GODOLPHIN RESOURCES LIMITED
ABN 13 633 779 950
Annual Financial Statements
for the year ended 30 June 2022
Corporate Directory
Directors
Jeremy Read– Non-Executive Chair
Jeneta Owens – Managing Director
Ian Buchhorn – Non-Executive Director
Douglas Menzies – Non-Executive Director
Company Secretary and Chief Financial
Officer
Ian Morgan
Registered and Business Office
Unit 13
11-19 William Street
Orange
NSW 2800
Postal Address
PO Box 9497
Orange East NSW 2800
Telephone
+61 417 344658
Email
info@godolphinresources.com.au
Website
www.godolphinresources.com.au
Securities Exchange
Australian Securities Exchange (ASX)
ASX Code: GRL
Securities Registry
Automic Pty Ltd
Level 5, 126 Phillip Street
Sydney NSW 2000
Telephone
(within Australia): 1 300 288 664
(outside Australia): +61 2 9698 5414
Auditor
Dry Kirkness (Audit) Pty Ltd (formerly Butler
Settineri (Audit) Pty Ltd)
Ground Floor
50 Colin Street
West Perth WA 6005
Godolphin Resources Limited Annual Report 30 June 2022
Page 2
Table of Contents
CORPORATE DIRECTORY ........................................................................................................................... 2
TABLE OF CONTENTS ................................................................................................................................. 3
CHAIR’S LETTER ......................................................................................................................................... 4
DIRECTORS’ REPORT ................................................................................................................................. 6
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ...................... 22
CONSOLIDATED STATEMENT OF FINANCIAL POSITION ............................................................................ 23
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ............................................................................. 24
CONSOLIDATED STATEMENT OF CASH FLOWS ......................................................................................... 25
NOTES TO THE FINANCIAL STATEMENTS ................................................................................................. 26
DIRECTORS’ DECLARATION ...................................................................................................................... 56
AUDITOR’S INDEPENDENCE DECLARATION .............................................................................................. 57
INDEPENDENT AUDITOR’S REPORT ......................................................................................................... 58
ADDITIONAL SHAREHOLDER INFORMATION ............................................................................................ 62
Godolphin Resources Limited Annual Report 30 June 2022
Page 3
Chair’s Letter
13 September 2022
Dear Shareholders,
Chair’s letter
It is my pleasure to present Godolphin Resources Limited’s Annual Report for the 12-month period ended
30 June 2022. The year marked an exciting period of development for the Company and established
Godolphin’s trajectory as a leading mineral exploration company focused on critical mineral and green
metal opportunities through our portfolio of tenements, one of the largest exploration landholdings in the
Lachlan Fold Belt in Central New South Wales.
The year was highlighted by the implementation of the Company’s ‘Discovery Thinking’ strategy, designed
to tactically and cost effectively unlock value across Godolphin’s enviable project suite. Further to this, the
Board and management team progressed opportunities to diversify the company’s asset base through an
earn-in agreement for the Narraburra Rare Earths Project, situated 12km northeast of Temora.
As part of its ‘Discovery Thinking’ approach, Godolphin’s management team undertook an extensive
historical review of all geological and project data associated with its dominant landholding in the Lachlan
Fold Belt. This provided the opportunity to maximise drill targets across the entire tenement package,
unlocking exceptional optionality.
The review of historical data formed the basis for a number of exploration initiatives. This included a follow
up reverse circulation (RC) drill program to test near surface gold mineralisation at the Lewis Ponds Quarry
Lode and RC and diamond drilling at the 100%-owned Gundagai gold projects, as well as a number of other
geochemical, geophysical, soil sampling and age dating initiatives that have assisted our exploration team
in gaining a much better understanding of the underlying geology across our projects.
The Company also secured two new exploration licences (EL) as part of its multi-channel development
strategy. Spanning 11km2, the new ELs bolstered Godolphin’s landholding in the premier mining region and
are located along gold-mineralised sutures. One EL hosts historical gold workings and contains strong gold
in soil results, all ELs are located within a short distance to existing projects and other advanced projects in
their district. Planning and preparation across the projects remain ongoing, with exploration programs
expected to commence during the FY2023 period for our copper and gold projects.
Creating a focus on critical minerals and green metals, Godolphin entered into a farm-in agreement for the
Narraburra Rare Earths Project. Narraburra presents an incredibly exciting opportunity, providing
Godolphin with direct access to one of Australia’s largest zirconium, Rare Earth Element (REE) and Rare
Metal (RM) resources, which also contains significant amounts of lithium.
Narraburra is located in the Lachlan Fold Belt, approximately 30km from some of the Company’s existing
projects and in the same region as Australia’s most advanced Zirconium REE and RM project, the Dubbo
Project, currently owned and operated by Australian Strategic Materials Limited.
Upon completion of the farm-in agreement, Godolphin’s management team immediately commenced
reviewing the considerable amount of historical data associated with the Narraburra Project. This
underpinned target generation for a diamond drill campaign which was completed subsequent to the end
Godolphin Resources Limited Annual Report 30 June 2022
Page 4
of the financial year and identified several drill targets that Godolphin will leverage to increase the project’s
existing resource.
To underpin the increased level of work being undertaken across Godolphin’s project suite, the Company
appointed a number of experienced exploration geologists. Each new staff member holds extensive
expertise and a strong understanding of the Lachlan Fold Belt, building an elite exploration Team.
Pleasingly, Godolphin’s exploration personnel are all based in or around Orange, NSW. This allows the
Company to leverage their local knowledge, while continuing to manage staff costs.
Subsequent to the end of the period, the Company completed a strategic placement and heavily subscribed
shareholder share purchase plan to raise a total of $2.77 million. This funding will provide considerable
financial flexibility for Godolphin as it continues to implement its ‘Discovery Thinking’ strategy across
Narraburra and our suite of copper-gold projects.
I would like to take this opportunity to thank all new and existing investors for their ongoing support and
the confidence they have shown in our management team and Company Board to deliver strong economic
returns for investors.
I would also like to extend my gratitude to Godolphin’s entire management team, workforce and in
particular Managing Director, Ms Jeneta Owens, for the high-quality work achieved throughout the
financial year. We look forward to continuing this journey with you, our shareholders, particularly as we
ramp up the exploration and development program at Narraburra.
Mr Jeremy Read
Chair
Godolphin Resources Limited Annual Report 30 June 2022
Page 5
Directors’ Report
The Directors present their report, together with the financial statements of the consolidated entity
(referred to hereafter as the ‘consolidated entity’ or the ‘Group’), consisting of Godolphin Resources
Limited (referred to hereafter as the ‘Company’, ‘parent entity’ or ‘Godolphin’) and the entities it controlled
at the end of, or during, the year ended 30 June 2022.
Directors
The Directors of the Company at any time during or since the end of the financial year are:
Jeremy Read (Non-Executive Chair)
B.Sc (Hons), MAUSIMM
Appointed 1 May 2020
Jeremy Read is a seasoned mining executive who has worked on a range of precious and base metals
projects in Australia, Africa, North America, India and Scandinavia.
He played critical roles in the discovery of the Kabanga North nickel deposit in Tanzania, the Cairn Hill
magnetite-copper deposit in South Australia and the Boseto Copper deposit in Botswana. He is skilled in
developing new technical teams, the management of technical and specialist service groups, project
generation activities, risk management and multi-commodity mineral exploration.
Since 2003 Jeremy has concentrated on developing junior mineral resource companies, creating and
capturing value for shareholders.
He has been a director of other ASX-listed resource companies: Discovery Metals Limited to 31 August 2015
(ASX: DML), Meridian Minerals to 12 December 2011 (ASX: MII), Avalon Minerals to 12 December 2013
(ASX: AVI), MinQuest Limited to 30 September 2016 (ASX: MNQ), Zeotech Limited to 6 April 2020 (ASX:
ZEO), and Pursuit Minerals Limited to 24 June 2021 (ASX: PUR).
Jeremy is a Member of The Australasian Institute of Mining and Metallurgy (“AusIMM”).
Jeneta Owens (Managing Director)
B.Sc. (Hons), Dip of Mgt (Distinction), MAIG, MAusIMM, MGSA
Appointed 7 June 2021
Jeneta Owens is a qualified geologist with more than 15 years of experience in the geoscience field, focused
on exploration and project evaluation. For the last decade, her particular focus has been on porphyry
copper-gold and epithermal gold exploration in NSW, leading exploration activities at Northparkes’ Cu-Au
mine and Sandfire Resources’ NSW projects. Prior to joining Godolphin, Ms Owens launched her own
geological consultancy, conducting strategic planning, exploration management along with project
evaluation for junior explorers.
Jeneta is a Member of the Australian Institute of Geoscientists (“AIG”) and a Member of The Australasian
Institute of Mining and Metallurgy (“AusIMM”).
Ian Buchhorn (Non-Executive Director)
BSc (Hons), Dip Geosci (Min Econ), MAusIMM
Appointed 19 June 2019
Ian Buchhorn is a Mineral Economist (Macquarie University) and Geologist with over 45 years of
experience. He was the founding Managing Director of Heron Resources Limited for a period of 11 years
Godolphin Resources Limited Annual Report 30 June 2022
Page 6
Directors’ Report (continued)
until 2007 and resigned as a Director in June 2017. Mr Buchhorn first managed exploration programs in the
Lachlan Fold Belt in 1981, corresponding to the recognition of Northparkes and Temora as significant
porphyry/epithermal mineral provinces. Mr Buchhorn previously worked with a number of international
mining companies and has worked on gold, nickel, bauxite and industrial mineral mining and exploration,
gold and base metal project generation and corporate evaluations. For the last 30 years, Mr Buchhorn has
acquired and developed mining projects throughout the Eastern Goldfields of Western Australian and has
operated as a Registered Mine Manager. Ian is a Member of The Australasian Institute of Mining and
Metallurgy (“AusIMM”).
During the last three years, Mr Buchhorn has been a Director of Ardea Resources Limited (ASX: ARL).
Douglas Menzies (Non-Executive Director)
BSc (Hons), Dip Bus Admin, Grad Cert IT, MAIG, MSEG
Appointed 1 May 2020
Doug Menzies has over 28 years of experience in the mineral exploration and GIS industries including staff
positions (Rio Tinto, MapInfo, Wafi‐Golpu JV a Newcrest Mining project) and as a consultant (Menzies
Geological Services, Corbett Menzies Cunliffe Pty Ltd and GeoInsite). Mr Menzies has diverse experience in
the porphyry gold‐copper districts of Wafi‐Golpu, PNG and Eastern Australia, epithermal gold‐silver
projects in Australia, Indonesia, Fiji, Laos, Chile, Argentina and Mexico, sediment hosted lead-zinc in
Australia and IOCG copper‐gold projects in Chile. Mr Menzies’s field‐based geological assessment of
porphyry gold‐copper, epithermal gold and IOCG projects has aided in the progression of mineral projects
in a variety of locations.
Mr Menzies is a Member of the Australian Institute of Geoscientists (“AIG”).
Ian Morgan (Company Secretary and Chief Financial Officer)
B Bus, M Com Law, Grad Dip App Fin, CA, AGIA, MAICD, F Fin
Appointed 21 January 2020
Ian Morgan is a member of Chartered Accountants Australia and New Zealand and the Governance
Institute of Australia, with over 35 years of experience. Ian provides secretarial and advisory services to a
range of companies, including holding the position of Company Secretary for other listed public companies.
Nature of Operations and Principal Activities
Godolphin is an Australian mineral exploration company which listed on the ASX on 18 December 2019, has
100%-controlled Australian-based projects in the Lachlan Fold Belt (LFB) region of NSW, a world-class gold-
copper province. Godolphin has drill ready targets at all its projects.
There were no significant changes in the nature of the activities of the Group during the financial year.
Dividends
There were no dividends paid or declared by the Company to members during or since the end of the
financial year.
Review of Operations and Outlook
Godolphin Resources Limited is pleased to provide the following update on operations for the 12-month
period ended 30 June 2022. The FY22 year was highlighted by a number of key developments across the
group’s multi-channel exploration portfolio, with details of each project listed below.
Narraburra Rare Earth Project
Godolphin secured rights to the Narraburra Project in March 2022, through the successful execution of a
farm-in and joint venture agreement with EX9 Pty Ltd. The agreement gives GRL the opportunity to earn up
Godolphin Resources Limited Annual Report 30 June 2022
Page 7
Directors’ Report (continued)
to a 75% interest in the project, which has known mineralisation containing several rare earth elements and
rare metals, including lithium. Under the agreement terms, Godolphin will progress to 51% ownership with
$1m exploration spend, and 75% ownership through an additional $2m in expenditure.
During the period, Godolphin received approval from the NSW Resources Regulator to commence planning
for a diamond drill core (‘DD’) program. When weather conditions permit, the Company plans to follow the
initial diamond drilling with a further broad-spaced diamond drilling before completing a 4,000m aircore drill
program. During FY23, the company aim is to build on the existing data to complete a JORC (2012) Mineral
Resource Estimate (MRE) for the Narraburra Project.
Yeoval Copper-Gold Project
The Yeoval Project (EL8538) covers ~290km2, with over 60 historic copper-gold mine workings along a strike
length of 20km. It contains an existing JORC (2012) Inferred Mineral Resource Estimate of 12.8 Mt at 0.38%
copper, 0.14 g/t gold, 2.2 g/t silver & 120 ppm molybdenum.
During the period, Godolphin advanced a two-hole 900m diamond-drill program, which targeted areas north
and south of the current Inferred MRE to test for extensions to copper-gold mineralisation. The first hole
was drilled at Cyclops prospect, approximately two kilometres north of the Yeoval MRE. The second hole was
drilled 350m south of the Yeoval MRE.
Assay results received post year-end confirmed that the drill program intersected multiple zones of high-
grade copper mineralisation with coincident gold, silver and molybdenum. Mineralisation remains open
along strike, plus up and down dip. Additional work will progress over the coming months to identify further
mineralisation, including a ground based magnetic survey, which will assist in the design of a follow up drill
campaign to advance a potential resource at Cyclops.
Gundagai South Gold Project
Godolphin’s 100%-owned Gundagai tenements form part of its expansive asset portfolio in the Lachlan Ford
Belt, and contain a number of historical gold and base metal artisanal mine workings. During the period,
1,139m of RC drilling was completed across Gundagai North and Gundagai South prospects, targeting historic
workings and mapped veins.
A 700m diamond drill program at the Gundagai South Project intersected extensive disseminated pyrite,
stringer and vein-hosted sulphide mineralisation at both the Surprise Hill North and Big Ben prospects.
Godolphin followed its drill program with a soil and rock chip sampling program in Q4, which was designed
to complement exploration drilling and extend existing surface geochemistry and to assist in identifying
potential future drill targets at Big Ben and Surprise Hill North.
Lewis Ponds Base Metal-Gold Project
Located 15 km east of Orange NSW, the 100% owned Lewis Ponds project covers approximately 148 km².
The site contains extensive historic gold and base metal workings with a JORC (2012) compliant Inferred
Mineral Resource Estimate of 6.2Mt at 2.0g/t gold, 80g/t silver, 2.7% zinc, 1.6% lead and 0.2% copper.
During FY22, Godolphin completed a four-hole reverse circulation (RC) drill program at the Quarry Lode,
testing for mineralisation near surface and to the northwest of the current MRE. All four holes intersected
gold, silver and base metal mineralisation and was followed by the completion of a soil sampling program in
Q4 north of the Lewis Ponds deposit.
The aim of the 161-sample program was to identify zones of elevated gold and base metals along strike of
the Lewis Ponds MRE. The program identified a 400m long zone of >16ppb gold with a peak result of 230ppb
gold. A number of smaller zones reporting +16ppb gold occur across the sampling area and suggest a
northerly extension to the Lewis Ponds resource. The findings from the historic VTEM Survey also provide
support for continued mineralisation to the north of Lewis Ponds, and works will continue in FY23 to expand
the existing Mineral Resource Estimate.
Godolphin Resources Limited Annual Report 30 June 2022
Page 8
Directors’ Report (continued)
Copper Hill East (CHE) copper and gold project
The 100% owned highly prospective Copper Hill East (CHE) Project (EL8556) is located 35 km north of Orange
in the Molong Volcanic Belt and has the potential to host various types of mineral deposits including porphyry
gold-copper of the Cadia and Boda style and orogenic gold of the McPhillamy’s style. During the period,
Godolphin completed intensive petrographic work and sent samples of the intrusive rocks to the University
of Tasmania for age dating, which confirmed an Ordovician age for the porphyry intrusions at the Turrawonga
Prospect located within EL8556. The dating of rocks confirm an age equivalent to other major porphyries in
the region including the Cadia Copper-Gold Mine, the Copper Hill Copper Deposit and the Boda Copper-Gold
Project.
Corporate developments:
Post period end, Godolphin completed a strategic placement to sophisticated and professional investors to
raise $1.6m (before costs) through the issue of 18.9m new fully paid ordinary shares at an issue price of
$0.085 per share. The new shares were issued through the company’s available placement capacity pursuant
to ASX Listing Rules 7.1 and 7.1A.
Alongside the placement, the Company also offered eligible shareholders to be issued, by the Company,
additional new fully paid ordinary shares under a Share Purchase Plan. Upon completion of the Share
Purchase Plan, the Company advised that it had raised a further $1.3m through the issue of 15.3m new fully
paid ordinary shares at an issue price of $0.085 per share.
Funds from the placement and Share Purchase Plan will be deployed towards drilling, mineralogy work and
bench scale metallurgy at the Narraburra project, further exploration work across the Company’s project
portfolio and working capital purposes.
The Group incurred an operating loss after tax for the year ended 30 June 2022 of $1,280,687. The Group
retained a cash balance of $1,620,561 at 30 June 2022.
During the year to 30 June 2022, capital was raised by way of loyalty option holders exercising 37,179
(2021: 1,570,031) loyalty options for their exercise price of $0.20 each share, raising $7,435 (2021:
$314,006).
For the year ended 30 June 2021, there was a cash placement totaling $3,500,000 before capital raising
costs with the issue 14,583,340 ordinary fully paid shares for $0.24 each share.
Further details of capital raisings are set out in Note A5.
Events Subsequent to the Reporting Date
The Directors are not aware of any matter or circumstance that has arisen since the end of the financial
year that has significantly affected or may significantly affect the Group’s operations, the results of these
operations or the Group’s state of affairs in future financial years excepting:
1. On 9 August 2022, there was a cash placement totalling $1,607,825 before capital raising costs with the
issue 18,915,586 ordinary fully paid shares for $0.085 each share; and
2. On 9 September 2022, $1,301,024 was raised in accordance with a Share Purchase Plan and the issue of
15,306,160 ordinary fully paid shares for $0.085 each share.
Environmental Regulation
The Board believes that the Group has adequate systems in place for the management of its environmental
requirements.
Based on results of enquiries made, the Directors are not aware of any significant breaches during the year
covered by this report.
Godolphin Resources Limited Annual Report 30 June 2022
Page 9
Directors’ Report (continued)
Directors’ Meetings
The numbers of Directors' meetings (including meetings of committees of Directors) where Directors were
eligible to attend and attended in person or by alternate during the financial year by each of the Directors
of the Company were:
Jeremy Read
Jeneta Owens
Ian Buchhorn
Douglas Menzies
Board Meetings
Eligible
11
11
11
11
Attended
11
11
11
11
Audit and Risk Committee
Meetings
Eligible
2
-
2
2
Attended
2
-
2
2
The Company has a Remuneration and Nomination Committee, which did not meet during the financial
year ended 30 June 2022. Remuneration and nomination matters were considered and agreed during the
financial year by the full Board.
Movements in Securities Held by Directors
The movement during the period to the date of this report in the number of securities of Godolphin
Resources Limited held, directly, indirectly or beneficially, by each specified Director, including their
personally related entities, is as follows:
Securities
Jeremy
Read
Jeneta
Owens
Ian Buchhorn
Key Management
Person
2022
Balance of
securities at date of
previous report
Number purchased
on market
Number issued
Number expired
Balance of
securities at date
of this report
2021
Balance of
securities at date of
previous report
Number purchased
on market
Number issued
Number expired
Balance of
securities at date of
this report
Shares
Incentive Options
Loyalty Options
Shares
Shares
Loyalty Options
Shares
Incentive Options
Loyalty Options
Shares
Incentive Options
Loyalty Options
Shares
Shares
Loyalty Options
Shares
Incentive Options
Loyalty Options
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Douglas
Menzies
19,529
-
-
6,759,849
250,000
2,316,622
-
-
1,764,710
(2,316,622)
8,524,559
250,000
-
6,699,849
250,000
2,316,622
-
-
19,529
-
-
-
-
-
60,000
19,529
-
-
6,759,849
250,000
2,316,622
-
-
19,529
-
-
The terms and conditions of the options granted are outlined in Note A5 to the accounts.
Godolphin Resources Limited Annual Report 30 June 2022
Page 10
Directors’ Report (continued)
Remuneration Report (Audited)
This report outlines the remuneration arrangements in place for key management personnel of the Group.
Remuneration is referred to as compensation throughout this report.
Remuneration Policy
Directors and key management personnel have authority and responsibility for planning, directing and
controlling the activities of the Company and the Group.
Compensation levels for key management personnel of the Group will be competitively set to attract and
retain appropriately qualified and experienced Directors, executives and future executives. Current
remuneration levels are driven largely by the requirement to conserve cash within the Company. There
were no remuneration consultants used to set the remuneration of key management personnel.
The compensation structures explained below are designed to attract suitably qualified candidates, reward
the achievement of strategic objectives, and achieve the broader outcome of creation of value for
shareholders. The compensation structures take into account:
•
•
•
the capability and experience of the key management personnel
the key management personnel’s ability to control the Group’s performance
the Group’s performance including:
-
-
-
the Group’s earnings;
the growth in share price and delivering constant returns on shareholder wealth; and
the amount of incentives within each key management person’s compensation.
Compensation packages will include a mix of fixed and variable compensation, and short-term and long-
term performance-based incentives.
In addition to their salaries, the Group also provides non-cash benefits to its key management personnel, and
where applicable, contributes to the individual’s elected post-employment superannuation plan on their
behalf.
Contract Terms and Conditions
The determination of Directors' remuneration is made by the Board having regard to the current position of
the Company, in that it is as yet not in production and continues to preserve cash as much as possible.
The Board may award additional remuneration to Directors called upon to perform extra services or make
special exertions on behalf of the Company.
The Board reviews remuneration to reflect current industry norms, and determines remuneration policies
and practices generally, reviews and makes specific decisions on the remuneration packages and other
terms of employment of its directors and senior executives.
No Director remuneration package includes terms for redundancy, retirement or termination benefits. No
such amounts were accrued or paid for any Director during the current financial year.
Godolphin Resources Limited Annual Report 30 June 2022
Page 11
Directors’ Report (continued)
Terms of Employment
During the year ended 30 June 2022, there were no equity securities granted as remuneration (2021: Nil).
Details of vesting profiles of the options granted as remuneration to each key management person of the
Group and each of the named key management persons are detailed below:
Key Management
Person
Grant
Date
Vesting
Date
Expiry
date
Number Vested at the end
of the reporting
year or at the
resignation date
(as applicable)
Lapsed during
the reporting
year or to the
resignation date
(as applicable)1
2022
2021 2022
2021
%
%
%
%
-
-
-
-
-
-
-
-
5 Dec
2022
Jeremy Read
Jeneta Owens
(appointed 7 June
2021)
Ian Buchhorn
Douglas Menzies
David Greenwood
(redundancy
effective 23 May
2021)
Ian Morgan
-
-
5 Dec
2019
-
5 Dec
2019
5 Dec
2019
-
-
5 Dec
20192
-
1 Nov
20213
21 Jan
20223
250,000
100
100
-
-
-
5 Dec
2022
5 Dec
2022
750,000
100
250,000
100
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Each Option provides the right for the option holder to be issued one fully paid Share upon payment of
each Exercise Price for each Share.
Jeremy Read (appointed 1 May 2020)
Effective 1 May 2020, the Company agreed to utilise the services of Mr Read as the Company’s non-
executive chair, for a fee of $60,000 per annum excluding compulsory superannuation and any goods and
services tax.
1 The % lapsed in the period represents the reduction from the maximum number of options available to vest due to
the options not being exercised and lapsing.
2 ASX escrow ended 18 December 2021.
3 There was a vesting condition of 24 months of continuous employment by the option holder (or controller of the
option holder). This condition was waived by the Company’s Board for David Greenwood’s employment options, so
the options vested on 1 November 2021 notwithstanding his employment ended on 23 May 2021.
Godolphin Resources Limited Annual Report 30 June 2022
Page 12
Directors’ Report (continued)
Jeneta Owens (appointed 7 June 2021)
Effective 7 June 2021, the Company agreed to employee Ms Owens as the Company’s Managing Director. A
summary of the terms of Ms Owens employment is as follows:
Commencement
Date
7 June 2021
Term
No fixed term. Either party may terminate the agreement at any time with
written notice of 3 months.
Salary
A base salary of A$315,000 per annum, excluding statutory superannuation.
Short-Term
Incentives (STI)
The Managing Director is eligible, for an annual Short-Term Incentive (STI)
payment of up to $25,000 gross. The STI will be based on the Executive
meeting criteria set by the Board.
Long- Term
Incentives (LTI)
Subject to the ASX Listing Rules including members’ approval, and any
determination of the Board, the Managing Director (or her nominee), will be
entitled to receive 2,000,000 options (Options), each providing the holder with
the right to be issued one ordinary fully paid share by the Company (Share)
upon payment of the Option’s cash exercise price.
1,000,000 Tranche 1 Options exercisable at $0.25 per Option for a maximum
period of 24 months from the date of issue. Each Tranche 1 Option vests upon
the Company’s volume weighted average share price (VWAP) for 30 days prior
to the vesting date exceeding $0.30 per Share.
1,000,000 Tranche 2 Options exercisable at $0.35 per Option for a maximum
period of 36 months from the date of issue. Each Tranche 2 Option vests upon
the Company’s volume weighted average share price (VWAP) for 30 days prior
to the vesting date exceeding $0.30 per Share.
Additional long-term incentives may be introduced, such as Performance
Rights, at the discretion of the Board and subject to the ASX Listing Rules
including members’ approval.
Annual leave
Annual leave accrues at the rate of four weeks (20 business days) per annum.
Conflict of
Interest
The Managing Director must not at any time during the Employment without the
written consent of the Board, subject to further conditions.
Restraint Period Without prior written consent of the Company, the Managing Director will not
either directly or indirectly compete with the Company for up to 12 months
after the termination date, subject to further conditions.
Douglas Menzies (appointed 1 May 2020)
Effective 1 May 2020, the Company agreed to utilise the services of Mr Menzies as a non-executive
director, for a fee of $45,000 per annum excluding compulsory superannuation and any goods and services
tax. Mr Menzies related entity also provides consulting services to the Company. For the year ended 30
June 2022 there were no consulting fees charged by the Mr Menzies related entity (2021: $13,700
excluding GST).
Godolphin Resources Limited Annual Report 30 June 2022
Page 13
Directors’ Report (continued)
Ian Buchhorn (appointed 19 June 2019)
Effective 18 December 2019, the Company agreed to utilise the services of Mr Buchhorn as a non-executive
director, for a fee of $45,000 per annum excluding compulsory superannuation and any goods and services
tax.
Options Issued to Directors or Executives
During the year ended 30 June 2022, there were no equity securities granted as remuneration (2021: Nil).
Options were previously granted to Directors, or their nominees, in lieu of market related cash
remuneration. The options were granted at no cost to the recipient.
There are no entitlements for the Company’s option holders to participate in new issues of capital, which
may be offered to the Company’s existing ordinary shareholders.
No options were exercised by Directors during the financial year (2021: Nil).
The Group prohibits those that are granted unvested or restricted share-based payments, as part of their
remuneration, from entering into other arrangements that limit their exposure to losses that would result
from share price decreases. Entering into such arrangement has been prohibited by law since 1 July 2011.
Details of vesting profiles of the options granted as remuneration to each key management person of the
Group and each of the named key management persons are detailed below:
Key Financial Statistics
Loss for the financial year attributable to owners of the Company
$1,280,687
$1,412,786
2022
2021
Working capital at 30 June
Net assets at 30 June
Number of Shares on issue at 30 June
Share price at 30 June (cents per Share)
Market capitalisation at 30 June
Loss on capital employed for the financial year
$1,530,384
$4,592,651
$14,319,958
$15,601,823
84,147,701
84,110,522
8.7
15.0
$7,320,850
$12,616,578
17.49%
11.20%
Options benefits of key management persons
$4,941
$44,082
Other compensation of key management persons
$603,572
$730,710
Total compensation of key management persons (Group and
Company) for the financial year
$608,513
$774,792
Godolphin Resources (ASX: GRL) is an ASX listed resources company, with 100% controlled Australian-based
projects in the Lachlan Fold Belt (“LFB”) NSW, a world-class gold-copper province and with the Dubbo
Zirconia Project an emerging REE and RM province. Currently the Company’s tenements cover 3,200km
highly prospective ground focussed on the Lachlan Transverse Zone, one of the key structures which
controlled the formation of copper and gold deposits within the LFB. Additional prospectivity attributes of
of
2
Godolphin Resources Limited Annual Report 30 June 2022
Page 14
Directors’ Report (continued)
GRL tenure include the Godolphin Fault which hosts the McPhillamys gold project and the Molong Volcanic
Belt which hosts the Boda gold-copper project.
Godolphin is exploring for structurally hosted, epithermal gold and base-metal deposits and large, gold-
copper Cadia style porphyry deposits and is pleased to announce a re-focus of exploration efforts for
unlocking the potential of its East Lachlan tenement holdings, including increasing the mineral resource of
its advanced Lewis Ponds Project. Reinvigoration of the exploration efforts across the tenement package is
the key to discovery and represents a transformational stage for the Company and its shareholders.
During the financial year ended 30 June 2022, the Company focused on exploring and developing its large
tenement holdings within the LFB, host to numerous copper-gold mineral resources and mines plus the
Dubbo Zirconia Project. Further details are included in the Review of Operations and Outlook on page 7.
Godolphin Resources Limited Annual Report 30 June 2022
Page 15
Directors’ Report (continued)
Directors’ Remuneration for the year ended 30 June 2022
Details of the nature and amount of each major element of remuneration of each Director of the Company and other key management personnel of the Group and Company are:
Short-term
Salary
& fees
Consulting
fees
Cash
bonus
Non-
monetary
benefits
Directors
Jeremy Read
Executive Chair)
(Non-
Owens
Jeneta
(Managing
Director)
(appointed 7 June 2021)
Ian Buchhorn
Executive Director)
(Non-
Douglas Menzies (Non-
Executive Director)
Management
David Greenwood
(Former CEO)
(redundancy effective
23 May 2021)
Ian Morgan (Company
Secretary and CFO)
Total compensation
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
$
60,000
60,000
309,343
21,477
45,000
45,000
49,275
48,206
-
265,017
-
-
463,618
439,700
$
-
-
-
-
-
-
-
13,700
-
5,850
98,520
139,920
98,520
159,470
$
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Post-
employment
Superan
nuation
benefits
$
6,000
5,700
Total
$
60,000
60,000
309,343
30,934
21,477
45,000
45,000
49,275
61,906
2,040
4,500
4,275
-
4,580
-
-
270,867
23,278
98,520
139,920
562,138
599,170
-
-
41,434
39,873
Other
long term
Termina
tion
benefits
Share-
based
payments
Options
Total
Proportion of
remuneration
performance
related
Value of
options
as
proporti
on of
remune
ration
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
$
-
-
-
-
-
-
-
-
-
-
-
-
-
$
$
- 66,000
- 65,700
- 340,277
- 23,517
- 49,500
- 49,275
- 49,275
- 66,486
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
$
-
-
-
-
-
-
-
-
-
-
-
0.0%
0.0%
91,667
35,299 421,111
8.4%
8.4%
-
-
-
4,941 103,461
4.8%
4.8%
8,783 148,703
4,941 608,513
5.9%
0.8%
5.9%
0.8%
91,667
44,082 774,792
5.7%
5.7%
Godolphin Resources Limited Annual Report 30 June 2022
Page 16
Directors’ Report (continued)
No options over ordinary shares in the Company were granted as compensation, for no cash consideration,
to key management person during the reporting period (2021: Nil). 1,000,000 options vested during the
reporting period (2021: Nil).
Details of options over ordinary shares in the Company, that were previously granted as compensation to a
key management person, are as follows:
Unquoted Options
Key Management Person
Year ended 30 June 2022
Jeremy Read
Jeneta Owens (Managing Director)
(appointed 7 June 2021)
Ian Buchhorn
Douglas Menzies
David Greenwood (Chief Executive
Officer) (resigned 23 May 2021)
Ian Morgan (Company Secretary
and CFO)
Year ended 30 June 2021
Jeremy Read
Jeneta Owens (Managing Director)
(appointed 7 June 2021)
Ian Buchhorn
Douglas Menzies
David Greenwood (Chief Executive
Officer) (resigned 23 May 2021)
Ian Morgan (Company Secretary
and CFO)
Balance of options at 1
July or date of
appointment, as
applicable
Number
Loyalty
Options
expired
Number
Balance of options at
30 June or date of
ceasing, as
applicable
Number
-
-
-
333,334
-
-
(83,334)
-
-
-
333,334
(83,334)
-
-
333,334
-
1,000,000
333,334
-
-
-
-
-
-
-
-
250,000
-
-
250,000
-
-
333,334
-
1,000,0004
333,334
4 David Greenwood’s 1,000,000 options were made up of 750,000 employee options plus 250,000 loyalty options. The
employment options have a vesting condition of 24 months of continuous employment by the option holder (or
controller of the option holder). This condition was waived by the Company’s Board for David Greenwood’s options,
so the options vested on 1 November 2021 notwithstanding his employment ended on 23 May 2021. Mr
Greenwood’s 250,000 loyalty options expired unexercised on 15 June 2022.
Godolphin Resources Limited Annual Report 30 June 2022
Page 17
Directors’ Report (continued)
Incentive Options
Key
Management
Person
30 June 2022
Ian Buchhorn
30 June 2021
Ian Buchhorn
Grant
Date
Vesting
Date5
ASX
Escrow
Expiry
Date
Option
Expiry
Date
Fair value
per option
at the grant
date6
Exercise
price per
option
Balance of
vested
options at 30
June
5 Dec
2019
18 Dec
2019
18 Dec
2021
5 Dec
2022
5 Dec
2019
18 Dec
2019
18 Dec
2021
5 Dec
2022
$0.07055
$0.25
250,000
$0.07055
$0.25
250,000
Number of
options
vested
during the
reporting
period
-
-
Employee Options
Key Management
Person
Grant
Date
Vesting
Date7
Option
Expiry
Date
Fair value
per option
at the grant
date8
Exercise
price per
option
Balance of
options at 30
June or date
of ceasing, as
applicable
Number of
options
vested
during the
reporting
period
Years ended 30 June
2022
David Greenwood
(Chief Executive
Officer) (resigned 23
May 2021)
Ian Morgan
30 June 2021
David Greenwood
(Chief Executive
Officer) (resigned 23
May 2021)
Ian Morgan
5 Dec
2019
5 Dec
2019
5 Dec
2019
5 Dec
2019
1 Nov
2021
21 Jan
2022
1 Nov
2021
21 Jan
2022
5 Dec
2022
5 Dec
2022
5 Dec
2022
5 Dec
2022
$0.07055
$0.25
-
750,000
$0.07055
$0.25
250,000
250,000
$0.07055
$0.25
750,000
$0.07055
$0.25
250,000
-
-
5 Vesting condition of the Company successfully listing on the Australian Securities Exchange within 12 months of the
date of issue of the incentive option.
6 Refer to Note A5 of the attached Financial Statements for more details.
7 Vesting condition of 24 months of continuous employment by the option holder (or controller of the option holder).
8 Refer to Note A5 of the attached Financial Statements for more details.
Godolphin Resources Limited Annual Report 30 June 2022
Page 18
Directors’ Report (continued)
Loyalty Options
Key
Management
Person
Grant
and
Vesting
Date
Option
Expiry
Date
Fair value
per
option at
the grant
date9
Exercise
price
per
option
Balance of
vested
options at 1
July or date
of
appointment,
as applicable
Number of
options
expired
during the
reporting
period
Balance of
vested
options at
30 June or
date of
ceasing, as
applicable
Number
of options
vested
during the
reporting
period
30 June 2022
Ian Buchhorn
David
Greenwood
(Chief
Executive
Officer)
(resigned 23
May 2021)
Ian Morgan
30 June 2021
Ian Buchhorn
David
Greenwood
(Chief
Executive
Officer)
(resigned 23
May 2021)
Ian Morgan
15 Jun
2020
15 Jun
2022
15 Jun
2020
15 Jun
2022
15 Jun
2020
15 Jun
2022
15 Jun
2020
15 Jun
2022
15 Jun
2020
15 Jun
2022
15 Jun
2020
15 Jun
2022
$0.00
$0.20
83,334
(83,334)
$0.00
$0.20
-
-
$0.00
$0.20
83,334
(83,334)
-
-
-
$0.00
$0.20
83,334
$0.00
$0.20
250,000
$0.00
$0.20
83,334
-
-
-
83,334
250,000
83,334
-
-
-
-
-
-
End of Remuneration Report (Audited)
9 Refer to Note A5 of the attached Financial Statements for more details.
Godolphin Resources Limited Annual Report 30 June 2022
Page 19
Directors’ Report (continued)
Shares Under Option
Each option provides the right for the option holder to be issued with one fully paid ordinary share by the Company, upon payment of the exercise price of each option. Each
option does not otherwise entitle the holder to participate in any share issue of the Company or any other body corporate. During the financial year there were 37,179 shares
issued with the exercise of unquoted loyalty options (2021: 1,570,031). No options were granted during the year ended 30 June 2022 (2021: 3,000,000).
During the financial year, 27,671,251 unquoted loyalty options expired unexercised (2021: Nil). Details of options over ordinary shares in the Company that were granted,
exercised, vested and expired during the financial year are as follows:
Exercise Price
Vesting Date
ASX Escrow
Expiry
Expiry Date
Balance at 1 July 2021
Granted during
the year
Vested during
the year
Expired during
the year
Exercised during
the year
Vested
Number
Unvested
Number
Number
Number
Number
Number
Balance at 30 June 2022
Vested
Number
Unvested
Number
Unquoted
Year ended 30
June 2022
$0.25
$0.25
$0.25
$0.25
$0.25
$0.20
$0.40
Year ended 30
June 2021
$0.25
$0.25
$0.25
$0.25
$0.25
$0.20
$0.40
5 Dec 2019
18 Dec 2019
18 Dec 2021
18 Dec 2021
Not escrowed
1 Nov 2021
16 Dec 2021 Not escrowed
21 Jan 2022 Not escrowed
15 Jun 2020 Not escrowed
24 Dec 2020 Not escrowed
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
15 Jun 2022
24 Dec 2022
17,000,000
1,000,000
-
-
-
27,708,430
3,000,000
-
-
750,000
1,000,000
250,000
-
-
48,708,430
2,000,000
-
-
-
-
-
-
-
-
-
-
750,000
1,000,000
250,000
-
-
-
-
-
-
-
(27,671,251)
- 17,000,000
1,000,000
-
750,000
-
1,000,000
-
250,000
-
-
(37,179)
3,000,000
-
2,000,000
(27,671,251)
(37,179) 23,000,000
-
-
-
-
-
-
-
-
5 Dec 2019
18 Dec 2019
18 Dec 2021
18 Dec 2021
Not escrowed
1 Nov 2021
16 Dec 2021 Not escrowed
21 Jan 2022 Not escrowed
15 Jun 2020 Not escrowed
24 Dec 2020 Not escrowed
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
15 Jun 2022
24 Dec 2022
17,000,000
1,000,000
-
-
-
29,278,461
-
-
-
750,000
1,000,000
250,000
-
-
47,278,461
2,000,000
-
-
-
-
-
-
3,000,000
3,000,000
-
-
-
-
-
-
3,000,000
3,000,000
-
-
-
-
-
-
-
-
- 17,000,000
1,000,000
-
-
-
-
-
-
-
(1,570,031) 27,708,430
3,000,000
-
-
-
750,000
1,000,000
250,000
-
-
(1,570,031) 48,708,430
2,000,000
Godolphin Resources Limited Annual Report 30 June 2022
Page 20
Directors’ Report (continued)
Indemnification and Insurance of Officers and Auditor
The Company indemnifies current and former Directors and Officers for any loss arising from any claim by
reason of any specified act committed by them in their capacity as a Director or Officer (subject to certain
exclusions as required by law).
The Company has paid insurance premiums in respect of directors’ and officers’ liability. Insurance cover
relates to liabilities that may arise from their position (subject to certain exclusions as required by law).
Details of the nature of the liabilities covered or the amount of the premium paid in respect of the
Directors’ and Officers’ liability insurance are not disclosed. Such disclosure is prohibited under the terms of
the policy.
The Company has not otherwise, during or since the end of the financial year, except to the extent
permitted by law, indemnified or agreed to indemnify an officer or auditor of the Company or of any
related body corporate against a liability incurred as such by an officer or auditor.
Audit Services
During the year ended 30 June 2022, the Group expensed an amount of $32,653 payable to its auditor
(2021: $20,114), Dry Kirkness (Audit) Pty Ltd (formerly Butler Settineri (Audit) Pty Ltd), for audit services
provided. During the year ended 30 June 2022 Dry Kirkness (Audit) Pty Ltd and its related practices, the
Group’s auditor, did not undertake other services in addition to the audit and review of financial
statements.
Rounding Off
The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports)
Instrument 2016/191 dated 24 March 2016. Notwithstanding the Company may round the nearest
thousand dollars, amounts in the Financial Report and Directors’ Report have been reported to the nearest
dollar, unless otherwise stated.
Lead Auditor’s Independence Declaration
The lead auditor’s independence declaration made under Section 307C of the Corporations Act 2001 (Cth)
is set out on page 57 and forms part of this Directors’ Report.
Previously Reported Information
The information in this report that references previously reported exploration results is extracted from the
Company’s ASX Announcements released on the date noted in the body of the text where that reference
appears. The ASX Announcements are available to view on the Company's website or on the ASX website
(www.asx.com.au). The Company confirms that it is not aware of any new information or data that
materially affects the information included in the original market announcements. The Company confirms
that the form and context in which the Competent Person’s findings are presented have not been
materially modified from the original market announcements.
Signed in accordance with a resolution of the Board of Directors.
Jeremy Read
Chair
Hideaway Bay, QLD
13 September 2022
Godolphin Resources Limited Annual Report 30 June 2022
Page 21
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
Year Ended 30 June 2022
Profit on Sale of Assets
Other income
Total Income
Employee expenses
Non-cash employee expense from granting of
options to employees
Administration expenses
Site restoration provision (benefit) / expense
Depreciation – Property, Plant and Equipment
Depreciation – Right of Use Asset
Unrealised Loss on Financial Asset
Total Expenses
Loss before interest and income tax
Financial income – interest
Less: Financial expense – interest
Less: Net Financial (expense) / income -
interest
Loss after interest and before income tax
Income tax benefit
Net loss attributable to members of the
parent
Other comprehensive income, net of income
tax
Total comprehensive income
Loss per share – basic
Loss per share – diluted
Note
D1
D2
A9
A12
A14
D3
D4
D4
2022
$
198,130
44
198,174
639,842
4,941
674,362
(22,655)
22,059
63,745
86,086
1,468,380
1,270,206
3,492
13,973
(10,481)
1,280,687
-
2021
$
-
134,193
134,193
697,850
95,496
620,806
82,978
20,928
37,235
-
1,555,293
1,421,100
19,317
11,003
8,314
1,412,786
-
1,280,687
1,412,786
-
1,280,687
1.52
1.52
-
1,412,786
Cents
1.82
1.82
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in
conjunction with the accompanying Notes.
Godolphin Resources Limited Annual Report 30 June 2022
Page 22
Consolidated Statement of Financial Position
As at 30 June 2022
Current assets
Cash and cash equivalents
Prepayments and other receivables
Total current assets
Non-current assets
Financial asset
Property, plant and equipment
Right-of-use asset
Exploration and evaluation costs
Total non-current assets
Total assets
Current liabilities
Trade and other payables
Lease Liability
Employee benefits
Total current liabilities
Non-current liabilities
Lease Liability
Provision
Total non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserve
Accumulated losses
Equity
Note
30 June 2022
$
30 June 2021
$
A10
A7
A11
A12
A14
A13
A8
A14
A9
A14
A9
A5
A5
1,620,561
169,809
1,790,370
188,914
398,832
277,865
12,263,593
13,129,204
14,919,574
175,844
60,755
23,387
259,986
223,307
116,323
339,630
599,616
14,319,958
4,729,025
117,933
4,846,958
-
429,323
345,753
10,663,740
11,438,816
16,285,774
197,812
56,495
-
254,307
290,666
138,978
429,644
683,951
15,601,823
16,126,839
1,687,954
(3,494,835)
16,132,958
1,683,013
(2,214,148)
14,319,958
15,601,823
The above Consolidated Statement of Financial Position should be read in conjunction with the
accompanying Notes.
Godolphin Resources Limited Annual Report 30 June 2022
Page 23
Consolidated Statement of Changes in Equity
Year Ended 30 June 2022
Balance at 1 July 2020
Issue of shares
Capital raising costs
Total comprehensive
income for the year
Equity settled share-
based payments for
the year
Balance at 30 June
2021
Balance at 1 July 2021
Issue of shares
Capital raising costs
Total comprehensive
income for the year
Equity settled share-
based payments for
the year
Balance at 30 June
2022
Note
Ordinary fully
paid shares
$
12,816,766
3,814,009
(497,817)
Share option
reserve
$
1,310,563
-
-
Accumulated
losses
$
(801,362)
-
-
Total Equity
$
13,325,967
3,814,009
(497,817)
-
-
-
(1,412,786)
(1,412,786)
372,450
-
372,450
A5
16,132,958
16,132,958
7,436
(13,555)
1,683,013
1,683,013
-
-
(2,214,148)
(2,214,148)
-
-
15,601,823
15,601,823
7,436
(13,555)
-
-
-
(1,280,687)
(1,280,687)
4,941
-
4,941
A5
16,126,839
1,687,954
(3,494,835)
14,319,958
The above Consolidated Statement of Changes in Equity should be read in conjunction with the
accompanying Notes.
Godolphin Resources Limited Annual Report 30 June 2022
Page 24
Consolidated Statement of Cash Flows
Year Ended 30 June 2022
Note
2022
$
2021
$
Cash flows used in operating activities
Receipts from customers
Australian Government Cashflow Boost
Exclusivity Fee
Other income
Payments to suppliers and employees
Interest received
Net cash used in operating activities
Cash flows used in investing activities
Payments for property, plant and equipment
Payments for exploration and evaluation costs
Proceeds from disposal of fixed asset
Proceeds from disposal of tenements
Net cash used in investing activities
Cash flows from financing activities
Proceeds from capital raisings
Payments for capital raising costs
Net cash generated from financing activities
Net (decrease) / increase in cash and cash
equivalents
Opening Cash and cash equivalents
Closing Cash and cash equivalents at 30 June
A6
A5
A10
-
-
-
-
(1,439,642)
8,906
(1,430,736)
-
100,000
30,000
4,193
(1,396,725)
28,713
(1,233,819)
(6,719)
(1,959,890)
20,000
275,000
(1,671,609)
(27,330)
(2,464,565)
-
-
(2,491,895)
7,436
(13,555)
(6,119)
3,814,009
(220,863)
3,593,146
(3,108,464)
4,729,025
1,620,561
(132,568)
4,861,593
4,729,025
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying
Notes.
Godolphin Resources Limited Annual Report 30 June 2022
Page 25
Notes to the Financial Statements
Year Ended 30 June 2022
General Information
The financial statements cover Godolphin Resources Limited as a consolidated entity consisting of
Godolphin Resources Limited and its subsidiaries. The financial statements are presented in Australian
dollars, which is Godolphin Resources Limited’s functional and presentation currency.
Godolphin Resources Limited is a public company, listed on the Australian Securities Exchange, limited by
shares, incorporated and domiciled in Australia.
The financial statements were authorised for issue, in accordance with a resolution of Directors, on 13
September 2022.
The Notes to the consolidated financial statement are set out in the following main sections:
Section A – Key Financial Information and Preparation Basis
Section B – Risk and Judgement
Section C – Key Management Personnel and Related Party Disclosures
Section D – Other Disclosures
Section A – Key Financial Information and Preparation Basis
A. This section sets out the basis upon which the Group’s financial statements have been prepared as a
whole and explains the results and performance of the Group that the Directors consider most relevant
in the context of the operations of the entity.
Statement of Compliance
The consolidated financial statements are general purpose financial statements which have been
prepared in accordance with Australian Accounting Standards (AASBs) adopted by the Australian
Accounting Standards Board (AASB) and the Corporations Act 2001 (Cth).
Basis of Preparation
The financial report is prepared on the historical cost basis other than share-based transactions
that are assessed at fair value.
The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’
Reports) Instrument 2016/191 dated 24 March 2016. Notwithstanding the Company may round
the nearest thousand dollars, amounts in the Financial Report and Directors’ Report have been
reported to the nearest dollar, unless otherwise stated.
The preparation of a financial report in conformity with Australian Accounting Standards requires
management to make judgements, estimates and assumptions that affect the application of
policies and reported amounts of assets and liabilities, income and expenses. The estimates and
associated assumptions are based on historical experience and various other factors that are
believed to be reasonable under the circumstance, the results of which form the basis of making
the judgements about carrying values of assets and liabilities that are not readily apparent from
other sources. Actual results may differ from these estimates. These accounting policies have
been consistently applied by each entity in the Group.
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.
Godolphin Resources Limited Annual Report 30 June 2021
Page 26
Notes to the Financial Statements (continued)
Basis of Consolidation
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed
to, or has rights to, variable returns from its involvement with the entity and has the ability to
affect those returns through its power over the entity. The financial statements of subsidiaries are
included in the consolidated financial statements from the date on which control commences
until the date on which control ceases.
Investments in subsidiaries are carried in the Parent Entity’s financial statements at the lower of
cost and recoverable amount.
Transactions eliminated on consolidation
Intra-group balances and any unrealised gains and losses or income and expenses arising from
intra-group transactions are eliminated in preparing the consolidated financial statements.
Unrealised gains arising from transactions with associates and jointly controlled entities are
eliminated to the extent of the Group’s interest in the entity, with adjustments made to the
“Investment in associates” and “Share of associates’ net profit” accounts.
Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that
there is no evidence of impairment.
Gains and losses are recognised as the relevant assets are consumed or sold by the associate or
jointly controlled entities or, if not consumed or sold by the associate or jointly controlled entity,
when the Group’s interest in such entities is disposed of.
Going Concern
During the financial year ended 30 June 2022, the Company incurred an operating loss of
$1,280,687 and ended the financial year with a cash balance of $1,620,561.
Based on the evidence of successful fund raisings including the raising of $1,607,825 in equity by a
strategic placement to sophisticated and professional investors between 27 July 2022 and 4
August 2022 as well as the $1,301,024 raised from the Share Purchase Plan between 28 July 2022
and 9 September 2022, and taking into account budgeted expenditure commitments, the Board
has prepared these Financial Statements on a going concern basis.
Despite the ability of the Company to historically raise funds, further funding will be required to
develop the Company’s tenements.
This financial report does not include any adjustments relating to the recoverability and
classification of recorded asset amounts or the amounts or classification of liabilities and
appropriate disclosures that may be necessary should the Group be unable to continue as a going
concern.
Judgement about the future is based on information available at the date of this report.
Subsequent events may result in outcomes that are inconsistent with judgements that were
reasonable at the time they were made.
Godolphin Resources Limited Annual Report 30 June 2022
Page 27
Notes to the Financial Statements (continued)
Capital and Reserves
Share capital
Ordinary shares issued
and fully paid
Balance
Options Exercised
Options Exercised
Options Exercised
Options Exercised
Cash Placement
(Tranche 1)
Options Exercised
Options Exercised
Cash Placement
(Tranche 2)
Options Exercised
Options Exercised
Less costs relating to
share issues
Balance
Balance
Date
Number of
shares
Issue Price
per share
$
1 July 2020
67,957,151
12,816,766
$0.20
$0.20
$0.20
$0.20
$0.24
$0.20
$0.20
$0.24
$0.20
$0.20
22 July 2020
18 August 2020
22 October 2020
3 November 2020
18,248
120,575
229,309
834,414
16 November 2020
10,370,000
24 November 2020
21 December 2020
234,057
109,207
24 December 2020
4,213,340
5-Feb-2021
8-Mar-2021
18,242
5,979
16,153,371
84,110,522
-
30 June 2021
84,110,522
3,650
24,115
45,862
166,883
2,488,800
46,812
21,841
1,011,202
3,648
1,196
3,814,009
16,630,775
(497,817)
16,132,958
1 July 2021
84,110,522
16,132,958
Options Exercised
16-August-2021
Options Exercised
Options Exercised
2-May-2022
1-June-2022
Options Exercised
20-June-2022
Less costs relating to
share issues
$0.20
$0.20
$0.20
$0.20
849
9,175
4,471
22,684
37,179
84,147,701
-
84,147,701
170
1,835
894
4,537
7,436
16,140,394
(13,555)
16,126,839
Holders of ordinary shares are entitled to dividends as declared from time to time and are entitled
to one vote per share at general meetings of the Company.
Ordinary shares have no par value.
Godolphin Resources Limited Annual Report 30 June 2022
Page 28
Notes to the Financial Statements (continued)
No dividends have been declared or paid by the Company during or since the end of the financial
year.
Subject to ASX listing rules, the Company’s Board may resolve that the whole or any portion of
profits, reserve or other account which is available for distribution, be distributed to shareholder in
the same proportions in which they would be entitled to receive it if distributed by way of dividend,
or in accordance with relevant terms of issue of any shares or securities.
If the Company is wound up, whether voluntarily or otherwise, the liquidator may divide among all
or any of the contributories, as the liquidator thinks fit, in specie or in kind, any part of the assets of
the Company, and may vest any part of the assets of the Company in trustees for the benefit of all
or any of the contributories as the liquidator thinks fit.
In the event of winding up of the Company, ordinary shareholders rank after creditors and are
entitled to any proceeds of liquidation.
Godolphin Resources Limited Annual Report 30 June 2022
Page 29
Notes to the Financial Statements (continued)
Shares Under Option
Each option provides the right for the option holder to be issued one fully paid ordinary share by the Company, upon payment of the exercise price of each option. Each option
does not otherwise entitle the holder to participate in any share issue of the Company or any other body corporate. During the financial year there were 37,179 shares issued with
the exercise of unquoted loyalty options (2021: 1,570,031). No options were granted during the year ended 30 June 2022 (2021: 3,000,000). During the financial year, 27,671,251
unquoted loyalty options expired unexercised (2021: Nil). Details of options over ordinary shares in the Company that were granted, exercised, vested and expired during the
financial year are as follows:
Exercise Price
Vesting Date
ASX Escrow
Expiry
Expiry Date
Balance at 1 July 2021
Granted during
the year
Vested during
the year
Expired during
the year
Exercised during
the year
Vested
Number
Unvested
Number
Number
Number
Number
Number
Balance at 30 June 2022
Vested
Number
Unvested
Number
Unquoted
Year ended 30
June 2022
$0.25
$0.25
$0.25
$0.25
$0.25
$0.20
$0.40
Year ended 30
June 2021
$0.25
$0.25
$0.25
$0.25
$0.25
$0.20
$0.40
5 Dec 2019
18 Dec 2019
18 Dec 2021
18 Dec 2021
Not escrowed
1 Nov 2021
16 Dec 2021 Not escrowed
21 Jan 2022 Not escrowed
15 Jun 2020 Not escrowed
24 Dec 2020 Not escrowed
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
15 Jun 2022
24 Dec 2022
17,000,000
1,000,000
-
-
-
27,708,430
3,000,000
-
-
750,000
1,000,000
250,000
-
-
48,708,430
2,000,000
-
-
-
-
-
-
-
-
-
-
750,000
1,000,000
250,000
-
-
-
-
-
-
-
(27,671,251)
- 17,000,000
1,000,000
-
750,000
-
1,000,000
-
250,000
-
(37,179)
-
3,000,000
-
2,000,000
(27,671,251)
(37,179) 23,000,000
-
-
-
-
-
-
-
-
5 Dec 2019
18 Dec 2019
18 Dec 2021
18 Dec 2021
Not escrowed
1 Nov 2021
16 Dec 2021 Not escrowed
21 Jan 2022 Not escrowed
15 Jun 2020 Not escrowed
24 Dec 2020 Not escrowed
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
15 Jun 2022
24 Dec 2022
17,000,000
1,000,000
-
-
-
29,278,461
-
-
-
750,000
1,000,000
250,000
-
-
47,278,461
2,000,000
-
-
-
-
-
-
3,000,000
3,000,000
-
-
-
-
-
-
3,000,000
3,000,000
-
-
-
-
-
-
-
-
- 17,000,000
1,000,000
-
-
-
-
-
-
-
(1,570,031) 27,708,430
3,000,000
-
-
-
750,000
1,000,000
250,000
-
-
(1,570,031) 48,708,430
2,000,000
Options expenses for the year ended 30 June 2022 totalled $4,941 (2021: $95,496).
Godolphin Resources Limited Annual Report 30 June 2022
Page 30
Notes to the Financial Statements (continued)
Share Based Payment Reserve
Number of Options
Initial Public
Offer
Options
Loyalty
Options
Broker
Options
Total
$
Balance at 1 July 2020
20,000,000
29,278,461
-
49,278,461 1,310,563
Options exercised during
the year ended 30 June
2021
Capital raising fee
Employee expense
Options expired during
the year ended 30 June
2021
-
-
-
-
(1,570,031)
-
(1,570,031)
-
- 3,000,000
3,000,000
276,954
-
-
-
-
-
-
95,496
-
Balance at 30 June 2021
20,000,000
27,708,430 3,000,000
50,708,430 1,683,013
Balance at 1 July 2021
20,000,000
27,708,430 3,000,000
50,708,430 1,683,013
Options exercised during
the year ended 30 June
2022
Capital raising fee
Employee expense10
Options expired during
the year ended 30 June
2022
Balance at 30 June 2022
Broker Options
-
-
-
(37,179)
-
-
-
-
-
(37,179)
-
-
-
-
4,941
-
(27,671,251)
-
(27,671,251)
-
20,000,000
- 3,000,000
23,000,000 1,687,954
The fair value of the Broker Options was calculated at the date of grant using the Black Scholes
option pricing model and allocated to each reporting period evenly over the period from grant date
to vesting date. The value disclosed is the portion of the fair value of the options recognised as an
expense in each reporting period.
Fair value at grant date
Share price at grant date
Exercise price per option
Expected volatility (weighted average)
Risk free interest rate (based on government bonds)
$0.092318
$0.235
$0.400
100%
0.08%
10 There is a vesting condition of 24 months of continuous employment by the option holder (or controller of the
option holder) for 2,000,000 employee options to vest, granted under the initial public offer. At the reporting date,
all employee options have vested (2021: None).
Godolphin Resources Limited Annual Report 30 June 2022
Page 31
Notes to the Financial Statements (continued)
Initial Public Offer Options
The fair value of the Initial Public Offer options was calculated at the date of grant using the Black
Scholes option pricing model and allocated to each reporting period evenly over the period from
grant date to vesting date. The value disclosed is the portion of the fair value of the options
recognised as an expense in each reporting period.
Fair value at grant date
Share price at grant date
Exercise price per option
Expected volatility (weighted average)
Risk free interest rate (based on government bonds)
Loyalty Options
$0.07055
$0.20
$0.25
61%
1.50%
The Loyalty Options are free attaching options granted on 15 June 2020 based on 1 loyalty option
for every 3 shares, consideration options, incentive options and employee options held on the
record date (5 June 2020). The Loyalty Options have been issued to the Company’s shareholders
and option holders and therefore do not fall within the scope of Australian Accounting Standard
AASB 2 Share-based Payment (as amended). Accordingly, the Loyalty Options have a $Nil value.
The Company’s accounting policy for the treatment of equity-settled share-based payment
arrangements granted to employees
The grant-date fair value of equity-settled share-based payment arrangements granted to
employees is generally recognised as an expense, with a corresponding increase in equity, over
the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the
number of awards for which the related service and non-market performance conditions are
expected to be met, such that the amount ultimately recognised is based on the number of
awards that meet the related service and non-market performance conditions at the vesting date.
For share-based payment awards with non-vesting conditions, the grant-date fair value of the
share-based payment is measured to reflect such conditions and there is no true-up for
differences between expected and actual outcomes.
Godolphin Resources Limited Annual Report 30 June 2022
Page 32
Notes to the Financial Statements (continued)
Cash Flow Reconciliation
Cash flows from operating activities
Net loss attributable to members of the
parent
Adjustments for:
Depreciation and impairment –
property plant and equipment (non-
cash)
Depreciation and impairment – right of
use asset (non-cash)
Profit on sale of tenements (non-cash)
Profit on sale of fixed asset (non -cash)
Unrealised loss on financial asset (non-
cash)
Options expense (non-cash)
Operating loss before changes in working
capital and provisions
Decrease / (Increase) in other receivables
(Decrease) / Increase in other payables and
provisions
Decrease in lease payable
Adjustment to Right of Use Asset due to
adjusting the present value of lease
payments to be made over the lease term
Net cash used in operating activities
Prepayments and Other Receivables
Note
A12
A14
2022
$
2021
$
(1,280,687)
(1,412,786)
22,059
20,928
63,745
37,235
(195,100)
(3,030)
86,086
4,941
-
-
-
95,496
(1,301,986)
(1,259,127)
5,414
(18,693)
(75,208)
79,828
(63,099)
(35,827)
A14
4,143
-
(1,430,736)
(1,233,819)
Other receivables are recognised initially at fair value plus any directly attributable transaction
costs. Subsequent to initial recognition they are stated at amortised cost less impairment losses
(see Note B3).
Prepayments are recognised at cost.
Current
GST
Security deposit over rental property
Other receivables
Prepayments
2022
$
71,002
17,778
20,239
109,019
60,790
169,809
2021
$
52,838
17,714
5,716
76,268
41,665
117,933
Godolphin Resources Limited Annual Report 30 June 2022
Page 33
Notes to the Financial Statements (continued)
Current Liabilities Trade and Other Payables
Trade and other payables are recognised initially at fair value plus directly attributable transaction
costs. Subsequent to initial recognition, these transactions are measured at amortised cost.
Current
Trade payables
PAYG Withholding Tax
Superannuation Payable
Accruals
Provisions
2022
$
66,094
64,010
6,972
137,076
38,768
175,844
2021
$
30,241
110,990
-
141,231
56,581
197,812
A provision is recognised in the statement of financial position when the Group has a present legal
or constructive obligation as a result of a past event, and it is probable that an outflow of
economic benefits will be required to settle the obligation. If the effect is material, provisions are
determined by discounting the expected future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money and, when appropriate, the risks specific to the
liability.
Current
Annual Leave Provision
Opening balance
Increase / (Decrease) for year
Closing balance
Non-Current
Site Restoration Provision
Opening balance
(Decrease) / Increase for year
Closing balance
2022
$
2021
$
-
23,387
23,387
40,925
(40,925)
-
138,978
(22,655)
116,323
56,000
82,978
138,978
The Company’s accounting policy for the treatment of employee entitlements:
(a) Short-term employee benefits
Short-term employee benefits are expensed as the related service is provided. A liability is
recognised for the amount expected to be paid if the Group has a present legal or
constructive obligation to pay this amount as a result of past service provided by the
employee and the obligation can be estimated reliably.
(b) Other long-term employee benefits
The Group's net obligation in respect of long-term employee benefits is the amount of future
benefit that employees have earned in return for their service in the current and prior
periods. That benefit is discounted to determine its present value. Remeasurements are
recognised in profit or loss in the period in which they arise.
Godolphin Resources Limited Annual Report 30 June 2022
Page 34
Notes to the Financial Statements (continued)
(c) Termination benefits
Termination benefits are expensed at the earlier of when the Group can no longer withdraw
the offer of those benefits and when the Group recognises costs for a restructuring. If benefits
are not expected to be settled wholly within 12 months of the reporting date, then they are
discounted.
Site Restoration
In accordance with the Group’s environmental policy and applicable legal requirements, a
provision for site restoration in respect of disturbed land is recognised when such land is
disturbed. At this time, a best estimate of the total area of disturbance and present value
restoration cost over the estimated mine is made. From this, an annual charge is derived which is
reflected as an expense over the life of the mine and as an increase in the provision.
The balance of the provision is the accumulation of the annual charges, less any remedial work
done, which is charged directly against the provision. The unwinding of the effect of discounting
on the provision is recognised as a finance cost.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash balances and call deposits with an original maturity of
three months or less.
2022
$
2021
$
Bank balances
Term deposit - unsecured
Term deposit - secured
Cash and cash equivalents in the statements of cash flows
950,170
650,000
20,391
1,620,561
608,685
4,100,000
20,340
4,729,025
Financial Asset
Investment in Orange Minerals NL (ASX: OMX) 2,099,047
ordinary fully paid shares (2021: Nil)
188,914
-
Property, Plant and Equipment
Owned assets
Items of property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses (see Note B3).
Where parts of an item of property, plant and equipment have different useful lives, they are
accounted for as separate items of property, plant and equipment.
Subsequent costs
The Group recognises in the carrying amount of an item of property, plant and equipment the
cost of replacing part of such an item when that cost is incurred if it is probable that the future
economic benefits embodied within the item will flow to the Group and the cost of the item can
be measured reliably. All other costs are recognised in the statement of profit or loss and other
comprehensive income as an expense as incurred.
Depreciation
Depreciation is charged to the statement of profit or loss and other comprehensive income on a
straight-line or diminishing value bases over the estimated useful lives of each part of an item of
Godolphin Resources Limited Annual Report 30 June 2022
Page 35
Notes to the Financial Statements (continued)
property, plant and equipment and buildings. Land is not depreciated. The estimated useful lives
in the current financial year are as follows:
▪
Plant and equipment
1 to 5 years
Property Plant and Equipment consist of:
2021
Cost
Balance at 1 July 2020
Additions
Balance at 30 June 2021
Depreciation
Balance at 1 July 2020
Depreciation charge for the year
Balance at 30 June 2021
Carrying amounts
Balance at 1 July 2020
Balance at 30 June 2021
2022
Cost
Balance at 1 July 2021
Plus: Additions
Less: Disposals
Balance at 30 June 2022
Depreciation
Balance at 1 July 2021
Depreciation charge for the year
Less: Accumulated Depreciation on
Disposals
Balance at 30 June 2022
Carrying amounts
Balance at 1 July 2021
Balance at 30 June 2022
Freehold
Land
$
367,000
-
367,000
-
-
-
367,000
367,000
367,000
-
367,000
-
-
-
Plant and
equipment
$
Total
$
59,809
27,330
87,139
(3,888)
(20,928)
(24,816)
426,809
27,330
454,139
(3,888)
(20,928)
(24,816)
55,921
62,323
422,921
429,323
87,139
6,719
(22,300)
71,558
454,139
6,719
(22,300)
438,558
(24,816)
(22,059)
(24,816)
(22,059)
7,149
(39,726)
7,149
(39,726)
367,000
367,000
62,323
31,832
429,323
398,832
Godolphin Resources Limited Annual Report 30 June 2022
Page 36
Notes to the Financial Statements (continued)
Exploration and Evaluation Costs
Exploration and evaluation costs are stated at cost less accumulated amortisation and impairment
losses (see Note B3).
Cost
Opening balance
Additions
Disposals
Closing balance
Amortisation
Opening balance
Amortisation change for the year
Closing balance
Carrying amount
Opening balance
Closing balance
2022
$
10,663,740
1,954,753
(354,900)
12,263,593
-
-
-
2021
$
8,227,967
2,435,773
-
10,663,740
-
-
-
10,663,740
12,263,593
8,227,967
10,663,740
The Company’s accounting policy for the treatment of its exploration and evaluation costs is in
accordance with the following requirements.
Exploration and evaluation assets are measured at cost.
Exploration and evaluation costs, including the costs of acquiring licences, are capitalised as
exploration and evaluation assets pending determination of the technical feasibility and commercial
viability of the project. The capitalised costs are presented as intangible exploration and evaluation
assets. When a licence is relinquished or a project abandoned, the related costs are recognised in the
statement of comprehensive income.
For each area of interest, expenditures incurred in the exploration for and evaluation of mineral
resources are partially or fully capitalised and recognised as an exploration and evaluation asset if the
requirements below are satisfied.
The Company decides to recognise an exploration and evaluation asset separately for each area of
interest.
An exploration and evaluation asset is only recognised in relation to an area of interest if the
following conditions are satisfied:
(a)
(b)
the rights to tenure of the area of interest are current; and
at least one of the following conditions is also met:
(i)
the exploration and evaluation expenditures are expected to be recouped through
successful development and exploitation of the area of interest, or alternatively, by its
sale; and
(ii) exploration and evaluation activities in the area of interest have not at the end of the
reporting period 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.
An area of interest refers to an individual geological area whereby the presence of a mineral
deposit is considered favourable or has been proved to exist. It is common for an area of interest to
Godolphin Resources Limited Annual Report 30 June 2022
Page 37
Notes to the Financial Statements (continued)
contract in size progressively, as exploration and evaluation lead towards the identification of a
mineral deposit, which may prove to contain economically recoverable reserves. When this
happens during the exploration for and evaluation of mineral resources, exploration and evaluation
expenditures are still included in the cost of the exploration and evaluation asset notwithstanding
that the size of the area of interest may contract as the exploration and evaluation operations
progress. In most cases, an area of interest will comprise a single mine or deposit.
Leases
The Company leases a property at Unit 13, 11 William Street Orange, NSW, 2800 (Property) being
used by the Company for offices and storage.
From the lease commencement date, 9 November 2020, rent was $70,200 per annum excluding
GST indexed for the lease period (initial 3 years with an option to renew for a further 3 years). The
Company provided the lessor with a bank undertaking of $17,550, representing 3-months of rent.
Effective 9 November 2021, due to increased CPI, rent increased to $72,243 per annum excluding
GST.
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the
contract contains the right to control the use of an identifiable asset for a period in exchange for
consideration.
As of 30 June 2022, the Company had the right to obtain economic benefits from the use of the
Property, and the right to direct how and for what purpose the Property is used.
Information about the lease for which the Group is a lessee is presented below.
Right-of-use-asset
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the
underlying asset is available for use). Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses and adjusted for any remeasurement of lease
liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial
direct costs incurred, and lease payments made at or before the commencement date less any
lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased
asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-
line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are
subject to impairment.
Building
Balance at 1 July
Adjustment due to adjusting the present value of
lease payments to be made over the lease term
Depreciation charge for the year
Balance at 30 June
Lease liabilities
2022
$
2021
$
345,753
382,988
(4,143)
(63,745)
277,865
-
(37,235)
345,753
At the commencement date of the lease, the Group recognises lease liabilities measured at the
present value of lease payments to be made over the lease term. The lease payment includes fixed
payments (including in-substance fixed payments) less any lease incentives receivable, variable
lease payments that depend on an index or a rate, and amounts expected to be paid under residual
value guarantees.
Godolphin Resources Limited Annual Report 30 June 2022
Page 38
Notes to the Financial Statements (continued)
In calculating the present value of the lease payments, the Group uses the incremental borrowing
rate of 4.48% per annum at the lease commencement date as the interest rate implicit in the lease
is not readily determinable. After the commencement date, the amount of lease liabilities is
increased to reflect the accretion of interest and reduced for the lease payments made.
Maturity analysis- contractual cash flows
Within one year
One year or later and not later than five years
Later than five years
Total lease liabilities
Lease liabilities included in the statement of financial position
Current
Non-current
Amounts recognised in profit or loss
Depreciation on right of use asset
Interest on lease liabilities
Expenses relating to short-term leases
2022
$
60,755
223,307
-
284,062
2021
$
56,495
265,445
25,221
347,161
60,755
223,307
284,062
56,495
290,666
347,161
63,745
13,973
11,310
89,028
37,235
10,973
5,544
53,752
Amounts recognised in exploration and evaluation costs
Additions relating to short term leases
8,410
-
Amounts recognised in the statement of cash flows
Lease payments
Payments relating to short-term leases
Commitments
Exploration expenditure commitments
71,562
17,980
89,542
40,950
5,544
46,494
In order to maintain current rights of tenure to exploration tenements, the Group is required to
perform exploration work to meet the proposed work programs and expenditure over the term of
the licences provided at the time of grant as required by the New South Wales Government.
These obligations are subject to renegotiation when application for a mining lease is made and at
other times.
Godolphin Resources Limited Annual Report 30 June 2022
Page 39
Notes to the Financial Statements (continued)
As at 30 June 2022, these obligations are not provided for in the financial report and are payable
as follows:
2022
Within one year
One year or later and not later than five years
Later than five years
2021
Within one year
One year or later and not later than five years
Later than five years
Segment Reporting
Exploration expenditure
commitments
$
424,931
1,993,987
104,071
2,522,989
858,595
1,533,810
-
2,392,405
An operating segment is a component of the Group that engages in business activities whose
operating results are reviewed regularly by the Group’s Board and for which discrete financial
information is available.
The Group is involved solely in mineral exploration within its 100% controlled Australian-based
copper-gold projects in the Lachlan Fold Belt (LFB) NSW and the farm-in agreement on the
Narraburra REE and RM Project, and thus has a single operating segment.
Business and geographical segments
The results and financial position of the Company’s single operating segment are prepared on a
basis consistent with Australian Accounting Standards and thus no additional disclosures in
relation to the revenues, profit or loss, assets and liabilities and other material items have been
made. Entity-wide disclosures in relation to the Group’s product and services and geographical
areas are detailed below.
Products and services
The Group is involved solely in mineral exploration within its 100% controlled Australian-based
projects in the Lachlan Fold Belt (LFB) NSW and the farm-in agreement on the Narraburra REE and
RM Project, and, as such, currently provides no products for sale.
Geographical areas
The Company’s exploration activities are located solely in Australia.
Contingencies
Details of contingent liabilities where the probability of future payments/receipts is not
considered remote are set out below:
On 25 July 1991, Tri Origin Exploration Limited and Mr David Timms (deceased) (a geologist and
unrelated party) entered into to a finder’s fee agreement (Finder’s Fee Agreement) pursuant to
which the Estate of Mr Timms is eligible to receive a finder’s fee in relation to a mineral property in
Australia, comprising 2.56 km2, and designated as EL 1049 in New South Wales, Australia (Property).
The mining tenement designated as EL 1049 was cancelled in a broader process of replacing a
number of licences in the area with a single new licence, EL 5583 (EL 5583). TriAusMin Pty Ltd (an
entity that is the Company’s wholly owned subsidiary), is the registered holder of EL 5583.
Godolphin Resources Limited Annual Report 30 June 2022
Page 40
Notes to the Financial Statements (continued)
The area referred to as the Property in the Finder’s Fee Agreement is now located within the
boundaries of EL 5583.
On this basis, a portion of EL 5583 (being the 2.56km2 Property) is subject to a finder's fee, payable
to the Estate of Mr David Timms, following commencement of production, or sale of EL 5583,
capped at A$2,000,000. The fee is payable in respect of:
(a) 1/3 proceeds from the sale of EL 5583; or
(b) 1/3 of net profits from production from the Property; or
(c) 30% of any royalties received from production from the Property.
Subsequent Events
Directors are not aware of any matter or circumstance that has arisen since the end of the
financial year that has significantly affected or may significantly affect the Group’s operations, the
results of these operations or the Group’s state of affairs in future financial years, excepting:
1. On 9 August 2022, there was a cash placement totalling $1,607,825 before capital raising
costs with the issue 18,915,586 ordinary fully paid shares for $0.085 each share; and
2. On 9 September 2022, $1,301,024 was raised in accordance with a Share Purchase Plan and
the issue of 15,306,160 ordinary fully paid shares for $0.085 each share.
Godolphin Resources Limited Annual Report 30 June 2022
Page 41
Notes to the Financial Statements (continued)
Section B – Risk and Judgement
B. This section outlines the key judgements, estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial
year. This section also outlines the significant financial risk the Group is exposed, to which the Directors
would like to draw the attention of the readers.
Financial Risk Management
Overview
This Note presents information about the Group’s exposure to credit, liquidity and market risks,
their objectives, policies and processes for measuring and managing risk, and the management of
capital.
The Group does not use any form of derivatives as it is not at a level of exposure that requires the
use of derivatives to hedge its exposure. Exposure limits are reviewed by management on a
continuous basis. The Group does not enter into or trade financial instruments, including
derivative financial instruments, for speculative purposes.
The Board of Directors has overall responsibility for the establishment and oversight of the risk
management framework. Management monitors and manages the financial risks relating to the
operations of the Group through regular reviews of the risks.
Credit Risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations.
Presently, the Group is in an exploration phase, therefore does not earn revenue from sales and
therefore has no accounts receivable from sales. Other receivables at 30 June 2022 of $20,239
(2021: $5,716) includes $20,000 receivable for transfer of tenement bonds upon disposal of
tenements. $20,000 was received during July 2022.
At the reporting date, there were no significant credit risks in relation to trade receivables.
For the Company, credit risk arises from receivables due from subsidiaries.
Cash and cash equivalents
The Group limits its exposure to credit risk by only investing in liquid securities and only with
counterparties that have an acceptable credit rating.
Exposure to credit risk
The carrying amount of the Group’s financial assets represents the maximum credit exposure. The
Group’s maximum exposure to credit risk at the reporting date was:
Note
Carrying Amount
2022
$
1,620,561
109,019
1,729,580
Current
Cash and cash equivalents
Other receivables
A10
A7
Impairment losses
None of the Group’s other receivables are past due.
Godolphin Resources Limited Annual Report 30 June 2022
Page 42
Carrying
Amount
2021
$
4,729,025
76,268
4,805,293
Notes to the Financial Statements (continued)
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall
due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always
have sufficient liquidity to meet its liabilities when due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to the Group’s reputation.
The Group manages liquidity risk by maintaining adequate cash reserves from funds raised in the
market and by continuously monitoring forecast and actual cash flows.
The decision on how the Company will raise future capital will depend on the market conditions
existing at that time.
The following are the contractual maturities of financial liabilities, including estimated interest
payments and excluding the impact of netting agreements:
Note
Carrying
amount
$
Contractual
cash flows
$
6 months
or less
$
A8
175,844
175,844
175,844
A8
197,812
197,812
197,812
30 June 2022
Trade and other payables
30 June 2021
Trade and other payables
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates
and equity prices will affect the Group’s income or the value of its holdings of financial
instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimising the return.
Changes in the share price for the Company’s investment in shares issued by Orange Minerals NL
will affect the Group’s income and the value of its financial asset. Refer to Note A11 for more
details.
Currency risk
The Group is not exposed to currency risk and at the reporting date the Group holds no financial
assets or liabilities which are exposed to foreign currency risk.
Interest rate risk
The Group is exposed to interest rate risk (primarily on its cash and cash equivalents), which is the
risk that a financial instrument’s value will fluctuate as a result of changes in the market interest
rates on interest-bearing financial instruments. The Group does not use derivatives to mitigate
these exposures.
The Group adopts a policy of ensuring that as far as possible it maintains excess cash and cash
equivalents in short terms deposit at interest rates maturing over three-month rolling periods.
Godolphin Resources Limited Annual Report 30 June 2022
Page 43
Notes to the Financial Statements (continued)
Profile
At the reporting date the interest rate profile of the Group’s and the Company’s interest-bearing
financial instruments was:
Variable rate instruments
Financial assets
Financial liabilities
Fair value sensitivity analysis
Carrying amount
2022
$
Carrying amount
2021
$
1,729,580
(175,844)
1,553,736
4,805,293
(197,812)
4,607,481
The Group does not have, and therefore does not account for any fixed interest rate financial
assets and liabilities at fair value through profit or loss.
A change of 100 basis points in interest rates at the end of the financial year would have increased
or decreased profit and loss by $20,719 (2021: $43,195).
Changes in the share price for the Company’s investment in shares issued by Orange Minerals NL
would affect the Group’s income and the value of its financial asset. Refer to Note A11 for more
details.
Instruments
Note
Change at end of
financial year
Cash and cash
equivalents (variable
rate instruments)
Financial Asset
A10
A11
100 basis points in
interest rates
$0.01 each share
20,990
-
This analysis assumes that all other variables remain constant.
Commodity Price Risk
The Group operates primarily in the exploration and evaluation phase and accordingly the
Group’s financial assets and liabilities are subject to minimal commodity price risk.
Capital and Reserves Management
The Group’s objectives when managing capital and reserves are to safeguard the Group’s ability
to continue as a going concern, so as to maintain a strong capital base sufficient to maintain
future exploration and development of its projects. In order to maintain or adjust the capital and
reserve structure, the Group may return capital to shareholders, issue new shares or sell assets to
reduce debt. The Group’s focus has been to raise sufficient funds through equity to fund
exploration and evaluation activities.
There were no changes in the Group’s approach to capital management during the year. Risk
management policies and procedures are established with regular monitoring and reporting.
Neither the Company nor any of its subsidiaries are subject to externally imposed capital
requirements.
Godolphin Resources Limited Annual Report 30 June 2022
Page 44
Increased or decreased profit
and loss
2022
$
2021
$
20,719
43,195
Notes to the Financial Statements (continued)
Financial Instruments
AASB 9 Financial Instruments includes guidance on the classification and measurement of
financial instruments, including a new expected credit loss model for calculating impairment on
financial assets, and the new general hedge accounting requirements. AASB 9 has been adopted
with no impact and no material changes in comparative information required.
Determination of Fair Values
A number of the Group’s accounting policies and disclosures require the determination of fair
value, for both financial and non-financial assets and liabilities. Fair values have been determined
for measurement and/or disclosure purposes based on the following methods. When applicable,
further information about the assumptions made in determining fair values is disclosed in the
Notes specific to that asset or liability.
Other receivables
The fair value of other receivables is estimated as the present value of future cash flows,
discounted at the market rate of interest at the reporting date. This fair value is determined for
disclosure purposes or when acquired in a business combination.
Non-derivative financial liabilities
Fair value, which is determined for disclosure purposes, is calculated based on the present value
of future principal and interest cash flows, discounted at the market rate of interest at the
reporting date.
Share-based payment transactions
The fair value of the share options is measured using the Black Scholes model. Measurement
inputs include share price on measurement date, exercise price of the instrument, expected
volatility (based on weighted average historic volatility adjusted for changes expected due to
publicly available information), weighted average expected life of the instruments (based on
historical experience and general option holder behaviour), expected dividends, and the risk-free
interest rate (based on government bonds). Service and non-market performance conditions
attached to the transactions are not taken into account in determining fair value.
Financial Asset
The fair value of the financial asset is estimated as the market value of listed equity securities at
the date of the equity securities are issued and then at each reporting date. Changes in fair values
of the financial asset are included in the Company’s results for the year ended 30 June 2022 being
an unrealised loss totalling $86,086 (2021: $Nil). Refer to Note A11 for more details.
Financial Instruments
AASB 9, including the expected credit loss model for calculating impairment on financial assets,
has been adopted with no impact and no material changes in comparative information required.
Impairment
The carrying amounts of the Group’s assets other than deferred tax assets (see Note D3), are
reviewed at each reporting date to determine whether there is any indication of impairment. If
any such indication exists, the asset’s recoverable amount is estimated (see below).
For intangible assets that are not yet available for use, the recoverable amount is estimated
annually, or when facts and circumstances suggest the carrying amount may exceed its
recoverable amount.
Godolphin Resources Limited Annual Report 30 June 2022
Page 45
Notes to the Financial Statements (continued)
An impairment loss is recognised whenever the carrying amount of an asset exceeds its
recoverable amount. Impairment losses are recognised in the statement of profit or loss and
other comprehensive income unless the asset has been re-valued previously in which case the
impairment loss is recognised as a reversal to the extent of the previous revaluation with any
excess recognised through the statement of profit or loss and other comprehensive income.
Impairment losses recognised in respect of cash generating units are allocated first to reduce the
carrying amount of any goodwill allocated to the cash generating unit (group of units) and then,
to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
Calculation of recoverable amount
The recoverable amount of other assets is the greater of their 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 an asset that does not generate largely independent
cash inflows, the recoverable amount is determined for the cash generating unit to which the
asset belongs.
Reversals of impairment
An impairment loss is reversed only to the extent that the asset’s carrying amount does not
exceed the carrying amount that would have been determined, net of depreciation or
amortisation, if no impairment loss had been recognised.
Financial Instruments
Effective interest rates and repricing analysis
In respect of income-earning financial assets and interest-bearing financial liabilities, the following
table indicates their effective interest rates at the reporting date and the periods in which they
reprice.
Effective
interest
rate
%
6 months
or less
$
6-12
months
$
1-2
years
$
Total
$
2-5
years
$
More
than 5
years
$
2022
Cash and cash
equivalents
2021
Cash and cash
equivalents
Fair values
1.55
1,620,561 1,620,561
0.45
4,729,025 4,729,025
-
-
-
-
-
-
-
-
The fair values of financial instruments equate with the carrying amounts shown in the statement
of financial position.
Godolphin Resources Limited Annual Report 30 June 2022
Page 46
Notes to the Financial Statements (continued)
Section C – Key Management Personnel and Related Party Disclosures
C. This section includes information about key management personnel’s remunerations, related parties
information and any transactions key management personnel or related parties may have had with the
Group during the year.
Key Management Personnel Expenses
Share-based payment transactions
The grant date fair value of equity-settled share-based payment awards granted is generally
recognised as an expense, with a corresponding increase in equity, over the vesting period of the
awards. The amount recognised as an expense is adjusted to reflect the number of awards for
which the related service and non-market performance conditions are expected to be met, such
that the amount ultimately recognised is based on the number of awards that meet the related
service and non-market performance conditions at the vesting date.
Wages, salaries, and annual leave
Liabilities for benefits such as wages and salaries represent present obligations resulting from
services provided to the reporting date, calculated at undiscounted amounts based on
remuneration wage and salary rates that the Group expects to pay as at the reporting date.
Salaries and fees
Consulting charges
Superannuation
Termination Benefit
Non-cash key management personal expense from granting of
options
Key management personnel expenses
Key Management Personnel Disclosures
Individual Directors and executive compensation disclosures
2022
$
463,618
98,520
41,434
603,572
-
2021
$
439,700
159,470
39,873
639,043
91,667
4,941
44,082
608,513
774,792
Information regarding individual Directors’ and executives’ compensation and some equity
instruments disclosures are required by Corporation Regulation 2M.3.03 and provided in the
remuneration report section of the Directors’ Report.
Apart from the details disclosed in this Note, no Director has entered into a material contract with
the Company or the Group during the financial year and there were no material contracts
involving Directors’ interests existing at year-end.
Directors’ transactions with the Company or its controlled entities
There were no aggregate amounts payable to Directors and their Director related entities for
unpaid Directors’ fees, statutory superannuation owed to each Director’s superannuation fund,
and consulting fees at the reporting date (2021: $Nil).
The terms and conditions of the transactions with Directors or their Director related entities,
outlined above, were no more favourable than those available, or which might reasonably be
expected to be available, on similar transactions to non-Director-related entities on an arm’s
length basis.
Godolphin Resources Limited Annual Report 30 June 2022
Page 47
Notes to the Financial Statements (continued)
Related Party Disclosures
Identity of related parties
The Group has a related party relationship with its subsidiaries (see Note C4 ) and with its
Directors and executive officers.
Other related party transactions
The classes of non-Director related parties are:
• wholly owned subsidiaries;
• partly owned subsidiaries;
• commonly controlled subsidiaries;
•
joint ventures;
• associates; and
• Directors of related parties and their personally related entities.
Related party transactions
The following related party transaction charges for Directors’ fees, consulting fees, were made
with the Group on normal terms and conditions and in the ordinary course of business:
Directors’ Fees
Superannuation benefits
Consulting Fees
Consolidated Entities
Parent entity
Godolphin Resources Limited
Subsidiaries
Godolphin Tenements Pty Ltd
TriAusMin Pty Ltd
Year ended 30 Jun 2022
$
Year ended 30 Jun 2021
$
463,618
41,434
-
505,052
174,683
16,595
13,700
204,978
Country of
incorporation
Australia
Australia
Australia
Ownership
interest
2022
%
Ownership
interest
2021
%
-
100
100
-
100
100
In the financial statements of the Company, investments in controlled entities and associates are
measured at cost and included with other financial assets.
Godolphin Resources Limited Annual Report 30 June 2022
Page 48
Notes to the Financial Statements (continued)
Section D – Other Disclosures
D. This section includes information that the Directors do not consider to be significant in understanding
the financial performance and position of the Group but must be disclosed to comply with the
Accounting Standards, the Corporations Act 2001 (Cth) or the Corporations Regulations.
Other Income
Australian Government Cashflow Boost
Exclusivity Fee
Profit on sale of tenements
Profit on sale of fixed asset
Other income
Administration Expenses
Accounting / secretarial expense
Advertising
Advisory Retainer Fee
Audit fees
Compliance: ASX/ASIC/Share Registry fees
Consulting fees
Equipment Hire
Information technology / website expense
Insurance expense
Legal expense
Meetings
Memberships/Subscriptions
Office rent
Other expenses
Recruitment fees
Training/Conferences/Seminars
Travel and accommodation expenses
2022
$
-
-
195,100
3,030
44
198,174
2022
$
117,853
57,911
23,500
32,653
56,940
118,258
11,310
64,402
55,648
9,410
9,468
8,157
-
39,092
1,549
54,054
14,157
674,362
2021
$
100,000
30,000
-
-
4,193
134,193
2021
$
185,385
24,087
40,000
20,114
81,362
31,336
5,544
23,988
49,409
16,232
29,838
11,820
3,960
43,929
35,600
5,347
12,855
620,806
Income Tax
Income tax is recognised in the statement of profit or loss and other comprehensive income
except to the extent that it relates to items recognised directly in equity, in which case it is
recognised in equity.
Current tax is the expected tax payable on the taxable income for the period, using tax rates
enacted or substantially enacted at the reporting date, and any adjustment to tax payable in
respect of previous periods.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
The following temporary differences are not provided for: goodwill, the initial recognition of
assets and liabilities that affect neither accounting nor taxable profit, and differences relating to
Godolphin Resources Limited Annual Report 30 June 2022
Page 49
Notes to the Financial Statements (continued)
investments in subsidiaries to the extent that they will probably not reverse in the foreseeable
future. The amount of deferred tax provided is based on the expected manner of realisation or
settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively
enacted at the reporting date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits
will be available against which the asset can be utilised. Deferred tax assets recorded at each
reporting date are reduced to the extent that it is no longer probable that the related tax benefit
will be realised.
Tax consolidation
The Company and its wholly owned Australian resident entities have formed a tax-consolidated
group.
All members of the tax-consolidated group are taxed as a single entity from 4 December 2019.
The head entity within the tax-consolidated group is Godolphin Resources Limited.
Current tax expense/ income, deferred tax liabilities and deferred tax assets arising from
temporary differences of the members of the tax-consolidated group are recognised in the
separate financial statements of the members of the tax-consolidated group using the “stand
alone taxpayer” approach for each entity, as if it continued to be a taxable entity in its own right.
Any current liabilities (or assets) and deferred tax assets arising from unused tax losses of the
subsidiaries are assumed by the head entity in the tax consolidated group and are recognised by
the Company as amounts payable / (receivable) to / (from) other entities in the tax-consolidated
group. Any difference between these amounts is recognised by the Company as an equity
contribution or distribution.
The Company recognises deferred tax assets arising from unused tax losses of the tax-
consolidated group to the extent that it is probable that future taxable profits of the tax-
consolidated group will be available against which the asset can be utilised.
Any subsequent period adjustments to deferred tax assets arising from unused tax losses as a
result of revised assessments of the probability of recoverability is recognised by the head entity
only.
As the tax-consolidated group has no income tax payable, the head entity has not entered into a
tax funding arrangement in conjunction with other members of the tax-consolidated group which
sets out the funding obligations of members of the tax-consolidated group in respect of tax
amounts.
Numerical reconciliation between tax benefit and pre-tax net loss
Loss after interest and before income tax
Prima facie Income tax benefit at a tax rate of 30%
Permanent difference options expense
Other eligible expenditure
Temporary differences
Decrease in income tax benefit due to:
Income tax losses not recognised
Income tax benefit on pre-tax net loss
2022
$
1,280,687
384,206
(1,482)
77,167
471,386
2021
$
1,412,786
423,836
(28,649)
76,354
706,310
(931,277)
-
(1,177,851)
-
Godolphin Resources Limited Annual Report 30 June 2022
Page 50
Notes to the Financial Statements (continued)
Temporary Differences
Deferred Tax Liability
Deferred Tax Asset
Unrecognised deferred tax assets
454,573
729,341
16,813
(23,031)
471,386
706,310
Revenue tax losses
9,182,683
5,947,196
The tax losses do not expire under current legislation though these losses are subject to testing
under loss recoupment rules in order for them to be utilised. Deferred tax assets have not been
recognised in respect of this item because, at this time, it is not probable that future taxable profit
will be available against which the benefits can be offset.
At 30 June 2022, the Group had no franking credits available for use in subsequent reporting
periods (2021: Nil).
Loss Per Share
Basic earnings per share (EPS) is calculated by dividing the net profit or loss attributable to
members of the parent entity for the financial year, after excluding any costs of servicing equity
(other than ordinary shares and converting preference shares classified as ordinary shares for EPS
calculation purposes), by the weighted average number of ordinary shares of the Company,
adjusted for any bonus issue. Diluted EPS is calculated by dividing the basic EPS earnings,
adjusted by the after-tax effect of financial costs associated with dilutive ordinary shares and the
effect on revenues and expenses of conversion to ordinary shares associated with dilutive
potential ordinary shares, by the weighted average number of ordinary and dilutive potential
ordinary shares adjusted for any bonus issue.
Godolphin Resources Limited Annual Report 30 June 2022
Page 51
Notes to the Financial Statements (continued)
The calculation of basic and diluted losses per share for the year ended 30 June 2022 was based
on the net loss attributable to ordinary shareholders of $1,280,687 (2021: $1,412,786) and a
weighted average number of ordinary shares outstanding during the year ended 30 June 2022 of
84,113,721 (2021: 77,579,836), calculated as follows:
Net loss attributable to members of the parent
Weighted average number of ordinary shares
2022
$
2021
$
1,280,687
1,412,786
Undiluted Number of Shares
Number
Number
Issued ordinary shares at beginning of year
Effect of shares issued 22 July 2020
Effect of shares issued 18 August 2020
Effect of shares issued 22 October 2020
Effect of shares issued 3 November 2020
Effect of shares issued 16 November 2020
Effect of shares issued 24 November 2020
Effect of shares issued 21 December 2020
Effect of shares issued 24 December 2020
Effect of shares issued 5 February 2021
Effect of shares issued 8 March 2021
Effect of shares issued 16 August 2021
Effect of shares issued 2 May 2022
Effect of shares issued 1 June 2022
Effect of shares issued 20 June 2022
Weighted average number of ordinary shares
used in calculating basic and diluted loss per
share
84,110,522
-
-
-
-
-
-
-
-
-
-
740
1,483
355
621
67,957,151
17,148
104,388
157,689
546,370
6,420,877
139,793
57,147
2,170,159
7,247
1,867
-
-
-
-
84,113,721
77,579,836
23,000,000 (2021: 50,708,430) potential shares were excluded from the calculation of diluted
earnings per share because they are antidilutive for the year ended 30 June 2022 as the Company
is in a loss position.
Auditor’s Remuneration
Auditors of the Company Dry Kirkness (Audit) Pty Ltd
(formerly Butler Settineri (Audit) Pty Ltd)
Audit and review of financial reports
Non-audit accounting services
2022
$
32,653
-
32,653
2021
$
20,114
8,000
28,114
Godolphin Resources Limited Annual Report 30 June 2022
Page 52
Notes to the Financial Statements (continued)
Parent Entity Disclosures
The Group has applied amendments to the Corporations Act 2001 (Cth) that remove the
requirements for the Group to lodge parent entity financial statements. Parent entity financial
statements have been replaced by the following specific parent entity disclosure.
As at, and throughout, the financial year ended 30 June 2022 the parent company of the Group
was Godolphin Resources Limited.
Results of the parent entity
Net loss attributable to members of the parent
Other comprehensive income, net of income tax
Total comprehensive income
Financial position of parent entity at year end
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Net Assets
Total equity of the parent entity comprising of:
Share capital
Reserve
Accumulated Losses
Total Equity
2022
$
1,281,513
-
1,281,513
2021
$
1,414,815
-
1,414,815
30 June 2022
30 June 2021
1,790,370
13,129,204
4,844,929
11,438,816
14,919,574
16,283,745
259,985
340,457
600,442
254,307
429,644
683,951
14,319,132
15,599,794
16,126,839
1,687,954
(3,495,661)
16,132,958
1,683,013
(2,216,177)
14,319,132
15,599,794
Parent entity capital commitments for acquisition of property, plant & equipment
Refer to Note A15 for commitments related to the parent entity.
Contingencies
Refer to Note A17 for contingencies related to the parent entity.
Financing Income and Expenses
Interest income is recognised as it accrues taking into account the effective yield on the financial
asset.
Finance expenses comprise interest expense on borrowings. Borrowing costs that are not directly
attributable to the acquisition, construction or production of a qualifying asset are recognised in
profit or loss using the effective interest method.
Derivatives
The financial entity does not hold any derivative financial instruments.
Godolphin Resources Limited Annual Report 30 June 2022
Page 53
Notes to the Financial Statements (continued)
GST
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST),
except where the amount of GST incurred is not recoverable from the taxation authority. In these
circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the
expense.
Receivables and payables are stated with the amount of GST included. The net amount of GST
recoverable from, or payable to, the ATO is included as a current asset or liability in the statement
of financial position.
Cash flows are included in the statement of cash flows on a gross basis. The GST components of
cash flows arising from investing and financing activities which are recoverable from, or payable
to, the ATO are classified as operating cash flows.
New Accounting Standards
A number of new standards, amendments to, or interpretations of standards are effective for
annual periods beginning 1 January 2021. These new standards and amendments have been
applied in preparing these financial statements and none of them have had a significant effect on
the financial statements of the Group.
This table lists the recent changes to the Standards that are required to be applied for 30 June
2022 year ends:
New pronouncements that must be applied for 30 June 2022 year-ends
Effective date11
AASB 2020-8 Amendments to AASs – Interest Rate Benchmark Reform –
Phase 2
AASB 2021-3 Amendments to AASs – COVID-19-Related Rent
Concessions beyond 30 June 2021
1 January 2021
1 April 2021
AASB 1060 General Purpose Financial Statements – Simplified Disclosures
for For-Profit and Not- for-Profit Tier 2 Entities
AASB 2020-2 Amendments to AASs – Removal of Special Purpose
Financial Statements for Certain For-Profit Private Sector Entities
AASB 2020-7 Amendments to AASs – COVID-19-Related Rent Concessions:
Tier 2 Disclosures
AASB 2020-9 Amendments to AASs – Tier 2 Disclosures: Interest Rate
Benchmark Reform (Phase 2) and Other Amendments
AASB 2021-1 Amendments to AASs – Transition to Tier 2: Simplified
Disclosures for Not-for- Profit Entities
AASB 2022-2 Amendments to AASs – Extending Transition Relief under AASB
1
AASB 2022-4 Amendments to AASs – Disclosures in Special Purpose
Financial Statements (SPFS) of Certain For-Profit Private Sector Entities
1 July 2021
1 July 2021
1 July 2021
1 July 2021
1 July 2021
30 June
202212
30 June
202213
11 Effective for annual reporting periods beginning on or after this date, unless separately noted.
12 Effective for annual reporting periods ending on or after this date.
13 Effective for annual reporting periods ending on or after this date.
Godolphin Resources Limited Annual Report 30 June 2022
Page 54
Notes to the Financial Statements (continued)
New pronouncements that must be applied for 30 June 2022 year-ends
Effective date11
1 January 2022
AASB 2020-3 Amendments to AASs – Annual Improvements 2018–2020
and Other Amendments
► Amendment to AASB 1, Subsidiary as a First-time Adopter
► Amendments to AASB 3, Reference to the Conceptual Framework
► Amendment to AASB 9, Fees in the ‘10 per cent’ Test for Derecognition of
Financial Liabilities
► Amendments to AASB 116, Property, Plant and Equipment: Proceeds
before Intended Use
► Amendments to AASB 137, Onerous Contracts – Cost of Fulfilling a
Contract
► Amendment to AASB 141, Taxation in Fair Value Measurements
AASB 2021-7 Amendments to AASs – Effective Date of Amendments to
AASB 10 and AASB 128 and Editorial Corrections
1 January 2022
AASB 2022-3 Amendments to AASs – Illustrative Examples for Not-for-Profit
Entities accompanying AASB 15
1 July 2022
AASB 17 Insurance Contracts
AASB 2020-1 Amendments to AASs – Classification of Liabilities as Current or
Non-current
AASB 2021-2 Amendments to AASs – Disclosure of Accounting Policies and
Definition of Accounting Estimates
► Amendments to AASB 7, AASB 101, AASB 134 and AASB Practice
Statement 2
1 January 2023
1 January 2023
1 January 2023
► Amendments to AASB 108
AASB 2021-5 Amendments to AASs – Deferred Tax related to Assets and
Liabilities arising from a Single Transaction
1 January 2023
AASB 2021-6 Amendments to AASs – Disclosure of Accounting Policies: Tier
2 and Other Australian Accounting Standards
1 January 2023
AASB 2022-1 Amendments to AASs – Initial Application of AASB 17 and
AASB 9 – Comparative Information
1 January 2023
AASB 2014-10 Amendments to AASs – Sale or Contribution of Assets
between an Investor and its Associate or Joint Venture
1 January 2025
End of Notes (Audited)
Godolphin Resources Limited Annual Report 30 June 2022
Page 55
Directors’ Declaration
1.
In the opinion of the Directors of Godolphin Resources Limited (“the Company”):
(a)
the consolidated financial statements and notes that are set out on pages 22 to 55 and the
Remuneration Report on pages 11 to 19 in the Directors’ Report, are in accordance with the
Corporations Act 2001 (Cth), including:
(i) giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its
performance for the financial year ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and
(b)
there are reasonable grounds to believe that the Company will be able to pay its debts as and
when they become due and payable.
2.
The Directors have been given the declarations required by Section 295A of the Corporations Act 2001
(Cth) from the Chief Executive Officer and Chief Financial Officer for the financial year ended 30 June
2022.
Signed in accordance with a resolution of the Directors.
Jeremy Read
Chair
Hideaway Bay, Queensland
13 September 2022
Godolphin Resources Limited Annual Report 30 June 2022
Page 56
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of Godolphin Resources Limited for the year ended 30 June 2022, I
declare that, to the best of my knowledge and belief, there have been:
a) No contraventions of the auditor independence requirements of the Corporations Act
2001 in relation to the audit; and
b) No contraventions of any applicable code of professional conduct in relation to the
audit.
This declaration is in respect of Godolphin Resources Limited and the entities it controlled
during the year.
DRY KIRKNESS (AUDIT) PTY LTD
LUCY P GARDNER
Director
Perth
Date: 13 September 2022
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF GODOLPHIN RESOURCES LIMITED
Report on the financial report
Opinion
We have audited the financial report of Godolphin Resources Limited (“the Company”) and its controlled entities
(“the Group”), which comprises the consolidated statement of financial position as at 30 June 2022 the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes
in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies, and the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act
2001, including:
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 have conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
Standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our
report.
We are independent of the Group in accordance with the auditor independence requirements of the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code
of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit
of the financial report in Australia. We have also fulfilled our ethical requirements 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 for 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.
Key Audit Matter
How our audit addressed the key audit matter
Capitalised mineral exploration expenditure
(refer notes A13 and B3)
The Group operates as an exploration entity and as
such
its primary activities entail expenditure
focussed on the exploration for and evaluation of
economically viable mineral deposits.
These
activities currently relate to several projects areas in
the Lachlan Fold Belt in New South Wales.
Our audit procedures included:
• ensuring the Group’s continued right to explore for
minerals in the relevant exploration areas including
assessing documentation such as exploration and
mining licences;
All exploration and evaluation expenditure incurred
has been capitalised and recognised as an asset in
the Statement of Financial Position. The closing
value of this asset is $12,263,593 as at 30 June 2022.
• enquiring of management and the directors as to
the Group’s intentions and strategies for future
exploration activity and reviewing budgets and cash
flow forecasts;
The carrying value of capitalised mineral exploration
assets is subjective and is based on the Group’s
intention and ability, to continue to explore the
asset. The carrying value may also be affected by the
results of ongoing exploration activity indicating that
the mineral reserves and resources may not be
commercially viable for extraction. This creates a
risk that the asset value included within the financial
statements may not be recoverable.
• assessing the results of recent exploration activity
to determine whether there are any indicators
suggesting a potential impairment of the carrying
value of the asset;
• assessing the Group’s ability to finance the planned
exploration and evaluation activity; and
• assessing the adequacy of the disclosures made by
the Group in the financial report.
Other information
The directors are responsible for the other information. The other information comprises the information in the
Group’s annual report for the year ended 30 June 2022, but does not include the financial report and the auditor’s
report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Directors’ responsibilities for the financial report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair
view in accordance with the Australian Accounting Standards and the Corporations Act 2001 and for such internal
control as the directors determine is necessary to enable the preparation of the financial report that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Company’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of the financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit. We also:
•
Identify and assess risks of material misstatement of the financial report, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and
whether the financial report represents the underlying transactions and events in a manner that achieves fair
presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the financial report. We are responsible for the direction,
supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards
applied.
From the matters communicated with the directors, we determine those matters that were of most significant in
the audit of the financial report for 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 public interest benefits of such
communication.
Report on the remuneration report
Opinion
We have audited the remuneration report included on pages 11 to 19 of the directors’ report for the year ended
30 June 2022.
In our opinion the remuneration report of Godolphin Resources Limited for the year 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.
DRY KIRKNESS (AUDIT) PTY LTD
LUCY P GARDNER
Director
Perth
Date: 13 September 2022
Additional Shareholder Information
Shares
At a general meeting on a show of hands, each member present in person or by proxy has one vote and on a poll
each member present in person or by proxy, attorney or representative of a member has one vote for each fully paid
share held by the member. If a member holds partly paid shares, the number of votes the member has in respect of
those shares on a poll is determined as follows:
D =
(A x B) / C
where:
A
B
C
D
is the number of those shares held by the member;
is the amount paid on each of those shares excluding any amount:
(i) paid or credited as paid in advance of a call; and
(ii) credited as paid on those shares to the extent that it exceeds the value (ascertained at the time of
issue of those shares) of the consideration received for the issue of those shares;
is the issue price of each of those shares; and
is the number of votes attached to those shares.
At 19 August 2022, issued capital was 103,063,287 ordinary fully paid shares held by 1,643 holders. No shares are
subject to escrow.
20 Largest Holders by Name of Ordinary Shares and their Share Holdings at 19 August 2022:
Rank Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
ORANGE MINERALS NL
B & J O'SHANNASSY MANAGEMENT PTY LTD
JOSCO PTY LTD
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
MR MATTHEW FRANCES TORI
KURANA PTY LTD
HAZURN PTY LTD
MR OLIVIER DUPUY + MS JULIE DUPUY
CITICORP NOMINEES PTY LIMITED
MS PATRICIA ROBERTS
BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM
AUSTRALIAN LAND PTY LTD
BNP PARIBAS NOMINEES PTY LTD
BNP PARIBAS NOMS PTY LTD
MRS PAMELA JEAN BUCHHORN
DAVENTRY FAMILY INVESTMENTS PTY LTD
LATSOD PTY LTD
SACHA TRADING COMPANY PTY LTD
MR ANDREW JAMES EASTON
MARTIN BUCKLEY
Top 20 holders of ORDINARY SHARES (TOTAL)
Number of
Shares
7,058,824
6,599,670
4,203,189
3,858,320
3,289,077
2,817,789
2,497,024
2,000,000
1,872,611
1,450,000
1,405,825
1,333,334
1,313,205
1,210,388
1,136,314
1,115,000
1,015,151
916,880
864,691
849,923
46,807,215
% of Issued
Capital
6.85%
6.40%
4.08%
3.74%
3.19%
2.73%
2.42%
1.94%
1.82%
1.41%
1.36%
1.29%
1.27%
1.17%
1.10%
1.08%
0.98%
0.89%
0.84%
0.82%
45.38%
Godolphin Resources Limited Annual Report 30 June 2022
Page 62
Additional Shareholder Information
Distribution of Share Holders and Share Holdings at 19 August 2022
Range
above 0 up to and including 1,000
above 1,000 up to and including 5,000
above 5,000 up to and including 10,000
above 10,000 up to and including 100,000
above 100,000
Rounding
Totals
Unmarketable Parcels at 19 August 2022
Minimum $ 500.00 parcel at $ 0.089 per
share
Substantial Shareholders at 19 August 2022
Holders
204
448
253
588
150
-
1643
Total Shares % Issued Share Capital
0.04%
1.31%
1.89%
19.29%
77.48%
(0.01%)
100.00%
38,119
1,354,960
1,943,169
19,876,236
79,850,803
-
103,063,287
Minimum Parcel Size
Holders
Number of Shares
5,617
700
1,645,480
B O'Shannassy and associates
Orange Minerals NL
Ian Buchhorn and associates
Unquoted Options
Number of
Shares
Proportion of
Issued
Shares14
10,802,859
7,058,824
6,759,849
10.48%
6.85%
6.56%
At 19 August 2022 there were 23,000,000 unquoted options with various exercise prices and expiry dates. No
options were subject to escrow.
Exercise Price
Grant Date
Vesting Date
Expiry Date
Number
$0.25
$0.25
$0.40
Total
5 Dec 2019
5 Dec 2019
5 Dec 2019
5 Dec 2019
5 Dec 2019
24 Dec 2020
5 Dec 2019
18 Dec 2019
1 Nov 2021
16 Dec 2021
21 Jan 2022
24 Dec 2020
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
24 Dec 2022
17,000,000
1,000,000
750,000
1,000,000
250,000
3,000,000
23,000,000
Each option provides the right for the option holder to be issued one fully paid share by the Company, upon
payment of the exercise price of each option.
14 Proportion of issued shares is based on 103,063,287 total shares on issue.
Godolphin Resources Limited Annual Report 30 June 2022
Page 63
Additional Shareholder Information
Over 20% Holders by Name of Options ($0.25 Exercise Price) and their Option Holdings at 19 August 2022
Name
ARDEA RESOURCES LIMITED
Number of
Options
15,000,000
% of Total Options
75.00%
Over 20% Holders by Name of Options ($0.40 Exercise Price) and their Option Holdings at 19 August 2022
Name
ZENIX NOMINEES PTY LTD
Number of Options
2,500,000
% of Total Options
83.33%
Distribution of Option Holders and Option Holdings at 19 August 2022 ($0.25 Exercise Price)
Range
above 0 up to and including 1,000
above 1,000 up to and including 5,000
above 5,000 up to and including 10,000
above 10,000 up to and including 100,000
above 100,000
Totals
Holders
-
-
-
2
11
13
Total Options
-
-
-
175,000
19,825,000
20,000,000
% of Total Options
-
-
-
0.87%
99.13%
100.00%
Distribution of Option Holders and Option Holdings at 19 August 2022 ($0.40 Exercise Price)
Range
above 0 up to and including 1,000
above 1,000 up to and including 5,000
above 5,000 up to and including 10,000
above 10,000 up to and including 100,000
above 100,000
Totals
Holders
-
-
-
2
2
4
Total Options
-
-
-
150,000
2,850,000
3,000,000
% of Total Options
-
-
-
5.00%
95.00%
100.00%
Godolphin Resources Limited Annual Report 30 June 2022
Page 64
Additional Shareholder Information
Mining Exploration Tenements
At 19 August 2022, the Company holds the following exploration and mining licences.
Tenure
EL 558315
EL 8061
EL 8420
EL 8532
EL 8538
EL 855516
EL 8556
EL 858016
EL 8586
EL 8889
EL 8890
EL 8901
EL 8962
EL 8963
EL 8964
EL 8966
EL 8998
EL 9243
EL 9258
EL 9333
EL 9337
EL 9370
EL 9371
ML 073916
Securities Exchange Listing
Location
Lewis Ponds
Gundagai South
Narraburra
Mt Aubrey
Yeoval
Calarie
Copper Hill East
Calarie Central
Gundagai North
Gundagai
Cumnock
Caledonian
Obley North
Obley West
Yallundry
Mt Bulga
Gadara
Goodrich
Temora
Kinross
Sebastopol
Gurrundah
Kingsburgh
Calarie Lachlan Mine
Company’s Interest
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Status
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
The Company’s ordinary shares are listed on the Australian Securities Exchange. The Company’s ASX code for
quoted ordinary shares is GRL.
On-Market Buy Back
There is no on-market buy-back.
15 There is a contingent liability in respect of a finder’s fee payable to the Estate of David Timms on EL5583 sale
transaction or production commencement (capped at $2,000,000). Refer Note A17 for further details.
16 EL8555, EL8580 & ML0739 are subject to farm in agreements between the Company & Orange Minerals NL as
announced on 18 December 2020. At 19 August 2022, the Company’s interest in tenements EL8555, EL8580 & ML0739
remains at 100%.
Godolphin Resources Limited Annual Report 30 June 2022
Page 65
Additional Shareholder Information
Corporate Governance Statement
The Company’s Corporate Governance statement for the financial year ended 30 June 2022 is available for
members to download and access from https://godolphinresources.com.au/governance
Summary of Mineral Resources (JORC 2012) Contained Within Godolphin Tenements
There are no material changes in the mineral resources holdings in the period between the date of annual
review of the mineral resources and the date of this report (19 August 2022).
Project
Tonnes
(Mt)
Au
(g/t)
Ag
(g/t)
Zn
(%)
Pb
(%)
Cu
(%)
Contained
Au (koz)
Contained
Ag (moz)
Contained
Zn (kt)
Contained
Pb (kt)
Contained
Cu (kt)
Mt Aubrey
1.21
1.61
-
Yeoval
12.80
0.14
2.20
-
-
-
-
- 0.38
Lewis Ponds
6.20
2.00
80.0 2.74 1.59 0.17
TOTAL
19.79
0.80 25.90 0.84 0.49 0.29
63
58
398
519
-
0.9
15.9
16.8
-
-
170
170
49
11
60
99
99
Some rounding may occur.
Mt Aubrey, Yeoval are as reported in Godolphin Resources Prospectus lodged on 29 October 2019. Lewis
Ponds is as reported by Godolphin Resources Ltd to ASX on 2 Feb 2021.
Governance arrangements and internal controls that the Company has put in place with
respect to its estimates of mineral resources and the estimation process.
The information that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is
based on information compiled by Ms Jeneta Owens, a Competent Person who is a Member of the Australian
Institute of Geoscientists. Ms Owens is the Managing Director and full-time employee of Godolphin Resources
Limited. Ms Owens has sufficient experience that is relevant to the style of mineralisation and type of deposit
under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the
2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves. Ms Owens consents to the inclusion in the report of the matters based on her information in the
form and context in which it appears.
Godolphin confirms that it is not aware of any new information or data that materially affects the information
included in the relevant market announcements and that in the case of estimates, the material assumptions
and technical parameters underpinning the estimates continue to apply and have not materially changed.
Godolphin Resources Limited Annual Report 30 June 2022
Page 66