and the impact of any non-vesting conditions.
Non-market vesting conditions are included in assumptions about the number of options that are expected
to vest. The total expense is recognised over the vesting period, which is the period over which all of the
specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of
the number of options that are expected to vest based on the non-marketing vesting conditions. It
recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding
adjustment to equity.
The following share-based payment transactions were recognised during the year:
96
96 | P a g e
CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
16.
Reserves (continued)
30 June
2021
$
30 June
2020
$
Options issued as remuneration to Directors, employees, and
consultants (ii), (iii) and (v)
Options issued to third-party vendors (i)
Salary Sacrifice Rights issued (iv)
975,559
289,397
103,933
Share-based payments expense for the financial year
1,368,889
25,177
19,015
-
44,192
(i) On each of 9 November 2019 and 1 September 2020, the Company issued 2,000,000 options to
brokers in consideration for services provided to the Company in relation to capital raisings
undertaken by the Company.
The value of the services received has been estimated by reference to the fair value of the options
granted as the fair value of the services received cannot be reliably estimated. The fair value of the
options at grant date has been determined using the Black Scholes valuation model, considering the
terms and conditions upon which the options were granted. The following assumptions were used:
Grant date
Expiry date
Exercise price
Expected volatility
Risk-free interest rate
Expected life of share options
(days)
Grant date share price
Fair value per option
9 November 2019
30 November 2021
$0.12
52%
0.80%
1 September 2020
30 November 2023
$0.08
90%
0.27%
713
$0.06
$0.006
1,185
$0.19
$0.14
(ii) On 30 November 2020, shareholders approved the issue of 2,900,000 unlisted zero exercise price
options to Non-Executive Directors under the Employee Incentive Plan with an expiry date of 7
December 2025 subject to the following vesting conditions:
• 966,668 of the incentive options to be issued shall be exercisable at zero price each on or
before 7 December 2025, vesting on 8 December 2021
• 966,668 of the incentive options to be issued shall be exercisable at zero price each on or
before 7 December 2025, vesting on 8 December 2022.
• 966,664 of the incentive options to be issued shall be exercisable at zero price each on or
before 7 December 2025, vesting on 8 December 2023.
The fair value of the options at grant date has been estimated using the Black Scholes valuation
model, considering the terms and conditions upon which the options were granted. The following
assumptions were used:
97 | P a g e
97
FINANCIAL STATEMENTS
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
16.
Reserves (continued)
Exercise price
Expected volatility
Risk-free interest rate
Expected life of share options
(days)
Grant date share price
Fair value per option
$0.00
96%
0.30%
1,833
$0.21
$0.21
(iii)
On 1 November 2020, the Company approved the grant of 600,000 unlisted options, in three
tranches of 200,000 options, to key management personnel under the Employee Incentive Plan
with an expiry date of 19 August 2024. The options were issued on 21 January 2021.
The fair value of the options at grant date has been estimated using the Black Scholes valuation
model, considering the terms and conditions upon which the options were granted. The
following assumptions were used:
Exercise price
Expected volatility
Risk-free interest rate
Expected life of share options
(days)
Grant date share price
Fair value per option
Vesting date
Tranche A
$0.24
96%
0.13%
Tranche B
$0.35
96%
0.13%
Tranche C
$0.45
96%
0.13%
1,387
1,387
1,387
$0.23
$0.15
19 August 2021
$0.23
$0.13
19 August 2022
$0.23
$0.12
19 August 2023
(iv)
On 8 December 2020, the Company issued 1,026,685 unlisted Salary Sacrifice Rights to directors
and key management personnel in lieu of foregone cash remuneration during the June 2020 and
September 2020 quarters totaling $103,934. The Salary Sacrifice Rights were issued under the
Employee Incentive Plan with an exercise price of $Nil and an expiry date of 7 December 2025.
The number of rights issued was based on the volume weighted average price during the June
2020 and September 2020 quarters.
June 2020 quarter
September 2020 quarter
Volume weighted
average price
$0.085
$0.213
No. of Salary
Sacrifice Rights
895,185
131,500
1,026,685
Fair value
$75,958
$27,976
$103,934
98
98 | P a g e
CHESSER RESOURCESANNUAL REPORT 2021
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99
FINANCIAL STATEMENTS
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
17.
Loss per share
The following reflects the operating loss after tax and number of shares used in the calculation of the
basic and diluted earnings/(loss) per share.
Loss per share (cents per share)
Diluted loss per share (cents per share)
2021
$
(0.65)
(0.65)
2020
$
(0.40)
(0.40)
Loss attributable to Owners of Chesser Resources Limited
(2,745,821)
(1,135,683)
Weighted average number of ordinary shares used in the
calculation of basic and diluted loss per share
Shares
Shares
421,187,273
285,689,798
Options and other potential equity securities on issue at the end of the period have not been included
in the determination of diluted earnings per share as the Group has incurred a loss for the period and
they are therefore not dilutive in nature.
Accounting policy
Basic earnings per share is calculated as net profit attributable to members of the parent, adjusted to
exclude any costs of servicing equity (other than dividends), dividend by the weighted average number
of ordinary shares, adjusted for any bonus element. The diluted earnings per share is calculated as net
profit or loss attributable to members of the parent dividend by the weighted average number of
ordinary shares and dilutive potential ordinary shares, adjusted for any bonus element. The weighted
average number of shares was based on the consolidated weighted average number of shares in the
reporting period. The net profit or loss attributable to members of the parent is adjusted for:
• Costs of servicing equity (other than dividends) and preference share dividends;
• The after-tax effect if dividends and interest associated with dilutive potential ordinary shares that
have been recognised as expenses; and
• Other non-discretionary changes in revenue or expenses during the period that would result from
the dilution of potential ordinary shares.
100
100 | P a g e
CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
18. Parent entity disclosures
The financial information for the parent entity Chesser Resources Limited has been prepared on the same
basis as the consolidated financial statements except as set out below.
Investments in subsidiaries, associates, and joint venture entities
Investments in subsidiaries, associates and joint venture entities are accounted for at cost in the financial
statements of the Company.
As at and throughout the financial year ending 30 June 2021 and 30 June 2020 the parent entity of the
Group was Chesser Resources Limited.
Summary financial information
a)
The individual financial statements for the parent entity show the following aggregations.
Results
(Loss) for the year
Total comprehensive loss for the year
Financial Position
Current assets
Non-current assets
Current liabilities
Net Assets
Contributed equity
Share-based payments reserve
Accumulated losses
2021
$
(2,584,744)
(2,584,744)
7,863,347
12,657,725
20,521,072
2020
$
(1,068,217)
(1,068,217)
1,079,261
6,640,809
7,720,070
241,892
203,165
20,279,180
7,516,905
28,222,867
3,467,062
(11,410,749)
20,279,180
14,244,737
2,098,173
(8,826,005)
7,516,905
b) Guarantees entered into by the parent entity
Chesser Resources Limited has not entered into any guarantees in the current or previous financial year, in
relation to the debt of its subsidiaries
Contingent liabilities of the parent entity
c)
The parent entity did not have any contingent liabilities as at 30 June 2021 or 30 June 2020.
Contractual commitments for capital expenditure
d)
The parent entity did not have any contractual commitments for capital expenditure as at 30 June 2021
(2020: $nil).
101 | P a g e
101
FINANCIAL STATEMENTS
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
19.
Subsidiaries
The consolidated financial statements incorporate the assets, liabilities, and results of the following
subsidiaries in accordance with the accounting policy described in note 3(c).
Name of entity
Country of
incorporation
Class of
shares
Equity holding
Boya Gold Pty Ltd
Boya Minerals Pty Ltd
Boya Senegal SAU
Erin Mineral Resources Pty Ltd
Erin Minerals Pty Ltd
Erin Senegal SAU
Chesser Senegal SAU
Bondou SAU@
Australia
Australia
Senegal
Australia
Australia
Senegal
Senegal
Senegal
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
2021
%
100
100
100
100
100
100
100
100
2020
%
100
100
100
100
100
100
100
100
Related parties
20.
Balances and transactions between the Company and its subsidiaries, which are related parties of the
Company, have been eliminated on consolidation and are not disclosed in this note.
• During the year, the Company paid KCG Advisors Pty Ltd, a company related to Mr Stephen Kelly
who was a member of Key Management Personnel of the Company during the reporting period, a
total of $12,000 (2020: $9,000) for the provision of services including office rental for the Company’s
registered office, internet and communications services and software subscriptions. As at 30 June
2021 an amount of $6000 was owing to KCG Advisors Pty Ltd for these services (2020: $3,000).
There were no other transactions between the Group and other related parties in the current or prior
financial year.
21. Cash flow information
a) Cash and cash equivalents
Cash at bank and on hand
b) Reconciliation of cashflows from operating activities
Loss before tax
Depreciation and amortisation
Annual leave provision
Foreign exchange losses
Share based payments expense
102
2021
$
2020
$
8,091,915
1,278,609
(2,745,821)
(1,135,683)
116,986
12,326
19,133
1,008,931
71,116
-
26,451
32,192
102 | P a g e
CHESSER RESOURCESANNUAL REPORT 2021
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
21. Cash flow information (continued)
Change in operating assets and liabilities (net of disposals):
(Increase)/decrease in trade or other receivables
(Increase)/decrease in prepayments
Increase/(decrease) in trade and other payables
Net cash outflow from operating activities
c) Non-cash investing and financing activities
Issue of shares in settlement of capital raising costs
Issue of options in settlement of capital raising costs
2021
$
36,863
(45,762)
(8,395)
(1,605,739)
2020
$
34,403
(23,770)
47,091
(948,200)
-
284,000
113,426
12,000
Accounting policy
Cash and cash equivalents comprise cash at bank and on hand, demand deposits, and short-term,
highly liquid investments that are readily convertible to known amount of cash and which are subject to
an insignificant risk of changes in value. These also include bank overdrafts that form an integral part of
the Group’s cash management.
22. Commitments and contingent liabilities
(a)
Commitments
Commitments for minimum exploration expenditure required to retain tenure on the Group’s exploration
tenements are:
Within one year
Later than one year but less than five years
(b) Contingent liabilities
2021
$
-
5,191,707
5,191,707
2020
$
-
1,160,597
1,160,597
Pursuant to the terms of the agreement for the acquisition of the Senegal exploration tenements, the
Group issued the following performance shares on 12 July 2017:
• 23,809,524 Class A performance shares that expired on 12 July 2020 without vesting.
• 23,809,524 Class B performance shares that expired on 12 July 2021 without vesting.
103 | P a g e
103
FINANCIAL STATEMENTS
Chesser Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
23.
Events occurring after the reporting period
Except as noted below, no matter or circumstance has arisen since the end of the year that has
significantly affected, or may significantly affect the Group’s operations, the result of those operations or
the Group’s state of affairs:
•
In the period from 1 July 2021 to the date of this report, the Company has received $879,520 cash
proceeds from the exercise of 10,994,000 options, $150,520 in application monies was received prior
to 30 June 2021.
• On 12 July 2021, 23,809,524 B Class Performance Shares expired without vesting.
• On 16 July 2021 668,500 options with an expiry date of 16 July 2021 expired without being exercised.
• On 27 August 2021 the Company was notified that the exploration licence for the Diamba Nord has
been renewed until 8 June 2024.
• On 29 September 2021 the Directors resolved to issue, subject to any required shareholder approvals,
6,635,668 options with an exercise price of $Nil expiring 30 June 2026 to Directors and Executives under
the Company’s Equity Incentive Plan. The options are subject to vesting conditions.
104
104 | P a g e
CHESSER RESOURCESANNUAL REPORT 2021
CHESSER RESOURCES LTD
DIRECTORS’ DECLARATION
In the directors’ opinion:
(a)
the attached financial statements and notes are in accordance with the Corporations Act 2001,
including:
(i)
(ii)
complying with Australian Accounting Standards and the Corporations Regulations
2001; and
giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its
performance, as represented by the results of its operations and its cash flows, for the
year ended on that date.
(b)
(c)
(d)
the financial report also complies with International Reporting Standards as disclosed in note
3(a); 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 by the Chief Executive Officer and Chief
Financial Officer required by section 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of directors.
Andrew Grove
Managing Director
Perth 29 September 2021
105 | P a g e
105
FINANCIAL STATEMENTS
SHAREHOLDER
INFORMATION
106
CHESSER RESOURCESANNUAL REPORT 2021
SHAREHOLDER INFORMATION
In accordance with ASX Listing Rule 4.10, the Company provides the following information to shareholders
not elsewhere disclosed in the Annual Report.
The shareholder information set out below was applicable as at 31 August 2021.
A. CORPORATE GOVERNANCE STATEMENT
The Company has prepared a Corporate Governance Statement which sets out the corporate
governance practices that were in operation in the year ended 30 June 2021.
In accordance with ASX Listing Rule 4.10.3, the Corporate Governance Statement will be available for
review on the Company’s website www.chesserresources.com.au and is included at pages 40 to 51 of this
Annual Report.
B. DISTRIBUTION AND NUMBER OF HOLDERS OF EQUITY SECURITIES
The distribution and number of holders of equity securities on issue in the Company as at 31 August 2021,
and the number of holders holding less than a marketable parcel of the company’s ordinary shares based
on the closing market price as at 31 August 2021 is as follows:
Range
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
Total
Listed fully paid
ordinary shares
(ASX: CHZ)
Unlisted $0.12 options
expiring 30 November
2021
(ASX: CHZAQ)
Unlisted $0.08 options
expiring 30 November
2023
(ASX: CHZAQ)
112
255
201
669
418
1,655
-
-
-
-
1
1
-
-
-
-
1
1
There were 235 holders of less than a marketable parcel of shares as at 31 August 2021.
As at 31 August 2021, there were NIL equity securities which were subject to restrictions.
107
SHAREHOLDER INFORMATION
C. TWENTY LARGEST QUOTED EQUITY SECURITY HOLDERS
The Company has only one class of quoted equity securities, being fully paid ordinary shares (ASX: CHZ).
The names of the twenty largest holders of fully paid ordinary shares, the number of fully paid ordinary
shares and the percentage of fully paid ordinary shares on issue as at 31 August 2021 was as follows:
Name
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
ELLIOTT SERVICES PTY LTD
BNP PARIBAS NOMS PTY LTD
CITICORP NOMINEES PTY LIMITED
GP SECURITIES PTY LTD
BNP PARIBAS NOMINEES PTY LTD SIX SIS LTD
BNP PARIBAS NOMINEES PTY LTD
CPO SUPERANNUATION FUND PTY LTD
JARHAMCHE PTY LTD
CALAMA HOLDINGS PTY LTD
KALE CAPITAL CORPORATION LTD
AWJ FAMILY PTY LTD
MR MICHAEL ANDREW WHITING + MRS TRACEY ANNE WHITING
SOUTTAR SUPERANNUATION PTY LTD
BPM CAPITAL LIMITED
MASE GLOBAL INVESTMENTS LIMITED
JIMZBAL PTY LTD
TORRES INVESTMENTS PTY LTD
VELCORP INVESTMENTS PTY LTD
MR ANGUS WILLIAM JOHNSON + MRS LINDY JOHNSON
Total top twenty holders
Balance of register
Total register
Shares
34,149,163
20,819,789
19,990,903
18,933,338
15,115,523
12,168,485
10,757,996
8,634,452
8,034,000
7,366,667
6,695,700
6,296,940
5,027,114
4,981,177
4,875,000
4,510,819
4,300,001
4,100,000
4,070,045
3,636,667
% of
shares
7.37
4.49
4.31
4.08
3.26
2.63
2.32
1.86
1.73
1.59
1.44
1.36
1.08
1.07
1.05
0.97
0.93
0.88
0.88
0.78
204,463,779
259,032,346
44.11
55.89
463,496,125
100.00
D. HOLDERS OF MORE THAN TWENTY PERCENT OF EACH CLASS OF UNQUOTED
SECURITIES
Each unlisted option and performance shares entitles the holder to acquire one fully paid ordinary shares
subject to any vesting conditions being satisfied and in the case of options subject to the holder paying the
exercise price
108
CHESSER RESOURCESANNUAL REPORT 2021
The names of the holders of more than 20% of each class of options or performance shares, other than
under an Employee Incentive Scheme, is set out below:
Holder
Unlisted $0.12 options expiring 30
November 2021
Unlisted $0.08 options expiring 30
November 2023
Units
% of units
Units
% of units
2,000,000
100.00
2,000,000
100.00
Taycol Nominees
Pty Ltd
E. VOTING RIGHTS
At a general meeting of the Company, every holder of ordinary shares present in person or by proxy,
attorney or representative has one vote on a show of hands, and on a poll, one vote for each ordinary
share held.
Options and performance shares do not carry any voting rights.
F. SUBSTANTIAL SHAREHOLDERS
As at 31 August 2021, the names of the substantial shareholders of the Company and the number of
equity securities in which those substantial shareholders and their associates have a relevant interest, as
disclosed in substantial shareholding notices given to the Company were as follows:
Name
Robert Greenslade
Number held
24,812,748
% of issued capital
5.35%
G. ON-MARKEY BUY-BACK
The Company is not currently conduction an on-market buy-back.
H. ON-MARKEY BUY-BACK
The Company did not purchase securities on market during the reporting period.
109
SHAREHOLDER INFORMATION
CORPORATE
DIRECTORY
110
CHESSER RESOURCESANNUAL REPORT 2021
CORPORATE DIRECTORY
Board of Directors
Mr Mark Connelly
Non-Executive Chairman
Mr Robert Greenslade
Non-Executive Director
Mr Simon O’Loughlin
Non-Executive Director
Mr Simon Taylor
Non-Executive Director
Mr Andrew Grove
Managing Director
Company Secretary
Mr Stephen Kelly
Registered Office
Principal place of business
Level 14
167 Eagle Street
Brisbane QLD 4000
Unit 12, 295 Rokeby Road
Subiaco WA 6008
Phone number:
+ 61 7 3854 2387
Postal address
PO Box 5807
Brisbane QLD 4000
Website:
www.chesserresources.com.au
Share Registry
Computershare Investor Services Pty Ltd
Level 1, 200 Mary Street
Brisbane QLD 4000
Phone number:
1 300 552 270
Stock Exchange
Australian Securities Exchange
20 Bridge Street
Sydney, NSW 2000
ASX Code
CHZ
Auditors
Pitcher Partners
111
CORPORATE DIRECTORY
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Diamba Sud
P E R T H O F F I C E
U 12 , 2 9 5 R O K E BY R O A D
S U B I A C O
P E R T H WA 6 0 0 8
B R I S B A N E O F F I C E
S U I T E 3 , L E V E L 7
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C H E S S E R R E S O U R C E S . C O M . A U