ABN 70 611 695 955
2020 Annual Report
Contents
Key Highlights ....................................................................................................................................................................... 3
1
Review of Operations ......................................................................................................................................................... 5
2
Corporate Activities .......................................................................................................................................................... 11
3
4 Directors’ Report............................................................................................................................................................... 14
Independence Declaration ............................................................................................................................................... 24
5
6
Auditors Report ................................................................................................................................................................. 25
7 Directors’ Declaration ...................................................................................................................................................... 29
Statement of Profit or Loss and Other Comprehensive Income ........................................................................... 30
8
Statement of Financial Position ....................................................................................................................................... 31
9
Statement of Changes in Equity ...................................................................................................................................... 32
10
Statement of Cash Flows .................................................................................................................................................. 33
11
12 Notes to the Financial Statements ................................................................................................................................. 34
13
Information Required by the Australian Securities Exchange Limited .................................................................. 54
14 Corporate Directory......................................................................................................................................................... 55
Great Boulder Resources Limited – Annual Report 2020
2
1 Key Highlights
The Directors of Great Boulder Resources Ltd (Great Boulder, GBR or the
Company) are pleased to present the Annual Report for the Financial Year 1
July 2019 to 30 June 2020.
During the year the Company continued its transition from a pure nickel sulphide explorer to a dual gold and
nickel focus. The first step in this process was the acquisition of the Whiteheads joint venture, north of Kalgoorlie,
in August 2019.
In early 2020 the annual exploration review resulted in the relinquishment of the Tarmoola project near Leonora,
and later the Mt Carlon project south of Yamarna. Both these decisions are consistent with the Company’s
philosophy of quickly assessing projects’ potential in order to focus exploration on those with the greatest
prospect of success.
A conventional, staged exploration strategy at Whiteheads brought early reward in the form of a 3.8km gold-in-
soil anomaly on the Arsenal trend, which was confirmed with air-core drilling in July 2020. The Blue Poles
discovery is now a key prospect for ongoing exploration at Whiteheads.
Subsequent to 30 June 2020 the Company announced the acquisition of an option on a second gold joint venture,
the Side Well gold project near Meekatharra in Western Australia. Side Well is an advanced exploration project
with significant high-grade intersections in previous drilling, and it represents an exciting step forward in GBR’s
gold prospects.
With two gold and two nickel projects, the Board feels that GBR’s project portfolio is well balanced and of an
appropriate scale for the technical team to manage. Drilling commenced at Side Well in late August 2020, and
the Company looks forward to a busy exploration program in the months ahead.
The Company is now well set for a productive and rewarding FY21, with an aggressive, fully funded exploration
program underway as we move into the December quarter. The current focus on gold will be balanced with
ongoing work at the Yamarna and Winchester projects next year, as we look to maximise value in all areas.
The Board and Management of Great Boulder would like to thank all our shareholders, consultants and
community stakeholders for your support during the year. We look forward to an exciting and active year
ahead.
Corporate
At 30 June 2020 the Company had 133.45 million ordinary shares on issue
Subsequent to EOFY the Company completed a share placement and a 1:6 rights issue to raise approximately
$2.35m at an issue price of $0.043. This will increase the issued share capital to 188 million ordinary shares.
Great Boulder Resources Limited – Annual Report 2020
3
Projects
Whiteheads (Au)
Yamarna (Ni-Cu-Co)
Advanced gold project located 45km north of
Kalgoorlie
An emerging copper-nickel-cobalt province, located
130km east of Laverton and 25km west of the Gruyere
gold project in Western Australia
Large-scale, coherent gold-in-soil anomalies
Blue Poles discovery, July 2020
Numerous high-grade intersections in historic
drilling
Multiple old workings of significant size
Mt Venn discovery (2017) and Eastern Mafic discovery
(2018): extensive copper-nickel-cobalt mineralisation
outlined over several kilometres
Extensional opportunities at Mt Venn and Eastern
Mafic remain to be tested by further drilling
Side Well (Au)
Winchester (Ni-Cu-Co)
Located immediately east of Meekatharra
A known copper-nickel system located 40km north of
High-grade gold drilled by Doray Minerals at the
Mt Venn
Matilda and Mulga Bill prospects
Great Boulder is earning a 75% interest in the project
Large-scale, untested regional potential
Significant parallels to the early history of the
has been confirmed by drilling in early 2020
Down-plunge continuity at the Winchester prospect
from Ausgold Ltd, currently at 51%
nearby Andy Well gold mine
Other regional prospects remain to be tested
Great Boulder Resources Limited – Annual Report 2020
4
2 Review of Operations
WHITEHEADS GOLD PROJECT
Having acquired an option to explore the Whiteheads project in late August 2019, the Company commenced RC
drilling the following October. This initial program consisted of extensional holes at the Seven Leaders and Lady
Betty prospects, and three holes aimed at more speculative targets at Whiteheads Find.
As announced on 11 December 2019, the best
results from the drilling included 16m @ 1.13g/t
Au at Seven Leaders and 1m @ 7.51g/t Au at
significant
Lady Betty. There were no
intersections in the Whiteheads Find holes,
although subsequent analysis of the results
indicated that two holes may have failed to
intersect the target lithology. These holes will be
extended at a later date when there is an RC rig
nearby.
In late 2019 the Company commenced a series of
auger sampling programs designed to extend
and infill previous auger coverage, with an initial
focus on the Arsenal trend. Arsenal had
previously been sampled by a mixture of
conventional soil and auger soils using various
assay techniques, so a decision was made to
auger sample areas previously tested by
conventional soils.
The decision to use auger sampling was informed
partly by a desire to achieve uniform data
quality, and partly because of anecdotal
evidence that surface gold appeared to be
shedding downhill, creating
false anomaly
positions at surface. As auger samples are taken
from
layer
approximately 1 to 1.5m below surface they are thought to be a more representative indication of any gold
mineralisation within the regolith.
FIGURE 1: WHITEHEADS LOCATION MAP.
pedogenic
carbonate
the
Auger sampling on the Arsenal trend confirmed a coherent gold-in-soil anomaly oriented north-south over a
strike of approximately 3.8km, announced to the market on 3 February 2020. Exploration was postponed by the
start of regional travel restrictions caused by the Coronavirus pandemic, and there was no further work at Arsenal
until July 2020.
Great Boulder Resources Limited – Annual Report 2020
5
Figure 2: The Arsenal trend auger anomaly, March 2020
During H1 2020 the Company also commenced a regional program to locate and sample bottom-of-hole material
from as many historic drill holes as possible. The chips are assayed for low-level multi-element geochemistry,
building a project-wide data set that will be used the geological understanding of the area. The data will also be
assessed to identify any anomalous pathfinder elements indicative of gold mineralisation as part of the ongoing
target generation process. This sampling and assay program is ongoing.
Blue Poles discovery
Subsequent to EOFY the Company completed a 69-hole, 3,121m program of air-core drilling testing targets on
the Arsenal trend as well as at Gindalbie, Whiteheads Dam and Lindsays South. Approximately half the holes
were designed to test the strongest “bullseye” area of the Arsenal soil anomaly. These were successful in defining
anomalous bottom-of-hole gold intersections over a strike length in excess of 600m, with mineralisation open
along strike and also to the southwest (ASX announcements 10 August 2020 and 13 August 2020). This has been
named the Blue Poles prospect.
Best results from 4m composite samples from the air-core drilling include:
4m @ 3.35g/t Au from 50m in 20WHAC003
20m @ 0.54g/t Au from 32m, including 5m @ 1.19g/t Au in 20WHAC008
8m @ 0.85g/t Au from 35m including 2m @ 1.62g/t Au in 20WHAC033
15m @ 0.57g/t from 33m in 20WHAC034.
The program also identified anomalous gold in other prospects, including:
2m @ 1.76g/t Au from 33m in 20WHAC042 near the Gindalbie historic workings; and
3m @ 3.14g/t Au from 16m in 20WHAC047 near Whiteheads Dam.
Additional air-core drilling will be completed at Blue Poles later in 2020 to define the strike extents to
mineralisation, after which it will be tested at depth with RC drilling.
Great Boulder Resources Limited – Annual Report 2020
6
SIDE WELL GOLD PROJECT
The Side Well project consists of a single tenement E51/1905, located east-northeast of Meekatharra in Western
Australia.
Great Boulder announced an option to explore Side Well in July 2020. The Company has a 12-month option with
a possible 12-month extension if required, during which time Great Boulder may exercise the option to acquire
a 75% interest in the project. Upon entering a 75:25 joint venture, the vendor Zebina Minerals Pty Ltd will remain
free carried to a decision to mine.
This is GBR’s second agreement with Zebina Minerals,
the other being the Whiteheads agreement in August
2019.
Zebina is owned by Kalgoorlie-based prospector and
businessman Scott Wilson, who has held ground in
the Meekatharra area for more than 30 years. Mr
Wilson was the first person to peg the Andy Well area,
north of Side Well, after seeing a Government
aeromagnetic map in 1985 which indicated that the
Meekatharra greenstone stratigraphy continued
further north than had previously been realised,
hidden by a layer of shallow cover.
The Wilber Lode at Andy Well was first drilled by
Dominion Mining Ltd in 1992 in joint venture with Mr
Wilson. Dominion’s interest passed on to Western
Mining Corporation in 1995, and it was WMC who
drilled the first high-grade intersection into Wilber
with a result of 10m @ 7.2g/t. At that time the WMC-
Wilson tenements extended as far south as Jones
Well, which is now the northern end of the Side Well
project.
WMC later relinquished their interest in Andy Well in
1998, after deciding it didn’t meet their minimum size
criteria.
In late 2009 Mr Wilson reached an agreement with
Doray Minerals to explore the area. After early drilling
success by Doray, Andy Well subsequently became
one of the highest-grade discoveries of the early 2000’s with a gold endowment of over 800,000oz.
Figure 3: Side Well location map.
The Side Well project has had a very similar exploration history to Andy Well, having been held by Scott Wilson
during periods of exploration by Dominion Mining, WMC and Doray Minerals, among others. Dominion were the
first to discover gold at the Mulga Bill prospect during a regional RAB program. Doray were the first to test the
area seriously with RC drilling, leading to a number of high-grade intersections over a 3km strike length at Mulga
Bill, as well as the discovery of the Matilda prospect. Best results from Doray’s drilling include:
3m @ 35.5g/t Au from 76m in MNAC0463 (Matilda prospect)
5m @ 6.69g/t Au from 110m in MNAC0454 (Mulga Bill prospect)
14m @ 5.30g/t Au from 86m in SWRC012 (Mulga Bill prospect)
10m @ 3.41g/t Au from 185m in SWRC006 (Mulga Bill prospect).
Great Boulder Resources Limited – Annual Report 2020
7
the
during
exploration
The Mulga Bill area was drilled sporadically by
Doray
and
development phase of Andy Well. After 2013
there was little field activity, with Doray
becoming more active at the Gnaweeda
project, closer to Andy Well, and also at their
new Deflector project near Yalgoo. Doray
eventually relinquished their interest in Side
Well in 2015.
The better intersections in Doray’s drilling are
situated within the southern half of the Mulga
Bill prospect. This area was drilled on 400m
fences, leaving large gaps – and consequently
significant potential for strike extensions – in
the current drilling coverage. Great Boulder’s
exploration program is based upon using RC
drilling
zones of
mineralization, and cheaper air-core drilling
to drill infill fences on a 200m line spacing
prior to drilling RC in previously untested
areas. The air-core results will be used to fine-
tune the subsequent phases of RC, reducing
wasted metres and making exploration more
cost-efficient.
to extend
known
Figure 4: Side Well prospects over regional aeromagnetics.
under-explored or completely untested. These include:
Outside the known prospects at Mulga Bill
and Matilda, Side Well has a range of
conceptual targets which to date are either
Jones Well: at the northern end of the Side Well project the greenstone belt thins, with granites to the east and
west, while wrapping around a smaller ovoid granite that has intruded the greenstones. This structural disruption
of the BIF’s and associated mafics presents potential dilational pressure shadows which are classic focal points
for mineralising fluids. Dominion and WMC conducted limited work in the area including a soil sampling program
- which identified anomalous gold in soils - and a small RAB program, but there has been no subsequent follow-
up.
The chert/BIF unit passing through the Matilda prospect continues south to the Paddy’s Flat area, and to the
north it folds around the outside of the Pollele Syncline, passing down the eastern side of Side Well in the
direction of Gabanintha. On the eastern side the stratigraphy can be seen in sub-crop or shallow residual soils.
Despite being worked by local prospectors for gold nuggets there is no record of any modern exploration in this
location.
The total strike length from north to south within the Side Well project is over 25km, much of it unexplored.
YAMARNA CU-NI-CO PROJECT
The Yamarna Project is located 130 km east of Laverton in the Eastern Goldfields District of Western Australia
and consists of six granted exploration licences and one granted prospecting license. Great Boulder holds a 75%
interest in the Mt Venn Project through a Joint Venture agreement with Eastern Goldfields Mining Company Pty
Ltd (EGMC). EGMC are gradually diluting their interest as GBR continue exploring the project.
The Mt Venn and Eastern Mafic discoveries are both located within the project area.
Great Boulder Resources Limited – Annual Report 2020
8
Mt Venn lies immediately west of the Yamarna greenstone belt and covers the southern extensions of the Mt
Venn greenstone belt. The Eastern Mafic complex, located 7km south-east from Mt Venn, was identified in early
2018 as potentially part of the same magmatic event as Mt Venn, but formed earlier and closer to the source of
the intrusion. Exploration activities during 2018 and 2019 have confirmed the Eastern Mafic complex represents
a large sulphide bearing mafic intrusion that is most likely part of the same magmatic event as Mt Venn.
and
nickel
copper,
Extensive
cobalt
mineralisation has been discovered at the Mt
Venn and Eastern Mafic complexes. Great
Boulder has defined
copper dominant
mineralisation along the western Mt Venn
trend and identified a more nickel-rich part of
the system at the Eastern Mafic.
During the reporting year, the Company
completed an auger soil survey over the
northern part of Mt Venn, in the vicinity of a
previous drilling intersection which contained
2m @ 2.13% Zn and 0.39% Pb. This unusual
base metals occurrence, hosted within
gabbronorite close to the regional contact with
felsic volcaniclastics, had never been followed
up. The auger program was designed to test the
possibility that the Zn-Pb result might be
connected to a VMS setting.
The auger data identified a copper anomaly
with a peak value of 638ppm Cu in the same
area as the zinc
intersection. Subsequent
analysis of the geochemistry indicated that the
base metals are not related to a VMS
environment, and there has been no further
exploration carried out on the prospect.
During the coming year Great Boulder intends
to recommence a target generation program
at Yamarna to consider new opportunities to grow advance the project. A geological consultant will be tasked
with revisiting all the previous work done at Mt Venn and the Eastern Mafic Complex. Once this process is
complete the Company will prioritise all available drill targets to develop a refreshed exploration strategy for the
Yamarna and Winchester projects.
Figure 5: PROJECT LOCATIONS IN THE YAMARNA A
REGION
WINCHESTER CU-NI-CO PROJECT
Great Boulder is exploring the Winchester Project under an earn-in agreement with Ausgold Limited. Post the
end of FY19 the Company has a 51% interest in the project, with the aiming of moving to 75% with further work.
The primary focus at the Winchester Project has been the Winchester prospect, where sulphide mineralisation
was initially discovered by Ausgold. Follow-up drilling by Great Boulder in 2019 included the following results:
7m at 1.1% Cu, 0.2% Ni, 0.01% Co, 0.19g/t Au, 0.13g/t PGE from 120m (18WNRC001)
including 2m at 1.8% Cu, 0.2% Ni, 0.02% Co, 0.25g/t Au, 0.22g/t PGE
13m at 0.9% Cu, 0.3% Ni, 0.02% Co from 138m (18WNRC002);
including 5m at 1.1% Cu, 0.7% Ni, 0.04% Co, 0.10g/t PGE.
In March 2020 four holes were drilled at the Winchester prospect to follow up these early results and test the
Great Boulder Resources Limited – Annual Report 2020
9
down-plunge continuity of the sulphides. Two RC holes were drilled to the north and northwest of Winchester,
while two deeper RC-Diamond holes were drilled to test targets down plunge.
Diamond hole 20WNRCD002 intersected 4.4m @ 0.8% Cu, 4.7g/t Ag, 0.08% Ni and 0.01% Co from 201.86m
within the main sulphide shoot, including 1.14m @ 1.3% Cu and 6.7g/t Ag in a higher grade zone.
This mineralisation sits approximately 250m down-plunge from the interpreted top of the shoot, or 80m down-
plunge from the nearest drill hole. Mineralisation remains open to the west and at depth.
Hole 20WNRCD001 was designed to test the structure approximately 100m east and down-plunge of
20WNRCD002. This hole did not intersect any significant Cu-Ni mineralisation. It was extended through a black
shale marker horizon to allow a down-hole EM survey to be conducted at a later date, to test for further sulphide
conductors at depth.
A reinterpretation of the Winchester shoot suggests that the deeper hole, 20WNRCD001, passed underneath the
mineralised position. If this is the case, down-hole EM should detect any sulphides proximal to the hole.
The program was terminated early because of access restrictions associated with Coronavirus, and there has
been no further field activity at Winchester since then. The down-hole EM program is expected to be completed
in early 2021.
Figure 6: A long section of the Winchester prospect showing drill results to date.
Great Boulder Resources Limited – Annual Report 2020
10
3 Corporate Activities
During the year the Company completed a placement to raise $700,000 via the issue of 17,500,000 fully paid
ordinary shares at an issue price of $0.04. This was completed on 9 September 2019. As part of this capital
raising, the Company completed a non-renounceable rights issue, which raised $437,424 by the issue of
10,935,588 at an issue price of $0.04. This was completed on 3 October 2019. The rights issue shortfall was
completed on 17 October 2019 which raised $897,116 via the issue of 22,427,897 fully paid ordinary shares.
The Company also issued 980,392 fully paid ordinary shares on 9 September 2019 at an issue price of $0.051 as
consideration for the Whiteheads option.
Subsequent to the FY20 year end, on 20 August 2020 the company placed 30,943,041 fully paid ordinary shares
at $0.043 to raise $1,330,551. The Company issued 22,242,278 fully paid ordinary shares under a non-
renounceable entitlement offer to raise $956,420, which was completed on 16 September 2020. A further
1,420,457 fully paid ordinary shares were issued at $0.043 to raise $61,080 on 17 September 2020.
The Company issued 1,000,000 unlisted options with an exercise price of $0.075 expiring on 28 August 2023
under the Company’s Employee Incentive Plan. A further 1,000,000 unlisted options were issued on 17
September 2020 with an exercise price of $0.10 expiring 30 September 2020 as consideration for services as lead
manager of the recent capital raising.
The issued share capital of the Company at the date of this report is:
Class of Securities
Ordinary fully paid shares
Unlisted Options (exercisable at $0.20 and expire 18/11/2020)
Unlisted Options (exercisable at $0.20 and expire 18/03/2022)
Unlisted Options (exercisable at $0.10 and expire 30/06/2022)
Unlisted Options (exercisable at $0.04 and expire 30/06/2022)
Unlisted Options (exercisable at $0.075 and expire 28/08/2023)
Unlisted Options (exercisable at $0.10 and expire 30/09/2023)
Issued Capital
188,059,770
34,629,893
250,000
4,000,000
2,000,000
1,000,000
1,000,000
Competent Person’s Statement
Exploration information in this Annual Report is based upon work undertaken by Andrew Paterson who is a Member of the Australasian
Institute of Geoscientists (AIG). Mr Paterson has sufficient experience that is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person’ as defined in the 2012 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Paterson is Managing
Director of Great Boulder and consents to the inclusion in the report of the matters based on their information in the form and context
in which it appears.
Forward Looking Statements
This Annual Report is provided on the basis that neither the Company nor its representatives make any warranty (express or implied) as
to the accuracy, reliability, relevance or completeness of the material contained in the Annual Report and nothing contained in the Annual
Report is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company hereby
excludes all warranties that can be excluded by law. The Annual Report contains material which is predictive in nature and may be affected
by inaccurate assumptions or by known and unknown risks and uncertainties, and may differ materially from results ultimately achieved.
The Annual Report contains “forward-looking statements”. All statements other than those of historical facts included in the Annual
Report are forward-looking statements including estimates of Mineral Resources. However, forward-looking statements are subject to
risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or
implied by such forward-looking statements. Such risks include, but are not limited to, copper, gold and other metals price volatility,
Great Boulder Resources Limited – Annual Report 2020
11
currency fluctuations, increased production costs and variances in ore grade recovery rates from those assumed in mining plans, as well
as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to
release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of the Annual Report,
or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All persons should
consider seeking appropriate professional advice in reviewing the Annual Report and all other information with respect to the Company
and evaluating the business, financial performance and operations of the Company. Neither the provision of the Annual Report nor any
information contained in the Annual Report or subsequently communicated to any person in connection with the Annual Report is, or
should be taken as, constituting the giving of investment advice to any person.
Great Boulder Resources Limited – Annual Report 2020
12
Appendix 2 – Tenement Schedule as at reporting date
Project
Mirra Well
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Tarmoola
Whiteheads
Whiteheads
Whiteheads
Whiteheads
Whiteheads
Whiteheads
Whiteheads
Whiteheads
Winchester
Winchester
Yamarna
Yamarna
Yamarna
Yamarna
Yamarna
Yamarna
Yamarna
Tenement
Number
E51/1974
E37/1241
E37/1242
P37/8667
P37/8668
P37/8669
P37/8670
P37/8671
P37/8672
P37/8673
P37/8674
P37/8675
P37/8676
P37/8677
P37/8678
P37/8679
P37/8680
P37/8681
P37/8682
P37/8683
P37/8684
P37/8685
P37/8935
E27/538
E27/544
E27/566
E27/582
E27/584
E27/588
E27/622
E27/636
E38/3340
E38/2129
E38/2320
E38/2685
E38/2952
E38/2953
E38/2957
E38/2958
P38/4178
Status
Interest
Comments
Application
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Application
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
0%
In application
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
0% Surrendered 31/7/20
100% Surrendered 9/9/20
0% Option to acquire 80%
0% Option to acquire 75%
0% Option relinquished by GBR
0% Option to acquire 80%
0% Option to acquire 80%
0% Option to acquire 75%
0% Option to acquire 75%
0%
100%
In application
51% Earning 75%
75%
75%
75%
75%
75%
75%
75%
Great Boulder Resources Limited – Annual Report 2020
13
4 Directors’ Report
Your directors have pleasure in presenting their report, together with the financial statements, for the year
ending 30 June 2020 and the auditor’s report thereon.
Directors
The names of the directors of Great Boulder Resources Limited during the financial period and to the date of this
report are:
Gregory C Hall (Non-Executive Chairman)
Andrew G Paterson (Managing Director)
Murray E Black (Non-Executive Director)
Melanie J Leighton (Non-Executive Director)
Directors have been in office since the start of the financial period to the date of this report unless otherwise
stated.
Directors’ Information
Gregory C Hall Non-Executive Chairman
Greg Hall is a director of Golden Phoenix International Pty Ltd a geological consulting company. Greg was Chief
Geologist for the Placer Dome Group from 2000 to 2006. He managed Placer Dome’s exploration activity in China
from 1993 to 2001. Before joining Placer Dome in 1988, he managed exploration in Western Australia for CSR
Limited. He made significant contributions to the discovery of Rio Tinto’s Yandi iron ore mine in the Pilbara region
of Western Australia and to Gold Field's Granny Smith gold mine in WA including Keringal, Wallaby and Sunrise
satellite gold mines. He was educated at the University of New South Wales and graduated with Bachelor of
Applied Science (First Class Honors) in 1973.
Andrew G Paterson, Managing Director
Andrew is a geologist with more than 25 years’ experience in mining and exploration in Australia and Papua New
Guinea. Andrew’s career has encompassed the gold, nickel, iron ore and lithium sectors, ranging from project
identification and grassroots exploration through to surface and underground operations.
Andrew has a Bachelor of Engineering (mining Geology and Mineral Exploration) and a Graduate Diploma in
Mining from Curtin University. He is also a Member of the Australian Institute of Geoscientists and a Graduate
member of the Australian Institute of Company Directors.
Murray Edward Black, Non-Executive Director
Mr Black has over 40 years’ experience in the mineral exploration and mining industry and has served as an
Executive Director and Chairman for several listed Australian exploration and mining companies. He owns and
manages a substantial private Australian drilling business, has interests in several commercial developments and
has significant experience in capital financing. Mr Black has acquired and managed the exploration projects
described in this document over a 20 year period. Mr Black was a founding director and is currently the Non-
executive chairman of ASX listed company Hot Chili Limited.
Great Boulder Resources Limited – Annual Report 2020
14
Melanie J Leighton, Non-Executive Director
Melanie Leighton holds a degree in Geology from the University of Western Australia is a Member of the AIG and
has greater than 18 years’ experience within the mineral exploration industry. She currently holds the position
of General Manager- Technical Services with Hot Chili Limited. Since 2011 Mrs Leighton has managed and
coordinated resource estimation, land management, systems development, data integration, and stakeholder
relations for Hot Chili. Prior to her time with Hot Chili, Melanie held senior geological roles with Northwest
Resources, Hill 50 Gold and Terra Gold gaining practical and management experience within the areas of
exploration, mining and resource development. Mrs. Leighton has extensive experience in mineral exploration,
resource development and project feasibility studies.
Corporate Information
Great Boulder Resources Limited is a company limited by shares and is domiciled in Australia.
Principal Activities
During the year, the company was principally involved in mineral exploration in Western Australia.
Results of Operations
The results of the company for the year ended 30 June 2020 was a loss of $2,312,943 (2019: loss $1,353,836).
Dividends
No dividends were paid or declared since the end of the previous year. The directors do not recommend the
payment of a dividend.
Review of Operations
Refer to Operations Report on pages 5 to 10.
Significant Changes in the State of Affairs
There were no significant changes to the state of affairs, during or subsequent to the end of the reporting period,
other than what has been reported in other parts of this report.
Matters Subsequent to the End of the Financial Year
On 14 July the Company announced it had entered into an option agreement to acquire a 75% joint venture
interest in Side Well, a gold project located in Meekatharra. The Company is committed to spending a minimum
of $200,000 on in-ground expenditure within the first 12 months.
On 20 August 2020 the company placed 30,943,041 fully paid ordinary shares at $0.043 to raise $1,330,551.
The Company issued 22,242,278 fully paid ordinary shares under a non-renounceable entitlement offer to raise
$956,420, which was completed on 16 September 2020.
A further 1,420,457 fully paid ordinary shares were issued at $0.043 to raise $61,080 on 17 September 2020.
On 28 August 2020 The Company issued 1,000,000 unlisted options with an exercise price of $0.075 expiring on
28 August 2023 under the Company’s Employee Incentive Plan.
A further 1,000,000 unlisted options were issued on 17 September 2020 with an exercise price of $0.10 expiring
Great Boulder Resources Limited – Annual Report 2020
15
30 September 2023 as consideration for services as lead manager of the recent capital raising.
The impact of Coronavirus (COVID-19) pandemic is ongoing. The Company slowed exploration activities during
April to June 2020 whilst the Western Australian lockdown was temporarily in place, but has since resumed
normal operating activities. It is not practicable to estimate the potential impact, positive or negative, after the
reporting date. The situation is rapidly developing and is dependent on measures imposed by the State and
Federal Governments, such as maintaining social distancing requirements, quarantine, travel restrictions and any
economic stimulus that may be provided.
There were no other significant changes to the state of affairs, during or subsequent to the end of the reporting
period, other than what has been reported in other parts of this report.
Likely Developments and Expected Results of Operations
Further information on the likely developments in the operations of the company and the expected results of
operations have been included in the review of operations.
Corporate Governance Statement
The Board is responsible for the overall corporate governance of the company, and it recognises the need for the
highest standards of ethical behaviour and accountability. It is committed to administering its corporate
governance structures to promote integrity and responsible decision making.
The company’s corporate governance structures, policies and procedures are described in its Corporate
Governance
at
available
http://www.greatboulder.com.au/corporate-governance/
company’s
Statement
website
which
the
on
is
Security Holding Interests of directors as at the date of this report
Directors
Gregory C Hall
Andrew G Paterson
Murray E Black
Melanie Leighton
Shares under Option
Ordinary
Shares
1,633,333
232,589
4,666,667
1,450,000
Options Over
Ordinary
Shares
2,000,000
6,000,000
3,500,000
2,000,000
There were 40,879,893 ordinary shares under option at 30 June 2020 (2019: 34,879,893).
Shares Issued on the Exercise of Options
No options were exercised during the year ended 30 June 2020 (2019: 250,000).
Options Lapsed/ Forfeited During the Year
No options were forfeited during the year (2019: 1,000,000).
Directors’ Benefits
Since 30 June 2020, no director of the company has received or become entitled to receive a benefit (other than
a benefit included in the aggregate amount of emoluments received or due and receivable by directors shown in
Great Boulder Resources Limited – Annual Report 2020
16
the financial statements) by reason of a contract made by the company with the director or with a firm of which
he is a member, or with a company in which he has a substantial financial interest.
Company Secretary – Melanie Ross
Ms Ross was appointed on 28 March 2018 and is an accounting and corporate governance professional with over
20 years’ experience in financial accounting and analysis, audit, business and corporate advisory services in public
practice, commerce and state government. She has a Bachelor of Commerce and is a member of the Institute of
Chartered Accountants in Australia and New Zealand and an associate member of the Governance Institute of
Australia.
Ms Ross is currently a director of a corporate advisory company based in Perth that provides corporate and other
advisory services to public listed companies.
Indemnification and Insurance of Directors and Officers
During the financial year, the company maintained an insurance policy which indemnifies the Directors and
Officers of Great Boulder Resources Limited in respect of any liability incurred in connection with the
performance of their duties as Directors or Officers of the company. The company's insurers have prohibited
disclosure of the amount of the premium payable and the level of indemnification under the insurance contract.
Indemnification and Insurance of Auditor
The company has not, during or since the end of 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 related entity.
Directors’ Meetings
The number of directors’ meetings attended by each of the directors of the company during the year were:
Director
Gregory C Hall
Andrew G Paterson
Melanie J Leighton
Murray E Black
Environmental Issues
Eligible Meetings while in
office
6
6
6
6
Eligible Meetings attended
6
6
6
6
The directors advise that during the year ended 30 June 2020 no claim has been made by any competent
authority that any environmental issues, condition of license or notice of intent has been breached.
The directors have considered compliance with the National Greenhouse and Energy Reporting Act 2007 which
requires entities to report annual greenhouse gas emissions and energy use. For the measurement period, 1 July
2019 to 30 June 2020, the directors have assessed that there are no current reporting requirements but may be
required to do so in the future.
Occupational Health and Safety
Health and Safety actions are framed within the “Quality, Environment, Safety and Occupational Health
Great Boulder Resources Limited – Annual Report 2020
17
Integrated Policy” that states people´s health and safety is safeguarded within the different fields of our activity.
Great Boulder Resources Limited strictly follows. The plan covers specific areas such as the Compliance of Legal
and Other Standards, Risk Assessment and Control, Occupational Health, Emergency Response, Training,
Incidents - Corrective and Preventive Action, Management of Contractors and Suppliers, Audit and Management
Review.
Proceedings on Behalf of Company
No person has applied for leave of Court 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 such proceedings during the year.
Non-Audit Services
The Board of Directors is satisfied that the provision of non-audit services during the year is compatible with the
general standard of independence for auditors imposed by the Corporations Act 2001. The directors are satisfied
that the services disclosed below did not compromise the external auditor’s independence for the following
reasons:
all non-audit services are reviewed and approved by the directors prior to commencement to ensure
they do not adversely affect the integrity and objectivity of the auditor; and
the nature of the services provided does not compromise the general principles relating to auditor
independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the
Accounting Professional and Ethical Standards Board.
Non-audit services that have been provided by the entity’s auditor, RSM Australia Partners, have been disclosed
in Note 18.
Auditors Independence Declaration
The lead auditor’s independence declaration for the year ended 30 June 2020 has been received and is included
within this annual report.
REMUNERATION REPORT (AUDITED)
The information provided in this remuneration report has been audited.
Principles used to determine amount and nature of remuneration
The objective of the company’s executive reward framework is to ensure reward for performance is competitive
and appropriate for the results delivered. The Board ensures that executive reward satisfies the following key
criteria for good reward governance practises:
competitiveness and reasonableness
acceptability to shareholders
transparency
The current base remuneration pool of $300,000 for non-executive directors was set and reported in the
Prospectus dated 12 September 2016. All director fees are will be periodically recommended for approval by
shareholders.
Great Boulder Resources Limited – Annual Report 2020
18
The company’s policy regarding executive’s remuneration is that the executives are paid a commercial salary and
benefits based on the market rate and experience.
Details of Remuneration of the Key Management Personnel of the Company
Details of the nature and amount of each element of remuneration of the Key Management Personnel of the
company for the financial year are as follows:
2020
Name
Gregory C Hall (Non-
Executive Chairman)
Melanie J Leighton (Non-
Executive Director)
Andrew G Paterson
(Managing Director)
Murray E Black (Non-
Executive Director)
Short Term
Post-
Employment
Share based
Payments
Performance
Linked
Salary
$
-
Fees
$
54,750
-
40,000
240,000
-
-
40,000
240,000
134,750
Other
Benefits
$
-
-
-
-
-
Superannuation
$
-
Options
$
-
Total
$
54,750
%
3,800
-
43,800
-
-
22,800
146,200*
409,000
36%
3,800
-
43,800
30,400
146,200
551,350
-
-
* In accordance with the requirement of AASB2 Share based payments, the value disclosed is the portion of the
fair value of the options recognised as an expense in the reporting period discounted for the probabilities of
not meeting the specific performance conditions. The amount included as remuneration is not related to nor
indicative of the benefit (if any) that may ultimately be realised should the options vest.
2019
Name
Gregory C Hall (Non-
Executive Chairman)
Melanie J Leighton (Non-
Executive Director)
Stefan K Murphy *
(Managing Director)
Andrew G Paterson **
(Managing Director)
Murray E Black (Non-
Executive Director)
Short Term
Salary
$
-
Fees
$
54,750
Post-
Employment
Superannuation
$
-
Share based
Payments
Performance
Rights
$
-
Other
Benefits
$
-
Performance
Linked
Total
$
54,750
%
-
40,000
-
3,800
-
43,800
178,037
4,615
-
-
-
40,000
15,091
17,843
(18,348)***
192,623
-
-
438
3,800
-
-
5,053
43,800
182,652
134,750
15,091
25,881
(18,348)
340,026
-
-
-
-
-
-
* Resigned 3 May 2019
** Appointed 24 June 2019
*** In accordance with the requirement of AASB2 Share based payments, the value disclosed is the portion of
the fair value of the performance rights recognised as an expense in the reporting period discounted for the
probabilities of not meeting the specific performance conditions. The amount included as remuneration is not
related to nor indicative of the benefit (if any) that may ultimately be realised should the performance rights
vest.
Great Boulder Resources Limited – Annual Report 2020
19
Key Management Personnel Interests in the Shares and Options of the Company
The number of shares and options in the company held during the financial year, and up 30 June 2020, by each
Key Management Personnel of Great Boulder Resources Limited, including their personally related parties, is set
out below. There were no shares granted as compensation during the year.
Shares
2020
Gregory C Hall
Andrew G Paterson
Murray E Black
Melanie Leighton
Balance at the
start of the year
1,400,000
-
3,000,000
1,450,000
5,850,000
Granted as
compensation
-
-
-
-
-
Other changes
during the year
-
-
1,166,667
-
1,166,667
Balance at the
end of the year
1,400,000
-
4,166,667
1,450,000
7,016,667
2019
Gregory C Hall
Andrew G Paterson *
Murray E Black
Melanie Leighton
Stefan K Murphy **
Balance at the
start of the year
1,400,000
-
3,000,000
1,450,000
314,286
6,164,286
Granted as
compensation
-
-
-
-
-
-
Other changes
during the year
Balance at the
end of the year
1,400,000
-
3,000,000
1,450,000
314,286
6,164,286
-
-
-
-
-
-
* Opening balance is as at appointment on 24 June 2019
** Closing balance is as at resignation on 3 May 2019
Options
2020
Gregory C Hall
Andrew G Paterson *
Murray E Black
Melanie Leighton
2019
Gregory C Hall
Andrew G Paterson *
Murray E Black
Melanie Leighton
Stefan K Murphy **
Balance at the
start of the year
2,000,000
-
3,500,000
2,000,000
7,500,000
Granted as
compensation
-
6,000,000
-
-
6,000,000
Other changes
during the year
Balance at the
end of the year
2,000,000
6,000,000
3,500,000
2,000,000
13,500,000
-
-
-
-
-
Balance at the
start of the year
2,000,000
-
3,500,000
2,000,000
1,057,143
8,557,143
Granted as
compensation
-
-
-
-
-
-
Other changes
during the year
-
-
-
-
(1,000,000)
(1,000,000)
Balance at the
end of the year
2,000,000
-
3,500,000
2,000,000
57,143
7,557,143
* Opening balance is as at appointment on 24 June 2019
** Closing balance is as at resignation on 3 May 2019
Great Boulder Resources Limited – Annual Report 2020
20
Share based compensation
Shares
No shares were issued to key management personnel as compensation during the year ended 30 June 2020
(2019: nil).
Options
During the year ended 30 June 2020 6,000,000 options were granted (2019: nil). 4,000,000 options vested on 2
December 2019 and 2,000,000 options vested on 30 June 2020.
The fair value of the options granted during the financial year was $146,200 (2019: nil). Expense is recognised
on a straight-line basis over the vesting period.
The value disclosed in the remuneration of key management personnel is the portion of the fair value of the
options recognised as expense in each reporting period in accordance with the requirement of AASB 2.
The terms and conditions of options affecting remuneration granted to key management personnel in this and
future reporting years are as follows:
Employee
Andrew Paterson
Andrew Paterson
No. of
Performance
Rights
granted
4,000,000
2,000,000
Grant date
21/11/2019
21/11/2019
Vesting
conditions
Note 1
Note 2
Expiry date
30/06/2022
30/06/2022
Exercise
price
$0.10
$0.04
Fair value
per option
at grant
date
$0.0236
$0.0259
Value
$
94,400
51,800
Note 1. Vest immediately on the date of issue of the options.
Note 2. Vest on 30 June 2020, subject to remaining as an employee of the Company.
Performance Rights
No performance rights were issued to key management personnel as compensation during the year ended 30
June 2020 (2019: 500,000).
Service Contracts
Andrew Paterson - Managing Director
The company has entered into an Executive Services Agreement with its Managing Director, Mr Andrew
Paterson, in relation to his employment by the company.
The material terms of this agreement are as follows:
(a)
Mr Paterson is employed as the Managing Director.
(b) Mr Paterson will be paid an annual salary of $240,000 plus statutory superannuation.
Great Boulder Resources Limited – Annual Report 2020
21
(c) Mr Paterson’s employment may be terminated by the company giving 6 months’ notice. The company
may otherwise terminate his employment immediately for cause (e.g. serious misconduct).
Non-Executive Directors
The company has entered into a letter of engagement with each Non-Executive Director confirming their
appointment and terms of the engagement.
Each Non-Executive Director is entitled to be paid an annual director's fee as follows:
Mr Hall
Mr Black
Ms Leighton
$50,000
$40,000
$40,000
The director’s fees are exclusive of statutory superannuation.
Related Party Transactions
A company associated with Mr Hall, a director, Golden Phoenix International Limited was paid $54,750 (2019:
$54,750) in directors and consulting fees as part of his remuneration. No amounts were owing as at 30 June 2020
(2019: nil).
A company in which Mr Black is a director, Blue Spec Drilling Pty Ltd, was paid $432,363 (2019: $1,990,929) for
drilling services. No amounts were owing as at 30 June 2020 (2019: nil)
A company in which Mr Black is a director, Eastern Goldfields Mining Company Pty Ltd (EGMC), became a Joint
Venture partner in the Yamarna project from 1 July 2018. During the year Great Boulder received $19,510 from
EGMC (2019: $727,081). EGMC withdrew as a Joint Venture partner during the year. No amounts were
receivable as at 30 June 2020 (2019: $4,960 payable).
All payments were made at recognised commercial rates.
Additional information
The earnings of the company for the three years since incorporation to 30 June 2020 are summarised below:
Revenue
EBITDA
EBIT
Loss after income tax
2020
2019
2018
69,945
(2,263,141)
(2,308,610)
(2,312,943)
18,540
70,676
(1,353,836) (1,354,619)
(1,353,836) (1,372,170)
(1,353,836) (1,372,170)
The factors that are considered to affect total shareholders return ('TSR') are summarised below.
Share price at financial year end ($)
Basic earnings per share (cents per share)
0.028
(1.92)
0.0525
(1.68)
0.45
(1.94)
2020
2019
2018
[End of Remuneration Report]
Great Boulder Resources Limited – Annual Report 2020
22
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations
Act 2001.
On behalf of the directors
Andrew Paterson
Managing Director
Perth
29 September 2020
Great Boulder Resources Limited – Annual Report 2020
23
Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
RSM Australia Partners
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Great Boulder 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:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA PARTNERS
Perth, WA
Dated: 29 September 2020
ALASDAIR WHYTE
Partner
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent
accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
GREAT BOULDER RESOURCES LIMITED
Opinion
We have audited the financial report of Great Boulder 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:
(i) 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
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Company in accordance with the auditor independence requirements of
the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards
Board's APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We 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.
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent
accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
Key Audit Matter
How our audit addressed this matter
Carrying value of exploration and evaluation expenditure
Refer to Note 10 in the financial statements
The Company has:
Capitalised a significant amount of exploration
and evaluation expenditure, with a carrying
value of $5,482,468 as at 30 June 2020; and
Recognised an impairment loss on exploration
and evaluation expenditure of $1,534,421 for
the year ended 30 June 2020.
We considered this to be a key audit matter due to
the significant management judgments involved in
assessing the carrying value of the assets including:
Determination of whether the exploration and
evaluation expenditure can be associated with
finding specific mineral resources, and the
basis on which that expenditure is allocated to
an area of interest;
Assessing whether
any
impairment are present; and
indicators
of
Assessing whether exploration activities have
reached a stage at which the existence of an
economically recoverable reserves may be
concluded.
Our audit procedures in relation to the carrying value
of the exploration and evaluation asset included:
Obtaining evidence that the Company has valid
rights to explore in the specific area;
Enquiring with and assessing management’s
basis on which they have determined that the
exploration and evaluation of mineral resources
has not yet reached the stage where it can be
concluded that no commercially viable quantities
of mineral resources exists;
Enquiring with and assessing management’s
basis on which they have determined that the
exploration and evaluation of exploration projects
Tarmoola, Mt Jewell and Mt Carlon are impaired;
Enquiring with management and reviewing
budgets and plans to test that the Company will
incur substantive expenditure on
further
exploration
for and evaluation of mineral
resources in the specific area; and
Reviewing minutes of director meetings and ASX
announcements to ensure that the Company had
not resolved to discontinue activities in the
specific area.
Share-based payment
Refer to Note 26(b) in the financial statements
During the year the Company issued 6,000,000
options at a value of $146,200 to the managing
director.
have
these
Management
arrangements in accordance with AASB 2 Share-
based Payment and used an option pricing model to
value the options.
accounted
for
We considered this to be a key audit matter due to
the complex and significant judgement involved in
assessing
the share-based
payment.
fair value of
the
Our audit procedures included:
Reviewing the key terms and conditions of the
share-based payments arrangements;
Obtaining the valuation models prepared by
management and assessing whether the models
were appropriate for valuing the options granted
during the year;
Checking the mathematical accuracy of the
computation;
Challenging
the
reasonableness
key
assumptions used by management relative to the
valuation on measurement date
including
assessing the volatility rate applied and the risk-
free interest rate used; and
of
Reviewing the adequacy and accuracy of the
relevant disclosures in the financial statements.
Other Information
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
the auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
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.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: https://www.auasb.gov.au/auditors_responsibilities/ar2.pdf. This
description forms part of our auditor's report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included within the directors' report for the year ended 30 June 2020.
In our opinion, the Remuneration Report of Great Boulder 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.
RSM AUSTRALIA PARTNERS
Perth, WA
Dated: 29 September 2020
ALASDAIR WHYTE
Partner
7 Directors’ Declaration
In the directors' opinion:
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting
Standards, the Corporations Regulations 2001 and other mandatory professional reporting
requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as
issued by the International Accounting Standards Board as described in note 1 to the financial
statements;
the attached financial statements and notes give a true and fair view of the company's financial position
as at 30 June 2020 and of its performance for the financial year ended on that date; and
there are reasonable grounds to believe that the company will be able to pay its debts as and when they
become due and payable.
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act
2001.
On behalf of the directors
Andrew Paterson
Managing Director
Dated this 29 September 2020
Perth
Great Boulder Resources Limited – Annual Report 2020
29
8 Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2020
Other income
Depreciation
Corporate fees
Legal and professional fees
Employee benefits expense
Administration expenses and rent
Project evaluation costs
Travel costs
Impairment of exploration and evaluation expenditure
Finance costs
Share based payments
Loss before income tax
Income tax expense
Loss after income tax
Other comprehensive income
Total comprehensive income attributable to
members of Great Boulder Resources Limited
Note
2020
$
2019
$
4
5
10
26
6
69,945
69,945
(45,469)
(28,936)
(119,661)
(231,183)
(222,857)
(25,193)
(13,105)
(1,534,421)
(4,333)
(157,730)
18,540
18,540
(39,345)
(56,079)
(121,963)
(242,364)
(238,114)
(13,333)
(27,170)
(647,402)
-
13,394
(2,312,943)
(1,353,836)
-
-
(2,312,943)
(1,353,836)
-
-
(2,312,943)
(1,353,836)
Basic and diluted loss per share (cents)
17
(1.92)
(1.68)
The above Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the
accompanying notes
Great Boulder Resources Limited – Annual Report 2020
30
9 Statement of Financial Position
As at 30 June 2020
Current Assets
Cash and cash equivalents
Trade and other receivables
Total current assets
Non-Current Assets
Plant and equipment
Exploration and evaluation expenditure
Right-of-use assets
Total non-current assets
Total Assets
Current Liabilities
Trade and other payables
Provisions
Lease liabilities
Total current liabilities
Non-Current Liabilities
Lease liabilities
Total non-current liabilities
Total Liabilities
Net Assets
Equity
Contributed equity
Reserves
Accumulated losses
Total Equity
Note
2020
$
2019
$
7
8
9
10
11
12
13
14
14
716,970
47,782
764,752
655,012
16,321
671,333
181,112
5,482,468
126,696
5,790,276
179,429
5,588,496
-
5,767,925
6,555,028
6,439,258
241,553
21,857
13,330
276,740
114,092
114,092
72,595
7,497
-
80,092
-
-
390,832
80,092
6,164,196
6,359,166
15
16
16
11,486,407
369,684
(5,691,895)
9,526,164
211,954
(3,378,952)
6,164,196
6,359,166
The above Statement of Financial Position should be read in conjunction with the accompanying notes
Great Boulder Resources Limited – Annual Report 2020
31
10 Statement of Changes in Equity
For the year ended 30 June 2020
Contributed
Equity
Option
Reserve
$
9,526,164
-
$
211,954
-
-
-
Balance at 1 July 2019
Loss for the year
Total Comprehensive Income for
the Year
Shares issued (net of costs)
Share based payments
Balance at 30 June 2020
1,960,243
-
11,486,407
-
157,730
369,684
Share
Based
Payments
Reserve
$
-
-
-
-
-
-
Accumulated
Losses
Total Equity
$
$
(3,378,952)
(2,312,943)
6,359,166
(2,312,943)
(2,312,943)
(2,312,943)
-
-
1,960,243
157,730
(5,691,895)
6,164,196
Balance at 1 July 2018
Loss for the year
Total Comprehensive Income for
the Year
9,268,048
-
242,820
-
47,948
-
(2,090,536)
(1,353,836)
7,468,280
(1,353,836)
-
-
-
(1,353,836)
(1,353,836)
Shares issued (net of costs)
Share based payments
Expiry of performance rights
258,116
-
-
Balance at 30 June 2019
9,526,164
-
4,954
(35,820)
211,954
-
(18,348)
(29,600)
-
-
65,420
258,116
(13,394)
-
-
(3,378,952)
6,359,166
The above Statement of Changes in Equity should be read in conjunction with the accompanying notes
Great Boulder Resources Limited – Annual Report 2020
32
11 Statement of Cash Flows
For the Year Ended 30 June 2020
Cash Flows from Operating Activities
Payments to suppliers and employees
Other receipts
Interest paid
Interest received
Note
2020
$
2019
$
(635,823)
47,210
(4,333)
1,235
(596,277)
-
-
30,679
Net cash used in operating activities
20(b)
(591,711)
(565,598)
Cash Flows from Investing Activities
Payments for exploration and evaluation
Payments for plant and equipment
Proceeds from grants received for exploration and
evaluation expenditure
Receipts from Joint Venture partners
Net cash used in investing activities
Cash Flows from Financing Activities
Proceeds from issue of shares (net of costs)
Repayments of lease liabilities
Net cash provided by financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the
financial year
(1,694,984) (4,048,796)
(132,056)
956,157
(40,679)
463,854
20,982
703,311
(1,250,827) (2,521,384)
1,910,243
(5,747)
48,116
-
1,904,496
48,116
61,958 (3,038,866)
655,012
3,693,878
Cash and cash equivalents at the end of the financial
year
20(a)
716,970
655,012
The above Statement of Cash Flows should be read on conjunction with the accompanying notes
Great Boulder Resources Limited – Annual Report 2020
33
12 Notes to the Financial Statements
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the financial statements are set out below. These
policies have been consistently applied to all the years presented, unless otherwise stated.
New, revised or amending Accounting Standards and Interpretations adopted
The company has adopted all of the new, revised or amending Accounting Standards and Interpretations issued
by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not
been early adopted.
AASB 16 Leases
The entity has adopted AASB 16 from 1 July 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. Straight-line operating lease expense recognition is replaced with a depreciation charge for
the right-of-use assets (included in operating costs) and an interest expense on the recognised lease liabilities
(included in finance costs). In the earlier periods of the lease, the expenses associated with the lease under AASB
16 will be higher when compared to lease expenses under AASB 117. However, EBITDA (Earnings Before Interest,
Tax, Depreciation and Amortisation) results improve as the operating expense is now replaced by interest
expense and depreciation in profit or loss. For classification within the statement of cash flows, the interest
portion is disclosed in operating activities and the principal portion of the lease payments are separately
disclosed in financing activities. For lessor accounting, the standard does not substantially change how a lessor
accounts for leases.
Impact of adoption
AASB 16 was adopted using the modified retrospective approach and as such the comparatives have not been
restated. The impact of adoption on opening retained profits as at 1 July 2019 was as follows:
Operating lease commitments as at 1 July 2019 (AASB 117)
Short-term leases not recognised as a right-of-use asset (AASB 16)
Right-of-use assets (AASB 16)
Lease liabilities (AASB 16)
Reduction in opening retained profits as at 1 July 2019
1 July
2019
$
37,167
(37,167)
-
-
-
New Accounting Standards and Interpretations not yet mandatory or early 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.
The Company’s assessment of the impact of these new or amended Accounting Standards and Interpretation,
most relevant to the Company, are set out below.
Great Boulder Resources Limited – Annual Report 2020
34
Conceptual Framework for Financial Reporting (Conceptual Framework)
The revised Conceptual Framework is applicable to annual reporting periods beginning on or after 1 January 2020
and early adoption is permitted. The Conceptual Framework contains new definition and recognition criteria as
well as new guidance on measurement that affects several Accounting Standards. Where the Company has relied
on the existing framework in determining its accounting policies for transactions, events or conditions that are
not otherwise dealt with under the Australian Accounting Standards, the Company may need to review such
policies under the revised framework. At this time, application of the Conceptual Framework is not expected to
have a material impact on the Company’s financial statements.
Going Concern
The financial statements have been prepared on the going concern basis, which contemplates continuity of
normal business activities and the realisation of assets and discharge of liabilities in the normal course of
business.
As disclosed in the financial statements, the Company incurred a loss of $2,312,943 and had net cash outflows
from operating activities and investing activities of $591,711 and $1,250,827 respectively for the year ended 30
June 2020. As at that date the Group had net current assets of $488,012.
The Directors believe that it is reasonably foreseeable that the Company will continue as a going concern and
that it is appropriate to adopt the going concern basis in the preparation of the financial report due to the
successful completion of transactions which raised $2,348,051 (before costs) through the issue of shares
subsequent to year-end, as disclosed in Note 22.
(a)
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian equivalents to
International Financial Reporting Standards (AIFRS), other authoritative pronouncements of the Australian
Accounting Standards Board, Australian Accounting Interpretations and the Corporations Act 2001.
These financial statements also comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board.
The financial report was authorised for issue on 29 September 2020 by the Board of Directors.
The functional and presentation currency of Great Boulder Resources Limited is Australian Dollars.
The directors have prepared the financial statements on a going concern basis, which contemplates continuity
of normal business activities and the realisation of assets and extinguishment of liabilities in the normal course
of business.
Historical cost convention
These financial statements have been prepared under the historical cost convention, as modified by the
revaluation of available-for-sale financial assets.
Great Boulder Resources Limited – Annual Report 2020
35
(b)
Income tax
The company adopts the liability method of tax-effect accounting whereby the income tax expense is based on
the profit adjusted for any non-assessable or disallowed items.
Deferred tax is accounted for using the statement of balance sheet liability method in respect of temporary
differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial
statements. No deferred income tax will be recognised from the initial recognition of an asset or liability,
excluding a business combination, where there is no effect on accounting or taxable profit or loss.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or
liability is settled. Deferred tax is credited in the statement of comprehensive income except where it relates to
items that may be credited directly to equity, in which case the deferred tax is adjusted directly against equity.
The amount of benefits brought to account or which may be realised in the future is based on the assumption
that no adverse change will occur in income taxation legislation and the anticipation that the company will derive
sufficient future assessable income to enable the benefit to be realised and comply with the conditions of
deductibility imposed by the law.
(c)
Revenue recognition
Interest revenue
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of
calculating the amortised cost of a financial asset and allocating the interest income over the relevant period
using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through
the expected life of the financial asset to the net carrying amount of the financial asset.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
(d)
Government grants
Government grants relating to costs are deferred and recognised in profit or less over the period necessary to
match them with the costs that they are intended to compensate.
(e)
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current
classification.
An asset is current when: it is expected to be realised or intended to be sold or consumed in normal operating
cycle; it is held primarily for the purpose of trading; it is expected to be realised within twelve months after the
reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle
a liability for at least twelve months after the reporting period. All other assets are classified as non-current.
A liability is current when: it is expected to be settled in normal operating cycle; it is held primarily for the purpose
of trading; it is due to be settled within twelve months after the reporting period; or there is no unconditional
right to defer the settlement of the liability for at least twelve months after the reporting period. All other
liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
Great Boulder Resources Limited – Annual Report 2020
36
(f)
Exploration and evaluation expenditure
Exploration and evaluation expenditure in relation to separate areas of interest for which rights of tenure are
current is carried forward as an asset in the statement of financial position where it is expected that the
expenditure will be recovered through the successful development and exploitation of an area of interest, or by
its sale; or exploration activities are continuing in an area and activities have not reached a stage which permits
a reasonable estimate of the existence or otherwise of economically recoverable reserves. Where a project or
an area of interest has been abandoned, the expenditure incurred thereon is written off in the year in which the
decision is made.
(g)
Plant and equipment
Plant and equipment
Plant and equipment are measured on the cost basis less depreciation and impairment losses.
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the company and
the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement
of comprehensive income during the financial period in which they are incurred.
Each class of plant and equipment is carried at cost or fair value less, where applicable, any accumulated
depreciation and impairment losses.
The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the
recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net
cash flows that will be received from the assets’ employment and subsequent disposal. The expected net cash
flows have been discounted to their present values in determining recoverable amounts.
Depreciation
The depreciable amount of all plant and equipment is depreciated on a diminishing value over their useful lives
to the company commencing from the time the asset is held ready for use.
The depreciation rates used for each class of depreciable assets are:
Class of Fixed Asset
Plant and Equipment
Depreciation Rate
10-33%
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.
An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount
is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and
losses are included in the statement of comprehensive income.
Great Boulder Resources Limited – Annual Report 2020
37
(h)
Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at
cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments
made at or before the commencement date net of any lease incentives received, any initial direct costs incurred,
and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling
and removing the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the
estimated useful life of the asset, whichever is the shorter. Where the entity expects to obtain ownership of the
leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are
subject to impairment or adjusted for any remeasurement of lease liabilities.
The entity has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases
with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to
profit or loss as incurred.
(i)
Trade and other payables
These amounts represent liabilities for goods and services provided to the company prior to the end of the
financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and
are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.
(j)
Equity-based payments
Equity-based compensation benefits can be provided to suppliers and employees.
The fair value of options granted is recognised as an employee benefit expense with a corresponding increase in
contributed equity. The fair value is measured at grant date and recognised over the period during which the
recipient becomes unconditionally entitled to the options.
The fair value at grant date is independently determined using an option pricing model that takes into account
the exercise price, the term of the option, the vesting and performance criteria, the impact of dilution, the non-
tradeable nature of the option, the share price at grant date and expected price volatility of the underlying share,
the expected divided yield and the risk-free interest rate for the term of the option.
(k)
Earnings per share
i.
Basic earnings per share
Basic earnings per share is determined by dividing the profit attributable to equity holders of the company,
excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary
shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the
year.
ii.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account the after income tax effect of interest and other financing costs associated with dilutive potential
ordinary shares and the weighted average number of shares assumed to have been issued for no consideration
in relation to dilutive potential ordinary shares.
Great Boulder Resources Limited – Annual Report 2020
38
(l)
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker. The chief operating decision maker, who is responsible for allocating resources and
assessing performance of the operating segments, has been identified as the board of directors.
(m)
Impairment of assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment.
Assets that are subject to amortisation are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for
the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is
the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment,
assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating
units).
(n)
Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-
term, highly liquid investments with original maturities of three months or less that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts.
(o)
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past
events, it is more likely than not that an outflow of resources will be required to settle the obligation and the
amount has been reliably estimated.
(p)
GST
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is
not recoverable from the taxation. In this case it is recognised as part of the cost of acquisition of the asset or as
part of the expense.
Receivables and payables are stated as inclusive of the amount of GST receivable or payable. The net amount of
GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the
statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing
activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows.
(q)
Lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the
present value of the lease payments to be made over the term of the lease, discounted using the interest rate
implicit in the lease or, if that rate cannot be readily determined, the entity's incremental borrowing rate. Lease
payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend
on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase
option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties.
The variable lease payments that do not depend on an index or a rate are expensed in the period in which they
are incurred.
Great Boulder Resources Limited – Annual Report 2020
39
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are
remeasured if there is a change in the following: future lease payments arising from a change in an index or a
rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease
liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the
carrying amount of the right-of-use asset is fully written down.
(r)
Borrowings
Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction
costs. They are subsequently measured at amortised cost using the effective interest method.
Where there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting
date, the loans or borrowings are classified as non-current.
The component of the convertible notes that exhibits characteristics of a liability is recognised as a liability in the
statement of financial position, net of transaction costs.
(s)
Finance costs
Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are
expensed in the period in which they are incurred, including interest on short-term and long-term borrowings.
(t)
Issued Capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction,
net of tax, from the proceeds.
(u)
Trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for
settlement within 30 days.
The company has applied the simplified approach to measuring expected credit losses, which uses a lifetime
expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on
days overdue.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
(v)
Employee benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected
to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid
when the liabilities are settled.
Great Boulder Resources Limited – Annual Report 2020
40
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting
date are measured at the present value of expected future payments to be made in respect of services provided
by employees up to the reporting date using the projected unit credit method. Consideration is given to expected
future wage and salary levels, experience of employee departures and periods of service. Expected future
payments are discounted using market yields at the reporting date on corporate bonds with terms to maturity
and currency that match, as closely as possible, the estimated future cash outflows.
Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in which they are
incurred.
Share based payments
Equity-settled compensation benefits are provided to employees. Equity-settled transactions are awards of
shares, or options over shares, that are provided to employees in exchange for the rendering of services.
2. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial statements. Management continually evaluates
its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses.
Management bases its judgements, estimates and assumptions on historical experience and on other various
factors, including expectations of future events; management believes to be reasonable under the
circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results.
The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are
discussed below.
Exploration and evaluation costs
Exploration and evaluation costs have been capitalised on the basis that the company will commence commercial
production in the future, from which time the costs will be amortised in proportion to the depletion of the
mineral resources. Key judgements are applied in considering costs to be capitalised which includes determining
expenditures directly related to these activities and allocating overheads between those that are expensed and
capitalised. In addition, costs are only capitalised that are expected to be recovered either through successful
development or sale of the relevant mining interest. Factors that could impact the future commercial production
at the mine include the level of reserves and resources, future technology changes, which could impact the cost
of mining, future legal changes and changes in commodity prices. To the extent that capitalised costs are
determined not to be recoverable in the future, they will be written off in the period in which this determination
is made.
Share based payment transactions
The company measures the cost of equity-settled transactions with suppliers and employees by reference to the
fair value of the equity instruments at the date at which they are granted. The fair value is determined by using
either the Binomial or Black-Scholes model taking into account the terms and conditions upon which the
instruments were granted. The accounting estimates and assumptions relating to equity-settled share based
payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting
period but may impact profit or loss and equity.
Great Boulder Resources Limited – Annual Report 2020
41
Coronavirus (COVID-19) pandemic
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has had, or
may have, on the consolidated entity based on known information. This consideration extends to the nature of
the products and services offered, customers, supply chain, staffing and geographic regions in which the
consolidated entity operates. Other than as addressed in specific notes, there does not currently appear to be
either any significant impact upon the financial statements or any significant uncertainties with respect to events
or conditions which may impact the Company unfavourably as at the reporting date or subsequently as a result
of the Coronavirus (COVID-19) pandemic.
3. SEGMENT INFORMATION
The company has identified its operating segments based on the internal reports that are reviewed and used by
the board of directors (chief operating decision makers) in assessing performance and determining the allocation
of resources.
The company operates as a single segment which is mineral exploration and in a single geographical location
which is Australia.
4. OTHER INCOME
Interest income
Government grant
5. EXPENSES
Depreciation
Plant and equipment
Office right-of-use assets
Leases
Short term lease payments
Superannuation expense
Defined contribution superannuation expense
2020
$
1,235
68,710
69,945
2020
$
38,996
6,473
45,469
54,120
54,120
45,213
45,213
2019
$
18,540
-
18,540
2019
$
39,345
-
39,345
79,383
79,383
44,493
44,493
Great Boulder Resources Limited – Annual Report 2020
42
6.
INCOME TAX EXPENSE
(a) Reconciliation of income tax expense to prima
facie tax payable
Loss before income tax
Prima facie income tax at 30% (2019: 30%)
Tax loss not recognised
Income tax expense
(b) Tax losses:
2020
$
2019
$
(2,312,943)
(693,883)
693,883
-
(1,353,836)
(406,151)
406,151
-
Unused tax losses for which no deferred tax asset has been
recognised
8,530,310
5,191,388
Potential tax benefit @ 30% (2019: 30%)
2,559,093
1,557,416
(c) The directors estimate that the potential deferred tax asset at 30 June 2020 in respect of tax losses not
brought to account is $2,559,093 (2019: $1,557,416).
The benefit for tax losses will only be obtained if:
i.
ii.
The company derives income, sufficient to absorb tax losses.
There is no change to legislation to adversely affect the company and its subsidiaries in realising
the benefit from the deduction of the losses.
7. CASH AND CASH EQUIVALENTS
Cash at Bank
8. TRADE AND OTHER RECEIVABLES
GST refund
Other receivables
Prepayments
9. PLANT AND EQUIPMENT
Plant and equipment at cost
Less provision for depreciation
Reconciliations:
Plant and equipment
Carrying amount at the beginning of the year
Additions
Depreciation
Carrying amount at the end of the year
2020
$
716,970
716,970
2020
$
20,631
21,500
5,651
47,782
2020
$
299,349
(118,237)
181,112
179,429
40,679
(38,996)
181,112
2019
$
655,012
655,012
2019
$
16,321
-
-
16,321
2019
$
244,970
(65,541)
179,429
89,213
129,561
(39,345)
179,429
Great Boulder Resources Limited – Annual Report 2020
43
10. EXPLORATION AND EVALUATION EXPENDITURE
Exploration and evaluation – at cost
Carrying amount at the beginning of the year
Mining tenements purchased at cost (i)
Capitalised mineral exploration and evaluation expenditure
Impairment and write-off of exploration and evaluation
costs (ii)
Carrying amount at the end of the year
2020
$
5,482,468
5,588,496
110,000
1,318,393
2019
$
5,588,496
3,876,500
210,000
2,149,398
(1,534,421)
(647,402)
5,482,468
5,588,496
(i)
(ii)
The consideration includes $50,000 paid as ordinary shares under the Heads of
Agreement.
As the company has relinquished the Tarmoola Joint Venture ($1,069,714), Mt Carlon
project ($365,621) and Mt Jewell ($99,086) (2019: Jundee South project), the capitalised
mineral exploration and evaluation expenditure in relation to these areas of interest has
been impaired.
The future realisation of these non-current assets is dependent on further exploration and funding
necessary to the resources or realisation through sale.
11. RIGHT OF USE ASSETS
Right-of-use asset at cost – office
Accumulated depreciation - office
Reconciliations:
Lease asset
Carrying amount at the beginning of the year
Additions
Depreciation
Carrying amount at the end of the year
12. TRADE AND OTHER PAYABLES
Trade payables and accruals
13. PROVISIONS
Employee entitlements
2020
$
133,169
(6,473)
126,696
-
133,169
(6,473)
126,696
2020
$
241,553
241,553
2020
$
21,857
21,857
2019
$
-
-
-
-
-
-
-
2019
$
72,595
72,595
2019
$
7,497
7,497
Great Boulder Resources Limited – Annual Report 2020
44
14. LEASE LIABILITIES
Current
Non-Current
2020
$
13,330
114,092
127,422
2019
$
-
-
-
Refer to Note 25 for further information on financial instruments.
15. CONTRIBUTED EQUITY
(a) Ordinary Shares -fully paid
No. Shares
2020
2019
2020
$
2019
$
At the beginning of the financial year
Shares issued on 12 March 2019 under
Joint Venture agreement
Shares issued on exercise of options
Shares issued under option agreement
Shares issued under placement
Shares issued under rights issue
Shares issued under rights issue shortfall
Less cost of issue
At the end of the financial year
81,610,117
79,860,117
9,526,164
9,268,048
-
1,500,000
-
210,000
-
980,392
17,500,000
10,935,588
22,427,897
-
133,453,994
250,000
-
-
-
-
-
81,610,117
-
50,000
700,000
437,424
897,116
(124,297)
11,486,407
50,000
-
-
-
-
(1,884)
9,526,164
(b) Terms and Conditions of Contributed Equity
Ordinary Shares
Ordinary shares have the right to receive dividends as declared and, in the event of winding up the
company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of
and amounts paid up on shares held.
Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the company.
(c) Capital Risk Management
The company’s objectives when managing capital are to safeguard their ability to continue as a going concern,
so that they can continue to provide returns to shareholders and benefits for other stakeholders and to maintain
an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the company may issue new shares, pay dividends or return
capital to shareholders.
Capital is calculated as ‘equity’ as shown in the statement of financial position, and is monitored on the basis of
funding exploration activities.
Great Boulder Resources Limited – Annual Report 2020
45
16. RESERVES AND ACCUMULATED LOSSES
(a) Accumulated losses
Accumulated losses at the beginning of the year
Net loss for the year
Expiry of performance rights and forfeiture of options
Accumulated losses at the end of the year
2020
$
2019
$
(3,378,952)
(2,312,943)
-
(5,691,895)
(2,090,536)
(1,353,836)
65,420
(3,378,952)
(b) Reserves
Options reserve
The options reserve is used to recognise the fair value of options
issued.
As at 30 June 2020, no options to which the reserve relates have
been exercised.
Balance at the beginning of the year
Share based payment expense
Transfer to accumulated loss upon forfeiture of options
Balance at the end of the year
2020
$
211,954
157,730
-
369,684
2019
$
242,820
4,954
(35,820)
211,954
Share based payments reserve
The share based payments reserve is used to recognise the fair value of performance rights issued.
As at 30 June 2020, no performance rights to which the reserve relates have been exercised.
Balance at the beginning of the year
Share based payment expense
Transfer to accumulated loss upon expiry of performance rights
Balance at the end of the year
-
-
-
-
47,948
(18,348)
(29,600)
-
Movement in Unlisted Options
Balance at beginning of financial year
Options issued during the year
Options exercised during the year
Options forfeited due to resignation
Balance at end of financial year
Listed Options
2020
Options
2019
Options
34,879,893
35,879,893
6,000,000
-
-
40,879,893
250,000
(250,000)
(1,000,000)
34,879,893
There were no listed options over ordinary shares in the company at 30 June 2020 (2019: Nil).
Great Boulder Resources Limited – Annual Report 2020
46
17. LOSS PER SHARE
Loss after tax attributable to the owners of Great Boulder
Resources Limited
Basic and diluted loss per share (cents)
Unexercised options are not dilutive.
The weighted average number of ordinary shares on issue used in
the calculation of basic loss per share
The weighted average number of ordinary shares and potential
ordinary shares used as the denominator in calculating diluted loss
per share
18. REMUNERATION OF AUDITORS
Remuneration of the auditor for:
- Auditing and reviewing of financial reports
- Tax services
19. KEY MANAGEMENT PERSONNEL DISCLOSURES
(a) Directors
2020
$
2019
$
(2,312,943)
(1.92)
(1,353,836)
(1.68)
120,492,831
80,551,213
120,492,831
80,551,213
2020
$
26,250
29,413
55,663
2019
$
24,000
29,594
53,594
The following persons were directors of Great Boulder Resources Limited during the financial
year and up to the date of this report unless otherwise stated:
Gregory C Hall
Andrew G Paterson
Melanie J Leighton
Murray E Black
(Chairman)
(Managing Director)
(Non-Executive Director)
(Non-Executive Director)
(b) Company Secretary
Melanie Ross
(c) Details of Remuneration of Key Management Personnel for the year ended 30 June 2020:
Short-term benefits
Post-employment benefits
Share based payments
2020
$
374,750
30,400
146,200
551,350
2019
$
332,493
25,881
(18,348)
340,026
Great Boulder Resources Limited – Annual Report 2020
47
20. NOTES TO STATEMENT OF CASH FLOWS
(a) Reconciliation of Cash
For the purposes of the statement of cash flows, cash includes cash on hand and in banks and
investments in money market instruments, net of outstanding bank overdrafts. Cash at the end of
the financial year as shown in the statement of cash flows is reconciled to the related items in the
statement of financial position as follows:
Cash and cash equivalents
2020
$
716,970
2019
$
655,012
716,970
655,012
(b) Reconciliation of Net Cash used in Operating Activities to Operating
Loss for the year
Depreciation
Share based payments
Impairment of exploration and evaluation costs
Net cash flows from operating activities before change
in assets and liabilities
Change in assets and liabilities during the financial year:
Trade and other receivables
Trade and other payables
Provisions
Net cash outflow from operating activities
2020
$
(2,312,943)
45,469
157,730
1,534,421
2019
$
(1,353,836)
39,345
(13,394)
647,402
(575,323)
(680,483)
(31,461)
713
14,360
(591,711)
116,393
1,187
(2,695)
(565,598)
(c) Non cash investing and financing activities
On 9 September 2019, 980,392 shares were issued under an Option agreement. This has been recognised
as exploration and evaluation with a value of $50,000 as disclosed in Note 10.
During the year the Company entered into an office lease agreement which has been recognised as a
right-of-use asset – office with a value of $133,169 as disclosed in Note 11.
There were no other non cash investing and financing activities during the year.
(d) Changes in liabilities arising from financing activities
Balance as at 30 June 2019
Net cash from/(used in) financing activities (a)
Acquisition of leases
Balance as at 30 June 2020
Lease liability
$
-
(5,747)
133,469
127,422
Great Boulder Resources Limited – Annual Report 2020
48
(a) Cash payments for the principal portion of the lease liability within financing activities.
(b) Cash payments for the interest portion of the lease liability applying the requirements in AASB
107 Statement of Cash Flows for interest paid. Consistent with the company’s existing policy of
classifying interest paid in the cash flow statement, cash payment for the interest portion of the
office lease liability had been is presented as operating activities.
21. COMMITMENTS FOR EXPENDITURE
Exploration Commitments
Within one year
Later than one year but not later than five years
Operating Leases
2020
$
635,395
-
635,395
2019
$
916,080
368,810
1,284,890
The minimum lease obligations are not provided for in the financial statements:
Within one year
Later than one year but not later than five years
22. EVENTS OCCURRING AFTER REPORTING DATE
2020
$
-
-
-
2019
$
37,167
-
37,167
On 14 July the Company announced it had entered into an option agreement to acquire a 75% joint venture
interest in Side Well, a gold project located in Meekatharra. The Company is committed to spending a minimum
of $200,000 on in-ground expenditure within the first 12 months.
On 20 August 2020 the company placed 30,943,041 fully paid ordinary shares at $0.043 to raise $1,330,551.
The Company issued 22,242,278 fully paid ordinary shares under a non-renounceable entitlement offer to raise
$956,420, which was completed on 16 September 2020.
A further 1,420,457 fully paid ordinary shares were issued at $0.043 to raise $61,080 on 17 September 2020.
On 28 August 2020 The Company issued 1,000,000 unlisted options with an exercise price of $0.075 expiring on
28 August 2023 under the Company’s Employee Incentive Plan.
A further 1,000,000 unlisted options were issued on 17 September 2020 with an exercise price of $0.10 expiring
30 September 2020 as consideration for services as lead manager of the recent capital raising.
The impact of Coronavirus (COVDI-19) pandemic is ongoing. The Company slowed exploration activities during
April to June 2020 whilst the Western Australian lockdown was temporarily in place, but has since resumed
normal operating activities. It is not practicable to estimate the potential impact, positive or negative, after the
reporting date. The situation is rapidly developing and is dependent on measures imposed by the State and
Federal Governments, such as maintaining social distancing requirements, quarantine, travel restrictions and any
economic stimulus that may be provided.
There were no other significant changes to the state of affairs, during or subsequent to the end of the reporting
period, other than what has been reported in other parts of this report.
Great Boulder Resources Limited – Annual Report 2020
49
23. RELATED PARTIES
A company associated with Mr Hall, a director, Golden Phoenix International Limited was paid $54,750 (2019:
$54,750) in directors and consulting fees as part of his remuneration. No amounts were owing as at 30 June 2020
(2019: nil).
A company in which Mr Black is a director, Blue Spec Drilling Pty Ltd, was paid $432,363 (2019: $1,990,929) for
drilling services. No amounts were owing as at 30 June 2020 (2019: nil)
A company in which Mr Black is a director, Eastern Goldfields Mining Company Pty Ltd (EGMC), became a Joint
Venture partner in the Yamarna project from 1 July 2018. During the year Great Boulder received $19,510 from
EGMC (2019: $727,081). EGMC withdrew as a Joint Venture partner during the year. No amounts were
receivable as at 30 June 2020 (2019: $4,960 payable).
All payments were made at recognised commercial rates.
24. CONTINGENT ASSETS AND LIABILITIES
The company has no contingent assets or contingent liabilities.
25. FINANCIAL RISK MANAGEMENT
The company’s principal financial instruments comprise receivables, payables, cash and short-term deposits. The
company manages its exposure to key financial risks 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 while 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 uses different methods to measure and manage different types of risks to which it is exposed.
These include monitoring levels of exposure to interest rates and assessments of market forecasts for interest
rates. Ageing analysis of and monitoring of receivables are undertaken to manage credit risk, 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 as summarized below.
Primary responsibility for identification and control of financial risks rests with the Board. The Board reviews and
agrees policies for managing each of the risks identified below, including for interest rate risk, credit allowances
and cash flow forecast projections.
Risk Exposures and Responses
(a)
Interest rate risk exposure
The company's is not exposed to interest rate risk.
(b)
Credit risk exposure
Credit risk arises from the financial assets of the company, which comprise deposits with banks and trade and
other receivables. The company’s exposure to credit risk arises from potential default of the counter party, with
the maximum exposure equal to the carrying amount of these instruments. The carrying amount of financial
assets included in the statement of financial position represents the company’s maximum exposure to credit risk
in relation to those assets.
Great Boulder Resources Limited – Annual Report 2020
50
The company does not hold any credit derivatives to offset its credit exposure.
The company trades only with recognised, credit worthy third parties and as such collateral is not requested nor
is it the company’s policy to securities it trades and other receivables.
Receivable balances are monitored on an ongoing basis with the result that the company does not have a
significant exposure to bad debts.
There are no significant concentrations of credit risk within the company.
(c)
Liquidity risk
Liquidity risk arises from the financial liabilities of the company and the company’s subsequent ability to meet
their obligations to repay their financial liabilities as and when they fall due.
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and, the
availability of funding through the ability to raise further equity or through related party entities. Due to the
dynamic nature of the underlying businesses, the Board aims at maintaining flexibility in funding through
management of its cash resources. The company has no financial liabilities at the year-end other than normal
trade and other payables incurred in the general course of business.
Remaining contractual maturities
The following tables detail the company's remaining contractual maturity for its financial instrument liabilities.
The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest
date on which the financial liabilities are required to be paid. The tables include both interest and principal cash
flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying
amount in the statement of financial position.
Weighted
average
interest rate 1 year or less
2020
Non-derivatives
Non-interest bearing
Trade and other payables
%
-
$
241,553
Between 1
and 2
years
$
Between 2
and 5
years
$
Over 5
years
$
Remaining
contractual
maturities
$
241,553
Interest bearing
Lease liability
12%
13,330
15,763
77,095
21,234
127,422
Total non-derivatives
254,883
15,763
77,095
21,234
368,975
2019
Non-derivatives
Non-interest bearing
Trade and other payables
Total non-derivatives
Weighted average
interest rate
%
1 year or less
$
Remaining contractual
maturities
$
-
72,595
72,595
72,595
72,595
Great Boulder Resources Limited – Annual Report 2020
51
26. SHARE BASED PAYMENTS
Below are details of share based payments made during the current year and prior financial years.
(a) Options issued
Set out below is a summary of options on issue as at 30 June 2020
Issue date
Expiry date
Exercise
Price
Balance at
start of year
Issued
during
the year
Expired
during
the year
Exercised
during
the year
Balance at
end of year
13/05/2016 17/11/2020
30/06/2016 17/11/2020
17/11/2020
07/07/2016
17/11/2020
18/11/2016
18/03/2022
18/03/2019
30/06/2022
02/12/2019
30/06/2022
02/12/2019
$0.20
$0.20
$0.20
$0.20
$0.20
$0.10
$0.04
26,500,000
5,094,179
1,535,714*
1,500,000
250,000
-
-
34,879,893
-
-
-
-
-
4,000,000
2,000,000
6,000,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
26,500,000
5,094,179
1,535,714
1,500,000
250,000
4,000,000
2,000,000
40,879,893
Number
exercisable
at end of
year
26,500,000
5,094,179
1,535,714
1,500,000
250,000
4,000,000
2,000,000
40,879,893
*Options were granted as free attaching options as part of the share placement.
(b) Fair value of options issued
The fair value at issue date was determined using a Black-Scholes option pricing model that takes into account
the exercise price, the share price at issue date and expected price volatility of the underlying share, and the risk
free interest rate for the term of the loan.
The model inputs for the 4,000,000 options granted during the year ended 30 June 2020 included:
(i) Options are granted for no consideration.
(ii) Exercise price - $0.10
(iii) Expected price volatility of the company’s shares: 93.7%
(iv) Risk-free interest rate: 0.72%
(v) Spot price at date of valuation: $0.056
The fair value of the options issued during the financial year was $94,400. All vesting conditions vested during
the year. Expense was recognised in full.
The model inputs for the 2,000,000 options granted during the year ended 30 June 2020 included:
(i) Options are granted for no consideration.
(ii) Exercise price - exercise price is equal to 150% of the VWAP of fully paid ordinary shares traded
on ASX over the five business days prior to 30 June 2020 on which shares are traded ASX ($0.084)
(iii) Expected price volatility of the company’s shares: 93.7%
(iv) Risk-free interest rate: 0.72%
(v) Spot price at date of valuation: $0.056
The fair value of the options issued during the financial year was $51,800. All vesting conditions vested during
the year. Expense was recognised in full.
Great Boulder Resources Limited – Annual Report 2020
52
The weighted average exercise price for options issued during the year was $0.18 (2019: $0.20).
The weighted average remaining contractual life of options outstanding at the end of the financial year is 0.63
years (2019: 1.4 years).
(c) Expenses arising from share based payment transactions:
Total transactions arising from share based payment transactions recognised during the year were as follows:
SBP – transaction costs within contributed
equity
SBP – expenses (1)
2020
$
50,000
157,730
207,730
2019
$
--
-
(13,394)
(13,394)
1.
In accordance with AASB 2 share based payments expense is recognised over the vesting period and
thus includes $11,530 in relation to options that were issued in the prior year.
Great Boulder Resources Limited – Annual Report 2020
53
13 Information Required by the Australian Securities Exchange Limited
SHAREHOLDER INFORMATION AS AT 22 SEPTEMBER 2020
(a) Spread of Holdings
1
1,001
5,001
10,001
100,001 & Over
1,000
5,000
10,000
100,000
-
-
-
-
Shareholders
Units
35
117
106
391
278
927
11,730
344,465
931,597
16,303,272
170,468,706
188,059,770
(b) Less than marketable parcels
Minimum $500.00 parcel at $0.048 per unit – 262 holders, holding 1,328,865 shares (total of 0.71% of issued capital).
(c) The names of the twenty largest shareholders as at 22 September 2020 who between them held 35.01% of the issued capital
are listed below:
Number of Ordinary Shares
%
1
2
RETZOS HOLDINGS
MR RICHARD THOMAS HAYWARD DALY &
MRS SARAH KAY DALY
3 MR DAVID ROTHWELL
4
5
6
7 MR MARTIN NARDO
BLACK INTERNATIONAL PTY LTD
GECKO RESOURCES PTY LTD
EXPLORATION CAPITAL PARTNERS 2014 LIMITED PARTNERSHIP
8
9
MR GEORGE SCOTT MILLING &
MS STEPHANIE MAY MILLING
R & L LEIGHTON PTY LTD
10 MR FREDERICK CHARLES SAUNDERS
11
12
13
14
15
16
20
YONDRO PTY LTD
ZEBINA MINERALS PTY LTD
WILLROTH PTY LTD
SAM GOULOPOULOS PTY LTD
ALTOR CAPITAL MANAGEMENT PTY LTD
MR JAMES PETER ALLCHURCH
SHAYDEN NOMINEES PTY LTD
17
18 MR SUFIAN AHMAD
19
CAIRNGLEN INVESTMENTS PTY LTD
ATLANTIS MG PTY LTD
11,280,682
7,429,192
5,253,133
4,000,000
3,616,667
2,803,337
2,802,843
2,750,000
2,500,000
2,450,000
2,333,333
2,297,559
2,288,914
2,272,154
2,167,283
2,096,123
2,085,181
1,855,575
1,786,122
1,778,301
6.00%
3.95%
2.79%
2.13%
1.92%
1.49%
1.49%
1.46%
1.33%
1.30%
1.24%
1.22%
1.22%
1.21%
1.15%
1.11%
1.11%
0.99%
0.95%
0.95%
65,846,399
35.01%
(e)
Unquoted equity securities on issue as at 23 September 2020 was as follows:
-
-
-
-
-
-
48 Optionholders holding 34,629,893 options, exercise price $0.20, expiring 18 November 2020
1 Optionholder holding 250,000 options, exercise price $0.20, expiring 18 March 2022
1 Optionholder holding 4,000,000 options, exercise price $0.10, expiring 30 June 2022
1 Optionholder holding 2,000,000 options, exercise price $0.04, expiring 30 June 2022
1 Optionholder holding 1,000,000 options, exercise price $0.075, expiring 28 August 2023
1 Optionholder holding 1,000,000 options, exercise price $0.10, expiring 30 September 2023
Great Boulder Resources Limited – Annual Report 2020
54
14 Corporate Directory
Directors
Gregory C Hall (Non-Executive Chairman)
Andrew G Paterson (Managing Director)
Murray E Black (Non-Executive Director)
Melanie J Leighton (Non-Executive Director)
Company Secretary
Melanie Ross
Principal Place of Business
Level 1, 51 Colin Street
West Perth WA 6005
Telephone: 08 9321 6037
08 9315 5004
Facsimile:
Registered Office
Level 1, 51 Colin Street
West Perth WA 6005
Telephone: 08 9321 6037
08 9315 5004
Facsimile:
Solicitors
Blackwall Legal
Level 26, 140 St George’s Terrace
PERTH WA 6000
Auditors
RSM Australia Partners
Level 32 Exchange Tower
2 The Esplanade
PERTH WA 6000
Share Registry
Automic Registry Services
Level 2
267 St Georges Terrace
PERTH WA 6000
Telephone: 1300 288 664
Bankers
Westpac Banking Corporation
Hannan Street
Kalgoorlie W A 6430
Stock Exchange
Securities are listed on the Australian
Securities Exchange (ASX Code: GBR)
Great Boulder Resources Limited – Annual Report 2020
55