Fin Resources Limited
Annual Report
30 June 2022
finresources.com.au
ABN 25 009 121 644
CONTENTS
Corporate Directory
Directors’ Report
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Directors’ Declaration
Auditor’s Independence Declaration
Independent Auditor’s Report
ASX Additional Information
Tenements and Project Locations
CORPORATE DIRECTORY
Directors
Gautam Varma (Managing Director)
Brian Talbot (Technical Director)
Jason Bontempo (Non-Executive Director)
Company Secretary
Aaron Bertolatti
Registered Office
First floor, 35 Richardson Street
WEST PERTH WA 6005
Share Registry
Advanced Share Registry Limited
110 Stirling Highway
NEDLANDS WA 6009
PAGE
1
2
14
15
16
17
18
36
37
38
42
44
Auditor
Stantons
Level 2, 40 Kings Park Road
WEST PERTH WA 6005
Solicitors
Gilbert + Tobin
Level 16 Brookfield Place Tower 2
123 St Georges Terrace
PERTH WA 6000
Stock Exchange
Australian Securities Exchange
(Home Exchange: Perth, Western Australia)
ASX Code: FIN
Website
www.finresources.com.au
Directors’ Report
The Directors present their report for Fin Resources Limited (“Fin Resources”, “Fin” or “the Company”) and its
subsidiaries (“the Group”) for the year ended 30 June 2022.
DIRECTORS
The names, qualifications and experience of the Company’s Directors in office during the year and until the
date of this report are as follows. Directors were in office for the entire year unless otherwise stated.
Gautam Varma – appointed 17 January 2022
Managing Director
Mr Varma is a veteran of the mining industry having held senior roles at BHP (ASX:BHP), Iluka Resources (ASX:
ILU), Xstrata and, most recently as the Chief Representative for Europe, India and South East Asia at Fortescue
Metals Group (ASX: FMG). Mr Varma has worked across a number of commodities including those related to
decarbonisation and electrification and strongly believes in mining being a “force for good” especially with
local communities.
Mr Varma has negotiated and built partnerships around the world and has a deep appreciation for concerns
relating to geopolitics and sustainability and the opportunities those concerns present. Mr Varma received an
MBA from INSEAD in 2004 and has been a part of the resources industry since then. He has been based in
India, USA, France, China, Vietnam, Australia and Singapore.
Brian Talbot – appointed 30 November 2021
Technical Director
Mr Talbot has over 25 years’ experience in the mining, minerals and chemical processing sector and holds a
bachelor’s degree in Chemical Engineering with Honours. Mr Talbot was previously Galaxy Resources Limited’s
(“Galaxy”) head of Australian Operations and the technical lead for the development of the evaporation ponds
and chemical processing of lithium salts.
Prior to joining Galaxy, Mr Talbot was at Bikita Minerals, a lithium mine in Zimbabwe where he achieved
increased product yield and capacity. Mr Talbot has also held the positions of mining company director,
general manager and metallurgist at various mine operations in Egypt and South Africa with diverse
experience in designing, planning and managing profitable mining operations.
Jason Bontempo
Non-Executive Director
Mr Bontempo has over 20 years’ experience in public company management, corporate advisory, investment
banking and public company accounting, qualifying as a chartered accountant with Ernst & Young. Mr
Bontempo has worked primarily serving on the board and the executive management of minerals and
resources public companies focusing on advancing and developing mineral resource assets and business
development.
Mr Bontempo also provides corporate advice services and the financing of resource companies across
multiple capital markets including resource asset acquisitions and divestments.
Andrew Radonjic – resigned 30 November 2021
Non-Executive Director
Andrew Radonjic is a geologist and holds a master’s degree in Mineral Economics. He has over 30 years of
experience in mining and exploration, with a specific focus on gold and nickel in the Eastern Goldfields of
Western Australia. During Mr. Radonjic’s career he has been instrumental in the discovery of three significant
gold deposits near Kalgoorlie in Western Australia as well as a major tin/tungsten deposit in Tasmania.
Fin Resources Limited
2
2022 Annual Report to Shareholders
Directors’ Report
Simon Mottram– resigned 17 January 2022
Non-Executive Director
Simon Mottram is a geologist with over 25 years’ experience predominantly in base and precious metals. Mr
Mottram has held both executive and senior management positions with several successful mining
companies both in Australia and overseas and has seen a number of discoveries advanced through to
commercial mine development and has been central to several significant exploration successes. Mr Mottram
is an expert in the application of modern exploration techniques, economic geology and development, large-
scale drill programmes and feasibility studies. Mr Mottram is a graduate of Melbourne RMIT University and a
Fellow of the AusIMM.
Ryan de Franck – appointed 6 July 2021, resigned 31 May 2022
Non-Executive Director
Ryan de Franck has a broad range of experience across corporate finance, corporate development and
company management with a focus on the natural resources sector. In 2014 he founded Valperlon, a
diversified natural resources exploration and project development group. In 2016, having identified the
compelling market opportunity, highly favourable natural conditions and unique logistics and infrastructure
advantages, he established North West Solar Salt to pursue the development of the North Onslow Salt Project.
From 2011 to 2014 he was a Corporate Finance Executive with Liberum Capital in London and from 2007 to
2010 he was a Corporate Finance Executive with Deloitte in Perth.
COMPANY SECRETARY
Aaron Bertolatti
Aaron Bertolatti is a qualified Chartered Accountant and Company Secretary with over 15 years’ experience
in the mining industry and accounting profession. Mr. Bertolatti has both local and international experience
and provides assistance to a number of resource companies with financial accounting and stock exchange
compliance. Mr. Bertolatti has significant experience in the administration of ASX listed companies, corporate
governance and corporate finance.
DIRECTORSHIPS OF OTHER LISTED COMPANIES
Directorships of other listed companies held by current directors in the 3 years immediately before the end
of the financial year are as follows:
Director
Company
Period of Directorship
Jason Bontempo Odin Metals Limited
Future Metals NL
Director from February 2018 to August 2022
Director from January 2011 to June 2021
INTERESTS IN THE SECURITIES OF THE COMPANY
As at the date of this report, the interests of the Directors in the securities of Fin Resources Limited are:
Director
Gautam Varma
Brian Talbot
Jason Bontempo
Ordinary Shares
Performance Options
2,000,000
100,000
9,000,000
22,500,000
7,500,000
10,000,000
RESULTS OF OPERATIONS
The Group’s net loss after taxation attributable to the members of Fin Resources for the year to 30 June 2022
was $5,015,072 (2021: net loss $880,124).
DIVIDENDS
No dividend was paid or declared by the Company during the year and up to the date of this report.
Fin Resources Limited
3
2022 Annual Report to Shareholders
Directors’ Report
CORPORATE STRUCTURE
Fin Resources Limited is a company limited by shares, which is incorporated and domiciled in Australia.
NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
Fin Resources is an ASX listed company (ASX:FIN) focused on the development of the Sol Mar Project (formerly
North Onslow Solar Salt Project (NOSSP)). The Sol Mar Project consists of six granted exploration licences and
three pending exploration licences located in a proven salt production region with ideal climatic conditions to
produce high purity salt. The Company is investigating the use of renewable energy in the form of wind and
solar energy to create a zero-carbon footprint project and potentially fuel renewable product streams like
Hydrogen and other green by products.
REVIEW OF OPERATIONS
Completion of acquisition of North Onslow Solar Salt Project
On 7 July 2021, the Company advised that it had completed the acquisition of an 80% interest in the NOSSP
from North West Solar Salt Pty Ltd (NWSS). This included the issue of 83,333,333 fully paid ordinary shares
and a cash payment of A$500,000. The 80% interest in the NOSSP is held by the Company’s wholly owned
subsidiary, Sol Mar Holdings Pty Ltd (formerly Crestwood Pty Ltd).
Sol Mar Scoping Study
The Company announced the results of a positive Scoping Study in September 2021. The highly compelling
potential economics demonstrated Sol Mar’s world class potential. The project is based on using 100%
renewable energy and producing green products. All proposed products have substantial existing markets.
During the year, the Company continued exploratory work on the Sol Mar tenement to understand the
economic and technical options of a salt project and downstream products like Sulphate of Potash (SOP),
Caustic Soda and Hydrochloric Acid.
The Company also had meaningful conversations with potential customers of such products including large
domestic mining players in Western Australia (WA).
World Class Renewable Energy Potential
Western Australia is attracting international attention with its potential to be a globally significant producer
of green hydrogen and green ammonia using renewable solar and wind energy. The Company is actively
exploring the opportunity to build a business on these lines, either on Sol Mar or on new areas with
corresponding licenses. In this regard, the Company is in discussions with international players to form a
partnership.
The Company has also been engaged with local authorities, pastoralists, and native title groups. In the last
few months, the Company has obtained a good understanding of the developing legislation pertaining to
green hydrogen in WA and the approvals path to be taken.
McKenzie Springs Project
The McKenzie Springs, is located within the Kimberley Region of Western Australia, 85km north-east of the
township of Halls Creek. The Project covers an area of approximately 82km2 including identified nickel,
copper, cobalt and graphite occurrences. The McKenzie Springs Project is considered prospective for
magmatic Ni-Cu sulphide and PGE mineralisation.
The Company completed its Maiden drilling program in October 2020. The maiden drill program consisted of
3 holes (~950m in total) along a prospective strike length of 1.2km within Fin’s tenements. The drillholes were
designed to test multiple modelled strong high priority conductors defined from Fixed Loop Electromagnetic
(FLEM) geophysical surveys. A review of the historic and recent geochemical data was undertaken which
focused on the area pertaining to the Spring Creek layered intrusion. Further geological and geophysical
modelling is required.
Fin Resources Limited
4
2022 Annual Report to Shareholders
Directors’ Report
CORPORATE
Placement
In April 2021, the Company announced a placement 97,666,667 shares to raise up to A$1.76 million. The
placement was undertaken in two tranches. The first tranche comprised 72,922,860 and was completed on 5
May 2021 and the second tranche comprised up to 24,743,807 shares which was completed on 6 July 2021.
Board and Management Changes
Mr Ryan de Franck joined the Company’s board as a Non-Executive Director on 6 July 2021 and subsequently
resigned on 31 May 2022.
Mr James Barrie joined the Company as its full-time project director for the North Onslow Solar Salt Project
on 8 July 2021. Mr Barrie has more than 35 years' experience in leadership roles for salt, iron ore and other
projects with numerous Western Australian engineering and mining companies.
Mr. Brian Talbot was appointed to the Board of Directors as a Technical Director on 30 November 2021. Mr
Andrew Radonjic stood down as a Non-Executive Director with effect from 30 November 2021.
The Company announced the appointment of Mr. Gautam Varma as the Managing Director of the Company
effective 17 January 2022. Mr. Varma is a veteran of the mining industry having held senior roles at BHP
(ASX:BHP), Illuka Resources (ASX: ILU), Xstrata and, most recently as the Chief Representative for Europe, India
and South East Asia at Fortescue Metals Group (ASX: FMG). Mr Simon Mottram also resigned as Non-Executive
Director with effect from 17 January 2022.
Option Issues
On 6 July 2021, the Company issued 63,500,000 unlisted options to management, brokers and corporate
advisors, exercisable at $0.018 each on or before 30 June 2024 and 11,500,000 performance options to
directors (and/or their nominee) exercisable at $0.00001 each on or before 5 July 2026.
On 8 February 2022, the Company issued 30,000,000 Performance Options. The Performance Options are
exercisable at $0.00001 with vesting conditions of consecutive 5-day VWAPs of $0.054 (1/3 Options), $0.072
(1/3 Options) and $0.09 (1/3 Options). The Company also issued 1,075,000 shares to Mr James Barrie (Project
Director) following six months of continued service.
Option Conversions
The following performance rights and options were converted into ordinary fully paid shares during the
reporting year:
Date shares issued
6-Sep-21
28-Sep-21
27-Oct-21
25-Nov-21
31-Dec-21
17-Jan-2022
TOTAL
Options - $0.00001 each on
or before 5-July-2026
-
-
-
-
-
333,333
333,333
Options - $0.025 each on or
before 31-Dec-2021 (FINOA)
23,378
414,000
175,000
2,800,934
38,725,063
-
42,138,375
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There have been no significant changes in the state of affairs of the Group during the financial year, other
than as set out in this report.
Fin Resources Limited
5
2022 Annual Report to Shareholders
Directors’ Report
SIGNIFICANT EVENTS AFTER THE REPORTING DATE
On 11 July 2022, the Company issued 1,075,000 shares to Mr James Barrie (Project Director) following twelve
months of continued service.
On 29 July 2022, the Company issued 2,000,000 shares to Mr Gautam Varma (Managing Director) following
six months of continued service.
There have been no other significant events subsequent to the end of the financial year to the date of this
report.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
The Directors have excluded from this report any further information on the likely developments in the
operations of the Group and the expected results of those operations in future financial years, as the Directors
believe that it would be speculative and prejudicial to the interests of the Group.
ENVIRONMENTAL REGULATIONS AND PERFORMANCE
The operations of the Group are presently subject to environmental regulation under the laws of Australia.
The Group is, to the best of its knowledge, at all times in full environmental compliance with the conditions of
its licences.
SHARE OPTIONS
As at the date of this report there were 103,500,000 unissued ordinary shares under options. The details of
these securities are as follows:
Number
Type
63,500,000 Unlisted Options
17,500,000 Performance Options
22,500,000 Performance Options
103,500,000
Exercise Price $
Expiry Date
$0.018
$0.00001
$0.00001
30 June 2024
5 July 2026
7 February 2027
No holder has any right under the options or performance rights to participate in any other share issue of the
Company or any other entity. 60,925,876 options expired unexercised and 1,166,667 options lapsed during
the financial year. 42,471,708 options were exercised during the year ended 30 June 2022. Refer to note 9 (e)
for option movements during the financial year.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
The Company has made an agreement indemnifying all the Directors and Officers of the Company against all
losses or liabilities incurred by each Director or Officer in their capacity as Directors or Officers of the Company
to the extent permitted by the Corporations Act 2001.
The indemnification specifically excludes wilful acts of negligence. The Company paid insurance premiums in
respect of Directors’ and Officers’ Liability Insurance contracts for current officers of the Company, including
Officers of the Company’s controlled entities. The liabilities insured are damages and legal costs that may be
incurred in defending civil or criminal proceedings that may be brought against the officers in their capacity
as officers of entities in the Group.
DIRECTORS’ MEETINGS
During the financial year, in addition to frequent Board discussions, the Directors met regularly to discuss all
matters associated with investment strategy, review of opportunities, and other Company matters on an
informal basis. Circular resolutions were passed as necessary to execute formal Board decisions. The number
of meetings of Directors held during the year and the number of meetings attended by each Director were as
follows:
Fin Resources Limited
6
2022 Annual Report to Shareholders
Directors’ Report
Director
Gautam Varma
Brian Talbot
Jason Bontempo
Ryan de Franck
Andrew Radonjic
Simon Mottram
Number of Meetings
Eligible to Attend
-
-
1
1
1
1
Number of Meetings
Attended
-
-
1
1
1
1
PROCEEDINGS ON BEHALF OF COMPANY
No person has applied for leave of the Court to bring proceedings on behalf of the Group or intervene in any
proceedings to which the Group is a party for the purpose of taking responsibility on behalf of the Group for
all or any part of those proceedings. The Group was not a party to any such proceedings during the year.
CORPORATE GOVERNANCE
In recognising the need for the highest standards of corporate behaviour and accountability, the Directors of
Fin Resources Limited support and have adhered to the principles of sound corporate governance. The Board
recognises the recommendations of the Australian Securities Exchange Corporate Governance Council, and
considers that Fin Resources complies to the extent possible with those guidelines, which are of importance
to the commercial operation of a junior listed resources company.
During the financial year, shareholders continued to receive the benefit of an efficient and cost-effective
corporate governance policy for the Company. The Company has established a set of corporate governance
policies and procedures which can be found, along with the Company’s Corporate Governance Statement, on
the Fin Resources website:
finresources.com.au.
AUDITOR INDEPENDENCE AND NON-AUDIT SERVICES
Section 307C of the Corporations Act 2001 requires the Group’s auditors to provide the Directors of Fin
Resources with an Independence Declaration in relation to the audit of the financial report. A copy of that
declaration is included within this annual report. There were no non-audit services provided by the Group’s
auditor.
Officers of the company who are former partners of Stantons
There are no officers of the company who are former partners of Stantons.
Auditor
Stantons continue in office in accordance with section 327 of the Corporations Act 2001.
AUDITED REMUNERATION REPORT
This report, which forms part of the directors’ report, outlines the remuneration arrangements in place for
the key management personnel (“KMP”) of Fin Resources Limited for the financial year ended 30 June 2022.
The information provided in this remuneration report has been audited as required by Section 308(3C) of the
Corporations Act 2001.
The remuneration report details the remuneration arrangements for KMP who are defined as those persons
having authority and responsibility for planning, directing and controlling the major activities of the Group,
directly or indirectly, including any director (whether executive or otherwise) of the Group.
Fin Resources Limited
7
2022 Annual Report to Shareholders
Directors’ Report
Details of Key Management Personnel
Jason Bontempo - Non-Executive Director
▪ Gautam Varma – Managing Director (appointed 17 January 2022)
▪ Brian Talbot - Technical Director (appointed 30 November 2021)
▪
▪ Ryan de Franck - Non-Executive Director (appointed 6 July 2021, resigned 31 May 2022)
▪ Andrew Radonjic - Non-Executive Director (resigned 30 November 2021)
▪ Simon Mottram - Non-Executive Director (resigned 17 January 2022)
▪
▪ Aaron Bertolatti – Company Secretary
James Barrie – Project Manager (appointed 8 July 2021)
Remuneration Policy
The Board is responsible for determining and reviewing compensation arrangements for the Directors. The
Board assesses the appropriateness of the nature and amount of emoluments of such officers on a yearly basis
by reference to relevant employment market conditions with the overall objective of ensuring maximum
stakeholder benefit from the retention of a high-quality board and executive team. The expected outcome of
this remuneration structure is to retain and motivate Directors.
As part of its Corporate Governance Policies and Procedures, the board has adopted a formal Remuneration
Committee Charter and Remuneration Policy. The Board has elected not to establish a remuneration committee
based on the size of the organisation and has instead agreed to meet as deemed necessary and allocate the
appropriate time at its board meetings.
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 annually by the Board. Non‑executive
directors do not receive performance-based pay, other than performance rights issued in the prior year.
Level
Managing Director
Technical Director
Non-Executive Director
Project Manager
Officers
Additional fees
Cash Remuneration
S$300,000
A$120,000
Up to A$39,420
A$250,000
A$60,000
A Director may also be paid fees or other amounts as the Directors determine if a Director performs special
duties or otherwise performs services outside the scope of the ordinary duties of a Director. A Director may also
be reimbursed for out of pocket expenses incurred as a result of their directorship or any special duties.
Remuneration Consultants
Remuneration consultants have not been used in determining the remuneration paid.
Retirement allowances for Directors
Superannuation contributions required under the Australian Superannuation Guarantee Legislation continue
to be made and are deducted from the directors’ overall fee entitlements where applicable.
Fin Resources Limited
8
2022 Annual Report to Shareholders
Directors’ Report
Details of Remuneration
Details of the nature and amount of each element of the remuneration of each Director and Executive of the
Company for the year ended 30 June 2022 are as follows:
2022
Base
Salary
$
Short term
Director
Fees
$
Consulting
Fees
$
Options
Share Based
Payments
$
Super
$
Total
$
Option
related
%
Directors
Gautam Varma1
Jason Bontempo7
Andrew Radonjic2
Simon Mottram3
Ryan de Franck4,8
Brian Talbot5
Officer and Management
James Barrie6
Aaron Bertolatti
-
- 36,000
- 11,416
- 17,500
- 25,000
15,000
-
- 140,987
42,000
257,796
187,830
-
14,423
-
85,347
-
3,420
1,142
-
1,903
-
398,783
269,250
12,558
31,923
86,903
149,347
-
-
60,000
49,000
250,000
-
250,000 104,916
-
-
-
60,000
351,987
-
18,311
563,707
25,000
-
31,465
275,000
78,311
1,302,075
64.6
69.8
-
45.2
-
57.1
-
23.4
43.3
1 Gautam Varma was appointed 17 January 2022.
2 Andrew Radonjic resigned 30 November 2021.
3 Simon Mottram resigned 17 January 2022.
4 Ryan de Franck was appointed 6 July 2021and resigned 31 May 2022.
5 Brian Talbot was appointed 30 November 2021.
6 James Barrie was appointed 8 July 2021.
7 Jason Bontempo received additional consulting fees totalling $42,000 for transactional services provided.
8 Ryan de Franck received additional consulting fees totalling $60,000 for technical services provided.
The fees paid to Directors’ and Officers’ related entities were for the provision of management services of the
particular individual to the Group:
▪ BR Corporation Pty Ltd, an entity associated with Jason Bontempo.
▪ Estrelas Cadentes Ltda, an entity associated with Simon Mottram.
▪ Valperlon Group Pty Ltd, an entity associated with Ryan de Franck.
▪ BT Lithium Pty Ltd and R-Tek Group Pty Ltd, entities associated with Brian Talbot.
▪ V2 Ventures Pte Ltd, an entity associated with Gautam Varma.
▪ 1918 Consulting Pty Ltd, an entity associated with Aaron Bertolatti.
There were no other executive officers of the Group during the financial year ended 30 June 2022.
Details of the nature and amount of each element of the remuneration of each Director and Executive Officer
for the year ended 30 June 2021 are as follows:
2021
Directors
Jason Bontempo
Andrew Radonjic
Simon Mottram
Officer
Aaron Bertolatti
Base
Salary
$
Short term
Director
Fees
$
Consulting
Fees
$
Options
Share Based
Payments
$
Super
$
Total
$
Option
related
%
- 36,000
- 27,397
- 29,132
5,000
-
-
28,131
28,131
-
3,420
2,603
868
72,551
58,131
30,000
-
-
-
92,529
60,000
65,000
28,131
84,393
-
6,891
88,131
248,813
38.8
48.4
-
31.9
33.9
Fin Resources Limited
9
2022 Annual Report to Shareholders
Directors’ Report
The fees paid to Directors’ and Officers’ related entities were for the provision of management services of the
particular individual to the Group:
− BR Corporation Pty Ltd, an entity associated with Jason Bontempo.
− Estrelas Cadentes Ltda, an entity associated with Simon Mottram.
− 1918 Consulting Pty Ltd, an entity associated with Aaron Bertolatti.
There were no other executive officers of the Group during the financial year ended 30 June 2021.
Shareholdings of Key Management Personnel
The number of shares in the Company held during the financial year by each Director and specified executives
of the Group, including their personally related parties, is set out below.
Balance at the
start of the year
or date of
appointment
Granted during
the year as
compensation
On exercise of
share options/
Performance
Options
Other changes
during the year
Balance at the
end of the year
Directors
Gautam Varma1
Jason Bontempo
Andrew Radonjic2
Simon Mottram3
Ryan de Franck4
Brian Talbot5
Officer and Management
James Barrie6
Aaron Bertolatti
-
9,000,000
2,000,000
1,000,000
-
-
50,000
4,000,000
-
-
-
-
-
-
-
-
-
333,333
-
-
-
-
(2,000,000)
(1,333,333)
-
100,000
-
9,000,000
-
-
-
100,000
1,075,0007
-
-
--
50,000
-
1,175,000
4,000,000
1 Gautam Varma was appointed 17 January 2022.
2 Andrew Radonjic resigned 30 November 2021.
3 Simon Mottram resigned 17 January 2022.
4 Ryan de Franck was appointed 6 July 2021and resigned 31 May 2022.
5 Brian Talbot was appointed 30 November 2021.
6 James Barrie was appointed 8 July 2021.
7 Shares were granted during the reporting year as compensation following six months of continued service.
All equity transactions with key management personnel other than arising from the exercise of remuneration
options have been entered into under terms and conditions no more favourable than those the Company
would have adopted if dealing at arm’s length.
Fin Resources Limited
10
2022 Annual Report to Shareholders
Directors’ Report
Performance Options Holdings of Key Management Personnel
The numbers of options over ordinary shares in the Company held during the financial year by each Director
of Fin Resources Limited and specified executives of the Group, including their personally related parties, are
set out below:
Balance at
the start of
the year or
date of
appointment
Granted
during the
year as
compensation
Exercised
during the
year
Other
changes
during the
year
Balance at
the end of
the year
Exercisable
Un-
exercisable
Directors
Gautam Varma1
Jason Bontempo
Andrew Radonjic2
Simon Mottram3
Ryan de Franck4
Brian Talbot5
Officer and Management
James Barrie6
Aaron Bertolatti
-
-
-
-
-
-
-
-
22,500,000
10,000,000
500,000
1,000,000
-
7,500,000
-
-
-
(333,333)
-
-
- 22,500,000
- 22,500,000
- 10,000,000 3,334,000 6,666,000
-
-
-
-
-
-
- 7,500,000
-
(500,000)
-
(666,667)
-
-
- 7,500,000
-
500,000
-
-
-
-
-
500,000
-
500,000
-
-
1 Gautam Varma was appointed 17 January 2022.
2 Andrew Radonjic resigned 30 November 2021.
3 Simon Mottram resigned 17 January 2022.
4 Ryan de Franck was appointed 6 July 2021and resigned 31 May 2022.
5 Brian Talbot was appointed 30 November 2021.
6 James Barrie was appointed 8 July 2021.
Performance Options Affecting Remuneration
The terms and conditions of Performance Options affecting remuneration in the current or future reporting
years are as follows:
Grant
Date
Grant
Number
Expiry
date/last
exercise
date
Exercise
price
$
Value
at grant
date1
$
Vested
%
Number
vested
Value
vested
during
the year
$
Max
value yet
to vest
Directors
Gautam Varma
17/01/22 22,500,000 07/02/27 0.00001
Jason Bontempo 30/06/21 10,000,000 05/07/26 0.00001
Andrew Radonjic4
Simon Mottram
Ryan de Franck
Brian Talbot
29/11/21 7,500,000 05/07/26 0.00001
-
30/06/21
-
333,333 05/07/26 0.00001
-
-
-
-
-
-
765,003
-
421,955 3,333,334
-
333,333
-
-
-
14,423
-
195,002
- 257,796 507,2073
33.33 187,830 234,1252
-
-
-
85,347 109,6553
-
14,423
-
-
100
-
-
Officer and Management
James Barrie
Aaron Bertolatti
-
30/06/21
-
-
500,000 30/06/24
40,833,333
-
0.018
-
18,311
-
500,000
1,419,694 4,166,668
-
100
-
18,311
-
-
563,707 850,987
1 The value at grant date has been calculated in accordance with AASB 2 Share based payments.
2 Tranche 1 Options, Tranche 2 Options and Tranche 3 Options vest upon the 5-day VWAP of the Company’s
shares reaching at least $0.036, $0.054 and $0.072, respectively, before the expiry date.
Fin Resources Limited
11
2022 Annual Report to Shareholders
Directors’ Report
3 Tranche 1 Options, Tranche 2 Options and Tranche 3 Options vest upon the 5-day VWAP of the Company’s
shares reaching at least $0.054, $0.072 and $0.090, respectively, before the expiry date. In addition to these
conditions, 50% of the Performance Options will vest following completion of 12 months of continued service
as a director and the remaining 50% will vest following completion of 24 months of continued service as a
director.
4 Andrew Radonjic was granted performance options during the period, however the options lapsed following
his resignation on 30 November 2021. As a result, there is no impact on his remuneration during the current
reporting year.
Service Agreements
Managing Director
Gautam Varma (V2 Ventures Pte Ltd) is engaged under a consulting agreement dated 17 January 2022. Under
the agreement Mr. Varma is to be paid a monthly fee of S$25,000. The Agreement may be terminated by either
party by giving three month’s written notice.
Technical Director
Brian Talbot (R-Tek Group Pty Ltd) is engaged under a consulting agreement dated 1 December 2021. Under the
agreement Mr. Talbot is to be paid a monthly consulting fee of A$7,000. The Agreement may be terminated by
either party by giving one week’s written notice. In addition to his monthly consulting fee, Mr. Talbot also receives
A$3,000 per month for director fees.
Executive Officers
Company Secretary, Aaron Bertolatti (1918 Consulting Pty Ltd) is engaged under an Executive Agreement
dated 1 May 2018. Under the agreement Mr. Bertolatti is paid an annual fee of A$60,000. The Agreement may
be terminated by the Company without notice or without cause by giving three months’ notice in writing or
payment in lieu of notice. The Agreement may also be terminated by Mr. Bertolatti by providing three months’
notice in writing.
Non-Executive Director Service Agreements
On appointment to the Board, all non-executive directors enter into a service agreement with the Group in
the form of a letter of appointment. The letter summarises the Board policies and terms, including
compensation ranging from $30,000 to $39,420 per annum (including Superannuation), relevant to the
director. There is no termination clause included in the letter.
Loans to Directors and Executives
There were no loans to Directors and executives during the financial year ended 30 June 2022.
END OF AUDITED REMUNERATION REPORT
Additional Information
The earnings of the Group for the five years to 30 June 2022 are summarised below:
Other income
EBITDA
EBIT
Loss after income tax
2022
$
6,600
(5,015,072)
(5,015,072)
(5,015,072)
2021
$
23,752
(880,124)
(880,124)
(880,124)
2020
$
39,191
(295,317)
(295,317)
(295,317)
2019
$
61,073
(274,901)
(274,901)
(274,901)
2018
$
61,603
(576,273)
(576,273)
(576,273)
Fin Resources Limited
12
2022 Annual Report to Shareholders
Directors’ Report
The factors that are considered to affect total shareholders return ('TSR') are summarised below:
Share price at financial year end ($)
Total dividends declared (cents per share)
Basic loss per share (cents per share)
0.014
-
(0.90)
0.044
-
(0.29)
0.015
-
(0.10)
0.012
-
(0.09)
0.021
-
(0.24)
2022
2021
2020
2019
2018
Voting and comments made at the Company's 2021 Annual General Meeting
Fin Resources Limited received 99.5% of “yes” votes on its remuneration report for the 2021 financial year.
The Company did not receive any specific feedback at the AGM or throughout the year on its remuneration
practices.
Signed on behalf of the board in accordance with a resolution of the Directors.
Gautam Varma
Managing Director
Perth, Western Australia
12 September 2022
Fin Resources Limited
13
2022 Annual Report to Shareholders
Fin Resources Limited
Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the year ended 30 June 2022
Continuing operations
Consultancy fees
Corporate and compliance expense
Employee benefits expense
Share based payments
Exploration expenditure written off
Other expenses
Total expenses
Other income
Note
30-Jun-22
30-Jun-21
$
$
16
7
(138,660)
(340,781)
(474,835)
(3,002,636)
(911,391)
(153,369)
(5,021,672)
(60,000)
(199,203)
(155,265)
(84,393)
(274,545)
(130,470)
(903,876)
6,600
23,752
Loss before income tax from continuing operations
(5,015,072)
(880,124)
Income tax expense
3
-
-
Loss after income tax from continuing operations
(5,015,072)
(880,124)
Loss for the year
(5,015,072)
(880,124)
Other comprehensive income
Items that may be reclassified to profit and loss
Other comprehensive income for the year net of tax
-
-
-
-
Total comprehensive loss for the year
(5,015,072)
(880,124)
Loss attributable to:
Owners of the parent
Non-controlling interests
Total comprehensive loss attributable to:
Owners of the parent
Non-controlling interests
Loss per share
From continuing operations
(5,015,072)
(880,124)
-
-
(5,015,072)
(880,124)
(5,015,072)
(880,124)
-
-
(5,015,072)
(880,124)
Basic and diluted loss per share (cents)
14
(0.90)
(0.29)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction
with the accompanying notes.
Fin Resources Limited
14
2022 Annual Report to Shareholders
Fin Resources Limited
Consolidated Statement of Financial Position
as at 30 June 2022
Current Assets
Cash and cash equivalents
Trade and other receivables
Other assets
Other financial assets
Total Current Assets
Non-Current Assets
Exploration and evaluation expenditure
Total Non-Current Assets
Total Assets
Current Liabilities
Trade and other liabilities
Provisions
Total Current Liabilities
Total Liabilities
Net Assets
Equity
Issued capital
Reserves
Accumulated losses
Total Equity
30-Jun-22
30-Jun-21
Note
$
$
4
5
6
7
8
3,394,010
5,043,256
35,115
26,460
100
28,410
27,067
100
3,455,685
5,098,833
3,852,412
3,852,412
7,308,097
900,245
900,245
5,999,078
58,325
9,616
67,941
67,941
352,582
-
352,582
352,582
7,240,156
5,646,496
9
10
11
35,691,562
32,086,071
5,862,379
2,859,138
(34,313,785)
(29,298,713)
7,240,156
5,646,496
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Fin Resources Limited
15
2022 Annual Report to Shareholders
Fin Resources Limited
Consolidated Statement of Changes in Equity
for the year ended 30 June 2022
Issued capital
$
Accumulated
losses
$
Reserves
$
Total
$
Balance at 1 July 2020
29,848,259
(28,418,589)
2,774,745
4,204,415
Total comprehensive loss for the year
Loss for the year
Other Comprehensive Income
Total comprehensive loss for the year
Transactions with owners in their
capacity as owners
Shares issued during the year
Cost of issue
Share based payment (note 16)
Balance at 30 June 2021
-
-
-
(880,124)
-
(880,124)
2,332,778
(94,966)
-
-
-
-
-
-
-
-
-
84,393
(880,124)
-
(880,124)
2,332,778
(94,966)
84,393
32,086,071
(29,298,713)
2,859,138
5,646,496
Balance at 1 July 2021
32,086,071
(29,298,713)
2,859,138
5,646,496
Total comprehensive loss for the year
Loss for the year
Other Comprehensive Income
Total comprehensive loss for the year
Transactions with owners in their
capacity as owners
Shares issued during the year
Shares issued on exercise of options
Proceeds from issue of options
Cost of issue
Share based payment (note 16)
Balance at 30 June 2022
-
-
-
(5,015,072)
-
(5,015,072)
-
-
-
(5,015,072)
-
(5,015,072)
2,612,164
1,053,462
-
(60,135)
-
-
-
-
-
-
-
-
605
-
2,612,164
1,053,462
605
(60,135)
3,002,636
3,002,636
35,691,562
(34,313,785)
5,862,379
7,240,156
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Fin Resources Limited
16
2022 Annual Report to Shareholders
Fin Resources Limited
Consolidated Statement of Cash Flows
for the year ended 30 June 2022
Cash flows from operating activities
Payments to suppliers and employees
Interest received
Other receipts
Note
30-Jun-22
30-Jun-21
$
$
(1,160,300)
(497,549)
6,600
-
13,752
10,000
Net cash (used in) operating activities
4
(1,153,700)
(473,797)
Cash flows from investing activities
Payments for exploration expenditure
Net cash (used in) investing activities
Cash flows from financing activities
Proceeds from issue of shares
Proceeds from issue of options
Payments for share issue costs
Net cash provided by financing activities
(1,690,393)
(1,690,393)
(444,187)
(444,187)
1,254,377
2,577,360
605
-
(60,135)
(94,966)
1,194,847
2,482,394
Net (decrease) / increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
(1,649,246)
5,043,256
1,564,410
3,478,846
Cash and cash equivalents at the end of the year
4
3,394,010
5,043,256
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
Fin Resources Limited
17
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
1. Corporate Information
The financial report of Fin Resources Limited (“Fin Resources”, “Fin” or “the Company”) and its subsidiaries (the
“Group”) for the year ended 30 June 2022 was authorised for issue in accordance with a resolution of the
Directors on 12 September 2022. Fin Resources is a company limited by shares incorporated in Australia
whose shares are publicly traded on the Australian Securities Exchange. The nature of the operations and the
principal activities of the Company are described in the Directors’ Report.
2. Summary of Significant Accounting Policies
(a) Basis of preparation
The financial statements are general-purpose financial statements, which have been prepared in accordance
with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative
pronouncements of the Australian Accounting Standards Board. The financial statements have also been
prepared on a historical cost basis. The presentation currency is Australian dollars.
(b) Going concern
The financial statements have been approved by the Directors on a going concern basis. In determining the
appropriateness of the basis of preparation, the Directors have considered the impact of the COVID-19
pandemic on the position of the Group at 30 June 2022 and its operations in future periods.
(c) Statement of compliance
The financial report complies with Australian Accounting Standards, which include Australian equivalents to
International Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial report,
comprising the financial statements and notes thereto, complies with International Financial Reporting
Standards (IFRS).
(d) Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the Group
only. Supplementary information about the parent entity is disclosed in note 18.
(e) Basis of consolidation
The consolidated financial statements incorporate all of the assets, liabilities and results of the parent (Fin
Resources Limited) and all of the subsidiaries. Subsidiaries are those entities over which the Company has the
power to govern the financial and operating policies so as to obtain benefits from their activities. The existence
and effect of potential voting rights that are currently exercisable or convertible are considered when
assessing whether a Company controls another entity. A list of the subsidiaries is provided in note 13(c).
In preparing the consolidated financial statements, all intercompany balances and transactions, income and
expenses and profit and losses resulting from intra-company transactions have been eliminated in full.
Unrealised losses are also eliminated unless costs cannot be recovered. Non-controlling interests in the
results and equity of subsidiaries are shown separately in the Consolidated Statement of Profit or Loss and
Other Comprehensive Income and Consolidated Statement of Financial Position, respectively.
(f) Cash and cash equivalents
Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid
investments that are readily convertible to known amounts of cash and which are subject to an insignificant
risk of changes in value. Bank overdrafts are shown within borrowings in current liabilities in the Consolidated
Statement of Financial Position.
(g) Employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave, long
service leave, and sick leave when it is probable that settlement will be required and they are capable of being
measured reliably.
Fin Resources Limited
18
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
Liabilities recognised in respect of employee benefits expected to be settled within 12 months, are measured
at their nominal values using the remuneration rate expected to apply at the time of settlement. Liabilities
recognised in respect of employee benefits which are not expected to be settled within 12 months are
measured as the present value of the estimated future cash outflows to be made by the Group in respect of
services provided by employees up to reporting date.
(h) Fair Value of Assets and Liabilities
The Group measures some of its assets and liabilities at fair value on either a recurring or non-recurring basis,
depending on the requirements of the applicable Accounting Standard. Fair value is the price the Group
would receive to sell an asset or would have to pay to transfer a liability in an orderly (i.e. unforced) transaction
between independent, knowledgeable and willing market participants at the measurement date.
As fair value is a market-based measure, the closest equivalent observable market pricing information is used
to determine fair value. Adjustments to market values may be made having regard to the characteristics of
the specific asset or liability. The fair values of assets and liabilities that are not traded in an active market are
determined using one or more valuation techniques. These valuation techniques maximise, to the extent
possible, the use of observable market data.
To the extent possible, market information is extracted from either the principal market for the asset or
liability (i.e. the market with the greatest volume and level of activity for the asset or liability) or, in the absence
of such a market, the most advantageous market available to the entity at the end of the reporting period (i.e.
the market that maximises the receipts from the sale of the asset or minimises the payments made to transfer
the liability, after taking into account transaction costs and transport costs). For non-financial assets, the fair
value measurement also takes into account a market participant's ability to use the asset in its highest and
best use or to sell it to another market participant that would use the asset in its highest and best use.
The fair value of liabilities and the entity's own equity instruments (excluding those related to share-based
payment arrangements) may be valued, where there is no observable market price in relation to the transfer
of such financial instruments, by reference to observable market information where such instruments are
held as assets. Where this information is not available, other valuation techniques are adopted and, where
significant, are detailed in the respective note to the consolidated financial statements.
Valuation techniques
In the absence of an active market for an identical asset or liability, the Group selects and uses one or more
valuation techniques to measure the fair value of the asset or liability, The Group selects a valuation technique
that is appropriate in the circumstances and for which sufficient data is available to measure fair value. The
availability of sufficient and relevant data primarily depends on the specific characteristics of the asset or
liability being measured. The valuation techniques selected by the Group are consistent with one or more of
the following valuation approaches:
− Market approach: valuation techniques that use prices and other relevant information generated by
market transactions for identical or similar assets or liabilities.
−
Income approach: valuation techniques that convert estimated future cash flows or income and expenses
into a single discounted present value.
− Cost approach: valuation techniques that reflect the current replacement cost of an asset at its current
service capacity.
− Each valuation technique requires inputs that reflect the assumptions that buyers and sellers would use
when pricing the asset or liability, including assumptions about risks. When selecting a valuation technique,
the Group gives priority to those techniques that maximise the use of observable inputs and minimise the
use of unobservable inputs.
Fin Resources Limited
19
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
Inputs that are developed using market data (such as publicly available information on actual transactions)
and reflect the assumptions that buyers and sellers would generally use when pricing the asset or liability are
considered observable, whereas inputs for which market data is not available and therefore are developed
using the best information available about such assumptions are considered unobservable.
Fair value hierarchy
AASB 13 requires the disclosure of fair value information by level of the fair value hierarchy, which categorises
fair value measurements into one of three possible levels based on the lowest level that an input that is
significant to the measurement can be categorised into as follows:
Level 1
Measurements based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the
entity can access at the measurement date.
Level 2
Measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset
or liability, either directly or indirectly.
Level 3
Measurements based on unobservable inputs for the asset or liability.
The fair values of assets and liabilities that are not traded in an active market are determined using one or
more valuation techniques. These valuation techniques maximise, to the extent possible, the use of
observable market data. If all significant inputs required to measure fair value are observable, the asset or
liability is included in Level 2. If one or more significant inputs are not based on observable market data, the
asset or liability is included in Level 3.
The Group would change the categorisation within the fair value hierarchy only in the following circumstances:
i. if a market that was previously considered active (Level 1) became inactive (Level 2 or Level 3) or vice
versa; or
ii. if significant inputs that were previously unobservable (Level 3) became observable (Level 2) or vice versa.
When a change in the categorisation occurs, the Group recognises transfers between levels of the fair value
hierarchy (i.e. transfers into and out of each level of the fair value hierarchy) on the date the event or change
in circumstances occurred.
(i) Financial instruments
Financial assets
Except for those trade receivables that do not contain a significant financing component and are measured
at the transaction price in accordance with AASB 15, all financial assets are initially measured at fair value
adjusted for transaction costs (where applicable).
For the purpose of subsequent measurement, financial assets other than those designated and effective as
hedging instruments, are classified into the following categories upon initial recognition:
▪ amortised cost;
▪
▪
fair value through other comprehensive income (FVOCI); and
fair value through profit or loss (FVPL).
Classifications are determined by both:
▪ the contractual cash flow characteristics of the financial assets; and
▪ the entities business model for managing the financial asset.
Fin Resources Limited
20
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not
designated as FVPL):
▪ they are held within a business model whose objective is to hold the financial assets and collect its
contractual cash flows; and
▪ the contractual terms of the financial assets give rise to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest method.
Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents,
trade and most other receivables fall into this category of financial instruments.
Financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss,
loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge,
as appropriate.
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs
unless the Group designated a financial liability at fair value through profit or loss. Subsequently, financial
liabilities are measured at amortised cost using the effective interest method except for derivatives and
financial liabilities designated at FVPL, which are carried subsequently at fair value with gains or losses
recognised in profit or loss.
All interest-related charges and, if applicable, gains and losses arising on changes in fair value that are
recognised in profit or loss.
Impairment
From 1 July 2018, the Group assesses on a forward-looking basis the expected credit losses associated with
its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on
whether there has been a significant increase in credit risk.
Recognition, initial measurement and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual
provisions of the financial instrument. Financial instruments (except for trade receivables) are measured
initially at fair value adjusted by transactions costs, except for those carried “at fair value through profit or
loss”, in which case transaction costs are expensed to profit or loss. Where available, quoted prices in an active
market are used to determine the fair value. In other circumstances, valuation techniques are adopted.
Subsequent measurement of financial assets and financial liabilities are described below.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire,
or when the financial asset and all substantial risks and rewards are transferred. A financial liability is
derecognised when it is extinguished, discharged, cancelled or expires.
(j) Goods and services tax
Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except:
i. where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as
part of the cost of acquisition of an asset or as part of an item of expense; or
for receivables and payables which are recognised inclusive of GST.
ii.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of
receivables or payables. Cash flows are included in the cash flow statement on a gross basis. The GST
component of cash flows arising from investing and financing activities which is recoverable from, or payable
to, the taxation authority is classified as operating cash flows.
Fin Resources Limited
21
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
(k) Impairment of assets
At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). Where the asset does not generate cash flows that are independent from other
assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset for which the
estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-
generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-
generating unit) is reduced to its recoverable amount. An impairment loss is recognised in profit or loss
immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is
increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying
amount does not exceed the carrying amount that would have been determined had no impairment loss been
recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised
in profit or loss immediately.
(l) Income tax
Current tax
Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the
taxable profit or tax loss for the period. It is calculated using tax rates and tax laws that have been enacted
or substantively enacted by reporting date. Current tax for current and prior periods is recognised as a liability
(or asset) to the extent that it is unpaid (or refundable).
Deferred tax
Deferred tax is accounted for using the statement of financial position liability method in respect of temporary
differences arising from differences between the carrying amount of assets and liabilities in the financial
statements and the corresponding tax base of those items.
In principle, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets
are recognised to the extent that it is probable that sufficient taxable amounts will be available against which
deductible temporary differences or unused tax losses and tax offsets can be utilised.
However, deferred tax assets and liabilities are not recognised if the temporary differences giving rise to them
arise from the initial recognition of assets and liabilities (other than as a result of a business combination)
which affects neither taxable income nor accounting profit. Furthermore, a deferred tax liability is not
recognised in relation to taxable temporary differences arising from goodwill.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries,
branches, associates and joint ventures except where the Group is able to control the reversal of the
temporary differences and it is probable that the temporary differences will not reverse in the foreseeable
future. Deferred tax assets arising from deductible temporary differences associated with these investments
and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits
against which to utilise the benefits of the temporary differences and they are expected to reverse in the
foreseeable future.
Fin Resources Limited
22
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s)
when the asset and liability giving rise to them are realised or settled, based on tax rates (and tax laws) that
have been enacted or substantively enacted by reporting date. The measurement of deferred tax liabilities
and assets reflects the tax consequences that would follow from the manner in which the Group expects, at
the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets
and liabilities are offset when they relate to income taxes levied by the same taxation authority and the
company/Group intends to settle its current tax assets and liabilities on a net basis.
Current and deferred tax for the period
Current and deferred tax is recognised as an expense or income in the statement of profit or loss and other
comprehensive income, except when it relates to items credited or debited directly to equity, in which case
the deferred tax is also recognised directly in equity, or where it arises from the initial accounting for a
business combination, in which case it is taken into account in the determination of goodwill or excess.
(m) 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.
(n) Revenue recognition
The Group has applied AASB 15 Revenue from Contracts with Customers using the cumulative effective
method. The Group does not have any revenue from contracts with customers.
Interest revenue
Revenue is recognised as interest accrues using the effective interest method. This is a method of calculating
the amortised cost of a financial asset and allocating the interest income over the relevant period using the
effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the
expected life of the financial asset to the net carrying amount of the financial asset.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
(o) Exploration and evaluation expenditure
Exploration and evaluation expenditures in relation to each separate area of interest are recognised as an
exploration and evaluation asset in the year in which they are incurred where the following conditions are
satisfied:
the rights to tenure of the area of interest are current; and
(i)
(ii) at least one of the following conditions is also met:
(a) the exploration and evaluation expenditures are expected to be recouped through successful
development and exploration of the area of interest, or alternatively, by its sale; or
(b) exploration and evaluation activities in the area of interest have not at the balance date reached a
stage which permits a reasonable assessment of the existence or otherwise of economically
recoverable reserves, and active and significant operations in, or in relation to, the area of interest are
continuing.
Exploration and evaluation assets are initially measured at cost and include acquisition of rights to explore,
studies, exploratory drilling, trenching and sampling and associated activities and an allocation of depreciation
and amortisation of assets used in exploration and evaluation activities. General and administrative costs are
only included in the measurement of exploration and evaluation costs where they are related directly to
operational activities in a particular area of interest.
Fin Resources Limited
23
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that
the carrying amount of an exploration and evaluation asset may exceed its recoverable amount. The
recoverable amount of the exploration and evaluation asset (for the cash generating unit(s) to which it has
been allocated being no larger than the relevant area of interest) is estimated to determine the extent of the
impairment loss (if any).
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised
estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed
the carrying amount that would have been determined had no impairment loss been recognised for the asset
in previous years.
Where a decision has been made to proceed with development in respect of a particular area of interest, the
relevant exploration and evaluation asset is tested for impairment and the balance is then reclassified to
development. Where an area of interest is abandoned, any expenditure carried forward in respect of that
area is written off.
(p) Interests in joint ventures
Joint arrangements represent the contractual sharing of control between parties in a business venture where
unanimous decisions about relevant activities are required. Separate joint venture entities providing joint
ventures with an interest to net assets are classified as a "joint venture" and accounted for using the equity
method.
Joint venture operations represent arrangements whereby joint operators maintain direct interests in each
asset and exposure to each liability of the arrangement. The Group's interests in the assets, liabilities, revenue
and expenses of joint operations are included in the respective line items of the consolidated financial
statements. Gains and losses resulting from sales to a joint operation are recognised to the extent of the other
parties' interests. When the Group makes purchases from a joint operation, it does not recognise its share of
the gains and losses from the joint arrangement until it resells those goods/assets to a third party.
(q) Share based payments
Equity-settled share-based payments with employees and others providing similar services are measured at
the fair value of the equity instrument at the grant date. Fair value is measured either with reference to the
value of the goods and services provided or by use of a Black Scholes model. The expected life used in the
model has been adjusted, based on management’s best estimate, for the effects of non-transferability,
exercise restrictions, and behavioural considerations. Further details on how the fair value of equity-settled
share-based transactions has been determined can be found in note 16.
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a
straight-line basis over the vesting period, based on the Group’s estimate of shares that will eventually vest.
Equity-settled share-based payment transactions with other parties are measured at the fair value of the
goods and services received, except where the fair value cannot be estimated reliably, in which case they are
measured at the fair value of the equity instruments granted, measured at the date the entity obtains the
goods or the counterparty renders the service.
For cash-settled share-based payments, a liability equal to the portion of the goods or services received is
recognised at the current fair value determined at each reporting date.
(r) Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker. The chief operating decision maker, who is responsible for allocating resources and
assessing performance of the operating segments, has been identified as the Board of Directors of Fin
Resources Limited.
Fin Resources Limited
24
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
The entity does not have any operating segments with discrete financial information. The Board of Directors
review internal management reports on a monthly basis that is consistent with the information provided in
the consolidated statement of comprehensive income, consolidated statement of financial position and
consolidated statement of cash flows. As a result, no reconciliation is required because the information as
presented is what is used by the Board to make strategic decision.
(s) Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group’s accounting policies, which are described in note 2, management is required
to make judgments, estimates and assumptions about carrying values of assets and liabilities that are not
readily apparent from other sources. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable under the circumstance, the results
of which form the basis of making the judgments. 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.
Key Sources of estimation uncertainty
The following are the key assumptions concerning the future, and other key sources of estimation uncertainty
at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year:
Exploration and Evaluation Expenditure
The Group capitalises expenditure relating to exploration and evaluation where it is considered likely to be
recoverable or where the activities have not reached a stage which permits a reasonable assessment of the
existence of reserves. While there are certain areas of interest from which no reserves have been extracted,
the directors are of the continued belief that such expenditure should not be written off since feasibility
studies in such areas have not yet concluded.
Deferred tax assets
The Group recognises deferred tax assets when it becomes probable that sufficient taxable income will be
derived in future periods against which to offset these assets. At each reporting date, the Group assesses the
level of expected future cash flows from the business and the probability associated with realising these cash
flows, and makes an assessment of whether the deferred tax assets of the Group should be recognised.
Coronavirus (COVID-19) pandemic
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has had,
or may have, on the Group based on known information. This consideration extends to the nature of the
products and services offered, customers, supply chain, staffing and geographic regions in which the Group
operates. Other than as addressed in specific notes, there does not currently appear to be either any
significant impact upon the financial statements or any significant uncertainties with respect to events or
conditions which may impact the Group unfavourably as at the reporting date or subsequently as a result of
the Coronavirus (COVID-19) pandemic.
(t) New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new
or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
The following Accounting Standards and Interpretations are most relevant to the Group:
Classification of Liabilities as Current or Non-current
The amendment amends AASB 101 to clarify whether a liability should be presented as current or non-current.
The Group plans on adopting the amendment for the reporting period ending 30 June 2024. The amendment
is not expected to have a material impact on the financial statements once adopted.
Fin Resources Limited
25
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
Annual Improvements 2018-2020 and Other Amendments
AASB 2020-3: Amendments to Australian Accounting Standards – Annual Improvements 2018-2020 and Other
Amendments is an omnibus standard that amends AASB 1, AASB 3, AASB 9, AASB 116, AASB 137 and AASB
141. The Group plans on adopting the amendment for the reporting period ending 30 June 2023. The impact
of the initial application is not yet known.
Disclosure of Accounting Policies and Definition of Accounting Estimates
The amendment amends AASB 7, AASB 101, AASB 108, AASB 134 and AASB Practice Statement 2. These
amendments arise from the issuance by the IASB of the following International Financial Reporting Standards:
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) and Definition of
Accounting Estimates (Amendments to IAS 8). The Group plans on adopting the amendment for the reporting
period ending 30 June 2024. The impact of the initial application is not yet known.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
The amendment amends the initial recognition exemption in AASB 112: Income Taxes such that it is not
applicable to leases and decommissioning obligations – transactions for which companies recognise both an
asset and liability and that give rise to equal taxable and deductible temporary differences. The Group plans
on adopting the amendment for the reporting period ending 30 June 2024. The impact of the initial application
is not yet known.
3.
Income Tax
(a) Income tax expense
Major component of tax expense for the year:
Current tax
Deferred tax
(b) Numerical reconciliation between aggregate tax expense
recognised in the statement of comprehensive income and tax
expense calculated per the statutory income tax rate
Loss from before income tax expense
Tax at the Australian rate of 25% (2021: 30%)
Add tax effect of:
Other non-deductible/non-assessable income
Impact of change in corporate tax rate
Revenue losses and other deferred tax balances not recognised
(c) Unrecognised deferred tax assets @ 25% (2021: 30%):
Carry forward revenue losses
Carry forward capital losses
Capital raising costs
Other
2022
$
2021
$
-
-
-
-
-
-
(5,015,072)
(1,253,768)
(880,124)
(264,037)
795,237
726,639
(268,108)
-
47,949
-
216,088
-
3,282,806
1,130,358
28,507
5,521
4,447,192
3,133,168
1,356,430
33,786
9,729
4,533,113
Fin Resources Limited
26
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
(d) Unrecognised deferred tax liabilities @ 25% (2021: 30%):
Exploration expenditure
Other
2022
$
2021
$
(331,188)
(6,615)
(337,803)
(173,277)
-
(173,277)
Net deferred tax assets not brought to account
4,109,389
4,359,836
The benefit for tax losses will only be obtained if:
i. the Company derives future assessable income in Australia of a nature and of an amount sufficient to
enable the benefit from the deductions for the losses to be realised; and
ii. the Company continues to comply with the conditions for deductibility imposed by tax legislation in
Australia; and
iii. no changes in tax legislation in Australia adversely affect the Company in realising the benefit from the
deductions for the losses.
(e) Tax consolidation:
Fin Resources Limited and its wholly owned Australian resident subsidiaries have formed a tax consolidated
group with effect from 1 July 2009. Fin Resources Limited is the head entity of the tax consolidated group.
(f) Change in corporate tax rate
There was a legislated change in the corporate tax rate applying to future income years. The impact of this
reduction in the corporate tax rate has been reflected in the unrecognised deferred tax positions and the prima
face income tax reconciliation above.
4.
Cash and Cash Equivalents
Reconciliation of cash
Cash comprises of:
Cash at bank
Reconciliation of operating loss after tax to net cash flow from
operations
Loss after tax
Non-cash items
Share based payments expense
Exploration expenditure written off
Annual leave expense
Change in assets and liabilities
(Increase) in trade and other receivables and other assets
(Decrease) / increase in trade and other payables
Net cash flow (used in) operating activities
3,394,010
5,043,256
(5,015,072)
(880,124)
3,002,636
911,391
9,616
(6,098)
(56,173)
(1,153,700)
84,393
274,545
-
(27,605)
74,994
(473,797)
Non-cash investing and financing activities
83,333,333 shares were granted to North West Solar Salt Pty Ltd on 6 July 2021 as consideration for the
acquisition of the Sol Mar Project Tenements.
5.
Trade and Other Receivables - Current
GST receivable
35,115
28,410
Trade debtors and GST receivable are non-interest bearing and generally receivable on 30-day terms. They are
neither past due nor impaired. The amount is fully collectable. Due to the short-term nature of these
receivables, their carrying value is assumed to approximate their fair value.
Fin Resources Limited
27
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
6.
7.
Other Assets
Prepayments
Exploration and Evaluation Expenditure
Opening Balance
Acquisition of exploration tenements
Expenditure capitalised during the year
Exploration expenditure written off
Closing balance
2022
$
2021
$
26,460
27,067
900,245
2,666,6671
1,196,891
(911,391) 2
3,852,412
728,354
-
446,436
(274,545)
900,245
1 During the year, the Company completed the acquisition of an 80% interest in the Sol Mar Project from North
West Solar Salt Pty Ltd. The Sol Mar Project comprises five granted exploration licences and one pending
exploration licence (together, the Tenements) covering 425km2. Consideration for the acquisition comprised
of the issue of 83,333,333 fully paid ordinary shares at a deemed issue price of $0.026 per share and
$500,000 in cash.
2 An impairment expense of $911,391 was recognised in relation to the McKenzie Springs Project. Minimal
exploration activities were undertaken during the year whilst the Company undertakes an assessment of the
Project.
The ultimate recoupment of costs carried forward for exploration expenditure is dependent on the successful
development and commercial exploitation or sale of the respective mining areas.
8.
Trade and Other Liabilities
Trade payables
Other payables and accruals
Shares to be issued
28,893
29,432
-
58,325
61,556
46,444
244,5821
352,582
1 The Company had received subscription funds totalling $244,582 in the prior year. 13,587,914 shares were
subsequently allotted on 6 July 2021.
9.
Issued Capital
(a) Issued and paid up capital
Issued and fully paid 556,404,810 (2021: 404,780,962)
Converting preference shares 2,006 (2021: 2,006)
35,690,762
800
35,691,562
32,085,271
800
32,086,071
(b) Movements in ordinary shares on issue
Opening balance
Shares issued via $0.018 placement
Conversion of Unlisted Options - $0.025
Shares issued as consideration for acquisition
Conversion of Unlisted Options - $0.03
Conversion of Performance Options
Shares issued to Project Manager - $0.0001
Transaction costs on share issue
Closing balance
Fin Resources Limited
30 June 2022
30 June 2021
No.
$
No.
$
404,780,962
24,743,807
42,138,375
83,333,3331
-
333,333
1,075,000
-
556,404,810
28
32,085,271
445,389
1,053,459
2,166,667
-
3
108
(60,135)
291,691,438
72,922,860
2,166,664
-
32,000,000
6,000,000
-
-
35,690,762 404,780,962
29,847,459
1,312,611
54,167
-
960,000
6,000
-
(94,966)
32,085,271
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
1 83,333,333 shares were granted to North West Solar Salt Pty Ltd on 6 July 2021 at a deemed issue price of
$0.026 as consideration for the acquisition of the Sol Mar Project Tenements.
Fully paid ordinary shares carry one vote per share and carry the rights to dividends.
(c) Movements in converting preference shares
Opening balance
Closing balance
30 June 2022
30 June 2021
No.
2,006
2,006
$
800
800
No.
2,006
2,006
$
800
800
The converting preference shares do not have any voting rights but are entitled to the payment of a dividend.
The conversion terms for these shares have now expired.
(d) Capital risk management
The Group’s capital comprises share capital, reserves less accumulated losses amounting to a net equity of
$7,240,156 at 30 June 2022 (2021: $5,646,496). The Group manages its capital to ensure its ability to continue
as a going concern and to optimise returns to its shareholders. The Group was ungeared at year end and not
subject to any externally imposed capital requirements. Refer to note 15 for further information on the Group’s
financial risk management policies.
(e) Share Options
As at 30 June 2022 there were 103,500,000 unissued ordinary shares under options. The details of these
securities are as follows:
Type
Exercise
price $
Expiry
date
Opening
balance
Issued
during
the year
Converted
during
the year
Expired/
lapsed
during
the year
Closing
balance
Listed Options
(ASX: FINOA)
Unlisted Options
Performance
Options
Performance
Options
$0.03
31-Dec-21 103,064,251
-
(42,138,375) (60,925,876)
-
$0.02
30-Jun-24
- 63,500,000
-
- 63,500,000
$0.00001 5-Jul-26
- 19,000,000
(333,333)
(1,166,667) 17,500,000
$0.00001 7-Feb-27
- 22,500,000
-
- 22,500,000
103,064,251 105,000,000 (42,471,708) (62,092,543) 103,500,000
No holder has any right under the options or performance rights to participate in any other share issue of
the Company or any other entity.
10. Reserves
Option, performance rights, share based payments and option premium
reserves
5,862,379
2,859,138
2022
$
2021
$
Movements in Reserves
Opening balance
Movement
Closing balance
2,859,138
3,003,241
5,862,379
2,774,745
84,393
2,859,138
Fin Resources Limited
29
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
The share based payments reserve arises on the grant of share options to Directors, Executives and senior
employees as part of their remuneration, to consultants for services provided and as consideration for project
acquisitions (refer to note 16). Further information about share-based payments to employees is made in the
remuneration report. This reserve also includes subscription proceeds from options.
11. Accumulated losses
Movements in accumulated losses were as follows:
Opening balance
Loss for the year
Closing balance
12. Auditor’s Remuneration
The auditor of Fin Resources Limited is Stantons
Amounts paid or due and payable for:
- an audit or review of the financial report
13. Key Management Personnel Disclosures
(a) Remuneration of Key Management Personnel
2022
$
2021
$
(29,298,713)
(5,015,072)
(34,313,785)
(28,418,589)
(880,124)
(29,298,713)
38,300
38,379
Details of the nature and amount of each element of the emolument of each Director and Executive of the
Company for the financial year are as follows:
Short term employee benefits
Share based payments
Other employee expense (superannuation)
Total remuneration
706,903
563,707
31,465
1,302,075
157,529
84,393
6,891
248,813
Transactions with key management personnel were made at arm’s length at normal market prices and normal
commercial terms. There were no other transactions with key management personnel for the year ended 30
June 2021.
(b) Subsidiaries
The consolidated financial statements include the financial statements of Fin Resources Limited and the
subsidiaries listed in the following table:
Name of Entity
Komodo Energy Pty Limited
Sol Mar Holdings Pty Ltd (formerly Crestwood Pty Ltd)
Sugarbay Investments Pty Limited
Country of
Incorporation
Australia
Australia
Australia
Equity Holding
30 June 2022
30 June 2021
100%
100%
100%
100%
100%
100%
(c) Loans to/from related parties
There were no loans made or outstanding to Directors of Fin Resources and other key management personnel
of the Group, including their personally related parties.
14.
Loss per Share
Basic Loss per share amounts are calculated by dividing net loss for the year attributable to ordinary equity
holders of the parent by the weighted average number of ordinary shares outstanding during the year. The
following reflects the loss and share data used in the basic and diluted earnings per share computations:
Fin Resources Limited
30
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
Loss attributable to owners of the parent
Weighted average number of ordinary shares used in calculating basic
loss per share:
Effect of dilution:
Share options
Adjusted weighted average number of ordinary shares used in
calculating diluted loss per share:
Loss per share
From continuing operations (cents)
2022
$
(5,015,072)
2021
$
(880,124)
Number of Shares
555,566,028
308,224,351
-
-
555,566,028
308,224,351
2022
2021
(0.90)
(0.29)
There have been no other transactions involving ordinary shares or potential ordinary shares since the
reporting date and before the completion of these financial statements.
15.
Financial Risk Management
The Group does not enter into or trade financial instruments, including derivative financial instruments, for
speculative purposes. The use of financial derivatives is governed by the Group’s policies approved by the
Board of Directors, which provide written principles on the use of financial derivatives.
Significant accounting policies
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the
basis of measurement and the basis on which income and expenses are recognised, in respect of each class of
financial asset, financial liability and equity instrument are disclosed in note 2 to the financial statements.
(a) Liquidity Risk
The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing
facilities by continuously monitoring forecast and actual cash flows and matching the maturity profiles of
financial assets and liabilities. The Group does not have non-current financial liabilities.
(b) Interest Rate Risk
Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair
value of financial instruments. The Group’s exposure to market risk for changes to interest rate risk relates
primarily to its earnings on cash. The Group manages the risk by investing in short term deposits.
Interest rate sensitivity
The following table demonstrates the sensitivity of the Group’s consolidated statement of profit or loss and
other comprehensive income to a reasonably possible change in interest rates, with all other variables
constant.
Change in Basis Points
Increase 75 basis points
Decrease 75 basis points
Effect on Post Tax Loss ($)
Increase/(Decrease)
2021
2022
Effect on Equity including
retained earnings ($)
Increase/(Decrease)
2021
2022
25,455
(25,455)
37,824
(37,824)
25,455
(25,455)
37,824
(37,824)
A sensitivity of 75 basis points has been used as this is considered reasonable given the current level of both
short term and long-term Australian Dollar interest rates. The change in basis points is derived from a review
of historical movements and management’s judgement of future trends.
Fin Resources Limited
31
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
(c) Credit Risk Exposures
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial
loss to the Group. The Group has adopted the policy of dealing with creditworthy counterparties and obtaining
sufficient collateral or other security where appropriate, as a means of mitigating the risk of financial loss from
defaults. The Group measures credit risk on a fair value basis. The Group does not have any significant credit
risk exposure to a single counterparty or any group of counterparties having similar characteristics. The
carrying amount of financial assets recorded in the consolidated financial statements, net of any provisions for
losses, represents the Group’s maximum exposure to credit risk without taking account of the fair value of any
collateral or other security obtained.
Cash and cash equivalents AA
Trade and other receivables
(d) Capital Risk Management
2022
$
3,394,010
35,115
3,429,125
2021
$
5,043,256
28,410
5,071,666
When managing capital, management’s 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. Management also aims to
maintain a capital structure that ensures the lowest cost of capital available to the entity. In order to maintain
or adjust the capital structure, the entity may adjust the amount of dividends paid to shareholders, return
capital to shareholders, issue new shares, enter into joint ventures or sell assets. There is no current intention
to incur debt funding on behalf of the Company as on-going exploration expenditure will be funded via cash
reserves, equity or joint ventures with other companies. The Company is not subject to any externally imposed
capital requirements.
(e) Foreign exchange risk
The Group operated in Australia in the year ended 30 June 2022 and had no exposure to foreign exchange risk.
(f) Fair value estimation
The Directors consider that the carrying amount of financial assets and financial liabilities recorded in the
financial statements approximates their fair value. The Group has performed sensitivity analysis that
demonstrates the effect on the current year results and equity which could result from a change in these risks.
Financial risk management objectives
The Group’s corporate treasury function provides services to the business, co-ordinates access to domestic and
international financial markets, monitors and manages the financial risks relating to the operations of the
Group through internal risk reports which analyse exposures by degree and magnitude of risks. These risks
include market risk (including currency risk, fair value interest rate risk and price risk), credit risk, liquidity risk
and cash flow interest rate risk.
2022 Financial Assets
Financial assets at fair value through profit and loss
2021 Financial Assets
Financial assets at fair value through profit and loss
Level 1
$
Level 2
$
Level 3
$
Total
$
100
100
100
100
-
-
-
-
-
-
-
-
100
100
100
100
Included within Level 1 of the hierarchy are listed investments. The fair values of these financial assets have
been based on the closing quoted prices at reporting date, excluding transaction costs.
Fin Resources Limited
32
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
16.
Share Based Payments
(a) Recognised share based payment transactions
Share based payment transactions recognised either as operational expenses in the consolidated statement
of profit or loss and other comprehensive income or as capitalised project acquisition costs in equity during
the year were as follows:
Employee, Consultant and Director share based payments (note 16 (b))
Share-based payments to suppliers (note 16 (c))
2022
$
674,743
2,327,893
3,002,636
2021
$
84,393
-
84,393
(b) Employee, Consultant and Director share based payments
The fair value at grant date of options granted during the reporting period was determined using either the
Black Scholes option pricing model, the Monte Carlo simulation methodology, or the barrier up-and-in trinomial
pricing model with a Parisian barrier adjustment. These methodologies all take into account the exercise price,
the term of the option, the share price at grant date, the expected price volatility of the underlying share and
the risk-free interest rate for the term of the option.
The table below summarises options granted during the year ended 30 June 2022:
Grant
Date
Expiry
date
Exercise
price per
option
$
30/06/21 30/06/24
0.018
30/06/21 05/07/26 0.00001
17/01/22 7/02/27 0.00001
29/11/21 5/07/26 0.00001
Granted
Balance at
during the
start of
year
the year
Number
Number
-
3,500,000
- 11,500,000
- 22,500,000
7,500,000
-
- 45,000,000
Exercised
during the
year
Number
-
(333,333)
-
-
(333,333)
Expired /
lapsed
during
the year
Number
Balance at
end of the
year
Number
3,500,000
(1,166,667) 10,000,000
- 22,500,000
7,500,000
-
(1,166,667) 43,500,000
-
Exercisable
at end of
the year
Number
3,500,000
3,333,3341
-2
-2
6,834,000
1 The Options will vest as follows:
Class
A
Percentage that vests
33.34%
B
C
33.33%
33.33%
2 The Options will vest as follows:
Class
A
Percentage that vests
33.34%
B
C
33.33%
33.33%
Vesting condition
The volume weighted average price of Company shares is at least
$0.036 for 5 consecutive Trading Days.
The volume weighted average price of Company shares is at least
$0.054 for 5 consecutive Trading Days.
The volume weighted average price of Company shares is at least
$0.072 for 5 consecutive Trading Days.
Vesting condition
The volume weighted average price of Company shares is at least
$0.054 for 5 consecutive Trading Days.
The volume weighted average price of Company shares is at least
$0.072 for 5 consecutive Trading Days.
The volume weighted average price of Company shares is at least
$0.09 for 5 consecutive Trading Days.
Fin Resources Limited
33
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
In addition to the above conditions, 50% of the Performance Options will vest following completion of 12
months of continued service as a director and the remaining 50% will vest following completion of 24 months
of continued service as a director.
The expense recognised in respect of the above options granted during the year was $674,743. The value per
option issued was as follows:
Number
Exercise price
Value per option issued
3,500,000
11,500,000
22,500,000
7,500,000
45,000,000
$0.018
$0.00001
$0.00001
$0.00001
$0.037
ranging from $0.041 to $0.043
ranging from $0.033 to $0.035
ranging from $0.025 to $0.027
Expense
recognised
$129,348
$202,253
$257,795
$85,347
$674,743
The model inputs, not included in the table above, for options granted during the year included:
share price at grant date ranging from $0.044 to $0.046;
a) options were granted for nil consideration;
b) expected life of the options ranging from 3 to 5 years;
c)
d) expected volatility ranging from 95% to 129%;
e) expected dividend yield of nil; and
f)
a risk-free interest rate ranging from 0.21% to 0.77%.
There were no options granted to Employees, Consultants or Directors during the year ended 30 June 2021.
(c) Share-based payment to suppliers
During the year, the Company issued unlisted options to provide consideration to advisors for services
rendered. These options have been valued using the Black-Scholes option pricing model. The table below
summarises options granted during the year ended 30 June 2022:
Grant Date Expiry date
Exercise
price per
option
$
Balance at
start of
the year
Number
Granted
during the
year
Number
Exercised
during the
year
Expired
during the
year
Number Number
Balance at
end of the
year
Number
06/07/2021 30/06/2024 0.018
- 60,000,000
-
- 60,000,000
Exercisable at
end of the
year
Number
60,000,000
The expense recognised in respect of the above options granted during the year was $2,327,893. The value
per option issued was $0.0366.
The model inputs, not included in the table above, for options granted during the year included:
a) options were granted for nil consideration;
b) expected life of the options of 3 years;
c)
share price at grant date of $0.046;
d) expected volatility of 129%;
e) expected dividend yield of nil; and
f)
a risk-free interest rate ranged of 0.21%
There were no options granted to suppliers during the year ended 30 June 2021.
17. Dividends
No dividend was paid or declared by the Company in the year ended 30 June 2022 or the year since the end of
the financial year and up to the date of this report. The Directors do not recommend that any amount be paid
by way of dividend for the financial year ended 30 June 2022.
Fin Resources Limited
34
2022 Annual Report to Shareholders
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2022
18. Parent Entity Information
The following details information related to the parent entity, Fin Resources Limited, at 30 June 2022. The
information presented here has been prepared using consistent accounting policies as presented in note 2.
Current assets
Total assets
Current liabilities
Total liabilities
Net assets
Issued capital
Reserves
Accumulated losses
Loss of the parent entity
Other comprehensive income for the year
Total comprehensive loss of the parent entity
2022
$
3,455,679
7,308,090
(67,941)
(67,941)
7,240,149
35,691,562
5,862,379
(34,313,792)
7,240,149
(5,015,072)
-
(5,015,072)
2021
$
5,098,827
5,999,072
(352,583)
(352,583)
5,646,489
32,086,071
2,859,138
(29,298,720)
5,646,489
(880,124)
-
(880,124)
The parent company has not provided any guarantees and does not have any other commitments or
contingent assets or liabilities that are not disclosed elsewhere in the financial report.
19. Contingent Liabilities and Contingent Assets
On 7 July 2021, the Company advised that it had completed the acquisition of NOSSP from NWSS. Upon
completion of the acquisition, the Group assumed the obligation to pay a 1% gross revenue royalty to the
extent of its 80% joint venture interest in NOSSP.
The Directors are not aware of any other contingent liabilities or contingent assets at the reporting date.
20. Commitments
In order to maintain an interest in the exploration tenements in which the Group is involved, the Group is
committed to meet the conditions under which the tenements were granted and the obligations of any joint
venture agreements. The timing and amount of exploration expenditure commitments and obligations of the
Group are subject to the minimum expenditure commitments required as per the Mining Act, as amended, and
may vary significantly from the forecast based upon the results of the work performed which will determine
the prospectivity of the relevant area of interest.
These obligations are not provided for in the financial report and are payable. The annual minimum
expenditure commitment on the Group’s tenements is $536,924.
21.
Subsequent Events
On 11 July 2022, the Company issued 1,075,000 shares to Mr James Barrie (Project Director) following twelve
months of continued service.
On 29 July 2022, the Company issued 2,000,000 shares to Mr Gautam Varma (Managing Director) following
six months of continued service.
Other than the above, there are no other significant events subsequent to the end of the financial year to
the date of this report, which significantly affect the operations of the Group, the results of those operations
or the state of affairs of the Group in future financial years.
Fin Resources Limited
35
2022 Annual Report to Shareholders
Directors’ Declaration
In accordance with a resolution of the Directors of Fin Resources Limited, state that:
1. In the opinion of the Directors:
a) the consolidated financial statements and notes of Fin Resources Limited and its subsidiaries for the
year ended 30 June 2022 are in accordance with the Corporations Act 2001, including:
i.
ii.
giving a true and fair view of the Group’s consolidated financial position as at 30 June 2022 and
of its performance for the year ended on that date; and
complying with Accounting Standards (including the Australian Accounting Interpretations), the
Corporations Regulations 2001 and other mandatory professional reporting requirements; and
b) the financial statements and notes also comply with International Financial Reporting Standards as
disclosed in note 2.
2. There are reasonable grounds to believe that the Group will be able to pay its debts as and when they
become due and payable.
3. This declaration has been made after receiving the declarations required to be made by the Directors in
accordance with sections of 295A of the Corporations Act 2001 for the financial year ended 30 June 2022.
On behalf of the Board
Gautam Varma
Managing Director
Perth, Western Australia
12 September 2022
Fin Resources Limited
36
2022 Annual Report to Shareholders
PO Box 1908
West Perth WA 6872
Australia
Level 2, 40 Kings Park Road
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
12 September 2022
Board of Directors
Fin Resources Limited
Level 1, 35 Richardson Street
WEST PERTH, WA 6005
Dear Directors
RE:
FIN RESOURCES LIMITED
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following
declaration of independence to the directors of Fin Resources Limited.
As Audit Director for the audit of the financial statements of Fin Resources Limited for the year ended 30
June 2022, I declare that to the best of my knowledge and belief, there have been no contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
Yours sincerely
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(An Authorised Audit Company)
Martin Michalik
Director
Liability limited by a scheme approved under Professional Standards Legislation
Stantons Is a member of the Russell
Bedford International network of firms
PO Box 1908
West Perth WA 6872
Australia
Level 2, 40 Kings Park Road
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
FIN RESOURCES LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Fin Resources Limited (“the Company”) and its subsidiaries (“the
Group”), which comprises the consolidated statement of financial position as at 30 June 2022, the consolidated
statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity
and the consolidated statement of cash flows for the year then ended, and notes to the 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:
(i)
giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its financial
performance for the year then ended; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Company in accordance with the auditor independence requirements of
the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards
Board's APES 110: Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
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.
Liability limited by a scheme approved under Professional Standards Legislation
Stantons Is a member of the Russell
Bedford International network of firms
Key Audit Matters
How the matters were addressed in the audit
Carrying Value of Exploration and Evaluation
Assets
As disclosed in Note 7 to the consolidated financial
statements, the carrying value of the exploration
and evaluation expenditure as at 30 June 2022
was $3,852,412.
identified
We have
the carrying value of
exploration and evaluation expenditure as a key
audit matter due to:
Inter alia, our audit procedures included the
following:
i. Assessed the Group’s right to tenure over
the
exploration assets by corroborating
ownership of the relevant licences for mineral
resources
registries and
relevant third-party documentation;
to government
▪
▪
▪
significance
of
the
representing 52.7% of
expenditure
total
The
capitalised
assets;
to assess management’s
The necessity
the
requirements of
the
application of
accounting standard Exploration
for and
Evaluation of Mineral Resources (“AASB 6”),
in light of any indicators of impairment that
may be present; and
The assessment of significant judgements
made by management in relation to the
capitalised
evaluation
expenditure.
exploration
and
ii. Reviewed the directors’ assessment of the
carrying value of the capitalised exploration
and evaluation costs, ensuring the veracity of
the
assessing
management’s consideration of potential
impairment indicators, commodity prices and
the stage of the Group’s projects also against
AASB 6;
presented
data
and
iii. Evaluated
documents
the Group
for
consistency with the intentions for continuing
exploration and evaluation activities in areas of
interest and corroborated in discussions with
management. The documents we evaluated
included:
▪ Minutes of the board and management;
and
▪ Announcements made by the Group to the
Australian Securities Exchange; and
iv. Evaluated the adequacy of disclosures in the
in
financial
the relevant accounting
statements
consolidated
accordance with
standards.
Measurement of share-based payments
As disclosed on Note 16 to the consolidated
financial statements, the Group recognised a
share-based payment expense of $3,002,636 for
the financial year ended 30 June 2022.
The Company awarded share-based payments in
the form of share options. The awards vest subject
to the achievement of certain vesting conditions.
The fair value of the options granted during the
year was determined using either the Black-
Scholes option pricing model, the Monte-Carlo
simulation methodology or the barrier up-and-in
trinomial pricing model with a Parisian barrier
adjustment. These methodologies all take into
account the exercise price, the term of the option
the share price at grant date, the expected price
volatility of the underlying share and the risk-free
interest rates for the term of the options.
Inter alia, our audit procedures included the
following:
i. Reviewed the relevant agreements to obtain
an understanding of the contractual nature
and terms and conditions of the share-based
payment arrangements.
ii. Reviewed management’s determination of the
fair value of
the share-based payments
granted, considering the appropriateness of
the valuation models used in assessing the
valuation inputs focusing on the Group’s
interpretation of grant date, vesting dates and
vesting conditions;
iii. Assessed the allocation of the share-based
payment expense over the relevant vesting
period; and
Measurement of share-based payments was a key
audit matter due to the complex and judgmental
estimates used in determining the fair value of the
share-based payments.
iv. Assessed the adequacy of the disclosures in
financial statements
in
the relevant accounting
the consolidated
accordance with
standards.
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 2022, but does not include the financial report and our
auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance opinion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed,
we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal
control as the directors determine is necessary to enable the preparation of the financial report that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or has no
realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit. An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the financial report.
The procedures selected depend on the auditor's judgement, including the assessment of the risks of material
misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation of the financial report that gives a true and fair view
in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the entity's internal control.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report.
We conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the
financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause
the Group to cease to continue as a going concern.
We evaluate the overall presentation, structure and content of the financial report, including the disclosures, and
whether the financial report represents the underlying transactions and events in a manner that achieves fair
presentation.
We obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the financial report. We are responsible for the direction,
supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in Internal control that we identify during our
audit.
The Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements.
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 key audit matters. We describe these
matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits
of such communication.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included pages 7 to 12 in the directors’ report for the year ended 30
June 2022.
In our opinion, the Remuneration Report of Fin Resources Limited for the year ended 30 June 2022 complies
with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on
the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(An Authorised Audit Company)
Martin Michalik
Director
West Perth, Western Australia
12 September 2022
ASX Additional Information
Additional information required by the Australian Stock Exchange Ltd and not shown elsewhere in this report
is as follows. The information is current at 22 August 2022.
Distribution of Share Holders
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 - and over
TOTAL
Number of Holders
66
105
63
701
370
1,305
Ordinary Shares
Number of Shares
13,245
332,204
497,096
25,164,569
533,472,696
559,479,810
%
0.002
0.06
0.09
4.50
95.35
100
There were 629 holders of ordinary shares holding less than a marketable parcel.
Top Twenty Share Holders
The names of the twenty largest holders of quoted equity securities are listed below:
Name
North West Solar Salt Pty Ltd
Jalaver Pty Ltd
J & J Bandy Nominees Pty Ltd
Ms Nicole Gallin + Mr Kyle Haynes
J & J Bandy Nominees Pty Ltd
Surf Coast Capital Pty Ltd
Mr Richard De Franck + Mrs Janet De Franck
Mr David James Wall
Zessham Pty Ltd
Jameker Pty Ltd
Sammy Resources Pty Ltd
Mr Stephen John Dobson
Strata Nominees Pty Ltd
Mr Richard Alexander Andrew De Franck
Jordash Investments Pty Ltd
Helmet Nominees Pty Ltd
Beemuh Holdings Pty Ltd
Social Investments Pty Ltd
Mr Brett Mitchell + Mrs Michelle Mitchell
Mrs Tiziana Battista
TOTAL
Substantial Shareholders
Name
North West Solar Salt Pty Ltd
Jalaver Pty Ltd
J & J Bandy Nominees Pty Ltd
On-Market Buy Back
There is no current on-market buy back.
Shares
66,666,666
42,499,999
28,666,667
15,000,000
14,666,666
11,333,335
11,111,111
10,676,559
9,000,000
8,920,000
8,000,000
7,311,111
7,000,000
6,968,333
6,750,000
6,622,223
6,000,000
5,750,000
5,083,334
5,000,000
283,026,004
%
11.92
7.6
5.12
2.68
2.62
2.03
1.99
1.91
1.61
1.59
1.43
1.31
1.25
1.25
1.21
1.18
1.07
1.03
0.91
0.89
50.60
Shares
66,666,666
42,499,999
28,666,667
%
11.92
7.6
5.12
Voting Rights
All ordinary shares carry one vote per share without restriction. Options have no voting rights.
Fin Resources Limited
42
2022 Annual Report to Shareholders
ASX Additional Information
Use of Proceeds
In accordance with listing rule 4.10.19, the Company confirms that it has used cash and assets in a form readily
convertible to cash in a way consistent with its business objectives during the financial year ended 30 June
2022.
Unquoted Equity Securities
Options
Number
Class
Holders with more than 20%
63,500,000 Options over ordinary shares exercisable at
- Jalaver Pty Ltd
$0.018 on or before 30 June 2024.
16,000,000 options
17,500,000 Performance Options over ordinary shares
- Strata Nominees Pty Ltd 10,000,000
options
- R-Tek Group Pty Ltd 7,500,000 options
22,500,000 Performance Options over ordinary shares
- V2 Ventures Pte. Ltd 22,500,000 options
exercisable at $0.00001 on or before 7 February
2027.
Fin Resources Limited
43
2022 Annual Report to Shareholders
Tenements and Project Locations
FIN Resources Limited Tenements
Tenement
E80/4808
E08/2831
E08/2832
E08/2868
E08/3069
E08/3070
E08/3071
E08/3354
E08/3355
E08/3423
Location
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Area
134km2
140km2
153km2
64km2
38km2
19km2
10km2
111km2
271km2
99km2
Structure
Granted
Granted
Granted
Granted
Pending application
Granted
Granted
Pending application
Granted
Pending application
Notes:
* Subject to grant of the tenement and receipt of ministerial consent to the transfer of the 80% from North West Solar
Salt Pty Ltd.
** Transfer of tenement from North West Solar Salt Pty Ltd awaiting ministerial consent (see the Company’s ASX
announcement dated 7 January 2022).
km2 – Square Kilometres
Location of the Company’s Projects in Western Australia
Location of Exploration Licences pertaining to the North Onslow Solar Salt Project
Fin Resources Limited
44
2022 Annual Report to Shareholders