ENEGEX LIMITED
ABN 28 160 818 986
ANNUAL REPORT
FOR THE YEAR ENDED
30 June 2022
Corporate Directory
Directors
E.G. Albers (Chairman)
R.L. Clark
A.P. Armitage
R.A. Sharpe
Company Secretary
R.J. Wright
Registered Office and Principal
Administration Office
Level 1, 10 Yarra Street, South Yarra
Victoria 3141, Australia
+61 (0)3 8610 4713
+61 (0)3 8610 4799
admin@enegex.com.au
www.enegex.com.au
Telephone:
Facsimile:
Email:
Website:
Auditor
Grant Thornton Audit Pty Ltd
Collins Square, Tower 5
727 Collins Street
Melbourne, Victoria 3008 Australia
Share Registry
Automic Pty Ltd
Level 3, 50 Holt Street
Surry Hills, NSW 2010, Australia
Telephone: 1300 288 664 (within Australia)
Telephone: +61 (2) 9698 5414 (outside
Australia)
Website: www.automic.com.au
Stock Exchange Listing
ASX Limited
Level 4, North Tower, Rialto
525 Collins Street
Melbourne, Victoria 3000 Australia
ENX Code: ENX - Ordinary Shares
Incorporated in the State of Victoria
17 October 2012
Chairman’s Letter………………………. …2
Review of Operations………………….. 3
Competent Person Declaration……... 10
Tenement Schedule……………………. 11
Directors’ Report……………………….. 12
Remuneration Report………………….. 14
Corporate Governance………………… 18
Directors’ Declaration………………….. 19
Statement of Profit or Loss and Other
Comprehensive Income……………….. 20
Statement of Financial Position………. 21
Statement of Changes in Equity……… 22
Statement of Cash Flows…………….. 23
Notes to the Financial Statements…… 24
Audit Report…………………………….. 42
Auditor’s Independence Declaration…. 46
ASX Additional Information …………… 47
1
Chairman’s Letter
We have significant Ni-Cu-PGE focused exploration tenure in both the West Yilgarn and Kimberley
regions of Western Australia.
Our West Yilgarn tenure is divided into five project areas; Miamoon, Miling, Walebing, Goomalling
and Green Hills. Within these areas there are a number of features with distinctive “highs” in the
magnetic and gravity data that are interpreted to contain mafic and ultramafic intrusive bodies. They
are priority areas for us.
Our West Yilgarn exploration activities have been directed towards generating targets for testing.
This involves reconnaissance field mapping and geochemical surface sampling of exploration
targets systematically defined across the five project areas which incorporates geology, structure,
geophysics and satellite images.
We have defined two discrete targets at Miamoon through a gravity gradiometer survey which
provided ‘walk-up’ drill targets; the ‘Spitfire’ and ‘Crusader’ targets.
Substantial effort continues to be directed towards access arrangements with local landowners who
own surface rights to gain access to targets. Although access has been granted to a number of
target areas for non-ground disturbing activities, access has not been granted over Enegex’s two
highest priority drill target areas, the ‘Spitfire’ and ‘Crusader’ targets. Frustratingly, limited progress
has therefore been made to progress these targets, given that Enegex submitted a successful
application for Round 25 of the Exploration Incentive Scheme (“EIS”) funded by the Government
of Western Australia, for the purpose of part funding direct drilling costs at the Spitfire target.
Our Hart Project in the East Kimberley, an area with no prior drilling, is considered to have potential
for V-Ti in addition to Ni-Cu-PGE styles of mineralisation. Initial reconnaissance and geochemical
sampling campaign has recently been conducted in order to provide a geological framework that
will drive our exploration programs.
On behalf of the Board, I thank our shareholders for their support and financial contribution. And,
to our team and consultants and my fellow directors, my appreciation for their efforts.
Our Hart Project in the East Kimberley, an area with no prior drilling, is considered to have potential
for V-Ti in addition to Ni-Cu-PGE styles of mineralisation. Initial reconnaissance and geochemical
sampling campaign has recently been conducted in order to provide a geological framework that
will drive our exploration programs.
E.G. Albers
Chairman, Enegex Limited
13 October 2022
2
Review of Operations
West Yilgarn Ni-Cu-PGE Province – Enegex 100%
Enegex has a significant tenure position in the West Yilgarn Ni-Cu-PGE province, the prospectivity of
which has been highlighted by Chalice Mining’s Julimar Ni-Cu-PGE discovery (Figure 1). Enegex’s
tenure comprises 20 granted exploration licences totalling 3,784km2 that is divided into five project
areas; Miamoon, Miling, Walebing, Goomalling and Green Hills (Figure 2).
Figure 1. Enegex's West Yilgarn Ni-Cu-PGE Province Tenure.
3
The projects lie within the western gneiss belt of the South West Province of the Yilgarn Craton and
the basement geology of Enegex’s project areas is interpreted to consist of metamorphosed
sedimentary, greenstone and granitic rocks (Figure 2). Historically, most exploration activities in
Western Australia have been directed away from private freehold farming land that is prevalent across
the West Yilgarn province, so the project areas remain under explored. Enegex considers its project
areas to have potential to contain mafic-ultramafic intrusive bodies - similar to the rocks hosting the
Julimar Project that was previously interpreted as granitic domain.
Figure 2. GSWA Interpreted bedrock geology 1:500,000 scale showing Enegex tenure
.
4
Within Enegex’s project areas there are a number of features with distinctive “highs” in the magnetic
and gravity data such as at Enegex’s Miling and Miamoon Projects. These are interpreted to contain
mafic and ultramafic intrusive bodies and are priority areas for groundwork including geochemistry and
subsequent ground-based geophysics in order to define drilling targets.
During the year, Enegex continued to accumulate and assimilate both new and historical data as well
as to undertake reconnaissance visits and to continue to negotiate property access with landholders.
Exploration targets throughout the 5 projects areas were systematically defined incorporating geology,
structure, geophysics and satellite images. The priority areas have been the focus of landowner access
negotiations and reconnaissance field visits.
Airborne Falcon Gravity Gradiometer Survey
At the Miamoon Project, Enegex commissioned an Airborne Falcon Gravity Gradiometer (AGG) survey
over the western part of the project (Figure 3). The survey was completed by Core Geophysics in
October 2021. Several high priority targets were identified that were called ‘Spitfire’ and ‘Crusader’.
Both Spitfire and Crusader are discrete targets that have a strong correlation between magnetic and
gravity high signatures.
The Spitfire target is defined by coincident gravity and magnetic anomaly highs and has a northwest
trend extending over 1.3km. Complexity within the magnetic anomaly features a subtle magnetic low
within the magnetic high that could be indicative of magnetite destruction associated with hydrothermal
alteration and mineralisation. The Crusader target is also defined by coincident gravity and magnetic
highs that also correlate to an area with anomalous copper geochemistry in historical RAB drilling data.
Figure 3. Processed new AGG survey data. Right: High priority (red) and intermediate (yellow) gravity
targets (red).
5
EIS Funding
Enegex submitted a successful application for Round 25 of the Exploration Incentive Scheme (“EIS”)
that is funded by the Government of Western Australia. The grant is for an amount of up to $90,500,
structured as a reimbursement of 50% of direct drilling costs at the Spitfire target within the Miamoon
Project.
The drill plan consists of six RC holes targeting strongly magnetic rocks with coincident to offset gravity
signatures (Figure 4). The proposed drill target is conceptualised as a mafic-ultramafic intrusion with
the potential to host Archean orthomagmatic Cu-Ni-Co-PGE mineralisation. Holes have been planned
to a maximum depth of 250m.
Spitfire Target
Figure 4. Spitfire target image compilation showing geological/geophysical interpretation, reduced to pole
total magnetic intensity (RTP TMI), satellite and Falcon vertical gravity gradient (GDD) images.
6
Land Access
Substantial effort was directed towards land access arrangements with local landowners to gain access
to targets on private freehold property at the Miamoon, Miling and Walebing Projects. Access has been
granted to a number of target areas for non-ground disturbing activities and contact has been
established with many other landowners for further discussions.
Access has not been granted over the ‘Spitfire’ and ‘Crusader’ priority target areas and accordingly,
limited progress has been made to progress these targets. Negotiations for the landholding that covers
the Spitfire target are still in progress.
Field Reconnaissance and Sampling
Field work that consisted of reconnaissance style field mapping and rock chip sampling as well as a soil
sampling program was completed during the reporting period across parts of the Miamoon, Miling and
Walebing Projects (Figure 5). Work was undertaken over areas where negotiations with landowners
were successful and also over areas available for public access.
Figure 5. Reconnaissance mapping area at the Miamoon Project.
7
A soil sampling program consisting of 112 samples was completed at the Miamoon Project on the
northern geophysical target (Figures 6). No significant anomalism was returned from the samples, and
the data obtained has been used to refine Enegex’s geological model.
Figure 6. Soil sample location map at the Miamoon northern geophysical target over a total magnetic
intensity image.
At the Miling Project several occurrences of mafic and ultramafic rocks were observed that are potential
host rocks for the mineralisation style that Enegex is targeting. More detailed mapping is planned to be
carried out in these areas during the next reporting period.
Additional Data Acquisition and Processing
High Resolution WorldView-3 satellite surveys covering a total area of 1,452km2 were acquired over the
Green Hills and Goomalling Projects. Specialist geoscientific processing of the Worldview-3 data was
undertaken by Exploration Mapping Group, Inc. in the United States. A key feature of Worldview data
is its ability to enable mapping of clay minerals (including argillic, phyllic and propylitic clay alteration),
iron minerals, silica minerals and a “hotspot” alteration intensity mapping to identify zonation within
alteration assemblages. The Imagery is being used for spectral studies to define geology, alteration and
structures to generate exploration targets.
A 12km section of seismic line extending east-west across Enegex’s E70/5442 tenement in the
Walebing Project was re-processed by Internode Seismic using high-resolution depth imaging. The
seismic line was originally acquired by Curtin University in 1992 to provide information on the crustal
structure and geodynamic history of the Perth Basin, Darling Fault and South-West Yilgarn Terrane.
The reprocessing significantly improved clarity, resulting in a more detailed and reliable image of the
subsurface geology than previously available.
8
During the reporting period, Enegex continued the digital capture of historical exploration data to
underpin our target generation framework. Efforts have focussed on extraction and capture of assay
and spatial geology data from historical reporting and maps in all of the project areas. The data is being
added to an SQL database to empower streamlined work flows and maximise data integration to drive
our exploration activities across the project areas.
Interpretation of the new datasets is ongoing and will be integrated with historical map and data sets to
underpin the target generative activities that define Enegex’s forward exploration framework.
Hart Project, East Kimberley - Enegex 100%
The Hart Project consists of 2 contiguous tenements that cover an area of 724km2 (Figure 7). The
northern tenement (E80/5354) was granted in November 2020 and the southern tenement (E80/5355)
is under application.
Figure 7. Enegex Hart Project location.
9
The project is located 12km to the south west of the King River Resources, Speewah Project, 322 million
tonne V-Ti-Fe resource1. The resource is hosted by a gabbro horizon containing disseminated
magnetite within the Hart Dolerite layered intrusive suite of rocks. This same suite of rocks occurs
throughout the Enegex tenements.
Historical work in the Enegex Hart Project area focused on gold and diamond exploration and the project
area is unexplored for magmatic Ni-Cu-PGE and V-Ti styles of mineralisation. Previous sampling was
restricted to early-stage stream sediment, soil and rock chip sampling and no drilling has been
completed in the tenement area.
A desktop prospectivity review of the Hart Project area was completed by Dr. Karin Orth, with results
from the review forming the foundation for a field reconnaissance and sampling exploration campaign
across the area which was carried out during August 2022. Dr Orth’s resulting new geological
interpretation of the area integrated historical geochemical and geophysical data with Enegex’s newly
acquired Worldview-3 high resolution imagery providing a framework and strategy to assess the
tenements prospectivity. The Worldview-3 imagery was acquired over the E80/5354 tenement and
specialist geoscientific processing of the data was undertaken by Exploration Mapping Group, Inc.
Data compilation of open file historical exploration data was completed and uploaded to Enegex’s SQL
database preceding the desktop prospectivity review. The data included information on approximately
1700m of diamond drilling, 8000m of RAB drilling (drilling completed outside of Enegex’s tenement) and
over 1200 rock chip samples. The data was utilised by Dr. Orth during the desktop prospectivity review
and will provide a framework to drive our geological understanding across the project areas.
Competent Person Declaration
The information in this report that relates to Exploration Results is based on information compiled
or reviewed by Adrian Woolford who is a member of the Australian Institute of Geoscientists. Mr
Woolford is Enegex’s Exploration Manager and has sufficient experience which is relevant to the
style of mineralisation and type of deposits under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian
for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr
Code
Woolford consents to the inclusion in this report of the matters based on information provided
by him and in the form and context in which it appears.
REFERENCES
The information in this report that relates to Exploration Results previously reported in ASX
announcements is listed below. The Company is not aware of any new information or data that
materially affects the information previously announced.
Further details can be found in the following ASX announcement:
18 January 2022
Priority Targets Emerging at Miamoon
1 Measured Resource of 322 million tonnes at 0.32% V2O5, 3.4% TiO2 and 14.9% Fe. King River Resources Limited.
Vanadium Resource Amendment. 1 April 2019
10
Tenement Schedule as at 26 September 2022
100%
100%
Enegex interest
Tenement
Western Australia (Kimberley Region)
E 80/5354
E 80/5355
Western Australia (South-West Terrane)
E 70/5439
E 70/5440
E 70/5441
E 70/5442
E 70/5446
E 70/5459
E 70/5457
E 70/5458
E 70/5460
E 70/5463
E 70/5444
E 70/5445
E 70/5566
E 70/5567
E 70/5568
E 70/5569
E 70/5570
E 70/5571
E 70/5580
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
First Right of Refusal
First Right of Refusal
100%
100%
100%
100%
100%
100%
100%
Tenement status
Granted
Application
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
11
Directors’ Report
The directors present their report on the results and state of affairs of Enegex Limited (“Enegex” or “the
Company”) for the year ended 30 June 2022.
Principal Activity
The principal activity of the company during the
financial year ended 30 June 2022 was the
exploration for natural resources.
Mr Albers is also a director of the ASX listed
companies Octanex Limited and Peako Limited.
RL Clark B.Bus (dist), CA, MAICD, AGIA, ACIS
Executive Director, Director since 12/10/15
Financial Results for the Year
The company recorded an operating loss after
income tax for the year ended 30 June 2022 of
$640,096 (2021: $475,452).
Significant Changes in State of Affairs
Other than outlined in this report there have been
no significant changes in the state of affairs during
the financial year and to the date of this report.
Dividends
No dividend has been paid, provided or
recommended during the financial year and to the
date of this report.
Likely Developments and Expected Results
in
likely developments
the company’s
The
operations in future years and the expected result
from those operations are highly dependent on
success in the permit areas in which the company
holds an interest.
Mrs Clark has more than 20 years’ experience
focussed primarily on the natural resources
sector. Her experience
includes business
development, financial modelling and analysis,
capital raising and mergers and acquisitions, as
well as managing
joint venture partners,
government, regulator and investor relations.
Mrs Clark is also a director of the ASX listed
companies Octanex Limited and Peako Limited.
AP Armitage FCA FAICD
Non-Executive Director, Director since 11/4/17
accounting
international
Mr Armitage began his professional career with
an
firm. After
qualification he was invited into partnership of a
national firm. Since the early 1980s he has been
a director of a number of listed exploration
companies in both Australia and New Zealand.
Currently he holds no directorships in any other
listed companies.
Review of Financial Position
At 30 June 2022, the company had a working
capital (current assets less current liabilities)
surplus of $556,091 (2021: Deficit $873,642).
Directors
The directors in office during the entire financial
year and to the date of this report were:
EG Albers LLB, FAICD
Chairman since 12/4/17, Director since 1/10/15
Mr Albers has over 35 years’ experience as a
director and administrator in corporate law,
resource exploration and investment.
Dr RA Sharpe B.Sc. (hons), PhD (Geology)
Non-Executive Director, Director since 31/01/22
Dr Sharpe has over 30 years’ experience in green
and brown field projects with a focus on the
exploration for and evaluation of gold and base
metal projects in Australia, South America, West
Africa, Fiji, Solomon Islands and Mexico.
Dr Sharpe has a Bachelor of Science (Hons) from
UTas, a PhD (Geology) from the Centre for Ore
Deposits and Earth Sciences (“CODES”) UTas
and completed post-doctoral studies under an
ARC Fellowship at CODES.
12
Company Secretary
RJ Wright
October 2012
B.Bus, CPA – appointed 17
16,375,500 options issued on 4 February 2022.
The SPP raised $1,313,000 prior to costs.
Mr Wright is a senior financial professional with
over 30 years commercial experience in the
resource, energy and manufacturing industries
locations,
gained at various companies and
including 14 years at BHP. As well as carrying out
his secretarial duties for Enegex, he is the
company’s Chief Financial Officer and
the
Company Secretary and CFO of the ASX listed
companies Octanex Limited and Peako Limited.
Mr Wright is a member of CPA Australia.
Board and Committee Meetings
The number of formal meetings of the Company’s
board of directors and relevant committees
attended by each director are set out in the
following table. All other matters that required
formal Board resolutions were dealt with via
written circular resolutions. In addition, the
directors met and corresponded at numerous
times throughout the financial year to discuss the
Company' affairs. The board undertakes all audit
committee functions.
Directors’ Meetings
Held
Attended
Geoffrey Albers
Raewyn Clark
Peter Armitage
Robina Clarke
2
2
2
2
Share Capital
Ordinary Shares
2
2
2
2
At 30 June 2022 the Company’s share capital
consists of 166,443,711 ordinary fully paid shares
(2021: 144,796,126).
In November 2021 Enegex announced a Share
Purchase Plan (SPP). The SPP closed on 28
January 2022 with 16,375,500 new shares and
During the year a total of 5,235,085 previously
listed options have been exercised,
issued,
resulting in the issue of 5,235,085 shares and
raising $ 156,969.
Options
2022
2021
11,527,140
-
- 22,323,617
(5,235,085) (10,796,477)
6,292,055 11,527,140
Listed options
during
Movements
the year
Balance at beginning
of year
Options granted
Options exercised
Balance at end of
year
Unlisted options
2022
2021
Movements during the
year
Balance at beginning
of year
Options granted
5,500,000 8,750,000
-
Options cancelled
Balance at end of year 12,250,000 8,750,000
(2,000,000)
8,750,000
-
During the year a total of 5,500,000 unlisted
options were granted to directors, employees
and consultants.
13
Remuneration Report
This report is audited.
Directors / Executives Position Held
EG Albers
RL Clark
AP Armitage
RA Sharpe
Non-Executive Chairman
Executive Director
Non-Executive Director
Non-Executive Director
During the year there were no employees or consultants to the company that meet the definition of key
management personnel, other than the directors.
Director Remuneration
During the year under review, directors were remunerated a total of $23,312 (2021: $120,597).
There is no performance related remuneration for directors. There is no direct relationship between
remuneration of directors and the company’s performance for the last five years. Directors’ remuneration
paid covers all board activities including serving on committees. Remuneration levels are reviewed
annually.
Additional information
The earnings of the Consolidated Entity for the five years to 30 June 2022 are summarised below:
2022
2021
2020
2019
2018
$
$
$
$
$
Loss after income tax
-640,096
-475,452
-202,987
-307,079
-83,503
Share price at financial year end (cents per share) 3.3
19.0
1.5
1.0
1.3
The directors do not receive employee benefits, including annual leave and long service leave, but
remuneration may include the grant of options (share based payments) over shares of the company so
as to align directors’ interests with that of the shareholders.
14
Remuneration Report (continued)
Components of directors’ compensation are disclosed below.
Short Term
Post
Employment
Equity
Settled
Total
Year Directors
Fees
$
-
-
-
-
14,583
-
-
-
14,583
-
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
Other
Fees
$
-
-
-
-
-
-
-
-
-
-
Super
annuation
$
-
-
-
-
-
-
-
-
-
-
Options(1)
$
-
-
-
90,448
-
-
8,729
30,149
8,729
120,597
Options as
percentage
of Total
-
-
-
100%
-
-
100%
100%
-
-
$
-
-
-
90,448
14,583
-
8,729
30,149
23,312
120,597
EG Albers
RL Clark
RA Sharpe(2)
AP Armitage
TOTAL
(1) The whole value of options granted during the year has been disclosed as remuneration rather than the amount vested.
(2) Robina Sharpe was appointed as director 31 January 2022.
No shares were issued to directors as part of compensation during the year ended 30 June 2022.
Other transactions with key management personnel
In the year ended 30 June 2022, the Company incurred consulting fees of $92,400 (2021: $67,200) with
Samika Pty Ltd, a director-related entity of Raewyn Clark. The fees were provided under normal
commercial terms and conditions with $Nil remaining unpaid at 30 June 2022 (2021: $nil).
In the year ended 30 June 2022, the Company incurred consulting fees of $14,682 (2021: $Nil) with
Sharpes Siding Pty Ltd, a director-related entity of Robina Sharpe. The fees were provided under normal
commercial terms and conditions with $7,438 remaining unpaid at 30 June 2022 (2021: $Nil). 1,500,000
options were granted to Robina Sharpe prior to her appointment as director on 31/1/22). The options
granted to Robina Sharpe have been valued using the Black Scholes Option Valuation. The fair value
of these share-based payment (for accounting) at grant date was $34,417. A share based payment
expense of $6,055 has been recognised for the year ended 30 June 2022.
15
Remuneration Report (continued)
Key management personnel interest in equity holdings
Fully paid ordinary shares
EG Albers (1)
RL Clark
RA Sharpe(2)
AP Armitage
Number of shares
at start of year Shares Acquired
1 July 2021
41,514,025
75,000
-
-
7,814,258
-
60,833
-
Number of shares
at end of year
30 June 2022
49,328,283
75,000
60,833
-
41,589,025
7,875,091
49,464,116
(1) Other Change in shares – exercise of options and share purchase plan participation.
(2) Robina Sharpe was appointed as director 31 January 2022. Shares acquired prior to appointment as director.
Unlisted options
The Company granted 250,000 options over ordinary shares to the director AP Armitage during the
financial year (2021: 4,000,000). All of the options granted to AP Armitage vested at grant date. There
are no vesting conditions as the options are a reward for past service. The options granted during the
year ended have been valued using the Black Scholes Option Valuation The fair value of these share
based payment (for accounting) at grant date was $8,729 (2021: $120,597). A share based payment
expense of $8,729 has been recognised for the year ended 30 June 2022 (2021: $26,102).
Unlisted options (exercisable at $0.03 on or before 31 August 2022)
Number of options
at start of year
Number of
options at end of
year
1 July 2021
30 June 2022
Numbers of
options vested
and exercisable
30 June 2022
5,189,258
-
-
5,189,258
-
-
-
-
-
-
-
-
EG Albers #
RL Clark
AP Armitage
# exercised during the year ended 30 June 2022.
Unlisted options (exercisable at $0.092 on or before 5 November 2023)
Number of
options at start
of year
1 July 2021
3,000,000
1,000,000
4,000,000
Options
granted during
year
Options
exercised/ex
pired during
year
-
-
-
-
-
-
RL Clark
AP Armitage
Number of
options at end
of year
30 June 2022
3,000,000
1,000,000
4,000,000
16
Remuneration Report (continued)
Unlisted options (exercisable at $0.14 on or before 24 November 2024)
Number of
options at start
of year
1 July 2021
Options
granted during
year
Options
exercised/ex
pired during
year
-
-
250,000
250,000
-
-
Number of
options at end
of year
30 June 2022
250,000
250,000
AP Armitage
Unlisted options (exercisable at $0.13 on or before 29 March 2024)
Number of
options at start
of year
1 July 2021
500,000
500,000
Options
granted during
year
Options
exercised/ex
pired during
year
-
-
-
-
Number of
options at end
of year
30 June 2022
500,000
500,000
RA Sharpe(1)
(1) Robina Sharpe was appointed as director 31 January 2022. Options were granted 31/3/21 (in a prior year and prior to appointment
as director).
Unlisted options (exercisable at $0.15 on or before 24 January 2024)
Number of
options at start
of year
1 July 2021
Options
granted during
year
Options
exercised/ex
pired during
year
-
-
750,000
750,000
-
-
Number of
options at end
of year
30 June 2022
750,000
750,000
RA Sharpe(1)
(1) Robina Sharpe was appointed as director 31 January 2022. Options were granted prior to appointment as director.
Unlisted options (exercisable at $0.20 on or before 24 January 2025)
Number of
options at start
of year
1 July 2021
Options
granted during
year
Options
exercised/ex
pired during
year
-
-
750,000
750,000
-
-
Number of
options at end
of year
30 June 2022
750,000
750,000
RA Sharpe(1)
(1) Robina Sharpe was appointed as director 31 January 2022. Options were granted prior to appointment as director.
End of Remuneration Report
17
Indemnification of Officers and Auditors
Proceedings On Behalf Of the Company
There are no proceedings on behalf of the
company.
Auditor
Services
Independence and Non-Audit
copy of
A
Independence
the Auditor’s
Declaration, as required under Section 307C of
the Corporations Act 2001, is attached on page
46 and forms part of this Directors’ Report for the
year ended 30 June 2022.
No fees were paid to the auditor for non-audit
services.
Signed in accordance with a resolution of the
directors.
R.L. Clark
Director
Melbourne, 29 September 2022
During the financial year and to the date of this
report, the company did not pay premiums in
respect of contracts insuring officers or auditors
of the company against liabilities arising from their
position of officers or auditor of the company.
Environment, Health and Safety
The company has adopted an environmental,
health and safety policy and conducts
its
operations in accordance with industry best
practice.
There were no known contraventions of any
relevant environmental
the
company, its subsidiary or by the operator of any
of the permits in which an interest is held.
regulations by
The company believes all injuries are avoidable
and has policies and procedures to ensure
employees and contractors manage safety
accordingly. The company monitors and
evaluates its procedures. During the year there
were no known contraventions of health and
safety by the company or reported health and
safety incidents.
Corporate Governance Statement
A corporate governance statement reporting on
Enegex’s governance framework, principles and
practices is provided on the Enegex website
www.enegex.com.
Website
The company has a website that can be found at
www.enegex.com where
relevant company
documents and information are displayed.
Events Since Balance Date
There has been no significant after balance date
event up to the date of signing this report.
18
Directors’ Declaration
The directors of the company declare that:
1.
The financial statements, comprising the statement of profit or loss and other comprehensive
income, statement of financial position, statement of cash flows, statement of changes in equity,
and accompanying notes, are in accordance with the Corporations Act 2001 and
(a)
(b)
(c)
comply with Accounting Standards and the Corporations Regulations 2001;
give a true and fair view of the company’s financial position as at 30 June 2022 and of
its performance for the year ended on that date; and
the financial statements and notes also comply with International Financial Reporting
Standards as disclosed in Note 1(a).
2.
3.
4.
In the directors’ opinion, there are reasonable grounds to believe that the company will be able to
pay its debts as and when they become due and payable.
The remuneration disclosures included in pages 14 to 17 of the Directors’ Report, (as part of the
audited Remuneration Report), for the year ended 30 June 2022, comply with section 300A of the
Corporations Act 2001.
The directors have been given the declarations by the executive officer and the financial officer
required by section 295A of the Corporations Act.
This declaration is made in accordance with a resolution of the Board of Directors and is signed for and
on behalf of the directors by:
R.L. Clark
Director
Melbourne, 29 September 2022
19
Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the Year Ended 30 June 2022
Interest income
Note
2022
$
10
Geological fee income – director-related
12
50,525
Interest costs
Expenses
-
2
(690,631)
(640,096)
2021
$
1
26,180
(2,580)
(499,053)
(475,452)
Loss before income tax expense
Income tax expense
Loss for the year
Items that will not be reclassified subsequently to
profit or loss
Changes in financial assets at fair value through other
comprehensive income
Total comprehensive loss for the year
(640,096)
(475,452)
3
-
-
(640,096)
(475,452)
(10,108)
(650,204)
1,444
(474,008)
cents
cents
Basic loss per share (cent per share)
Diluted loss per share (cent per share)
16
16
(0.409)
(0.371)
(0.409)
(0.371)
The above Statement of Profit or Loss and Other Comprehensive Income is to be read in conjunction with
the accompanying notes.
20
Consolidated Statement of Financial Position at 30 June 2022
Current Assets
Cash and cash equivalents
Trade and other receivables
Prepayments
Total Current Assets
Non-Current Assets
Financial assets at
comprehensive income
fair value
through other
Exploration and evaluation expenditure
Total Non-Current Assets
Total Assets
Current Liabilities
Trade and other payables
Provisions
Total Liabilities
Net Assets
Equity
Issued capital
Reserves
Accumulated losses
Total Equity
Note
4
5
6
8
7
9
2022
$
706,486
16,876
14,552
2021
$
961,700
41,244
14,552
737,914
1,017,496
11,071
21,179
1,473,059
1,484,130
263,719
284,898
2,222,044
1,302,394
168,631
13,191
181,822
140,864
2,990
143,854
2,040,222
1,158,540
10
4,382,529
2,930,447
188,083
118,387
(2,530,390)
(1,890,294)
2,040,222
1,158,540
The above Statement of Financial Position is to be read in conjunction with the accompanying notes.
21
Consolidated Statement of Changes in Equity
for the Year Ended 30 June 2022
Issued
capital
Accumulated
losses
Financial
assets at fair
value
through
other
comprehensi
ve income
$
Options
Reserve
Total Equity
$
$
$
$
At 1 July 2021
Loss for the year
Revaluation of
asset (net of tax)
financial
Total
income for the year
comprehensive
2,930,447
(1,890,294)
45
118,342
1,158,540
-
-
-
(640,096)
-
-
(640,096)
-
(10,108)
-
(10,108)
(640,096)
(10,108)
-
(650,204)
Issue of Shares
1,313,000
-
-
Issue
of
exercise of options
shares
from
Costs of Issue
Grant of Options
At 30 June 2022
At 1 July 2020
Loss for the year
Revaluation of
asset (net of tax)
financial
Total
income for the year
comprehensive
-
-
-
1,313,000
156,969
(17,887)
156,969
(17,887)
-
-
4,382,529
(2,530,390)
(10,063)
198,146
2,040,222
-
-
79,804
79,804
1,366,891
(1,414,842)
(1,399)
-
(49,350)
-
-
-
(475,452)
-
-
(475,452)
-
1,444
-
1,444
(475,452)
1,444
-
(474,008)
Issue of Shares
1,660,079
-
-
Costs of Issue
Grant of Options
At 30 June 2021
(96,523)
2,930,447
(1,890,294)
45
118,342
1,158,540
-
-
118,342
118,342
-
-
1,660,079
(96,523)
The above Statement of Changes in Equity is to be read in conjunction with the accompanying notes.
22
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2022
Cash Flows from Operating Activities
Payments to suppliers
Administration fees received
Note
2022
$
2021
$
(693,430)
(324,420)
79,794
-
Net cash outflow in operating activities
(i)
(613,636)
(324,420)
Cash Flows from Investing Activities
Payments to suppliers - exploration
Net cash outflow from investing activities
Cash Flows from Financing Activities
Proceeds from share issues
Proceeds from exercise of options
Costs of issue
Repayment of borrowings
Proceeds from borrowings
(1,093,660)
(1,093,660)
(197,002)
(197,002)
1,313,000
1,336,351
156,969
(17,887)
-
-
323,728
(96,523)
(200,572)
70,000
Net cash inflow in financing activities
1,452,082
1,432,984
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the
year
(255,214)
961,700
911,562
50,138
Cash And Cash Equivalents at Year End
706,486
961,700
(i) Reconciliation of Loss to Net Cash Outflow in Operating Activities
Loss after income tax
Exploration expensed
Capitalisation of salary costs
Options expense
Employee provisions
Changes in Assets and Liabilities:
Increase in payables
Increase in receivables
(640,096)
19,863
(109,077)
79,804
10,895
607
24,368
(475,452)
58,420
-
118,341
2,990
6,728
(35,447)
Net cash outflow from operating activities
(613,636)
(324,420)
The above Statement of Cash Flows is to be read in conjunction with the accompanying notes.
23
Notes to the Financial Statements
30 June 2022
Note 1 Significant Accounting Policies
Enegex Limited (“Enegex” or “the company” or
“the group”) is a for-profit company incorporated
and domiciled in Australia with its registered office
and principal place of business located at Level 1,
10 Yarra Street, South Yarra Victoria 3141. The
consolidated financial report of the company for
the year ended 30 June 2022 comprises the
company and its subsidiaries (together referred to
as the “consolidated entity” or “the group”) and
the consolidated entity’s
joint
operations. Financial information for Enegex
Limited as an individual entity is included in Note
19. The financial report was authorised by the
directors for issue on 29 September 2022. The
principal activity of the company during the year
was natural resources exploration, evaluation and
investment.
interest
in
including
(a) Statement of compliance
The consolidated financial report is a general
purpose financial report which has been prepared
in accordance with Australian Accounting
Accounting
Standards,
Interpretations,
the Australian
issued by
Accounting Standards Board (‘AASB’) and the
Corporations Act 2001. The financial report of the
company complies with International Financial
Reporting Standards and interpretations adopted
by the International Accounting Standards Board.
the
is
(b) Basis of preparation
The consolidated financial report is presented in
Australian dollars which
the company’s
functional currency and is prepared on the
accrual and historical cost basis. The preparation
of a financial report in conformity with Australian
Accounting Standards requires management to
make judgements, estimates and assumptions
that affect the application of policies and reported
amounts of assets and liabilities, income and
expenses.
The estimates and associated
assumptions are based on historical experience
and various other factors that are believed to be
reasonable under the circumstances, the results
of which form the basis of making the judgements
about carrying values of assets and liabilities that
are not readily apparent from other sources.
Actual results may differ from these estimates.
The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period
in which the estimate is revised if the revision
affects only that period, or in the period of the
revision and future periods if the revision affects
both current and future periods.
in
Judgements made by management
the
application of Australian Accounting Standards
that have a significant effect on the financial
report and estimates with a significant risk of
material adjustment
the next year are
in
discussed in note 1(m).
The accounting policies set out below have been
applied consistently to all periods presented in the
financial report.
Going concern
For the year ended 30 June 2022 the Group
incurred a net cash outflow from operating and
investing activities of $1,707,296
(2021:
$521,422) and a net loss after tax of $640,096
(2021: $475,452). As at 30 June 2022, the Group
has positive working capital of $556,091 (2021:
$873,642).
Directors expect that the group will be able to
successfully raise sufficient funding to enable it to
continue as a going concern for at least 12
months from the signing of annual financial
report.
This financial report has been prepared on a
going concern basis which contemplates the
continuity of normal business activities and the
realisation of assets and settlement of liabilities in
the ordinary course of business.
24
Notes to the Financial Statements
30 June 2022
Note 1 Significant Accounting Policies (continued)
evaluation assets are only recognised if the rights
to tenure of the area of interest are current and
either:
i.
ii.
the expenditures are expected
to be
recouped through successful development
and exploitation of the area of interest, or
alternatively, by its sale or partial sale: or
activities in the area of interest have not at
the reporting date, reached a stage which
permits a reasonable assessment of the
existence or otherwise of economically
recoverable
reserves and active and
significant operations in, or in relation to, the
area of interest are continuing.
The tests contained in AASB6.20 are applied to
determine whether exploration and evaluation
assets are assessed for impairment indicators:
1) the exploration and evaluation tenure right
has expired or are expected to expire in the
near future, and is not expected to be
renewed.
2) substantive
further
expenditure
exploration for and evaluation of mineral
resources in the specific area is neither
budgeted nor planned.
on
In the event that sufficient funds are not raised to
meet all of the Group's commitments, debt and
payables, the interest in some or all of the Group's
tenements may be affected and all assets and
liabilities may not be realised at the amounts
disclosed. No adjustments have been made
relating to the recoverability and reclassification
of recorded asset amounts and classification of
liabilities that might be necessary should the
Group not continue as a going concern,
the write-down of capitalised
particularly
exploration expenditure should the exploration
permits be ultimately surrendered or cancelled.
the potential uncertainties
Having assessed
relating to the Group’s ability to effectively fund
exploration activities and operating expenditures,
the Directors believe that the Group will continue
to operate as a going concern for the foreseeable
future. Therefore,
it
appropriate to prepare the financial statements on
a going concern basis.
the Directors consider
New or amended Accounting Standards and
Interpretations adopted
Standards
Accounting
The Group has adopted all of the new or
amended
and
Interpretations
the Australian
issued by
Accounting Standards Board ('AASB') that are
mandatory for the current reporting period. The
adoption of these Accounting Standards and
Interpretations did not have any material impact
on the financial performance or position of the
Consolidated Entity.
Any new or amended Accounting Standards or
Interpretations that are not yet mandatory have
not been early adopted.
Going concern
(c) Exploration and evaluation expenditure
Exploration and evaluation assets, including the
costs of acquiring permits or licences, are
capitalised as exploration and evaluation assets
on an area of interest basis. Exploration and
25
Notes to the Financial Statements
30 June 2022
Note 1 Significant Accounting Policies (continued)
3) exploration for and evaluation of mineral
resources in the specific area have not led to
the discovery of commercially viable
quantities of mineral resources and the entity
has decided to discontinue such activities in
the specific area.
4) sufficient data exist to indicate that, although
a development in the specific area is likely to
proceed,
the
exploration and evaluation asset is unlikely
to be recovered in full from successful
development or by sale.
the carrying amount of
Proceeds from the sale of exploration permits or
recoupment of exploration costs from farmin
arrangements are credited against exploration
costs previously capitalised. Any excess of the
proceeds overs costs recouped are accounted for
as a gain on disposal.
Restoration, rehabilitation and environmental
costs necessitated by exploration and evaluation
activities are provided for as part of the cost of
those activities. Costs are estimated on the basis
requirements, anticipated
of current
technology and future costs that have been
discounted to their present value. Estimates of
future costs are reassessed at each reporting
date.
legal
(d) Trade and other receivables and contract
assets
The company makes uses of a simplified
approach in accounting for trade and other
receivables as well as contract assets and
records the loss allowance as lifetime expected
credit losses. These are the expected shortfalls in
contractual cash flows, considering the potential
for default at any point during the life of the
financial instrument. In calculating, the company
uses its historical experience, external indicators
and forward-looking information to calculate the
expected credit losses using a provision matrix.
(e) Cash and cash equivalents
Cash and cash equivalents comprise cash
balances and at call bank deposits. Bank
overdrafts that are repayable on demand and
form an integral part of the company’s cash
management are included as a component of
cash and cash equivalents for the purpose of the
statement of cash flows.
(f) Impairment of assets
The carrying amounts of the company’s assets
are reviewed at each reporting date to determine
whether there are indicators of impairment.
Where impairment indicators exist, recoverable
amount is determined and impairment losses are
recognised in profit or loss where the asset's
carrying value exceeds its recoverable amount.
Recoverable amount is the higher of an asset's
fair value less costs to sell and value in use. For
the purpose of assessing value in use, the
estimated future cash flows are discounted to
their present value using a pre-tax discount rate
that reflects current market assessments of the
time value of money and the risks specific to the
asset.
Where it is not possible to estimate recoverable
amount for an individual asset, recoverable
amount is determined for the cash-generating unit
to which the asset belongs.
(g) Share capital
Ordinary share capital is recognised at the fair
value of the consideration received by the
company. Transaction costs arising on the issue
of ordinary shares are recognised directly in
equity as a reduction of
the consideration
received, net of any related income tax benefit.
26
Notes to the Financial Statements
30 June 2022
Note 1 Significant Accounting Policies (continued)
(h) Provisions
A provision is recognised in the statement of
financial position when the company has a
present legal or constructive obligation as a result
of a past event, and it is probable that an outflow
of economic benefits will be required to settle the
obligation. Provisions are determined by
discounting the expected future cash flows at a
pre-tax
reflects current market
assessments of the time value of money and,
where appropriate, the risks specific to the
liability.
rate
that
(i) Trade and other payables
Trade, accruals and other payables are recorded
initially at
fair value and subsequently at
amortised cost. Trade payables are non-interest
bearing and are normally settled on 60-day terms.
(j) Interest revenue
time
Interest revenue
proportionate basis that takes into account the
effective yield on the financial asset.
is recognised on a
(k) Income tax
Income tax on the profit or loss for the year
comprises current and deferred tax. Income tax is
recognised in profit or loss except to the extent
that it relates to items recognised directly in
equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the
taxable income for the year, using tax rates
enacted or substantively enacted at the statement
of financial position date, and any adjustment to
tax payable in respect of previous years.
Deferred tax is provided using the statement of
financial position liability method, providing for
the carrying
temporary differences between
amounts of assets and liabilities for financial
reporting purposes and the amounts used for
taxation purposes.
The initial recognition of assets or liabilities that
do not affect accounting nor taxable profit is not
provided for in determining deferred tax amounts.
The amount of deferred tax provided is based on
the expected manner of realisation or settlement
of the carrying amount of assets and liabilities,
using tax rates enacted or substantively enacted
at the statement of financial position date. A
deferred tax asset is recognised only to the extent
that it is probable that future taxable profits will be
available against which the asset can be applied.
Deferred tax assets are reduced to the extent that
it is no longer probable that the related tax benefit
will be realised.
The Company recognises deferred tax assets
arising from unused tax losses of the company to
the extent that is probable that future taxable
profits of the company will be available against
which the asset can be utilised.
(l) Goods and services tax
Revenue, expenses and assets are recognised
net of the amount of goods and services tax
(GST), except where the amount of GST incurred
is not recoverable from the taxation authority. In
these circumstances, the GST is recognised as
part of the cost of acquisition of the asset or as
part of the expense.
Receivables and payables are stated with the
amount of GST included. The net amount of GST
recoverable from, or payable to, the ATO is
included as a current asset or liability in the
statement of financial position.
Cash flows are included in the statement of cash
flows on a gross basis. The GST components of
cash flows arising from investing and financing
activities which are recoverable from, or payable
to, the ATO are classified as operating cash
flows. Commitments and contingencies are
disclosed net of the amount of GST recoverable
from, or payable to, the taxation authority.
27
Notes to the Financial Statements
30 June 2022
Note 1 Significant Accounting Policies (continued)
(m) Accounting estimates and judgements
Management determine
the development,
selection and disclosure of the company’s critical
accounting policies and estimates and
the
application of these policies and estimates. Other
than as disclosed in these notes there are no
estimates and judgements that are considered to
have a significant risk of causing a material
adjustment to the carrying amounts of assets and
liabilities within the next financial year.
Management has determined that realisation of
the estimated deferred tax asset arising from tax
losses and temporary differences is not probable
and has not brought to account the asset at
balance date (Note 3).
are used to determine fair value of the remaining
financial instruments.
The carrying value (less impairment provision of
trade receivables and payables) are assumed to
approximate their fair values due to their short-
term nature. The fair value of financial liabilities
for disclosure purposes
is estimated by
discounting the future contractual cash flows at
the current market interest rate that is available to
the company for similar financial instruments
(o) Foreign Currency Translation
The functional and presentation currency of the
company is Australian dollars (A$).
to
Per Note 1(c) and 1(f) management exercise
judgement as
the whether exploration
expenditure is assessed for impairment. Any
judgement may change as new information
becomes available. If, after having capitalised
expenditure,
exploration
management concludes
the capitalised
expenditure is unlikely to be recovered by future
sale or exploitation, then the relevant capitalised
amount will be written off through profit or loss
and other comprehensive income.
evaluation
that
and
(n) Fair value
Fair values may be used for financial asset and
liability measurement as well as for sundry
disclosures. Fair values for financial instruments
traded in active markets are based on quoted
market prices at statement of financial position
date. The quoted market price for financial assets
is the current bid price and the quoted market
price.
The fair value of financial instruments that are not
traded in an active market are determined using
valuation techniques. Assumptions used are
based on observable market prices and rates at
balance date. Estimated discounted cash flows
Foreign currency transactions are translated into
the functional currency using the exchange rates
ruling at the date of the transaction. Monetary
assets and liabilities denominated in foreign
the rate of
currencies are retranslated at
exchange ruling at the statement of financial
position date. Foreign exchange gains and losses
resulting
currency
transactions, as well as from restating foreign
currency denominated monetary assets and
liabilities, are recognised in profit or loss, except
when they are deferred in equity as qualifying
cash flow hedges or where they relate to
differences on foreign currency borrowings that
provide a hedge against a net investment in a
foreign entity.
settling
foreign
from
Non-monetary items measured at fair value in a
foreign currency are
the
exchange rates at the date when fair value was
determined.
translated using
Diluted earnings per share
Earnings used to calculate diluted earnings per
share are calculated by adjusting the basic
earnings by the after-tax effect of dividends and
interest associated with dilutive potential ordinary
shares. The weighted average number of shares
used is adjusted for the weighted average
28
Notes to the Financial Statements
30 June 2022
Note 1 Significant Accounting Policies (continued)
number of ordinary shares that would be issued
on the conversion of all the dilutive potential
ordinary shares into ordinary shares.
(q) Share-based payment transactions
Equity settled transactions
The fair value of options granted are recognised
as an expense with a corresponding increase in
equity. The fair value is measured at grant date
and recognised over the period during which the
grantee become unconditionally entitled to the
options.
The fair value at grant date is independently
determined using an option pricing model that
takes into account the exercise price, the term of
the option, the impact of dilution, the share price
at grant date and expected price volatility of the
underlying share, the expected dividend yield and
the risk free interest rate for the term of the option.
Note 2 Expenses
Audit and other related fees
Administration costs
Accounting and administration fees
Consultants fees
Director Fees
Investor relations fees
Management fee
Office costs
Permit fees and administration
Salaries
Shares based payment
Stock exchange and registry costs
Other expenses
The fair value of the options granted is adjusted
to reflect market vesting conditions, but excludes
the impact of any non-market vesting conditions
(for example, profitability and sales growth
targets). Non-market vesting conditions are
included in assumptions about the number of
options that are expected to become exercisable.
At each reporting date, the entity revises its
estimate of the number of options that are
expected to become exercisable. The expense
recognised each period takes into account the
most recent estimate. The impact of the revision
to original estimates, if any, is recognised in the
statement of profit or
loss and other
comprehensive income with a corresponding
adjustment to equity.
Note
13
2022
$
50,303
22,689
136,787
41,150
14,583
58,950
20,000
60,956
19,863
72,260
79,805
47,597
65,688
690,631
2021
$
35,687
10,358
86,843
80,028
-
-
20,000
46,726
14,102
24,715
118,341
36,420
25,833
499,053
29
Notes to the Financial Statements
30 June 2022
Note 3 Income Tax Benefit
Components of income tax benefit
Current tax benefit
Deferred tax asset not brought to account
Income tax benefit
Reconciliation between tax benefit and pre-tax loss
Loss before tax
Income tax using statutory income tax rate of 30%
(2021: 30%)
Tax benefit
Deferred tax asset not brought to account
Income tax benefit
2022
$
2021
$
(192,029)
192,029
-
(142,636)
142,636
-
(640,096)
(192,029)
(192,029)
192,029
-
(475,452)
(142,636)
(142,636)
142,636
-
Unrecognised deferred tax asset
The estimated deferred tax asset arising from tax losses and temporary differences not brought to
account at balance date as realisation of the benefit is not probable:
Tax losses carried forward
Temporary differences
Note 4 Cash and Cash Equivalents
3,861,747
(1,434,356)
2,427,391
2,098,412
(257,327)
1,841,085
Cash at bank and on hand
706,486
961,700
Note 5 Trade and Other Receivables
Other receivables
16,876
16,876
41,244
41,244
The carrying amount of all receivables is equal to their fair value as they are short term. None of the
receivables have a loss allowance as there aren’t any expected shortfalls in contractual cash flows. The
maximum credit risk for the company is the gross value of all receivables. All receivables are non-
interest bearing.
30
Notes to the Financial Statements
30 June 2022
Note 6 Prepayments
Prepaid tenement rent
Balance at start for year
Prepaid tenement rent for the year
Transfer to exploration and evaluation assets (Note 7)
Balance at start for year
2022
$
2021
$
14,552
-
-
14,552
139,688
74,952
(200,088)
14,552
As at 30 June 2022 the company has one tenement application (2021: 1 application). If the tenement is
granted rent paid on application will cover rent required on the first year of exploration in the tenement
If the tenement is not granted the rent paid on application is fully refundable.
Note 7 Exploration and Evaluation
Balance at start for year
Costs for the year
Transfer from prepaid tenement rent (Note 6)
Balance at start for year
Granted tenements
30/06/2022
E80/5354
E70/5439
E70/5440
E70/5441
E70/5442
E70/5631
E70/5444
E70/5445
E70/5446
E70/5457
E70/5458
E70/5459
E70/5460
E70/5463
E70/5566
E70/5567
E70/5568
E70/5569
E70/5570
E70/5571
E70/5580
30/06/2021
E80/5354
E70/5439
E70/5440
E70/5441
E70/5442
E70/5631
E70/5444
E70/5445
E70/5446
E70/5457
E70/5458
E70/5459
E70/5460
E70/5463
E70/5566
E70/5567
E70/5568
E70/5569
E70/5570
E70/5571
E70/5580
Notes
Granted 23/11/2020
Granted 5/01/2021
Granted 5/01/2021
Granted 5/01/2021
Granted 5/01/2021
Granted 19/05/2021
Granted 4/01/2021
Granted 4/01/2021
Granted 4/01/2021
Granted 24/12/2020
Granted 9/04/2021
Granted 24/12/2020
Granted 23/03/2021
Granted 24/12/2020
Granted 19/03/2021
Granted 19/03/2021
Granted 10/03/2021
Granted 10/03/2021
Granted 10/03/2021
Granted 10/03/2021
Granted 19/03/2021
263,719
1,209,340
-
1,473,059
-
63,631
200,088
263,719
31
Notes to the Financial Statements
30 June 2022
Note 8 Financial Assets at Fair Value through other Comprehensive Income
2022
$
2021
$
Investments in listed equities
Balance at beginning of year
Fair value movement
21,179
(10,108)
19,735
1,444
Balance at end of year
11,071
21,179
Note 9 Trade and Other Payables
Other payables and accrued expenses
Director-related entities – other payables (Note 12)
83,378
85,253
47,458
93,406
Balance at end of year
168,631
140,864
Trade payables are current liabilities which result in their fair value being equal to the current carrying
amount. Information about the company’s exposure to foreign exchange risk in relation to other trade
payables and accrued expenses, including sensitivities to changes in foreign exchange rates, is
provided in Note 13.
Note 10 Issued Capital
Issued Capital
Ordinary shares fully paid
Ordinary Shares
Movements during the year
Balance at beginning of year
Shares issued
Costs of issue
Balance at end of year
2022
Shares
166,443,711
2022
$
4,382,529
2021
Shares
144,796,126
2021
$
2,930,447
144,796,126
21,647,585
-
166,443,711
2,930,447
1,469,970
(17,888)
4,382,529
80,499,737
64,296,389
-
144,796,126
1,366,891
1,660,079
(96,523)
2,930,447
32
Notes to the Financial Statements
30 June 2022
Note 10 Issued Capital (continued)
Ordinary Shares
Ordinary shares entitle the holder to receive dividends as declared and, in the event of winding up the
company, to participate in the proceeds from the sale of all surplus assets in proportion to the number
of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in person
or by proxy, at a meeting of the company. The company does not have a limited authorised capital and
issued shares have no par value.
Share Options
Movements during the year
Balance at beginning of year
Options Granted
Options Lapsed
Options Exercised
Balance at end of year
2022
Listed
2021
Listed
2022
Unlisted
2021
Unlisted
11,527,140
-
-
(5,235,085)
6,292,055
-
8,750,000
22,323,617 5,500,000
- (2,000,000)
(10,796,477)
-
11,527,140 12,250,000
-
8,750,000
-
-
8,750,000
Note 11 Key Management Personnel
Non-executive Directors
EG Albers
AP Armitage
RA Sharpe
Executive Director
RL Clark
During the year the only persons that met the definition of key management personnel were the
directors. The company has no employees.
Fees paid to AP Armitage, EG Albers, RA Sharpe and RL Clark in their capacities as consultants or service
providers to Enegex are disclosed below in the Related Party Note 12. Fees paid to directors are
summarised in the table below and detailed in the Remuneration Report section of the Directors’ Report.
Individual compensation disclosures
Information regarding individual director’s compensation is provided in the Remuneration Report section
of the Directors’ Report. In summary form:
Year
2022
2021
TOTAL
Short Term
Director
Fees
$
14,583
-
Other
Fees
$
-
-
Post Employment Equity Settled
Options
$
Superannuation
$
Total
$
-
-
8,729
120,597
23,312
120,597
33
Notes to the Financial Statements
30 June 2022
Note 12 Related Party Transactions
The consolidated financial statements of the Group include:
Name
2022 Interest
2021 Interest
Country of Incorporation
Ellendale South Pty Ltd
Diamandia Pty Ltd
100%
100%
100%
100%
Australia
Australia
During the year services were provided under normal commercial terms and conditions by director-
related entities as disclosed below together with amounts payable as at 30 June 2022.
Service
Related
director
RL Clark Consulting services
EG Albers Office services
EG Albers Management of exploration
tenements
RA Sharpe Geological services
Amounts paid
2021
2022
$
$
Payable at
30/06/22
$
30/06/21
$
92,400 67,200
60,956 46,726
20,000 20,000
-
-
23,769 29,582
20,000 20,000
14,682
-
7,438
-
Entity
Samika Pty Ltd
Exoil Pty Ltd
Natural Resources
Group Pty Ltd
Sharpes Siding Pty
Ltd(1)
Octanex Limited EG Albers
& RL Clark
Accounting and
administrative support
114,098 76,485
34,046 43,824
302,136 210,411
85,253 93,406
(1) Robina Sharpe was appointed as director 31 January 2022.
During the year services were provided under normal commercial terms and conditions to director-
related entities as disclosed below together with amounts receivable as at 30 June 2022. The
amounts exclude GST.
Entity
Peako Limited
Related
director
EG Albers
& RL Clark
Octanex Limited EG Albers
& RL Clark
Service
Geological
Services sold
2021
2022
$
$
8,855 16,610
Receivable at
30/06/21
$
30/06/22
$
3,010 16,610
Geological
41,670
9,570
770
9,570
50,525 26,180
3,780 26,180
34
Notes to the Financial Statements
30 June 2022
Note 13 Share Based Payments
2022
$
2021
$
Shared based payment expense directors
Share based payment expense – consultants and employee
Balance at end of year
54,983
24,822
79,805
26,102
92,239
118,341
Share options to directors
250,000 options were granted to directors in the
year ended 30 June 2022. (2021: 4,000,000
options).
Exercise price
Share price at approval date
Maximum option life
Expected volatility
Risk free interest rate
14 cents
8.3 cents
3.0 years
88%
0.93%
On 26 November 2021 250,000 options were
granted to Peter Armitage. The options have no
employment condition and so vest on grant date.
There are no vesting conditions as the options are
a reward for past service.
The 250,000 options granted to directors were
valued using the Black Scholes Option Valuation
model and the following inputs:
Exercise price
Share price at approval date
Maximum option life
Expected volatility
Risk free interest rate
14 cents
8.3 cents
3.0 years
88%
0.93%
The fair value of this share based payment (for
accounting) at grant date was $8,729. The options
vest on grant of the option so a share based
payment expense with a corresponding increase in
equity of $8,729 has been recognised for the year
ended 30 June 2022.
Share options to an employee
The 1,000,000 options granted to an employee on
26 November 2021 have an employment condition
and so vest over the service condition. They were
valued using the Black Scholes Option Valuation
model and the following inputs:
The fair value of this share based payment (for
accounting) at grant date was $34,916. The
options vest over the service condition so a share
based payment expense with a corresponding
increase in equity of $1,381 has been recognised
for the year ended 30 June 2022.
Share options to consultant
The 750,000 options granted to a consultant on 25
January 2022 have service consition and so vest
over the service condition. They were valued using
the Black Scholes Option Valuation model and the
following inputs:
Exercise price
Share price at approval date
Maximum option life
Expected volatility
Risk free interest rate
15 cents
7.5 cents
2.0 years
89%
0.85%
The fair value of this share based payment (for
accounting) at grant date was $16,099. The
options vest over the service condition so a share
based payment expense with a corresponding
increase in equity of $3,445 has been recognised
for the year ended 30 June 2022.
Share options to consultant
The 750,000 options granted to a consultant on 25
January 2022 have a service condition and so vest
over the service condition. They were valued using
the Black Scholes Option Valuation model and the
following inputs:
35
Notes to the Financial Statements
30 June 2022
Note 13 Share Based Payments
Exercise price
Share price at approval date
Maximum option life
Expected volatility
Risk free interest rate
20 cents
7.5 cents
3.0 years
89%
0.85%
The fair value of this share based payment (for
accounting) at grant date was $18,318. The
options vest over the service condition so a share
based payment expense with a corresponding
increase in equity of $2,610 has been recognised
for the year ended 30 June 2022.
Share options to employees
The 1,050,000 options granted to employees on
23 February 2022 have an employment condition
and so vest over the service condition. They were
valued using the Black Scholes Option Valuation
model and the following inputs:
Exercise price
Share price at approval date
Maximum option life
Expected volatility
Risk free interest rate
15 cents
7.4 cents
2.0 years
89%
1.11%
The fair value of this share based payment (for
accounting) at grant date was $21,881. The
options vest over the service condition so a share
based payment expense with a corresponding
increase in equity of $3,812 has been recognised
for the year ended 30 June 2022.
Share options to consultant
The 250,000 options granted to employees on 23
February 2022 have a service condition and so
vest over the service condition. They were valued
using the Black Scholes Option Valuation model
and the following inputs:
Exercise price
Share price at approval date
Maximum option life
Expected volatility
Risk free interest rate
15 cents
7.4 cents
2.0 years
89%
1.11%
The fair value of this share based payment (for
accounting) at grant date was $4,168. The options
vest over the service condition so a share based
payment expense with a corresponding increase in
equity of $726 has been recognised for the year
ended 30 June 2022.
36
Notes to the Financial Statements
30 June 2022
Note 13 Share Based Payments (Continued)
Share options to employee
The 750,000 options granted to an employee on 23 February 2022 have an employment condition and so
vest over the service condition. They were valued using the Black Scholes Option Valuation model and
the following inputs:
Exercise price
Share price at approval date
Maximum option life
Expected volatility
Risk free interest rate
20 cents
9.1 cents
3.0 years
89%
1.57%
The fair value of this share based payment (for accounting) at grant date was $17,771. The options vest
over the service condition so a share based payment expense with a corresponding increase in equity of
$2,061 has been recognised for the year ended 30 June 2022.
Share options to employee
The 750,000 options granted to an employee on 23 February 2022 have an employment condition and so
vest over the service condition. They were valued using the Black Scholes Option Valuation model and
the following inputs:
Exercise price
Share price at approval date
Maximum option life
Expected volatility
Risk free interest rate
25 cents
9.1 cents
4.0 years
89%
1.90%
The fair value of this share based payment (for accounting) at grant date was $19,736. The options vest
over the service condition so a share based payment expense with a corresponding increase in equity of
$1,717 has been recognised for the year ended 30 June 2022.
.
37
Note 14 Financial Instruments
Purchases and sales of financial assets and financial liabilities are recognised on trade date; the date
on which the company commits to purchase or sell the financial assets or financial liabilities. Financial
assets are derecognised when the rights to receive cash flows from the financial assets have expired
or have been transferred and the company has transferred substantially all the risks and rewards of
ownership.
Exposure to credit, interest rate, liquidity and currency risks arises in the normal course of the company’s
business. The company’s overall risk management approach is to identify the risks and implement
safeguards which seek to minimise potential adverse effects on the financial performance of the
company.
Fair value
The fair value of financial assets and financial liabilities must be estimated for recognition and
measurement or for disclosure purposes.
Level 1:
Level 2:
AASB 13 requires disclosure of fair value measurements by level of the fair value hierarchy, as follows:
quoted prices (unadjusted) in active markets for identical assets or liabilities
inputs other than quoted prices included within Level 1 that are observable for the asset
or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
inputs for the asset or liability that are not based on observable market data
(unobservable inputs)
Level 3:
The consolidated entity’s financial assets measured and recognised at fair value at 30 June 2022 and 30
June 2022 on a recurring basis are as follows:
38
Notes to the Financial Statements
30 June 2022
Note 14 Financial Instruments (Continued)
30 June 2022
Assets
Listed securities
30 June 2021
Assets
Listed securities
Level 1
$
Level 2
$
11,071
-
Level 3
$
-
Total
$
11,071
21,179
-
-
21,179
Credit risk
Credit risk is the risk of financial loss to the
company if a customer or counterparty to a
financial instrument fails to meet its contractual
obligations. At balance date there were no
significant concentrations of credit risk for the
company. The maximum exposure to credit risk of
financial assets is represented by the carrying
amounts of each financial asset in the statement of
financial position.
Interest rate risk
All financial liabilities and financial assets at
floating rates expose the company to cash flow
interest rate risk. The company has no exposure to
interest rate risk at balance date, other than in
relation to cash and cash equivalents which attract
a floating interest rate. Details of cash and cash
deposits can be found in Note 4. At balance date a
1% (100 basis point) increase/ decrease in the
interest
the
company’s post tax profit by $4,945 (2021: $6,732)
rate would
/ worsen
improve
Liquidity risk
Liquidity risk is monitored to ensure sufficient
to meet contractual
monies are available
obligations as and when they fall due. All financial
assets and liabilities have a maturity date of less
than 12 months.
Foreign currency risk
The consolidated entity is exposed to foreign
currency risk arising from purchases of goods and
services that are denominated in a currency other
than the Australian dollar functional currency. Data
processing by overseas suppliers are usually
denominated in US dollars. To this extent, the
consolidated entity is exposed to exchange rate
fluctuations between the Australian and US
dollar. At 30 June 2022 the consolidated entity
has no foreign currency exposure (2021: $nil).
Capital Management
When managing capital, directors’ objective is to
ensure the entity continues as a going concern as
well as to maintain optimal returns to shareholders
and benefits for other stakeholders.
It is the company’s plan that capital will be raised
by any one or a combination of the following
manners: placement of shares
to excluded
offerees, pro-rata issue to shareholders, the
exercise of outstanding options, and/or a further
issue of shares. Should these methods not be
considered to be viable, or in the best interests of
shareholders, then it would be the company’s
intention to meet its exploration obligations by
either partial sale of its interests or farmout, the
latter course of action being part of its overall
strategy.
The company is not subject to any externally
imposed capital requirements.
39
Notes to the Financial Statements
30 June 2022
Note 15 Segment Information
The company has adopted AASB 8 Operating Segments whereby segment information is presented using
a 'management approach', i.e. segment information is provided on the same basis as information used for
internal reporting purposes by the board of directors.
At regular intervals the board is provided management information at a company level for the company’s
cash position, the carrying values of exploration permits and a company cash forecast for the next twelve
months of operation.
On this basis, no segment information is included in these financial statements.
All interest received has been derived in Australia. All exploration permits and activity is in Australia.
2022
$
2021
$
Note 16 Loss per Share
The loss and weighted average number of ordinary shares used in the calculation of basic and dilutive
loss per share is as follows:
Net Loss for the year
The weighted average number of ordinary shares
Total basic and dilutive loss per share (cents)
(640,096)
156,442,312
(0.409)
(475,052)
128,006,707
(0.371)
Despite having options on issue, basic and dilutive loss per share are the same as there is a loss
position and to include options would be anti-dilutive.
Note 17 Auditor’s Remuneration
Amounts received or due and receivable by the auditor of the Company for:
Audit of the full year and review of the half year financial reports
Other assurance services
50,303
-
50,303
35,687
-
35,687
40
Notes to the Financial Statements
30 June 2022
Note 18 Exploration and Evaluation Expenditure Commitments
The consolidated entity’s minimum expenditure requirements in exploration permits held by the
consolidated entity at reporting date:
Payable not later than one year
Payable later than one year but not later than four years
Payable not later than one year
2022
$
1,036,000
5,600,000
6,636,000
2021
$
1,036,000
7,000,000
8,036,000
Estimated expenditure, arising from exploration work programmes which, may, subject to negotiation
and approval, be varied. They may also be satisfied by farmout, sale, relinquishment or surrender.
Note 19 Events since Balance Date
There has been no significant after balance date event up to the date of signing this report.
Note 20 Parent Entity Information
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
2022
$
2021
$
718,481
1,484,736
2,203,217
1,002,945
299,650
1,302,595
162,794
-
162,794
143,854
-
143,854
Contributed equity
Financial assets at fair value through other comprehensive
income reserve
Options reserve
Accumulated losses
Total equity
4,382,529
(10,063)
2,930,447
45
198,146
(2,530,188)
2,040,424
118,341
(1,890,092)
1,158,741
Loss for the year
Other comprehensive income for the year
Total comprehensive income for the year
(640,096)
(10,108)
(650,204)
(483,310)
1,444
(481,866)
No dividends were paid by the parent entity in 2022 (2021: Nil).
41
Grant Thornton Audit Pty Ltd
Level 22 Tower 5
Collins Square
727 Collins Street
Melbourne VIC 3008
GPO Box 4736
Melbourne VIC 3001
T +61 3 8320 2222
Independent Auditor’s Report
To the Members of Enegex Limited
Report on the audit of the financial report
Opinion
We have audited the financial report of Enegex Limited (the Company) and its subsidiaries (the Group),
which comprises the consolidated statement of financial position as at 30 June 2022, the consolidated
statement of profit or loss and other comprehensive income, consolidated statement of changes in equity
and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial
statements, including a summary of significant accounting policies, and the Directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act
2001, including:
a giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its performance for
the year ended on that date; and
b complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the Group in accordance with the auditor independence requirements
of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
www.grantthornton.com.au
ACN-130 913 594
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389.
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or
refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL).
GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member
firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one
another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127
556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards
Legislation.
w
Material uncertainty related to going concern
We draw attention to Note 1(b) in the financial statements, which indicates that the Group incurred a net loss
after tax of $640,096 and net cash outflows from operating and investing activities of $1,707,296 during the year
ended 30 June 2022. As stated in Note 1(b), these events or conditions, along with other matters as set forth in
Note 1(b), indicate that a material uncertainty exists that may cast doubt on the Group’s ability to continue as a
going concern. Our opinion is not modified in respect of this matter.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.
In addition to the matter described in the Material uncertainty related to going concern section, we have
determined the matters described below to be the key audit matters to be communicated in our report.
Key audit matter
How our audit addressed the key audit matter
Exploration and Evaluation Assets (Note 7)
At 30 June 2022 the carrying value of exploration and
evaluation assets was $1,473,059.
In accordance with AASB 6 Exploration for and
Evaluation of Mineral Resources, the Group is required
to assess at each reporting date if there are any
triggers for impairment which may suggest the carrying
value is in excess of the recoverable value.
The process undertaken by management to assess
whether there are any impairment triggers in each area
of interest involves an element of management
judgement.
This area is a key audit matter due to the significant
judgement involved in determining the existence of
impairment triggers.
Our procedures included, amongst others:
•
•
•
•
•
obtaining the management reconciliation of
capitalised exploration and evaluation expenditure
and agreeing to the general ledger;
reviewing management’s area of interest
considerations against AASB 6;
conducting a detailed review of management’s
assessment of trigger events prepared in
accordance with AASB 6 including;
− tracing projects to statutory registers, exploration
licenses and third party confirmations to
determine whether a right of tenure existed;
− enquiry of management regarding their
intentions to carry out exploration and evaluation
activity in the relevant exploration area, including
review of management’s budgeted expenditure;
− understanding whether any data exists to
suggest that the carrying value of these
exploration and evaluation assets are unlikely to
be recovered through development or sale;
evaluating the competence and capabilities of
management in the evaluation of potential
impairment triggers; and
assessing the appropriateness of the related
financial statement disclosures.
Grant Thornton Australia Limited 2
Information other than the financial report and auditor’s report thereon
The Directors are responsible for the other information. The other information comprises the information included
in the Group’s annual report for the year ended 30 June 2022, but does not include the financial report and our
auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors’ for the financial report
The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal
control as the Directors determine is necessary to enable the preparation of the financial report that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the Directors are responsible for assessing the Group’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar1_2020.pdf.This
description forms part of our auditor’s report.
Report on the remuneration report
Opinion on the remuneration report
We have audited the Remuneration Report included in pages 14 to 17 of the Directors’ report for the year
ended 30 June 2022.
In our opinion, the Remuneration Report of Enegex Limited, for the year ended 30 June 2022 complies with
section 300A of the Corporations Act 2001.
Grant Thornton Australia Limited 3
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.
Grant Thornton Audit Pty Ltd
Chartered Accountants
T S Jackman
Partner – Audit & Assurance
Melbourne, 29 September 2022
Grant Thornton Australia Limited 4
Grant Thornton Audit Pty Ltd
Level 22 Tower 5
Collins Square
727 Collins Street
Melbourne VIC 3008
GPO Box 4736
Melbourne VIC 3001
T +61 3 8320 2222
Auditor’s Independence Declaration
To the Directors of Enegex Limited
In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit
of Enegex Limited for the year ended 30 June 2022, I declare that, to the best of my knowledge and belief, there
have been:
a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the
audit; and
b no contraventions of any applicable code of professional conduct in relation to the audit.
Grant Thornton Audit Pty Ltd
Chartered Accountants
T S Jackman
Partner – Audit & Assurance
Melbourne, 29 September 2022
www.grantthornton.com.au
ACN-130 913 594
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refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL).
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ASX additional Information as at 13 October 2022
Additional information required by the ASX Limited Listing Rules and not disclosed elsewhere in this report
is set out below.
Distribution of Ordinary Shares
Numbers of members by size of holding and the total number of shares on issue:
Ordinary Shares
No. of Holders
No. of Shares
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
Total on Issue
212
284
234
579
195
1,504
65,842
879,328
1,852,426
21,285,146
144,833,276
168,916,018
851 holders held less than a marketable parcel of ordinary shares. There is no current on-market buy-
back.
Substantial Shareholders
As disclosed in notices given to the Company.
Name of Substantial
Shareholder
Albers Group
Ross Di Bartolo
Interest in Number of
Shares
46,703,283
8,703,771
% of Shares
29.64
6.03
47
The 20 Largest Holders of Ordinary Shares
Holder Name
Mr Ernest Geoffrey Albers
Mr Ross Di Bartolo
Auralandia Pty Ltd
Gascorp Australia Pty Ltd
Mr Dominic Virgara
Mrs Ermione Rimpas
Mr Michael George Faulkner & Mrs Jennifer Kaye Faulkner
Mr Ernest Geoffrey Albers
Sacrosanct Pty Ltd
Australis Finance Pty Ltd
Citcorp Nominess Pty Ltd
Mr Timothy Michael Noske
Mr Bradley James Dening & Mr Shayne Charles Dening
Manbaro Pty Ltd
Ritch Super Nominees Pty Ltd
Mr Ianaki Semerdziev
Mr Betrand Lalanne
Albers Custodian Company Pty Ltd
Mr Garry Norman Schubach & Mrs Janelle Margaret Schubach
Mr David James Schmidt
Total
Holding
18,132,612
7,877,521
7,875,001
7,145,482
6,000,000
4,888,160
4,215,000
3,903,090
3,827,497
2,806,618
2,207,481
2,135,000
2,044,488
1,815,000
1,760,000
1,722,000
1,719,116
1,669,359
1,500,000
1,423,029
84,666,454
%
10.73%
4.66%
4.66%
4.23%
3.55%
2.89%
2.50%
2.31%
2.27%
1.66%
1.31%
1.26%
1.21%
1.07%
1.04%
1.02%
1.02%
0.99%
0.89%
0.99%
50.12%
Distribution of unlisted Options - exercisable at $0.14 on or before 30 June 2024
Numbers of holders of unlisted options by size of holding and the total number of unlisted options:
Unlisted Options
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
Total on Issue
Unlisted Options
No. of Holders
0
0
0
48
47
95
No. of Unlisted Options
0
0
0
1,900,000
14,512,500
16,412,500
Four holders hold 6,000,000 unlisted options (exercisable at $0.092 on or before 5 November 2023).
Four holders hold 1,750,000 unlisted options (exercisable at $0.13 on or before 29 March 2024).
One holder hold 250,000 unlisted options (exercisable at $0.14 on or before 25 November 2024).
One holder hold 750,000 unlisted options (exercisable at $0.15 on or before 24 January 2024).
Three holders hold 1,250,000 unlisted options (exercisable at $0.15 on or before 22 February 2024).
One holder hold 750,000 unlisted options (exercisable at $0.20 on or before 24 January 2025).
One holder hold 750,000 unlisted options (exercisable at $0.20 on or before 22 February 2025).
One holder hold 750,000 unlisted options (exercisable at $0.25 on or before 22 February 2026).
48
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