Annual Report
Elevate Uranium Limited
ACN 001 666 600
Corporate Information
DIRECTORS
A Bantock (Independent Non-executive Chairman)
M Hill (Managing Director and CEO)
N Chen (Non-executive Director)
S Mann (Independent Non-executive Director)
AUDITOR
Rothsay Auditing
Level 1, Lincoln House
4 Ventnor Avenue
West Perth WA 6005
Tel: +61 8 9486 7094
COMPANY SECRETARY
S McBride
REGISTERED OFFICE
Office C1
1139 Hay Street
West Perth WA 6005
Tel: +61 8 6555 1816
BUSINESS OFFICE
Office C1
1139 Hay Street
West Perth WA 6005
Tel: +61 8 6555 1816
WEB SITE
www.elevateuranium.com.au
STOCK EXCHANGES
Australian Securities Exchange Limited – EL8
Namibia Stock Exchange – EL8
OTC - ELVUF
HOME EXCHANGE
Perth
SHARE REGISTRY
Advanced Share Registry Services
110 Stirling Highway
Nedlands WA 6009
Tel: +61 8 9389 8033
Fax: +61 8 9262 3723
ASX
EL8
Contents
Corporate Information
Chairman’s Letter
Review of Operations
Directors’ Report
Auditor’s Independence Declaration
Remuneration Report - Audited
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Consolidated Notes to the Financial Statements
Directors’ Declaration
Audit Report
Additional ASX Information
Schedule of Interests in Minerals Tenements
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4
5
17
21
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27
28
29
30
31
57
58
62
66
Chairman’s Letter
Fellow shareholders,
I am pleased to provide this first annual Chairman’s letter since our name change to Elevate Uranium Ltd.
With your support we changed the Company’s name during the year, to better reflect the continuing, exciting
development of its assets, operations and future potential. Rather than remaining anchored to the Marenica Uranium
Project, we chose to rename as Elevate Uranium, to reflect and embody the development of the business over recent
years, including:
Your company’s ongoing focus on exploration, discovery and development of valuable uranium resources in
Namibia and Australia;
The benefits of your company's patented U-pgradeTM uranium beneficiation process, which significantly
elevates the grade of surficial uranium ores and reduces their processing costs;
Your company's participation in elevating public awareness of uranium as a fuel of choice for safe, clean and
reliable baseload power; and
The capacity for uranium as a source of carbon free energy, to elevate living standards globally.
I am pleased to recap on the tangible evidence of Elevate Uranium’s significant progress in meeting these aspirations,
both during the year and subsequently:
In July 2020, the Hirabeb discovery was announced – with a maiden scout exploration program identifying a 36
km long palaeochannel system, including uranium mineralisation extending over 30 km;
In October 2020, success of the U-pgradeTM process in treating Angela uranium deposit ores was announced,
following a “proof of concept” lab-scale test work program. The tests showed U-pgradeTM significantly reduces
acid consumption and therefore processing costs of the ore;
In November 2020, update of the Angela Project Mineral Resource to JORC 2012 compliance was announced
– 30.8 Mlb of U3O8, at a high grade of 1,310 ppm U3O8, in the Inferred category;
In March 2021, the discovery of an extensive 19 km palaeochannel system on the Namib IV tenement was
announced;
In July 2021, the results of a successful airborne EM program in the Namib area were announced, delineating
palaeochannels totalling 347 km² in area and 280 km in length;
In August 2021, highly encouraging results of initial follow-up drilling in the Namib IV area were announced, with
uranium mineralisation confirmed over an extensive area.
Your board appreciates your support of our growth strategies and exploration initiatives, including your participation
in successive capital raisings. Elevate Uranium held $6.66 million of cash at year end. With this funding in hand, we
expect to see continued news flow over the year ahead, on a number of fronts, as we chase down the exciting suite
of opportunities across our portfolio.
We have recently welcomed Stephen Mann as a Non-Executive Director and Andy Wilde as Exploration Manager,
to the Elevate Uranium team. In a market which, reflecting undeniable demand/supply dynamics, appears to finally
be looking more favourably on the uranium sector, real industry experience is a relatively scarce and increasingly
valuable resource. Together Stephen and Andy add over 45 years of relevant corporate and geological knowledge,
elevating the collective uranium sector experience of your board and management to over 90 years.
In closing, my thanks again to Murray Hill for his continued strong and passionate leadership as your MD and CEO,
and to Shane McBride as CFO, as well as every other member of the team who are driving Elevate Uranium forward
to deliver on the ambitions of our new name.
We look forward to delivering further discoveries, developments, and shareholder value to come over the year ahead.
Yours faithfully
Andrew Bantock
Chairman
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2021 Annual Report
Review of Operations
OVERVIEW
The Company continued to add value to its extensive portfolio of uranium exploration and development assets over
the course of the year, making new discoveries and applying its proprietary intellectual property.
In Namibia, the Company’s flagship projects are Koppies, Hirabeb, Namib IV and Marenica, which are included in 11
active tenements covering 3,089 square kilometres, containing 61 Mlb of JORC 2004 compliant U3O8 resources.
During the year, exploration activities added to the portfolio, discovering extensive mineralised paleochannel systems
at both Hirabeb and Namib IV, with follow up drilling now scheduled.
In Australia, the Company’s assets include the 100% owned Angela, Thatcher Soak, Oobagooma and Minerva
project areas, as well as joint venture holdings in the Bigrlyi, Malawiri, and Walbiri and Areva joint ventures. The
Company’s share of JORC resources across these Australian assets total 48.4 Mlb U3O8, including 30.8 Mlb U3O8 at
the Angela deposit.
The Company developed and owns the U-pgradeTM beneficiation process, which is potentially an industry leading
and economically transformational beneficiation process for upgrading surficial uranium ores. During the year, the
Company completed a successful proof of concept testwork program using the U-pgrade™ process on an ore
sample from the Angela project, which indicated a reduction in leach acid consumption in the processing of Angela
ore from 104 kg/t without the benefit of U-pgradeTM, to 24 kg/t with U-pgrade™ (i.e. a difference of 80 kg/t), thereby
indicating a substantial reduction in operating costs.
An important element of these tests, aside from their obvious success, is that the Angela deposit is sandstone hosted,
rather than the calcrete hosted mineralisation on which U-pgrade™ was initially developed. These results highlight
the broader application of U-pgradeTM to ore types outside of the primary application of calcrete hosted ore sources.
The Company will continue to test the boundaries of the U-pgrade™ process in the future.
NAMIBIAN URANIUM PROJECTS
The Erongo region of Namibia contains the fourth highest aggregate of uranium mineral resources of any region in
the world and has a long history of uranium discovery and production. The region’s world scale Rossing Uranium
Mine commenced operation in 1976 and has been operating continuously for 45 years.
Elevate Uranium has three uranium project areas in the Erongo Region:
Namib Area,
Marenica Area, and
Mile 72 Area.
Elevate Uranium holds eleven active tenements in the Erongo Region of Namibia covering 3,089 km², with a further
two tenements under application (Figure 1).
The Company targets uranium mineralisation contained within historical river systems, called palaeochannels, in
which calcrete hosted uranium mineralisation is likely to occur. This is the same style of mineralisation used to
develop the Company’s U-pgradeTM uranium beneficiation process.
The palaeochannel deposits are referred to as surficial deposits due to their close proximity to the surface, as they
generally occur no deeper than 30 metres. The style of uranium mineralisation is also known as secondary uranium
mineralisation, as the uranium has been relocated from its primary source and reprecipitated within the
palaeochannels.
The palaeochannels have no obvious surface expression nor do they emit sufficient radiation to detect at surface.
Elevate Uranium uses electromagnetics, either ground based horizontal loop electromagnetics (“HLEM”) or airborne
electromagnetics (“Airborne EM”) to identify the outlines of the palaeochannels, and then the paleochannels are
drilled to physically validate the accuracy of the electromagnetics, and to identify the grade of any mineralisation.
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2021 Annual Report
Review of Operations
Figure 1 – Elevate Uranium’s Tenements and Projects in the Erongo Region of Namibia
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2021 Annual Report
Review of Operations
The Company conducted an Airborne EM survey using a SkyTEM helicopter based system in April 2021, with
analysed and interpreted results received in July 2021.
The SkyTEM data was combined with historical AeroTEM Airborne EM data over the western portions of the
tenement package, in order to gauge the likely extent of the palaeochannel systems to the west.
An interpretation of the potential palaeochannel positions can be seen in Figure 2. The areas identified to contain
palaeochannels, cover an area of approximately 347 square kilometres, which is about the total size of the Namib IV
tenement. The corresponding length of the palaeochannels is estimated to be approximately 280 kilometres, which
is the distance from Windhoek (capital of Namibia) to the coast at Swakopmund.
The Airborne EM survey was successful in identifying significant palaeochannel systems and this information will be
used as the basis for planning future exploration programmes. The Company is currently designing drilling programs
to physically confirm the existence of the palaeochannels and determine the grade of uranium mineralisation. Due
to the large and extensive area of these palaeochannel systems, the drilling programs are expected to continue into
2022.
Unfortunately, EPL 7435 was not included in the Airborne EM survey, as the environmental clearance certificate to
allow access had not been issued by the Ministry of Environment, Forestry and Tourism. Also, tenements in
application were not able to be included in the Airborne EM survey.
Figure 2 – Palaeochannel Systems Identified from Airborne EM
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2021 Annual Report
Review of Operations
Koppies Project (EPL 6987) – Namibia
The exploration programs to date, being HLEM and drilling at Koppies, has delineated a 6.4 km² palaeochannel
system, with exploration drilling completed on about 40% of the palaeochannel (refer Figure 3).
The best intersections from drilling at Koppies include:
KP004
6 m at 432 ppm U3O8 from 7 m
KP045
10 m at 687 ppm U3O8 from 2 m
Including 2 m at 1,974 ppm U3O8
KP055
13 m at 905 ppm U3O8 from 3 m
Including 2 m at 4,504 ppm U3O8
KOR2
6 m at 354 ppm eU3O8 from 1 m
KOR21
11 m at 502 ppm eU3O8 from 6 m
KOR62
3 m at 3,087 ppm eU3O8 from 1 m
Including 1 m at 7,060 ppm eU3O8
Figure 3 – Koppies (EPL 6987)
The average depth of the 90 holes drilled at Koppies is 12 metres, with the deepest hole drilled to a depth of 22
metres. This indicates the shallow nature of the mineralisation in this area and explains the relatively low cost of
drilling in the Namib Region. For full details of the Koppies drill intersections refer to the following ASX
announcements – 27/08/19 ‘Marenica Identifies Significant Grade Mineralisation at Koppies’, 07/11/19 ‘Drill Results
Deliver Exceptional Uranium Mineralisation at Koppies’, 10/02/20 ‘Koppies Drilling Intersects 1m at 7,060ppm U3O8’.
Koppies is ‘drill ready’ for resource definition drilling. Koppies is prime mineralisation for application of U-pgradeTM.
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2021 Annual Report
Review of Operations
Hirabeb Discovery
On 21 July 2020, the Company announced a new uranium discovery from the maiden scout RC drilling program at
EPL 7278 (“Hirabeb”). Hirabeb is the largest of Elevate Uranium’s tenements in the Namib Area, with an area of 730
km2, 15 times that of the Koppies tenement. The exploration program identified a massive palaeochannel system,
with the major palaeochannel extending from the northeast corner to the southwest corner of the tenement, a distance
of over 44 kilometres. To put this into perspective the palaeochannel is longer than the width of the English Channel.
The main palaeochannel is mineralised for the majority of its length, providing Elevate Uranium with a multitude of
follow up exploration targets with potential to host a significant uranium deposit. The drill lines completed in this
scouting program are on average 5.5 kilometres apart, a distance greater than the width of the whole Koppies
mineralised area. Consequently, there is significant upside potential for large scale uranium deposits along the
identified palaeochannel as well as in other areas of the tenement.
The best intersections from drilling at Hirabeb include:
HIR050
10 m at 242 ppm eU3O8 from 16 m
Including 2 m at 787 ppm eU3O8
HIR070
4 m at 193 ppm eU3O8 from 4 m
Including 1 m at 462 ppm eU3O8
HIR075
6 m at 153 ppm eU3O8 from surface
Including 1 m at 334 ppm eU3O8
Due to the large area of the tenement, the Company opted to complete an Airborne EM survey to further identify the
palaeochannels prior to the next phase of drilling. The Airborne EM identified palaeochannels are shown in Figure
4 with the drill holes.
Figure 4 – Location of Hirabeb Drill Holes and Airborne EM Palaeochannels
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2021 Annual Report
Review of Operations
Namib IV Discovery
On 10 August 2021, Elevate Uranium announced a new uranium discovery from its maiden scout RC drilling program
at EPL 7662 (“Namib IV”). The exploration program identified a network of palaeochannels, with the major
palaeochannel extending from the centre of the tenement to the southwest corner, a distance of over 19 kilometres.
Uranium mineralisation was intersected over a distance of 17 kilometres.
This was the Company’s third tenement drilled in the Namib Area and the third to contain extensive uranium
mineralisation.
The drill program was designed to focus on physically confirming the location of palaeochannels and associated
uranium mineralisation within the tenement using widely spaced reconnaissance-style drilling. The program was
highly successful in that it has identified an extensive palaeochannel system that is mineralised over the majority of
its length. As a consequence, there is significant upside potential for additional mineralisation along the identified
palaeochannels. Furthermore, the palaeochannels and contained mineralisation remain open to the north and east.
Further geological interpretation will be undertaken in order to guide the next phase of drilling.
Significant drill intersections include
N4_015
2 m at 435 ppm eU3O8 from surface
N4_044
3 m at 376 ppm eU3O8 from surface
N4_046
4 m at 387 ppm eU3O8 from surface
N4R243
2 m at 758 ppm eU3O8 from surface
These drill intersections are all from surface, with no overburden above the mineralised zone, which is significant
when considering the potential mining of such a project.
Figure 5 shows the location of the drill holes within the palaeochannels identified by HLEM, see ASX Announcement
“Encouraging Uranium Mineralisation Identified at Namib IV”, 10 August 2021.
Figure 5 – Detailed Location of Drill Holes and HLEM Identified Palaeochannels
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2021 Annual Report
Review of Operations
Marenica Uranium Project Resource
Elevate Uranium’s tenements in the north of the Erongo region are also highly prospective for calcrete hosted uranium
mineralisation, notably the Marenica Uranium Project has a JORC resource of 61 Mlb of U3O8.
The Marenica Uranium Project includes the Marenica resource and the smaller MA7 resource 5 km to the southeast
of the main resource. Both are calcrete hosted uranium resources, located in the same palaeochannel system that
hosts Orano’s Trekkopje uranium resource, which has similar mineralogical characteristics to the Marenica Uranium
Project.
The Marenica Uranium Project has a Mineral Resource of 61 Mlb at 93 ppm U3O8 at a 50 ppm cut-off grade. Elevate
Uranium owns 75% of this Mineral Resource.
AUSTRALIAN URANIUM PROJECTS
In Australia, the Company’s assets include the 100% owned Angela, Thatcher Soak, Oobagooma and Minerva
project areas and joint venture holdings in the Bigrlyi, Malawiri, Walbiri and Areva joint ventures. The project areas
include 48.4 Mlb U3O8 of high-grade mineral resources.
The project locations are shown in Figure 6 and the JORC resources listed in Table 2.
Figure 6 – Elevate Uranium’s Tenements and Projects in Australia
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2021 Annual Report
Review of Operations
Angela Project (100%)
The Angela Uranium Project is located approximately 25 km south of the town of Alice Springs in the Northern
Territory of Australia and the tenement straddles the Old South Road and the Central Australian Railway.
During the year, the Company updated the JORC Mineral Resource estimate from JORC 2004 to JORC 2012. The
JORC 2012 Mineral Resource estimate is 30.8 Mlb of U3O8 at a grade of 1,310 ppm U3O8, all in the Inferred category.
Figure 7 – Angela Location
Historically, high acid consumption and its contribution to the estimated high operating cost of the project, has been
a serious impediment to potential development of the Angela project. The Company completed a proof of concept
metallurgical testwork program on a drill core sample to analyse the potential to reduce acid consumption and
thereby, the project operating costs, through application of U-pgradeTM.
The removal of the bulk of the acid consumer, calcite, was achieved. Leach testwork results are summarised in
Table 1, showing that removal of calcite reduced acid consumption from 104 kg/t to 24 kg/t, i.e. a difference of 80
kg/t. At the time of the testwork, the estimated delivered cost of sulphuric acid to Angela was assumed, based on
indicative quotes obtained for these calculations, to be A$400/t or $0.40/kg.
This proof of concept testwork program concluded that:
removal of the bulk of the acid consuming calcite mineral could be achieved with minimal uranium losses,
uranium extraction in the leach could be increased by removal of calcite, and
the calcite reject could be used to render the leach tailings inert, providing significant potential environmental
benefits for the project.
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2021 Annual Report
Review of Operations
Table 1 – Pre and Post Calcite Removal Leach Result Summary
Sample
Pre calcite removal - feed
Post calcite removal
Nett Difference
Mass
(%)
100
91
Acid
Consumption
(kg/t of feed)
U3O8 Extraction
from Sample
(%)
104
24
80
93.0
95.8
2.8
This testwork confirmed the potential benefits that U-pgradeTM could provide to the Angela project, substantially
increasing its value and reducing the uranium price that could trigger a potential development.
These results were achieved from a limited proof of concept testwork program. The Company is encouraged by the
potential to further increase calcite removal and reduce uranium losses.
There is also a potential significant environmental benefit from removal of the calcite, as the calcite stream could be
used to neutralise acid in the leach tailings prior to disposal. This would result in leach residue being rendered inert
as a result of all acid being destroyed and all soluble metals precipitated. This consequential benefit is a significant
potential environmental result that will be assessed in future testwork programs and study phases.
Other benefits which may result from using U-pgrade™ include a reduction in the size of the acid storage facility and
reduced leach circuit volume, which could potentially contribute to reduced capital and operating costs.
U-PGRADETM BENEFICIATION PROCESS
U-pgradeTM is potentially an industry leading and economically transformational beneficiation process for upgrading
surficial uranium ores.
This breakthrough process was developed on ore from Elevate Uranium’s Marenica Uranium Project in Namibia and
subsequently, testwork has been undertaken on ore samples from a number of other sources.
In summary, Elevate Uranium has demonstrated, in bench scale testwork, that the U-pgradeTM beneficiation process;
Concentrates the uranium by a factor of 50
Increases ore grade from 93 ppm to ~5,000 ppm U3O8
Rejects ~98% of the mass prior to leaching
Produces a high-grade concentrate in a low mass of ~2% (leach feed)
Rejects acid consumers
Potentially reduces capital and operating costs by ~50% compared to conventional processing.
Beyond application at the Marenica Uranium Project, Elevate Uranium has determined, through bench scale testing,
that calcrete hosted uranium deposits in Namibia and Australia are amongst those that are amenable to the
U-pgradeTM process.
Testwork undertaken on the Angela sandstone hosted uranium deposit indicates the broader application of
U-pgradeTM to ore types outside of the primary application of calcrete hosted ore sources. The Company will
continue to test the boundaries of the U-pgrade™ process.
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2021 Annual Report
Review of Operations
Figure 8 – U-pgradeTM Process Comparison
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2021 Annual Report
Review of Operations
MINERAL RESOURCES
The Company’s mineral resources are internally peer reviewed at the time of estimation and are subject to ongoing
review, as and when required. Each year, the Company reviews the reported resources.
The Mineral Resource for the Angela Project was updated from JORC 2004 to JORC 2012 and was reported in the
ASX announcement dated 10 November 2020 “Angela Mineral Resource Updated to JORC 2012”.
The Company’s other Australian Mineral Resources have not changed since last reported in the 2020 Annual Report.
Table 2 – Uranium Mineral Resources
Deposit
Category
Cut-off
(ppm
U3O8)
Total Resource
Elevate Uranium’s Share
Tonnes
(M)
U3O8
(ppm)
U3O8
(Mlb) Holding
Tonnes
(M)
U3O8
(ppm)
U3O8
(Mlb)
100% Holding
Inferred
Angela
Thatcher Soak
Inferred
100% Held Resource Total
Joint Venture Holding
Bigrlyi Deposit
Indicated
Inferred
Inferred
Inferred
Bigrlyi Deposit Total
Walbiri Joint Venture
Joint Venture
100% EME
Walbiri Total
Sundberg
Hill One JV
Hill One EME
Karins
Malawiri JV
Joint Venture Resource Total
Australia Resource Total
Inferred
Inferred
Inferred
Inferred
Inferred
Marenica
Marenica
Indicated
Inferred
Total
Marenica
MA7
Inferred
MA7
MA7
Total
Namibia Resource Total
TOTAL
300
150
500
500
500
200
200
200
200
200
200
200
100
50
50
50
50
50
AUSTRALIA
10.7 1,310
425
11.6
850
22.3
4.7 1,366
2.8 1,144
7.5 1,283
5.1
636
5.9
646
11.0
641
1.01
259
0.26
281
0.24
371
556
1.24
0.42 1,288
847
21.6
848
43.9
NAMIBIA
26.5
249.6
276.1
22.8
22.8
298.9
110
92
94
81
81
93
30.8
10.9
41.7
14.0
7.1
21.1
7.1
8.4
15.5
0.57
0.16
0.19
1.52
1.20
40.2
81.9
6.4
50.9
57.3
4.0
4.0
61.3
100%
100%
100%
10.7 1,310
425
11.6
850
22.3
30.8
10.9
41.7
20.82%
1.55 1,283
4.39
22.88%
1.16
636
1.63
20.82%
20.82%
0.21
0.05
259
281
20.82%
23.97%
556
0.26
0.10 1,288
923
3.34
859
25.6
0.12
0.03
0.32
0.29
6.77
48.4
75%
207.1
94
43.0
75%
17.1
224.2
81
93
3.0
46.0
94.4
The Mineral Resource Estimate for the Bigrlyi, Marenica and MA7 resources in the table above were prepared and first
disclosed under the 2004 Edition of the Australian Code for the Reporting of Exploration Results, Minerals Resources and
Ore Reserves (JORC Code 2004). They have not been updated since to comply with the 2012 Edition of the Australian
Code for the Reporting of Exploration Results, Minerals Resources and Ore Reserves (JORC Code 2012) on the basis that
the information has not materially changed since it was last reported. A Competent Person has not undertaken sufficient
work to classify the estimate of the Mineral Resource in accordance with the JORC Code 2012; it is possible that following
evaluation and/or further exploration work the currently reported estimate may materially change and hence will need to be
reported afresh under and in accordance with the JORC Code 2012.
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2021 Annual Report
Review of Operations
The Competent Person that completed the most recent JORC Mineral Resource estimate for each project is
listed as follows.
Resource
Competent Person
Employer
Angela
Mr David Princep
Consultant to Elevate Uranium
Thatcher Soak
Mr Peter Gleeson
SRK Consulting
Bigrlyi
Mr Arnold van der Heyden
Helman & Schofield Pty Ltd
Sundberg / Hill One
Mr Dimitry Pertel and Dr Maxim Seredkin CSA Global Ltd
Karins
Walbiri
Malawiri
Marenica
MA7
Mr Dimitry Pertel and Dr Maxim Seredkin CSA Global Ltd
Mr Dimitry Pertel and Dr Maxim Seredkin CSA Global Ltd
Dr Maxim Seredkin
Mr Ian Glacken
Mr Ian Glacken
CSA Global Ltd
Optiro Pty Ltd
Optiro Pty Ltd
The information in this Annual Mineral Resource Statement is based on and fairly represents information prepared
by the competent persons listed above and the supporting documentation has been reviewed by Mr David Princep
B.Sc P.Geo FAusIMM (CP) who is an independent consultant to the Company and who is a member of the AusIMM.
Mr Princep has sufficient experience that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity that he is undertaking to qualify as Competent Person as defined in the 2012 Edition
of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Princep
approves this ore resource statement as a whole and consents to the inclusion of this information in the form and
context in which it appears.
Governance and Internal Controls
The Company maintains thorough QAQC protocols for conducting exploration, site practice, sampling, safety,
monitoring and rehabilitation.
Drilling methods vary according to the nature of the prospect under evaluation. These can include rotary air blast or
reverse circulation drilling for unconsolidated formations. Typically, resource estimations are based on a mix of
downhole radiometric sampling and chemical assays. Assay samples are collected over one metre intervals.
Radiometric data is acquired at 10 cm intervals and composited to one metre intervals. Where statistical validation
confirms radiometric and chemical assay equivalence, the resource estimate is primarily based on the radiometric
data.
Drill hole collars are DGPS-surveyed by in-house operators, after an initial pick-up by hand-held GPS. Downhole
radiometric surveys are outsourced to independent contractors.
Drill hole sample logging captures a suite of lithologic, alteration, mineralogic and hand-held radiometric data, at one
metre intervals. This data is captured as permanent hard copy prior to digital input onto an in-house database.
Drill plans and sections generated from drilling and surface mapping are used to constrain wireframe mineralisation
models; upon which resource estimations are made.
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2021 Annual Report
Directors’ Report
Your Directors present their report on the Group consisting of Elevate Uranium Limited (the Company) and the
entities it controlled at the end of, or during, the year ended 30 June 2021 (“Group”).
DIRECTORS
The following persons were Directors of Elevate Uranium Limited during or since the end of the financial year and
up to the date of this report. Directors were in office for the entire period unless otherwise stated.
Names, qualifications, experience and special responsibilities
Andrew Bantock
Independent Non-executive Chairman
Appointed 1 February 2018
Mr. Bantock is a Senior Managing Director of international corporate advisory firm FTI Consulting, where he co-leads
the Australian Mining and Mining Services Practice.
Mr Bantock has operated as CFO, Chairman, CEO and Director of international, ASX listed, government sector and
private corporations. Previous roles include: CFO of Glencore Xstrata plc’s Australian nickel business; Director of
Water Corporation - Western Australia’s water utility; Chairman, CEO and Corporate Director of an ASX listed multi-
commodity minerals exploration group; and Finance Director of ASX/NZSE listed gold mining and an engineering
group.
During the last three years, Mr. Bantock has not been a director of any other listed companies.
Murray Hill – B.Sc. (Metallurgy), FAusIMM
Chief Executive Officer - Appointed 1 May 2012
Managing Director - Appointed 2 May 2016
Mr. Hill has 36 years’ experience in the mining industry. He is a respected metallurgist with extensive experience in
the design, operation and commissioning of gold, uranium and base metal process plants. His experience was
broadened by management of a metallurgical testwork laboratory and his role as a process engineer in an engineering
group, and he is well experienced in uranium metallurgy. For the 10 years prior to joining the Company, Mr. Hill
operated his own business providing metallurgical consulting services to the mining industry world-wide. Mr. Hill is a
Fellow of the Australasian Institute of Mining and Metallurgy.
During the last three years, Mr. Hill has not been a director of any other listed companies.
Nelson Chen – Master of Applied Finance, CA
Non-executive Director
Appointed 29 November 2011
Mr. Chen is a Director of Hanlong Resources Limited and a Chartered Accountant in Australia. He holds postgraduate
joining Hanlong, Mr. Chen spent over 11 years with
degrees in finance and accounting. Prior to
PricewaterhouseCoopers, Sydney office, in their audit and M&A advisory practice. Mr. Chen served on the board of
Australia China Business Council, NSW for over six years.
During the last three years, Mr. Chen has not been a director of any other listed companies.
Stephen Mann
Independent Non-executive Director
Appointed 15 July 2021
Mr Mann is geologist by profession and has a wealth of experience in the discovery, development, and
commercialisation of mining assets over three decades, including 17 years in senior roles in the uranium sector. He
was the Australian Managing Director of Orano for 12 years, the world’s third largest uranium producer. At Orano,
17
2021 Annual Report
Directors’ Report
Stephen led a sustained program of corporate improvement and active exploration; and represented both Orano and
Cameco on the board of publicly listed ERA Ltd, owner and operator of the Ranger Uranium Mine in the Northern
Territory of Australia. Stephen was involved in the negotiations and sale of these two companies’ stakes in ERA, to
Rio Tinto. Later Stephen co-founded and floated ASX listed U3O8 Ltd, where he led the discovery of the Dawson-
Hinkler calcrete hosted uranium deposit in Western Australia, before negotiating its sale to Toro Energy Limited.
During the last three years, Mr. Mann has been a director of the following listed company:
* Lion One Metals Limited (TSX: LIO, ASX: LLO -) since 2013.
* Denotes current directorship
Directors' interests
The interests of Directors in securities of the Company are:
Director
M Hill
N Chen
A Bantock
S Mann
Fully Paid Ordinary Shares
Options
Performance
Rights
At 30 June 2021
At 30 June 2020
5,327,547
4,892,625
1,766,985
-
3,963,911
4,521,053
202,500
2,647,496
2,315,789
857,895
1,657,895
-
-
-
-
-
Shane McBride – B.Bus (Acct), FCPA, FGIA, FCG (CS, CGP), MAICD
Chief Financial Officer - Appointed 1 May 2017
Company Secretary - Appointed 8 June 2017
Shane McBride has 39 years of commercial management experience gained in listed Australian public companies
including corporate management, project development and mine site operations management, management and
financial accounting, corporate finance, investor relations and company secretarial functions. He has a BBus (Acct)
degree, is a Fellow of CPA Australia, Fellow of Governance Institute of Australia and The Chartered Governance
Institute; and is a Member of the Australian Institute of Directors.
Mr McBride has been intimately involved with exploration, development, scoping and pre-feasibility studies, and
financing activities. He was the managing director of an ASX listed mining company which acquired and operated
an operating SX/EW Copper Cathode production facility in Queensland, Australia and has substantial experience as
a listed company director.
DIVIDENDS
No dividends have been provided for or paid by the Group in respect of the year ended 30 June 2021 (30 June 2020:
Nil).
PRINCIPAL ACTIVITIES
The principal activities of the Group during the course of the financial year was to create value through exploration
and evaluation of its mineral tenements in Namibia and Australia and enhance that value through the potential
application of the Company’s patented U-pgradeTM uranium beneficiation process to those mineral tenements.
18
2021 Annual Report
Directors’ Report
OPERATING RESULTS FOR THE YEAR
The total loss of the Group attributable to the owners of Elevate Uranium Limited for the financial year was $2,603,756
(2020: $1,658,605).
FINANCIAL POSITION AND SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
The Group has significantly improved its balance sheet position during the year, reporting net assets of $9,526,815
(2020: $3,924,259). Cash on hand at 30 June 2021 was $6,660,602 (2020: $1,062,967).
On 3 July 2020, the Company issued 27,349,989 free attaching options exercisable at $0.10 per share on or before
30 June 2023, to participants in a placement announced to the Australian Securities Exchange on 9 April 2020.
On 23 November 2020, the Company issued 31,660,619 shares at $0.088 per share, under a share purchase plan,
raising $2,786,140.
On 27 November 2020, the Company issued 25,568,175 at $0.088 per share, raising $2,249,999.
On 25 January 2021, following shareholder approval, the Company issued 3,977,270 at $0.088 per share, to directors
and officers of the Company, raising $350,000.
On 6 April 2021, the Company issued 3,300,000 shares following the exercise of options, raising $330,000.
On 22 June 2021, the Company issued 18,693,145 shares following the exercise of options, raising $2,776,906.
On 30 June 2021, the Company issued 100,000 shares following the exercise of options, raising $17,000.
Other than the changes mentioned above, there were no significant changes in the state of affairs of the consolidated
entity during the financial year.
LIKELY DEVELOPMENTS AND BUSINESS STRATEGY
The Group intends to continue to explore and evaluate its mineral tenements and potentially apply its patented
U-pgrade™ uranium beneficiation process to the development of those mineral tenements.
ENVIRONMENTAL REGULATIONS
The Group’s environmental obligations are regulated by the laws of the Commonwealth of Australia and the Republic
of Namibia. The Group has complied with its environmental performance obligations. No environmental breaches
have been notified by any Government agency to the date of this Directors’ Report.
SHARE OPTIONS
At the date of this report, the unissued ordinary shares of the Company under option are as follows:
Expiry Date
Exercise Price
Number under Option
30 November 2021
1 December 2023
11 December 2021
30 June 2023
29 August 2025
$0.21
$0.17
$0.17
$0.10
$0.40
207,948
7,600,000
4,927,000
18,199,989
750,000
The Options do not entitle the holder to participate in any share issue of the Company or any other body corporate.
During the financial year the Company issued 22,093,145 shares and since that date has issued a further 1,559,040
shares as a result of the exercise of options.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
The Company has agreed to indemnify former and current directors and officers of the Company against all liabilities
to another person and the Company that may arise from their position as directors or officers of the Company and its
controlled entities, except where the liability arises out of conduct involving a wilful breach of duty. The agreement
19
2021 Annual Report
Directors’ Report
stipulates that the Company will meet the full amount of such liabilities including costs and expenses.
During the year, the Company has paid insurance premium for a Directors and Officers insurance policy negotiated
at commercial terms. The terms of the insurance policies prevent the Company from disclosing the premium amount.
During or since the financial year-end, in respect of any person who is, or has been an officer or auditor of the
Company or of a related body corporate, the Company has not:
Indemnified or made any relevant agreement for indemnifying against a liability incurred as an officer or
auditor, including costs and expenses in successfully defending legal proceedings; or
Paid or agreed to pay a premium in respect of a contract insuring against a liability incurred as an officer or
auditor for the costs or expenses to defend legal proceedings.
DIRECTORS' MEETINGS
The number of meetings attended by each Director during the year is as follows:
Directors
Number of
meetings held
while in office
3
3
3
-
Number of
meetings
attended
3
3
3
-
Director
M Hill
A Bantock
N Chen
S Mann
AUDITOR INDEPENDENCE AND NON-AUDIT SERVICES
The auditor’s independence declaration for the year ended 30 June 2021 has been received and is located on the
following page.
NON-AUDIT SERVICES
No non-audit services have been provided by the Company’s auditor.
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
On 15 July 2021, Mr Stephen Mann was appointed as an Independent Non-Executive Director of the Company.
On 15 July 2021, 1,559,040 fully paid ordinary shares were issued at a price of $0.17 per share following the exercise
of options.
On 19 July 2021, 202,500 performance rights lapsed.
On 24 August 2021, the Company issued 750,000 unlisted options exercisable at $0.40 expiring on or before 29
August 2025. The options were issued to a new employee in accordance with their engagement letter.
The impact of the Coronavirus (“COVID-19”) is ongoing and is largely out of the control of the Company, therefore, it
is not practicable to estimate the future potential impact, positive or negative, on the Company. The situation
continually develops and any material impact is dependent on measures imposed, in the first instance, by the different
levels of government in Australia or Namibia and secondly on any other countries. These measures may include
maintaining social distancing, quarantine, travel restrictions or any other as yet undefined restriction, these maybe
ameliorated by any economic stimulus provided to the Company. In addition, increases in input costs or unavailability
of good and services, resulting from such measures, may affect the operations of the Company.
Other than the matters referred to above, there have been no matters or circumstances that have arisen since the
end of the financial year which significantly affected or may significantly affect:
the Group's operations in future years; or
the results of those operations in future years; or
(i)
(ii)
(iii) the Group's state of affairs in future years.
20
2021 Annual Report
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE
CORPORATIONS ACT 2001
As lead auditor of the audit of Elevate Uranium Limited for the year ended 30 June
2021, I declare that, to the best of my knowledge and belief, there have been:
• no contraventions of the auditor independence requirements of the Corporations
Act 2001 in relation to the audit; and
• no contraventions of any applicable code of professional conduct in relation to the
audit.
This declaration is in relation to Elevate Uranium Limited and the entities it controlled
during the year.
Rothsay Auditing
Donovan Odendaal
Partner
28 September 2021
Liability limited by a scheme approved under Professional Standards Legislation
Remuneration Report - Audited
This remuneration report for the year ended 30 June 2021 outlines remuneration arrangements of the Company and
the Group in accordance with the requirements of the Corporations Act 2001 and its regulations (the Act). This
information has been audited as required by section 308(3C) of the Act.
The remuneration report details the remuneration arrangements for key management personnel (KMP) who are
defined as those persons having authority and responsibility for planning, directing and controlling the major activities
of the Company and the Group, directly or indirectly, including any Director (whether executive or otherwise) of the
parent company, and including the executives in the Parent and the Group receiving the highest remuneration.
For the purposes of this report, the term “executive” includes a chief executive officer (CEO), executive Directors,
senior management and company secretaries of the Parent.
A.
Individual key management personnel disclosures
Details of KMP including the top five remunerated executives of the Parent and Group are set out below:
Key management personnel
(i) Directors
A Bantock
M Hill
N Chen
S Mann
(ii) Executives
S McBride
Non-executive chairman
Managing director and Chief Executive Officer
Non-executive director
Non-executive director (Appointed 15 July 2021)
Chief Financial Officer and Company Secretary
B. Principles used to determine the nature and amount of remuneration
The objective of the Company's reward framework is to set aggregate remuneration at a level which provides the
Company with the ability to attract and retain directors and executives of the highest calibre whilst maintaining a cost
which is acceptable to shareholders.
Non-executive Directors
Fees and payments to non-executive Directors reflect the demands which are made on, and the responsibilities of,
the Directors. Non-executive Directors' fees and payments are reviewed by the Board. The Chairman's fees are
determined independently to the fees of non-executive Directors based on comparative roles in the external market.
The Chairman is not present at any discussions relating to determination of his remuneration.
Directors’ fees
Directors' fees are determined within an aggregate Directors' fee pool limit, which is periodically recommended for
approval by shareholders. The maximum currently stands at $300,000 in aggregate. This amount is separate from
any specific tasks the Directors may take on for the Company in the normal course of business, which are charged
at normal commercial rates.
Fees for Directors are not linked to the performance of the Group however, to align all Directors’ interests with
shareholders’ interests; Directors are encouraged to hold shares in the Company and may receive securities which
have previously been approved by shareholders. This effectively links Directors’ performance to the share price
performance and therefore, to the interests of shareholders.
Executive remuneration
The Company aims to reward Executives with a level and mix of remuneration commensurate with their position and
responsibilities within the Company and so as to:
Reward executives for Company performance; and
Align the interests of Executives with those of shareholders; and
Ensure total remuneration is competitive by market standards.
22
2021 Annual Report
Remuneration Report - Audited
Fixed remuneration is reviewed annually by the Board and the process consists of a review of Company and
individual performance, relevant comparative remuneration in the market and internal policies and practices.
Executives are given the opportunity to receive their fixed remuneration in a variety of forms, including cash and
fringe benefits. It is intended that the manner of payment chosen will be optimal for the recipient without creating
undue cost for the Company.
The objective of variable remuneration provided is to reward executives in a manner which aligns this element of
remuneration with the creation of shareholder wealth. Variable remuneration may be delivered in the form of
securities granted with or without vesting conditions and/or securities granted subject to successful completion, within
an agreed timeframe, of various key tasks.
C. Executive contractual arrangements
M Hill – Managing Director and Chief Executive Officer
A formal written service agreement is in place. Details of Mr Hill’s employment agreement are:
Base salary, exclusive of superannuation, effective 1 July 2021 is $300,000 per annum (plus
superannuation), reviewable on an annual basis.
Payment of a termination benefit on early termination by the Company equal to three (3) months’, other than
for grave misconduct or long-term incapacity.
S McBride – Chief Financial Officer and Company Secretary
Effective 1 July 2021, Mr McBride’s remuneration is $275,000 per annum (plus superannuation), with a 2-month
notice period for either party.
D. Remuneration of Key Management Personnel (“KMP”)
30-Jun-2021
M Hill
A Bantock
N Chen
S Mann
Fees &
Consulting
Paid
260,000
Super-
annuation
Paid
24,700
Share-
based
Payments
62,075
54,795
41,096
-
5,205
3,904
-
16,446
16,446
-
% of
Equity
Based
Payments
17.90%
21.51%
26.76%
-
Total
346,775
76,446
61,446
-
Total Directors
355,891
33,809
94,967
484,667
19.59%
Other KMP
S McBride
Total executive KMP
Totals
182,648
182,648
538,539
17,352
17,352
51,161
32,894
32,894
127,861
232,894
232,894
717,561
14.12%
14.12%
17.82%
30-Jun-2020
M Hill
A Bantock *
N Chen *
Fees &
Consulting
Paid
260,000
Super-
annuation
Paid
24,700
Share-
based
Payments
80,695
41,096
30,822
3,904
2,928
20,804
20,804
Total
365,395
65,804
54,554
Total Directors
331,918
31,532
122,303
485,753
Other KMP
S McBride
Total executive KMP
Totals
247,877
247,877
579,795
22,123
22,123
53,655
41,608
41,608
163,911
311,608
311,608
797,361
% of
Equity
Based
Payments
22.08%
31.62%
38.13%
25.18%
13.35%
13.35%
20.56%
* Note: Messrs Bantock and Chen agreed to forego their entitlement to director fees for three months from 1 April 2020 to 30 June 2020, as a result of the uncertain
impact on the Company’s operations and capital markets, as a consequence of government imposed restrictions to combat COVID-19.
23
2021 Annual Report
Remuneration Report - Audited
E. Value of options issued, exercised and expired during the year
Details of vesting profile of options vested or expired during the year and those options unexercised at reporting date
granted as remuneration to current key management personnel of the Company are detailed below:
Year ended 30 June 2021
During the 2021 financial year, the following options lapsed:
Expiry Date
Exercise Price
Number under Option
13 December 2020
$0.17
7,600,000
The following options were exercised during the year:
Expiry Date
Exercise Price
Number under Option
30 November 2021
$0.21
214,285
The following options were issued during the year:
Expiry Date
Exercise Price
Number under Option
-
-
-
Year ended 30 June 2020
During the 2020 financial year, the following options lapsed:
Expiry Date
Exercise Price
Number under Option
-
-
-
The following options were exercised during the year:
Expiry Date
Exercise Price
Number under Option
1 December 2019
$0.1806
290,698
The following options were issued during the year:
Expiry Date
Exercise Price
Number under Option
1 December 2023
$0.17
7,600,000
These options were fair valued at $0.036867 using the Black Scholes option pricing model.
F. Shareholdings for Key Management Personnel
30 June 2021
Directors
M Hill
N Chen
A Bantock
S Mann
Other KMP:
S McBride
Balance at
1 July 2020
Acquired on
Exercise of
Option
Purchased/
(Sold) during
the year
Granted as
remuneration
Balance at
30 June 2021
3,963,911
2,647,496
857,895
-
-
142,857
-
-
1,363,636
2,102,272
909,090
-
852,895
8,322,197
-
142,857
(31,895)
4,343,103
-
-
-
-
-
-
5,327,547
4,892,625
1,766,985
-
821,000
12,808,157
24
2021 Annual Report
Remuneration Report - Audited
30 June 2020
Directors
M Hill
N Chen
A Bantock
Other KMP:
S McBride
Balance at
1 July 2019
Acquired on
Exercise of
Option
Purchased/
(Sold) during
the year
Granted as
remuneration
Balance at
30 June 2020
2,542,858
1,331,707
200,000
70,000
4,144,565
-
-
-
-
-
1,421,053
1,315,789
657,895
782,895
4,177,632
-
-
-
-
-
3,963,911
2,647,496
857,895
852,895
8,322,197
G. Option holdings for Key Management Personnel
30 June 2021
Balance at
1 July 2020
Exercised
Lapsed
Purchased
Balance at
30 June
2021
Vested at 30 June 2021
Total
Exercisable
Not
exercisable
Directors
M Hill
N Chen
7,200,000
-
(3,600,000)
921,053
4,521,053
4,521,053
4,521,053
2,142,857
(142,857)
(1,000,000)
1,315,789
2,315,789
2,315,789
2,315,789
A Bantock
2,000,000
S Mann
Other KMP
-
-
-
(1,000,000)
657,895
1,657,895
1,657,895
1,657,895
-
-
-
-
-
S McBride
4,207,948
-
(2,000,000)
657,895
2,865,843
2,865,843
2,865,843
15,550,805
(142,857)
(7,600,000)
3,552,632 11,360,580 11,360,580
11,360,580
-
-
-
-
-
-
30 June 2020
Balance at
1 July 2019
Exercised
Lapsed
Granted
Vested at 30 June 2020
Balance at
30 June 2020
Total
Exercisable
Directors
M Hill
N Chen
A Bantock
Other KMP
S McBride
3,600,000
1,292,857
1,100,000
2,207,948
8,200,805
-
-
-
-
-
-
3,600,000
7,200,000
7,200,000
3,600,000
(150,000)
1,000,000
2,142,857
2,142,857
1,142,857
(100,000)
1,000,000
2,000,000
2,000,000
1,000,000
-
2,000,000
4,207,948
4,207,948
2,207,948
(250,000)
7,600,000
15,550,805
15,550,805
7,950,805
In regard to 142,857 of Mr. Chen’s Directors options, the Company will fund the exercise price in the event of exercise.
H. Performance Rights for Key Management Personnel
30 June 2021
Directors
M Hill
A Bantock
N Chen
S Mann
Other KMP
S McBride
Balance at
1 July 2020
Issued
Vested
Balance at
30 June 2021
Total
Unvested
202,500
-
-
-
-
202,500
-
-
-
-
-
-
-
-
-
-
-
-
25
202,500
202,500
202,500
-
-
-
-
-
-
-
-
-
-
-
-
202,500
202,500
202,500
2021 Annual Report
26
2021 Annual Report
28 September 2021
Chairman
Andrew Bantock
Signed in accordance with a resolution of the Directors.
End of Remuneration Report
On 15 July 2021, the 202,500 performance rights expired.
vested on 30 September 2016.
Board determined that the first and third milestones noted above were achieved and 472,500 performance rights
advice of its intention to fund a pilot plant to demonstrate the U-pgradeTM technology on a continuous basis, the
Following the signing of the Technology Licence Agreement with Deep Yellow Limited in 2016, including at the time,
unvested performance rights shall vest. In any case, the performance rights lapse on 14 July 2023, if not vested.
performance rights will lapse unless the Board of Elevate otherwise determines, at its discretion, that all or any of the
In the event of Mr Hill ceasing to be an employee of Elevate Uranium Ltd a or a subsidiary of Elevate, any unvested
within the meaning of the Corporations Act in more than 50% of the voting shares in Elevate.
A change of control in Elevate Uranium Limited by virtue of any person or entity obtaining a relevant interest
the sale by Elevate Uranium Limited of all of its shares in Uranium Beneficiation Pty Ltd.
the sale by Uranium Beneficiation Pty Ltd of the Intellectual Property comprising the U-pgradeTM process.
Any unvested performance rights will automatically vest on the occurrence of any of the following events:
202,500 – first commercialisation deal on U-pgradeTM
tested
202,500 – successful completion of the initial pilot plant programme proving U-pgradeTM works on samples
270,000 – successful raising of capital for pilot plant construction and operation
On 1 July 2016, the Company issued Mr Hill 675,000 performance rights with the following hurdles:
Remuneration Report - Audited
Consolidated Statement of Profit and Loss and
Other Comprehensive Income For the year ended 30 June 2021
Continuing operations
Revenue
Interest received
Research and development tax refund
Government cash flow boosts
Other income
Expenses
Exploration and evaluation expenses
Share based employee benefits
Employee benefit expense
Foreign exchange loss
Administration expenses
Depreciation expense
Finance expense
Total expenses
Loss before income tax expense
Income tax (expense)/benefit
Net loss for the year
Other comprehensive income
Total comprehensive loss for the year
Loss for the year is attributable to:
Owners of Elevate Uranium Ltd
Non-controlling interests
Total comprehensive loss for the year is attributable to:
Owners of Elevate Uranium Ltd
Non-controlling interests
Note
2021
$
2020
$
4
4
4
4
5
5
5
6
1,401
115,459
-
-
116,860
5,740
106,362
100,000
22,208
234,310
(1,265,665)
(127,861)
(644,295)
(25,877)
(596,934)
(54,294)
(5,690)
(2,720,616)
(2,603,756)
-
(2,603,756)
-
(2,603,756)
(503,541)
(163,911)
(691,501)
(21,355)
(463,751)
(46,003)
(2,853)
(1,892,915)
(1,658,605)
-
(1,658,605)
-
(1,658,605)
(2,603,756)
-
(2,603,756)
(1,658,605)
-
(1,658,605)
(2,603,756)
-
(2,603,756)
(1,658,605)
-
(1,658,605)
Earnings per share
Basic loss per share (cents per share)
21
(1.44)
(1.61)
Diluted losses per share are not disclosed as they are not materially different to basic losses per share.
The Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with
the notes to the Financial Statements.
27
2021 Annual Report
Consolidated Statement of Financial Position
As at 30 June 30 June 2021
ASSETS
Current Assets
Cash and cash equivalents
Trade and other receivables
Total Current Assets
Non-Current Assets
Plant & equipment
Right-of-use asset
Tenement acquisition cost
Total Non-Current Assets
TOTAL ASSETS
LIABILITIES
Current Liabilities
Trade and other payables
Lease liability
Employee benefits
Total Current Liabilities
Non-Current Liabilities
Lease liability
Employee benefits
Total Non-Current Liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Reserves
Accumulated losses
Note
2021
$
2020
$
19
7
8
9
10
11
12
12
6,660,602
31,210
6,691,812
1,062,967
65,910
1,128,877
22,124
96,532
3,145,885
3,264,541
9,956,353
20,248
64,247
3,145,885
3,230,380
4,359,257
177,297
50,200
109,544
337,041
49,089
43,408
92,497
429,538
227,768
22,718
103,318
353,804
42,520
38,674
81,194
434,998
9,526,815
3,924,259
13
14
15
64,041,354
371,806
(54,886,345)
55,929,259
485,191
(52,490,191)
TOTAL CAPITAL AND RESERVES ATTRIBUTABLE TO THE OWNERS
OF Elevate Uranium Ltd
Non-controlling interests
TOTAL EQUITY
9,526,815
-
9,526,815
3,924,259
-
3,924,259
The Consolidated Statement of Financial Position should be read in conjunction with the notes to the Financial
Statements.
28
2021 Annual Report
Consolidated Statement of Changes in Equity
For the year ended 30 June 2021
30 June 2021
Note
s
Issued
Capital
Accumulated
Losses
Reserves
Total
Non-
Controlling
Interests
Total
Equity
Balance at beginning of year
Loss for the year
15
Other comprehensive
income
Total comprehensive loss
for the year
Transactions with owners in
their capacity as owners:
Issue of shares
Share issue costs
Transfer on exercise or
expiry of equity
Options issued during year
Options lapsed during year
Performance Rights vesting
55,929,259
(52,490,191)
485,191
3,924,259
-
-
-
(2,603,756)
-
(2,603,756)
-
-
-
-
-
(2,603,756)
-
(2,603,756)
8,510,046
(447,413)
(49,463)
-
137,897
137,897
-
-
-
-
207,601
(207,601)
-
-
5,782
5,782
13
13
13,
14
14
14
14
8,510,046
(447,413)
49,463
-
-
-
Balance at end of year
64,041,354
(54,886,346)
371,806
9,526,815
30 June 2020
Note
s
Issued
Capital
Accumulated
Losses
Reserves
Total
Non-
Controlling
Interests
Balance at beginning of
year
Adjustment for change in
accounting policy
Balance at beginning of
year – restated
51,030,575
(50,936,499)
409,674
503,750
2
-
(827)
-
(827)
51,030,575
(50,937,326)
409,674
502,923
Loss for the year
15
Other comprehensive
income
Total comprehensive loss
for the year
Transactions with owners
in their capacity as
-
-
-
(1,658,605)
-
-
-
(1,658,605)
-
(1,658,605)
-
(1,658,605)
Issue of shares
13
5,157,542
Share issue costs
Transfer on exercise or
expiry of equity
Options issued during
year
Options lapsed during
year
Performance Rights
vesting
13
13,
14
14
14
14
(290,283)
31,105
320
-
-
-
-
-
-
-
-
5,157,542
(290,283)
(31,105)
-
206,563
206,883
105,740
(105,740)
-
-
5,799
5,799
Balance at end of year
55,929,259
(52,490,191)
485,191
3,924,259
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,924,259
(2,603,756)
-
(2,603,756)
8,510,046
(447,413)
-
137,897
-
5,782
9,526,815
Total
Equity
503,750
(827)
502,923
(1,658,605)
-
(1,658,605)
5,157,542
(290,283)
-
206,883
-
5,799
3,924,259
The Consolidated Statement of Changes in Equity should be read in conjunction with the notes to the Financial
Statements.
29
2021 Annual Report
Consolidated Statement of Cash Flows
For the year ended 30 June 2021
Cash flows from operating activities
Payments to suppliers and employees
Research and development refund received
Government cash flow boosts received
Interest received
Interest paid
Net cash outflow from operating activities
Cash flows from investing activities
Purchase of plant and equipment
Payments for tenement acquisition cost
Cash generated / (used) in investing activities
Cash flows from financing activities
Proceeds from issue of equity securities
Expenses from issue of equity securities
Repayment of lease liabilities
Cash generated / (used) in financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Effects of foreign exchange changes on cash and cash equivalents
Note
2021
$
2020
$
(2,501,528)
115,459
50,000
1,400
-
(2,334,669)
(1,614,187)
106,362
50,000
5,741
-
(1,452,084)
20
(6,280)
(55,000)
(61,280)
(4,103)
(298,151)
(302,254)
8,465,046
(446,648)
(26,708)
7,991,690
5,595,741
1,062,967
1,894
2,602,872
(229,688)
(44,278)
2,328,906
574,568
487,862
537
Cash at the end of the financial year
19
6,660,602
1,062,967
The Consolidated Statement of Cash flows should be read in conjunction with the notes to the Financial Statements.
30
2021 Annual Report
Notes to the Financial Statements
For the year ended 30 June 2021
1. CORPORATE INFORMATION
The financial statements of Elevate Uranium Ltd (formerly Marenica Energy Limited (the “Company”) for the
year ended 30 June 2021 were authorised for issue in accordance with a resolution of the Directors on 28
September 2021.
Elevate Uranium Ltd is a company limited by shares incorporated in Australia whose shares are publicly traded
on the Australian Stock Exchange and the Namibia Stock Exchange.
The nature of operations and principal activities of the Group, comprising Elevate Uranium Ltd and its
subsidiaries, (“Group”) are described in the Directors’ Report.
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the financial statements are set out below.
These policies have been consistently applied to all the years presented, unless otherwise stated.
(a) Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting
Standards and Interpretations issued by the Australian Accounting Standards Board (‘AASB’) and the
Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply
with International Financial Reporting Standards as issued by the International Accounting Standards Board
(‘IASB’).
Historical cost convention
These financial statements have been prepared under the historical cost convention, as modified by the
revaluation of available-for-sale financial assets, financial assets and liabilities (including derivative
instruments) at fair value through profit or loss, certain classes of property, plant and equipment and investment
property.
Critical Accounting Estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group’s accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are
significant to the financial statements are disclosed in Note 3.
Functional and Presentation Currency
These consolidated financial statements are presented in Australian dollars, which are the Company’s
functional currency and the functional currency of the majority of the Group’s current financial transactions.
31
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(b)
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Elevate
Uranium Ltd (“Company” or “parent entity”) as at 30 June 2021 and the results of all subsidiaries for the year
then ended. Elevate Uranium Ltd and its subsidiaries together are referred to in these financial statements as
the Group.
Subsidiaries are all 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 financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using
consistent accounting policies. The effects of all intercompany transactions, balances and unrealised gains on
transactions between entities in the Group are eliminated in full.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in
ownership interest, without loss of control, is accounted for as an equity transaction, where the difference
between the consideration transferred and the book value of the share of the non-controlling interest acquired
is recognised directly in equity attributable to the parent entity.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit
or loss and other comprehensive income, statement of financial position and statement of changes in equity
of the Group. Losses incurred by the Group are attributed to the non-controlling interest in full, even if that
results in a deficit balance.
Where the Group loses control over a subsidiary, it derecognises the assets including goodwill (if any), liabilities
and non-controlling interest in the subsidiary together with any cumulative translation differences recognised
in equity. The Group recognises the fair value of the consideration received and the fair value of any investment
retained together with any gain or loss in profit or loss.
(c) Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current
classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed
in normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12
months after the reporting period; or the asset is cash or cash equivalent unless restricted from being
exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are
classified as non-current.
A liability is classified as current when: it is either expected to be settled in normal operating cycle; it is held
primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there
is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period.
All other liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
(d)
Exploration expenses
Exploration and evaluation costs represent intangible assets. Exploration, evaluation and development costs
are expensed as incurred. Acquisition costs related to an area of interest are capitalised and carried forward
to the extent that they are expected to be recouped through the successful development of the area or where
activities in the area have not yet reached a stage which permits reasonable assessment of the existence of
economically recoverable reserves and active and significant operations in, or in relation to, the areas of
interest are continuing.
Costs of site restoration are provided over the life of the facility from when exploration commences and are
included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant,
equipment and building structures, waste removal, and rehabilitation of the site in accordance with clauses of
the mining permits. Such costs have been determined using estimates of future costs, current legal
requirements and technology on an undiscounted basis.
32
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs of
site restoration, there is uncertainty regarding the nature and extent of the restoration due to community
expectations and future legislation. Accordingly, the costs have been determined on the basis that the
restoration will be completed.
(e) Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-
term, highly liquid investments with original maturities of three months or less that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in value.
(f)
Trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method, less any provision for impairment. Trade receivables are generally due for settlement
within 30 days.
Other receivables are recognised at amortised cost, less any provision for impairment
(g)
Plant and equipment
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost
includes expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a straight line basis so as to write off the net cost of each asset during their
expected useful life of 3 to 5 years.
An item of plant and equipment is derecognised upon disposal or when there is no future economic benefit to
the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or
loss.
(h) Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured
at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments
made at or before the commencement date net of any lease incentives received, any initial direct costs
incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred
for dismantling and removing the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the
estimated useful life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain
ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life.
Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.
The consolidated entity has elected not to recognise a right-of-use asset and corresponding lease liability for
short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these
assets are expensed to profit or loss as incurred.
(i)
Investments and other financial assets
Investments and other financial assets are initially measured at fair value. Transaction costs are included as
part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are
subsequently measured at either amortised cost or fair value depending on their classification. Classification
is determined based on both the business model within which such assets are held and the contractual cash
flow characteristics of the financial asset unless, an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred
and the Group has transferred substantially all the risks and rewards of ownership. When there is no
reasonable expectation of recovering part or all of a financial asset, its carrying value is written off.
Financial assets at fair value through profit and loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income are
classified as financial assets at fair value through profit or loss. Typically, such financial assets will be either:
(i) held for trading, where they are acquired for the purpose of selling in the short-term with an intention of
making a profit, or a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value
movements are recognised in profit or loss.
33
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments which the
consolidated entity intends to hold for the foreseeable future and has irrevocably elected to classify them as
such upon initial recognition.
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses on financial assets which are either
measured at amortised cost or fair value through other comprehensive income. The measurement of the loss
allowance depends upon the consolidated entity's assessment at the end of each reporting period as to
whether the financial instrument's credit risk has increased significantly since initial recognition, based on
reasonable and supportable information that is available, without undue cost or effort to obtain.
Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month
expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit
losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset
has become credit impaired or where it is determined that credit risk has increased significantly, the loss
allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss
recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls
over the life of the instrument discounted at the original effective interest rate.
For financial assets measured at fair value through other comprehensive income, the loss allowance is
recognised within other comprehensive income. In all other cases, the loss allowance is recognised in profit or
loss.
(j)
Lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at
the present value of the lease payments to be made over the term of the lease, discounted using the interest
rate implicit in the lease or, if that rate cannot be readily determined, the consolidated entity's incremental
borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable
lease payments that depend on an index or a rate, amounts expected to be paid under residual value
guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur,
and any anticipated termination penalties. The variable lease payments that do not depend on an index or a
rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are
remeasured if there is a change in the following: future lease payments arising from a change in an index or a
rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a
lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss
if the carrying amount of the right-of-use asset is fully written down.
(k)
Provisions and employee benefits
Provisions
Provisions are recognised when the Group has a present (legal or constructive) obligation as a result of a past
event, it is probable the Group will be required to settle the obligation, and a reliable estimate can be made of
the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration
required to settle the present obligation at the reporting date, taking into account the risks and uncertainties
surrounding the obligation. If the time value of money is material, provisions are discounted using a current
pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is
recognised as a finance cost.
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave
expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected
to be paid when the liabilities are settled.
34
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting
date are measured at the present value of expected future payments to be made in respect of services provided
by employees up to the reporting date. Consideration is given to expected future wage and salary levels,
experience of employee departures and periods of service. Expected future payments are discounted using
market yields at the reporting date on corporate bonds with terms to maturity and currency that match, as
closely as possible, the estimated future cash outflows.
Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in which they are
incurred.
(l)
Share based payments
The Company provides benefits to Directors, employees, consultants and other advisors of the Company in
the form of share-based payments, whereby the directors, employees, consultants and other advisors render
services in exchange for shares or rights over shares (equity-settled transactions).
The cost of these equity-settled transactions is measured by reference to the fair value of the equity
instruments at the date at which they are granted. The fair value is independently determined using the Black-
Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of
dilution, the share price at grant date and expected volatility of the underlying share, the expected dividend
yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not
determine whether the Group receives the services that entitle the employees to receive payment.
In valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions
linked to the market price of the shares of the Company, if applicable.
The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity,
over the period in which the performance and/or service conditions are fulfilled, ending on the date on which
the relevant recipient becomes fully entitled to the award (the vesting period).
The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date
reflects:
(i)
the extent to which the vesting period has expired and
(ii) the Company’s best estimate of the number of equity instruments that will ultimately vest.
No adjustment is made for the likelihood of market performance conditions being met as the effect of these
conditions is included in the determination of fair value at grant date. The income statement charge or credit
for a period represents the movement in cumulative expense recognised as at the beginning and end of that
period.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is only
conditional upon a market condition.
If the terms of an equity-settled award are modified, as a minimum, an expense is recognised as if the terms
had not been modified. In addition, an expense is recognised for any modification that increases the total fair
value of the share-based payment arrangement, or is otherwise beneficial to the recipient, as measured at the
date of modification.
If an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any
expense not yet recognised for the award is recognised immediately. However, if a new award is substituted
for the cancelled award and designated as a replacement award on the date that it is granted, the cancelled
and new award are treated as if they were a modification of the original award, as described in the previous
paragraph.
(m) Earnings per share
Basic earnings per share is determined by dividing the profit (loss) after income tax attributable to equity
holders of the Company by the weighted average number of ordinary shares outstanding during the year.
35
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(n)
Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure
purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date; and assumes that the
transaction will take place either: in the principal market; or in the absence of a principal market, in the most
advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or
liability, assuming they act in their economic best interests. For non-financial assets, the fair value
measurement is based on its highest and best use. Valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure fair value, are used, maximising the use
of relevant observable inputs and minimising the use of unobservable inputs. Assets and liabilities measured
at fair value are classified, into three levels, using a fair value hierarchy that reflects the significance of the
inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers
between levels are determined based on a reassessment of the lowest level of input that is significant to the
fair value measurement. For recurring and non-recurring fair value measurements, external valuers may be
used when internal expertise is either not available or when the valuation is deemed to be significant. External
valuers are selected based on market knowledge and reputation. Where there is a significant change in fair
value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification
of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources
of data.
(o)
Impairment of non-financial assets
Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that
the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the
asset's carrying amount exceeds its recoverable amount.
(p)
Trade and Other Payables
Trade payables and other accounts payable are recognised when the Group becomes obliged to make future
payments resulting from the purchase of goods and services.
(q) Borrowings
Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction
costs. They are subsequently measured at amortised cost using the effective interest method.
(r)
Issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction,
net of tax, from the proceeds.
36
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(s) Revenue recognition
The Group recognises revenue as follows:
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the Group is expected to be
entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the
Group: identifies the contract with a customer; identifies the performance obligations in the contract;
determines the transaction price which takes into account estimates of variable consideration and the time
value of money; allocates the transaction price to the separate performance obligations on the basis of the
relative stand-alone selling price of each distinct good or service to be delivered; and recognises revenue when
or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the
goods or services promised.
Variable consideration within the transaction price, if any, reflects concessions provided to the customer such
as discounts, rebates and refunds, any potential bonuses receivable from the customer and any other
contingent events. Such estimates are determined using either the 'expected value' or 'most likely amount'
method. The measurement of variable consideration is subject to a constraining principle whereby revenue
will only be recognised to the extent that it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur. The measurement constraint continues until the uncertainty
associated with the variable consideration is subsequently resolved. Amounts received that are subject to the
constraining principle are recognised as a refund liability.
Rendering of services
Revenue from a contract to provide services is recognised over time as the services are rendered based on
either a fixed price or an hourly rate.
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of
calculating the amortised cost of a financial asset and allocating the interest income over the relevant period
using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through
the expected life of the financial asset to the net carrying amount of the financial asset.
Grants
Grant revenue is recognised in profit or loss when the Group satisfies the performance obligations stated within
the funding agreements. If conditions are attached to the grant which must be satisfied before the company is
eligible to retain the contribution, the grant will be recognised in the statement of financial position as a liability
until those conditions are satisfied.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
(t)
Foreign currency translation
Foreign currency transactions
Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in profit or loss.
Foreign operations
The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates
at the reporting date. The revenues and expenses of foreign operations are translated into Australian dollars
using the average exchange rates, which approximate the rates at the dates of the transactions, for the period.
(u)
Segment reporting
The Group uses a ‘management approach’, under which segment information is presented on the same basis
as that used for internal reporting purposes. Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is
responsible for allocating resources and assessing performance of the operating segments, has been identified
as the Board of Directors.
37
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(v)
Income tax
The income tax expense or revenue for the year is the tax payable on the current year’s taxable income based
on the notional income tax rate, adjusted by changes in deferred tax assets and liabilities attributable to
temporary differences between tax bases of assets and liabilities and their carrying amounts in the financial
statements, and to unused tax losses.
A deferred tax asset for unused tax losses is recognised only if it is probable that future taxable amounts will
be available to utilise losses.
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
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 assets and settle the liability simultaneously.
(w) Goods and Services Tax ('GST') and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred
is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of
the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount
of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in
the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or
financing activities which are recoverable from, or payable to the tax authority, are presented as operating
cash flows.
(x) Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured
at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments
made at or before the commencement date net of any lease incentives received, any initial direct costs
incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred
for dismantling and removing the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the
estimated useful life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain
ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life.
Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.
(y)
Lease liabilities
lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at
the present value of the lease payments to be made over the term of the lease, discounted using the interest
rate implicit in the lease or, if that rate cannot be readily determined, the consolidated entity's incremental
borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable
lease payments that depend on an index or a rate, amounts expected to be paid under residual value
guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur,
and any anticipated termination penalties. The variable lease payments that do not depend on an index or a
rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are
remeasured if there is a change in the following: future lease payments arising from a change in an index or a
rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a
lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss
if the carrying amount of the right-of-use asset is fully written down.
38
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Impact of adoption
AASB 16 was adopted using the modified retrospective approach and as such the comparatives have not been
restated. The impact of adoption on opening retained profits as at 1 July 2019 was as follows:
Operating lease commitments as at 1 July 2019 (AASB 117)
Operating lease commitments discount based on the weighted average incremental
borrowing rate of 5% (AASB 16)
Short-term leases not recognised as a right-of-use asset (AASB 16)
Accumulated depreciation as at 1 July 2019 (AASB 16)
Right-of-use assets (AASB 16)
Lease liabilities - current (AASB 16)
Lease liabilities - non-current (AASB 16)
Tax effect on the above adjustments
Reduction in opening retained profits as at 1 July 2019
1 July 2019
$
78,889
(2,149)
(66)
(25,558)
51,116
(38,639)
(13,304)
-
(827)
(z) New accounting standards and interpretations
(i) New and amended standards adopted by the Company
The Group has adopted all of the new, revised or amending Accounting Standards and Interpretations issued
by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted.
3. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial statements. Management continually evaluates
its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses.
Management bases its judgements and estimates on historical experience and on other various factors it
believes to be reasonable under the circumstances, the results of which form the basis of the carrying values
of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these
estimates under different assumptions and conditions.
Management has identified the following critical accounting policies for which significant judgements, estimates
and assumptions are made. Actual results may differ from these estimates under different assumptions and
conditions and may materially affect financial results or the financial position reported in future periods.
Further details of the nature of these assumptions and conditions may be found in the relevant notes to the
financial statements.
Share based payment transactions
The Group measures the cost of equity-settled share based payment transactions with employees by reference
to the fair value of the equity instruments at the grant date. The fair value is determined by using a recognised
option valuation model, with the assumptions detailed in Note 14. The accounting estimates and assumptions
relating to equity-settled share based payments would have no impact on the carrying amounts of assets and
liabilities within the next annual reporting period but may impact expenses and equity.
Coronavirus (COVID-19) pandemic
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has
had, or may have, on the consolidated entity based on known information. This consideration extends to the
availability of contractor, supply chain effects, staffing in the geographic regions in which the Group operates.
39
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
3. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
(continued)
There does not currently appear to be either any significant impact upon the financial statements or any
significant uncertainties with respect to events or conditions which may impact the consolidated entity
unfavourably as at the reporting date or subsequently as a result of COVID-19.
Income tax
The consolidated entity is subject to income taxes in the jurisdictions in which it operates. Significant judgement
is required in determining the provision for income tax. There are many transactions and calculations
undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. The
consolidated entity recognises liabilities for anticipated tax audit issues based on the consolidated entity's
current understanding of the tax law. Where the final tax outcome of these matters is different from the carrying
amounts, such differences will impact the current and deferred tax provisions in the period in which such
determination is made.
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only if the consolidated entity
considers it is probable that future taxable amounts will be available to utilise those temporary differences and
losses.
Lease term
The lease term is a significant component in the measurement of both the right-of-use asset and lease liability.
Judgement is exercised in determining whether there is reasonable certainty that an option to extend the lease
or purchase the underlying asset will be exercised, or an option to terminate the lease will not be exercised,
when ascertaining the periods to be included in the lease term. In determining the lease term, all facts and
circumstances that create an economical incentive to exercise an extension option, or not to exercise a
termination option, are considered at the lease commencement date. Factors considered may include the
importance of the asset to the consolidated entity's operations; comparison of terms and conditions to
prevailing market rates; incurrence of significant penalties; existence of significant leasehold improvements;
and the costs and disruption to replace the asset. The consolidated entity reassesses whether it is reasonably
certain to exercise an extension option, or not exercise a termination option, if there is a significant event or
significant change in circumstances.
Incremental borrowing rate
Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is
estimated to discount future lease payments to measure the present value of the lease liability at the lease
commencement date. Such a rate is based on what the consolidated entity estimates it would have to pay a
third party to borrow the funds necessary to obtain an asset of a similar value to the right-of-use asset, with
similar terms, security and economic environment.
Employee benefits provision
As discussed in note 1, the liability for employee benefits expected to be settled more than 12 months from
the reporting date are recognised and measured at the present value of the estimated future cash flows to be
made in respect of all employees at the reporting date. In determining the present value of the liability,
estimates of attrition rates and pay increases through promotion and inflation have been taken into account.
Tenement Acquisition Costs
Tenement acquisition costs for the Australian tenements acquired in December 2019 have been capitalised
on the basis that the consolidated entity will commence commercial production in the future, from which time
the costs will be amortised in proportion to the depletion of the mineral resources. Key judgements are applied
in considering costs to be capitalised which includes determining expenditures directly related to these
activities and allocating overheads between those that are expensed and capitalised. In addition, costs are
only capitalised that are expected to be recovered either through successful development or sale of the
relevant mining interest. Factors that could impact the future commercial production at the mine include the
level of reserves and resources, future technology changes, which could impact the cost of mining, future legal
changes and changes in commodity prices. To the extent that capitalised costs are determined not to be
recoverable in the future, they will be written off in the period in which this determination is made.
40
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
4. REVENUE FROM CONTINUING OPERATIONS
Other income
Research and development tax refund
Government cash flow boosts
Interest received
5. EXPENSES
Loss before income tax includes the following specific expenses:
Depreciation
Plant and equipment
Right-of-use asset
Finance costs
Lease liability
Net foreign exchange loss
Rental expense relating to operating lease
Minimum lease payments
Superannuation expense
2021
$
2020
$
-
115,459
-
1,401
116,860
22,208
106,362
100,000
5,740
234,310
4,591
49,703
54,294
5,690
25,877
4,588
41,415
46,003
2,853
21,355
4,565
9,707
Defined contribution superannuation expense
46,707
51,791
Share-based payments expense
Equity-settled share-based payments
127,861
163,911
41
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
6.
INCOME TAX
Loss for year
Tax expense/(benefit) at tax rate of 26% (2020: 27.5%)
Tax effect of amounts that are not deductible/taxable in calculating taxable
income
Impact of reduction in future corporate tax rate
Deferred tax assets not brought to account
Revenue losses not brought to account
Income tax expense/(benefit)
DEFERRED TAX
Deferred Tax Assets
at 26% (2020: 27.5%) unless stated otherwise
Provisions and accruals
Capital raising costs
Overseas tax losses (at 32% corporate tax rate)
Australian capital losses carried forward
Australian carried forward revenue losses
Other
2021
$
(2,603,756)
2020
$
(1,658,605)
(676,977)
(456,116)
16,206
(4,325)
-
(29,839)
690,610
-
754,025
(784,286)
490,702
-
58,256
92,237
1,124,743
910,848
7,110,854
690
9,297,628
41,466
72,351
706,874
910,848
6,804,657
264
8,536,460
The tax benefit of the above Deferred Tax Assets will only be obtained if:
a) The company derives future assessable income or a nature and of an amount sufficient to enable the
benefits to be utilised; and
b) The company continues to comply with the conditions for deductibility imposed by law; and
c) No changes in income tax legislation adversely affect the company in utilising the benefits
Deferred Tax Liabilities
at 25% (2020: 27.5%)
Prepayments
1,965
1,965
983
983
The above Deferred Tax Liabilities have not been recognised as they have given rise to the carry forward
revenue losses for which the Deferred Tax Asset has not been recognised.
7.
TRADE AND OTHER RECEIVABLES
Current Assets
GST and VAT refundable
Other receivables
Government Cash Flow Boosts
Rental & Security Bonds
22,144
9,066
-
-
31,210
20,029
5,021
37,500
3,360
65,910
42
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
7.
TRADE AND OTHER RECEIVABLES (continued)
Non-Current Assets
Amount receivable from sale of Marenica Minerals (Proprietary) Limited
(incorporated in Namibia)
Provision for impairment
2021
$
2020
$
3,425,275
3,425,275
(3,425,275)
-
(3,425,275)
-
The recoverability of the amount receivable from the sale to the Company’s Black Economic Empowerment
partner Millennium Minerals Pty Ltd of a 5% interest in the Company’s shareholding in Marenica Minerals
(Proprietary) Limited (incorporated in Namibia) is subject to the successful exploitation and development of
the Company’s Marenica Uranium Project. As the project has not yet reached a stage at which this can be
assured, the amount receivable from the purchaser is considered to be impaired.
8. PLANT AND EQUIPMENT
Cost
Less: Accumulated Depreciation
Net book value
Reconciliations:
122,450
(100,326)
22,124
116,093
(95,845)
20,248
Reconciliations of written down values at the beginning and end of the current and previous financial year are
set out below:
Opening net book amount
Additions
Disposals
Profit on sale
Depreciation charge
Closing net book amount
9. RIGHT-OF-USE ASSET
Land and buildings – right-of-use
Less: Accumulated depreciation
20,248
6,407
-
-
(4,531)
22,124
20,886
3,950
-
-
(4,588)
20,248
137,313
(40,781)
96,532
105,293
(41,046)
64,247
The Company leases land and buildings for its office in Australia under a two-year agreement and for its
warehouse in Namibia under a five-year agreement. On renewal, the terms of the leases are renegotiated.
The Company also leases land and buildings under a separate agreement of less than two years and is either
short-term or low-value, so has been expensed as incurred and not capitalised as a right-of-use assets.
43
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
10. CAPITALISED TENEMENT ACQUISITION COSTS
Balance at beginning of year
Cash component of purchase price
Share-based consideration of purchase price
Acquisition costs
2021
$
3,145,885
-
-
-
3,145,885
2020
$
-
250,000
2,502,500
393,385
3,145,885
On 11 December 2019, the Company acquired 100% of the shares of Thatcher Soak Pty Ltd (formerly Africa
Uranium Ltd), Jackson Cage Pty Ltd and Northern Territory Uranium Pty Ltd, which collectively hold tenements
and minerals resources in Western Australia and the Northern Territory that are prospective for uranium (“the
Acquisition Assets”). Refer to Note 17 for the names and countries of incorporation of these entities. Details
of the purchase of assets are as follows:
Amount settled in cash
Fair value of equity shares issued
Acquisition costs
Total
Recognised amount of identifiable net assets:
Capitalised exploration expenditure
Net identifiable assets and liabilities
Goodwill
2020
$
250,000
2,502,500
393,385
3,145,885
3,145,885
3,145,885
-
Capitalised tenement acquisition costs represent the accumulated cost of acquiring the Acquisition Assets.
Ultimate recoupment of these costs is dependent on the successful development and commercial exploitation
or alternatively, sale of the respective areas of interest.
11. PAYABLES
Trade payables
Accrued charges
2021
$
98,066
79,231
177,297
2020
$
47,317
180,451
227,768
Included in Accrued charges for 2020 year is an amount of $45,000 related to the Company’s obligation to
fund the exercise price of options issued to Directors should those specific Directors choose to exercise the
options. Refer to Note 24 for further information on financial instruments. Also included in the prior period’s
Accrued charges is the sum of $15,820 relating to the share-based payment valuation of 1,000,000 options
issued to the Company’s on 3 July 2020, which was part consideration of the selling fees for shares issued
during the year. Refer to Note 24 for further information on the shares and options issued.
44
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
12. PROVISIONS
Current Liabilities
Provision for annual leave
Non-Current Liabilities
Provision for long service leave
13. CONTRIBUTED EQUITY
(a) Ordinary Shares
Paid up capital – ordinary shares
Capital raising costs capitalised
Movement during the year
Balance at 1 July 2019
Share placement on 1 August 2019
Exercise of options on 29 November 2019
In lieu of options exercised on 29 November 2019
Share options issued on 12 December 2019
Convertible preference shares issued to Optimal Mining
Limited on 17 December 2019
Share placement on 17 April 2020
Share placement on 15 June 2020
Less: Share issue costs
Balance at 30 June 2020
Share issue 23 November 2020
Share issue 27 November 2020
Share issue 25 January 2021
Exercise of options 6 April 2021
Exercise of options 22 June 2021
Exercise of options 22 June 2021
Exercise of options by Directors 22 June 2021
Exercise of options by Brokers 22 June 2021
Exercise of options 22 June 2021
Exercise of options 30 June 2021
Less Share issue costs
2021
$
109,544
2020
$
103,318
109,544
103,318
43,408
43,408
38,674
38,674
$
66,057,329
(2,015,975)
64,041,354
$
57,497,810
(1,568,552)
55,929,258
Number of
Shares
73,212,293
16,012,417
290,698
-
-
27,500,000
13,157,894
13,192,095
-
143,365,397
31,660,619
25,568,175
3,977,270
3,300,000
12,628,860
214,285
-
-
5,850,000
100,000
-
226,664,606
$
51,030,575
1,601,242
52,500
31,105
320
2,502,500
500,000
501,300
(290,283)
55,929,259
2,786,140
2,249,999
350,000
330,000
2,146,906
45,000
18,549
30,915
585,000
17,000
(447,414)
64,041,354
Ordinary shares participate in dividends and the proceeds on winding up of Elevate Uranium Ltd in proportion
to the number of shares held. The fully paid ordinary shares have no par value. At shareholder meetings, when
a poll is called, each ordinary share is entitled to one vote otherwise each shareholder has one vote on a show
of hands.
45
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
13. CONTRIBUTED EQUITY (continued)
(b) Share Options
Movements in share
options:
Unlisted,
$0.17
Options
28/11/23
Unlisted,
$0.17
Options
10/12/21
Unlisted,
$0.21
Options
30/11/21
Unlisted,
$0.17
Options
13/12/20
Unlisted,
$0.17
Options
13/12/20
Unlisted,
$0.17
Options
25/05/20
Unlisted,
$0.1806
Options
01/12/19
Unlisted,
$0.10
Options
30/6/23
Balance at 30 June
2019
Issued during the
year
Exercised during the
year
Balance at 30 June
2020
Issued during the
year
Exercised during the
year
Lapsed during the
year
Balance at 30 June
2021
-
-
422,233
7,890,000
7,600,000
7,309,998
290,698
7,600,000
19,214,900
-
-
-
-
-
-
-
-
-
-
(7,308,998)
(290,698)
7,600,000
19,214,900
422,233
7,890,000
7,600,000
-
-
-
(12,728,860)
(214,285)
-
-
-
(7,890,000)
(7,600,000)
-
-
-
-
27,349,989
(9,150,000)
7,600,000
6,486,040
207,948
-
-
-
-
18,199,989
46
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
14. RESERVES
Share-Based Payments Reserve
Share-Based Payments Reserve
Balance at beginning of year:
Options issued during the year
-
-
In lieu of placement fees
Directors’ options
Options lapsed/exercised during the year
Performance rights vesting
Balance at end of year:
(i)
Share Options
Movements in share options
Balance as at 30 June 2019
Options exercised
Options lapsed
Options issued ref. (a) next page
2021
$
2020
$
371,806
485,191
371,806
485,191
485,191
409,674
15,820
48,450
122,077
158,112
(257,065)
(136,844)
5,783
5,799
371,806
485,191
Number of
options
$
23,512,929
(290,698)
(7,309,998)
26,814,900
380,996
(31,105)
(105,740)
206,562
Weighted
average
exercise
price
$
0.1708
0.1806
0.17
0.17
Balance as at 30 June 2020
42,727,133
450,713
0.1704
Options exercised
Options lapsed
Options issued
Balance as at 30 June 2021
(22,093,145)
(15,490,000)
27,349,989
32,493,977
(49,463)
(207,602)
137,897
331,544
0.125
0.17
0.10
0.1310
(ii) Movements in Share Based Payments Reserve
Balance as at 1 July 2019
Transfer on exercise or expiry of equity
Issue of options
Lapse of options
Rights vesting ref. (c) next page
Balance as at 30 June 2020
Transfer on exercise or expiry of equity
Issue of options
Lapse of options
Performance rights vesting
Total (i) & (ii) Share Based Payments Reserve
409,674
(31,104)
206,562
(105,740)
5,799
485,191
(49,463)
137,897
(207,602)
5,783
371,806
47
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
14. RESERVES (continued)
(a) On 3 July 2020, 1,000,000 options were granted and exercisable at $0.10 each on or before 30 June
2023, to share brokers in lieu of fees. The fair value of these options is $0.00158 per option for a total
value of $15,820. In valuing these options the Company used the following inputs in the Black Scholes
option valuation model.
Inputs into the Model
Grant date share price
Exercise price
Expected volatility
Option life
Risk-free interest rate
$0.065
$0.10
55.55%
3 years
0.260%
(b) On 10 December 2019, 3,202,483 options were granted and exercisable at $0.17 each on or before 10
December 2021, to a broker as part of the fees relating to a placement of shares and options. The fair
value of these options is $0.015129 per option (a subscription amount of $0.0001 was paid by the broker
and this amount has been taken off the valuation) for a total value of $48,450. In valuing these options
the Company used the following inputs in the Black Scholes option valuation model.
Inputs into the Model
Grant date share price
Exercise price
Expected volatility
Option life
Risk-free interest rate
$0.086
$0.170
79.29%
4 years
0.640%
(c)
As at the reporting date, 202,500 performance rights remain which have not yet vested. However, the
expense relating to the fair value of these performance rights has been spread across their seven-year
life on the assumption that they will vest. If they do not vest, the expense will be reversed.
Nature and purpose of reserves
(i) Share-based payments reserve
The share-based payments reserve represents the fair value of the actual or estimated number of unexercised
equity instruments granted to management and consultants of the Company recognised in accordance with
the accounting policy adopted for share-based payments and the cash price of rights/options issued to
investors.
15.
ACCUMULATED LOSSES
Accumulated losses at beginning of year
Adjustment for change in accounting policy (note 2)
Net losses attributable to members of the parent entity
Options lapsed during the year
Accumulated losses at the end of the year
2021
$
(52,490,191)
-
2020
$
(50,936,499)
(827)
(2,603,756)
207,602
(1,658,605)
105,740
(54,886,345)
(52,490,191)
48
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
16. SEGMENT INFORMATION
The Group operates predominately in the mineral exploration and evaluation industry in Namibia. For
management purposes, the Group is organised into one main operating segment which involves the
exploration and evaluation of uranium deposits in Namibia. All of the Group’s activities are inter-related and
discrete financial information is reported to the Board (Chief Operating Decision Maker) as a single segment.
Accordingly, all significant operating decisions are based upon analysis of the Group as one segment. The
financial results from this segment are equivalent to the financial results of the Group as a whole.
17. RELATED PARTIES
(a) Subsidiaries
The consolidated financial statements include the financial statements of Elevate Uranium Ltd and the
subsidiaries listed in the following table:
Name
Marenica Energy Namibia (Pty) Ltd
Uranium Beneficiation Pty Ltd
Marenica Minerals (Pty) Ltd
Marenica Ventures (Pty) Ltd
Aloe Investments 247 (Pty) Ltd
Metals Namibia Pty Ltd
Thatcher Soak Pty Ltd (formerly Africa Uranium Ltd (note 10))
Jackson Cage Pty Ltd (note 10)
Northern Territory Uranium Pty Ltd (note 10)
(b) Ultimate parent
Country of
Incorporation
% Equity
Interest
2021
Namibia
Australia
Namibia
Namibia
Namibia
Namibia
Australia
Australia
Australia
100%
100%
75%
100%
90%
100%
100%
100%
100%
% Equity
Interest
2020
100%
100%
75%
100%
90%
100%
100%
100%
100%
Elevate Uranium Ltd is the ultimate Australian parent entity and ultimate parent of the Group.
(c) Key management personnel
Details relating to key management personnel, including remuneration paid, are included in Note 23 and the
audited remuneration report section of the Directors’ report.
18. COMMITMENTS FOR EXPENDITURE
Mineral Tenement Lease
Exploration expenditure
The Company has been granted tenements in Namibia which have the
following exploration commitments
Within one year
Between 1 and 5 years
Lease commitments - operating
Within one year
Between 1 and 5 years
2021
$
2020
$
1,961,582
559,621
2,521,203
638,373
671,123
1,309,496
67,125
173,881
241,006
26,535
49,108
75,643
49
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
19. CASH AND CASH EQUIVALENTS
Cash as at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the related
items in the Statement of Financial Position as follows:
Cash at bank and on deposit
Balance per statement of cash flows
2021
$
6,660,602
6,660,602
2020
$
1,062,967
1,062,967
20. RECONCILIATION OF LOSS AFTER INCOME TAX TO CASH FLOWS USED IN
OPERATING ACTIVITIES
Operating Profit (Loss)
A dd non-cash items
Depreciation
Interest on unwinding of lease liability
Share-based payments
Unrealised foreign exchange loss
D ecrease/increase in operating assets and liabilities:
Receivables
Trade and other payables
Provisions
Net cash (outflow) from operating activities
21. EARNINGS PER SHARE
(a) Basic earnings per share – cents per share
(2,603,756)
(1,658,605)
54,294
-
127,861
3,196
45,634
2,713
163,911
1,614
8,515
64,261
10,960
(2,334,669)
(23,243)
(1,062)
16,954
(1,452,084)
Loss attributable to the ordinary equity holders of the Company
(1.44)
(1.61)
(b) Diluted earnings per share
Diluted earnings per share are not disclosed as they are not materially different to basic earnings per share.
(c) Weighted average number of shares used as the denominator
Weighted average number of ordinary shares outstanding during the year
used in calculation of basic earnings per share
180,528,771 103,291,964
22. AUDITORS’ REMUNERATION
During the year the following fees were paid or payable for services provided by the auditors:
(a) Audit services
Audit and review of financial reports under the Corporations Act 2001
Audit and review of financial reports of Namibian subsidiaries
35,000
4,608
29,500
6,769
(b) Other services
Other Services
Total remuneration of auditors
-
39,608
-
36,269
50
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
23. KEY MANAGEMENT PERSONNEL
Compensation for Key Management Personnel
The aggregate compensation made to directors and other members of key management personnel of the
Group is set out below:
Short term employee benefits
Post-employment benefits
Share-based payments
Total compensation
24. SHARE BASED PAYMENTS
Set out below are summaries of options granted during the year:
2021
$
538,539
51,161
127,861
717,561
2020
$
579,795
53,655
163,911
797,361
2021
Grant date Expiry date
Exercise
price
Balance at the
start of the
year
Granted
Expired/
forfeited/
other
Balance at
the end of the
year
3/07/2020
30/06/2023
$0.10
-
27,349,989
-
27,349,989
2020
Grant date Expiry date
Exercise
price
Balance at the
start of the
year
Granted
3/12/2019
12/12/2019
1/12/2023
11/12/2021
$0.17
$0.17
-
-
7,600,000
19,214,900
Set out below are the options exercisable at the end of the financial year:
Expired/
forfeited/
other
Balance at
the end of the
year
7,600,000
19,214,900
-
-
Grant date
Expiry date
22/11/2017
13/12/2018
13/12/2018
3/12/2019
10/12/2020
3/07/2020
30/11/2021
13/12/2020
13/12/2020
28/11/2023
10/12/2021
10/06/2023
2021
Number
207,948
-
-
7,600,000
6,486,040
18,199,989
32,493,977
2020
Number
422,233
7,890,000
7,600,000
7,600,000
19,214,900
-
42,727,133
The weighted average exercise price of options outstanding as at the end of the financial year was $0.1310
(2020: $0.1708).
The weighted average remaining contractual life of options outstanding at the end of the financial year was
1.78 years (2020: 1.44 years).
51
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
25. PARENT ENTITY FINANCIAL INFORMATION
(a) Information relating to Elevate Uranium Ltd
Current Assets
Non-Current Assets
Total Assets
Current Liabilities
Non-Current Liabilities
Total Liabilities
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
Loss for the year
Total comprehensive income
(b) Guarantees
2021
$
6,653,322
2020
$
1,100,675
3,503,952
3,290,202
10,157,274
4,390,877
(323,706)
(342,494)
(56,738)
(38,674)
(380,444)
(381,168)
9,776,830
4,009,709
64,041,345 55,929,259
371,806
485,191
(54,636,321) (52,404,741)
9,776,830
4,009,709
(2,439,182)
(1,547,589)
(2,439,182)
(1,547,589)
No guarantees have been entered into by the Company in relation to the debts of its subsidiaries.
(c) Commitments
Commitments of the Company as at reporting date are disclosed in Note 18 to the financial statements.
26. CONTINGENT LIABILITIES
Mallee Minerals Pty Limited
On 7 April 2006, the Company entered into an introduction agreement with Mallee Minerals Pty Limited in
respect of a mineral licence in Namibia (Project). Upon the Company receiving a bankable feasibility study in
respect of the Project or the Company delineating, classifying or reclassifying uranium resources in respect of
the project, the Company will pay to Mallee Minerals Pty Limited:
(i) $0.01 per tonne of uranium ore classified as inferred resources in respect of the Project; and a further
(ii) $0.02 per tonne of uranium ore classified as indicated resources in respect of the Project; and a further
(iii) $0.03 per tonne of uranium ore classified as measured resources in respect of the Project.
Pursuant to this agreement, no payments were made during the year ended June 2021 (2020: nil). In total
$2,026,000 has been paid under this agreement.
Metals Australia Limited
In May 2018, the Company signed binding agreement to purchase the Mile 72 Uranium Project (EPL 3308)
from Metals Australia Limited. The agreement includes a provision to pay a gross production preferential
dividend of 1% on any production from EPL 3308.
Jackson Cage Royalties
On 13 December 2019, the Company acquired Jackson Cage Pty Ltd (“Jackson Cage”). Jackson Cage is
liable for a 1% gross royalty payable to Paladin Energy Limited and a 1% gross royalty payable to Areva
Resources Australia Pty Ltd on any production from the Oobagooma Project in Western Australia (being
tenement E04/2297) and a 1.5% gross royalty payable to Paladin NT Pty Ltd on any production from the
Pamela/Angela Project in the Northern Territory (being tenement application EL25759 and tenement
EL25758).
52
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
26. CONTINGENT LIABILITIES (continued)
Marenica Namibia VAT
Marenica Energy Namibia Pty Ltd (“Marenica Namibia”), a subsidiary of the Group, received an equivalent
amount in Australian Dollars of $26,470 that relate to Namibian VAT debtors from prior reporting periods which
were previously not considered to be recoverable. Marenica Namibia will be liable to pay the stated amount
back if the Namibian VAT authorities issue a letter demanding the stated amount to be repaid
27. FINANCIAL INSTRUMENTS
Overview – Risk Management
This note presents information about the Group’s exposure to credit, liquidity and market risks, its objectives,
policies and processes for measuring and managing risk and the management of capital.
The Group does not use any form of derivatives as it is not at a level of exposure that requires the use of
derivatives to hedge its exposure. Exposure limits are reviewed by management on a continuous basis. The
Group does not enter into or trade financial instruments, including derivative financial instruments, for
speculative purposes.
The Board of Directors of the Company has overall responsibility for the establishment and oversight of the
risk management framework. Management monitors and manages the financial risks relating to the operations
of the Company and the Group through regular reviews of the risks.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails
to meet its contractual obligations and arises principally from the Group’s receivables from customers and
investment securities. At 30 June 2021, there were no significant concentrations of credit risk.
Cash and cash equivalents
The Group limits its exposure to credit risk by only investing in liquid securities and only with counterparties
that have an acceptable credit rating.
Trade and other receivables
As the Group operates primarily in exploration activities, it does not have any significant trade receivables and
therefore is not exposed to credit risk in relation to trade receivables.
The Group where necessary establishes an allowance for impairment that represents its estimate of incurred
losses in respect of other receivables and investments. Management does not expect any counterparty to fail
to meet its obligations.
Exposure to credit risk
The carrying amount of the Group’s financial assets represents the maximum credit exposure. The Group’s
maximum exposure to credit risk at the reporting date was:
Trade and other receivables
Cash and cash equivalents
Impairment Losses
None of the Group’s receivables are past due (2020: $ nil).
Note
7
19
2021
$
2020
$
31,210
65,910
6,660,602
1,062,967
53
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
27. FINANCIAL INSTRUMENTS (continued)
Liquidity Risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The
Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity
to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the Group’s reputation.
The Group manages liquidity risk by maintaining adequate cash reserves from funds raised in the market and
by continuously monitoring forecast and actual flows. Apart from the convertible note, the Group does not have
any significant external borrowings.
The Group will need to raise additional capital in the next 12 months to meet forecast operational and
development activities. The decision on when and how the Group will raise future capital will depend on market
conditions existing at that time.
The following are the contractual maturities of financial liabilities, including estimated interest payments and
excluding the impact of netting agreements:
30 June 2021
Note
Trade and other payables
11
30 June 2020
Trade and other payables
Directors Fees
Note
11
11
Carrying
amount
177,297
Carrying
amount
182,768
45,000
Contractual
cash flow
177,297
Contractual
cash flow
182,768
45,000
6 months
or less
177,297
6 months
or less
182,768
-
>12
months
-
>12
months
-
45,000
Market Risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity
prices will affect the Group’s income or the value of its holdings of financial instruments. The objective of market
risk management is to manage and control market risk exposure within acceptable parameters, while
optimising the return.
Currency Risk
The Group’s exposure to currency risk at 30 June 2021 on financial assets denominated in Namibian dollars
was nil (2020: nil) which amounts are not hedged. The effect of future movements in the exchange rate for
Namibian dollars on the Group’s financial position and results of fully expensed exploration and evaluation
activities is likely to be negligible.
Interest Rate Risk
The Group is exposed to interest rate risk (primarily on its cash and cash equivalents), which is the risk that a
financial instrument’s value will fluctuate as a result of changes in the market interest rates on interest-bearing
financial instruments. The Group does not use derivatives to mitigate these exposures.
The Company adopts a policy of ensuring that as far as possible it maintains excess cash and cash equivalents
on short term deposit at interest rates maturing over 30 to 90 day rolling periods.
54
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
27. FINANCIAL INSTRUMENTS (continued)
Profile
At the reporting date the interest rate profile of the Group’s interest-bearing financial instruments was:
Variable rate instruments
Financial assets – cash and cash equivalents
Fair value sensitivity analysis for fixed rate instruments
Carrying Amount
2020
$
2021
$
6,660,602 1,062,967
The Company does not account for any fixed rate financial assets and liabilities at fair value through profit or
loss or through equity, therefore a change in interest rates at the reporting date would not affect profit or loss
or equity.
Cash flow sensitivity analysis for variable rate instruments
A change of 50 basis points (2020: 50 basis points) in interest rates at the reporting date would have increased
(decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other
variables remain constant. The analysis is performed on the same basis for 30 June 2021.
30 June 2021
Variable rate instruments
30 June 2020
Variable rate instruments
Profit or loss
Equity
50bp
increase
33,303
50bp
increase
5,315
50bp
decrease
(33,303)
50bp
decrease
(5,315)
50bp
increase
33,303
50bp
increase
5,315
50bp
decrease
(33,303)
50bp
decrease
(5,315)
Fair Value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
Commodity Price Risk
The Group operates primarily in the exploration and evaluation phase and accordingly the Group’s financial
assets and liabilities are subject to minimal commodity price risk.
Capital Management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going
concern, so as to maintain a strong capital base sufficient to maintain future exploration and development of
its projects. The Group’s focus has been to raise sufficient funds through equity or debt to fund its exploration
and evaluation activities.
There were no changes in the Group’s approach to capital management during the year. Risk management
policies and procedures are established with regular monitoring and reporting.
The Group is not subject to externally imposed capital requirements.
28. FAIR VALUE MEASUREMENT
Fair value hierarchy
The carrying amounts of trade and other receivables and trade and other payables are assumed to
approximate their fair values due to their short-term nature.
55
2021 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2021
29. EVENTS AFTER THE REPORTING PERIOD
On 15 July 2021, Mr Stephen Mann was appointed as an Independent Non-Executive Director of the Company.
On 15 July 2021, 1,559,040 fully paid ordinary shares were issued at a price of $0.17 per share following the
exercise of options.
On 19 July 2021, 202,500 performance rights lapsed.
On 24 August 2021, the Company issued 750,000 unlisted options exercisable at $0.40 expiring on or before
29 August 2025. The options were issued to a new employee in accordance with their engagement letter.
The impact of the Coronavirus (“COVID-19”) is ongoing and is largely out of the control of the Company,
therefore, it is not practicable to estimate the future potential impact, positive or negative, on the Company.
The situation continually develops and any material impact is dependent on measures imposed, in the first
instance, by the different levels of government in Australia or Namibia and secondly on any other countries.
These measures may include maintaining social distancing, quarantine, travel restrictions or any other as yet
undefined restriction, these maybe ameliorated by any economic stimulus provided to the Company. In
addition, increases in input costs or unavailability of good and services, resulting from such measures, may
affect the operations of the Company.
Other than the matters referred to above, there have been no matters or circumstances that have arisen since
the end of the financial year which significantly affected or may significantly affect:
(i)
the Group's operations in future years; or
(ii)
the results of those operations in future years; or
(iii)
the Group's state of affairs in future years.
56
2021 Annual Report
57
2021 Annual Report
28 September 2021
Perth
Chairman
Andrew Bantock
On behalf of the board.
This declaration is made in accordance with a resolution of the board of Directors.
accordance with section 295A of the Corporations Act 2001 for the financial year ended 30 June 2021.
this declaration has been made after receiving the declarations required to be made to the Directors in
4.
3.
the financial report also complies with International Financial Reporting Standards.
pay their debts as and when they become due and payable.
in the Directors' opinion there are reasonable grounds to believe that the Company and Group will be able to
2.
of their performance for the year ended on that date.
b. giving a true and fair view of the Company’s and Group’s financial position as at 30 June 2021 and
a. complying with Accounting Standards and the Corporations Regulations 2001; and
audited, of the Company and of the Group are in accordance with the Corporations Act 2001, including:
the financial statements, notes and additional disclosures included in the Directors’ Report designated as
1.
The Directors of the Company declare that:
Directors’ Declaration
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
ELEVATE URANIUM LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Elevate Uranium Limited (“the Company”) and its controlled entities
(“the Group”) which comprises the statement of financial position as at 30 June 2021, the statement of
profit or loss and other comprehensive income, the statement of changes in equity and the statement of
cash flows for the year then ended on that date and notes to the financial statements, including a summary
of significant accounting policies and the directors’ declaration of the Company.
In our opinion the financial report of the Group is in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its financial
performance for the year ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under these
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report
section of this 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.
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
ELEVATE URANIUM LIMITED (continued)
Key Audit Matter – Cash and Cash Equivalents
How our Audit Addressed the Key Audit Matter
The Group’s cash and cash equivalents make up 67%
of current assets by value and are considered to be
the key driver of the Group’s operations.
Our procedures over the existence of the Group’s
cash and cash equivalents included but were not
limited to:
We do not consider cash and cash equivalents to be
at a high risk of significant misstatement or to be
subject to a significant level of judgement.
However due to their materiality in the context of
the financial statements as a whole, they are
considered to be the area which had an effect on
our overall strategy and allocation of resources in
planning and completing our audit.
Key Audit Matter – Exploration and evaluation
expenditure
The Group has capitalised exploration assets that
represent 96% of the non-current assets by value.
We do not consider the underlying tenements to be
at a high risk of significant misstatement.
However due to the materiality in the context of
the financial statements as a whole, this is
considered to be an area which had an effect on our
overall strategy and allocation of resources in
planning and completing our audit.
Documenting and assessing the processes and
controls in place to record cash transactions;
Testing a sample of cash payments to
determine they were bona fide payments,
were properly authorised and recorded in the
general ledger; and
Agreeing balances to independent
confirmations.
We have also assessed the appropriateness of the
disclosures included in the financial report.
How our Audit Addressed the Key Audit Matter
Our procedures in assessing exploration and
evaluation expenditure included but were not
limited to the following:
We assessed exploration and evaluation
expenditure with reference to AASB 6
Exploration for and Evaluation of Mineral
Resources;
We tested a sample of exploration and
evaluation expenditure to supporting
documentation to ensure they were bona
fide payments;
We reviewed the management’s assessment
for the indicators for impairment for the
exploration assets; and
We documented and assessed the processes
and controls in place to record exploration
and evaluation transactions.
We have also assessed the appropriateness of the
disclosures included in the financial report.
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
ELEVATE URANIUM LIMITED (continued)
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 there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Directors’ Responsibility 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 the 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 cease operations,
or have no realistic alternative but to do so.
Auditor’s Responsibility for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with Australian Auditing Standards will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing
and Assurance Standards Board website at: www.auasb.gov.au/Home.aspx.
We communicate with the directors regarding, amongst 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.
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
ELEVATE URANIUM LIMITED (continued)
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence and where applicable, related safeguards.
From the matters communicated with the directors, we determine those matters that were of most
significance in the audit of the financial report of the current period and are therefore the key audit matters.
We describe those 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 communications.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the remuneration report included in the directors’ report for the year ended 30 June 2021.
In our opinion the remuneration report of Elevate Uranium 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.
Rothsay Auditing
Dated 28 September 2021
Donovan Odendaal
Partner
Additional Australian Securities Exchange Information
The following additional information is required by the Australian Securities Exchange and is current
as at 3 September 2021.
(a) Distribution schedule and number of holders of equity securities
1 – 1,000
1,001 –
5,000
5,001 –
10,000
10,001 –
100,000
100,001 –
and over
Total
3,681
1,092
479
1,033
286
6,571
-
-
-
-
-
-
-
-
-
-
-
-
-
1
-
-
-
-
2
1
1
1
4
5
1
1
4
8
25
26
Fully Paid Ordinary
Shares (EL8)
Unlisted Options –
$0.40 29/08/2025
Unlisted Options –
$0.21 30/11/2021
Unlisted Options -
$0.17
01/12/2023
Unlisted Options -
$0.17
11/12/2021
Unlisted Options -
$0.10
30/06/2023
The number of holders holding less than a marketable parcel of fully paid ordinary shares 3,762.
62
2021 Annual Report
Additional Australian Securities Exchange Information
(b) 20 Largest holders of quoted equity securities
The names of the twenty largest holders of fully paid ordinary shares (ASX code: EL8) are:
Rank Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
BNP Paribas Nominees Pty Ltd
Hanlong Resources Limited
Citicorp Nominees Pty Limited
BNP Paribas Nominees Pty Ltd ACF Clearstream
Retzos Executive Pty Ltd
Retzos Family Pty Ltd
BNP Paribas Noms Pty Ltd
BNP Paribas Nominees Pty Ltd Six Sis Ltd
Mrs Carol Ann Hill
Shayden Nominees Pty Ltd
Mr Richard Thomas Hayward Daly + Mrs Sarah Kay Daly
Remake Pty Ltd < Elliott Family A/C>
Pasias Holdings Pty Ltd
HSBC Custody Nominees (Australia) Limited
HSBC Custody Nominees (Australia) Limited – A/C 2
Magedo Super Pty Ltd
Atlantis MG Pty Ltd
Enerview Pty Ltd
Sam Goulopoulos Pty Ltd
Define Consulting Pty Ltd
Shares
% of Total
Shares
23,734,930
10.40
11,635,072
11,197,964
8,398,887
6,596,386
5,496,580
3,918,131
3,539,861
3,104,820
3,000,000
2,727,979
2,272,727
2,200,000
2,013,725
1,926,863
1,900,000
1,800,000
1,800,000
1,790,000
1,766,985
5.10
4.91
3.68
2.89
2.41
1.72
1.55
1.36
1.31
1.20
1.00
0.96
0.88
0.84
0.83
0.79
0.79
0.78
0.77
TOTAL
100,820,910
44.18
Stock Exchange Listing – there are 228,223,646 ordinary fully paid shares of the Company on issue on the
Australian Securities Exchange.
Unquoted securities on issue are detailed below in Section (d).
(c) Substantial shareholders
Substantial shareholders in Elevate Uranium Ltd and the number of equity securities over which the
substantial shareholder has a relevant interest as disclosed in substantial holding notices provided to the
Company are listed below:
Name
Chris Retzos
Hanlong Resources Limited
Shares
14,592,973
11,635,072
63
2021 Annual Report
Additional Australian Securities Exchange Information
(d) Unquoted Securities
The number of unquoted securities on issue:
Security
Unlisted options, exercisable at $0.40 each on or before 29 August 2025.
Unlisted options, exercisable at $0.21 each on or before 30 November 2021.
Unlisted options, exercisable at $0.17 each on or before 01 December 2023.
Unlisted options, exercisable at $0.17 each on or before 11 December 2021.
Unlisted options, exercisable at $0.10 each on or before 30 June 2023.
Number on
issue
750,000
207,948
7,600,000
4,927,000
18,199,989
(e) Holder Details of Unquoted Securities
Names of people that hold more than 20% of a given class of unquoted securities (other than
unquoted securities issued under an employee incentive scheme) are below:
Security
Name
Unlisted options, exercisable
at $0.40 each on or before
29 August 2025.
Unlisted options, exercisable
at $0.21 each on or before
30 November 2021.
Unlisted options, exercisable
at $0.17 each on or before
01 December 2023.
Unlisted options, exercisable
at $0.17 each on or before
01 December 2023.
Unlisted options, exercisable
at $0.17 each on or before
11 December 2021.
A&S Wilde Pty Ltd
SJJZT Pty Ltd
Carol Ann Hill
SJJZT Pty Ltd
UBS Nominees
(f) Restricted Securities
There are no restricted securities on issue.
(g) Voting Rights
Number of
Securities
750,000
207,948
3,600,000
2,000,000
3,300,000
All fully paid ordinary shares carry one vote per ordinary share without restriction.
Options have no voting rights.
(h) Company Secretary
The Company Secretary is Mr Shane McBride.
(i) Registered Office
The Company’s Registered Office is Office C1, 1139 Hay Street, West Perth, WA 6005.
64
2021 Annual Report
Additional Australian Securities Exchange Information
(j) Share Registry
The Company’s Share Registry is Advanced Share Registry Services, 110 Stirling Highway, Nedlands WA 6009.
Telephone: +61 8 9389 8033. Facsimile: +61 8 9262 3723.
(k) On-Market Buy-back
The Company is not currently conducting an on-market buy-back.
(l) Corporate Governance
The Board of Elevate Uranium Ltd is committed to achieving and demonstrating the highest standards of Corporate
Governance. The Board is responsible to its Shareholders for the performance of the Company and seeks to
communicate extensively with Shareholders. The Board believes that sound Corporate Governance practices will
assist in the creation of Shareholder wealth and provide accountability. In accordance with ASX Listing Rule 4.10.3,
the Company has elected to disclose its Corporate Governance policies and its compliance with them on its website,
rather than in the Annual Report. Accordingly, information about the Company's Corporate Governance practices is
set out on the Company's website at www.elevateuranium.com.au.
65
2021 Annual Report
Additional Australian Securities Exchange Information
The Group holds the following mineral tenements.
Number
Name
Percentage
Holding
Number
Name
Percentage
Holding
Active Licences
Licence Applications
NAMIBIA
EPL 6746
EPL 8098
Tumasvlaktes
Autseib
95%
100%
MDRL 3287
EPL 3308
EPL 6987
EPL 7278
EPL 7279
EPL 7368
EPL 7435
EPL 7436
EPL 7508
EPL 7662
EPL 6663
Marenica
Mile 72
Koppies
Hirabeb
Ganab
Trekkopje East
Skilderkop
Amichab
Capri
Namib IV
Arechadamab
75%
100%
100%
100%
100%
100%
100%
100%
100%
100%
90%
Active Licences – 100% Interest
Licence Applications – 100% Interest
AUSTRALIA
R 38/1
E 04/2297
EL 25758
EL 32400
Thatcher Soak
Oobagooma
Angela
Minerva
100%
100%
100%
100%
EL 25759
Pamela
100%
Active Licences – Joint Venture Interests
Licence Applications – Joint Venture
Interests
ELR 41
ELR 45
ELR 46
ELR 47
ELR 48
ELR 49
ELR 50
ELR 51
ELR 52
ELR 53
ELR 54
ELR 55
EL 30144
ELR 31319
Malawiri
Walbiri
Bigrlyi
Bigrlyi
Bigrlyi
Bigrlyi
Bigrlyi
Bigrlyi
Bigrlyi
Bigrlyi
Bigrlyi
Bigrlyi
Dingos Rest South
Sundberg
23.97%
22.88%
20.82%
20.82%
20.82%
20.82%
20.82%
20.82%
20.82%
20.82%
20.82%
20.82%
20.82%
20.82%
MCS 318
MCS 319
MCS 320
MCS 321
MCS 322
MCS 323
MCS 324
MCS 325
MCS 326
MCS 327
MCS 328
MLN 1952
EL 1466
EL 3114
Karins
Karins
Karins
Karins
Karins
Karins
Karins
Karins
Karins
Karins
Karins
Karins
Mount Gilruth
Beatrice South
20.82%
20.82%
20.82%
20.82%
20.82%
20.82%
20.82%
20.82%
20.82%
20.82%
20.82%
20.82%
33.33%
33.33%
66
2021 Annual Report
REGISTERED OFFICE
Office C1
1139 Hay Street
West Perth WA 6005
Tel: +61 8 6555 1816
www.elevateuranium.com.au