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2023 ReportPeers and competitors of Great Northern Minerals Limited:
Lundin GoldGreat Northern Minerals Limited
ABN 22 000 002 111
Consolidated Annual Report
For the Year Ended 30 June 2021
Great Northern Minerals Limited
ABN 22 000 002 111
For the Year Ended 30 June 2021
CONTENTS
Corporate Directory
Chairman’s Letter
Directors’ Report
Consolidated Financial Statements
Auditor's Independence Declaration
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Directors' Declaration
Independent Audit Report
Additional Information for Public Listed Companies
Interest in Mining Tenements
Page
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2
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77
Great Northern Minerals Limited
ABN 22 000 002 111
Corporate Directory
DIRECTORS
Mr Kim Robinson (Non-Executive Chairman)
Mr Cameron McLean (CEO & Managing Director)
Mr Simon Coxhell (Technical Director)
Mr Simon Peters (Non-Executive Director)
COMPANY SECRETARY
Miss Aida Tabakovic
REGISTERED OFFICE & PRINCIPAL PLACE OF BUSINESS
Level 1, 33 Colin Street
WEST PERTH WA 6005
AUSTRALIA
Website:
www.greatnorthernminerals.com.au
SHARE REGISTRY
Computershare Investor Services Pty Ltd
Level 11, 172 St Georges Terrace
Perth WA 6000
Telephone:
1300 787 272
AUDITORS
William Buck Audit (WA) Pty Ltd
Level 3, 15 Labouchere Road
South Perth WA 6151
LEGAL ADVISORS
Nova Legal
Level 2, 50 Kings Park Road
West Perth WA 6005
STOCK EXCHANGE
Australian Securities Exchange Limited
ASX Code: GNM, GNMOA, GNMOB, GNMOF
1
Great Northern Minerals Limited
ABN 22 000 002 111
Chairman’s Letter
On behalf of Great Northern Minerals (“GNM” or “Company”) Directors it is my pleasure to present the 2021
Annual Report for GNM. I wish to take this opportunity to welcome all new shareholders and to thank our longer
standing shareholders for their support in what has been a busy and challenging year.
During the year, funds raised have facilitated the systematic drilling of our Big Rush and Camel Creek gold
projects. A total of 9604 metres of reverse circulation (RC) drilling was completed at Camel Creek and 3634
metres of RC drilling at Big Rush was completed, followed by 4 diamond holes for 1040 metres of drilling.
Subsequent to June 2021, and additional 15 RC holes for 3262 metres were also drilled, and planning for a deeper
diamond drilling program is well underway.
At Camel Creek, where previous historic mining activities extend over approximately 3 kilometres, your company
completed systematic drilling over 2 kilometres of this and highlighted a number of zones of higher grade gold
mineralisation, with a large number of significant results returned from many holes. An initial JORC resource
estimate based on the drilling completed is planned to be complete by the end of 2021.
The drilling at Big Rush, resulted in a resource upgrade from 47,000 ounces to 154,000 ounces early in 2021.
Despite travel restrictions and constant quarantine requirements GNM safely carried out 6 separate drill programs
and as a result have gained a significantly greater understanding of the gold systems we own.
GNM looks forward to an initial resource estimate for the Camel Creek project later in the year which it anticipates
will increase its profile amongst its peers.
Finally I wish to thank the staff, management, contractors and my fellow directors for their commitment under
challenging conditions. We are all dedicated to continuing the focus on the growth of GNM for the benefit of all
shareholders.
Kim Robinson
Chairman
2
Great Northern Minerals Limited
Directors' Report
30 June 2021
Your directors present their Report on Great Northern Minerals Limited (the “Company” or “GNM”) and its
controlled entities (the “Group”) for the financial year ended 30 June 2021.
Directors
The names of Directors who held office during or since the end of the year:
Name
Mr Kim Robinson
Mr Cameron McLean
Mr Simon Coxhell
Mr Simon Peters
Non-Executive Chairman
CEO & Managing Director
Technical Director
Non-Executive Director
Directors’ Qualifications and Experience
DIRECTOR
Kim Robinson
Qualifications
Appointment Date
Experience
Interests in shares and
options
Other directorships in
listed entities held in
the previous three
years
Cameron McLean
Qualifications
Appointment Date
Experience
Interest in shares and
options
Other directorships in
listed entities held in
DETAILS
(Non-Executive Chairman)
-
1 April 2020
Mr Robinson has over 35 years’ experience in mineral exploration and mining having
graduated from the University of Western Australia in 1973 with a degree in Geology.
His experience is extensive including 10 years as Executive Chairman of Forrestania
Gold NL. During his time at Forrestania, Mr Robinson played a key role in the
discovery and development of the Bounty Gold Mine, the development of the Mt
McClure Gold Mine and the discovery of the Maggie Hays and Emily Ann nickel
sulphide deposits. Mr Robinson was also a Non-Executive Director of Jubilee Mines
NL in the period leading up to the discovery and development of the Cosmos Nickel
Mine. Mr Robinson was a founding Director of Kagara Ltd where he held the position
of Executive Chairman for a period of 12 years until February 2011. During this time,
he oversaw the development of Kagara’s North Queensland base metal operations,
the listing of Mungana Goldmines Ltd on the ASX and the acquisition and
development of the high grade Lounge Lizard nickel deposit in Western Australia. Mr
Robinson also served as Managing Director at Energia Minerals Ltd.
3,503,759 Ordinary Shares
6,000,000 Listed Options exercisable at $0.01 on or before 1 November 2022,
187,970 Listed Options exercisable at $0.022on or before 1 July 2023.
None
(CEO & Managing Director)
-
12 October 2018
Cameron McLean has more than 20 years’ experience leading and managing a range
of commercial activities, including co-directing London business, iBase Limited in the
geo-technology sector and as CFO at Snowden Mining Industry Consultants, Kagara
Limited and Atrum Coal.
Mr McLean has a background in accounting and finance with experience originating
at Western Mining in Melbourne. Mr McLean is the founder and major shareholder of
the mining investment platform, Mineral Intelligence. Through Mineral Intelligence, Mr
McLean has facilitated over $100M in mining transactions over the past 5 years.
17,256,980 Ordinary Shares;
2,009,974 Listed Options exercisable at $0.022 on or before 1 July 2023;
6,938,025 Listed Options exercisable at $0.01 on or before 1 November 2022.
- Non-Executive Director of Queensland Pacific Metals Limited (previously Pure
3
Great Northern Minerals Limited
Directors' Report
30 June 2021
the previous three
years
Simon Peters
Qualifications
Appointment Date
Experience
Interest in shares and
options
Other directorships in
listed entities held in
the previous three
years
Simon Coxhell
Qualifications
Appointment Date
Experience
Interests in shares and
options
Other directorships in
listed entities held in
the previous three
years
Minerals Limited) (30 November 2018 - )
- Non-Executive Chairman of DC Two Limited (1 September 2020 - 31 August
2021)
(Non-Executive Director)
BEng (Mining) MAusIMM (Hons)
6 December 2016
Mr Peters is a highly experienced mining executive and qualified mining engineer with
more than 20 years’ experience in both hard and soft rock exploration, mine
development and operations. Over the past 10 years, he has had corporate
experience on ASX listed boards in senior executive roles. He has held operational
and management positions across 3 continents (Africa, Australia & Asia) covering all
sections of the exploration & mining development process, including large scale and
complex feasibility studies, stakeholder engagement, permits and approvals.
Simon is currently a Partner of Sustainable Project Services, which provides strategic
& technical management consultancy advice to government, mining and agricultural
sectors. Simon is also founding director of Murray Basin Resources a company
focused on gold exploration in north west Victoria.
He holds a bachelor of engineering (mining) with Honours from Federation
University Australia and an unrestricted WA quarry manager’s certificate.
2,932,360 Ordinary Shares;
38,462 Listed Options exercisable at $0.18 on or before 15 December 2021;
327,534 Listed Options exercisable at $0.022 on or before 1 July 2023;
3,000,000 Listed Options exercisable at $0.01 on or before 1 November 2022.
-Managing Director of E2 Metals Limited (27 June 2017 – 20 December 2018)
(Technical Director)
BSc, Masters Qualifying
1 April 2020
Simon Coxhell is a geologist with 34 years of diverse experience encompassing all
aspects of the resource sector including exploration, resource development,
metallurgical considerations and mining.
Over the last 20 years he has had significant corporate experience on ASX listed
boards in senior executive appointments and between 2016-2018 led Echo
Resources Limited (ASX: EAR) as Managing Director/CEO, elevating and growing
the company from an 8 million dollar market capitalisation exploration focused
company to an emerging gold producer with a maximum market capitalisation of 182
million dollars, centred on the re-establishment of the Bronzewing Gold Mine. Over a
3 year period he developed the gold resource base of Echo from 100,000 resource
ounces to a total resource base of 1.7 million ounces of gold, and a maiden reserve
of 800,000 ounces, for the Stage 1 and Stage 2 development option, in August
2018. Northern Star purchased a 19% holding on market in late 2018 to become the
largest shareholder and in August 2019 launched a successful takeover of Echo with
an implied value of $244 million.
1,503,759 Ordinary Shares
6,000,000 Listed Options exercisable at $0.01 on or before 1 November 2022
187,970 Listed Options exercisable at $0.022 on or before 1 July 2023.
-Technical Director of Blaze Minerals Limited (5 April 2019 - )
-Managing Director of Echo Resources Limited (8 February 2016 - 2 October 2018)
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Great Northern Minerals Limited
Directors' Report
30 June 2021
Principal Activities
In summary activities during the reporting period comprised:
The completion of a maiden RC drilling program at Camel Creek and Big Rush leading to a number of
encouraging gold intersections and the completion of a JORC 2012 resource estimate upgrade for Big
Rush. A total of 3.50 million tonnes at 1.36 g/t Au for 154,000 ounces was estimated.
The completion of a diamond drilling program at Big Rush beneath the central pit.
In August 2020 a drilling program at the Camel Creek Gold Project was completed which comprised a
total of 18 RC drill holes for a total of 2,518 metres. Significant results were returned from every drillhole
highlighting the potential at Camel Creek and demonstrating the continuity of the gold mineralisation over
an extensive strike length.
In December 2020 an additional drilling program was instigated at Camel Creek which comprised 15
aircore and RC holes for 1,090 metres testing three different areas and extended the drill testing
completed earlier by Great Northern Minerals to over approximately 1,000 metres of strike. Drillhole
depths ranged from 68 to 90 metres and averaged 73 metres total depth.
In April 2021 a large RC program comprising 49 RC holes for 5996 metres of drilling at Camel Creek was
completed testing over 2200 metres of strike, with a number of significant results returned.
In February 2021 a large arsenic anomaly extending over 500 metres of strike located adjacent to the
south west corner of the Big Rush mining was identified based on compiled historic data. A site visit and
sampling program returned a number of anomalous gold results with a maximum value of 26.64 g/t Au.
Ongoing environmental monitoring at all projects has been ongoing as part of the statutory requirements
for managing the mining leases.
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Great Northern Minerals Limited
Directors' Report
30 June 2021
Golden Ant Project Acquisition: North Queensland Gold Projects
On 14th May 2019, Great Northern Minerals Limited entered into an option agreement to acquire a 100% interest
in three gold projects in North Queensland (Figure 1) which had been previously mined by private earthmoving
contractors and developers during the mid-1980s and 1990s. All of the mines were in mineralisation when mining
ceased when the gold price was below US$400.
During this time period a large number of shallow oxide open pits at Camel Creek, Golden Cup and Big Rush
were mined and subjected to heap leach processing. Estimated gold recovery from the heap leach operations
was estimated to be 60-80%. Review and due diligence of the projects also outlined substantial potential for the
delineation of gold resources underneath the previously mined shallow open pits, with a number of historical high
grade gold drilling intercepts which had not been followed up.
GNM now holds three projects covering 695km2 across 11 granted Mining Leases, two 100% owned exploration
permits and one joint ventured exploration permit.
Table 1: Historic Mining and Heap Leach Operations
Deposit
Camel Creek
Ore Mined
(tonnes)
1,059,696
Camel Creek Satellites
188,876
Golden Cup
201,081
Golden Cup Satellites
94,548
Big Rush
TOTAL
983,000
2,527,201
Grade (g/t Au)
Ounces Mined
1.68
2.29
2.83
1.92
2.21
2.03
57,238
13,906
18,296
5,836
69,703
164,979
On 10 August 2020, the Company announced that agreement had been reached for early settlement of 100%
ownership in the three projects. The parties to the Heads of Agreement entered into a deed of variation to reduce
the total consideration from $1,732,000 to $849,450.
Figure 1: Camel Creek, Golden Cup and Big Rush Location Plan
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Great Northern Minerals Limited
Directors' Report
30 June 2021
Figure 2: Camel Creek, Golden Cup and Big Rush Geological Location Plan
Figure 3: Golden Cup & Camel Creek Projects
(325 square kilometres)
Figure 4: Big Rush Project
(300 square kilometres)
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Great Northern Minerals Limited
Directors' Report
30 June 2021
Camel Creek
Camel Creek RC Drilling Program: April 2021
In mid April 2021 the Company completed a reverse circulation (RC) drilling program at Camel Creek. The
program consisted of 49 RC holes for 5996 metres of drilling.
The drilling program tested approximately 2200 metres of strike of the Camel Creek known gold mineralisation
on nominal 40 metre centres, with at least one hole drilled per section. This work defined and highlighted two
main zones of higher grade mineralisation which was further tested in August 2021 with an additional RC program
comprising 12 RC holes for 2861 metres of drilling and 3 diamond precollars for a total of 401 metres. Results
are due in September 2021.
The high grades in CCRC50CCRC54 and CCRC63 relate to testing of the Hinge Zone target where deeper
drilling in a new untested position has outlined a substantial zone of new gold mineralisation which has now been
defined over 250 metres of strike and extending to at least 180 metres below surface and is open at depth and
along strike.
CCRC67CCRC78 were drilled to the north on nominal 40 metre centres, initially targeting underneath the
previously mined areas. Results in these areas have defined substantial gold mineralisation extending over 350
metres of strike and 100 metres vertical depth. Further deeper drilling in these areas is required with all of the
zones open at depth.
One Metre assay results at the Camel Creek Gold Project include:
58 m @ 5.86 g/t Au (CCRC50) from 155 metres including 18 m @ 14.09 g/t Au from 189
metres including 1 metre @ 153.89 g/t Au from 191 metres
22 m @ 7.38 g/t Au (CCRC54) from 154 metres including 15 m @ 10.43 g/t Au
32 m @ 2.62 g/t Au (CCRC51) from 164 metres including 7 m @ 5.79 g/t Au
34 m @ 2.52 g/t Au (CCRC52) from 126 metres
61 m @ 1.62 g/t Au (CCRC63) from 167 metres including 35 m @ 1.95 g/t Au
9 m @ 2.66 g/t Au (CCRC72) from 52 metres
29 m @ 2.77 g/t Au (CCRC73) from 78 metres including 16 m @ 4.03 g/t Au
8 m @ 2.77 g/t Au (CCRC76) from 56 metres
20 m @ 1.79 g/t Au (CCRC77) from 95 metres
14 m @ 1.76 g/t Au (CCRC78) from 57 metres
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Great Northern Minerals Limited
Directors' Report
30 June 2021
A number of high grade antimony (+/- silver) intersections were also returned with higher grades returned
from the Hinge Zone. The specific orientation of these interpreted discrete vein structures is unclear at
present given the wide spaced nature of the previous RC drilling, however closer spaced RC coupled to
the planned diamond drilling is expected to assist in the understanding in due course. In summary:
Figure 5: Location plan and gold results of the 2021 Camel Creek Drilling on Aerial Imagery
A full listing of the gold intersections is documented in Table Two and Table Three. The majority of the anomalous
intersections are associated with a strong mylonite zone trending north east and in places up to 20 metres in
width and extending along strike over the entire area tested.
An increase in quartz veining and specifically sulphide content accompanies the anomalous intersections. True
thickness of the mineralised zones as determined from the drilling range from 225 metres, with the Hinge Zone
showing a southerly plunging ore shoot is likely.
9
HoleFromToThicknessAu (g/t)Ag (g/t)Sb (%)CCRC50191198732.346.925.3CCRC5116517165.464.720.8CCRC5118519052.801.600.5CCRC5215215755.473.040.6CCRC5315515724.562.340.5CCRC541621761410.8915.371.2CCRC6317617933.100.750.2CCRC63220223310.8032.600.7CCRC4711411953.190.790.8CCRC48545723.430.630.8CCRC73788026.601.860.4CCRC77959943.541.130.7CCRC78666936.002.260.6
Great Northern Minerals Limited
Directors' Report
30 June 2021
Table 2: One Metre Assay results: (CCRC30CCRC50) Camel Creek Gold Project (>0.5 g/t Au)
10
HoleEastNorthRL DipAzimuthFinal DepthFromToIntersectionCCRC303494837919254458-551409568768 m @ 0.84 g/t AuCCRC313494657919236458-5514083NSRCCRC323491877919041458-55130119NSRCCRC333491017918971458-551301251071125 m @ 0.61 g/t AuCCRC343490747918824458-553106649512 m @ 0.46 g/t AuCCRC353489337918705458-6031077NSRCCRC363488067918438458-5531083NSRCCRC373488087918436458-70310101NSRCCRC383488707918476460-553107765672 m @ 2.31 g/t AuCCRC393489187918505486-553107757636 m @ 1.19 g/t AuCCRC403489197918502485-70310956064NSRCCRC413489887918551484-553107757603 m @ 0.50 g/t AuCCRC41and67681 m @ 2.64 g/t AuCCRC423490597918607472-5530559374912 m @ 1.05 g/t AuCCRC433490587918604472-7030510164662 m @ 0.55 g/t AuCCRC43and82842 m @ 0.78 g/t AuCCRC443490957918626469-553056546471 m @ 0.50 g/t AuCCRC453491647918673472-553105320244 m @ 2.96 g/t AuCCRC463491617918672478-703105336426 m @ 0.72 g/t AuCCRC473485607918443476-6512313196993 m @ 1.64 g/t AuCCRC47and1131207 m @ 2.55 g/t AuCCRC483485347918392476-551208953596 m @ 2.40 g/t AuCCRC493485307918395482-6513010184862 m @ 2.99 g/t AuCCRC503480437918057485-6514022715521358 m @ 5.86 g/t Auincluding18920718 m @ 14.09 g/t Auincluding1911921 m @ 153.89 g/t Au
Great Northern Minerals Limited
Directors' Report
30 June 2021
Table 3: One Metre Assay results: (CCRC51CCRC78) Camel Creek Gold Project (>0.5 g/t Au)
11
HoleEastNorthRL DipAzimuthFinal DepthFromToIntersectionCCRC513480877918096490-6514023816419632 m @ 2.62 g/t Auincluding1641717 m @ 5.79 g/t AuCCRC523481327918125488-6514022412616034 m @ 2.52 g/t AuCCRC533481697918160486-651402421551638 m @ 2.36 g/t AuCCRC543481197917939515-6532021815417622 m@ 7.38 g/t Auincluding16117615 m@ 10.43 g/t Auincluding1621697 m@ 16.64 g/t AuCCRC553480837917934507-753201701681724 m @ 0.43 g/t AuCCRC563479647917903499-753251941621697 m @ 0.41 g/t AuCCRC573482697918123479-753209242486 m @ 0.67 g/t Auand526715 m @ 0.41 g/t AuCCRC583483057918123490-7532012888935m @ 2.77 g/t AuCCRC593484317918161500-753202421471503 m @ 1.85 g/t AuCCRC603484837918200497-75320164 NSRCCRC613485447918235492-753201641041095 m @ 2.99 g/t AuCCRC623485947918271487-7532011689901 m @ 1.02 g/t AuCCRC633480677917920507-7532924216722861 m @ 1.62 g/t Auincl16718013 m @ 1.67 g/t Auincl19222835 m @ 1.95 g/t Auincl2202288 m @ 4.99 g/t AuCCRC643480607917925507-603202241541551 m @ 1.63 g/t AuCCRC653479657917909496-55312158 NSRCCRC663486587918419481-6213511088924 m @ 4.89 g/t AuCCRC673486917918445488-621409882853 m @ 1.39 g/t AuCCRC683486557918460478-70305104778710 m @ 3.19 g/t AuCCRC693486857918484484-553108667693 m @ 1.05 g/t AuCCRC703487127918518480-553156839456 m @ 0.39 g/t AuCCRC713487167918518481-7031574516110 m @ 1.07 g/t AuCCRC723487427918545480-703107452619 m @ 2.66 g/t AuCCRC733487457918544478-853121347810729 m @ 2.77 g/t Auincl789416 m @ 4.03 g/t Auand1191212 m @ 2.75 g/t AuCCRC743487777918572475-603108052575 m @ 1.28 g/t AuCCRC753487867918560480-7531011691965 m @ 0.74 g/t AuCCRC763488267918621474-703027459623 m @ 4.62 g/t AuCCRC773486957918483474-703121229511520 m @ 1.79 g/t AuCCRC783486187918432472-7530586577114 m @ 1.76 g/t Au
Great Northern Minerals Limited
Directors' Report
30 June 2021
Figure 6: Long Section 1: Central Pit Area, Camel Creek
Figure 7: Cross Section 1: CCRC50 and CCRC54
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30 June 2021
Figure 8: Cross Section 2: CCRC63 and CCRC64
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Great Northern Minerals Limited
Directors' Report
30 June 2021
Figure 9: Long Section 2: North Pit Area, Camel Creek
Figure 10: Cross Section 3: CCRC66 and CCRC68
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Great Northern Minerals Limited
Directors' Report
30 June 2021
Figure 11: Cross Section 4: CCRC72 and CCRC73
Camel Creek RC Drilling Program: July 2020
In July 2020 Great Northern Minerals Limited commenced and completed its first reverse circulation drilling
program at Camel Creek, totaling 18 holes for 2,516 metres. This was the first systematic deep drilling program
completed under the shallow oxide pits of the Camel Creek gold mineralized system. Previous historic mining at
Camel Creek had been conducted over approximately 3.5 kilometers of strike and this initial drilling program
focused on an initial 700 metres of strike with all drillholes intersecting the interpreted mineralized structure.
Results included:
24m @ 3.55 g/t Au (CCRC012) from 58m
8m @ 4.63 g/t Au (CCRC017) from 85m
9m @ 4.99 g/t Au (CCRC015) from 109m
8m @ 3.27 g/t Au (CCRC007) from 147m
4m @ 5.41 g/t Au (CCRC005) from 63m
4m @ 5.85 g/t Au (CCRC006) from 88m
10m @2.14 g/t Au (CCRC016) from 69m
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Great Northern Minerals Limited
Directors' Report
30 June 2021
Encouragingly gold was encountered in every hole confirming strike continuity over the 700 metres, with
significant additional upside along strike and at depth. The new holes drilled, the majority of which will require
follow up drilling, were all drilled into the primary zone below the base of oxidation with hole depths ranging from
65 to 197 metres, with an average depth of 140 metres.
Two parallel zones were intersected in a number of holes highlighting multiple opportunities for further testing. An
increase in quartz veining and sulphide content in general accompanies the gold intersections.
In December 2020 an additional drilling program took place at Camel Creek encompassing the drilling of 15
Aircore and RC holes for 1,090 metres testing three different areas and extended the drill testing completed earlier
by Great Northern Minerals to over 1,000 metres of strike. Hole depths ranged from 68 to 90 metres and averaged
73 metres total depth. A large number of significant intersections were returned.
Results included:
10m @ 6.63 g/t Au (CCAC10) including 5m @ 12.20 g/t Au from 59 metres
5m @ 5.29 g/t Au (CCAC11) from 47 metres
9m @ 4.93 g/t Au (CCAC12) from 49 metres
11m @ 2.94 g/t Au (CCAC13) from 46 metres
5m @ 3.12 g/t Au (CCAC15) from 74 metres
Figure 12: Camel Creek Overview, illustrating GNM 2020 collars highlighting extensive untested mineralised
strike extent
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Great Northern Minerals Limited
Directors' Report
30 June 2021
Figure 13: Camel Creek Detail, illustrating all GNM significant results
Figure 14: Cross Section One: (AA): CCAC10
Figure 15: Cross Section One: (BB) CCAC12
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Great Northern Minerals Limited
Directors' Report
30 June 2021
Big Rush
Big Rush RC Drilling Program: September 2020
The drilling at Big Rush comprised 22 RC holes (BRRC1012 to BRRC1033) for 3,634 metres spread over
approximately 900 metres of strike beneath the southern, central and northern previously mined shallow open
pits. Drill hole depths ranged from 110 to 250 metres and averaged 165 metres.
Results included:
19m @ 5.11 g/t Au (BRRC1014) including 3m @ 21.73 g/t Au from 77 metres
32m @ 1.32 g/t Au (BRRC1015) from 132 metres
28m @ 1.27 g/t Au (BRRC1018) from 91 metres
26m @ 1.99 g/t Au (BRRC1019) including 2m @ 17.56 g/t Au from 119 metres
20m @ 1.28 g/t Au (BRRC1024) from 106 metres
11m @ 3.27 g/t Au (BRRC1025) from 144 metres
37m @ 2.28 g/t Au (BRRC1026) from 148 metres
8m @ 4.40 g/t Au (BRRC1030) from 155 metres
In October and November 2020 Great Northern Minerals Limited completed 4 HQ diamond holes for 1039.8
metres spread over approximately 200 metres of strike beneath the previously mined Central open pit at Big
Rush. The individual detailed diamond results at Big Rush have highlighted an important laminated quartz
veinwhich pinches and swells (boudinaged) and is the focus of the introduced gold at depth.
The drilling also allowed the completion of a JORC 2012 resource estimate for Big Rush.
Drill Results include:
3.05m @ 4.23 g/t Au (BRRCD003) including 0.45m @ 21.47 g/t Au from 238 metres
5.15m @ 1.21 g/t Au (BRRCD002) from 230 metres
5.3m @ 1.27 g/t Au (BRRCD004) from 204 metres
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30 June 2021
Figure 16: Big Rush Plan drill results
`
Figure 17: Big Rush Long Section (gram metres)
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30 June 2021
Figure 18: Cross Section One: Big Rush Drilling
Rock Chip Sampling
Great Northern Minerals also received assay results for a rock chip sampling of a prominent arsenic gold anomaly
from within Great Northern Minerals’ tenement EPM 27283. This anomaly which corresponded with a topographic
high (similar to the Big Rush mined deposits) recorded a maximum value of 26.64 g/t Au, which is considered
highly encouraging. RC drill testing of this anomaly will be undertaken in the next drilling programme, with an initial
6 RC holes on 40 metres.
Table 4: Rock chip sample results over the anomaly
AH1
AH2
AH3
AH4
AH5
AH6
AH7
AH8
AH9
SampleNo East
North
MGA 94 Z55
263515
7851223
263484
263467
7851184
7851162
263407
7851109
263394
263331
7851072
7851048
Au
ppm
0.574
0.228
1.349
0.082
0.327
1.533
As
ppm
2014.2
243.8
Ba
ppm
78.6
29.8
1833.6
106.6
638.1
154.2
Cu
ppm
14.1
5.2
14
3.1
2831.4
468.1
18.9
742.4
53.4
263345
7851058
26.644
17418
263306
263286
7851050
7850993
0.332
0.724
367.9
598.7
351.1
164.2
60.3
20
4.1
6.1
3.1
5.6
Great Northern Minerals Limited
Directors' Report
30 June 2021
Figure 19: Mikes Anomaly: Regional Location Plan on Aerial Imagery
Figure 20: Mikes Anomaly: Detailed Location Plan, showing rock chip samples gold results
21
Great Northern Minerals Limited
Directors' Report
30 June 2021
Work by Great Northern Minerals has involved detailed data capture and compilation of all historic activities. This
legacy data is of high value and quality and allows systematic review of all past work.
Great Northern Minerals obtained a copy of the various historic compiled data and identified the anomaly as a
zone of interest. A site visit which involved a first pass rock chip sampling program involved the collection of 9
rock chip samples along the spine of the anomaly with results highlighting a plus 400 metre zone of interest and
gold anomalism. The selective rock chip sampling targeted quartz and ferruginous material located in the vicinity
of the anomaly and provides a clear focus for further work.
Site clearance surveys and logistical access work is required` prior to drill testing of Mikes Anomaly.
Figure 21: Mikes Anomaly, Sampling activities
Competent Persons Statement
The information in this report that relates to the Mineral Resource estimate is based on information compiled by Mr Andrew Beaton. Mr
Beaton is a Member of the Australasian Institute of Mining and Metallurgy and is a part time consultant to Great Northern Minerals Ltd. Mr
Beaton has sufficient experience which 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’. Mr Beaton consents to the inclusion in the report of the matters based on their information
in the form and context in which it appears.
The information in this report that relates to Exploration Results is based on information compiled under the supervision of Simon Coxhell,
the Technical Director of Great Northern Minerals Limited. Mr Coxhell is a member of the Australasian Institute of Mining and Metallurgy and
has sufficient experience of relevance to the styles 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.” Mr Coxhell consents to the inclusion in this report of the matters based on his information in the form
and context in which they appear.
22
Great Northern Minerals Limited
Directors' Report
30 June 2021
CORPORATE
On 10 August 2020, the Company announced that it had entered into a deed of variation to the Heads of
Agreement with Q-Generate Pty Ltd to accelerate the completion of 100% ownership of the North
Queensland gold projects. The parties to the agreement have mutually agreed to reduce the agreed
deferred and further deferred consideration via an early cash payment of $849,950, representing a
discount of approximately 50% to the existing deferred and further deferred consideration per Heads of
Agreement, totalling $1.732M, which resulted in completion of Great Northern Minerals’ 100% ownership
of the Queensland gold projects. Great Northern Minerals Limited made the early cash payment of
$849,950 during August 2020.
On 4 September 2020, the Company completed a placement via issuance of 80,521,786 fully paid
ordinary shares, raising $1.52 million. The funds raised were utilised to accelerate drilling at Company’s
Queensland gold projects and for general working capital.
The Company also received commitments and support from Company Directors who collectively
subscribed for 5,263,158 new shares worth $100,000, which the shareholders approved at the
Company’s Annual General Meeting held on 2 November 2020.
During January 2021, the Company settled termination payments to previous employees of the Company
totalling $104,740.
On the 25 February 2021, the Company released an updated resource estimate for the Big Rush deposit.
The updated resource at Big Rush followed on from the active drilling campaign completed in 2020 which
comprised a total of 22 RC holes for 3634 metres and 4 HQ diamond holes for 1040 metres. A total
resource of 3.5 million tonnes at 1.36 g/t for 154,000 ounces was independently estimated by resource
geologist Lynn Widenber of Widenbar and Associates. Combined GNM gold resources now total 184,000
ounces.
On 26 March 2021, the Company announced a fully underwritten, contemporaneous Placement and a
1:7 Non-Renounceable Rights Issue to raise circa $3M (before costs). Capital raised from the Placement
and a Rights Issue to be used to systematically drill test the Camel Creek Gold Project over approximately
2km of strike. The funds will also allow for additional drilling of the Company’s Big Rush gold deposit and
testing and evaluation of additional areas and to augment working capital. Under the Placement, the
Company raised $1.5M (before costs) and issued 150,000,000 New Shares to sophisticated and
professional investors at $0.01 per share, together with one (1) free attaching Listed GNMOB Option for
every one (1) Placement Share subscribed for, exercisable at $0.022 each on or before 1 July 2023. The
Placement was completed in two Tranches with Tranche one being issued pursuant to the Company’s
placement capacity under ASX Listing Rules 7.1 and 7.1A and Tranche two conditional upon the
Company obtaining shareholder approval, which was sought at a General Meeting held on 31 May 2021.
CPS Capital Group Pty Ltd acted as a Lead Manager. The Lead Manager (or its nominee) to the
Placement and received 2% management fee (plus GST) of the total amount raised and a 4% placing fee
(plus GST) of the total amount raised. The Lead Manager (or its nominee) was also entitled to be issued
20,000,000 GNMOB Listed Options upon full subscription of the Placement. The Non-Renounceable
Rights Issue was conducted on the basis of one (1) New Share for every seven (7) existing shares held
together with one (1) free attaching listed GNMOB option for every one (1) New Share issued, exercisable
at $0.022 on or before 1 July 2023. The Company entered into an Underwriting Agreement with CPS
Capital Group Pty Ltd to act as the underwriter to the Rights Issue Offer. The Underwriter agreed to fully
underwrite the Rights Issue Offer and be paid a total fee of $10,000 cash (plus GST) and 4% (plus GST)
of the underwritten amount. The Non-Renounceable Rights Issue was finalised in May 2021 and
151,131,372 shares were issued.
Significant changes in the state of affairs
There have been no significant changes in the state of affairs of the Company during the financial year.
23
Great Northern Minerals Limited
Directors' Report
30 June 2021
Governance Arrangements
The Company seeks to ensure the reporting of Mineral Resources and Ore Reserves is in accordance with
Industry best practice and Listing Rules. All current Mineral Resources and Ore Reserves have been compiled
by independent consultants recognised for their expertise in the estimation of coal resources and reserves. The
estimates have been reviewed by an independent consultant considered to be a Competent Person under the
JORC Code 2012 to ensure that the resource reports comply with the listing rules.
Matters Subsequent to the end of the Financial Year
The impact of Coronavirus (‘COVID-19’) pandemic is ongoing and while it has not significantly impacted the Group
up to 30 June 2021, 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 Australian Government
and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any
economic stimulus that may be provided.
There are no other matters or circumstances which have arisen since the end of the year which will significantly
affect, or may significantly affect, the state of affairs or operations of the reporting entity in future financial years.
Likely developments and expected results of operations
Further information, other than as disclosed in this report, about likely developments in the operations of the
Company and the expected results of those operations in future periods has not been included in this report as
disclosure of this information would be likely to result in unreasonable prejudice to the Group.
Non-Audit Services
There were no non-audit services provided by the auditors during the year (2020: Nil).
Auditors Independence Declaration
The lead auditors’ independence declaration for the year ended 30 June 2021 has been received and can be
found on page 33 of the financial report. The auditor William Buck Audit (WA) Pty Ltd continues in office in
accordance with Section 327 of the Corporations Act 2001.
Environmental Regulations
The Group must abide by the Environmental Protection Act 1994 of Queensland under which there are a number
of regulations relevant to mining operations in that state. The Directors have considered compliance with the
National Greenhouse and Energy Reporting Act 2007 which requires entities to report on 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.
Dividends Paid or Declared
No dividends were paid or declared since the start of the financial year (2020: Nil).
Company Secretary
Miss Aida Tabakovic was appointed as the Company Secretary on 19 August 2019. Miss Tabakovic has over 11
years’ experience in the accounting profession. She holds a double degree in Accounting and Finance and a
Postgraduate Degree in Business Law. Miss Tabakovic provides services to a number of ASX listed companies
specialising in financial accounting and reporting and corporate compliance. Miss Tabakovic has also been
involved in listing a number of junior exploration companies on the ASX.
24
Great Northern Minerals Limited
Directors' Report
30 June 2021
Business Review
Operating Results
During the financial year, the Group recorded a consolidated loss of $3,515,446 (2020: $3,336,423) after providing
for income tax. The expenditure reflected the exploration activities during the year at the Group’s Golden Ant
Project.
The Directors are committed to carefully utilising current resources, reviewing potentially markets for output,
partners and other funding initiatives.
Meeting of Directors
During the financial year, 7 directors’ meetings were held. Attendances by each director during the year were as
follows:
Mr Cameron McLean
Mr Kim Robinson
Mr Simon Peters
Mr Simon Coxhell
Directors' Meetings
Eligible to
attend
Number
attended
7
7
7
7
7
7
6
7
The key management personnel of the Group consisted of the following directors and other persons:
- Kim Robinson (Non-Executive Chairman)
- Cameron McLean (CEO & Managing Director)
- Simon Coxhell (Technical Director)
- Simon Peters (Non-Executive Director)
25
Great Northern Minerals Limited
Directors' Report
30 June 2021
Remuneration Report (AUDITED)
The information provided in this remuneration report has been audited as required by Section 308(3C) of the
Corporations Act 2001. This report details the nature and amount of remuneration for each director of Great
Northern Minerals Limited, and for the executives of the Group.
Remuneration Policy
Remuneration levels for the executives are competitively set to attract the most qualified and experienced
candidates, taking into account prevailing market conditions and the individual’s experience and qualifications.
During the period, the Group did not have a separately established remuneration committee. The Board is
responsible for determining and reviewing remuneration arrangements for the executive and non-executive
Directors.
The remuneration policy of Great Northern Minerals Limited has been designed to align director and executive
objectives with shareholder and business objectives by providing a fixed remuneration component for short-term
incentives and offering specific long-term incentives, based on key performance areas affecting the Group's
financial results. The board of Great Northern Minerals Limited believes the remuneration policy to be appropriate
and effective in its ability to attract and retain the best executives and directors to run and manage the Group, as
well as create goal congruence between directors, executives and shareholders.
The board's policy for determining the nature and amount of remuneration for the board members and senior
executives of the Group is as follows:
- The remuneration policy, setting the terms and conditions for the executive directors and other senior
executives was developed by the board and legal advisors. All executives receive a base salary (which is
based on factors such as length of service and experience) and superannuation where applicable. The board
reviews executive packages annually by reference to the Group’s performance, executive performance and
comparable information from industry sectors and other listed companies in similar industries.
- The board may exercise discretion in relation to approving incentives, bonuses and options. The policy is
designed to attract and retain the high calibre of executives and reward them for performance that results in
long term growth in shareholder wealth.
- Executives will also be entitled to participate in future employee share and option arrangements.
- The executive directors and executives receive a superannuation guarantee contribution required by the
government, which is currently 10%, and do not receive any other retirement benefits. Some individuals may
choose to sacrifice part of their salary to increase payments towards superannuation.
- All remuneration paid to directors and executives is valued at the cost to the Group and expensed. Shares
allocated to directors and executives are valued as the difference between the market price of those shares
and the amount paid by the director or executive. Options are valued using appropriate methodologies.
The board policy is to remunerate non-executive directors at market rates for comparable companies for time,
commitment and responsibilities. The board determines payments to the non-executive directors and reviews their
remuneration annually, based on market practice, duties and accountability. Independent external advice is
sought when required. No such advice was obtained during the year. Fees for non-executive directors are not
linked to the performance of the Group. However, to align directors’ interests with shareholder interests, the
directors are encouraged to hold shares in the Company and can participate in the employee option plan.
26
Great Northern Minerals Limited
Directors' Report
30 June 2021
Remuneration Report (AUDITED)
Non-Executive Directors Remuneration
All Non-Executive Directors are entitled to receive $40,000 per annum for their roles as Directors of the Company
and the Chairman is entitled to receive to $50,000 per annum.
The Company's Constitution provides that the remuneration of Non-Executive Directors will not be more than the
aggregate fixed sum determined by a general meeting. Before a determination is made by the Company in a
general meeting, the aggregate sum of fees payable by the Company to the Non-Executive Directors is a
maximum of $200,000 per annum, as approved at the 2018 Annual General Meeting. Summary details of
remuneration of the Non-Executive Directors are provided in the table below. The remuneration is not dependent
on the satisfaction of a performance condition.
Directors are entitled to be paid reasonable travelling, accommodation and other expenses incurred in
consequence of their attendance at meetings of Directors and otherwise in the execution of their duties as
Directors. A Director may also be paid additional amounts as fees or as the Directors determine where a Director
performs extra services or makes any special exertions, which in the option of the Directors are outside the scope
of the ordinary duties of a Director.
Other Executives Remuneration
Mr Cameron McLean
CEO & Managing Director (appointed 12 October 2018)
Mr McLean’s employment terms are governed by a Service Agreement. The terms of the agreement can be
terminated by either party providing three months written notice. Mr McLean is entitled to receive Director’s Fee
of $200,000 per annum (exclusive of statutory superannuation).
Mr Simon Coxhell
Technical Director (appointed 1 April 2020)
Mr Coxhell’s employment terms are governed by a Service Agreement. The terms of the agreement can be
terminated by either party providing three months written notice. Mr Coxhell is entitled to receive Director’s Fee of
$200,000 per annum (exclusive of statutory superannuation).
On termination, the Executives are entitled to be paid those outstanding amounts owing to the Executives for the
period up until the Termination Date. The Executives do not have any entitlement to any payment relating to any
period after the Termination Date.
Subject to the ASX Listing Rules and the Corporations Act 2001, if the appointment of the Executive is terminated
as a result of a change in control of the Company, the Company will pay to the Executive three months’ worth of
Executive Service Fees as liquidated damages for the Executive’s loss of engagement. If the Corporations Act
2001 or the ASX Listing Rules restricts the amount that can be paid to the Executive on termination to an amount
less than that calculated, then the amount can be paid under the Corporations Act 2001 and the ASX Listing Rules
without approval of the Company’s shareholders.
Share-Based Compensation
During the year, no listed options (2020: 21,000,000) were granted to directors of Great Northern Minerals Limited
or approved by shareholders, as a cost effective and efficient way to incentivise and reward the directors as
opposed to alternative forms of incentives. No additional options over shares in Great Northern Minerals Limited
were granted during the year. The options issued during the 2020 financial year were issued to provide long-term
incentives for executives and consultants to deliver long-term shareholder returns.
During the year no ordinary shares in the Company (2020: Nil) were issued as a result of the exercise of
remuneration options to directors of Great Northern Minerals Limited or other key management personnel of the
group.
27
Great Northern Minerals Limited
Directors' Report
30 June 2021
Remuneration Report (AUDITED)
Additional information
No performance-based bonuses have been paid to key management personnel during the financial year. It is the
intent of the board to include performance bonuses as part of remuneration packages when mine production
commences.
Details of Remuneration
Details of remuneration of the directors and key management personnel of the group are set out below:
Short-term
Benefits
Post-
employment
Benefits
Share-based
Payments
Cash fees
and salary
$
Super-
annuation
$
Equity
$
Options/
Rights
(iv)
$
Total
$
Share-based
Payments as a
percentage of
Remuneration
%
Performance
Related
%
50,000
12,500
40,000
50,000
-
9,167
90,000
137,420
200,000
187,500
200,000
37,500
400,000
225,000
490,000
362,420
-
-
-
-
-
-
-
6,247
19,000
17,812
19,000
3,562
38,000
21,374
38,000
27,621
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13,080
-
6,540
-
-
-
19,620
-
13,080
-
13,080
-
26,160
-
45,780
50,000
25,580
40,000
56,540
-
9,167
90,000
163,287
219,000
218,392
219,000
54,142
438,000
272,534
528,000
435,821
-
51.13
-
11.57
-
-
-
-
-
5.99
-
24.16
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Year
2021
2020
2021
2020
2021
2020
2021
2020
Non-Executive
Directors
Kim Robinson (i)
Simon Peters
Alistair Williams (ii)
Sub-Total Non-
Executive Directors
Executive Directors
Cameron McLean
Simon Coxhell (iii)
2021
2020
2021
2020
Sub-Total Executives 2021
2020
2021
2020
TOTAL
(i)
(ii)
(iii)
(iv)
(v)
Mr Robinson was appointed as a Non-Executive Chairman on 1 April 2020.
Mr Williams resigned as a Non-Executive Director on 5 August 2019.
Mr Coxhell was appointed as a Technical Director on 1 April 2020.
Value of options were calculated using Black-Scholes Model.
The table balance of $528,000 varies from Note 20 due to termination payout made to Mr Matthew Suttling ($52,370) who
resigned as a director in a prior period and Mr King who resigned as a Non-Executive Chairman on 1 April 2020 ($52,370).
28
Great Northern Minerals Limited
Directors' Report
30 June 2021
Remuneration Report (AUDITED)
Details of Remuneration (continued)
The following table provides employment details of persons who were, during the financial year, members of key
management personnel of the Group. The table also illustrates the proportion of remuneration that was fixed and
at risk.
Directors
Kim Robinson
Cameron McLean
Simon Coxhell
Simon Peters
Fixed
Remuneration
%
At Risk Long
Term
Remuneration
%
100
100
100
100
-
-
-
-
Other transactions with Key Management Personnel
There were no Key Management personnel related party transactions during the current financial year except for:
2021
- During the financial year, Mineral Intelligence Pty Ltd, a Company which Managing Director Cameron McLean
has an interest in, repaid to Great Northern Minerals Limited an amount of $3,124. The terms of the transaction
were on a no interest basis. The balance payable by Mineral Intelligence to Great Northern Minerals Limited as
at 30 June 2021 was $2,343. Subsequent to the year end, the funds are yet to be repaid from Mineral Intelligence
Pty Ltd.
- During 2019 financial year, Mineral Intelligence Pty Ltd, a Company which Managing Director, Cameron McLean
has an interest in, loaned $11,000 to Ion Minerals Pty Ltd. The terms of the transaction were on a no interest
basis. The balance outstanding and payable to Mineral Intelligence Pty Ltd by Ion Minerals Pty Ltd as at 30 June
2021 is $11,000. The funds are yet to be repaid to Mineral Intelligence Pty Ltd.
2020
- During the financial year, Mineral Intelligence Pty Ltd, a Company which Managing Director Cameron McLean
has an interest in, was loaned by Great Northern Minerals Limited an amount of $2,873. The terms of the
transaction were on a no interest basis. The balance payable by Mineral Intelligence to Great Northern Minerals
Limited as at 30 June 2020 was $5,467. Subsequent to the year end, the funds are yet to be repaid from Mineral
Intelligence Pty Ltd.
- During 2019 financial year, Mineral Intelligence Pty Ltd, a Company which Managing Director, Cameron McLean
has an interest in, loaned $11,000 to Ion Minerals Pty Ltd. The terms of the transaction were on a no interest
basis. The balance outstanding and payable to Mineral Intelligence Pty Ltd by Ion Minerals Pty Ltd as at 30 June
2020 is $11,000. The funds are yet to be repaid to Mineral Intelligence Pty Ltd.
29
Great Northern Minerals Limited
Directors' Report
30 June 2021
Remuneration Report (AUDITED)
Key Management Personnel Shareholdings
The number of ordinary shares in Great Northern Minerals Limited held by each key management person of the
Group during the financial year is as follows:
30 June 2021
Directors
Cameron McLean
Simon Peters
Simon Coxhell
Kim Robinson
Balance at
beginning of
year
Disposed on
market
(i)
Other changes
during the period
(ii)
Balance at
resignation
date
Balance at
end of year
12,030,250
2,397,461
-
-
-
(1,593,467)
-
-
14,427,711
(1,593,467)
5,226,730
2,128,366
1,503,759
3,503,759
12,362,614
- 17,256,980
2,932,360
-
1,503,759
-
3,503,759
-
- 25,196,858
(i)
(ii)
Non-cash disposal due to a divorce settlement.
On-market acquisitions, participation in Shareholder approved Placement and Non-Renounceable Rights Issues.
Options over Equity Instruments Granted as Compensation
Details of Options over ordinary shares in the Company that were granted as $Nil consideration compensation to
Key Management Personnel during the 2021 was nil (2020: 21,000,000)
Key Management Personnel Options Holdings
The number of options over ordinary shares held during the year by each Key Management Personnel is as
follows:
Opening
Balance
Acquired
during the
period
(i)
Exercised
during the
period
Other
changes
during the
period (ii)
Balance at
end of
period
Vested and
Exercisable
Vested and
Un-
exercisable
Cameron McLean
Simon Peters
Simon Coxhell
Kim Robinson
7,563,375
3,276,712
6,000,000
6,000,000
1,384,624
227,639
187,970
187,970
22,840,087
1,988,203
-
-
-
-
-
(138,355)
-
-
8,947,999
3,365,996
6,187,970
6,187,970
8,947,999
3,365,996
6,187,970
6,187,970
(138,355) 24,689,935 24,689,935
-
-
-
-
-
(i)
(ii)
Participation in Non-Renounceable Rights Issue per Prospectus dated 26 March 2021
Non-cash disposal due to a divorce settlement.
No options have been granted to the directors or KMP since the end of the financial year. Options granted carry
no dividend or voting rights. When exercisable, each option is convertible into one fully paid ordinary share. Refer
to the above tables for the exercise price of the options.
30
Great Northern Minerals Limited
Directors' Report
30 June 2021
Remuneration Report (AUDITED)
Performance-based Remuneration
The Group currently has no performance-based remuneration component built into director and executive
remuneration packages due to the stage of the Group’s development, as such no link between remuneration and
financial performance currently exists.
The table below sets out summary information about the Group’s earnings and movement in share price for the
five years to 30 June 2021:
Income
Net loss before tax
Net loss after tax benefit
Share Price at end of year (cents)
Basic and diluted loss per share (cents)
2018
$
2021
$
21,998
2020
$
315,861
2019
$
498,997
2017
$
49,659
(3,515,446) (3,336,423) (3,052,814) (5,026,320) (2,411,036)
(3,515,446) (3,336,423) (3,052,814) (5,026,320) (2,320,120)
0.2
(2.50)*
0.1
(1.57)*
0.5
(4.50)*
0.019
(0.76)*
0.011
(0.37)
290,357
*Calculated on a post-consolidation basis. On 28 October 2019, the Company consolidated its issued capital on 10:1 basis.
End of Audited Remuneration Report
Indemnifying Officers or Auditors
No indemnities have been given or insurance premiums paid, during or since the end of the financial year, for any
person who is or has been an officer or auditor of the Group.
Auditors’ Independence Declaration
The lead auditors’ independence declaration for the year ended 30 June 2021 has been received and can be
found on page 33 of the financial report.
Proceedings on Behalf of Company
No person has applied for leave of Court under s237 of the Corporations Act 2001 to bring proceedings on behalf
of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking
responsibility on behalf of the Company for all or any part of those proceedings.
The Company was not a party to any such proceedings during the period.
31
Great Northern Minerals Limited
Directors' Report
30 June 2021
Options
Unissued shares under option
At the date of this report, the unissued ordinary shares of Great Northern Minerals Limited under option are as
follows:
Details
Unlisted
Unlisted
Unlisted
Listed
Listed
Listed
Expiry
Date
19/11/2023
19/11/2023
19/11/2023
15/12/2021
01/11/2022
01/07/2023
Exercise
Price
Number under
Option
Number of
Option Holders
$0.024
$0.029
$0.033
$0.18
$0.01
$0.022
22,262,414
22,262,414
22,262,414
18,578,678
238,528,099
423,653,803
747,547,822
1
1
1
162
225
536
926
Shares issued on the exercise of options
There were 47,543 ordinary shares of the Company issued from the exercise of options during the financial year
ended 30 June 2021. No further shares were issued up to the date of this report from the exercise of options.
This report is signed in accordance with a resolution of the Board of Directors:
.................................................................................
Kim Robinson
Chairman
Dated this 29th September 2021
32
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE
CORPORATIONS ACT 2001 TO THE DIRECTORS OF GREAT NORTHERN
MINERALS LIMITED
I declare that, to the best of my knowledge and belief during the year ended 30 June
2021 there have been:
— no contraventions of the auditor independence requirements as set out in the
Corporations Act 2001 in relation to the audit; and
— no contraventions of any applicable code of professional conduct in relation to the
audit.
William Buck Audit (WA) Pty Ltd
ABN 67 125 012 124
Amar Nathwani
Director
Dated this 29th day of September 2021
Great Northern Minerals Limited
ABN 22 000 002 111
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 30 June 2021
Other income
Interest income
Depreciation
Corporate and administration expenses
Finance expenses
Exploration and tenement costs
Impairment of tenements
Impairment of receivables
Net Loss before income tax
Income tax (expense)/benefit
Net Loss after income tax
Other comprehensive income:
Other comprehensive income for the year, net of tax
Total comprehensive loss for the year
Loss for the year is attributable to:
Owners of Great Northern Minerals Limited
Non-controlling interest
Total comprehensive loss for the year
Note
4
10,11
5
5
13
2021
$
39,712
2,286
(44,213)
(1,202,733)
(10,801)
(2,299,697)
-
-
2020
$
314,487
1,375
(56,834)
(1,164,100)
(32,291)
(1,321,927)
(948,133)
(129,000)
(3,515,446)
-
(3,336,423)
-
(3,515,446)
(3,336,423)
-
-
(3,515,446)
(3,336,423)
(3,505,941)
(9,505)
(2,722,903)
(613,520)
(3,515,446)
(3,336,423)
Total comprehensive loss for the year attributable to Owners of Great
Northern Minerals Limited
(3,505,941)
(2,722,903)
Total comprehensive loss for the year attributable to Non-Controlling
Interest
(9,505)
(613,520)
Attributable to owners of Great Northern Minerals Limited:
Basic loss per share (cents per share)
Diluted loss per share (cents per share)
7
7
(0.368)
(0.368)
(0.76)
(0.76)
The above consolidated income statement should be read in conjunction with the accompanying notes.
34
Great Northern Minerals Limited
ABN 22 000 002 111
Consolidated Statement of Financial Position
As at 30 June 2021
Note
2021
$
2020
$
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Prepayments
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Plant and equipment
Intangible assets
Right of Use asset
Exploration and evaluation assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
Lease liabilities
Deferred consideration
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Lease liabilities
Provision
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Reserves
Accumulated losses
Equity attributable to owners of the Parent Entity
Non-controlling interest (60% Ion Minerals)
8
9
10
11
13
14
11
13
11
13
15
16
17
17
1,896,387
174,266
198,780
2,510,058
259,440
20,308
2,269,433
2,789,806
91,133
-
69,395
1,491,475
101,951
39
98,375
562,076
1,652,003
762,441
3,921,436
3,552,247
120,983
30,260
-
543,352
27,397
150,000
151,243
720,749
44,977
75,240
229,450
274,427
-
75,240
425,670
795,989
3,495,766
2,756,258
83,498,248
702,511
79,834,625
295,056
(79,480,158) (76,158,094)
3,971,587
(1,215,329)
4,720,601
(1,224,835)
TOTAL EQUITY
2,756,258
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
3,495,766
35
Great Northern Minerals Limited
ABN 22 000 002 111
Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2021
2021
Balance at 1 July 2020
Loss for the year
Other comprehensive income:
Contributed Equity
$
79,834,625
-
Share Based
Payments
Reserve
$
Accumulated
Losses
$
Non-controlling
Interest
$
Total
$
295,056
-
-
(76,158,094)
(3,505,941)
-
(1,215,329)
(9,505)
-
2,756,258
(3,515,446)
-
Total comprehensive income for the year
-
Transaction with owners, recorded directly in equity
Shares issued during the year (net of costs)
3,663,623
-
-
Issue of Options during the year
Options expired during the year
Balance at 30 June 2021
-
-
591,332
(183,877)
(3,505,941)
(9,505)
(3,515,446)
-
-
183,877
-
-
-
3,663,623
591,331
-
83,498,248
702,511
(79,480,158)
(1,224,835)
3,495,766
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
36
Great Northern Minerals Limited
ABN 22 000 002 111
Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2021
2020
Contributed Equity
$
Share Based
Payments Reserve
$
Accumulated
Losses
$
Non-controlling
Interest
$
Total
$
Balance at 1 July 2019
Loss for the year
Other comprehensive income:
Total comprehensive income for the year
Transaction with owners, recorded directly in
equity
Issue of Options during the year
Options expired during the year
Balance at 30 June 2020
75,182,850
349,212
-
-
-
-
111,180
(165,336)
-
-
-
(73,600,527)
(2,722,903)
(601,809)
1,329,726
(613,520)
(3,336,423)
(2,722,903)
(613,520)
(3,336,423)
-
-
165,336
-
-
-
4,651,775
111,180
-
79,834,625
295,056
(76,158,094)
(1,215,329)
2,756,258
Shares issued during the year (net of costs)
4,651,775
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
37
Great Northern Minerals Limited
ABN 22 000 002 111
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Payments to suppliers and employees
Payments for exploration and evaluation
Interest received
Interest paid
R&D refund received
Proceeds from sale/release of royalty
Note
2021
$
2020
$
(794,454)
(3,335,257)
2,286
(4,761)
155,720
-
(1,043,771)
(1,532,836)
3,397
(6,129)
223,835
159,500
Net cash outflow from operating activities
18(a)
(3,976,466)
(2,196,004)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of exploration assets/tenements
Acquisition of property, plant and equipment
Proceeds from disposal of property, plant and equipment
Net cash outflow from investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issue of shares and options
Transaction costs
Proceeds from borrowings
Repayment of borrowings
Repayment of lease liabilities
Net cash inflows from financing activities
(849,450)
(4,377)
-
(85,000)
(4,407)
800
(853,827)
(88,607)
4,641,703
(392,924)
-
-
(32,158)
5,189,820
(588,345)
8,000
(8,000)
(29,083)
4,216,621
4,572,392
Net increase (decrease) in cash and cash equivalents held
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of financial year
(613,671)
2,510,058
2,287,781
222,277
8
1,896,387
2,510,058
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
38
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
1 Corporate Information
The consolidated financial report of Great Northern Minerals Limited for the year ended 30 June 2021 was
authorised for issue in accordance with a resolution of the Directors on 29 September 2021 and covers Great
Northern Minerals Limited as an individual entity as well as the consolidated entity consisting of Great
Northern Minerals Limited and its subsidiaries (‘Group’) as required by the Corporations Act 2001.
The financial report is presented in the Australian currency.
Great Northern Minerals Limited is a for profit company limited by shares incorporated in Australia whose
shares are publicly traded on the Australian Securities Exchange.
2 Summary of Significant Accounting Policies
(a) Basis of Preparation
The financial report is a general purpose financial statement that has been prepared in accordance
with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative
pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result
in a financial report containing relevant and reliable information about transactions, events and
conditions. The financial statements and notes comply with International Financial Reporting
Standards. Material accounting policies adopted in the preparation of this financial report are presented
below and have been consistently applied unless otherwise stated.
The financial report has been prepared on an accruals basis and is based on historical costs, modified,
where applicable, by the measurement at fair value of financial assets.
(b) Principles of Consolidation
Subsidiaries
The Group financial statements consolidate those of Great Northern Minerals Limited (‘Parent’), and
all of its subsidiaries as of 30 June 2021. The Parent controls a subsidiary if it is exposed, or has rights,
to variable returns from its involvement with the subsidiary and has the ability to affect those returns
through its power over the subsidiary.
All transactions and balances between Group companies are eliminated on consolidation, including
unrealised gains and losses on transactions between Group companies. Amounts reported in the
financial statements of subsidiaries have been adjusted where necessary to ensure consistency with
the accounting policies adopted by the Group.
Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year
are recognised from the effective date of acquisition, or up to the effective date of disposal, as
applicable.
Subsidiaries are accounted for in the Parent financial statements at cost. A list of subsidiary entities is
contained in Note 12 to the financial statements. All subsidiaries have a 30 June financial year end.
39
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
(c)
Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the
Directors. The Directors are responsible for allocating resources and assessing the performance of the
operating segments.
(d) Government Grants
Assistance received from the government by way of grant or other forms of assistance designed to
provide an economic benefit to the Group, is presented in the statement of financial position as deferred
income, in instances where the grant is related to assets. In all other cases, grant money is presented
in the profit and loss as other income. Grants are recognised when there is reasonable assurance that
conditions will be complied with and the grant will be received.
(e)
Income Tax
The income tax expense for the period is the tax payable on the current period's taxable income based
on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and
liabilities attributable to temporary differences between the tax base of assets and liabilities and their
carrying amounts in the financial statements, and to unused tax losses.
Deferred tax assets and liabilities are recognised for all temporary differences, between carrying
amounts of assets and liabilities for financial reporting purposes and their respective tax bases, at the
tax rates expected to apply when the assets are recovered or liabilities settled, based on those tax
rates which are enacted or substantively enacted for each jurisdiction. Exceptions are made for certain
temporary differences arising on initial recognition of an asset or a liability if they arose in a transaction,
other than a business combination, that at the time of the transaction did not affect either accounting
profit or taxable profit.
Deferred tax assets are only recognised for deductible temporary differences and unused tax losses if
it is probable that future taxable amounts will be available to utilise those temporary differences and
losses.
Deferred tax assets and liabilities are not recognised for temporary differences between the carrying
amount and tax bases of investments in subsidiaries, associates and interests in joint ventures where
the parent entity is able to control the timing of the reversal of the temporary differences and it is
probable that the differences will not reverse in the foreseeable future.
Great Northern Minerals Limited and its wholly owned subsidiaries have implemented the tax
consolidation legislation. Consequently, these entities are taxed as a single entity and the deferred tax
assets and liabilities of these entities are set off in the consolidated financial statements. Current and
deferred tax is recognised in profit or loss except to the extent that it relates to items recognised in
other comprehensive income or directly in equity. In this case, the tax is also recognised in other
comprehensive income or directly in equity.
(f)
Impairment of Non-Financial Assets
At each reporting date the Group assesses whether there is any indication that individual assets are
impaired. Where impairment indicators exist, the recoverable amount is determined, and impairment
losses are recognised in the Consolidated Statement of Profit or Loss and Other Comprehensive
Income where the asset's carrying value 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 purpose of assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset.
Where it is not possible to estimate the recoverable amount for an individual asset, recoverable amount
is determined for the cash-generating unit to which the asset belongs.
40
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
(g) Cash and Cash Equivalents
For the purposes of the Statement of Cash Flows, cash and cash equivalents includes cash on hand
and at bank, deposits held at call with financial institutions, other short term, highly liquid investments
with 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.
(h) Property, Plant and Equipment
Each class of plant and equipment is carried at cost as indicated less, where applicable, any
accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable
to the asset.
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 asset's employment and subsequent
disposal. The expected net cash flows have not been discounted to their present values in determining
recoverable amounts.
Depreciation
The depreciable amount of all fixed assets is depreciated on a straight-line basis over the asset's useful
life to the Group commencing from the time the asset is held ready for use.
Depreciation methods, useful lives and residual values are reviewed at each reporting date and
adjusted if appropriate.
Depreciation on other assets is calculated on a straight-line basis over the estimated useful life of the
asset as follows:
Class of Asset
Office Equipment
(i)
Right-of-Use Assets
3-10 Years
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 consolidated 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 re-measurement
of lease liabilities.
The right-of-use asset will be depreciated on a straight-line basis over the unexpired period of the lease.
The asset will be subjected to impairment or adjusted for any re-measurement of lease liabilities.
41
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
(j)
Exploration and Evaluation Assets
Exploration and evaluation expenditure is generally written off in the year it is incurred, except for
acquisition costs which are carried forward where right to tenure of the area of interest (i.e. tenement)
is current and is expected to be recouped through sale or successful development and exploitation of
the area of interest, or where exploration and evaluation activities in the area of interest have not
reached a stage that permits reasonable assessment of the existence of economically recoverable
reserves.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing
to carry forward costs in relation to the area of interest. The carrying value of any capitalised
expenditure is assessed by the Directors each year to determine if any provision should be made for
the impairment of the carrying value. The appropriateness of the Group’s ability to recover these
capitalised costs has been assessed at year end and the Directors are satisfied that the value is
recoverable. The carrying value of exploration and evaluation expenditure assets are assessed for
impairment at an overall level whenever facts and circumstances suggest that the carrying amount of
the assets may exceed recoverable amount. An impairment exists when the carrying amount of the
assets exceed the estimated recoverable amount. The assets are then written down to their
recoverable amount. Any impairment losses are recognised in the income statement.
(k)
Fair Value Measurement
When an asset or liability, financial or non-financial is measures at fair value for recognition or
disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date;
and assumes that the transaction will take place either; in the principal market; or in the absence of a
principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the
asset or liability assuming they act in their economic best interests. For non-financial assets, the fair
value measurement is based on its highest and best use. Valuation techniques that are appropriate in
the circumstances and for which sufficient data are available to measure fair value, are used,
maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
Assets and liabilities measured at fair value are classified, into three levels, using a fair value hierarchy
based on the lowest level of input that is significant to the entire fair value measurement, being; level
1, quoted prices in active markets for identical assets or liabilities that the entity can access at the
measurement date; level 2, inputs other than quoted prices included within level 1 that are observable
for the assets or liabilities, either directly or indirectly; and level 3, unobservable inputs for the assets
and liabilities. Classifications are reviewed at each reporting date and transfers between levels are
determined based on a reassessment of the lowest level of input that is significant to the fair value
measurement.
For recurring and non-recurring fair value measurements, external valuers may be used when internal
expertise is either not available or when the valuation is deemed to be significant. External valuers are
selected based on market knowledge and reputation. Where there is a significant change in fair value
of an asset or liability from one period to another, an analysis is undertaken, which includes a
verification of the major inputs applied in the latest valuation and a comparison, where applicable, with
external sources of data.
42
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
(l)
Investments and Other Financial Assets
Investments and other financial assets are initially measured at fair value. Transaction costs are
included as part of the initial measurement, except for financial assets at fair value through profit or
loss. Such assets are subsequently measured at either amortised cost or fair value depending on their
classification. Classification is determined based on both the business model within which such assets
are held and the contractual cash flow characteristics of the financial asset unless, an accounting
mismatch is being avoided. Financial assets are derecognised when the rights to receive cash flows
have expired or have been transferred and the Group has transferred substantially all the risks and
rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial
asset, it's carrying value is written off.
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income
are classified as financial assets at fair value through profit or loss. Typically, such financial assets will
be either: (i) held for trading, where they are acquired for the purpose of selling in the short-term with
an intention of making a profit, or a derivative; or (ii) designated as such upon initial recognition where
permitted. Fair value movements are recognised in profit or loss.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments which
the Group intends to hold for the foreseeable future and has irrevocably elected to classify them as
such upon initial recognition.
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses on financial assets which are either
measured at amortised cost or fair value through other comprehensive income. The measurement of
the loss allowance depends upon the Group's assessment at the end of each reporting period as to
whether the financial instrument's credit risk has increased significantly since initial recognition, based
on reasonable and supportable information that is available, without undue cost or effort to obtain.
Where there has not been a significant increase in exposure to credit risk since initial recognition, a
12-month expected credit loss allowance is estimated. This represents a portion of the asset's lifetime
expected credit losses that is attributable to a default event that is possible within the next 12 months.
Where a financial asset has become credit impaired or where it is determined that credit risk has
increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The
amount of expected credit loss recognised is measured on the basis of the probability weighted present
value of anticipated cash shortfalls over the life of the instrument discounted at the original effective
interest rate.
For financial assets measured at fair value through other comprehensive income, the loss allowance
is recognised within other comprehensive income. In all other cases, the loss allowance is recognised
in profit or loss.
(m) Trade and Other Receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost
using the effective interest method, less any allowance for expected credit losses. Trade receivables
are generally due for settlement within 30 days.
The Company has applied the simplified approach to measuring expected credit losses, which uses a
lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been
grouped based on days overdue.
43
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
(n) 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
consolidated 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.
(o)
Trade and Other Payables
Trade and other payables represent liabilities for goods and services provided to the Group prior to the
year end 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.
(p) Contributed Equity
Ordinary shares are classified as equity. Costs directly attributable to the issue of new shares are
shown as a deduction from the equity proceeds, net of any income tax benefit. Costs directly
attributable to the issue of new shares associated with the acquisition of a business are included as
part of the purchase consideration.
(q) Earnings per Share
Basic Earnings per Share
Basic earnings per share is calculated by dividing the profit attributable to owners of Great Northern
Minerals Limited by the weighted average number of ordinary shares outstanding during the financial
year, adjusted for bonus elements in ordinary shares during the year.
Diluted Earnings per Share
Earnings used to calculate diluted earnings per share are calculated by adjusting the basic earnings
by the after-tax effect of dividends and interest associated with dilutive potential ordinary shares. The
weighted average number of shares used is adjusted for the weighted average number of ordinary
shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary
shares.
44
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
(r) Revenue
The Company recognises revenue as follows:
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is a method
of calculating the amortised cost of a financial asset and allocating the interest income over the relevant
period using the effective interest rate, which is the rate that exactly discounts estimated future cash
receipts through the expected life of the financial asset to the net carrying amount of the financial asset.
Other income
Other revenue is recognised when it is received or when the right to receive payment is established.
(s) Critical accounting estimates and judgements
The directors evaluate estimates and judgments incorporated into the financial report based on
historical knowledge and best available current information. Estimates assume a reasonable
expectation of future events and are based on current trends and economic data, obtained both
externally and within the Group.
Exploration and evaluation costs
Exploration and evaluation costs relating to acquisition of tenements have been capitalised and are
only carried forward to the extent that they are expected to be recouped through the successful
development of the area or where activities in the area have not yet reached a stage that permits
reasonable assessment of the existence of economically recoverable reserves.
Share-based payment transactions
The consolidated entity measures the cost of equity-settled transactions with 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 an appropriate option-pricing 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.
Rehabilitation provision
Upon finalisation of the acquisition of the Golden Ant Project (refer to Note 13), the Group assumed
the rehabilitation obligations in respect to the tenements and a $229,450 bond for rehabilitation costs
held by Queensland’s Department of Environment and Science (‘DES’). The Queensland government
has recently undergone the process of redesigning its rehabilitation requirements and implemented a
new Estimated Rehabilitation Cost scheme. The Group is currently reviewing its obligations under the
revised scheme. As a result, a larger provision may be required for which the Group may need to raise
additional capital to fund.
Key judgements are applied in considering the costs to be capitalised which includes determining
expenditures directly related to these activities and allocating overheads between those that are
expensed and capitalised.
45
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
(s)
Critical accounting estimates and judgements (continued)
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 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 consolidated entity unfavourably as at the reporting date or
subsequently as a result of the Coronavirus (COVID-19) pandemic.
(t)
Goods and Services Tax (GST)
Revenues and expenses are recognised net of GST except where GST incurred on a purchase of
goods and services is not recoverable from the taxation authority, in which case the GST is
recognised as part of the cost of acquisition of the asset or as part of the expense item.
Receivables and payables are stated with the amount of GST included. The net amount of GST
recoverable from, or payable to, the taxation authority is included as part of receivables or payables
in the statement of financial position. Cash flows are included in the Statement of Cash Flows on a
gross basis and the GST component of cash flows arising from investing and financing activities,
which is recoverable from, or payable to, the taxation authority, are classified as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or
payable to, the taxation authority.
(u)
Provisions
Provisions are recognised when the Group has a present (legal or constructive) obligation as a result
of a past event, it is probable the Group will be required to settle the obligation, and a reliable estimate
can be made of the amount of the obligation. The amount recognised as a provision is the best
estimate of the consideration required to settle the present obligation at the reporting date, taking
into account the risks and uncertainties surrounding the obligation. If the time value of money is
material, provisions are discounted using a current pre-tax rate specific to the liability. The increase
in the provision resulting from the passage of time is recognised as a finance cost.
(v) New accounting standards for application in the current period
The following Accounting Standards and Interpretations are most relevant to the Group:
The Company has adopted all of the new and revised Standards and Interpretations issued by the
Australian Accounting Standards Board (AASB) that are relevant to its operations and effective for
an accounting period that begins on or after 1 January 2020. New and revised Standards and
amendments thereof and Interpretations effective for the current year that are relevant to the
Company include:
AASB 2018-6 Amendments to Australian Accounting Standards – Definition of a Business
AASB 2018-7 Amendments to Australian Accounting Standards – Definition of Material
AASB 2019-1 Amendments to Australian Accounting Standards – References to the Conceptual
Framework
AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark
Reform
AASB 2019-5 Amendments to Australian Accounting Standards – Disclosure of the Effect of New
FRS Standards Not Yet Issued in Australia.
The Directors have determined that there is no material impact of the new and revised Standards
and Interpretations on the Company and, therefore, no material change.
46
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
(v) New accounting standards for application in the current period (continued)
New Accounting Standards and Interpretations Not Yet Mandatory or Early Adopted
At the date of authorisation of the financial statements, the Company has not applied the new and
revised Australian Accounting Standards, Interpretations and amendments that have been issued but
are not yet effective. Based on a preliminary review of the standards and amendments, the Directors
do not anticipate a material change to the Company’s accounting policies, however further analysis
will be performed when the relevant standards are effective.
(w) Going Concern
For the year ended 30 June 2021 the Group recorded a consolidated loss of $3,515,446 (2020:
$3,336,423) and at that date the net operating cash out flows were $3,976,466 (2020: $2,196,004).
The Group had net current assets of $2,118,190 (2020: $2,069,057). The expenditure reflected the
Group’s acquisition of and funding of its exploration programme at the Company’s Gold Projects at
Golden Cup, Camel Creek and Big Rush Gold Mines in North Queensland.
These conditions indicate a material uncertainty that may cast significant doubt about the Group’s
ability to continue as a going concern, however notwithstanding this the accounts have been prepared
on a going concern basis.
The Directors have assessed the Group’s operating and research costs along with future commitments
for tenement exploration costs in order to establish the future funding requirements for the Group.
As at 30 June 2021 the Group had cash on hand of $1,896,387 as capital raising was successfully
completed during May 2021 to raise $1,511,314 to continue the exploration of its assets and meet its
commitments. Based on a cashflow forecast prepared by management, the Group will need to continue
to raise capital to continue its exploration. The Directors are confident that further capital raising is
possible to fund future exploration programs when required.
Should the Group be unable to continue as a going concern it may be required to realise its assets and
extinguish its liabilities other than in the normal course of business and at the amounts stated in the
financial report. The financial report does not include any adjustments relating to the recoverability and
classification of recorded asset amounts or to the amounts and classification of liabilities that might be
necessary should the Group not continue as a going concern.
The impact of Coronavirus (‘COVID-19’) pandemic is ongoing and while it has not significantly impacted
the Group up to 30 June 2021, 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 Australian Government and other countries, such as maintaining social distancing requirements,
quarantine, travel restrictions and any economic stimulus that may be provided.
3 Auditors' Remuneration
Remuneration of the auditor of the parent entity for:
- Audit or review - William Buck Audit (WA) Pty Ltd
Total remuneration for audit services
2021
$
30,037
30,037
2020
$
28,862
28,862
47
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
4 Other Income
- Income from sale/release of royalty (i)
- Covid ATO Cash Boost
- R&D Refund
- Other income
2021
$
-
39,712
-
-
2020
$
125,000
-
155,720
33,767
39,712
314,487
(i) On 19 March 2019, Great Northern Minerals (previously Greenpower Energy Limited) announced that it entered into
a binding Deed of Assignment of Royalty (‘DAR’) with Gasfields Limited, to sell its 1.5% wellhead royalty over 50% of
any production from EP447 tenement to Gasfields Limited. Great Northern will receive an initial cash payment of
$250,000 and two further instalments of $125,000 each. As a consideration for Great Northern agreeing to the
amendment Deed of Agreement, Gasfields paid Great Northern $10,000 in cash in addition to the initially agreed
consideration. As at 30 June 2019, outstanding receivable amount is per Tranche 1 of the Deed of Assignment of Royalty
agreement. On 21 February 2020, the Company announced that it has entered into a Deed of Surrender and Release
with GCC Methane Pty Ltd of its 1.5% wellhead gas royalty to be derived from gas sales from WA Exploration Permit
EP447 for surrender consideration in the amount of $137,500 (inclusive of GST) which has been received during the
2020 financial year.
5 Corporate and administration costs
- Interest expense*
- Marketing expenses
- Compliance & regulatory fees
- Employee benefit expenses
- Legal fees
- Consultants fees
- Share based payment expenses
- Other corporate & administration expenses
*Includes lease liability interest expense per AASB 16
6 Income Tax Expense / (Benefit)
(a) The major components of tax expense (benefit) comprise:
Income tax expense
2021
$
10,801
103,590
252,064
632,740
18,428
67,500
-
128,411
2020
$
32,291
39,231
303,986
299,809
55,637
191,000
111,180
163,256
1,213,534
1,196,391
2021
$
-
-
2020
$
-
-
48
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
6 Income Tax Expense / (Benefit) (continued)
(b) The prima facie tax benefit/(expense) from the loss before income tax is reconciled to the
income tax as follows:
Net Profit/(Loss) before tax
(3,515,446)
(3,336,423)
Prima facie tax benefit on loss from ordinary activities before income
2021
$
2020
$
tax at 30% (2020: 30%)
- the Group
Add/Less tax effect of:
-non-deductible expenses
-losses not brought to account
-non-assessable income
-movement in unrecognisable temporary differences
-deductible equity raising costs
Income tax attributable to parent entity
(c) Unrecognised temporary differences
Deductible temporary differences
Tax revenue losses
Tax capital losses
(1,054,634)
(1,000,927)
(1,054,634)
(1,000,927)
2,455
1,110,802
(11,944)
(14,640)
(32,039)
368,728
714,978
(56,357)
(16,428)
(9,994)
-
-
186,831
4,391,444
3,209,831
88,580
3,347,052
3,209,831
Deferred tax assets are only recognised for deductible temporary differences and unused tax losses if it is
probable that future taxable amounts will be available to utilise those temporary differences and losses.
Availability of losses is subject to passing the required tests under the ITAA 1997/1936.
7 Loss per Share
(a) Reconciliation of Loss used to calculate Loss per share
Loss
Loss used to calculate basic and diluted EPS
(b) Weighted average number of ordinary shares (diluted):
2021
$
3,505,941
2020
$
2,722,903
3,505,941
2,722,903
2021
number
2020
number
Weighted average number of ordinary shares outstanding during the year
number used in calculating:
Basic EPS
Diluted EPS
951,869,979
951,869,979
359,994,638
359,994,638
*Both the basic and diluted loss per share have been calculated using the loss attributable to shareholders
of the Parent as the numerator (ie no adjustments to loss were necessary in 2021 or 2020).
As the Company is in a loss position, the options outstanding at 30 June 2021 have no dilutive effects on the
earnings per share calculation.
49
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
8 Cash and Cash Equivalents
Cash at bank
Short-term bank deposits
Reconciliation of Cash
Cash at the end of the financial year as shown in the Statement
of Cash Flows is reconciled to items in the Statement of Financial
Position as follows:
Cash and cash equivalents
Note
8(a)
2021
$
1,849,224
47,163
2020
$
2,442,428
67,630
1,896,387
2,510,058
2021
$
2020
$
1,896,387
2,510,058
1,896,387
2,510,058
As at 30 June 2021 there is a restriction on available cash of $47,163 (2020: $67,630). The Group has a
number of short term deposits held as a security for various active North Queensland exploration licences.
(a)
Short term deposit
Short term deposits are held as a security for various bank guarantees.
9 Trade and Other Receivables
CURRENT
R&D Refund receivable
Other receivables
.
(a) R&D Refund Receivable
Note
9(a)
9(b)
2021
$
2020
$
-
174,266
155,720
103,720
174,266
259,440
R & D Refund due from the Australian Taxation Office for 2021 financial year over Company’s OHD
Project nil (2020: $155,720).
(b) Other Receivables
Other receivables represent receivables due from the Australian Taxation Office for BAS Quarterly
Returns in the total amount of $144,763, office bond in the amount of $23,687, and other immaterial
receivable amounts totalling $5,816, which are not impaired and will be receivable.
50
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
10 Plant and Equipment
Office equipment & furniture
At cost
Accumulated depreciation
Total office equipment & furniture
Total plant and equipment
(a) Movements in Carrying Amounts
2021
$
2020
$
133,323
(42,190)
128,947
(26,996)
91,133
101,951
91,133
101,951
Movement in the carrying amounts for each class of plant and equipment between the beginning and
the end of the current financial year:
Balance at the beginning of year
Additions
Disposals
Depreciation expense
Balance at the end of the year
11 Right-of-use asset
Office Equipment
2021
$
2020
$
101,951
4,377
-
(15,195)
91,133
123,930
4,407
(800)
(25,586)
101,951
The Company entered into a rental lease for their office premises in September 2018. The term of the lease
is five years, with the option to extend for another three years. The value of the right-of-use asset was
calculated based on the particulars of the lease. Variables which were taken into account include the lease
term, rent per annum, clauses for rent increases, rent abatements, and the option to extend (the option to
extend was not taken into account, as the Company has not made a firm decision on this matter). The right-
of-use asset will be depreciated over the lease term, the depreciation expense and lease liability will be
expensed. In subsequent reporting periods, the right-of-use asset will be revalued to reflect the remaining
life of the lease.
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the
period:
Right-of-Use Assets
Balance at the beginning of period
Right-of-use asset additions
Depreciation expense
Balance at the reporting date
2021
$
98,375
-
(28,980)
2020
$
-
125,591
(27,216)
69,395
98,375
51
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
11 Right-of-use asset (continued)
Lease Liabilities
Balance at beginning of period
Lease liabilities additions
Accretion of interest
Payments
Balance at the reporting date
Lease liabilities – current
Lease liabilities – non current
Depreciation expense for right-of-use assets
Interest expense on lease liabilities
Total amount recognised in profit or loss
12 Controlled Entities
2021
$
102,637
-
4,761
(32,158)
75,237
2020
$
-
125,591
6,129
(29,083)
102,637
30,260
44,977
27,397
75,240
28,980
4,761
33,741
27,216
6,129
33,345
The consolidated financial statements incorporate the assets, liabilities and the results of the following subsidiary
in accordance with the accounting policy described in note 1:
Controlled Entities
Principal
Activity
Country of
Incorporation
Greenpower Group Pty Ltd
Greenpower Gold Pty Ltd
(previously GCC Asset Holdings Pty Ltd)
Northern Exploration Pty Ltd
Sawells Pty Ltd
Greengrowth Energy Pty Ltd
(previously Greengrowth Bio-Stimulants
Pty Ltd)
Greenpower Chemicals Pty Ltd
Greenpower Guyana Pty Ltd
Ion Minerals Pty Ltd
Golden Ant Pty Ltd
Alphadale Pty Ltd
Investment
Investment
Exploration
Exploration
Non-trading
Non-trading
Investment
Exploration
Exploration
Exploration
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Percentage
Owned
2021
100%
100%
Percentage
Owned
2020
100%
100%
100%
100%
95%
100%
100%
40%
100%
100%
100%
100%
95%
100%
100%
40%
-
-
52
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
12(a) Summarised financial information on subsidiaries with material non-controlling interest
Set out below is the summarised financial information for Ion Minerals Pty Ltd which has a non-controlling
interest material to Great Northern Minerals Limited.
Summarised Statement of Financial Position
Current
Assets
Liabilities
Total Current Net Assets
Non-Current
Assets
Liabilities
Total Non-Current Net Assets
Revenue
Loss before income tax
Income tax
Total comprehensive loss for the year
Total comprehensive loss attributable to NCI
13 Exploration and Evaluation Assets
Exploration and evaluation permits
Exploration expenditure capitalised
A reconciliation of the carrying amount of exploration and evaluation
expenditure is set out below:
Carrying amount at the beginning of the year
Acquisition costs incurred during the year
Impairment of exploration and evaluation expenditure
Rehabilitation Provision Asset
Exploration Expenditure Consideration Capitalised*
Deferred (Reversal of) consideration capitalised*
Carrying amount at the end of the year
53
2021
$
8,375
2020
$
7,729
(965,446)
(948,958)
(957,071)
(941,229)
-
-
-
-
-
-
-
-
(15,841)
(1,022,534)
-
-
(15,841)
(1,022,534)
(9,505)
(613,520)
2021
$
2020
$
1,491,476
562,076
562,076
-
-
229,450
849,950
(150,000)
1,491,475
948,133
412,076
(948,133)
-
-
150,000
562,076
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
13
Exploration and Evaluation Assets (continued)
*On 15 August 2019, Great Northern Minerals announced that it had exercised the Option Agreement with
Q-Generate Pty Ltd to acquire the former gold producing mines of Camel Creek, Golden Cup and Big Rush
(“The Golden Ant Project”) in Northern Queensland. Management have accounted for this transaction as an
acquisition of assets and not as a business combination since, at the date of acquisition, the Golden Ant
Project did not have the processes and outputs expected of an operating business. The Consideration for
the acquisition comprised of:
Upfront Consideration consisting to be paid at settlement, of $20,000 for the grant of Exclusive
Option fee, $50,000 cash payment and $50,000 worth of fully paid ordinary shares in GNM (formerly
GPP) to be issued to the owner (or its nominee, on behalf of the vendors), the issue price of which
will be calculated on the basis of a 30 day VWAP prior to the date of the Options Exercise Notice is
issued (with a minimum floor price of $0.03 per share);
Deferred Consideration to be paid post settlement and subject to achievement of Milestones as
follows:
-$50,000 in cash and $100,000 in GNM shares to be issued upon estimation of JORC compliant
Measured Mineral Resource of at least 100,000 ounces of gold at the Project; and
-$1,500,000 in cash or GNM shares (subject to shareholder approval) upon estimation of JORC
compliant Measured Mineral Resource of at least 100,000 ounces of gold at the Project and either
12 months after the grant of Environmental Access in respect of the licences or 24 months after the
settlement.
On 10 August 2020, Great Northern Minerals Limited announced that it had entered into a deed of variation
to the Heads of Agreement with Q-Generate Pty Ltd to accelerate the completion of 100% ownership of the
North Queensland gold projects. The parties to the agreement have mutually agreed to reduce the agreed
deferred and further deferred consideration via an early cash payment of $849,950, representing a discount
of approximately 50% to the existing deferred and further deferred consideration per Heads of Agreement,
totalling $1.732M, which resulted in completion of Great Northern Minerals’ 100% ownership of the
Queensland gold projects. Great Northern Minerals Limited made the early cash payment of $849,950 during
August 2020.
Upon finalisation of the acquisition of the Golden Ant Project, the Group assumed the rehabilitation
obligations in respect to the tenements and a $229,450 bond for rehabilitation costs held by Queensland’s
Department of Environment and Science (‘DES’). The Queensland government has recently undergone the
process of redesigning its rehabilitation requirements and implemented a new Estimated Rehabilitation Cost
scheme. The Group is currently reviewing its obligations under the revised scheme and is unable to reliably
estimate the rehabilitation liability as at the date of this report. As a result, a larger provision may be required
for which the Group may need to raise additional capital to fund.
Exploration permits
Refer to Interests in Exploration Tenements section at the end of this consolidated financial report for the list
of exploration licences held by the Group.
14 Trade and Other Payables
CURRENT
Trade payables
Other payables
2021
$
2020
$
91,283
29,700
120,983
489,353
53,999
543,352
54
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
15
Issued Capital
Movements in ordinary share capital
No. of shares
$
Year ended 30 June 2021
At the beginning of year
Shares issued during the year
Cost of issuing shares
Balance at 30 June 2021
822,087,117
386,963,859
-
1,209,050,976
79,834,625
4,641,705
(978,082)
83,498,248
Year ended 30 June 2020
At the beginning of year
Shares issued during the year
Part Consideration Shares issued for North Queensland Projects
Cost of issuing shares
Consolidation of issued capital on 10:1 basis
Balance at 30 June 2020
1,943,207,165
949,234,267
1,666,666
-
(2,072,020,981)
822,087,117
75,182,850
5,195,826
50,000
(594,051)
-
79,834,625
The Company has no authorised share capital or par value in respect of its issued shares.
Ordinary shares participate in dividends and the proceeds on winding up of the parent entity in proportion to
the number of shares held. At the shareholders meetings, each ordinary share is entitled to one vote when a
poll is called, otherwise each shareholder has one vote on a show of hands.
Capital Risk Management
The Group's and the Parent’s objectives when managing capital are to safeguard their ability to continue as
a going concern, so that they can continue to provide returns for 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 pay dividends to shareholders, return
capital to shareholders, issue new shares or sell assets. During 2021 financial year, the Group's strategy,
which was unchanged from 2020, was to maintain minimum borrowings outside of trade and other payables.
16 Reserves
Share Based Payments Reserve
Total Reserves
Share Based Payments Reserve
Opening balance
Options expired
Options issued during the year
Total Reserves
55
2021
$
702,511
702,511
$
295,056
(183,877)
591,332
2020
$
295,056
295,056
$
s
349,212
(165,336)
111,180
702,511
295,056
702,511
295,056
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
Share Based Payments Reserve
The share-based payments reserve records items recognised as expenses on valuation of share options
issued to employees and advisers for capital raising purposes. Share options are issued for nil consideration.
The exercise price of the share options is determined by the Directors in their absolute discretion and set out
in the Offer provided that the exercise price is not less than the average Market Price on ASX on the five
trading days prior to the day the Directors resolve to grant the Options. Any options that are not exercised by
their expiry date will lapse. Upon exercise, these options will be settled in ordinary fully paid shares of the
Company. The Options can be exercised in whole or part at any time up to and including the Expiry Date by
lodging and Option Exercise Notice accompanied by the payment of the exercise price.
During the year 66,787,242 unlisted options and 20,000,000 listed options were issued and vested to advisors
in respect of the capital raisings and have been treated as a cost of equity.
Options at 1 July
Options issued during the year
Expiry of options during the year
Options at 30 June
2021
$
2020
$
295,056
349,212
591,332
111,180
(183,877)
(165,336)
702,511
295,056
Summary of options granted as share based payments
The following table illustrates the number and movements in share options under share based payments:
Outstanding at the beginning of the year
Granted during the year
Exercised during the year
Lapsed/cancelled during the year
Consolidation of issued capital on 10:1 basis
Outstanding at the year end
Exercisable at the year end
2021
Number
2020
Number
21,800,000
8,000,000
86,787,242 21,000,000
-
(1,600,000)
-
-
-
(7,200,000)
106,987,242 21,800,000
106,987,242 21,800,0000
Weighted average remaining contractual life of share options
The weighted average remaining contractual life for the share options outstanding as at 30 June 2021 is 1.24
years (2020: 1.33 years).
Range of exercise price of share options
The exercise price for options outstanding at the end of the year is $0.01 to $0.033 (2020: $0.30).
Weighted average fair value of share options
The weighted average fair value of options granted during the year is $591,332 (2020: $111,180).
56
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
Share option valuation
The fair value of the equity-settled listed share options granted under the share based payments is valued
at the date of grant as the market price of the listed options as at grant date
The fair value of the equity-settled unlisted share options granted under the share based payments is
estimated at the date of grant using a Black Scholes model, which takes into account factors including the
options exercise price, the volatility of the underlying share price, the risk-free interest rate, the market price
of the underlying shares at grant date, historical and expected dividends and the expected life of the option.
The options were valued using Black Scholes with the below assumptions:
Number of options in series
Underlying share price
Exercise price
Expected volatility
Option life
Expiry date
Dividend yield
Interest rate
Number of options in series
Underlying share price
Exercise price
Expected volatility
Option life
Expiry date
Dividend yield
Interest rate
Number of options in series
Underlying share price
Exercise price
Expected volatility
Option life
Expiry date
Dividend yield
Interest rate
Unlisted Options
22,262,414
$0.015
$0.024
100%
3 years
19 November 2023
0.00%
1.30%
Unlisted Options
22,262,414
$0.015
$0.029
100%
3 years
19 November 2023
0.00%
1.30%
Unlisted Options
22,262,414
$0.015
$0.033
100%
3 years
19 November 2023
0.00%
1.30%
57
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
17 Accumulated Losses
Accumulated losses
Opening balance
Net loss for the period attributable to Owners of Parent
Reclassification adjustments:
- Options lapsed transferred from reserves
Total
2021
$
2020
$
(76,158,094)
(3,505,941)
(73,600,527)
(2,722,903)
183,877
165,336
(79,480,158)
(76,158,094)
18 Cash Flow Information
(a) Reconciliation of Cash Flow from Operations with Loss after Income Tax
Net loss for the year
Cash flows excluded from loss attributable to operating activities
Non-cash flows in loss
Depreciation
Share based payments
Impairment of exploration assets
Impairment of receivables
Changes in assets and liabilities, net of the effects of purchase and
disposal of subsidiaries
Decrease/(Increase) in receivables
(Decrease)/Increase in trade payables and accruals
Net cash (outflow) from operating activities
(b) Non-Cash Financing and Investing Activities
During the year the Group had no non-cash financing and investing activities
2021
$
(3,515,446)
2020
$
(3,336,423)
44,213
-
-
-
56,834
(111,180)
948,133
129,000
85,174
(590,407)
223,681
(106,049)
(3,976,466)
(2,196,004)
58
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
19 Project Expenditure Commitments
Planned project expenditure commitments contracted for:
Exploration Permits
Payable:
- not later than 12 months*
- between 12 months and 5 years
- more than 5 years
2021
$
2020
$
1,270,934
1,458,687
1,270,934
1,458,687
370,721
758,018
142,195
1,270,934
317,158
964,889
176,640
1,458,687
*During 2021 financial year, the Group spent $1,655,814 on granted tenement licences and $17,240 on application
licences.
The amounts detailed above is the minimum expenditure required to maintain ownership of the current
tenements held. An obligation may be cancelled if a tenement is surrendered.
20 Related Party Transactions
(a)
Parent entity
The ultimate parent entity within the Group is Great Northern Minerals Limited.
(b) Subsidiaries
Interests in subsidiaries are set out in note 12.
(c) Compensation
The aggregate compensation made to directors and other members of key management personnel of
the consolidated entity is set out below:
Short-term employee benefits
Post-employment benefits
Share-based payments
2021
$
594,740
38,000
-
2020
$
362,420
27,621
45,780
632,740
435,821
(d)
Transactions and balances with related parties
All transactions between related parties are on normal commercial terms and conditions no more
favourable than those available to other parties unless otherwise stated.
2021
- During the financial year, Mineral Intelligence Pty Ltd, a Company which Managing Director Cameron
McLean has an interest in, repaid to Great Northern Minerals Limited an amount of $3,124 of the loan
from the previous period. The terms of the transaction were on a no interest basis. The balance
payable by Mineral Intelligence to Great Northern Minerals Limited as at 30 June 2021 was $2,343.
Subsequent to the year end, the funds are yet to be repaid from Mineral Intelligence Pty Ltd.
59
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
20 Related Party Transactions (continued)
(d)
Transactions and balances with related parties (continued)
- During 2019 financial year, Mineral Intelligence Pty Ltd, a Company which Managing Director,
Cameron McLean has an interest in, loaned $11,000 to Ion Minerals Pty Ltd. The terms of the
transaction were on a no interest basis. The balance outstanding and payable to Mineral Intelligence
Pty Ltd by Ion Minerals Pty Ltd as at 30 June 2021 is $11,000. The funds are yet to be repaid to
Mineral Intelligence Pty Ltd.
2020
- During the financial year, Mineral Intelligence Pty Ltd, a Company which Managing Director Cameron
McLean has an interest in, was loaned by Great Northern Minerals Limited an amount of $2,873. The
terms of the transaction were on a no interest basis. The balance payable by Mineral Intelligence to
Great Northern Minerals Limited as at 30 June 2020 was $5,467. Subsequent to the year end, the
funds are yet to be repaid from Mineral Intelligence Pty Ltd.
- During 2019 financial year, Mineral Intelligence Pty Ltd, a Company which Managing Director,
Cameron McLean has an interest in, loaned $11,000 to Ion Minerals Pty Ltd. The terms of the
transaction were on a no interest basis. The balance outstanding and payable to Mineral Intelligence
Pty Ltd by Ion Minerals Pty Ltd as at 30 June 2020 is $11,000. The funds are yet to be repaid to
Mineral Intelligence Pty Ltd.
There were no other Key Management personnel related party transactions during the year.
21 Contingent liabilities and contingent assets
Contingent Liabilities
The Group had contingent liabilities at 30 June 2021 in respect of:
- The Group has provided bank guarantees in favour of the Minister of Energy and Resources with respect
to a security deposit and in favour of Minister of Energy and Resources Victoria with respect to a contract
performance at 30 June 2020. The total of these guarantees at 30 June 2021 was $32,660 with a financial
institution (30 June 2020: $32,533);
- Upon finalisation of the acquisition of the Golden Ant Project (refer to Note 13), the Group assumed the
rehabilitation obligations in respect to the tenements and a $229,450 bond for rehabilitation costs held by
Queensland’s Department of Environment and Science (‘DES’). The Queensland government has recently
undergone the process of redesigning its rehabilitation requirements and implemented a new Estimated
Rehabilitation Cost (‘ERC’) scheme. The Group is currently reviewing its obligations under the revised
scheme. In conjunction with this, the Group is also assessing the financial assurance provisions, including
the calculation methods which have evolved significantly over the past decade with ongoing recent legislative
reforms. As a result, a larger provision may be required for which the Group may need to raise additional
capital to fund. The Group has been complying with all of its environmental obligations including conducting
water sampling, monitoring and reporting to the DES. Further environmental work is ongoing in order to fully
understand the extent of any future liability in relation to the historic mining activities completed in the late
1990s.
Contingent Assets
The Group had no contingent assets at 30 June 2021.
60
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
22 Financial Risk Management
(a)
Financial Risks
The main risks the Group is exposed to through its financial instruments are interest rate risk and
liquidity risk.
Exposure to interest rate, liquidity and credit risk arises in the normal course of the Group’s business.
The Group does not hold or issue derivative financial instruments.
The Group uses different methods as discussed below to manage risks that arise from these financial
instruments. The objective is to support the delivery of the financial targets while protecting future
financial security. Primary responsibility for the identification and management of financial risks rests
with the Board.
(a) Liquidity risk
The Company manages liquidity risk by maintaining sufficient cash facilities to meet the operating
requirements of the business. The responsibility for liquidity risk management rests with the Board of
Directors. The Company manages liquidity risk by monitoring forecast cash flows and ensuring that
adequate working capital is maintained. The Company’s policy is to ensure that it has sufficient cash
reserves to carry out its planned exploration activities over the next 12 months.
(b) Interest rate risk
Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows
or the fair value of financial instruments.
The Company’s exposure to market risk for changes to interest rate risk relates primarily to its earnings
on cash.
(b) Credit Risk
The Group has no significant concentrations of credit risk other than cash at bank which is held with
the Commonwealth Bank of Australia and Westpac Bank both AA- rated Australian banks. The
maximum exposure to credit risk at reporting date is the carrying amount (net of provision of expected
credit losses) of those assets as disclosed in the statement of financial position and notes to the
financial statements.
As the Group does not presently have any debtors, lending, significant stock levels or any other credit
risk, a formal credit risk management policy is not maintained. Credit risk represents the risk that the
counterparty to the financial instrument will fail to discharge an obligation and cause the Group to incur
a financial loss.
(c) Liquidity Risk
Liquidity risk is the risk that the Group may encounter difficulties raising funds to meet commitments
associated with financial instruments (e.g. borrowing repayments). The Group manages liquidity risk
by monitoring forecast cash flows.
23 Events after the Reporting Period
The impact of Coronavirus (‘COVID-19’) pandemic is ongoing and while it has not significantly impacted the
Group up to 30 June 2021, 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 Australian
Government and other countries, such as maintaining social distancing requirements, quarantine, travel
restrictions and any economic stimulus that may be provided.
There are no other matters or circumstances which have arisen since the end of the year which will
significantly affect, or may significantly affect, the state of affairs or operations of the reporting entity in future
financial years.
61
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
24 Segment Reporting
AASB 8 requires operating segments to be identified on the basis of internal reports about components of
the Group that are regularly reviewed by the chief operating decision maker in order to allocate resources to
the segment and to assess its performance.
The Group predominantly operates in one segment, being exploration activities throughout Australia. The
Group via a heads of agreement was funding exploration in Guyana undertaken by Great Northern Minerals
(previously Greenpower Energy Limited) exploration partner and operator Guyana Strategic Metals Inc., a
Canadian registered entity. The Company has fully impaired all the costs incurred and funded for operations
in Guyana over the last financial years, as its focus is on its Australian Projects.
Information regarding the non-current assets by geographical location is reported for Australian exploration
assets only, being $1,491,476. Refer to note 13.
25 Parent Entity
The following information has been extracted from the books and records of the parent, Great Northern
Minerals Limited and has been prepared in accordance with Accounting Standards.
The financial information for the parent entity, Great Northern Minerals Limited has been prepared on the
same basis as the consolidated financial statements.
Investments in subsidiaries
Investments in subsidiaries, are accounted for at cost in the financial statements of the parent entity.
2021
$
2020
$
1,958,877
1,898,011
2,915,765
1,458,390
3,856,888
4,374,155
86,695
274,427
1,392,760
75,240
361,122
1,468,000
3,495,766
2,906,155
83,498,241
79,834,619
(80,704,986) (77,223,520)
295,056
702,511
3,495,766
2,906,155
Consolidated Statement of Financial Position
Assets
Current assets
Non-current assets
Total Assets
Liabilities
Current liabilities
Non-current liabilities
Total Liabilities
Net Assets
Equity
Issued capital
Accumulated losses
Share Based Payments Reserve
Total Equity
62
Great Northern Minerals Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2021
25 Parent Entity (continued)
Consolidated Income Statement
Total loss for the year
Total comprehensive loss
(1,327,266)
(2,064,119)
(1,327,266)
(2,064,119)
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
Pursuant to ASIC Instrument 2017/785 Great Northern Minerals Limited and its wholly owned subsidiaries
(refer note 12) entered into a deed of cross guarantee. The effect to the deed is that Great Northern Minerals
Limited has guaranteed to pay any deficiency in the event of winding up of any controlled entity or if they do
not meet their obligations under the terms of any debt subject to the guarantee. The controlled entities have
given a similar guarantee in the event that Great Northern Minerals Limited is wound up or if it does not meet
its obligations under the terms of any debt subject to the guarantee.
Contingent liabilities of the parent entity
The Directors are not aware of any contingent liabilities at reporting date, except for already disclosed
contingent liabilities at note 21 of this financial report.
63
Great Northern Minerals Limited
ABN 22 000 002 111
Directors' Declaration
In accordance with a resolution of the directors of Great Northern Minerals Limited, the directors of the company
declare that:
1. the financial statements, notes and the remuneration report in the Directors’ Report are in accordance with
the Corporations Act 2001, including:
a. giving a true and fair view of the financial position of the Consolidated Group as at 30 June 2021 and of
its performance for the year ended on that date; and
b. complying with Australian Accounting Standards (including International Financial Reporting Standards)
and the Corporations Regulations 2001;
2. in the directors' opinion, there are reasonable grounds to believe that the company will be able to pay its
debts as and when they become due and payable.
This declaration has been made after receiving the declarations required to be made to the directors in accordance
with sections of 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Board of Directors.
..................................................................
Kim Robinson
Chairman
Dated: 29th September 2021
64
Great Northern Minerals Limited
Independent auditor’s report to members
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Great Northern Minerals 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 other
explanatory information, 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 ended on that date; 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
(including Independence Standards) (the Code) that are relevant to our audit of the
financial report in Australia. We have also fulfilled our other ethical responsibilities in
accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 2(w) in the financial report, which indicates that the Group
incurred a net loss of $3,515,446 and incurred net operating cash outflows of
$3,976,466 during the year ended 30 June 2021. As stated in Note 2(w), these events
or conditions indicate that a material uncertainty exists that may cast significant doubt
Independent auditor’s report to members (cont’d.)
on the Group’s ability to continue as a going concern. Our opinion is not modified in
respect of this matter.
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 as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters. In addition to the
matter described in the Material Uncertainty Related to Going Concern section, we have
determined the matters described below to be the key audit matters to be
communicated in our report.
How our audit addressed it
Our audit procedures included:
— Discussing the current status of the
assessment by the Queensland
Department of Environment and Science
with management.
— Evaluating and challenging management’s
assessment as to whether the provision
could be reliably measured.
— We requested copies of the most recent
correspondence between the Group and
the Department of Environment and
Science.
— Assessing the adequacy of the Group’s
disclosure in the annual financial report in
respect of the rehabilitation provision.
REHABILITATION PROVISION
Area of focus
Refer also to note 2(s) & 13
On 10 August 2020, Great Northern Minerals
announced it had entered into a deed of
variation to the Heads of Agreement with Q-
Generate to accelerate the completion of
100% ownership the North Queensland gold
projects. As a result, the Group now have a
100% ownership of Golden Ant Mining Pty Ltd
and Alphadale Pty Ltd and the Directors have
performed an assessment to determine the
measurement of the rehabilitation provision
required for the future restoration of the mine
sites acquired.
Upon finalisation of the acquisition, the Group
assumed the rehabilitation obligations in
respect to the tenements and a $229,450 bond
for rehabilitation costs held by the
Queensland’s Department of Environment and
Science. The Queensland government has
recently undergone the process of redesigning
its rehabilitation requirements and
implemented a new Estimated Rehabilitation
Cost scheme. As a decision has yet to be
made by the Department on the rehabilitation
obligations, no reliable estimate can be made
of the provision beyond the bond already paid.
Therefore, a rehabilitation provision of
$229,450 has been recognised as at 30 June
2021.
Independent auditor’s report to members (cont’d.)
CARRYING VALUE OF EXPLORATION COSTS CAPITALISED
Area of focus
Refer also to note 2(j), 2(s) & 13
How our audit addressed it
Our audit procedures included:
— Assessing whether costs capitalised in the
year met the group’s accounting policy for
capitalisation.
— A review of the directors’ assessment of
the criteria for the capitalisation of
exploration expenditure costs and
evaluation as to whether there are any
indicators of impairment of capitalised
costs.
— An assessment of viability of the
tenements and whether there were any
indicators of impairment of those costs
capitalised in the current period.
— An assessment of the adequacy of the
Group’s disclosures in respect of the
transactions.
The Group has incurred exploration costs in
relation to the Group's exploration programs.
There is a risk that the capitalisation of
exploration and evaluation expenditure may
exceed the value in use.
Exploration and evaluation assets are
assessed for impairment when facts and
circumstances suggest that the carrying
amount of an exploration and evaluation asset
may exceed its recoverable amount.
One or more of the following facts and
circumstances indicate that an entity should
test exploration and evaluation assets for
impairment:
— the period for which the entity has the right
to explore in the specific area has expired
during the period or will expire in the near
future and is not expected to be renewed.
— substantive expenditure on further
exploration for and evaluation of mineral
resources in the specific area is neither
budgeted nor planned.
— exploration for and evaluation of mineral
resources in the specific area have not led
to the discovery of commercially viable
quantities of mineral resources and the
entity has decided to discontinue such
activities in the specific area.
— sufficient data exist to indicate that,
although a development in the specific
area is likely to proceed, the carrying
amount of the exploration and evaluation
asset is unlikely to be recovered in full,
from a successful development or by sale.
Independent auditor’s report to members (cont’d.)
This was a key matter because of the
significance of the capitalised Exploration and
evaluation assets at 30 June 2021.
SHARE BASED PAYMENTS
Area of focus
Refer also to note 2(s) & 16
The Group has entered into share-based
payment arrangements during the year. The
options were issued to provide long term
incentives for executives and consultants to
deliver long term shareholder returns.
Participation in the plan was at the board’s
discretion and no individual has a contractual
right to participate in the plan or to receive any
guaranteed benefits.
This was a key audit matter because the
arrangements required significant judgments
and estimations by management, including the
following:
— The evaluation of the grant date of each
arrangement, and the evaluation of the fair
value of the underlying share price of the
Company as at the grant date.
— The evaluation of key inputs into the Black
Scholes option pricing model, including the
significant judgment of the forecast
volatility of the share option over its
exercise period.
— The results of these share-based payment
arrangements materially affect the
disclosures.
How our audit addressed it
Our audit procedures included:
— Evaluating the grant dates based on the
terms and conditions of the share-based
payment arrangements.
— Evaluating the fair values of share-based
payment arrangements by understanding
and documenting the assumptions used.
— For the specific application of the Black
Scholes model, we assessed the
experience of Management in preparing
these calculations. We retested some of
the assumptions used in the model and
recalculated those fair values using
volatility applied in the model to be
appropriately reasonable and within
industry norms.
We also reconciled the vesting of the share-
based payment arrangements to disclosures
made in both the key management personnel
compensation note and the disclosures in the
Remuneration Report.
Other Information
The directors are responsible for the other information. The other information comprises
the information in the Group’s annual report for the year ended 30 June 2021 but does
not include the financial report and the auditor’s report thereon.
Independent auditor’s report to members (cont’d.)
Our opinion on the financial report does not cover the other information and 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 has no realistic alternative
but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as
a whole is free from material misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance but is not a guarantee that an audit conducted in accordance with the
Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of these financial statements is
located at the Auditing and Assurance Standards Board website at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our independent auditor’s report.
Independent auditor’s report to members (cont’d.)
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included on pages 26 to 31 of the directors’
report for the year ended 30 June 2021.
In our opinion, the Remuneration Report of Great Northern Minerals 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.
William Buck Audit (WA) Pty Ltd
ABN 67 125 012 124
Amr Nathwani
Director
Dated this 29th day of September 2021
Great Northern Minerals Limited
Additional Information for Public Listed Companies
For the Year Ended 30 June 2021
ASX Additional Information
Additional information required by the ASX Limited Listing Rules and not disclosed elsewhere in this report is set
out below. This information is effective as at 27 September 2021.
Voting Rights
Ordinary Shares
On a show of hands, every member present at a meeting in person or by proxy shall have one vote and upon a
poll each share shall have one vote.
Options
No voting rights.
Distribution of Equity Security Holders
Holding Range
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 Over
Total
Total Holders
56
213
273
1,114
1,037
Number of
Shares
11,807
820,693
2,199,044
53,488,685
1,152,530,747
2,693
1,209,050,976
Unmarketable Parcel of Ordinary Shares
Minimum $500 parcel at $0.01 per unit
55,556
1,276
25,240,590
Minimum Parcel
Size
Holders
Units
71
Great Northern Minerals Limited
Additional Information for Public Listed Companies
For the Year Ended 30 June 2021
Top 20 Largest Shareholders
Rank
Name
1
2
3
4
5
6
7
JETOSEA PTY LTD
MR ERNST KOHLER
EQUITY TRUSTEES LIMITED
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