ABN 70 611 695 955
2021 Annual Report
Contents
Key Highlights ....................................................................................................................................................................... 3
1
Review of Operations ......................................................................................................................................................... 5
2
Corporate Activities .......................................................................................................................................................... 13
3
4 Directors’ Report............................................................................................................................................................... 16
Independence Declaration ............................................................................................................................................... 26
5
6
Auditors Report ................................................................................................................................................................. 27
7 Directors’ Declaration ...................................................................................................................................................... 31
Consolidated Statement of Profit or Loss and Other Comprehensive Income ................................................. 32
8
9
Consolidated Statement of Financial Position ............................................................................................................. 33
10 Consolidated Statement of Changes in Equity ............................................................................................................ 34
11 Consolidated Statement of Cash Flows ........................................................................................................................ 35
12 Notes to the Financial Statements ................................................................................................................................. 36
13
Information Required by the Australian Securities Exchange.................................................................................. 60
14 Corporate Directory......................................................................................................................................................... 61
Great Boulder Resources Limited – Annual Report 2021
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 to
30 June 2021.
The past year has been transformational for Great Boulder. The Blue Poles discovery at Whiteheads was
confirmed by reverse circulation (RC) drilling in late 2020, followed by the discovery of high-grade zones at the
Mulga Bill prospect at Side Well. Mulga Bill is shaping up as a company-making opportunity, with indications of
significant size potential and extremely high-grade gold zones. Mineralisation is open along strike in both
directions.
Highlights during the year include:
Very high grade RC intersections in early drilling at Side Well
o 3m @ 34.5g/t Au from 32m (21MBAC022)
o 6m @ 31.2g/t Au from 130m (21BPRC002)
o 8m @ 7.51g/t Au from 68m (21MBRC016)
The Blue Poles gold discovery at Whiteheads, with gold mineralisation defined in a broad, shallow zone
over 600m of strike with drill hits such as
o 40m @ 1.18g/t Au from 40m (21BPRC004)
o 40m @ 1.15g/t Au from 44m, including 24m @ 1.54g/t Au (21BPRC014)
o 36m @ 1.09g/t Au from 28m, including 8m @ 2.20g/t Au (21BPRC008)
Subsequent to the end of financial year the Company reported a spectacular intersection of 3m @ 149.89g/t Au
at Side Well within a broader zone of 14m @ 36.12g/t Au from 91m (21MBRC034). That hole also intersected a
second, lower zone assaying 6m @ 24.33g/t Au.
In light of the ongoing success at both gold projects the Directors decided to exercise the Company’s option to
acquire a 75% interest in the Whiteheads and Side Well tenements from Zebina Minerals Pty Ltd.
The results achieved at both projects this year are the result of methodical exploration using all available
geophysical and geochemical information to define gold targets as discretely as possible prior to RC drilling. This
process allows the Company to maximise exploration efficiency and its success is spectacularly demonstrated
with the second RC hole at Mulga Bill intersecting 6m @ 31.2g/t Au from 132m in 21MBRC002.
In April the Company pegged tenements over a very large area of the Earaheedy Basin in Western Australia, a
region which has the potential to become a world-class zinc-lead province. The new Wellington Project covers
1,134km2 including a 60km strike extent of the prospective Frere Formation. The tenements are expected to be
granted during the coming year.
Subsequent to the end of the reporting year the Company announced its intention to demerge the Yamarna base
metals projects into a new stand-alone entity, Cosmo Metals Ltd, which will be dedicated to advancing the
discoveries at Mt Venn, Eastern Mafic and also Winchester. Cosmo Metals is expected to be listed on the ASX in
late 2021.
Great Boulder Resources Limited – Annual Report 2021
3
Hole Type
AC
RC
Soil samples
Auger
AC
RC
Auger
Soil samples
All RC & AC
Holes
163
46
1,016
641
220
60
518
82
486
Metres
13,358
7,341
9,938
6,954
37,591
Project
Side Well
Whiteheads
Total Drilled
Projects
Great Boulder’s key projects are the Side Well and Whiteheads gold projects, both of which have yielded gold
discoveries in the past year. The Wellington base metals project is a large greenfields project in the Earaheedy
Basin, northeast of Wiluna in Western Australia.
Figure 1: Great Boulder’s projects as at 30 June 2021.
Great Boulder Resources Limited – Annual Report 2021
4
2 Review of Operations
SIDE WELL GOLD PROJECT
The Side Well project consists of a single tenement E51/1905, located east-northeast of Meekatharra in Western
Australia. Side Well covers an area of 132km2 including approximately 25km of strike coverage over the
Meekatharra-Wydgee greenstone belt.
The Meekatharra region is a highly prospective
goldfield, having produced around 4 million ounces of
gold with more than 2.7 million ounces remaining in
published resources1. Gold production has mainly
focused on the western side of the greenstone belt,
where gold is often hosted in banded iron formation
(BIF).
is an area dominated by
The Polelle Syncline
intermediate volcaniclastics. Side Well lies within the
eastern limb of the syncline and is partially blanketed
by a thin layer of alluvial cover. As a result, the project
remains vastly under-explored relative to its gold
potential.
After acquiring an option to explore Side Well in July
2020 the Company commenced drilling the following
month, with a 12-hole RC validation program testing
grade continuity around previous intersections drilled
by Doray Minerals. Immediately after this an Air-Core
(AC) rig was mobilised to site to commence the first of
three large campaigns of infill drilling.
Much of the historic drilling is on drill lines 400m apart
is no detailed assay or geological
and there
information to confirm the strike, dip or depth extent
of gold mineralisation at Mulga Bill. With a broad
diffuse halo of supergene gold anomalism sitting in
the weathered zone over a potential bedrock target
area 3.7km long and 600m wide, targeting primary
mineralisation accurately at depth was a significant
challenge. This challenge was overcome by drilling a pattern of AC holes to blade refusal in order to sample the
top of the fresh rock – often 90 to 110m down-hole – and assay the samples for a suite of 48 pathfinder elements.
The Company was able to generate contours of pathfinder elements associated with primary gold mineralisation,
narrowing down the prospect area to a series of discrete, north-south-trending gold targets.
Figure 2: Side Well location map.
Having completed over 160 AC holes at Side Well, mainly in the central portion of the Mulga Bill prospect, the
Company commenced testing the primary targets with RC drilling in early 2021. This drilling led to immediate
success, with hole 21MBRC002 intersecting a 6m zone averaging 31.2g/t Au beneath an AC hole (21MBAC022)
which intersected 3m @ 24.5g/t Au.
By June 30, 46 RC holes had been completed in the central area of Mulga Bill, defining two sub-parallel
mineralised zones up to 1,000m long immediately south of a Proterozoic dyke which bisects the prospect. These
target zones are the priority for ongoing RC drilling, while AC programs continue to extend Mulga Bill along strike
to the north and south.
1 Resource figures compiled from Westgold (ASX:WGX) announcement of 11/2/2020 and Silver Lake Resources (ASX:SLR) website.
Great Boulder Resources Limited – Annual Report 2021
5
Figure 3: Recent RC drilling results from the central Mulga Bill high-grade zones.
Analysis of Great Boulder’s multi-element geochemical data by consulting geochemist Dr Scott Halley led to a
breakthrough in June this year. The geochemistry demonstrates a strong association between gold and the
pathfinder elements bismuth, molybdenum and silver as well as copper and arsenic. This association is a classic
geochemical signature of intrusive-related gold systems (IRGS), a style of deposit not previously recognised at
Meekatharra. This development is an extremely positive advance in the Company’s understanding of Mulga Bill,
as IRGS deposits tend to have significant depth continuity as well as size potential. St Ives in the Kambalda area
of Western Australia is a well-known cluster of large IRGS deposits. However the Company is still working to
better understand the scale of Mulga Bill before making any specific comparisons.
Subsequent to 30 June 2021 the Company completed a detailed gravity survey over the Side Well project in order
to define possible magmatic intrusions at depth beneath Mulga Bill; the theoretical “heat engines” driving the
regional mineralising system. Final processing and interpretation of the gravity data is still in progress.
At Mulga Bill the Company has defined gold and pathfinder anomalism over more than 5km of strike, with the
system open to the north and south as well as at depth. Given the size and depth potential of the system as well
as the very high-grade structures already identified in early drilling, Mulga Bill has potential to be a
transformational discovery for Great Boulder.
Outside of Mulga Bill the Company’s exploration strategy at Side Well is designed to identify and progress a
pipeline of prospects, from conceptual targets through to discovery and definition. Current targets include
Matilda, which was discovered in regional drilling by Doray Minerals with an intersection of 3m @ 35.5g/t Au
from 76m in hole MNAC0463. There has been insufficient drilling to understand the mineralisation style and
potential at Matilda, but this intersection remains open along strike with no effective drilling within 400m to the
north or south.
Great Boulder Resources Limited – Annual Report 2021
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Elsewhere, the northern end of the Side Well project contains a number of conceptual structural target areas,
where small intrusive bodies and cross-cutting faults disrupt the prospective mafic-banded iron formation
stratigraphy. A broad-spaced soil sampling program completed in April 2021 on a 400m (north-south) by 50m
(east-west) grid identified a number of pathfinder anomalies which are now being infilled with additional soil
sampling to 200 by 50m prior to initial drill testing.
Figure 4: Side Well north. Clockwise from top left: initial soil sampling contours for gold, silver, arsenic and
copper. Background image is regional magnetics.
Great Boulder Resources Limited – Annual Report 2021
7
WHITEHEADS GOLD PROJECT
The 450km2 Whiteheads project north of Kalgoorlie is an amalgamation of tenements including a farm-in
agreement with Mithril Resources Ltd on the western half of Whiteheads and a 75% joint venture with Zebina
Minerals Pty Ltd in the east. Both agreements were executed in late 2019.
Whiteheads is a large project with significant potential for gold and nickel. Straddling the boundary between the
Kalgoorlie and Kurnalpi terranes, Whiteheads has previously been explored for komatiite-hosted nickel at the
Wishbone and Drumstick prospects within the Kalgoorlie Terrane. The Carr Boyd nickel project in the Kurnalpi
Terrane immediately north of Whitehead highlights untested potential for magmatic-hosted nickel sulphides.
The project includes a number of small-scale historic workings dating back to the early 1900’s particularly on the
trend running from Seven Leaders in the north-eastern area of Whiteheads down to the Gindalbie mining centre
in the southeast.
Much of the exploration conducted by previous explorers at Whiteheads has focused on gold exploration on the
eastern half of the project, within the Kurnalpi terrane, and nickel exploration on the western half within the
Kalgoorlie terrane. Interestingly, this means that a large portion of the western side of Whiteheads has received
very little attention from gold explorers.
Great Boulder’s exploration at Whiteheads has
been primarily focused on the gold potential.
Initial auger sampling and drilling on the Arsenal
Trend in the north-eastern area of Whiteheads
led to the discovery of Blue Poles, which was
defined by three rounds of RC drilling from late
2020. Blue Poles is a broad, plunging cigar-
shaped shoot of gold mineralisation up to 45m
wide over a strike extent of approximately 600m,
with recent deeper drilling to the south
indicating potential for higher grade primary
mineralisation to the south.
A detailed gravity survey completed in early 2021
confirmed the Arsenal Trend as a significant
regional structure, with a corridor of interpreted
felsic
intrusions plunging south and driving
mineralisation along the trend. In addition to the
gravity interpretation, further evidence of this
system is provided by high-temperature mineral
alteration seen in petrography at Blue Poles on
the northern end of the trend, with
low-
temperature multi-element geochemistry seen
in auger sampling at the southern end of the
trend. This data supports Great Boulder’s model
of a large-scale system driving mineralising fluids
from north to south, parallel to regional
stratigraphy, reflected in a temperature gradient from north to south as well as the surface gold anomalism
identified in work completed to date.
Figure 5: Whiteheads project location.
With an overall potential strike length of approximately 22km stretching from the Gunners prospect in the north
to the Four Dudes prospect in the south, much of the Arsenal Trend has not yet been tested by either soil
geochemistry or drilling. The southernmost line of AC drilling situated between the cross-cutting Proterozoic
dykes is less than halfway down the trend. Great Boulder is hoping to find a number of Blue Poles-type discoveries
down this trend which remains a key priority for ongoing exploration at Whiteheads.
Great Boulder Resources Limited – Annual Report 2021
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Figure 6: A gravity image showing the eastern side of Whiteheads
demonstrates the size potential of the Arsenal Trend.
Away from the Arsenal Trend, regional target generation and auger sampling is continuing on a number of
priority areas. Recent auger sampling has returned encouraging results at Jubilee North and Hillsborough, with
ongoing programs further west in the Wishbone area and in the south-east near the historic Eclipse workings.
At Jubilee North, a broad semi-circular magnetic feature with coincident auger anomalism in a conceptual
“pressure shadow” position on the eastern side, first-pass AC drilling on two wide-spaced fences returned a best
result of 4m @ 2.11g/t Au from 52m in hole 21WHAC809. This result from initial drilling on such a large target
area is very encouraging and further work is planned.
Great Boulder Resources Limited – Annual Report 2021
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Figure 7: The Jubilee North prospect has previously been interpreted
as a circular porphyry intrusion. Anomalous gold mineralisation
occupies a possible pressure shadow position on the south-eastern
side of the feature.
While exploration results during the year have positioned Side Well as the number one priority for ongoing
exploration, Great Boulder remains focused on continuing the systematic exploration of Whiteheads in parallel
with drilling programs at Side Well. Whiteheads is an extremely prospective exploration project which remains
highly under-explored relative to its potential.
Great Boulder Resources Limited – Annual Report 2021
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WELLINGTON ZINC-LEAD PROJECT
The Wellington Project is located in the Earaheedy Bason in central Western Australia, an area with the potential
to become a world-class zinc-lead province.
A desktop study of GSWA derived geochemical data by Great Boulder's geologists in 2020 identified a large target
in the Earaheedy Basin similar to Rumble Resources' recent large-scale Zn-Pb discovery at Chinook. With
increased focus on the Earaheedy following significant exploration success by Rumble in early 2021, Great
Boulder made the decision to peg this target in April 2021.
At Wellington the Company has three tenements covering an area of 1,134km2 including 60km of prospective
strike of the Frere Formation. The tenements are currently in application. Once granted, Great Boulder will
commence exploration with field reconnaissance and surface sampling to identify targets for drill testing.
Given the scale of Rumble's early stage discovery, Great Boulder considers the Earaheedy Basin to be potentially
a world-class Mississippi Valley-type (MVT) Zn-Pb province.
Figure 8: The Wellington target was identified by analysing WA Government surface geochemical data.
Great Boulder Resources Limited – Annual Report 2021
11
Figure 9: Large-scale northwest-trending structures in the underlying Archaean basement are likely to be a
key feature focusing mineralisation at Wellington.
Great Boulder Resources Limited – Annual Report 2021
12
3 Corporate Activities
During the year the Company completed a placement to raise $1,330,551 via the issue of 30,943,041 fully paid
ordinary shares at an issue price of $0.043 (before costs). This was completed on 20 August 2020. As part of this
capital raising, the Company completed a non-renounceable rights issue, which raised $956,418 by the issue of
22,242,278 fully paid ordinary shares at an issue price of $0.043. This was completed on 16 September 2020. A
further $61,080 was raised via the issue of 1,420,457 fully paid ordinary shares at an issue price of $0.043, which
was completed on 17 September 2020.
A placement was completed on 4 March 2021 to raise $1,645,523 via the issue of 47,014,943 fully paid ordinary
shares at an issue price of $0.035 (before costs). As part of this capital raising, the Company completed a non-
renounceable rights issue, which raised $1,462,687 by the issue of 41,791,060 at an issue price of $0.035. This
was completed on 23 March 2021.
On 19 May 2021, the Company’s Managing Director Andrew Paterson was issued 571,429 fully paid ordinary
shares following shareholder approval at the Company’s general meeting held on 11 May 2021. These shares
were issued at $0.035 to raise $20,000.
On 19 May 2021, the Company issued 5,714,286 fully paid ordinary shares at an issue price of $0.035 and
5,714,286 options at an exercise price of $0.542 expiring 19 May 2024 as consideration for 75% of the
Whiteheads Gold Project.
The Company also completed a placement on 26 May 2021 to raise $5,531,815 via the issue of 69,216,443 fully
paid ordinary shares at an issue price of $0.08 (before costs).
On 1 June 2021, 598,030 options were exercised at a price of $0.0525 to issue 598,030 fully paid ordinary shares
and raise $73,977.
Subsequent to year end, on 16 July 2021, the Company issued, 2,194,403 fully paid ordinary shares, and
2,194,403 options at an exercise price of $0.1108 expiring 12 July 2024 as consideration for 75% interest in the
Side Well Gold Project.
On 16 July 2021, the Company issued 110,676 fully paid ordinary shares to a creditor in lieu of cash. The fair
value of the shares issued was $10,000.
On 16 July 2021, the Company issued 4,000,000 options with an exercise price of $0.12 expiring 31 May 2024 to
a broker for capital raising services provided during the year ended 30 June 2021.
During the period 3-16 September 2021, the Company issued 1,964,769 fully paid ordinary shares upon the
exercise of 1,964,769 options. Proceeds received upon the exercise of these options totalled $193,498.
Great Boulder Resources Limited – Annual Report 2021
13
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 18/03/2022)
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)
Unlisted Options (exercisable at $0.074 and expire 30/06/2023)
Unlisted Options (exercisable at $0.0525 and expire 31/03/2024)
Unlisted Options (exercisable at $0.0542 and expire 19/05/2024)
Unlisted Options (exercisable at $0.12 and expire 31/05/2024)
Unlisted Options (exercisable at $0.1108 and expire 16/07/2024)
Issued Capital
357,235,809
250,000
4,000,000
2,000,000
799,000
600,000
4,000,000
4,565,515
5,714,286
3,010,000
2,194,403
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,
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 2021
14
Appendix 2 – Tenement Schedule as at reporting date
Project
Mirra Well
Side Well
Whiteheads
Whiteheads
Whiteheads
Whiteheads
Whiteheads
Whiteheads
Whiteheads
Winchester
Winchester
Yamarna
Yamarna
Yamarna
Yamarna
Yamarna
Yamarna
Yamarna
Wellington
Wellington
Wellington
Tenement
Number
E51/1974
E51/1905
E27/538
E27/544
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
E53/2172
E38/3621
E38/3622
Status
Interest
Comments
Application
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Application
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Application
Application
Application
JV with Zebina Minerals
In application
JV with Zebina Minerals
100%
75%
0% Option to acquire 80%
75%
0% Option to acquire 80%
0% Option to acquire 80%
75%
75%
75%
JV with Zebina Minerals
JV with Zebina Minerals
In application
100% Demerging to Cosmo Metals
75% Demerging to Cosmo Metals
100% Demerging to Cosmo Metals
100% Demerging to Cosmo Metals
100% Demerging to Cosmo Metals
100% Demerging to Cosmo Metals
100% Demerging to Cosmo Metals
100% Demerging to Cosmo Metals
100% Demerging to Cosmo Metals
100%
100%
100%
Great Boulder Resources Limited – Annual Report 2021
15
4 Directors’ Report
Your directors have pleasure in presenting their report, together with the financial statements, on the Group
(referred to hereafter as the “Group”), consisting of Great Boulder Resources Limited (referred to hereafter as
the “Company” or “Parent Entity”) and the entity it controlled at the end of the year ended 30 June 2021.
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)
Melanie J Leighton (Non-Executive Director)
Murray E Black (Non-Executive Director)
(ceased 18 November 2020)
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 Honours) 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.
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.
Great Boulder Resources Limited – Annual Report 2021
16
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.
Principal Activities
During the year, the Group was principally involved in mineral exploration in Western Australia.
Results of Operations
The results of the Group for the year ended 30 June 2021 was a loss of $752,371 (2020: loss $2,312,943).
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 12.
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.
Likely Developments and Expected Results of Operations
Further information on the likely developments in the operations of the Group and the expected results of
operations have been included in the review of operations.
Environmental Issues
The directors advise that during the year ended 30 June 2021 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
2020 to 30 June 2021, the Directors have assessed that there are no current reporting requirements but may be
required to do so in the future.
Great Boulder Resources Limited – Annual Report 2021
17
Occupational Health and Safety
Health and Safety actions are framed within the “Quality, Environment, Safety and Occupational Health
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.
Matters Subsequent to the End of the Financial Year
On 13 July 2021, the Company announced that it had exercised its option to acquire a 75% interest in the Side
Well Project. Under the terms of the agreement, the Company paid total consideration of $350,000 to Zebina
Minerals Pty Ltd, comprising of $175,000 cash, 2,194,403 fully paid ordinary shares, and 2,194,403 options at an
exercise price of $0.1108 expiring 12 July 2024. The shares and options were issued on 16 July 2021.
On 16 July 2021, the Company issued 110,676 fully paid ordinary shares to a creditor in lieu of cash. The fair
value of the shares issued was $10,000.
On 16 July 2021, the Company issued 4,000,000 options ($0.12 expiring 31 May 2024) to a broker for capital
raising services provided during the year ended 30 June 2021.
On 23 July 2021, the Group incorporated a wholly-owned subsidiary, GBR Side Well Pty Ltd.
During the period 3-16 September 2021, the Company issued 1,964,769 fully paid ordinary shares upon the
exercise of 1,964,769 options. Proceeds received upon the exercise of these options totalled $193,498. The
details of which are included below:
Option Details
Exercise Date
Number
Exercised
Exercise Price
Proceeds Received
($)
5.25c options expiring 31/03/2024
7.5c options expiring 28/08/2023
10c options expiring 30/09/2023
12c options expiring 31/05/2024
10c options expiring 30/09/2023
12c options expiring 31/05/2024
03/09/2021
08/09/2021
08/09/2021
10/09/2021
16/09/2021
16/09/2021
373,769
201,000
350,000
760,000
50,000
230,000
1,964,769
$0.0525
$0.075
$0.10
$0.12
$0.10
$0.12
19,623
15,075
35,000
91,200
5,000
27,600
193,498
On 14 September 2021, the Group announced it intends to demerge its 100% owned Yamarna Copper-Nickel-
Cobalt Project into a dedicated ASX-listed battery metal focused vehicle, Cosmo Metals. More details about the
demerger timetable and additional information will be announced to the market in due course.
The impact of Coronavirus (COVID-19) pandemic is ongoing. 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 2021
18
Security Holding Interests of directors as at the date of this report
Directors
Gregory C Hall
Andrew G Paterson
Melanie J Leighton
Directors’ Meetings
Ordinary
Shares
1,996,296
855,704
1,450,000
Options Over
Ordinary
Shares
2,000,000
6,000,000
2,000,000
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
Eligible Meetings while in
office
5
5
5
1
Eligible Meetings attended
5
5
5
1
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 periodically recommended for approval by
shareholders.
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:
Great Boulder Resources Limited – Annual Report 2021
19
2021
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
-
-
15,333
240,000
110,083
Other
Benefits
$
-
Superannuation
$
-
Options
$
43,800
Total
$
98,550
-
-
-
-
3,800
43,800
87,600
22,800
1,457
-
-
262,800
16,790
28,057
87,600
465,740
%
44%
50%
-
-
* Ceased 18 November 2020
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)
Salary
$
-
Fees
$
54,750
-
40,000
240,000
-
-
40,000
240,000
134,750
Short Term
Post-
Employment
Share based
Payments
Performance
Linked
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.
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 2021, 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
2021
Gregory C Hall
Andrew G Paterson
Murray E Black*
Melanie Leighton
* Ceased 18 November 2020
Balance at the
start of the year
1,400,000
-
4,166,667
1,450,000
7,016,667
Granted as
compensation
-
-
-
-
-
Other changes
during the year
596,2961
855,7042
(4,166,667)
-
(2,714,667)
Balance at the
end of the year
1,996,296
855,704
-
1,450,000
4,302,000
1. During the year, Gregory Hall purchased 596,296 shares on market, on the same terms as the rest of the
market.
Great Boulder Resources Limited – Annual Report 2021
20
2. During the year, Andrew Paterson purchased 855,704 shares on market, on the same terms as the rest of
the market.
2020
Gregory C Hall
Andrew G Paterson
Murray E Black
Melanie Leighton
Options
2021
Gregory C Hall
Andrew G Paterson
Murray E Black*
Melanie Leighton
* Ceased 18 November 2020
2020
Gregory C Hall
Andrew G Paterson
Murray E Black
Melanie Leighton
Share based compensation
Shares
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
Balance at the
start of the year
2,000,000
6,000,000
3,500,000
2,000,000
13,500,000
Granted as
compensation
2,000,000
-
-
2,000,000
4,000,000
Other changes
during the year
(2,000,000)
-
(3,500,000)
(2,000,000)
(7,500,000)
Balance at the
end of the year
2,000,000
6,000,000
-
2,000,000
10,000,000
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
-
-
-
-
-
No shares were issued to key management personnel as compensation during the year ended 30 June 2021
(2020: nil).
Options
During the year ended 30 June 2021 4,000,000 options were granted (2020: 6,000,000) to key management
personnel.
The fair value of the options granted during the financial year was $87,600 (2020: $146,000). 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:
Great Boulder Resources Limited – Annual Report 2021
21
Employee
Andrew Paterson
Andrew Paterson
Gregory Hall
Melanie Leighton
No. of
Options
granted
4,000,000
2,000,000
2,000,000
2,000,000
Grant date
21/11/2019
21/11/2019
02/12/2020
02/12/2020
Vesting
conditions
Note 1
Note 2
Note 3
Note 3
Expiry date
30/06/2022
30/06/2022
30/06/2023
30/06/2023
Exercise
price
$0.10
$0.04
$0.074
$0.074
Fair value
per option
at grant
date
$0.0236
$0.0259
$0.0219
$0.0219
Value
$
94,400
51,800
43,800
43,800
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.
Note 3. The non-executive director options vest immediately on the date of issue and are not subject to any
vesting conditions or exercise conditions.
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:
Mr Paterson is employed as the Managing Director.
(a)
(b) Mr Paterson will be paid an annual salary of $240,000 plus statutory superannuation.
(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
* Ceased 18 November 2020
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 (2020:
$54,750) in directors and consulting fees as part of his remuneration. No amounts were owing as at 30 June 2021
(2020: $nil).
Great Boulder Resources Limited – Annual Report 2021
22
A company in which Mr Black is a director, Blue Spec Drilling Pty Ltd, was paid $265,991 (2020: $432,363) for
drilling services during the period to 18 November 2020, the date at which Mr Black ceased to be a director of
Great Boulder.
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 $nil from
EGMC (2020: $19,510). EGMC withdrew as a Joint Venture partner during the prior year. No amounts were
receivable as at 30 June 2021 (2020: $nil).
All payments were made at recognised commercial rates.
Additional information
The earnings of the Group for the three years since incorporation to 30 June 2021 are summarised below:
Revenue
EBITDA
EBIT
Loss after income tax
2021
2020
2019
86,586
(682,170)
(738,527)
(752,371)
69,945
18,540
(2,263,141) (1,353,836)
(2,308,610) (1,353,836)
(2,312,943) (1,353,836)
The factors that are considered to affect total shareholders return ('TSR') are summarised below.
Share price at financial year end ($)
Basic earnings per share (cents per share)
0.091
(0.35)
0.028
(1.92)
0.0525
(1.68)
2021
2020
2019
[End of Remuneration Report]
Shares under Option
There were 22,903,570 ordinary shares under option at 30 June 2021 (2020: 40,879,893).
Shares Issued on the Exercise of Options
There were 598,030 options were exercised during the year ended 30 June 2021 (2020: 0).
Options Lapsed/ Forfeited During the Year
34,629,893 options lapsed during the year (2020: 0).
No options were forfeited during the year (2020: 0).
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.
Great Boulder Resources Limited – Annual Report 2021
23
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.
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 19.
Great Boulder Resources Limited – Annual Report 2021
24
Auditors Independence Declaration
The lead auditor’s independence declaration for the year ended 30 June 2021 has been received and is included
within this annual report.
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 Statement which is available on the Company’s website at:
http://www.greatboulder.com.au/corporate-governance/
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 2021
Great Boulder Resources Limited – Annual Report 2021
25
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 2021, 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 2021
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) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2021, the consolidated
statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and
the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including
a summary of significant accounting policies, and the directors' declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i) giving a true and fair view of the Group's financial position as at 30 June 2021 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 Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110 Code of Ethics for Professional Accountants (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.
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 Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key Audit Matter
How our audit addressed this matter
Carrying value of exploration and evaluation expenditure
Refer to Note 10 in the financial statements
The Group has capitalised a significant amount of
exploration and evaluation expenditure, with a
carrying value of $9,613,815 as at 30 June 2021.
We determined 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 included:
Obtaining evidence that the Group has valid
rights to explore in the specific area;
Agreeing a sample of additions to supporting
documentation and ensuring the amounts are
capital in nature and relate to the area of interest;
Assessing and evaluating management’s
assessment that no indicators of impairment
existed for those tenements where the Group has
current rights of tenure;
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 management and reviewing
budgets and plans to test that the Group 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 Group had not
resolved to discontinue activities in the specific
area.
Key Audit Matter
How our audit addressed this matter
Share-based payment
Refer to Note 17(b) in the financial statements
During the year, the Company granted 21,251,600
options. The fair value of options granted during the
year was:
$864,377 of which $106,127 was expensed
in the consolidated statement of profit or
loss and other comprehensive income;
$605,714 capitalised as exploration and
evaluation expenditure in the consolidated
statement of financial position, and
$348,963 recognised as share issue costs
in the statement of changes in equity.
have
these
Management
arrangements in accordance with AASB 2 Share-
based Payment and used an option pricing model to
value the options issued during the year.
accounted
for
We considered this to be a key audit matter due to
the complex and significant judgement involved in
assessing
the share-based
payments
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
including
valuation on measurement date
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 Group's annual report for the year ended 30 June 2021, 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 Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or 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 2021.
In our opinion, the Remuneration Report of Great Boulder Resources Limited, for the year ended 30 June 2021,
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 2021
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 Group's financial position as
at 30 June 2021 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
29 September 2021
Perth
Great Boulder Resources Limited – Annual Report 2021
31
8 Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2021
Other income
Depreciation
Corporate fees
Legal and professional fees
Employee benefits expense
Administration expenses
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 the
members of Great Boulder Resources Limited
Note
2021
$
2020
$
4
5
10
17
6
86,586
86,586
(56,357)
(36,971)
(139,751)
(226,951)
(262,722)
(83,769)
(13,215)
100,750
(13,844)
(106,127)
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)
(752,371)
(2,312,943)
-
-
(752,371)
(2,312,943)
-
-
(752,371)
(2,312,943)
Basic and diluted loss per share (cents)
18
(0.35)
(1.92)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in
conjunction with the accompanying notes
Great Boulder Resources Limited – Annual Report 2021
32
9 Consolidated Statement of Financial Position
As at 30 June 2021
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
2021
$
2020
$
7
8
9
10
11
12
13
14
14
6,761,129
426,103
7,187,232
716,970
47,782
764,752
221,073
9,613,815
104,501
9,939,389
181,112
5,482,468
126,696
5,790,276
17,126,621
6,555,028
496,871
35,446
15,763
548,080
241,553
21,857
13,330
276,740
98,329
98,329
114,092
114,092
646,409
390,832
16,480,212
6,164,196
15
16
16
21,705,412 11,486,407
369,684
(5,691,895)
1,012,066
(6,237,266)
16,480,212
6,164,196
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying
notes
Great Boulder Resources Limited – Annual Report 2021
33
10 Consolidated Statement of Changes in Equity
For the year ended 30 June 2021
Contributed
Equity
Reserves
Accumulated
Losses
Total Equity
$
11,486,407
-
$
369,684
-
$
(5,691,895)
(752,371)
$
6,164,196
(752,371)
-
-
(752,371)
(752,371)
Balance at 1 July 2020
Loss for the year
Total Comprehensive Income for
the Year
Shares issued (net of costs)
Exercise of options
Expiry of options
Share based payments
9,976,186
42,819
-
200,000
348,963
(11,422)
(207,000)
511,841
-
-
207,000
-
10,325,149
31,397
-
711,841
Balance at 30 June 2021
21,705,412
1,012,066
(6,237,266)
16,480,212
Balance at 1 July 2019
Loss for the year
Total Comprehensive Income for
the Year
9,526,164
-
211,954
-
(3,378,952)
(2,312,943)
6,359,166
(2,312,943)
-
-
(2,312,943)
(2,312,943)
Shares issued (net of costs)
Share based payments
1,960,243
-
-
157,730
-
-
1,960,243
157,730
Balance at 30 June 2020
11,486,407
369,684
(5,691,895)
6,164,196
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying
notes
Great Boulder Resources Limited – Annual Report 2021
34
11 Consolidated Statement of Cash Flows
For the year ended 30 June 2021
Cash Flows from Operating Activities
Payments to suppliers and employees
Other receipts
Interest paid
Interest received
Note
2021
$
2020
$
(406,426)
107,260
(13,844)
826
(635,823)
47,210
(4,333)
1,235
Net cash used in operating activities
22(b)
(312,184)
(591,711)
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)
Proceeds from the exercise of options
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
(3,857,515) (1,694,984)
(40,679)
463,854
(79,636)
-
20,982
(3,937,151) (1,250,827)
-
10,275,427
31,397
(13,330)
10,293,494
6,044,159
1,910,243
-
(5,747)
1,904,496
61,958
716,970
655,012
Cash and cash equivalents at the end of the
financial year
22(a)
6,761,129
716,970
The above Consolidated Statement of Cash Flows should be read on conjunction with the accompanying notes
Great Boulder Resources Limited – Annual Report 2021
35
12 Notes to the Financial Statements
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Great Boulder Resources Limited (the “Company”) and its legal subsidiaries together are referred to in this
financial report as the Group.
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.
Great Boulders Resources Limited is a for profit public Company, limited by shares and domiciled in Australia.
New, revised or amending Accounting Standards and Interpretations adopted
The Group 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.
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 Group for the annual reporting period ended 30 June 2021. The
Group's has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.
(a)
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting
Standards and Interpretations issued by the Australia Accounting Standards Board (‘AASB’) and the Corporations
Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with the
International Financial Reporting Standards (IFRS).
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 2021 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.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Great Boulder
Resources Limited (‘Company' or 'Parent Entity') as at 30 June 2021 and the results of all subsidiaries for the year
then ended. Great Boulder Resources Limited and its subsidiaries together are referred to in these financial
statements as the 'Group'.
Great Boulder Resources Limited – Annual Report 2021
36
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group
is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of
the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in
ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference
between the consideration transferred and the book value of the share of the non-controlling interest acquired
is recognised directly in equity attributable to the parent.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit
or loss and other comprehensive income, statement of financial position and statement of changes in equity of
the Group. Losses incurred by the Group are attributed to the non-controlling interest in full, even if that results
in a deficit balance.
Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-
controlling interest in the subsidiary together with any cumulative translation differences recognised in equity.
The Group recognises the fair value of the consideration received and the fair value of any investment retained
together with any gain or loss in profit or loss.
(b)
Income tax
The Group 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 Group 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.
Great Boulder Resources Limited – Annual Report 2021
37
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.
(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.
Great Boulder Resources Limited – Annual Report 2021
38
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 Group 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.
(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 Group 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.
Great Boulder Resources Limited – Annual Report 2021
39
(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 Group,
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.
(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.
Great Boulder Resources Limited – Annual Report 2021
40
(o)
Provisions
Provisions are recognised when the Group 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.
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.
Great Boulder Resources Limited – Annual Report 2021
41
(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 Group 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.
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.
(w)
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the Group only.
Supplementary information about the parent entity is disclosed in Note 28.
Great Boulder Resources Limited – Annual Report 2021
42
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 Group 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 Group 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.
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 Group unfavourably as at the reporting date or subsequently as a result of
the Coronavirus (COVID-19) pandemic.
3. SEGMENT INFORMATION
The Group 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 Group operates as a single segment which is mineral exploration and in a single geographical location which
is Australia.
Great Boulder Resources Limited – Annual Report 2021
43
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
6.
INCOME TAX EXPENSE
2021
$
826
85,760
86,586
2021
$
34,162
22,195
56,357
3,287
3,287
45,888
45,888
2021
$
2020
$
1,235
68,710
69,945
2020
$
38,996
6,473
45,469
54,120
54,120
45,213
45,213
2020
$
(a) Reconciliation of income tax expense to prima
facie tax payable
Loss before income tax
Prima facie income tax at 30% (2020: 30%)
Tax loss not recognised
Income tax expense
(b) Tax losses:
(752,371)
(225,711)
225,711
-
(2,312,943)
(693,883)
693,883
-
Unused tax losses for which no deferred tax asset has been
recognised
Potential tax benefit @ 30% (2020: 30%)
9,109,897
8,530,310
2,732,969
2,559,093
(c) The directors estimate that the potential deferred tax asset at 30 June 2021 in respect of tax losses not
brought to account is $2,732,969 (2020: $2,559,093).
The benefit for tax losses will only be obtained if:
i.
ii.
The Group 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.
Great Boulder Resources Limited – Annual Report 2021
44
7. CASH AND CASH EQUIVALENTS
Cash at Bank
8. TRADE AND OTHER RECEIVABLES
GST receivable
Other receivables (i)
Prepayments
2021
$
6,761,129
6,761,129
2021
$
181,292
225,211
19,600
426,103
2020
$
716,970
716,970
2020
$
20,631
21,500
5,651
47,782
(i)
Other receivables includes a research and development grant receivable of $225,211 as at 30 June
2021. The Group incurs expenditure on research and development and is eligible to receive a
refundable tax offset under the Research and Development Tax Incentive. The expected refund is
offset against the exploration and evaluation expenditure previously capitalised. In the prior year,
other receivables included government grants.
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
2021
$
373,472
(152,399)
221,073
181,112
74,123
(34,162)
221,073
2020
$
299,349
(118,237)
181,112
179,429
40,679
(38,996)
181,112
Great Boulder Resources Limited – Annual Report 2021
45
10. EXPLORATION AND EVALUATION EXPENDITURE
Exploration and evaluation – at cost
Carrying amount at the beginning of the year
Acquisitions during the year (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
2021
$
9,613,815
5,482,468
955,714
3,074,883
2020
$
5,482,468
5,588,496
110,000
1,318,393
100,750
(1,534,421)
9,613,815
5,482,468
(i)
The Company incurred acquisition costs relating to the following projects:
a. Whiteheads Project:
In the prior year, on 23 August 2019, the Company had entered into an agreement with Zebina
Minerals Pty Ltd (“Zebina”) granting the Company with the exclusive right to acquire a 75% legal
and beneficial interest in exploration licences E27/544, E27/588 and E27/622 (together the
“Whiteheads Project”).
Total consideration in the prior year of $100,000 comprised of;
$50,000 cash, and
980,392 fully paid ordinary shares with a fair value of $50,000 (refer to note 17).
On 23 February 2021, the Company exercised its option to acquire a 75% legal and beneficial
interest in the Whiteheads Project.
Total consideration of $805,714 comprised of;
$200,000 cash,
5,714,286 fully paid ordinary shares with a fair value of $200,000 (refer to note 17),
and
5,714,286 options exercisable at $0.0542 each expiring 19 May 2024 with a fair value
of $405,714 (refer to note 17).
In addition to the above, cash payments totalling $50,000 were also capitalised during the year,
representing extensions to the option term.
b. Side Well Project
On 14 July 2020, the Company entered into an agreement with Zebina granting the Company
with the exclusive right to acquire a 75% legal and beneficial interest in exploration licence
E51/1905 (the “Side Well Project”).
Total consideration of $100,000 was paid in cash.
Refer to note 26 for the subsequent exercise of this option.
c. Mt Jewell Project
In the prior year, on 6 February 2020, the Company entered into an agreement with Simon
Buswell-Smith granting the Company with the exclusive right to acquire a 75% legal and
beneficial interest in exploration licence E27/566 (the “Mt Jewell Project”).
Total consideration in the prior year was $10,000 in cash.
Great Boulder Resources Limited – Annual Report 2021
46
(ii)
In the prior year, the Company relinquished the Tarmoola Joint Venture ($1,069,714), Mt Carlon
Project ($365,621) and Mt Jewell Project ($99,086). As such, the capitalised mineral exploration and
evaluation expenditure in relation to these areas of interest has been impaired.
In the current year, the Company recognised a receivable under the Research and Development Tax
Incentive, of which $109,918 related to areas of interest that were previously impaired.
The ultimate recoupment of exploration and evaluation expenditure carried forward is dependent on successful
development and commercial exploration or, alternatively, sale of the respective areas.
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
14. LEASE LIABILITIES
Current
Non-Current
Refer to Note 25 for further information on financial instruments.
2021
$
133,169
(28,668)
104,501
126,696
-
(22,195)
104,501
2021
$
496,871
496,871
2021
$
35,446
35,446
2021
$
15,763
98,329
114,092
2020
$
133,169
(6,473)
126,696
-
133,169
(6,473)
126,696
2020
$
241,553
241,553
2020
$
21,857
21,857
2020
$
13,330
114,092
127,422
Great Boulder Resources Limited – Annual Report 2021
47
15. CONTRIBUTED EQUITY
(a) Ordinary Shares - fully paid
Date
Details
Issue Price
($)
No. of Shares
Value
($)
For the financial year ended 30 June 2021:
1 Jul 2020
20 Aug 2020
16 Sep 2020
17 Sep 2020
4 Mar 2021
23 Mar 2021
19 May 2021
19 May 2021
26 May 2021
1 Jun 2021
Balance 1 July – Ordinary Shares
Shares issued under placement
Shares issued under non-renounceable
entitlements offer
Shares issued under placement
Shares issued under placement
Shares issued under non-renounceable
entitlements offer
Shares issued under placement
Shares issued under option agreement (i)
Shares issued under placement
Exercise of options
Less costs of issue
Balance 30 June 2021 – Ordinary Shares
30 Jun 2021
For the financial year ended 30 June 2020:
1 Jul 2019
9 Sep 2019
9 Sep 2019
3 Oct 2019
17 Oct 2019
Balance 1 July – Ordinary Shares
Shares issued under option agreement (i)
Shares issued under placement
Shares issued under rights issue
Shares issued under rights issue shortfall
Less cost of issue
Balance 30 June 2020 – Ordinary Shares
30 Jun 2020
0.043
0.043
0.043
0.035
0.035
0.035
0.035
0.080
0.0525
-
0.051
0.040
0.040
0.040
-
133,453,994
30,943,041
22,242,278
1,420,457
47,014,943
11,486,407
1,330,551
956,418
61,080
1,645,523
41,791,060
1,462,687
571,429
5,714,286
69,216,443
598,030
-
352,965,961
81,610,117
980,392
17,500,000
10,935,588
22,427,897
-
133,453,994
20,000
200,000
5,531,815
42,819
(1,031,888)
21,705,412
9,526,164
50,000
700,000
437,424
897,116
(124,297)
11,486,407
(i)
Refer to note 17 for shares issued as share based payments.
(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 Group, 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 Group.
(c) Capital Risk Management
The Group’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 Group may issue new shares, pay dividends or return
capital to shareholders.
Great Boulder Resources Limited – Annual Report 2021
48
Capital is calculated as ‘equity’ as shown in the statement of financial position, and is monitored on the basis of
funding exploration activities.
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
2021
$
2020
$
(5,691,895)
(752,371)
207,000
(6,237,266)
(3,378,952)
(2,312,943)
-
(5,691,895)
(b) Reserves
Options reserve
The options reserve is used to recognise the fair value of options
issued.
Balance at the beginning of the year
Share based payment expense
Options issued for capital raising costs
Options issued for acquisition of exploration & evaluation assets
Transfer to issued capital upon exercise of options
Transfer to accumulated losses upon expiry of options
Balance at the end of the year
Movement in Unlisted Options
Balance at beginning of financial year
Options issued during the year
Options exercised during the year
Options expired during the year
Balance at end of financial year
Listed Options
2021
$
369,684
106,127
348,963
405,714
(11,422)
(207,000)
1,012,066
2020
$
211,954
157,730
-
-
-
-
369,684
2021
Options
2020
Options
40,879,893
34,879,893
17,251,600
(598,030)
(34,629,893)
22,903,570
6,000,000
-
-
40,879,893
There were no listed options over ordinary shares in the Group at 30 June 2021 (2020: Nil).
Great Boulder Resources Limited – Annual Report 2021
49
17. SHARE BASED PAYMENTS
Below are details of share based payments made during the current year and prior financial years.
(a) Options granted
Set out below is a summary of options granted as at 30 June 2021
Issue date
Expiry date
Exercise
Price
Balance at
start of year
Granted
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
21/11/2019
30/06/2022
21/11/2019
28/08/2023
28/08/2020
30/09/2023
17/09/2020
30/06/2023
02/12/2020
31/03/2024
11/05/2021
19/05/2024
11/05/2021
31/05/2024
16/07/2021
$0.20
$0.20
$0.20
$0.20
$0.20
$0.10
$0.04
$0.075
$0.10
$0.074
$0.0525
$0.0542
$0.12
Weighted average exercise price ($)
26,500,000
5,094,179
1,535,714*
1,500,000
250,000
4,000,000
2,000,000
-
-
-
-
-
-
40,879,893
0.182
-
-
-
-
-
-
-
1,000,000
1,000,000
4,000,000
5,537,314
5,714,286
4,000,000
21,251,600
0.073
(26,500,000)
(5,094,179)
(1,535,714)
(1,500,000)
-
-
-
-
-
-
-
-
-
(34,629,893)
0.200
-
-
-
-
-
-
-
-
-
-
(598,030)
-
-
(598,030)
0.053
-
-
-
-
250,000
4,000,000
2,000,000
1,000,000
1,000,000
4,000,000
4,939,284
5,714,286
4,000,000
26,903,570
0.076
*Options were granted as free attaching options as part of a share placement.
Number
exercisable
at end of
year
-
-
-
-
250,000
4,000,000
2,000,000
-
1,000,000
4,000,000
4,939,284
5,714,286
4,000,000
25,903,570
0.076
The weighted average remaining contractual life of options outstanding at the end of the financial year is 2.14
years (2020: 0.63 years).
(b) Recognised share based payment expense
Options issued to directors and employees as incentive
Options issued to brokers and advisors in lieu of cash
for services provided
Less amounts recognised within equity as a cost of
capital raised
Options issued for acquisition of exploration &
evaluation assets
Shares issued for acquisition of exploration &
evaluation assets
Less amounts capitalised within exploration &
evaluation expenditure
(i)
(ii)
(iii)
(iii)
2021
$
106,127
348,963
(348,963)
405,714
2020
$
157,730
-
-
-
200,000
50,000
(605,714)
(50,000)
106,127
157,730
Great Boulder Resources Limited – Annual Report 2021
50
(i)
Options issued to directors and employees as incentive
During the year, 5,000,000 options (2020: 6,000,000) were granted to directors and employees as incentive for
services provided and expensed in the Consolidated Statement of Profit or Loss and Other Comprehensive
Income. The fair value of the services could not be reliably measured and therefore, a Lattice ESO model was
used to determine the value of the options issued during the year ended 30 June 2021 and a Black-Scholes option
pricing model for those issued during the year ended 30 June 2020.
The inputs have been detailed below for each issue:
Input
Number of options
Grant date
Vesting date
Expiry date (years)
Underlying share price
Exercise price
Volatility
Risk free rate
Early exercise multiple
Dividend yield
Value per option
Total fair value of options
Share based payment
expense recognised for the
year ended 30 June 2020
Share based payment
expense recognised for the
year ended 30 June 2021
Tranche 1
(2019)
250,000
12/03/2019
12/03/2020
3.02
$0.14
$0.20
87.6%
1.60%
N/A
0%
$0.0659
$16,484
Tranche 2
(2020)
4,000,000
21/11/2019
02/12/2019
2.61
$0.056
$0.10
93.7%
0.72%
N/A
0%
$0.0236
$94,400
Tranche 3
(2020)
2,000,000
21/11/2019
30/06/2020
2.61
$0.056
$0.084
93.7%
0.72%
N/A
0%
$0.0259
$51,800
Tranche 4
(2021)
1,000,000
28/08/2020
28/08/2021
3.00
$0.047
$0.075
075
100%
0.29%
2.5
0%
$0.0221
$22,100
Tranche 5
(2021)
4,000,000
18/11/2020
18/11/2020
2.62
$0.05
$0.074
100%
0.11%
2.5
0%
$0.0219
$87,600
Total
11,250,000
$272,384
$11,530
$94,400
$51,800
-
-
$157,730
-
-
-
$18,527
$87,600
$106,127
Tranche 4 – 1,000,000 options were issued to Daniel Doran, an employee of the Company. The options will vest
12 months from date of issue (28 August 2021) and are not subject to any vesting conditions or exercise
conditions.
Tranche 5 – 2,000,000 options were granted each to non-executive directors Melanie Leighton and Gregory Hall.
The non-executive director options vest immediately on the date of issue and are not subject to any vesting
conditions or exercise conditions.
(ii)
Options issued to brokers and advisors in lieu of cash for services provided
During the year, 6,537,314 options (2020: nil) were issued to brokers and advisors in lieu of cash for capital raising
services provided. An additional 4,000,000 options were issued subsequent to year end for services provided
during the year ended 30 June 2021.
Where the fair value of the services could not be reliably measured, a Lattice ESO model was used to determine
the value of the options issued.
Great Boulder Resources Limited – Annual Report 2021
51
The inputs have been detailed below for each issue:
Input
Number of options
Grant date
Vesting date
Expiry date (years)
Underlying share price
Exercise price
Volatility
Risk free rate
Early exercise multiple
Dividend yield
Value per option
Total fair value of options
*Issued subsequent to year end, on 16 July 2021.
Tranche A
(2021)
1,000,000
20/08/2020
20/08/2020
3.11
$0.053
$0.10
100%
0.27%
2.5
0%
$0.0228
$22,800
Tranche B
(2021)
5,537,314
23/03/2021
23/03/2021
3.02
$0.04
$0.0525
100%
0.11%
2.5
0%
$0.0191
$105,763
Tranche C
(2021*)
4,000,000
26/05/2021
26/05/2021
3.01
$0.11
$0.12
100%
0.10%
2.5
0%
$0.0551
$220,400
Total
10,537,314
$348,963
Tranche A – On 28 August 2020, 1,000,000 options ($0.10, 30/09/2023) were issued for capital raising services
provided to the Group. These options vested immediately. An expense of $22,800 was recognised within equity
as a cost of raising.
Tranche B – On 11 May 2021, 5,537,314 options ($0.0525, 31/03/2024) were issued for capital raising services
provided to the Group. These options were subject to completion of the 23 March 2021 rights issue, so were
valued on that date. These options vested immediately. An expense of $105,763 was recognised within equity
as a cost of raising.
Tranche C – On 16 July 2021, 4,000,000 options ($0.12, 31/05/2024) were issued for capital raising services
provided to the Group. These options were subject to completion of the 26 May 2021 placement, so were valued
on that date. These options vested immediately. An expense of $220,400 was recognised within equity as a cost
of raising.
(iii)
Shares and options issued for acquisition of exploration & evaluation assets
As disclosed in note 10, during the year the Company issued 5,714,286 fully paid ordinary shares and 5,714,286
attaching options to Zebina Minerals Pty Ltd (“Zebina”) as part-consideration for acquiring a 75% legal and
beneficial interest in exploration licences E27/544, E27/588 and E27/622 (together the “Whiteheads Project”).
The shares were issued at $0.035 per share, to the value of $200,000. A Lattice ESO model was used to determine
the value of the options issued. The inputs have been detailed below:
Input
Number of options
Grant date
Vesting date
Expiry date (years)
Underlying share price
Exercise price
Volatility
Risk free rate
Early exercise multiple
Dividend yield
Value per option
Total fair value of options
Zebina
Options
5,714,286
11/05/2021
11/05/2021
3.02
$0.12
$0.0542
100%
0.10%
2.5
0%
$0.071
$405,714
Great Boulder Resources Limited – Annual Report 2021
52
In the prior year, 980,392 fully paid ordinary shares were issued to Zebina for the exclusive right to acquire the
Whiteheads Project. The shares were issued at $0.051 per share, to the value of $50,000.
18. 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
19. REMUNERATION OF AUDITORS
Remuneration of the auditor for:
- Auditing and reviewing of financial reports
- Tax services
20. KEY MANAGEMENT PERSONNEL DISCLOSURES
(a) Directors
2021
$
2020
$
(752,371)
(0.35)
(2,312,943)
(1.92)
212,070,147
120,492,831
212,070,147
120,492,831
2021
$
27,500
25,219
52,719
2020
$
26,250
29,413
55,663
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)
(ceased 18 November 2020)
(b) Company Secretary
Melanie Ross
(c) Details of Remuneration of Key Management Personnel:
Short-term benefits
Post-employment benefits
Share based payments
2021
$
350,083
28,057
87,600
465,740
2020
$
374,750
30,400
146,200
551,350
Great Boulder Resources Limited – Annual Report 2021
53
21. RELATED PARTIES
A company associated with Mr Hall, a director, Golden Phoenix International Limited was paid $54,750 (2020:
$54,750) in directors and consulting fees as part of his remuneration. No amounts were owing as at 30 June 2021
(2020: $nil).
A company in which Mr Black is a director, Blue Spec Drilling Pty Ltd, was paid $265,991 (2020: $432,363) for
drilling services during the period to 18 November 2020, the date at which Mr Black ceased to be a director of
Great Boulder.
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 $nil from
EGMC (2020: $19,510). EGMC withdrew as a Joint Venture partner during the prior year. No amounts were
receivable as at 30 June 2021 (2020: $nil).
All payments were made at recognised commercial rates.
22. CASH FLOW INFORMATION
(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
2021
$
6,761,129
6,761,129
2020
$
716,970
716,970
(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
(excluding R&D tax incentive)
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
2021
$
(752,371)
56,357
106,127
2020
$
(2,312,943)
45,469
157,730
(16,982)
1,534,421
(606,869)
(575,323)
234,907
46,188
13,590
(312,184)
(31,461)
713
14,360
(591,711)
Great Boulder Resources Limited – Annual Report 2021
54
(c) Non cash investing and financing activities
During the current year, the Group issued 5,714,286 fully paid ordinary shares and 5,714,286 attaching
options under an Option agreement. This has been recognised as exploration and evaluation with a value
of $605,714 as disclosed in Note 10.
During the prior year, 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 prior year, the Group 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.
23. COMMITMENTS FOR EXPENDITURE
Exploration Commitments
Within one year
Later than one year but not later than five years
24. CONTINGENT ASSETS AND LIABILITIES
The Group has no contingent assets or contingent liabilities.
25. FINANCIAL RISK MANAGEMENT
2021
$
763,920
-
763,920
2020
$
635,395
-
635,395
The Group’s principal financial instruments comprise receivables, payables, cash and short-term deposits. The
Group manages its exposure to key financial risks in accordance with the Group’s financial risk management
policy. The objective of the policy is to support the delivery of the Group’s financial targets while protecting
future financial security.
The main risks arising from the Group’s financial instruments are interest rate risk, credit risk and liquidity risk.
The Group 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.
Great Boulder Resources Limited – Annual Report 2021
55
Risk Exposures and Responses
(a)
Interest rate risk exposure
The Group is not exposed to interest rate risk.
(b)
Credit risk exposure
Credit risk arises from the financial assets of the Group, which comprise deposits with banks and trade and other
receivables. The Group’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 Group’s maximum exposure to credit risk in relation
to those assets.
The Group does not hold any credit derivatives to offset its credit exposure.
The Group 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 Group 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 Group and the Group’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 Group 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 Group'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.
Great Boulder Resources Limited – Annual Report 2021
56
Weighted
average
interest rate 1 year or less
$
Between 1
and 2
years
$
Between 2
and 5
years
$
Over 5
years
$
Remaining
contractual
maturities
$
2021
Non-derivatives
Non-interest bearing
Trade and other payables
%
-
496,871
-
-
Interest bearing
Lease liability
12%
15,763
20,188
78,141
Total non-derivatives
512,634
20,188
78,141
-
-
-
496,871
114,092
610,963
2020
Non-derivatives
Non-interest bearing
Trade and other payables
Interest bearing
Lease liability
-
241,553
-
-
-
241,553
12%
13,330
15,763
77,095
21,234
127,422
Total non-derivatives
254,883
15,763
77,095
21,234
368,975
26. EVENTS OCCURRING AFTER REPORTING DATE
On 13 July 2021, the Company announced that it had exercised its option to acquire a 75% interest in the Side
Well Project. Under the terms of the agreement, the Company paid total consideration of $350,000 to Zebina
Minerals Pty Ltd, comprising of $175,000 cash, 2,194,403 fully paid ordinary shares, and 2,194,403 options at an
exercise price of $0.1108 expiring 12 July 2024. The shares and options were issued on 16 July 2021.
On 16 July 2021, the Company issued 110,676 fully paid ordinary shares to a creditor in lieu of cash. The fair
value of the shares issued was $10,000.
On 16 July 2021, the Company issued 4,000,000 options ($0.12 expiring 31 May 2024) to a broker for capital
raising services provided during the year ended 30 June 2021.
On 23 July 2021, the Group incorporated a wholly-owned subsidiary, GBR Side Well Pty Ltd.
During the period 3-16 September 2021, the Company issued 1,964,769 fully paid ordinary shares upon the
exercise of 1,964,769 options. Proceeds received upon the exercise of these options totalled $193,498. The
details of which are included below:
Option Details
Exercise Date
Number
Exercised
Exercise Price
Proceeds Received
($)
5.25c options expiring 31/03/2024
7.5c options expiring 28/08/2023
10c options expiring 30/09/2023
12c options expiring 31/05/2024
10c options expiring 30/09/2023
12c options expiring 31/05/2024
03/09/2021
08/09/2021
08/09/2021
10/09/2021
16/09/2021
16/09/2021
373,769
201,000
350,000
760,000
50,000
230,000
1,964,769
$0.0525
$0.075
$0.10
$0.12
$0.10
$0.12
19,623
15,075
35,000
91,200
5,000
27,600
193,498
Great Boulder Resources Limited – Annual Report 2021
57
On 14 September 2021, the Group announced that it intends to demerge its 100% owned Yamarna Copper-
Nickel-Cobalt Project into a dedicated ASX-listed battery metal focused vehicle, Cosmo Metals. More details
about the demerger timetable and additional information will be announced to the market in due course.
The impact of Coronavirus (COVID-19) pandemic is ongoing. 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.
27. SUBSIDIARIES
(a)
Ultimate Controlling Entity
Great Boulder Resources Limited is the ultimate controlling entity for the Group.
(b)
Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following wholly-
owned subsidiary in accordance with the accounting policy described in Note 1.
Name of entity
GBR Whiteheads Pty Ltd (i)
Principal place of
business /
Country of
Incorporation
Australia
Class of shares
Percentage ownership
Ordinary
2021
%
100
2020
%
-
(i)
GBR Whiteheads Pty Ltd was incorporated on 17 June 2021.
The proportion of ownership interest is equal to the proportion of voting power held.
There are no significant restrictions over the Group’s ability to access or use assets and settle liabilities.
Great Boulder Resources Limited – Annual Report 2021
58
28. PARENT ENTITY INFORMATION
Statement of Profit or Loss
Loss after income tax
Total Comprehensive Loss
Statement of Financial Position
Total current assets
Total Assets
Total current liabilities
Total Liabilities
Equity
Contributed equity
Reserves
Accumulated losses
Total Equity
2021
$
2020
$
752,371
752,371
2,312,943
2,312,943
7,187,232
17,126,621
548,080
646,409
764,752
6,555,028
276,740
390,832
21,705,412 11,486,407
369,684
1,102,066
(5,691,895)
(6,237,266)
6,164,196
16,480,212
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2021 (2020: nil).
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2021 (2020: nil).
Significant accounting policies
The accounting policies of the parent entity are consistent with those of the Group, as disclosed in Note 1.
Great Boulder Resources Limited – Annual Report 2021
59
13 Information Required by the Australian Securities Exchange
SHAREHOLDER INFORMATION AS AT 24 SEPTEMBER 2021
(a) Spread of Holdings
1
1,001
5,001
10,001
100,001 & Over
1,000
5,000
10,000
100,000
-
-
-
-
Shareholders
Units
54
231
358
1,098
498
2,239
15,210
826,455
2,918,007
47,511,364
305,964,773
357,235,809
(b) Less than marketable parcels
Minimum $500.00 parcel at $0.205 per unit – 92 holders, holding 78,262 shares (total of 0.02% of issued capital).
(c) The names of the twenty largest shareholders as at 24 September 2021 who between them held 35.01% of the issued capital
are listed below:
Number of Ordinary Shares
%
3
1
2
CITICORP NOMINEES PTY LIMITED
SYNDICATE MINERALS PTY LTD
BLACK INTERNATIONAL PTY LTD
BNP PARIBAS NOMINEES PTY LTD
RETZOS HOLDINGS
ZEBINA MINERALS PTY LTD
MR RICHARD THOMAS HAYWARD DALY & MRS SARAH KAY DALY
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
4
5 M NARDO INVESTMENTS PTY LTD
6
7
8 MR DAVID ROTHWELL
9
10
11 MR MARK FRANCALANZA
12 MR MICHAEL KIPLING MAZALEVSKIS
13 MR SALVATORE DI VINCENZO
SHAYDEN NOMINEES PTY LTD
14
15 MR DANIEL BERNARD CLOUGH
"JAMELL CAPITAL PTY LTD
16
"
17
18 MASALAI HOLDINGS PTY LIMITED
SAM GOULOPOULOS PTY LTD
19
20 MGL CORP PTY LTD
21,421,395
16,407,367
8,926,747
6,681,266
5,923,863
5,718,787
5,508,929
4,000,000
4,000,000
3,844,928
3,450,000
3,325,004
3,276,284
3,103,152
3,000,000
2,990,000
2,515,000
2,500,000
2,423,079
2,239,938
111,255,739
6.00%
4.59%
2.50%
1.87%
1.66%
1.60%
1.54%
1.12%
1.12%
1.08%
0.97%
0.93%
0.92%
0.87%
0.84%
0.84%
0.70%
0.70%
0.68%
0.63%
31.14%
(d) Unquoted equity securities on issue as at 24 September 2021 was as follows:
-
-
-
-
-
-
-
-
-
-
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
2 Optionholders holding 4,000,000 options, exercise price $0.074, expiring 30 June 2023
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
3 Optionholders holding 4,565,515 options, exercise price $0.0525, expiring 31 March 2024
1 Optionholder holding 5,714,286 options, exercise price $0.0542, expiring 19 May 2024
3 Optionholders holding 3,010,000 options, exercise price $0.12, expiring 31 May 2024
1 Optionholder holding 2,194,403 options, exercise price $0.1108, expiring 16 July 2024.
Great Boulder Resources Limited – Annual Report 2021
60
14 Corporate Directory
Directors
Gregory C Hall (Non-Executive Chairman)
Andrew G Paterson (Managing 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)
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