GOLDEN MILE RESOURCES LIMITED
ABN 35 614 538 402
Annual Report for the Year Ended
30 June 2020
GOLDEN MILE RESOURCES LIMITED
TABLE OF CONTENTS
Table of Contents
REVIEW OF OPERATIONS ................................................................................................................................ 1
DIRECTORS’ REPORT ..................................................................................................................................... 29
AUDITOR'S INDEPENDENCE DECLARATION ............................................................................................... 41
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ......................................... 42
STATEMENT OF FINANCIAL POSITION ......................................................................................................... 43
STATEMENT OF CHANGES IN EQUITY ......................................................................................................... 44
STATEMENT OF CASH FLOWS ...................................................................................................................... 45
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS ....................................................... 46
DIRECTORS’ DECLARATION .......................................................................................................................... 63
INDEPENDENT AUDITORS’ REPORT ............................................................................................................ 64
SHAREHOLDER INFORMATION ..................................................................................................................... 68
CORPORATE DIRECTORY .............................................................................................................................. 70
GOLDEN MILE RESOURCES LIMITED
REVIEW OF OPERATIONS
REVIEW OF OPERATIONS
Golden Mile Resources (ASX: G88) (“Golden Mile” or the “Company”) is pleased to report on the
Company’s activities for the annual period ended 30 June 2020. Golden Mile’s work program has principally
been conducted on gold exploration projects, with a focus on the Leonora East Gold Project, Darlot Gold
Project and the Yuinmery Gold Project in the North-Eastern Goldfields of Western Australia (Figure 1).
Figure 1: Golden Mile’s project locations in Western Australia.
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1. Leonora East Gold Project
The Company’s Leonora East Project comprises two main blocks of tenements, over the Monarch Gold Trend
(‘MGT’) in the north and the Benalla Gold Trend (‘BGT’) in the south. The tenement blocks are approximately
40 km to the northeast and 30 km to the east of Leonora, respectively (Figure 2).
Figure 2 – Golden Mile’s project areas in the North-Eastern Goldfields of Western Australia.
The Leonora East Project area is adjacent to the Cardinia Gold Project, where Kin Mining NL (ASX:KIN) have
defined a number of gold deposits with a total Measured, Indicated and Inferred Mineral Resources of 21 Mt
@ 1.4 g/t gold for 945,000 oz of contained gold (refer to KIN ASX Announcement dated 17 February 2020
“CGP Mineral Resource Estimate Update to 945koz”).
The northern part of the MGT lies immediately to the east of the Redcliffe Project where NTM Gold Limited
(ASX:NTM) have also recently identified multiple new zones of gold mineralisation and have defined an
Indicated and Inferred Mineral Resource of 13.4 Mt @ 1.6 g/t Au for 678.7 koz of gold (refer to NTM ASX
Announcement dated 12 May 2020 “Maiden Hub resource of 141 koz”).
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Previous exploration by Golden Mile on the Leonora East Project has shown that the tenement areas over the
MGT and BGT contain numerous historical workings. Rock chip sampling and prospecting records indicate
that the area is prospective for greenstone-hosted gold mineralisation over a significant strike length.
1.1 Benalla Gold Trend
The BGT is located approximately 40 km to the east of Leonora covering prospective greenstone units of the
Benalla anticline (Figure 2). The BGT is located approximately 10 km to the south of the MGT (see above).
The BGT is located adjacent to the Cardinia Gold Camp, where Kin Mining NL (ASX:KIN) have defined a
number of gold deposits with a total Measured, Indicated and Inferred gold resource of 409,000 oz Au (refer to
KIN ASX Announcement dated 17 February 2020 “CGP Mineral Resource Estimate Update to 945koz”) in a
similar geological terrane to the Company’s project area. Recent discoveries by KIN indicate that high-grade,
near surface gold mineralisation occurs within 1 to 2 km of the Golden Mile tenement areas (e.g. Cardinia Hill
and Helens South Prospects, refer to KIN ASX Announcement dated 27 April 2020, 18 May 2020 and 3, 9
and 19 June 2020”).
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Figure 3: Diagram showing the location of known gold occurrences and the completed auger sampling holes on the
tenement area adjacent to the Cardinia Gold Camp being developed by Kin Mining NL.
During the reporting period the Company completed a systematic auger sampling program consisting of 854
shallow, vertical auger holes (Figure 3) on a nominal 400 m x 100 m spaced grid, completed using a 4WD-
mounted auger drill rig. Each hole was 0.5-2.5 m deep and a sample was collected at the end of hole for
analysis by a multi-element assay method.
Results show widespread, coherent near-surface gold anomalism (Figure 4). The gold anomalies extend over
at least 10 km of strike within the BGT, broadly interpreted as being associated with a series of northwest to
northeast trending mineralised structures in the bedrock.
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These anomalies confirm the Company’s interpretation that the BGT contains a significant gold mineralised
system. Moreover, the scale of the anomalies is sufficient to potentially indicate the presence of a significant
gold deposit.
Figure 4: Results of Golden Mile’s auger sampling (gridded Au values) showing the distribution of gold anomalies along
the Benalla Gold Trend tenements.
The Company also completed a detailed airborne magnetic and radiometric geophysical survey over the BGT
(see Golden Mile ASX Announcement dated 2 July 2020). The survey was undertaken by MAGSPEC
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Airborne Surveys and involved the acquisition of both magnetics and radiometrics using a fixed-wing aircraft.
A detailed line spacing of 50 metres was flown on an east-west orientation, at a nominal altitude of 30 metres.
Including tie lines, the total survey was approximately 575 line km. Processed data and images were recently
supplied to the Company by Southern Geoscience Consultants and an initial interpretation has been
completed.
The magnetic survey images highlight a number of important southeast-trending structures in the BGT that
are along strike from Cardinia where KIN are successfully discovering and extending gold deposits associated
with similar structural trends and prospective lithological contacts (Figure 5). The survey has also identified
previously unrecognised northeast to north-northeast trending structures that may also have a role in the
localisation of gold mineralisation, similar in nature to those intersecting Cardinia.
Figure 5: Processed images of the completed Benalla airborne geophysical survey. Left – Total magnetic intensity (TMI)
colour image, showing huge increase in detail over available open-file survey data. Right – Preliminary interpretation of
TMI showing important SE trending (red) structures that extend into Cardinia area (Kin Mining Ltd) to the northwest and
previously unknown cross-cutting NE-NNE trending (blue) structures.
The interpreted structures spatially correlate with known surface geochemical anomalies that have previously
been identified on the BGT. The Company has identified these areas as priority gold targets for further
exploration follow-up as they are located along strike of the Cardinia Hill and Helens gold deposits and along
the interpreted East Lynne trend (Figure 6).
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Figure 6: Schematic map showing the location of gold geochemical anomalies and interpreted structures on Golden Mile’s
BGT tenements with respect to proposed open pits and other prospect locations defined by Kin Mining NL. Priority
exploration targets have been identified where gold anomalism is spatially associated with favourable mafic lithologies and
cross-cutting structures. Refer to references in the text for the source of the Kin Mining NL information.
The airborne survey has provided the Company with an additional high-quality geophysical data to
complement the geochemical surveys that have previously been completed on the BGT. The combination of
these exploration results has defined four priority target areas that warrant drill testing. The Company has
recently completed the first phase of an aircore drilling program (see Golden Mile ASX Announcement dated
11 September 2020) that tested three of the four targets (BGT2, BGT3 and BGT4) and a second phase of the
program to test BGT1 and follow up on further areas is planned for October 2020.
1.2 Monarch Gold Trend
The Monarch Gold Trend (‘MGT’) covers the eastern part of the Mertondale Shear Zone along a granite-
greenstone contact that is interpreted to represent a poorly tested but extensive gold bearing structure
extending over more than 15 km of strike (Figure 2). Previous work by the Company on the MGT has included
auger sampling (Figure 7) which has identified an extensive gold anomalies along a mineralised trend (Figure
8) characterised by shearing and faulting and featuring high-grade gold and a large number of historical gold
workings.
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Wildcat
Royal Harry
Figure 7: Location of Golden Mile’s original auger
sampling (nominal 400 x 100m grid) and infill auger
samples (nominal 100 x 100m grid) over the Monarch
Gold Trend.
Figure 8: Results of Golden Mile’s original and infill auger
sampling (gridded Au ppb) showing the distribution of the
interpreted gold anomalies along the Monarch Gold Trend
and high priority prospect areas.
An initial aircore (AC) drilling program was completed during the reporting period at two priority prospect areas
on the MGT: at Wildcat in the north and at Royal Harry approximately 6 km to the south (Figure 8). The drilling
was conducted on a nominal 100 m by 25 m grid to test for the mineralised source of the observed surface
gold anomalies. At Wildcat a total of 41 holes were completed for 1,879 m of AC drilling. At Royal Harry a
total of 31 holes were completed for 1,028 m of AC drilling.
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In both areas the drilling intersected sheared mafic rocks with local quartz veining (see Figures below). At
Royal Harry gold mineralisation occurs with the quartz veins; within zones that appear to be related to
structures; and along the contact between mafic volcanic and felsic volcanic rock types. The observed
weathering profile was highly variable, from as little as 1 metre (i.e. fresh rock near surface) at Royal Harry, to
greater than 50 m depth at Wildcat.
Figure 9: AC drill hole collar locations at the Royal Harry Prospect showing interpreted geology and significant
mineralised intersections
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Significant mineralised intersections from the drilling are summarised in Table 1 and Table 2 for the Royal
Harry and Wildcat prospects, respectively. Results are based on assay of 4 metre composite samples
prepared from individual 1 metre drilling samples. Intersections are based on a 0.25 g/t Au cut-off and can
include a maximum of 4 metres of mineralisation grade between 0.10 – 0.25 g/t Au (i.e. one composite
sample). Holes are angled and a downhole intercept length is quoted, true width is not known. The geometry
of mineralisation with respect to drill hole angle is unknown at this stage.
Figure 10: AC drill hole collar locations at the Wildcat Prospect showing interpreted geology and significant mineralised
intersections
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Table 1: Significant gold intersections from AC drilling program at Royal Harry Prospect
Hole ID
MTAC001
MTAC002
MTAC003
MTAC004
MTAC006
MTAC011
MTAC014
MTAC016
MTAC017
MTAC019
MTAC020
MTAC024
MTAC025
MTAC026
MTAC027
MTAC028
MTAC029
MTAC030
Mineralised Intersection
From (m)
16
20
16
20
8
20
20
44
24
20
36
20
16
16
24
44
8
12
24
17
36
20
To (m)
20
24
32
24
12
24
21
48
28
28
40
24
28
20
36
48
16
16
28
20
40
24
Interval (m)
4
4
16
4
4
4
1
4
4
8
4
4
12
4
12
4
8
4
4
3
4
4
Grade
Au (ppb)
0.45
0.40
0.27
0.51
3.79
0.72
0.27
0.48
0.34
0.39
0.39
0.52
0.44
0.26
0.27
0.49
0.40
0.26
0.25
0.30
0.42
0.62
Table 2: Significant gold intersections from AC drilling program at Wildcat Prospect
Hole ID
Mineralised Intersection
MTAC036
MTAC042
MTAC047
MTAC051
MTAC052
MTAC053
MTAC060
MTAC065
MTAC072
From (m)
20
20
44
44
12
56
28
44
56
24
36
To (m)
28
24
48
48
20
60
32
52
60
28
44
Interval (m)
8
4
4
4
8
4
4
8
4
4
8
Grade
Au (ppb)
0.62
0.44
0.48
0.54
0.38
0.27
0.44
1.51
0.55
0.80
0.36
Schematic cross sections of the interpreted geology and mineralised intersections are shown below. At Royal
Harry Prospect (Figure 11) note the apparent distribution of mineralisation along a weathering interface, which
may represent dispersion in a supergene zone. The interpreted mineralised structure at Wildcat Prospect
(Figure 12) is associated with quartz veins and a distinct dip in the weathering profile, a feature that is
observed over other mineralised zones in the region.
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Figure 11: Schematic cross section on line 6,834,000mN, Royal Harry Prospect.
Figure 12: Schematic cross section on line 6,841,100mN, Wildcat Prospect.
The Company has obtained historical reports that detail the results of sampling and exploration drilling
completed in 1987 along the Wildcat workings by Concord Mining NL (‘Concord’). According to these reports,
historical production from Wildcat prior to 1945 was 501.18 oz of gold from 727.5 tons of ore, at an average
grade of 21.08 g/t Au (refer to Golden Mile ASX announcement dated 9 December 2019).
Concord were testing the area for gold deposits amenable to shallow open pit mining and undertook a total of
32 inclined reverse circulation (RC) drill holes sited on thirteen traverse lines spaced approximately 20 to 40
metres apart along strike. The drilling along the mineralised structure intersected some narrow but very high
grade, shallow intersections, up to 41 g/t gold (Table 3) that appear to correlate up-dip with mineralised zones
within the workings themselves. Drilling indicates that the structure trends northwest (330o) and dips steeply
(sub-vertical to 70o) to the southwest and has continuity along over at least 280 metres of strike length.
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Table 3: Selected significant drilling intersections (0.5 g/t Au cut off) from the Wildcat Prospect
Hole ID
From (m)
To (m)
Interval (m) Gold Grade (g/t)
WRC01
WRC11
WRC13
WRC14
WRC14A
WRC15
WRC18
WRC22
WRC23
WRC27
WRC28
25
42
32
43
0
28
0
35
18
18
49
19
26
43
33
44
1
29
1
36
19
19
50
21
1
1
1
1
1
1
1
1
1
1
1
2
0.61
1.70
20.50
0.50
0.82
0.58
0.76
41.00
1.12
0.58
10.00
1.68
Most of the significant mineralised intersections were associated with quartz veining within fresh, sheared
mafic rock (basalt). A subsurface gold depletion zone was inferred between 10-35 metres vertical depth.
1.3 Wildcat Gold Prospect Drilling
An additional program of aircore (AC) drilling was completed in December 2019 to evaluate the known
mineralised Wildcat structure and the surrounding geochemical gold anomalies that define the mineralised
trends (Figure 13). A total of 71 AC holes were completed for a total of 2,289 metres of drilling.
See Figure 14
for detail
Figure 13: Surface image of the Wildcat Prospect showing gold geochemical anomalies and the collar location of the
completed Golden Mile AC drill holes.
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The drilling intersected significant gold mineralisation, principally on the mineralised structure at Wildcat in the
area with most of the historical workings.
Table 4: Significant gold intersections from the AC drilling program at the Wildcat Prospect.
Hole ID
MTAC073
MTAC074
including
and
and
MTAC075
including
MTAC077
MTAC078
MTAC080
MTAC082
MTAC083
MTAC117
MTAC127
From (m)
20
21
40
40
43
45
52
55
55
48
52
28
47
11
36
37
40
0
32
Mineralised Intersection
To (m)
21
22
46
41
44
46
53
58
57
50
56
36
48
12
37
38
44
4
44
Interval (m)
1
1
6
1
1
1
1
3
2
2
4
8
1
1
1
1
4
4
12
Grade
Au (g/t)
0.59
5.17
3.13
1.00
5.15
11.4
0.67
4.22
5.98
1.77
0.61
2.58
0.42
0.92
0.60
76.4
0.52
0.52
0.45
Infill AC drilling results are generally consistent with the grade and nature of the historical RC percussion
drilling results (Table 4). The current drilling indicates some wider intersections of lower average grade,
suggesting greater tonnage potential, with local shoots of high grade material.
A program of reverse circulation (RC) percussion drilling was completed in February 2020 to further evaluate
the extent and continuity of the known mineralised Wildcat structure. A total of 21 RC holes were completed
for a total of 1,823 metres of drilling (Figure 15).
The drilling confirmed the anomalous zone over the 150m of strike and intersected significant gold
mineralisation in the centre of the prospect, as summarised in Table 5. Significant intersections are quoted at
a cut-off grade of 0.5 g/t gold and are stated as downhole lengths.
Results indicate that the gold mineralised structure at Wildcat does extend down-dip (Figure 16), where zones
of elevated grade were intersected, typically associated with quartz veining. No resource has been estimated
for the Wildcat Prospect.
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Figure 14: Surface image of the historical workings at the Wildcat Prospect showing collar locations of the historical RC
percussion drill holes and the current AC drill holes completed by Golden Mile. Significant intersections (see Table 4) are
shown for both RC drill holes (yellow) and the AC drill holes (red).
Table 5: Significant gold intersections from the RC drilling program at the Wildcat Prospect.
Hole ID
WRC035
WRC036
including
WRC038
WRC039
including
WRC040
WRC047
WRC053
Mineralised Intersection
From (m)
To (m)
Interval (m)
64
68
69
69
78
96
96
70
84
41
66
70
70
70
82
98
97
71
85
42
2
2
1
1
4
2
1
1
1
1
Grade
Au (g/t)
0.87
1.62
2.37
0.65
1.31
2.86
5.12
2.13
2.42
1.41
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Figure 15: Current drill hole status map for the Wildcat Prospect area overlain on a surface image of the area.
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Figure 16: Schematic cross section through the central part of the Wildcat structure showing completed aircore and RC
percussion drill holes to test the steeply dipping mineralised structure.
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2. Yuinmery Gold Project
The Company successfully completed the purchase of the Yuinmery Gold Project from Legend Resources Pty
Ltd during the reporting period.
The Yuinmery Gold Project is comprised of a single exploration licence, E57/1043 in the North Eastern
Goldfields of Western Australia. The Yuinmery Gold Project has a total area of approximately 63.3 km2 (21
graticular blocks) and was granted on 11 October 2016 for a 5 year term. Located approximately 10 km from
the Youanmi Gold Mine and 30 km from the town of Sandstone, the project area is easily accessible from the
Paynes Find – Sandstone road, and then via pastoral station access tracks.
The Yuinmery Gold Project is located in the Youanmi Gold Mining District in Western Australia, near high-
grade drilling intersections made by Spectrum Metals Limited (ASX:SPX) at the Penny West Gold Project, and
by Venus Metals Corporation Limited (ASX:VMC) and Rox Resources Limited (ASX:RXL) at the Youanmi
Gold Project (Figure 17).
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Figure 17: Tenement status map of the Yuinmery Gold Project (EL57/1043) showing proximity of the project to the
Youanmi Gold Project and the Currans North Gold Project (Venus Metals Corporation Limited/Rox Resources Limited),
and the Penny North Gold Project (Ramelius Resources Limited).
As consideration for the 100% acquisition of E57/1043, the Company paid the Vendor $25,000 in cash, issued
the Vendor 1,000,000 fully paid ordinary shares, plus 1,000,000 options each exercisable at $0.10 and with an
expiry of three (3) years from the date of issue (refer to Golden Mile Resources announcements to the ASX
dated 21 August 2019). The Vendor retains a right to exercise prospecting rights over the Project to a
maximum depth of 1 m following completion, and is also entitled to a 0.5% net smelter return royalty.
During the reporting period Golden Mile completed a detailed review of historical exploration data at the
Yuinmery Gold Project and has identified priority geochemical targets for drill testing. Several surface
geochemical surveys have previously been completed in the current area of E57/1043, including soil sampling
and shallow auger sampling (Figure 18). Evaluation of the project area indicates that the areas sampled
generally have residual soil profiles with local subcrop and therefore that the sampling should have been
effective.
Figure 18: Interpreted geology map of the Yuinmery Gold Project (EL57/1043) showing the location of known gold
occurrences and historical geochemical soil and auger sampling. Red and pink – granitic rocks; purple – ultramafic rocks;
green – mafic volcanic and intrusive rocks; blue – banded iron formations.
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Gridding of the available geochemical data indicates that a large surficial gold geochemical anomalous zone
some 8 km long and 2 km wide is spatially associated with the northwest-trending Yuinmery Shear Zone
(Figure 19), which is a prominent structure formed along a granite-greenstone contact. Within this overall
zone of anomalism are a number of oblique, north to northeast trending coherent gold anomalies that may
represent the main mineralised structures in the area.
The identified anomalies have a close spatial association with nuggety gold occurrences and are therefore
considered to be high priority areas for further exploration. A number of the geochemical anomalies appear to
have the size and continuity that indicate potential for gold mineralisation within basement structures.
Figure 19: Gold anomalies at the Yuinmery Gold Project (gridded Au ppb) showing the location of known gold
occurrences. Note the overall zone of anomalism running parallel to the Yuinmery Shear Zone over approximately 8 km in
strike length and 2 km in width. Areas of highest anomalism are spatially associated with known gold occurrences and
have a distinct north to northeast trend and may represent oblique mineralised structures.
A number of shallow RAB drill holes were previously completed on the project area and the Company is
currently compiling these data so they can be integrated with the planned drilling. Initial assessment indicates
that a number of near-surface mineralised zones were intersected but these were not followed up with further
drilling.
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3. Darlot Gold Project
The Company recently completed a strategic review of the project area, which is located immediately adjacent
to the Darlot Gold Mine operated by RED5 Limited (ASX:RED, ‘RED5’) in the North Eastern Goldfields of
Western Australia (Figure 2).
The review has identified a number of priority gold targets (see Golden Mile ASX announcement dated 25
May 2020) that lie along strike from the Darlot mine and are close to historical high-grade gold occurrences
that are actively being explored by RED5 (Figure 20). None of these targets have been effectively explored.
Figure 20: Location of the target areas identified on the Darlot Gold Project area.
The Company completed a ground magnetic survey at the Darlot Gold Project (see Golden Mile ASX
announcement dated 29 June 2020) over the identified target areas. The survey improves the geophysical
coverage of the key central and southern target areas where the strike continuation of known mineralised
structures at the nearby Darlot mines extend onto the Company’s adjacent exploration licence.
Data was collected along 80 m spaced lines, with a total of approximately 95 line km surveyed, covering
around 7.9 km2. Processed data and images were supplied to the Company by Southern Geoscience
Consultants (Figure 21).
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Figure 21: Ground Magnetic Survey Areas (RTP) Overlain on Regional Magnetics (RTP)
During the fieldwork program numerous historic workings were identified and mapped in both the central and
southern target areas (see Figure 21). These workings appear to be associated with mineralised sulphidic
quartz veining. Rock chip samples of quartz veins and mullock dumps, taken by previous tenement holders,
gave assay results of up to 8.4 g/t Au (refer to Golden Mile ASX announcement dated 25 May 2020).
Initial results and interpretation of the ground magnetic survey within the central target area show that the
quartz veining and historic workings are largely contained within a magnetic low feature in the mafic rocks,
close to the contact between the mafic greenstone and the surrounding granite terrane (Figure 22).
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Figure 22: Historic workings and quartz veining associated with a magnetic low feature (RTP) in the Central Target area.
Previous tenement holders have conducted a wide spaced soil sampling program over this central target area
with results up to 618 ppb Au, along with anomalous Pb and Cu values. In July Golden Mile completed higher
resolution soil sampling program over the Central target area that identified multiple gold-in-soil anomalies up
to 232ppb Au (see Golden Mile ASX Announcement dated 25 August 2020).
4. Ironstone Well Gold Project
Ironstone Well Project is located approximately 6 km to the northeast of the town of Leonora (Figure 2).
Golden Mile has undertaken preliminary exploration at Ironstone Well and has identified a number of
prospective targets (Figure 23) for gold mineralisation supported by historical geochemical, geophysical and
drilling datasets.
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An application for Mining Lease 37/1341 (Figure 23) was granted to the Company by the WA Department of
Mines, Industry Regulation and Safety on 28 October 2019. The mining lease replaces prospecting licences
37/7951 and P37/7952 which had expired at the end of their respective terms.
During the reporting period the Company completed the purchase of Prospecting Licence 37/8615 from
Sullivans Garage Pty Ltd (the Vendor). The licence is immediately adjacent to the Company’s existing
ground-holdings (Figure 23) and contains the most significant historical workings in the Ironstone Well area,
including the Pride of Leonora Gold Mine, which was operational from 1899 to 1906 and has recorded
production of 38 kg of gold from 1,540 tonnes at an average grade of 24.6 g/t Au. Other shafts on the
tenement area were worked intermittently until the 1950’s.
Historical exploration on the area includes surface sampling and some shallow drilling. The Company is
currently compiling this information. An active gold exploration program is underway on the Ironstone Well
tenement area and this program will be expanded to incorporate the newly acquired tenement.
In consideration for the acquisition of the Prospecting Licence, the Company has agreed to issue the Vendor
ordinary shares in the Company to a value of $20,000. In addition, the Vendor has been granted a 1% net
smelter royalty in respect of any minerals extracted and recovered from the Prospecting Licence. The Vendor
retains the right to conduct prospecting activities on the Prospecting Licence for a period of 2 years.
Figure 23 – Ironstone Well Gold Project interpreted geology map showing known gold occurrences and exploration
prospects.
During the reporting period two prospecting licences considered to be outside the main gold mineralised
trends were relinquished.
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5. Minara Nickel-Cobalt Project
The Minara Nickel-Cobalt Project was formerly located approximately 30 km to the east of Leonora (Figure 2),
to the northwest of Glencore’s Murrin Murrin nickel mine. The Minara Project consisted of 3 granted
prospecting licences (P 37/8755-8777) and one granted exploration licence (E 37/1215).
During the reporting period the three prospecting licences were voluntarily surrendered and the exploration
licence, which has potential for gold mineralisation, was incorporated into the Leonora East Project.
A small program of geochemical auger sampling was completed on E37/1215, in order to complete sampling
coverage adjacent to the Company’s ground on the BGT (see above). No priority anomalies were identified
for further work at this stage (Figure 24).
Figure 24: Minara Project auger sampling results (Au ppm)
.
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6. Quicksilver Nickel-Cobalt Project
The Quicksilver Nickel-Cobalt Project is located near the wheatbelt town of Pingaring in the South West
Mineral Field of Western Australia, approximately 280 km southeast of Perth (Figure 25). The Project
comprises one granted exploration license (E70/4641) and one granted prospecting license (P70/1723) that
are 100% owned by the Company and collectively cover a total area of approximately 50 km2. During the
quarter the WA Department of Mines, Industry Relations and Safety granted the Company a renewal of
exploration licence 70/4641 for a further 5 year term.
The Project tenements cover approximately 15 kilometres of mafic-ultramafic greenstone stratigraphy
prospective for nickel mineralisation that is primarily located on privately owned farmland in an area with
excellent local infrastructure, including easy access to grid power, sealed roads and a railway line to key
ports.
Figure 25: Quicksilver Project location map.
A total Indicated and Inferred Mineral Resource estimate of 26.3 Mt @ 0.64% Ni & 0.04% Co (cut-off grade
>0.5% Ni or >0.05% Co) has been reported for the Quicksilver deposit (refer to Golden Mile ASX
announcement dated 19 November 2018 – Quicksilver Nickel Cobalt Project – Significant Maiden Resouce).
Preliminary metallurgical characterisation of this mineralisation has been undertaken in order to advance the
development of the Project.
The Company is continuing high-level studies of the Quicksilver Project and is considering the most effective
strategy to realise value from this project.
As at 30 June 2020 the Company has impaired this asset in the financial report.
26
GOLDEN MILE RESOURCES LIMITED
REVIEW OF OPERATIONS
7. Gidgee Project
The Gidgee Project is located in the North-Eastern Goldfields of Western Australia (Figure 1). The project
comprises two large exploration licences, E57/1039 and E57/1040, covering ground to the west of the
historical gold mining areas in the Gum Creek (Gidgee) Goldfield. The tenements are located approximately
75 km north of the town of Sandstone in the northern Yilgarn Block and are considered prospective for gold
and base metal mineralisation.
In July 2020 Golden Mile entered into a binding conditional farm-in agreement (Agreement) granting Gateway
Mining Limited (Gateway) the right to acquire up to an 80% interest in the Gidgee Project (refer to Golden Mile
ASX announcement dated 23 July 2020).
Gateway’s farm-in on the Gidgee Project will reduce the Company’s existing expenditure commitments on
non-core assets, thereby enabling the Company to focus on its high-priority gold projects.
COVID-19
The Covid-19 pandemic has impacted all businesses throughout Australia and Golden Mile is no different.
The restrictions relating to travel between states, regions and countries, restrictions in work practices,
precautionary measures required to be taken when outside of the home have impacted all aspects of life in
Australia throughout 2020. The Directors are therefore happy to report that whilst the restrictions have
provided challenges on an individual basis, the Company’s operations have not been as disrupted as many
others have been. Restrictions is Western Australia have eased considerably since April, and there have
been few restrictions in regional Western Australia impacting the Company’s operations. In addition the
Company’s officers are familiar with working remotely, and therefore have been able to adapt readily to the
“new normal”. The Company’s focus in the latter half of FY2020 have been to revisit the exploration plans
and raise capital to fund operations into next year. These activities have been unencumbered by the
restrictions.Further details about the impact of COVID-19 are provided in relevant notes in the Financial
Report.
All material results contained in this report have previously been reported in separate ASX releases. For more
information please visit the Company’s website: https://www.goldenmileresources.com.au/ or the ASX
website: https://www.asx.com.au/asx/share-price-research/company/G88.
Forward-Looking Statements
This document may include forward-looking statements. Forward-looking statements include, but are not
limited to, statements concerning Golden Mile Resources Ltd (ASX: G88) planned exploration program and
other statements that are not historical facts. When used in this document, the words such as "could," "plan,"
"estimate," "expect," "intend," "may”, "potential," "should," and similar expressions are forward-looking
statements. Although Golden Mile Resources Ltd (ASX: G88) believes that its expectations reflected in these
forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance
can be given that actual results will be consistent with these forward-looking statements.
Competent Persons Statements
The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or
Ore Reserves is based upon and fairly represents information compiled by Mr Rhoderick Grivas, a Competent
Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Grivas is Non- Executive
Chairman of the Company.
Mr Grivas 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 ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
27
GOLDEN MILE RESOURCES LIMITED
REVIEW OF OPERATIONS
Mr Grivas consents to the inclusion in the report of the matter based on his information in the form and context
in which it appears.
The information in this report that relates to Mineral Resources is based upon and fairly represents
information and supporting documentation prepared by Mr Paul Payne, a Competent Person who is a Fellow
of the Australasian Institute of Mining and Metallurgy. Mr Payne is a full time employee of Payne Geological
Services Pty Ltd.
Mr Payne 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 “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”
the JORC Code). Mr Payne consents to the inclusion in the report of the matter based on his information in
the form and context in which it appears.
The Company confirms that it is not aware of any new information or data that materially affects the
information included in the original announcements referenced in this announcement. 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 announcements.
28
GOLDEN MILE RESOURCES LIMITED
DIRECTORS’ REPORT
DIRECTORS’ REPORT
The Directors of Golden Mile Resources Limited (the “Company”) submit herewith the Report on the Company
for the financial year ended 30 June 2020. To comply with the provisions of the Corporations Act 2001, the
Directors report as follows:
Directors
Details of the Directors of the Company in office at any time during or since the end of the financial year and
at the date of this report are:
Mr Rhoderick Grivas
Non-Executive Chairman (Appointed 30 March 2017)
Experience and qualifications: Rhoderick Grivas is a geologist with over 30 years of experience in the
resource industry, including 20 years of board experience on ASX listed
companies. Mr Grivas has held several director and management
positions with publicly
listed mining and exploration companies,
including Managing Director of ASX and TSX listed gold miner Dioro
Exploration NL (ASX: DIO), where he oversaw the discovery and
development of a gold resource through feasibility to production. Mr
Grivas has a strong combination of equity market, M&A, commercial,
strategic, and executive management capabilities.
Other Directorships in listed
entities:
Andromeda Metals Limited (ASX: ADN, appointed 27 October 2017)
Aldoro Resources Limited (ASX: ARN, appointed 20 November 2019)
Okapi Resources Limited (ASX: OKR, appointed 30 June 2020).
Former Directorships in listed
entities in last 3 years:
None
Interests in Shares and
options:
124,750 fully paid ordinary shares
1,000,000 Unlisted share options exercisable $0.092, expiring 26
August 2023.
Dr Caedmon Marriott
Non-Executive Director (Appointed 7 January 2020)
Experience and qualifications Caedmon Marriott has more
in
than 18 years experience
the
international mining and exploration sector, in various roles across
mineral exploration, fund management, mining project evaluation and
corporate finance. Caedmon is currently Managing Director at Aldoro
Resources Limited, an ASX listed Western Australia nickel and gold
exploration company. Caedmon’s previous experience
includes
establishing and managing exploration programs in West Africa.
Caedmon also has significant experience as an mining analyst and
management of public and private equity investments in the resources
sector with JP Morgan Natural Resources Fund, Och-Ziff Capital
Management and GLG Global Mining Fund, as well as establishing
Firefinch Capital, a research, corporate finance and corporate broking
firm.
Caedmon graduated with MSci (Geological Sciences) and MA (Natural
Sciences – Geology) from University of Cambridge, has obtained a PhD
in Earth Sciences from University of Oxford and is also a Chartered
Financial Analyst.
Other directorships in listed
entities
Aldoro Resources Limited (ASX: ARN, appointed 20 November 2019)
Former Directorships in listed
entities in last 3 years:
None
Interests in Shares and
options:
Nil fully paid ordinary share.
1,000,000 Unlisted share options exercisable $0.092, expiring 26
August 2023.
29
GOLDEN MILE RESOURCES LIMITED
DIRECTORS’ REPORT
Mr Phillip Grundy
Non-Executive Director (Appointed 8 December 2016)
Experience and qualifications Phillip Grundy is a partner at Moray & Agnew Lawyers, specialising in
Corporate law and Mergers & Acquisitions.
Phillip has acted as a legal advisor to many ASX-listed public
companies across a broad range of industry sectors. He has advised
several Australian and international companies in relation to ASX-
listings, initial public offerings, backdoor listings, capital raisings,
corporate takeovers, continuous disclosure requirements, corporate
governance, Corporations Act and ASX Listings Rules compliance and
general commercial transactions.
In addition, Phillip advises a number of international companies in
relation to inbound Australian investment, mergers and acquisitions,
capital raisings in the Australian market, and cross-border transactions.
Phillip holds a Masters of Laws (Commercial Law) from Monash
University, a Bachelor of Laws (Hons) and Bachelor of Arts from Deakin
University.
Other Directorships in listed
entities:
None
Former Directorships in listed
entities in last 3 years:
Broo Ltd (ASX: BEE, appointed 14 October 2016, resigned 2 March
2018)
Interests in shares and
options:
25,000 fully paid ordinary shares
500,000 Unlisted share options exercisable $0.092, expiring 26 August
2023.
Mr Lachlan Reynolds
Managing Director (Appointed 23 September 2018, resigned 20 March
2020)
Experience and qualifications Mr Reynolds has a strong geological background with more than 25
years involvement in mineral exploration, project development and
mining. In various roles Mr Reynolds has worked on gold and nickel
opportunities in Western Australia, being involved in the Tampakan
copper project in the Philippines and multi-commodity Olympic Dam
mine in South Australia, and, later in his career, he was involved with
teams that successfully defined additional gold resources and brought a
number of open pit and underground mining developments into
production.
Company Secretary
Mr J Stedwell
Experience and
qualifications:
Mr Reynolds resigned as a director on 20 March 2020 and remained
working with the Company until August 2020 on a part-time basis.
Mr Reynolds held no other directorships in listed entities in the last 3
years.
Company Secretary
Justyn Stedwell is a professional Company Secretary, with over 12 years’
experience as a Company Secretary of ASX-listed companies in various
industries including biotechnology, agriculture, mining and exploration,
information technology and telecommunications. Justyn’s qualifications
include a Bachelor of Commerce (Economics and Management) from
Monash University, a Graduate Diploma of Accounting at Deakin
University and a Graduate Diploma in Applied Corporate Governance at
the Governance Institute of Australia. He is currently Company Secretary
at several ASX-listed companies.
30
GOLDEN MILE RESOURCES LIMITED
DIRECTORS’ REPORT
Meeting of Directors
The following table sets out the number of meetings of the Company’s Directors during the year ended 30
June 2020 and the number of meetings attended by each Director.
DIRECTOR
Mr Rhoderick Grivas
Mr Caedmon Marriott (appointed 7 January 2020)
Mr Phillip Grundy
Mr Lachlan Reynolds (resigned 20 March 2020)
Principal Activities
BOARD
MEETING
Held
7
3
7
6
Attended
7
3
7
6
The Company owns several resource tenements in Western Australia and are actively exploring the
tenements for gold, nickel and cobalt and related resources.
Operating Results and Financial Position
During the year, the Company made a loss $4,441,053 (2019: $964,005). During the year the Company
reviewed all of its holdings, adding tenements in Ironstone Well, as well as adding the Yuinmery project.
Focus has shifted away from the Quicksilver project, largely due to the discouraging Nickel price. The
Company's activities are detailed in the Review of Operations prior to the Directors’ Report.
During the year, the Company spent $802,317 (2019: $1,017,683) on exploration activities and a net
$746,932 (2019: $831,382) on operational expenditure. At 30 June 2020 the directors undertook a full review
of the exploration assets and its future plans, and as a result chosen to impair the Leonora East (Northern
Section), Minara and Quicksilver projects to focus on the development of Darlot and Yuinmery drilling
programs, with further exploration work also planned at Ironstone Well and Leonora East (Southern section).
As a result, the Company’s exploration assets are recorded at $604,792 (2019: 3,625,402), with net assets at
$1,295,905 (2019: $4,587,903). The Company’s cash position at 30 June 2020 was $624,725 (2019:
$1,126,607).
The Company acquired the Yuinmery Gold Project during the period, issuing 1,000,000 ordinary shares, plus
1,000,000 share options exercisable at $0.10 and expiring 3 years after issue, and paid $25,000 as
consideration. Further tenements were acquired in the Monarch Gold Trend area and Ironstone Well project.
The Company received deposits for the disposal of non-core assets at Darlot and Gidgee, however, the sale
was not finalised as the purchaser did not complete its acquisition. The Company subsequently re-
commenced exploration activities in Darlot, whilst entering into a farm-out arrangement for Gidgee in July
2020.
The Company raised $1,073,550 from the issue of fully paid ordinary shares before costs of $191,133
($120,000 paid by the issue of share options) to fund operations.
Dividends
During the year, the Company did not pay, or propose to pay, any dividends.
Significant Change in State of Affairs
On 23 September 2019 the Company announced that it had completed the acquisition of the Yuinmery Gold
Project from Legend Resources Pty Ltd. The consideration paid per the acquisition agreement was:
-
-
-
1,000,000 fully paid ordinary shares, issued on 23 September 2020;
1,000,000 options, with each option having an exercise price of $0.10 per share and which are
exercisable within 3 years of their date of issue, issued on 23 September 2020; and
$25,000 cash.
The Yuinmery Gold Project consists of a single exploration licence, E57/1043, in the North Eastern Goldfields
of Western Australia. The Project licence covers a total area of 63.3km2 and was granted on 11 October 2016
for a period of 5 years.
31
GOLDEN MILE RESOURCES LIMITED
DIRECTORS’ REPORT
On 10 October 2019 the Company successfully completed a placement of ordinary shares to sophisticated
and professional investors through Sanlam Private Wealth Pty Ltd. As a result, 12,474,993 ordinary shares
were issued at $0.058, raising $723,550 before costs.
In November 2019 the Company acquired a key tenement to add to the Ironstone Well project. The Company
paid $20,000 by the issue of 307,693 ordinary shares to the vendor. A 1% smelter royalty was also granted to
the vendor.
On 1 May 2020 the Company announced that it had successfully completed an unbrokered placement of
ordinary shares to sophisticated and professional investors. As a result 17,500,000 ordinary shares were
issued at $0.02 per share, raising $350,000 before costs.
After Balance Date Events
On 23 July 2020 the Company announced that it had entered into a farm-in agreement granting Gateway
Mining Limited (“Gateway”) the right to acquire an interest of up to 80% in the Gidgee Project. To earn a 25%
interest Gateway is required to fund $210,000 of exploration expenditure across the tenements within 12
months. Gateway can increase it interest to 51% by spending a further $420,000 within 3 years of
commencement of the agreement, and up to 80% by spending a further $500,000 within 5 years of
commencement of the agreement.
On 26 August the Company issued of 2.5 million share options to directors, as approved at an EGM on 13
August 2019, and 1.5 million share options to consultants under the Company’s Employee Option Plan.
On 1 September 2020 the Company announced the completion of the placement of ordinary shares to
sophisticated and professional investors. As a result 22,295,665 ordinary shares were issued at $0.05
pershare, raising $1,114,783 before costs.
On 25 September the Company announced completion of its Share Purchase Plan, raising 577,000 through
the issue of 11,540,000 shares at $0.05 (before costs).
The Covid-19 pandemic has created economic uncertainty. Actual economic events and conditions in the
future may be materially different form those estimated by the Company at the reporting date. As responses
by Government continue to evolve, management recognizes that it is difficult to reliably estimate with any
degree of certainty the potential impact of the pandemic after the reporting date on the Company, its
operations, its future results and financial position. The state of emergency in Victoria was extended on 16
August 2020 until 12 September 2020 and the state of disaster is still in place at the reporting date.
Other than the matters noted above, the Board is not aware of any matter or circumstance not otherwise dealt
with in these financial statements that has significantly or may significantly affect the operation of the
Company, the results of those operations, or the state of affairs of the Company in subsequent financial years.
Future Developments
The Company’s strategic focus remains the development of its exploration assets in Western Australia. The
focus will be on the Leonora East, Darlot and Yunimery Gold Projects, with further exploration also planned at
Ironstone Well. The Company will continue to explore and evaluate its other projects depending on available
resources and will continue to seek complementary gold projects.
COVID-19 Pandemic
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has
had, or may have, on the Company based on known information, with associated impacts addressed in
specific notes in the financial statements.
Indemnity and Insurance of Officers
The Company has indemnified the directors and executives of the Company for costs incurred, in their
capacity as a director or executive, for which they may be held personally liable, except where there is a lack
of good faith. During the financial year, the Company paid a premium in respect of a contract to insure the
directors and officers of the Company against a liability to the extent permitted by the Corporations Act 2001.
The contract of insurance prohibits disclosure of the nature of liability and the amount of the premium.
32
GOLDEN MILE RESOURCES LIMITED
DIRECTORS’ REPORT
Indemnity and Insurance of Auditor
The Company has not, during or since the financial year, indemnified or agreed to indemnify the auditor of the
Company or any related entity against a liability incurred by the auditor. During the financial year, the
Company has not paid a premium in respect of a contract to insure the auditor of the Company or any related
entity.
Environmental Issues
The Company’s activities involve exploration activities on WA mining tenements and therefore would be
subject to the WA laws and regulations relating to such activities including environmental approvals as may be
required from time to time under the Mining Act 1978.
Shares under Option or Issued on Exercise of Options
At the date of this report the Company had 14,575,000 shares under option as follows: -
Grant Date
Date of expiry Exercise price
24/10/2016(i)
31/10/2016(ii)
19/06/2017(iii)
19/06/2017(iii)
25/09/2018(iii)
23/09,2019(iv)
24/01/2020(v)
26/08/2020(vi)
24/10/2020
24/10/2020
01/08/2021
24/09/2021
29/11/2023
23/09/2022
24/01/2023
26/08/2023
$0.30
$0.30
$0.30
$0.30
$0.23
$0.10
$0.15
$0.092
Number on
issue
4,000,000
425,000
400,000
750,000
1,000,000
1,000,000
3,000,000
4,000,000
Number
escrowed
-
-
-
-
-
-
-
Escrow date
-
-
-
-
-
-
-
(i)
(ii)
(iii)
(iv)
(v)
(vi)
Promoter share options were issued prior to listing.
Issued as part of contract to acquire exploration assets, agreement dated 31 October 2018.
Granted to Key Management Personnel as part of contracted remuneration package during the prior period.
Issued as part of consideration for exploration asset.
Issued to Sanlam Private Wealth Pty Limited for services provided in capital raise.
Granted to Directors and consultants as part of their equity-based remuneration.
Share options do not provide the holder with the same rights as shareholders. Share options do not provide
the rights to participate in rights issues, dividends, or enable the holder to vote at General Meetings.
Proceedings on Behalf of the Company
No person has applied for leave of the Court under Section 327 of the Corporations Act 2001 to bring
proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for
the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. The
Company was not a party to any proceedings during the year.
REMUNERATION REPORT (AUDITED)
The remuneration report, which has been audited, outlines the Director and executive remuneration
arrangements for the Company, in accordance with the requirements of the Corporations Act 2001 and its
Regulations.
A. Principles Used to Determine the Nature and Amount of Remuneration
The performance of the Company depends upon the quality of its Directors and Executives. To prosper, the
Company must attract, motivate and retain highly skilled Directors and Executives. To that end, the Company
embodies the following principles in its remuneration framework:
Provide competitive rewards to attract high calibre executives;
Focus on creating sustained shareholder value;
Placing a portion of executive remuneration at risk, dependent upon meeting predetermined
performance benchmarks; and
Differentiation of individual rewards commensurate with contribution to overall results and according to
individual accountability, performance and potential.
The Board’s policy for determining the nature and amount of remuneration for Key Management Personnel
(“KMP”) for the Company is based on the following:
- The remuneration policy is to be developed and approved by the Board after professional advice is
sought from independent external consultants (where applicable).
33
GOLDEN MILE RESOURCES LIMITED
DIRECTORS’ REPORT
- All executive KMP receive a base salary (which is based on factors such as length of service and
experience), superannuation, fringe benefits and performance incentives, where appropriate.
- Performance incentives (in the form of a cash bonus) are generally only paid once predetermined key
performance indicators (KPIs) have been met.
- Apart from those detailed in this report no other share based/options incentives have been offered to
KMP during this reporting financial year.
- The Board, which also serves as the remuneration committee, reviews the remuneration packages
annually by reference to the Company’s performance, executive performance and comparable
information from industry sectors.
All remuneration paid to KMP is valued at the cost to the Company and expensed.
KMP or closely related parties of KMP are prohibited from entering hedge arrangements that would have the
effect of limiting the risk exposure relating to their remuneration. In addition, the Board’s remuneration policy
prohibits Directors and KMP from using the company’s shares as collateral in any financial transaction.
Engagement of remuneration consultants
During the year, the Company did not engage any remuneration consultants.
Remuneration Structure
The structure of Non-Executive Director, Executive Director and Senior Manager remuneration is separate
and distinct.
Non-Executive Director Remuneration
The Board’s policy is to remunerate Non-Executive Directors at market rates for time, commitment and
responsibilities. The Board determines payments to the non-executive directors and reviews their
remuneration annually, based on market practice, duties and accountability. Independent external advice is
sought when required. The maximum aggregate amount of fees that can be paid to Non-Executive Directors
is subject to approval by shareholders.
Each Director receives a fee for being a Director of the Company.
Senior Management and Executive Director Remuneration
The Company aims to reward Executives with a level and mix of remuneration commensurate with their
position and responsibilities within the Company to:
Reward Executives for company, business unit and individual performance against targets set by
reference to appropriate benchmarks;
Align the interests of Executives with those of shareholders;
Link reward with the strategic goals and performance of the Company;
Ensure total remuneration is competitive by market standards; and
Executive remuneration is designed to support the Company’s reward philosophies and to underpin the
Company’s growth strategy. The program comprises the following available components:
Fixed remuneration component; and
Variable remuneration component including cash bonuses paid.
Fixed Remuneration
The level of fixed remuneration is set to provide a base level of remuneration which is both appropriate to the
position and is competitive in the market. The fixed (primary) remuneration is provided in cash.
Variable Remuneration
The performance of KMP is measured against criteria agreed annually with each Executive. All bonuses and
incentives must be linked to predetermined performance criteria. The policy is designed to attract the highest
calibre of executives and reward them for performance results leading to long-term growth in shareholder
wealth.
The objective of the Short-Term Incentive (“STl”) program is to link the achievement of the Company’s
operational targets with the remuneration received by the executives charged with meeting those targets. The
total potential STI available is set at a level to provide sufficient incentive to achieve the operational targets
and such that the cost to the Company is reasonable.
34
GOLDEN MILE RESOURCES LIMITED
DIRECTORS’ REPORT
Actual STI payments granted depend on the extent to which specific operating targets are met. The
operational targets consist of a number of Key Performance Indicators (KPIs) covering both financial and non-
financial measures of performance.
On an annual basis, the individual performance of each executive is rated and taken into account when
determining the amount, if any, of the short-term incentive pool allocated to each executive. The aggregate of
annual STI payments available for executives across the Company are usually delivered in the form of a cash
bonus.
B. Details of Remuneration
Details of the remuneration of the Directors, other key management personnel (defined as those who have the
authority and responsibility for planning, directing and controlling the major activities of the Company) are set
out in the tables on pages 36 and 37.
Key Management Personnel - Directors and Executives
The key management personnel (“KMP”) of the Company consisted of the following Directors and executives
during the year:
Non-Executive Directors
Rhoderick Grivas
Phillip Grundy
Caedmon Marriott
Executive Director
Lachlan Reynolds
Non-Executive Chairman
Non-Executive Director
Non-Executive Director (Appointed 7 January 2020)
Chief Executive Officer and Director (Resigned 20 March 2020)
Other Key Management Personnel
Paul Frawley
Exploration Manager (KMP in 2019, Mr Frawley’s role was altered in 2020 to
be principally advisory in nature. As such, it was assessed he was not Key
Management Personnel during the current year)
Key Management Personnel – Service Agreements
Employment contracts – Lachlan Reynolds
The key terms of the contract are as follows:
-
-
-
-
-
Position of Executive Managing Director;
Salary of $220,000 per annum, plus superannuation and other benefits;
500,000 share options vesting immediately, exercisable at a price that is 150% of the 30 day VWAP
from the date of issue of the Options;
500,000 share options vesting 12 months from commencement, exercisable at a price that is 150% of
the 30 day VWAP from the date of issue of the Options;
500,000 share options vesting 24 months from the date of commencement, exercisable at a price that
is 200% of the 30 day VWAP from the date of issue of the Options;
Vesting of all options dependent upon continued employment with the Company at vesting date;
Commenced on 23 September 2018 with no fixed term; and
-
-
- Mr Reynolds’ contract was varied on 31 March 2020, to insert a notice period to 31 August 2020 on a
part-time basis. Subsequently, Mr Reynolds’ contract was terminated on 31 August 2020.
Non-Executive Director Service Agreement – Rhoderick Grivas
The key terms of the contract are as follows:
Position of Non-Executive Chairman;
Salary of $65,705 per annum, inclusive of superannuation;
Commenced on date Company admitted to the ASX, being 19 June 2017 with no fixed term; and
Agreement can be terminated in writing by either party or by mutual consent.
-
-
-
-
Non-Executive Director Service Agreement – Phillip Grundy
The key terms of the contract are as follows:
-
-
-
-
Position of Non-Executive Director;
Salary of $40,000 per annum, inclusive of superannuation;
Commenced on date Company admitted to the ASX, being 19 June 2017 with no fixed term; and
Agreement can be terminated in writing by either party or by mutual consent.
35
GOLDEN MILE RESOURCES LIMITED
DIRECTORS’ REPORT
Non-Executive Director Service Agreement – Caedmon Marriott
The key terms of the contract are as follows:
-
-
-
-
Position of Non-Executive Director;
Salary of $40,000 per annum, inclusive of superannuation;
Commenced on 7 January 2020 with no fixed term; and
Agreement can be terminated in writing by either party or by mutual consent.
-
-
Consultancy Agreement – Paul Frawley
The key terms of the contract are as follows:
Position of Exploration Manager;
Services to include analysing tenements and reporting on them to the Board, analysing prospective
mining and exploration acquisitions and reporting to the Board, preparing presentations for the
Company on its activities and tenements, assisting with developing, assessing and executing drilling
and exploration programs and other associated services;
Services to be provided and invoiced by Mr Frawley through his consulting company. The agreed rate
is $850 per day;
Commenced on the date the Company was admitted to the ASX, being 19 June 2017; and
The agreement has not been terminated by the Company. Mr Frawley will continue to undertake
consulting work on behalf of the Company on an ad hoc basis.
-
-
-
Details of Remuneration for the year ended 30 June 2020
The individual remuneration for key management personnel of the Company during the year was as follows:
SHORT TERM EMPLOYMENT BENEFITS
Leave
Cash Salary
provision
and Fees
$
$
Cash
Bonus
POST
EMPLOYMENT
Superannuation
Contributions
$
EQUITY BASED
PAYMENTS
TOTAL
Shares
$
Options
$
$
Non – Executive
Directors
Rhoderick Grivas
Phillip Grundy
Caedmon Marriott (i)
Sub-Total
Executive
Directors
Lachlan Reynolds
Sub-Total
62,419
37,997
17,355
117,771
-
-
-
-
192,500
192,500
(1,447)
(1,447)
Total
310,271
(1,447)
-
-
-
-
-
-
-
-
-
-
18,288
18,288
18,288
-
-
-
-
-
-
-
-
-
-
-
62,419
37,997
17,355
117,771
18,688
18,688
228,029
228,029
18,688
345,800
(i)
Caedmon Marriott invoiced Director fees through Nomad Exploration Pty Ltd, a company he is a Director of.
36
GOLDEN MILE RESOURCES LIMITED
DIRECTORS’ REPORT
Details of Remuneration for the period ended 30 June 2019
The individual remuneration for key management personnel of the Company during the period was as follows:
SHORT TERM EMPLOYMENT BENEFITS
Leave
Cash Salary
provision
and Fees
$
$
Cash
Bonus
POST
EMPLOYMENT
Superannuation
Contributions
$
EQUITY BASED
PAYMENTS
TOTAL
Shares
$
Options
$
$
Non – Executive
Directors
Rhoderick Grivas
Phillip Grundy
Koon Lip Choo
Sub-Total
Executive
Directors
Lachlan Reynolds
Tim Putt
Sub-Total
Other KMP
Paul Frawley (i)
Sub-Total
Total
(i)
65,700
39,996
6,666
112,362
169,583
106,906
276,489
212,700
212,700
-
-
-
-
10,051
(5,833)
4,218
-
-
601,551
4,218
-
-
-
-
-
-
-
-
-
-
-
-
-
16,110
10,156
26,266
-
-
26,266
-
-
-
-
-
-
-
-
-
-
-
-
-
-
90,306
-
90,306
-
-
65,700
39,996
6,666
112,362
286,050
111,229
397,279
212,700
212,700
90,306
722,341
Paul Frawley provided geological services billed through IGLS. Further expenses were charged by IGLS to the Company.
The amount billed was $20,759.
Bonuses included in remuneration
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Fixed
remuneration
2020
At risk -
STI
At risk – LTI
Fixed
remuneration
At risk - STI
At risk – LTI
2019
Non-Executive
Directors
Rhoderick Grivas
Phillip Grundy
Caedmon Marriott
Koon Lip Choo
Executive
Directors
Lachlan Reynolds
Tim Putt
Other KMP
Paul Frawley
100%
100%
100%
-
92%
-
-
-
-
-
-
-
-
-
C. Share Based Compensation
-
-
-
-
8%
-
-
100%
100%
-
100%
68%
100%
100%
-
-
-
-
-
-
-
-
-
-
-
32%
-
-
During the year no share options were granted to employees. Share based payment expenses included in
the table in B above relate to share options granted during the prior year.
1,341,666 Options previously issued to Directors as part of remuneration expired during the year. Lachlan
Reynolds was serving his notice period and his employment ended before completion of the vesting period for
tranche 3 of his employee options these options will not vest and will be cancelled.
D. Additional Information
Relationship between remuneration policy and Company performance
The remuneration policy has been tailored to increase goal congruence between shareholders, directors and
executives. The chosen method to achieve this aim is providing shares and share options to link future
benefits to the performance of the Company’s share price. The Company believes this policy will be effective
37
GOLDEN MILE RESOURCES LIMITED
DIRECTORS’ REPORT
in increasing shareholder’s wealth. The earnings of the Company for the reporting periods to 30 June 2020
are summarised below, along with details that are considered to be factors in shareholder returns:
Income
Net profit /(loss) after tax $
Share price at year end $
Net tangible assets per share $
30 June
2017
1,085
(412,719)
30 June
2018
47,508
(835,995)
30 June
2019
14,648
(964,005)
30 June
2020
54,376
(4,441,053)
0.18
0.08
0.45
0.08
0.05
0.07
0.059
0.02
During the year the Company adopted AASB 16 Leases. The Company has no long-term leases that fall into
the scope of AASB 16 that impact the result of the Company in the current year in a way that makes the result
less comparable to prior years.
E. Additional Information in relation to key management personnel shareholdings
Ordinary shares held in Golden Mile Resources Limited (number) 30 June 2020
Directors
Lachlan Reynolds (i)
Rhoderick Grivas
Phillip Grundy
Caedmon Marriott (ii)
Balance 1
July 2019
Granted as
payment of
Remuneration
On-market
changes
Off-market
changes
Other
changes
Balance
30 June 2020
107,483
124,750
25,000
-
257,233
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
107,483
124,750
25,000
-
257,233
(i)
(ii)
Resigned as a director during the year, but remained as Key Management Personnel until 31 August 2020.
Appointed during the year
Share options held in Golden Mile Resources Limited (number) 30 June 2020
Directors
Lachlan Reynolds1
Rhoderick Grivas2
Phillip Grundy2
Caedmon Marriott
Other KMP
Paul Frawley3
Balance 1
July 2019
1,500,000
750,000
166,666
-
400,000
2,816,666
Granted as
payment for
Remuneration
Options
converted
Other
changes
Balance
30 June
2020
Vested
-
-
-
-
-
-
-
-
-
-
-
-
(500,000) 1,000,000
-
(750,000)
-
(166,666)
-
-
1,000,000
-
-
-
(400,000)
-
(1,816,666) 1,000,000
-
1,000,000
1. The final tranche of Mr Reynolds share options did not vest as the vesting condition was not met. The vesting condition was
related to Mr Reynolds remaining at the Company until 29 November 2020.
2. Share options previously issued to Directors as remuneration expired during the year.
3. Paul Frawley is no longer considered Key Management Personnel.
F. LOANS FROM KMP
There are no loans to or from KMP.
38
GOLDEN MILE RESOURCES LIMITED
DIRECTORS’ REPORT
G. OTHER TRANSACTIONS WITH KMP
Other than the Key Management Personnel disclosures noted above, the following transactions were
completed with related parties during the year: -
Moray and Agnew (i)
Nomad Exploration Pty Ltd (ii)
Aldoro Resources Limited (iii)
Altilium Metals Ltd (iv)
Expenses
during
year
24,148
18,180
-
30,000
Invoiced
during year
Balance
receivable
at 30 June
Balance
payable at
30 June
-
-
9,082
-
-
-
1,287
-
-
-
-
-
(i)
(ii)
(iii)
(iv)
Phillip Grundy is a partner at Moray and Agnew. Moray & Agnew provided legal and consulting services
related to compliance matters.
Caedmon Marriott is a Director of Nomad Exploration Pty Ltd, who provided exploration and support services
during the year.
Caedmon Marriott and Rhod Grivas are directors of Aldoro Resources Limited. During the year Aldoro
Resources Ltd shared office space with the company and were recharged rent.
Altilium Metals Ltd provided consulting services in the acquisition of the Yuinmery project. Rhod Grivas is a
director of Altilium Metals Ltd.
This concludes the remuneration report, which has been audited.
Non-Audit Services
During the prior year HLB Mann Judd, the Company’s auditor, performed certain other services in addition to
their statutory duties. The Directors were satisfied that the provision of these non-audit services by the auditor
(or by another person or firm on the auditor’s behalf) was compatible with the general standard of
independence for auditors imposed by the Corporations Act 2001. Details of amounts paid or payable are as
follows:
Auditing the financial report
Non-audit services
- Tax compliance services
2020
$
34,188
-
34,188
2019
$
32,613
11,628
44,241
The Directors were of the opinion that the services as disclosed above did not compromise the external
auditor’s independence for the following reasons:
All non-audit services were reviewed and approved by the Board to ensure that they did not impact the
integrity and objectivity of the auditor, and
None of the services undermined the general principles relating to auditor independence as set out in
APES 110 Code of Ethics for Professional Accountants issued by the Accounting Profession and
Ethical Standards Board, including reviewing or auditing the auditor’s own work, acting in a
management or decision-making capacity for the Company, acting as an advocate for the Company or
jointly sharing economic risks and rewards.
Auditor’s Independence Declaration
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act
2001 is included at page 41 of the Annual Report.
Auditor
HLB Mann Judd continues in accordance with section 327 of the Corporations Act 2001. There are no
officers of the Company who are former audit partners of HLB Mann Judd.
Corporate Governance
In recognising the need for the highest standards of corporate behaviour and accountability, the Directors
support the principles of Corporate Governance. The Company continued to follow best practice
recommendations as set out by the ASX Corporate Governance Council. Where the Company has not
followed best practice for any recommendation, explanation is given in the Corporate Governance Statement.
39
GOLDEN MILE RESOURCES LIMITED
DIRECTORS’ REPORT
The Company’s Corporate Governance statement
https://www.goldenmileresources.com.au/.
is available on
the Company’s website at
Signed in accordance with a resolution of the Directors made pursuant to s.298 (2) of the Corporations Act
2001.
On behalf of the Directors
Mr R Grivas
Non-Executive Chairman
30 September 2020
40
Auditor’s independence declaration
As lead auditor for the audit of the financial report of Golden Mile Resources Limited for the year
ended 30 June 2020, I declare that, to the best of my knowledge and belief, there have been no
contraventions of:
(a)
the auditor independence requirements as set out in the Corporations Act 2001 in relation
to the audit; and
(b)
any applicable code of professional conduct in relation to the audit.
HLB Mann Judd
Chartered Accountants
Melbourne
30 September 2020
Jude Lau
Partner
41 GOLDEN MILE RESOURCES LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2020
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Note
2020
$
2019
$
Continuing operations
Interest income
Government income
Exploration expenditure
Loss on disposal of exploration assets
Impairment of exploration assets
Directors’ fees and salaries and wages
General and administrative expenses
Corporate expenses
Other expenses
Loss before income tax
Income tax expense
Net Loss for the year
Other Comprehensive income/(loss)
Other comprehensive loss net of tax
Total comprehensive loss
4
892
53,484
8(b)
8(b)
(31,489)
2(e)
(71,787)
2(g) (3,687,379)
(345,800)
(142,744)
(190,327)
(25,903)
(4,441,053)
-
(4,441,053)
9
14,648
-
(47,803)
-
-
(509,647)
(157,914)
(208,009)
(55,280)
(964,005)
-
(964,005)
-
-
(4,441,053)
(964,005)
Basic loss per share (cents per share)
Diluted loss per share (cents per share)
14
14
(6.58)
(6.58)
(1.68)
(1.68)
The above statement should be read in conjunction with the accompanying notes.
42
GOLDEN MILE RESOURCES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020
STATEMENT OF FINANCIAL POSITION
Current Assets
Cash and cash equivalents
Trade and other receivables
Prepayment
Total Current Assets
Non-Current Assets
Exploration and evaluation assets
Total Non-Current Assets
Total Assets
Current Liabilities
Trade and other payables
Provisions
Total current liabilities
Total Liabilities
Net Assets
Equity
Issued capital
Accumulated losses
Reserves
Total Equity
Note
3(a)
4
2020
$
2019
$
624,725
52,049
19,636
1,126,607
30,468
43,475
696,410
1,200,550
2
604,792
3,625,402
604,792
3,625,402
1,301,202
4,825,952
5
6
7
32,694
8,603
41,297
41,297
227,999
10,050
238,049
238,049
1,259,905
4,587,903
7,459,602
(6,545,487)
345,790
1,259,905
6,497,235
(2,212,967)
303,635
4,587,903
The above statement should be read in conjunction with the accompanying notes.
43
GOLDEN MILE RESOURCES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2020
STATEMENT OF CHANGES IN EQUITY
Issued capital Reserves Accumulated
Total
$
$
losses
$
$
At 1 July 2018
5,108,718
213,329
(1,248,962)
4,073,085
Loss for the year
Other comprehensive income
Total comprehensive loss for the
year
Transactions with owners in
their capacity as owners:
Issue of shares, net of costs
Share based payments
-
-
-
-
-
-
(964,005)
-
(964,005)
-
(964,005)
(964,005)
6
7
1,388,517
-
-
90,306
-
-
1,388,517
90,306
As at 30 June 2019
6,497,235
303,635
(2,212,967)
4,587,903
Issued capital Reserves Accumulated
Total
$
$
losses
$
$
At 1 July 2019
6,497,235
303,635
(2,212,967)
4,587,903
Loss for the year
Other comprehensive income
Total comprehensive loss for the
year
Transactions with owners in
their capacity as owners:
Issue of shares, net of costs
Share based payments
Issue of shares in purchase of
exploration assets
Expiry of share options
-
-
-
-
-
(4,441,053)
-
(4,441,053)
-
-
(4,441,053)
(4,441,053)
6
7
882,367
-
120,000
18,688
-
-
1,002,367
18,688
80,000
-
12,000
(108,533)
-
108,533
92,000
-
As at 30 June 2020
7,459,602
345,790
(6,545,487)
1,259,905
The above statement should be read in conjunction with the accompanying notes.
44
GOLDEN MILE RESOURCES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2020
STATEMENT OF CASH FLOWS
Cash flows from operating activities
Government grants received
Payments to suppliers and employees
Interest received
Net cash (used in) operating activities
Cash flows from investing activities
Receipts for disposal of exploration and evaluation
assets
Exploration and evaluation expenditure
Net cash (used in) investing activities
Cash flows from financing activities
Proceeds from issue of shares
Cost of issuing shares
Net cash (used in) / provided by financing activities
Note
2020
$
2019
$
24,207
(772,031)
892
(746,932)
(846,030)
14,648
(831,382)
3(d)
45,000
(802,317)
(757,317)
-
(1,017,683)
(1,017,683)
1,073,550
(71,183)
1,002,367
1,500,000
(113,505)
1,386,495
Net (decrease) / increase in cash held
(501,882)
(462,570)
Cash and cash equivalents at the beginning of the
year
Cash and cash equivalents at the end of the year
3(a)
1,126,607
624,725
1,589,177
1,126,607
The above statement should be read in conjunction with the accompanying notes.
45
GOLDEN MILE RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
1.
BASIS OF PREPARATION
These financial statements are general purpose financial statements that have been prepared in
accordance with Australian Accounting Standards, Australian Accounting Interpretations and the
Corporations Act 2001, as appropriate for-profit oriented entities.
The financial statements cover the Company for the year ended 30 June 2020. The Company is a
company limited by shares, incorporated and domiciled in Australia.
Except for the Statement of Cash Flows, the financial statements have been prepared on the accruals
basis.
The financial statements were authorised for issue by the Directors on 30 September 2020.
The Company’s principle activities are the exploration for and evaluation gold and other related
resources in Western Australia.
(a) Basis of Preparation of the Financial Statements
Compliance with IFRS
The financial statements comply with International Financial Reporting Standards (IFRS) as
issued by the International Accounting Standards Board (IASB).
Historical Cost Convention
The financial statements have been prepared under the historical cost convention, modified
where appropriate by the measurement of fair value of selected non-current assets. All amounts
are presented in Australian dollars unless otherwise noted.
(b) Comparatives
Where necessary, comparative
consistency with current year disclosures.
information has been reclassified and repositioned
for
(c) Going Concern
During the year the Company made losses of $4,441,053 (2019: $964,005) and spent a net $1,504,249
(2019: $1,849,065) on exploration and corporate activities. At 30 June 2020 the Company had cash
reserves of $624,725 (2019: $1,126,607) and net current assets, being current assets less current
liabilities, of $655,113 (2019: $962,501). The Company also has exploration commitments of $703,550.
The financial report has been prepared on a going concern basis which assumes the realisation of
assets and discharge of liabilities in the normal course of business at the amounts stated in the financial
report, for the following reasons:
- Subsequent to the year end the Company has completed a share placement raising $1.1 million
before costs. The Company has also completed a Share Purchase Plan raising $577,000 before
costs.
- The Company will seek shareholder approval at the upcoming AGM to refresh its capacity to raise
additional capital without shareholder approval under ASX Listing Rules 7.1 and 7.1A. The
Company has a history of successfully raising funds.
- The Company has established exploration programs and have budgeted for cash flow requirements
for the 12 months from the date of this report. The cash available at the date of the report are
sufficient to meet the cash flows forecast. Where necessary, the Company can reduce or redirect
planned project expenditure to manage its cash flows to ensure it meets its obligations as and when
they fall due, as well as progress its projects effectively.
The directors have considered the current and on-going COVID-19 pandemic and are unaware at the
current time of any adverse impacts upon the Company’s ability to continue exploration and evaluation
operations, or to raise capital to fund those operations. The directors will continue to monitor all
Government actions in order to respond effectively to any restrictions that may impact operations.
46
GOLDEN MILE RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
On the basis that sufficient funding is available to meet the Company’s expenditure forecast for the next
12 months, the directors consider that the Company remains a going concern and these financial
statements have been prepared on this basis.
2.
EXPLORATION AND EVALUATION ASSETS
(a) Reconciliation of movements during year
Costs carried forward in respect of areas of interest
at cost
Assets acquired
Exploration and evaluation expenditure capitalised
during the year
Disposals (e)
Funds received (f)
Impairment (g)
2020
$
2019
$
3,625,402
116,581
2,680,568
-
666,975
(101,787)
(15,000)
(3,687,379)
944,834
-
-
-
Costs carried forward in respect of areas of interest
604,792
3,625,402
(b) Significant Accounting Policies
Exploration and evaluation expenditures incurred are accumulated in respect of each identifiable area
of interest. These costs are only capitalised to the extent that they are expected to be recouped
through the successful development of the area or sale, or where exploration and evaluation activities
in the area have not yet reached a stage which permits reasonable assessment of the existence of
economically recoverable reserves and active and significant operations in, or in relation to, the area
of interest are continuing.
Accumulated costs in relation to an abandoned area are written off in full against profit/(loss) in the
year in which the decision to abandon the area is made. In addition, a provision is raised against
exploration and evaluation expenditure where the directors are of the opinion that the carried forward
cost may not be recoverable. Any such provision is charged against the results for the year.
When production commences, the accumulated costs for the relevant area of interest are amortised
over the life of the area according to the rate of depletion of the economically recoverable reserves.
A regular review is undertaken of each area of interest to determine the appropriateness of
continuing to carry forward costs in relation to that area of interest. Expenditure is not carried forward
in respect of any area of interest/mineral resource unless the Company’s rights of tenure to that area
of interest are current.
Costs of site restoration are provided over the life of the facility from when exploration commences
and are included in the costs of the relevant stage. Provisions are made for the estimated costs of
restoration relating to areas disturbed during the mines operation up to reporting date but not yet
rehabilitated. Site restoration costs include the dismantling and removal of mining plant, equipment
and building structures, waste removal and rehabilitation of the site in accordance with local laws and
relevant clauses of the mining permits. Such costs have been determined using estimates of future
costs, current legal requirements and technology on a discounted basis.
Any changes in the estimates of the costs are accounted for on a prospective basis. In determining
the costs of site restoration, there is uncertainty regarding the nature and extent of the restoration due
to community expectations and future legislation. Accordingly, the costs have been determined on
the basis that any restoration will be completed within one year of abandoning the site.
(c) Critical Judgements
The ultimate recoupment of capitalised expenditure in relation to each area of interest is dependent
on the successful development and commercial exploitation or, alternatively, sale of the respective
areas the results of which are still uncertain.
47
GOLDEN MILE RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.
EXPLORATION AND EVALUATION ASSETS (Cont’d)
(d) Commitments for expenditure
To maintain current rights of tenure to the exploration tenements, the Company is required to meet the
minimum expenditure requirements of the Department of Mines and Petroleum. Minimum expenditure
commitments may otherwise be avoided by sale, farm out or relinquishment. These obligations are
not provided in the accounts. The Company has committed to spend a total of $703,550 (2019:
$1,350,331) over the years of the granted permit areas in respect of these exploration programs.
Expenditure commitment is for the term of the permit renewal. The total commitment in relation to the
permits is as follows: -
Expenditure commitments within 1 year
Expenditure commitments 2 – 5 years
Expenditure commitments over 5 years
(e) Disposal
2020
$
453,130
250,420
-
2019
$
593,291
757,040
-
703,550
1,350,331
The Company agreed to sell the Snowden Well and Benalla West projects to Navigator Mining Pty Ltd,
a subsidiary of Kin Mining NL, for cash consideration of $30,000.
Disposal proceeds
Assets disposed
Loss on disposal
(f) Funds received
2020
$
30,000
(101,787)
(71,787)
2019
$
-
-
-
The Company entered into an agreement with Sundaland Resources Ltd for the sale of the Darlot and
Gidgee projects and received a non-returnable deposit of $15,000. Subsequently, the sale did not
complete and the assets remained under the Company’s control. Funds were offset against previously
incurred expenditure. The project expenditure incurred prior to the sale agreement for Darlot and
Gidgee was fully impaired.
(g) Impairment
At 30 June 2020 the Company reviewed its projects and its available resources. Based on planned
focus upon the Yunimery, Darlot, Ironstone Well and Leonora East projects it was determined that all
other projects should be impaired. The Company will maintain a number of the tenement permits, but
has not budgeted funding for further development out of current resources. Consequently, the
expenditure on these projects does not meet the criteria for recognition as an asset set out in AASB 6.
The projects impaired include the Quicksilver Nickel-Cobalt project.
The Directors have considered the on-going impact of the COVID-19 pandemic. Based on information
currently available the Directors believe there is no further impact on the impairment of the assets.
3.
CASH AND CASH EQUIVALENTS
(a) Cash and cash equivalents
Cash at bank
(b) Significant Accounting Policies
2020
$
624,725
2019
$
1,126,607
Cash and cash equivalents include cash on hand and at banks, short-term deposits with an original
maturity of three months or less held at call with financial institutions, and bank overdrafts.
48
GOLDEN MILE RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
3.
CASH AND CASH EQUIVALENTS (Cont’d)
(c) Financial Instrument Risk Management
The Company manages its exposure to key financial risks relating to cash and cash equivalents in
accordance with its financial risk management policy. The objective of the policy is to support the
delivery of the Company’s financial targets whilst protecting future financial security.
The main risks arising from cash and cash equivalents is interest rate risk. The Directors manage risk
by monitoring levels of exposure to interest rate and consider cash requirements in relation to ongoing
cash flow budgets.
Interest Rate Risk
Exposure to interest rate risk arises on financial instruments whereby a future change in interest rates
will affect future cash flows of variable rate financial instruments. At 30 June 2020, the Company had
variable rate deposits of $585,673 earning interest of 0.05% per annum (2019: $1,005,643 at 0.25%).
The risk attached to the interest income for the year ended 30 June 2020 was not significant.
Credit Risk
The Company banks with Westpac and considers the bank’s credit worthiness appropriate to mitigate
credit risk associated to the bank deposits. Westpac’s credit rating is A+ (previously AA-). Credit risk is
managed by the Board in accordance with its policy. The Board is satisfied that banking with an
institution with a A+ credit rating sufficiently mitigates credit risk attached to cash deposits.
Fair value
The fair value of the cash balances approximates fair value due to the short-term nature of the
deposits.
(d) Reconciliation of operating cash flows to operating
result
Operating loss after income tax:
Share based payments
Impairment of non-current assets
Loss on disposal of non-current assets
Change in net operating assets and liabilities:
(Increase) / decrease in receivables
(Increase) / decrease in prepayments
Increase / (decrease) in trade and other payables relating to
operating expenditure
Increase / (decrease) in provisions
Net cash inflow/(outflow) from operating activities
4.
TRADE AND OTHER RECEIVABLES
Government grant (i)
Rent recharge
GST recoverable
Other
GST recoverable
(i) Government Grants
2020
$
2019
$
(4,441,053)
(964,005)
18,688
3,687,379
71,787
90,306
-
-
(21,580)
23,839
57,327
3,866
(84,545)
(1,447)
(23,093)
4,217
(746,932)
(831,382)
2020
$
35,957
1,287
12,192
2,613
2019
$
-
-
30,468
52,049
30,468
The Group received Cash Flow Boost contributions as part of the Government’s stimulus package in
response to the COVID-19 pandemic. The total amount of the cash flow boost was $53,484 with
$35,957 due to be received upon filing of the September BAS.
49
GOLDEN MILE RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
4.
TRADE AND OTHER RECEIVABLES (Cont’d)
(a) Significant Accounting Policies
Other receivables are initially recognised at fair value and subsequently measured at amortised
cost using the effective interest method, less any provision for impairment. Receivables expected to
collected within 12 months are classified as current assets. All other receivables are classified as
non-current assets.
(b) Financial Instrument Risk management
Amounts are recoverable from the ATO and credit risk is considered low. No risk management
policy is in place.
5.
TRADE AND OTHER PAYABLES
Trade payables
Accruals and other payables
(a) Significant Accounting Policies
2020
$
5,930
26,764
2019
$
200,396
27,603
32,694
227,999
Trade payables and other payables are carried at amortised cost and represent liabilities for goods
and services provided to the Company prior to the end of the financial year that are unpaid and arise
when the Company becomes obliged to make future payments in respect of the purchase of these
goods and services.
(b) Financial Instrument Risk Management
The main risks arising from trade and other payables is liquidity risk. The Directors manage risk by
monitoring levels of obligations arising from liabilities and commitments and consider cash
requirements in relation to ongoing cash flow budgets.
Liquidity Risk
All payables are current and payable within 30 days. Accordingly, management has ensured that the
Company has sufficient cash resources to meet the liabilities as and when they are due.
Amounts due are unsecured and non-interest bearing.
6.
ISSUED CAPITAL
(a) Issued capital
Ordinary shares – fully paid (no par value)
(b) Reconciliation of issued capital
2020
2019
Number of
shares
89,182,603
$
Number of
shares
$
7,459,602 57,899,977
6,497,235
Shares
issued
Price
$
As at 30 June 2018
Issue of shares
Issue of shares to settle share based payment
Cost of issuing equity
As at 30 June 2019
Issue of shares to acquire exploration asset (g)
Issue of shares
Issue of shares to acquire exploration asset (g)
Issue of shares
Cost of issuing equity
As at 30 June 2020
52,400,001
4,999,976
500,000
-
57,899,977
1,000,000
12,474,933
307,693
17,500,000
-
89,182,603
0.30
-
-
0.06
0.058
0.065
0.02
-
$
5,108,718
1,500,000
-
(111,483)
6,497,235
60,000
723,550
20,000
350,000
(191,183)
7,459,602
50
GOLDEN MILE RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
6.
ISSUED CAPITAL (Cont’d)
(c) Significant Accounting Policies
Issued capital is recognised at the fair value of the consideration received by the Company. Any
transaction costs arising on the issue of ordinary shares are recognised directly in equity as a
reduction of the share proceeds received. Ordinary share capital bears no special terms or conditions
affecting income or capital entitlements of the shareholders.
(d) Terms and conditions of issued capital
Ordinary shares
Fully paid ordinary shares carry one vote per share and carry rights to dividends.
Ordinary shareholders are entitled to participate in dividends and the proceeds on winding up of
the Company in proportion to the number of and amounts paid on the shares held. Every ordinary
shareholder present at a meeting in person or by proxy is entitled to one vote on a show of
hands or by poll.
At 30 June 2020, there were no partly paid shares outstanding. Ordinary shares have no par value.
The Company does not have a limit on number of shares authorised.
(e) Escrow
At 30 June 2020, there were no ordinary shares in voluntary escrow (2019: nil).
(f) Capital Management
The Company considers its capital to comprise its ordinary share capital and accumulated losses.
In managing its capital, the Company’s primary objective is to ensure its continued ability to
provide a consistent return for its equity shareholders through capital growth. To achieve this
objective, the Company seeks to maintain a gearing ratio that balances risks and returns at an
acceptable level and to maintain a sufficient funding base to enable the Company to meet its working
capital and strategic investment needs. During the exploration and evaluation phase of operations
the Company does not anticipate utilising any loan funding and will rely upon capital raisings.
(g) Share based payments
During the year, the Company entered into a share-based payment through a contractual
arrangement with vendors of two exploration projects. The shares were issued upon on settlement of
the contracts.
7.
RESERVES
2020
$
2019
$
Share based payment reserve
345,790
303,635
Movement in reserve
Opening balance
Key Management Personnel payments - shares
Key Management Personnel payments – options
Acquisition of non-current assets
Equity raising costs
Expiry of options
(b)
(c)
(c)
2020
$
303,635
-
18,688
12,000
120,000
(108,533)
2019
$
213,329
-
90,306
-
-
-
Closing balance
345,790
303,635
51
GOLDEN MILE RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
7.
RESERVES (Cont’d)
(a) Nature and Purpose of Reserves
Share based payment reserve
The reserve is used to record the value of equity instruments issued to employees and directors as
part of their remuneration, and other parties as part of compensation for their services.
(b) Share based payments
Key Management Personnel payments – options
In 2018, pursuant to Lachlan Reynolds’ employment contract 1,500,000 share options were to be
issued in three tranches, over 24 months from 20 November 2018.
Tranche No. of
options
Exercise
Price
Vesting Period
Option
value
Total
expense
Expense
recorded for
the period
$-
500,000 23.4c *
Immediately
$47,700
1
2
500,000 23.4c *
3***
500,000 31.2c **
of
12 months from date of
issue
incentive
options
24 months from date of
issue of the incentive
options
9.54c per
option
9.54c per
option
8.94c per
option
$47,700
$18,688
$44,700
$-
* Option condition stipulated that the exercise price will be 150% of the 30 day Volume Weighted Average Price (“VWAP”) from
the date of issue of the Options. The options were issued on 20 November 2018.
** Option condition stipulated that the exercise price will be 200% of the 30 day VWAP. The options were issued on 20
November 2018.
*** Lachlan Reynolds left the Company in August 2020 and therefore tranche 3 did not vest, so no expense was recorded in the
current year. The previously expensed portion of the expense was transferred to accumulated losses.
(c) Other share-based payments
(1) On 23 September 2019 the Company acquired the Yuinmery Project tenement (E57/1043). Part
of the consideration was the issue of 1,000,000 share options with an exercise price of $0.10 and
expiry date of 23 September 2023. The value of each option was estimated at $0.012. The total
cost of $12,000 was capitalised into exploration and evaluation expenditure.
(2) In October 2019 the Company completed a share placement. The Company issued 3,000,000
share options to the Broking firm as part of the capital raising costs in addition to the 6% cash paid
in commission. The share options had an exercise price of $0.15 and expiry date of 24 January
2023. The share options were valued at $0.04 cents per share option and the total cost of
$120,000 was capitalised costs of issued capital.
Movements in share options during the year
2020
Tenement
options
Key
Management
Personnel Share
options
Broker Share
options
Founder share
options
Total
1
July
At
2019
Granted
Expired
Outstanding
at 30 June
2020
425,000
5,566,666
1,433,334
2,000,000
9,425,000
1,000,000
-
-
(1,416,666)
3,000,000
(1,433,334)
-
-
4,000,000
(2,850,000)
1,425,000
4,150,000
3,000,000
2,000,000
10,575,000
Exercisable at
30 June 2020
1,425,000
4,150,000
3,000,000
2,000,000
10,575,000
52
GOLDEN MILE RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
7.
RESERVES (Cont’d)
Weighted average exercise price of share options at 30 June 2020 is $0.23, and the weighted average
expiration period is 557 days. 500,000 share options had not vested at 30 June 2020 and will be
cancelled as Mr Reynolds has left the Company prior to the vesting date of the share options.
2019
At 1 July 2018
Granted
Outstanding at
30 June 2019
Exercisable at
30 June 2019
Tenement
options
425,000
-
Key Management
Personnel Share
options
4,066,666
1,500,000
Lead manager
Share options
Founder share
options
Total
1,433,334
-
2,000,000
-
7,925,000
1,500,000
425,000
5,566,666
1,433,334
2,000,000
9,425,000
425,000
4,566,666
1,433,334
2,000,000
8,425,000
Weighted average exercise price of share options at 30 June 2019 is $0.29, and the weighted average
expiration period is 668 days. There are 1,000,000 Key Management Personnel share options that have
not vested at 30 June 2019.
Option valuation inputs
The options issued during the current year were valued using the following inputs:
Input
Broker options
Grant date
Expiry date
Share price at grant date
Exercise price $
Risk free rate
Volatility
Fair value at grant date $/option
Tenement
options
23/09/2019
23/09/2022
0.06
0.10
2.34%
50%
0.012
4/10/2019
24/01/2023
0.072
0.15
0.59%
100%
0.04
The options issued to Lachlan Reynolds in 2018 consisted of 3 tranches with the following inputs used
to determine the fair value of the options:
Input
Grant date
Expiry date
Share price at grant date
Exercise price $
Risk free rate
Volatility
Fair value at grant date $/option
Tranche 1
20/11/2018
19/11/2023
0.14
0.234
2.32%
100%
0.0954
Tranche 2
20/11/2018
19/11/2023
0.14
0.234
2.32%
100%
0.0954
Tranche 3
20/11/2018
19/11/2023
0.14
0.312
2.32%
100%
0.0894
(d) Significant Accounting Policies - share based payments
Equity-settled share-based payments to employees and others providing similar services are
measured at the fair value of the equity instruments at the grant date.
The fair value determined at the grant date of the equity-settled share-based payments is expensed
on a straight-line basis over the vesting period, based on the Company's estimate of equity
instruments that will eventually vest, with a corresponding increase in equity. At the end of each
reporting period, the Company revises its estimate of the number of equity instruments expected to
vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that
the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity-
settled employee benefits reserve.
53
GOLDEN MILE RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
7.
RESERVES (Cont’d)
Equity-settled share-based payment transactions with parties other than employees are measured at
the fair value of the goods or services received, except where that fair value cannot be estimated
reliably, in which case they are measured at the fair value of the equity instruments granted,
measured at the date the entity obtains the goods or the counterparty renders the service.
For cash-settled share-based payments, a liability is recognised for the goods or services acquired,
measured initially at the fair value of the liability. At the end of each reporting period until the liability is
settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in
fair value recognised in profit or loss for the year.
(e) Conditions
Share options do not entitle the holder to participate in dividends and the proceeds on winding up of
the Company. The holder is not entitled to vote at General Meetings. During the year no share
options were converted to ordinary shares. As at 30 June 2020 there were 10,575,000 share options
outstanding.
(f) Escrow
At 30 June 2020, there were no share options in escrow. (2019: Nil ).
8.
ITEMS INCLUDED IN PROFIT AND LOSS
(a)
Interest Income
Significant Accounting Policies
Interest revenue is recognised on a proportional basis taking into account the interest rates
applicable to the financial assets.
(b)
Items included in profit or loss
Included in profit or loss are the following specific items: -
Share based payments expense
Directors’ fees
Payroll costs
Wages and salaries
Superannuation
Exploration expenses
2020
$
18,688
2019
$
90,306
191,053
18,288
209,341
280,707
26,261
306,968
During the year exploration and evaluation expenses incurred that were expensed were general in
nature and not attributable to individual areas of interest.
General & administrative expenses
Audit, accounting and other professional fees
Insurance
Rent and office related costs
Subscriptions
Other expenses
2020
$
62,188
39,968
25,875
5,623
9,090
2019
$
74,241
44,399
25,574
4,993
8,707
142,744
157,914
54
GOLDEN MILE RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
8.
ITEMS INCLUDED IN PROFIT AND LOSS (Cont’d)
Corporate expenses
Advertising
ASX fees
Consultants fees
Legal fees
Share registry fees
Other expenses
9.
INCOME TAX EXPENSE
(a) Income tax expense
Current tax expense
Deferred tax movements
(b) Reconciliation of income tax expense to
prima facie tax on accounting loss
Loss before income tax expense
Tax expense at Australian tax rate of 27.5%
Tax effect of amounts relating to
-
-
-
-
-
-
- Other
Share based payments
Impairment
Loss on disposal of non-current assets
Exploration expenditure
Capitalised share issue costs
Adjustment re previous year losses
Unused deferred tax losses not recognised
Income Tax Expense
(c) Tax Losses
Unused tax losses for which no deferred tax asset
has been recognised
Potential tax benefit at 27.5%
2020
$
22,500
17,576
102,800
32,760
14,162
529
2019
$
14,018
44,816
116,250
14,753
16,535
1,637
190,327
208,009
2020
$
2019
$
-
-
-
-
-
-
(4,441,053)
(964,005)
(1,221,289)
(265,101)
5,139
1,014,029
19,741
(181,860)
(36,803)
-
(13,437)
(414,480)
24,834
(261,778)
(25,203)
5,401
(8,583)
(530,430)
414,480
-
530,430
-
6,995,878
5,488,673
1,923,866
1,509,385
The benefit of these losses has not been brought to account at 30 June 2020 because the directors
do not believe it is appropriate to regard realisation of the deferred tax asset as being probable at
30 June 2020. These tax losses are also subject
to final determination by the Taxation
authorities when the Company derives taxable income. The benefits will only be realised if:
(a) The Company derives future assessable income of a nature and of an amount sufficient to
enable the benefit of the deduction for the losses to be realised;
(b) The Company continues to comply with the conditions for the deductibility imposed by law; and
(c) No changes in the tax legislation adversely affect the Company in realising the benefit of the
losses.
Australian tax losses are subject to further review by the Company to determine if they satisfy the
necessary legislative requirements under the Income Tax legislation for the carry forward and
recoupment of tax losses.
55
GOLDEN MILE RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
9.
INCOME TAX EXPENSE (Cont’d)
(d) Significant Accounting Policies
Current income tax expense is the tax payable on the current year’s taxable income based on the
applicable income tax rate adjusted by changes in deferred tax assets and liabilities.
Current income tax assets and/or liabilities comprise those obligations to, or claims from, the Australian
Taxation Office (ATO) and other fiscal authorities relating to the current or prior reporting years that are
unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in
the financial statements. Calculation of current tax is based on tax rates and tax laws that have been
enacted or substantively enacted by the end of the reporting year.
Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to
apply to their respective year of realisation, provided they are enacted or substantively enacted by the
end of the reporting year.
A balance sheet approach is adopted under which deferred tax assets and liabilities are recognised for
temporary differences between the tax bases of assets and liabilities and their carrying amounts in the
financial statements. No deferred tax asset or liability is recognised if it arose in a transaction, other
than a business combination, that at the time of the transaction did not affect either accounting or
taxable profit or loss.
Deferred tax assets are recognised for temporary differences and unused tax losses only when it is
probable that future taxable amounts will be available to utilise those temporary differences and losses.
Current and deferred tax balances attributable to amounts recognised directly in equity are also
recognised directly in equity.
10. RELATED PARTY DISCLOSURES
(a) Key Management Personnel Compensation
The aggregate compensation of the key management personnel of the Company is set out below:
Short term employment benefits
Post-employment benefits
Share based payments
2020
$
308,824
18,288
18,688
345,800
2019
$
605,769
26,266
90,306
722,341
Refer to the Remuneration Report in the Directors’ Report for detailed compensation disclosures on key
management personnel.
(b) Director related entities
During the year, the Company entered into the following arrangements and transactions with entities
related to directors:
- The Company engaged Moray & Agnew in providing legal services during the year. Phillip Grundy
is a partner of Moray & Agnew. Legal expenses of $24,148 (2019: $7,808) were incurred during
the year for general legal services. $nil (2019: $nil) was unpaid at the year end.
- Caedmon Marriott is a director of Nomad Exploration Pty Ltd (“Nomad”). Mr Marriott’s director fees
were invoiced by Nomad. In addition, expenses amounting to $18,180 were invoiced for
exploration services by Nomad. There were no outstanding amounts at 30 June 2020.
- The Company shared office space for part of the year with Aldoro Resources Limited, a company
that Caedmon Marriott and Rhod Grivas are directors of. As the Company paid the full rental cost
costs were recharged to Aldoro Resources Limited. The amount recharged was $9,082, with
$1,287 outstanding at 30 June 2020.
- Altilium Metals Limited provided consulting services in the acquisition of the Yuinmery Project, and
the Company paid $30,000 for the service. Rhod Grivas is a director of Altilium Metals Limited.
No amounts were outstanding at 30 June 2020.
All transactions with related parties were undertaken on commercial terms, unless otherwise stated.
56
GOLDEN MILE RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
11. REMUNERATION OF AUDITORS
Remuneration for audit and review of the financial reports of the Company:
Auditors of the Company:
Auditing the financial report (a)
Non-audit services (b)
2020
$
34,188
-
34,188
2019
$
32,612
11,628
44,240
(a) HLB Mann Judd (“HLB”) are the auditors of Golden Mile Resources Limited.
(b)
It is the Company’s policy to engage HLB on assignments additional to their statutory audit
duties where HLB’s expertise and experience with the Company are important. During the
year, HLB provided no additional services.
12. COMMITMENTS FOR EXPENDITURE
(a) Capital Commitments
Other than the exploration commitments set out in note 2(d) the Company has no other capital
commitments.
(b) Operating leases
The company has adopted AASB 16 from 1 January 2019. The standard replaces AASB 117 'Leases'
and for lessees eliminates the classifications of operating leases and finance leases. Except for short-
term leases and leases of low-value assets, right-of-use assets and corresponding lease liabilities are
recognised in the statement of financial position.
The Company has entered a rental lease for the period of 12 months, until 3 December 2020. Rent is
set at $2,889 per month including a car park space of $499 per month and internet connection of $150,
providing a commitment of $14,445.
(c) Significant Accounting policies
In applying AASB 16 the company has elected not to recognise a right-of-use asset and corresponding
lease liability for short-term leases with terms of 12 months or less and leases of low-value assets.
Lease payments on these assets are expensed to profit or loss as incurred.
13. SEGMENT INFORMATION
The Company has adopted AASB 8 Operating Segments whereby segment information is presented
using a ‘management approach’. Management has determined the operating segments based on
the reports reviewed by the Board of Directors that are used to make strategic decisions. The
principal business and geographical segment of the Company is mineral exploration within Western
Australia.
The Board of Directors reviews internal management reports at regular intervals that are consistent
with the information provided in the statement of profit or loss and other comprehensive income,
statement of financial position and statement of cash flows. As a result, no reconciliation is required
because the information as presented is what is used by the Board of Directors to make strategic
decisions including assessing performance and in determining allocation of resources.
57
GOLDEN MILE RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
14. LOSS PER SHARE
Basic loss per share
Diluted loss per share
Net loss from continuing operations attributable to the owners of
Golden Mile Resources Limited used in calculation of basic and
diluted earnings per share.
2020
CENTS
2019
CENTS
6.58
6.58
$
1.68
1.68
$
(4,441,053)
(964,005)
Number
Number
Basic
Weighted average number of ordinary shares outstanding during
the year used in the calculation of basic loss per share
67,471,069
57,374,149
Diluted
Weighted average number of ordinary shares and convertible
redeemable cumulative preference shares outstanding and
performance rights during the year used in the calculation of basic
loss per share
67,471,069
57,374,149
The Company made losses during the year. Consequently, any outstanding equity instruments would
not have a dilutive in effect.
15. DIVIDENDS
No dividends were proposed or paid during the year.
16. EVENTS OCCURRING AFTER REPORTING DATE
On 23 July 2020 the Company announced that it had entered into a farm-in agreement granting
Gateway Mining Limited (“Gateway”) the right to acquire an interest of up to 80% in the Gidgee Project.
To earn a 25% interest Gateway is required to fund $210,000 of exploration expenditure across the
tenements within 12 months. Gateway can increase their interest to 51% by spending a further
$420,000 within 3 years of commencement of the agreement, and up to 80% by spending a further
$500,000 within 5 years of commencement of the agreement.
On 26 August the Company issued of 2.5 million share options to directors, as approved at an EGM on
13 August 2019, and 1.5 million share options to consultants under the Company’s Employee Option
Plan.
On 1 September 2020 the Company announced the completion of the placement of ordinary shares to
sophisticated and professional investors. As a result 22,295,665 ordinary shares were issued at $0.05
per share, raising $1,114,783 before costs.
On 25 September the Company announced completion of its Share Purchase Plan, raising $577,000
through the issue of 11,540,000 shares at $0.05 (before costs).
The Covid-19 pandemic has created economic uncertainty. Actual economic events and conditions in
the future may be materially different form those estimated by the Company at the reporting date. As
responses by Government continue to evolve, management recognizes that it is difficult to reliably
estimate with any degree of certainty the potential impact of the pandemic after the reporting date on
the Company, its operations, its future results and financial position. The state of emergency in Victoria
was extended on 16 August 2020 until 12 September 2020 and the state of disaster is still in place at
the reporting date.
The Board is not aware of any other matter or circumstance not otherwise dealt with in these financial
statements that has significantly or may significantly affect the operation of the Company, the results of
those operations, or the state of affairs of the Company in subsequent financial years.
58
GOLDEN MILE RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
17. CONTINGENT LIABILITIES
With the acquisition of the Yuinmery project the Company granted a Net Smelter Royalty of 0.5% over
any products derived from the tenement. This will only provide an obligation if the project is developed
to production stage.
There are no other matters which the Company considers would result in a contingent liability as at the
date of this report.
18. FINANCIAL RISK MANAGEMENT, OBJECTIVES AND POLICIES
Financial Instruments
Initial Recognition and Measurement
Financial assets and financial liabilities are recognised when the Company becomes a party to the
contractual provisions to the instrument. For financial assets, this is the date that the company commits
itself to either the purchase or sale of the asset (ie trade date accounting is adopted).
Financial instruments are initially measured at fair value plus transaction costs, except where the
instrument is classified “at fair value through profit or loss”, in which case transaction costs are
expensed to profit or loss immediately. The Company has no financial instruments classified as “at fair
value through profit or loss”.
Classification and subsequent measurement
The Company classifies its financial instruments based on the purpose for which the instruments were
acquired. Management determines the classification of its financial instruments at the time of initial
recognition. The Company’s principal financial instruments comprise receivables, payables, cash and
short-term deposits.
At the reporting date, the Company’s financial instruments were classified within the following
categories.
Cash and cash equivalents – financial assets at amortised cost.
See note 3.
Receivables at amortised cost
See note 4.
Financial Liabilities at amortised cost
Financial liabilities include trade payables and other creditors.
All of the Company’s financial liabilities are recognised and subsequently measured at amortised cost,
using the effective interest rate method.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of
allocating interest expense in profit or loss over the relevant period. The effective interest rate is the
internal rate of return of the financial asset or liability. That is, it is the rate that exactly discounts the
estimated future cash flows through the expected life of the instrument to the net carrying amount at
initial recognition.
Impairment of financial assets at amortised cost
The Company considers all financial assets for recoverability and impairment. Where there are
indicators of impairment the Company will review the carrying amount of the financial asset and
estimate its recoverable amount. The Company will take all available action to recover the full amounts
of financial assets, and once all efforts are exhausted the Company will record an impairment. Any
impairment is recorded in a separate allowance account. Any amounts subsequently written off are
offset against the impairment allowance.
59
GOLDEN MILE RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
18. FINANCIAL RISK MANAGEMENT, OBJECTIVES AND POLICIES (Cont’d)
Derecognition
Derecognition refers to the removal of a previously recognised financial asset or financial liability from
the statement of financial position.
Financial liabilities are derecognised when it is extinguished (ie when the obligation in the contract is
discharged, cancelled or expires). The difference between the carrying amount of the financial liability
derecognised and the consideration paid and payable, including any non-cash assets transferred or
liabilities assumed, is recognised in profit or loss.
A financial asset is derecognised when the holder's contractual rights to its cash flows expires, or the
asset is transferred in such a way that all the risks and rewards of ownership are substantially
transferred.
All of the following criteria need to be satisfied for derecognition of financial asset:
–
the right to receive cash flows from the asset has expired or been transferred;
– all risk and rewards of ownership of the asset have been substantially transferred; and
–
the Company no longer controls the asset (ie the Company has no practical ability to make a
unilateral decision to sell the asset to a third party).
On derecognition of a financial asset measured at amortised cost, the difference between the asset's
carrying amount and the sum of the consideration received and receivable is recognised in profit or
loss.
Financial Risk Management
The Company manages its exposure to key financial risks, including interest rate and currency risk in
accordance with the Company’s financial risk management policy. The objective of the policy is to
support the delivery of the Company’s financial targets whilst protecting future financial security.
The main risks arising from the Company’s financial instruments are interest rate risk, credit risk and
liquidity risk. The Company manages its risk informally at Board level. The Board monitors levels of
exposure to interest rate and credit risk by banking with reputable banks. Liquidity risk is monitored
through the development of future rolling cash flow forecasts.
The Board reviews and agrees policies for managing each of these risks informally.
Primary responsibility for identification and control of financial risks rests with the Board of Directors
(‘the Board’). The Board reviews and agrees policies for managing each of the risks identified below,
including interest rate risk, credit allowances, and future cash flow forecast projections. The company
does not hedge its risks.
The carrying amounts and net fair values of the Company’s financial assets and liabilities at balance
date are:
2020
2019
Carrying
Value
Fair Value
Carrying
Value
Fair Value
Financial Assets
$
$
$
$
Cash and cash equivalents
624,725
624,725
1,126,607
1,126,607
Trade and other receivable
52,049
52,049
30,468
30,468
Non-Traded Financial Assets
676,774
676,774
1,157,075
1,157,075
Financial Liabilities at amortised cost
Trade and other payables
Non-Traded Financial Liabilities
32,694
32,694
32,694
32,694
227,999
227,999
227,999
227,999
60
GOLDEN MILE RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
18. FINANCIAL RISK MANAGEMENT, OBJECTIVES AND POLICIES (Cont’d)
Risk Exposures and Responses
Interest Rate Risk
Exposure to interest rate risk arises on financial instruments whereby a future change in interest rates
will affect future cash flows or the fair value of the fixed rate financial instruments. The Company is also
exposed to earnings volatility on floating rate instruments. At balance date, the Company’s exposure to
interest rate risk was wholly related to cash and cash equivalents and is disclosed in note 3.
Interest rate risk is managed by monitoring the level of floating rate which the Group is able to secure. It
is the policy of the Group to keep the majority of its cash in accounts with floating interest rates.
Sensitivity Analysis
During the current year the interest received was $892. The directors do not consider this material to
the result or the overall financial statements and have not disclosed a sensitivity analysis.
Foreign Exchange Risk
The Company is not exposed to foreign exchange risk.
Liquidity Risk
Liquidity Risk is the risk that the Company, although balance sheet solvent, cannot meet or generate
sufficient cash resources to meet its payment obligations in full as they fall due, or can only do so at
materially disadvantageous terms. The Company’s liquidity risk relates to its trade and other payables.
All payables are due within 30 days of the year end.
The Board manages liquidity risk by maintaining adequate reserves and by continuously monitoring
forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
Credit Risk
Credit risk arises from the financial assets of the Company, which comprise cash and cash equivalents
and trade and other receivables. The Company’s exposure to credit risk arises from potential default of
the counter party, with maximum exposure equal to the carrying amount of these instruments.
Exposure at balance date in relation to cash and cash and cash equivalents is discussed in note 3.
Exposure in relation to trade and other receivables is considered very low as a significant portion
($48,149) balance relates to GST recoverable and PAYG/cash flow boost where the counter-party is
the Australian Tax Office. The remaining receivables are not considered significant or a significant
credit risk.
Fair Value
The Company does not carry any of its financial assets at fair value after initial recognition.
19. APPLICABLE ACCOUNTING STANDARDS
(a) New, Revised or Amending Accounting Standards and Interpretations Adopted
The Company has adopted all of the new and revised Standards and Interpretations issued by
the Australian Accounting Standards Board (“AASB”) that are relevant to its operations and
effective for the year.
AASB 16 Lease
AASB 16 ‘Leases’ introduces a single lessee accounting model and requires a lessee to
recognise assets and liabilities for all leases with a term of more than 12 months, unless the
underlying asset is of low value. The Company’s lease arrangements are short term and the
adoption of the standard has not materially impacted the results, balances or disclosures in the
financial report.
61
GOLDEN MILE RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
19. APPLICABLE ACCOUNTING STANDARDS (Cont’d)
(b) New, Revised or Amending Accounting Standards and Interpretations Not Yet Adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended
but are not yet mandatory, have not been early adopted by the Company for the annual reporting
period ended 30 June 2020.
62
GOLDEN MILE RESOURCES LIMITED
DIRECTORS’ DECLARATION
DIRECTORS’ DECLARATION
1.
In the opinion of the Directors of Golden Mile Resources Limited (the “Company”):
(a)
The financial report of the Company is in accordance with the Corporations Act 2001, including:
i. Giving a true and fair view of the Company’s financial position as at 30 June 2020 and of its
performance for the year ended on that date; and
ii. Complying with the Accounting Standards, the Corporations Regulations 2001 and other
mandatory professional reporting requirements;
(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.
3.
The financial statements and notes comply with International Financial Reporting Standards as issued
by the International Accounting Standards Board, as described in Note 1(a) to the financial statements;
and
This declaration has been made after receiving the declarations required by section 295A of the
Corporations Act 2001 from the Chief Executive Officer for the financial year ended 30 June 2020.
Signed in accordance with a resolution of the Directors made pursuant to section 295(5) of the Corporations
Act 2001. This declaration is made in accordance with a resolution of the Directors.
Mr R Grivas
Non-Executive Chairman
30 September 2020
Melbourne
63
Independent Auditor’s Report to the Members of Golden Mile Resources Limited
REPORT ON THE AUDIT OF THE FINANCIAL REPORT
Opinion
We have audited the financial report of Golden Mile Resources Limited (“the Company”) which
comprises the statement of financial position as at 30 June 2020, the statement of profit or loss and
other comprehensive income, the statement of changes in equity and the statement of cash flows
for the year then ended, 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 Company is in accordance with the
Corporations Act 2001, including:
(a) giving a true and fair view of the Company’s financial position as at 30 June 2020 and of its
financial performance for the year then ended; and
(b)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Financial Report section of our report. We are independent of the Company in accordance with the
auditor independence requirements of the Corporations Act 2001 and the ethical requirements of
the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for
Professional Accountants (“the Code”) that are relevant to our audit of the financial report in
Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has
been given to the directors of the Company, would be in the same terms if given to the directors as
at the time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context
of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
Key Audit Matter
How our audit addressed the key audit matter
Carrying value of exploration and evaluation asset
Refer to Note 2 of the Financial Report
In accordance with AASB 6 Exploration
for and Evaluation of Mineral Resources
(“AASB 6”), for each of area of interest,
the Company capitalises expenditure
Our procedures included but were not limited to:
Tested
the
exploration
expenditures
the
Company’s areas of interest by evaluating
in respect of
capitalised
incurred
64 in
the exploration
incurred
for and
evaluation of mineral resources. These
capitalised assets are recorded using
the cost model.
capitalised
exploration
Our audit focussed on the Company’s
assessment of the carrying amount of
the
and
evaluation asset, because this is one of
the significant assets of the Company.
There is a risk that the capitalised
expenditure no
the
In
recognition criteria of AASB 6.
addition, we considered it necessary to
assess
and
circumstances existed to suggest that
the carrying amount of an exploration
and evaluation asset may exceed its
recoverable amount.
longer meets
whether
facts
supporting documentation for consistency to
the
the capitalisation
requirements of
Company’s accounting policies and
the
requirements of AASB 6;
We obtained an understanding of the key
processes associated with management’s
review of the exploration and evaluation
asset carrying values;
We considered and assessed the Directors’
indicators of
assessment of potential
impairment;
We obtained evidence that the Company
had current rights to tenure of its areas of
interest;
We examined the exploration budget for
2020/21 and discussed with management
the nature of planned ongoing activities;
We enquired with management, read ASX
announcements and minutes of Directors’
meetings to ensure that the company had
not decided to discontinue exploration and
evaluation at its areas of interest; and
We examined the disclosures made in the
financial report against the requirements of
applicable Australian Accounting Standards.
Information Other than the Financial Report and Auditor’s Report Thereon
The directors are responsible for the other information. The other information comprises the
information included in the Company’s annual report for the year ended 30 June 2020, but does not
include the financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act
2001 and for such internal control as the directors determine is necessary to enable the preparation
of the financial report that gives a true and fair view and is free from material misstatement, whether
due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the
Company 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.
65
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 Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial report, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’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 Company’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 Company 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.
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, related
safeguards.
From the matters communicated with the directors, we determine those matters that were of most
significance in the audit of the financial report of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
66
REPORT ON THE REMUNERATION REPORT
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 33 to 39 of the directors’ report for the
year ended 30 June 2020.
In our opinion, the Remuneration Report of Golden Mile Resources Limited for the year ended 30
June 2020 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.
HLB Mann Judd
Chartered Accountants
Melbourne
30 September 2020
Jude Lau
Partner
67
GOLDEN MILE RESOURCES LIMITED
SHAREHOLDER INFORMATION
SHAREHOLDER INFORMATION
The shareholder information set out below was applicable as at 28 September 2020.
A.
Distribution of Equity Securities
Analysis of numbers of equity security holders by size of holding:
SPREAD OF HOLDINGS
NUMBER OF
HOLDERS
NUMBER OF
UNITS
% OF TOTAL
ISSUED CAPITAL
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
TOTAL
96
186
170
473
186
49,561
489,221
1,435,043
17,729,914
103,314,589
0.04%
0.40%
1.17%
14.41%
83.98%
1,111
123,018,328
100.00%
Based on the price per security, number of holders with an unmarketable holding: 340, with total 907,560,
amounting to 0.74% of Issued Capital.
B.
Distribution of Equity Securities – Share Options
Analysis of numbers of equity security holders by size of holding:
SPREAD OF HOLDINGS
NUMBER OF
HOLDERS
NUMBER OF
UNITS
% OF TOTAL
SHARE OPTIONS
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
TOTAL
-
-
-
2
14
16
-
-
-
150,000
14,925,000
-
-
-
1.00%
99.01%
15,075,000
100.00%
C.
Equity Security Holders
Twenty largest quoted equity security holders.
The names of the twenty largest holders of quoted equity securities are listed below:
NAME
GOLDEN VENTURE CAPITAL LLC
CHOO KOON LIP
SANCOAST PTY LTD
MR ROBERT ADDISON RAMSAY
MRS LUYE LI
MS CHUNYAN NIU
CLELAND PROJECTS PTY LTD
CITICORP NOMINEES PTY LIMITED
XCEL CAPITAL PTY LTD
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
M & K KORKIDAS PTY LTD
CJC & GC PTY LTD
YEO LEE WAH
PASO HOLDINGS PTY LTD
ORDINARY SHARES
NUMBER HELD
% OF ISSUED
SHARES
9,015,536
6,100,000
4,500,000
4,067,459
2,706,508
2,641,564
2,217,000
2,104,796
2,000,000
1,724,507
1,581,219
1,446,494
1,400,000
1,300,000
7.33%
4.96%
3.66%
3.31%
2.20%
2.15%
1.80%
1.71%
1.63%
1.40%
1.29%
1.18%
1.14%
1.06%
68
GOLDEN MILE RESOURCES LIMITED
SHAREHOLDER INFORMATION
SCINTILLA STRATEGIC INVESTMENTS LIMITED
BURRWOOD INVESTMENTS PTY LTD
MISS QUEE CHIOW LEE
HSBC CUSTODY NOMINEES (AUSTRALIA)
LIMITED
ANCAN INVESTMENTS PTY LTD
10 BOLIVIANOS PTY LTD
KINGSTON NOMINEES PTY LTD
MR ANDREW JOHN PEARSON
1,300,000
1,265,213
1,257,334
1,200,723
1,180,000
1,165,842
1,000,000
1,000,000
1.06%
1.03%
1.02%
0.98%
0.96%
0.95%
0.81%
0.81%
As at 28 September 2020, the 20 largest shareholders held ordinary shares representing 42.41% of the
issued share capital.
D.
Equity Security Holders – Share options
Largest quoted equity security holders. The names of the largest holders of quoted equity securities are listed
below:
NAME
GOLDEN VENTURE CAPITAL LLC
CHOO KOON LIP
MRS LUYE LI
MR LACHLAN JOHN REYNOLDS
GOODHEART
PTY
APERTUS CAPITAL PTY LTD
CAEDMON MARRIOTT
LEGEND
TISAN INDUSTRIES PTY LTD
STEDWELL CORPORATE PTY LTD
PHILLIP JAMES GRUNDY
MR CALLUM HYWELL CHEN
MR PAUL FRANCIS FRAWLEY
MR BRUCE ROBERT LEGENDRE
MR ROSS FREDERICK CREW
ALFRED FREDERICK ANDREI
RESOURCES
LTD
PTY
LTD
SHARE OPTIONS
NUMBER HELD
2,500,000
2,000,000
2,000,000
1,500,000
1,000,000
1,000,000
1,000,000
1,000,000
750,000
500,000
500,000
500,000
400,000
275,000
100,000
50,000
% OF ISSUED
SHARE
OPTIONS
16.58%
13.27%
13.27%
9.95%
6.63%
6.63%
6.63%
6.63%
4.98%
3.32%
3.32%
3.32%
2.65%
1.82%
0.66%
0.33%
As at 28 September 2020, there were 16 share option holders.
Substantial Shareholders
Substantial holders in the Company are set out below:
NAME
CHOO KOON LIP
GOLDEN VENTURE CAPITAL LLC
E.
Voting Rights
ORDINARY
SHARES
NUMBER HELD
6,170,160
9,015,536
% OF ISSUED
SHARES
5.01%
7.33%
The voting rights attached to ordinary shares are set out below:
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon
a poll each share shall have one vote.
F.
Share buy back
There is no current on-market share buy-back.
69
GOLDEN MILE RESOURCES LIMITED
CORPORATE DIRECTORY
CORPORATE DIRECTORY
Board of Directors
Mr Rhoderick Grivas (Non-Executive Chairman)
Mr Phillip Grundy (Non-Executive Director)
Mr Caedmon Marriott (Non-Executive Director)
Company Secretary
Mr Justyn Stedwell
Registered Office
Suite 103 Level 1 2 Queen Street
Melbourne, VIC 3000 AUSTRALIA
Share Registry
Automic Registry Services
Level 3, 30 Holt Street
Surry Hills, NSW 2012, AUSTRALIA
Telephone: 1300 288 664 (local) +61 2 9698 5414 (international)
Auditor
HLB Mann Judd
Level 9, 575 Bourke Street
Melbourne VIC 3000 AUSTRALIA
Solicitors to the Company
Moray & Agnew Lawyers
Level 6, 505 Little Collins Street
Melbourne, VIC 3000, AUSTRALIA
Stock Exchange Listing
Golden Mile Resources Limited shares are listed on the Australian Securities Exchange, code G88.
70