GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
2021
ANNUAL FINANCIAL REPORT
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
TABLE OF CONTENTS
Corporate Directory
Chairman’s Letter
Review of Operations
Directors’ Report
Auditor’s Independence Declaration
Consolidated Statement of 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 Auditor’s Report
1 | GRV – Annual Financial Report 2021
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GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
CORPORATE DIRECTORY
DIRECTORS
Mr Tony Leibowitz (Non-Executive Chairman) – appointed 7 September 2020
Mr Neil Biddle (Managing Director) – appointed 7 September 2020
Mr Elias (Leo) Khouri (Non-Executive Director)
Mrs Dagmar Parsons (Non-Executive Director) – appointed 28 June 2021
COMPANY SECRETARY
Alan Boys
REGISTERED OFFICE
130 Stirling Highway,
North Fremantle WA 6159
Tel: +61 8 6215 0372
SHARE REGISTRY
Link Market Services
Level 12, 680 George Street
Sydney NSW 2000
Tel: +61 2 82807111
AUDITORS
RSM Australia Partners
Level 13, 60 Castlereagh Street
Sydney NSW 2000
STOCK EXCHANGE
Australian Securities Exchange
20 Bridge Street
Sydney NSW 2000
ASX CODE
GRV
WEBSITE
www.greenvalemining.com
2| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
CHAIRMAN’S LETTER
Torbanite project. A successful drilling program was
completed in June 2021, with core samples shipped
to Brisbane for assaying as well as test retort work
being undertaken. Following completion of field
work it was decided that the Company would
proceed direct to a Definitive Feasibility Study for
the project with this expected to be completed by
March 2022.
Dear Fellow Shareholders,
The past year has been a transformational one for
the Company with Board changes, the disposal of
its interests in the Arizona Gold Basin Project, the
reinvigoration of its long-held Alpha Torbanite
Project in Queensland and securing full ownership
of the highly prospective Georgina Basin IOCG
project in the Northern Territory.
This has been underpinned by various capital
raising initiatives resulting in the Company holding
cash reserves at the end of the financial year of
some $9.8m, which will support the significant
advances for both projects that are expected to
take place in the forthcoming financial year.
For the first half of the year, the Company was
engaged in taking the necessary preparatory steps
to facilitate the Company’s future direction. My
former colleagues from Pilbara Minerals Ltd, Neil
Biddle and Alan Boys, joined the Company as
Executive Director and Company Secretary
respectively. Disposal of the Arizona Basin gold
project was finalised in September and resulted in
a profit to the Company of $1.036m.
The Company secured full ownership of Knox
Resources Pty Ltd in August 2020 and in the
following month was granted seven exploration
licenses over highly prospective areas totalling
some 4,700 km2 located to the east of Tenant Creek
in the Northern Territory. Before the onset of the
wet season, the Company secured completion of an
aerial geophysical survey over three of its licenses
in the Georgina Basin.
Through until December 2020, the focus of the
Alpha Torbanite project was on collation of historic
data, preparatory steps for fieldwork and drilling, as
well as sourcing the construction of a small-scale
test retort for use in sample analysis.
facilitate the
increased activities of the
To
Company, Neil Biddle was appointed Managing
Director on 1 January 2021 and the company’s
primary focus in the second half was on its Alpha
the Company and
the National Drilling
In the meantime, with the Georgina Basin IOCG
project,
its consultants
undertook evaluation of the geophysical data from
the aerial survey, as well as analysis of data released
from
Initiative, which
undertook two of its ten holes proximate to the
Company’s EL’s. The results of the entire National
Drilling Initiative has led to significant national
interest in the region as one of Australia’s most
exciting new exploration frontiers.
A number of high priority targets have been
identified on
the Company’s holdings. The
Company has also been successful in securing co-
funding from the Northern Territory government
for an on-ground gravity program as well as an
aerial geophysical survey which will both be
conducted shortly.
To support the Company’s future objectives, a
number of appointments have been made including
the appointment to the Board of Mrs Dagmar
Parsons on 28 June 2021. Dagmar is a highly
experienced engineer in the energy and resources
sector. Matthew Healy, an outstanding Exploration
Geologist,
joined the company as CEO on 1
September 2021 and he is supported by a senior
exploration geologist and two full-time senior field
assistants who have joined the Company since July
2021.
The activities of the past year have laid the
foundations for an exciting new future for the
Company. That this has been achieved against the
backdrop of the upheaval and uncertainty of Covid
19, is a credit to the hard work and commitment of
the Greenvale
contractors and
consultants.
team,
its
Finally, I would like to thank our shareholders for
your outstanding and invaluable support over the
past year. We have a very exciting year ahead and I
look forward to sharing the Company’s progress
and development with you all.
Tony Leibowitz
Chairman
3| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
Overview
Despite constant challenges from the everchanging covid situation across the country, the Company has made
significant progress during the past year in its transformation to becoming an active and well-funded minerals
exploration company and has made significant advances with its two key projects, The Alpha Torbanite project
in Queensland and The Georgina Basin IOCG Project in the Northern Territory.
This has involved three key strategies, namely rationalisation of activities, key appointments at Board and senior
management level and establishment of a sound financial footing to progress the Company’s projects.
Rationalisation of Activities
In July 2020, the Company entered into an agreement to dispose of its interests in the Gold Basin Project in
Arizona, USA, which settled in early September 2020, giving rise to a pre-tax surplus of some $1.036m.
At the first of three general meetings the Company held during the financial year, in August 2020 shareholders
approved the acquisition of the 20% minority interest in Knox Resources Limited, giving it full ownership of the
Georgina Basin IOCG project, which it had partly acquired through an 80% acquisition of Knox Resources Limited
in June 2020.
At the August 2020 General Meeting, the shareholders also approved the change of the Company’s name to
Greenvale Mining Limited, reflecting the Company’s change of direction away from a focus on energy
exploration to a broad-based minerals explorer.
Key Personnel Changes
In early September 2020, Mr Tony Leibowitz and Mr Neil Biddle were appointed to the Board, with Tony being
appointed as non-executive Chairman and Neil as Executive Director. Neil and Tony are both highly experienced
public company directors with a track record of success with listed exploration companies. They replaced
directors Stephen Gemell and Julian Gosse.
In October 2020 Company Secretary Vincent Fayad resigned and was replaced by Alan Boys who had worked
with Tony and Neil at other listed companies. Vincent Fayad retired from the Board in late November 2020 after
some five years’ service as a director.
With the increased level of the Company’s activities, Neil Biddle was appointed the Company’s Managing
Director with effect from 1 January 2021 for an initial 12-month term.
Given the advancements made with Company’s projects during the year, the board was further strengthened in
late June 2021 with the appointment of Mrs Dagmar Parsons, a highly experienced global mining and oil & gas
executive, to the role of Non-Executive Director.
Since the end of the year, the Company has appointed a further three full-time employees to its exploration
team, reflecting the significant exploration work expected to be undertaken in the new financial year.
Funding
The Company has been particularly active in raising funds during the year, securing new capital of some $11.74m
before costs over the year.
The fund raising was initially achieved through an underwritten entitlements issue launched in late June 2020
which closed on July 2020, raising $ 2.14m before costs. The initial raise was then supplemented during the first
half of the financial year by three placements that collectively raised $ 2.0m before costs.
4| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
In March 2021, the Company launched a Share Purchase Plan to raise $3.0m which was heavily oversubscribed
and applications totalling some $4.5m were ultimately accepted. A private placement with an institutional
investor for $3m before costs was made in April 2021.
The company’s cash balances were also boosted during the year by the receipt of $1,000,000 in September 2020
in connection with Gold Basin Project, the exercise of 2,000,000 options that raised $100,000 before costs, as
well as the disposal in June 2021 of shares in Gold Basin Resources for some $723,000 that had been received
as consideration for the Gold Basin Project disposal.
The Company’s cash holdings have increased from $89,636 at the beginning of the year to $9,854,269 at year
end.
Alpha Torbanite Project
Early in the year, Greenvale saw the successful grant of an extension of its existing Alpha permit area (MDL 330).
The new Alpha Extended permit area (EPM 27718) was a strategic priority for the Company and ensured that
Greenvale adequately secured the unique torbanite deposit. The extended permit area also provides capacity
for potential future exploration growth and resource extensions (See Figure 1).
Figure 1: Extended Permit Area 27718
Further to securing the new extended permit area, the Company commenced additional analysis of the SRK
Scoping Report initially produced in March 2020. Its recommendations, together with a systematic review of the
available historical research formed the basis of the initial field work program conducted between 28th February
and 12th March 2021.
5| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
The initial field program consisted of 49 open holes (out of a planned 51-hole program) were completed for a
total of 3,027m. A small number of drill-holes in the northern part of the tenement were unable to be completed
due to access difficulties in challenging terrain. Drill-holes were sited on an approximate 500m x 500m grid
pattern across MDL 330. SRK developed a preliminary geological model prior to the commencement of the 2021
program using historical drilling information. The model was developed to support the planning and execution
of the open hole program and minimise the risk of wasted drill meterage in barren areas. Drill-hole depths
ranged from 38m to 116m, averaging approximately 62m.
All holes were drilled vertically from the topographic surface. All drill-holes were surveyed and geophysically
logged with wireline tools, providing down-hole gamma density and verticality surveys. An optical televiewer
was run in selected drill holes. The wireline logs allow accurate measurement of both the upper and lower seam
intervals (depth and thickness). However, the cannel coal (bituminous shale) and torbanite are indistinguishable
in the wireline logs. The drilling has exceeded the expectations of the Greenvale team with both the upper and
lower seams extending from the north-west corner of the MDL to the south-west boundary. The seams remain
open along strike to the north-west and to the south-east continuing into the Company’s EPM27718.
Figure 2: Torbanite In-Situ Strip Ratio Model
6| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
The upper seam was intersected in a total of 33 drill holes at depths from 4.06m to 92.21m (average depth of
37.32m). The upper seam thickness ranged from 0.59m to 1.41m, averaging 1.09m.
The lower seam was intersected in a total of 46 drill holes at depths from 8.72m to 106.98m (average depth
44.33m). The lower seam thickness ranged from 1.41m to 2.68m, averaging 1.94m. The inter-burden between
the Upper and Lower seams was approximately 16m.
Just two drill holes were barren, being located beyond the sub-crop of the lower seam. One of these was a ‘test
hole’ completed at the commencement of the program to test the drilling equipment. The open hole drill data
was compiled by the Company’s technical consultants, SRK, and was used in the updated geological modelling
of the deposit. The geological model was developed using GEOVIA Minex software and is based predominantly
on the newly acquired drilling data, with only a small number of historical drill holes included to support the
continuity of the model (mainly outside the MDL boundary). An In-Situ Strip Ratio Model (Figure 2) was created
by SRK for the purpose of early definition of potentially economically mineable torbanite and bituminous shales.
This also helped the design of the coring program to focus on the most viable parts of the deposit.
Late in the financial year Greenvale’s field team successfully completed an extensive core hole drilling program
at the Alpha Project site. The program saw 284m of 4C core samples collected across 62 drill holes, for a total of
2,195m drilled. The Company built upon the previously completed preliminary drill program, tightening the grid
spacing from 500m by 500m to 250m by 250m around the high-priority torbanite zones. Drill-holes were partly
cored, with an open hole (non-core) pre-collar from the surface through the overburden strata and broad
diameter (4C 100mm in diameter) coring through the target cannel coal and torbanite intervals, including
immediate roof and floor strata. All core hole locations were geophysically logged with wireline tools providing
down-hole gamma, density and verticality surveys.
In the Company’s Gold Coast laboratory, we saw the successful installation and calibration of the test retort.
Retort testing of resource samples is now underway and, along with the detailed assay test work to be completed
by ALS, will underpin the completion of the projects DFS slated for March Quarter 2022.
The Board and management remain positive that Alpha can be brought to commercialisation rapidly and look
forward to updating shareholders of the project’s progress over the coming year.
Georgina Basin IOCG Project, East Tenant Creek, Northern Territory
Figure 3: Greenvale Mining Ltd Georgina Basin IOCG Project – East Tennant Creek Holdings
Annual R e p o r t 2 0 2 1
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7| G R V
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
Despite ongoing COVID-19 related domestic travel restrictions, the Company was able to make solid headway
at the Georgina Basin IOCG Project. Midway through the financial year, MAGSPEC Airborne Surveys Pty Ltd was
engaged to undertake a geophysical survey of the Company’s western and south-eastern tenements, which was
completed in mid- December. The survey flew some 15,328-line kilometres and covered three of the Company’s
tenements, specifically EL32282, EL32296 and EL32295 (Figure 4).
Figure 4: High-Res Aero-Mag Completed Over EL’s 32282-96 NW Group & EL 32295 Central Group
Uncovered by the airborne aeromagnetic survey were two priority bullseye magnetic targets located along a
major fault corridor sitting between EL32282 and EL32296 (Figure 5).
Geophysical inversion modelling suggests that the targets lie at a depth of approximately 300m below surface.
The targets, coined “Twin Peaks”, will be central to the Company’s upcoming drill program, due for
commencement in the first half of next financial year.
The Company’s exploration activities at the Georgina Basin Project gained significant momentum following the
release of the results from the Geoscience Australia NDI program. As part of this program, two stratigraphic
holes, NDIBK05 and NDIBK10, were completed to depths of 293.8m and 765.7m respectively on the south-
eastern corner and far eastern border of Greenvale’s tenement, EL32295.
Both holes intersected broad zones of the Proterozoic Waramanga Formation, which hosts the world-class
Tennant creek IOCG Deposits. Strong hematitic alteration was intersected in both holes within sheared and
brecciated structural features, supporting the potential for the East Tenant region to host significant IOCG
mineralisation.
8| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
Figure 5: High magnetic bullseye targets (in red) within EL32282-32296. Top right image is an enhancement of the
magnetic anomalies.
The NDI holes, in conjunction with the Company’s geophysical survey data and the discovery of surface copper
by neighbouring Middle Island Resources Ltd, further reinforced the potential of the East Tennant Creek region
to the Company.
During the year the Company and technical representatives from its geological consultants, SRK, attended the
Annual Geoscience Exploration Seminar (AGES) in Alice Springs. As part of the seminar, the Company’s attendees
were afforded the opportunity to inspect core samples taken from the National Drill Initiative (NDI). Of particular
interest to the Company were holes NDIBK05 and NDIBK10.
NDIBK05 (Figure 6), which was located between GRV’s tenements EL32295 and EL32284, intersected granite
underlying Georgina Basin cover and appears quite haematitic at the contact zone, although no sulphides were
observed. The NDI program was targeting a major crustal break, which is evident within the magnetotellurics,
with shallow conductors also apparent.
Figure 6: NDIBK05: (199.4m-202.7m) Altered, sheared unit. Looks granitic in composition. Brick red colour
from hematite-potassic alteration.
9| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
Inspection of core from NDIBK10 revealed some interesting and important geological insights. NDIBK10 was
drilled to the north of EL32295 within what appears to be a sub-basin and a structural fault bound to the north
and south. Magnetically, the area around NDIBK10 is very quiet, suggesting thick sediment accumulation.
Observation of the core samples from NDIBK10 confirmed this thick sediment accumulation, with over 700m
intersected before reaching basement granite. This basement granite was quite fine grained and sheared. Cover
sequences were Georgina Basin limestones and marbles. Interestingly, trace sulphides were evident in NDIBK10.
Overall observations from the NDI core viewing were promising and provided the Company’s technical team
with invaluable context for planning ground-based gravity and an extended airborne geophysics program. In
relation to these geophysical programs, the Company’s wholly owned subsidiary, Knox Resources Pty Ltd, was
successful during the year in two applications for co-funding, submitted to the Northern Territory Government
under the Northern Territory Geophysics and Drilling Collaborations Program (Round 14).
The Northern Territory Government will contribute A$26,054 (50% of the total cost) towards the ground-based
gravity program and A$54,963 (50% of the total cost) towards the airborne geophysics program.
Moving forward, the Company anticipates that its maiden drill program at Georgina will be completed in the
first half of the coming financial year. The Greenvale management and technical teams are extremely excited
and, more importantly, confident about the prospectivity of the targets identified. The entire Greenvale team
cannot wait to update shareholders as to the results of the program in due course.
Competent Persons Statements
The information in this announcement relating to the Alpha Torbanite Project is based on and fairly represents
information and supporting documentation undertaken by SRK Consulting (Australasia) Pty Ltd. (SRK) and is
based on information reviewed by Carl D’Silva, Principal Consultant (Exploration Resources). Mr D’Silva is a
Member of The AusIMM and is a full-time employee of SRK.
Mr D’Silva is a geologist with >15 years’ 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 JORC Code. Mr. D’Silva consents to the inclusion in this Report of the matters
based on his information in the form and content in which it appears
The information in this report relating to Exploration Results and Mineral Resources with respect to the Georgina
Basin IOCG Project is based on information compiled by, Mr. Neil Biddle, a competent person, who is a member
of the Australian Institute of Mining and Metallurgy. Mr. Biddle has sufficient experience relevant to the style of
mineralisation and to the type of activity described to qualify as a competent as defined in the 2012 Edition of
the “Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves”. Mr. Biddle has
disclosed to the Company that he is a shareholder and a Rights holder in the Company. Mr. Biddle consents to
the inclusion in this Report of the matters based on his information in the form and content in which it appears.
10| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
The Directors present this report and the audited financial statements of Greenvale Mining Limited (“GRV”,
“Greenvale” or the “Company”) and its controlled entities (“Group”) for the year ended 30 June 2021.
DIRECTORS
The following persons held office as directors during the financial year and to the date of this report. Directors
were in office for the entire period and to the date of this report unless otherwise stated:
Name and
Qualifications
Tony Leibowitz
Chartered Accountant
(FCA)
Non-Executive
Chairman
Appointed 7
September 2020
Experience, special responsibilities and other directorships in listed entities.
Experience
Mr. Leibowitz has over 30 years of corporate finance, investment banking and
broad commercial experience and has a proven track record record of providing
the necessary skills and guidance to assist companies grow and generate sustained
shareholder value.
Previous roles include Chandler Macleod Limited and Pilbara Minerals Limited,
where as Chairman and an early investor in both companies, he was responsible
for substantial increases in shareholder value and returns. Mr Leibowitz was a
global partner at PriceWaterhouseCoopers and is a Fellow of the Institute of
Chartered Accountants in Australia.
Neil Biddle
B.AppSc(Geology),
MAusIMM
Managing Director
Appointed 7
September 2020
Special Responsibilities
None
Directorships held in other listed entities during the three years prior to the
current year
Bardoc Gold Limited, Ensurance Limited and Trek Metals Limited
Experience
Mr Biddle is a geologist and Corporate Member of the Australian Institute of Mining
and Metallurgy and has over 30 years’ professional and management experience
in the exploration and mining industry.
Mr Biddle was a founding Director of Pilbara Minerals Limited, serving as Executive
Director from May 2013 to August 2016 and serving as Non-Executive Director from
August 2016 to 26 July 2017. Through his career, Mr Biddle has served on the Board
of several ASX listed companies, including Managing Director of TNG Ltd from
1998-2007, Border Gold NL from 1994-1998 and Consolidated Victorian Mines Ltd
from 1991-1994
Special Responsibilities
None
Directorships held in other listed entities during the three years prior to the
current year
Bardoc Gold Limited, Trek Metals Limited
11| G R V – Annual R e p o r t 2 0 2 1
Name and
Qualifications
Elias (Leo) Khouri
Non-Executive Director
Appointed 7 February
2011
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
Experience, special responsibilities and other directorships in listed entities.
Experience
Mr Khouri has been involved in international financial equity markets since 1987
through his involvement in a wide range of companies listed on the ASX, AIM, TSX,
NYSE, NASDAQ, and/or the Frankfurt Stock Exchange.
Through Mr Khouri’s extensive experience in the equity markets he has developed
expertise in the corporate finance, advisory, capital raisings, joint venture and
farm-in negotiations for both listed and unlisted companies.
Mr Khouri has provided advisory services to a number of companies across a
breadth of
funds management,
telecommunications, media and entertainment, and the mining industry.
from bio-technology,
industries ranging
Special Responsibilities
None
Directorships held in other listed entities during the three years prior to the
current year
None
Dagmar Parsons
Dipl. Ing.(Th), MBA,
GAICD
Experience
Mrs Parsons has more than 25 years’ experience in the mining and resources
industry across a range of functions, working in senior executive roles with Worley
Parsons, AECOM and Downer.
Non-Executive Director
Appointed 28 June
2021
As a Mechanical Engineer, she has developed an in-depth knowledge of
engineering, manufacturing, and service industry environments in the mining, oil
and gas, power and infrastructure sectors.
Special Responsibilities
None
Directorships held in other listed entities during the three years prior to the
current year
Advanced Braking Technology Ltd
12| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
Name and
Qualifications
Vincent Fayad
Chartered Accountant
Non-Executive Director
Ceased 27 November
2020
Experience, special responsibilities and other directorships in listed entities.
Experience
Mr Fayad is the sole Director and a beneficial owner of Vince Fayad & Associates
Pty Ltd and has had approximately 35 years of experience in corporate finance,
accounting and other advisory related services.
Mr Fayad is also a registered company auditor and tax agent. Over the last 20 years,
Mr Fayad has spent a significant amount of time advising on various transactions
that are related to the mining industry.
Special Responsibilities
None
Directorships held in other listed entities during the three years prior to the
current year
Astro Resources NL
Stephen Gemell
AusIMM, Chartered
Professional (Mining)
Non-Executive Director
Ceased 7 September
2020
Experience
40 years’ mining experience in Africa, North and South America, Australasia, Asia
and Europe, specialising in mineral property assessment.
Other roles included:
Mine Manager at Copeton, Wolfram Camp, and Dreadnought.
Inaugural Managing Director, Matlock Mining NL.
Technical Director, Zimplats Ltd.
Adviser to Anvil Mining Ltd during development of 3 mines in DRC.
Special Responsibilities
None
Directorships held in other listed entities during the three years prior to the
current year
Astro Resources NL
Julian Gosse
Experience
Non-Executive Director
Ceased 1 September
2020
Mr Gosse has extensive experience in banking and broking both in Australia and
overseas having worked in London for Rowe and Pitman, in the United States for
Janney Montgomery and Scott and in Canada for Wood Gundy. He has been
involved
in the establishment, operation and ownership of several small
businesses.
Special Responsibilities
None
Directorships held in other listed entities during the three years prior to the
current year
Clime Capital Ltd., Australian Leaders Fund Ltd. and WAM Research Ltd
13| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
COMPANY SECRETARIES
Name and
Qualifications
Alan Boys
Chartered Accountant
Appointed 1 October
2020
Particulars
Mr. Boys has been a Chartered Accountant for 36 years including public practice,
financial consulting and public company directorships and provision of company
secretarial services.
He has been Company Secretary to a number of public companies in the minerals
exploration sector including Oklo Resources Ltd, Cashmere Iron Ltd and Pilbara
Minerals Limited
Vincent Fayad
Mr. Fayad is a Chartered Accountant, registered company auditor and tax agent.
Chartered Accountant
Ceased 30 September
2020
He was appointed as Company Secretary on 3 March 2016 and was also a director
of the Company until 27 November 2020.
CORPORATE GOVERNANCE
The directors of the Group support and adhere to the principles of corporate governance, recognizing the need
for the highest standard of corporate behaviour and accountability. During the year, the Group adopted a
revised Corporate Governance Plan considering the 4th edition of the Corporate Governance Principles and
Recommendations. Please refer to the Corporate Governance Statement on the Company’s website
https://greenvalemining.com/corporate/governance-policies/
PRINCIPAL ACTIVITIES
The principal activities of the Group during the 2020/21 financial year were to actively explore its minerals
development properties and to commence evaluation of possible mining and production of the Alpha Torbanite
project.
RESULT AND REVIEW OF OPERATIONS
The loss for the Group after income tax for the year amounted to $1,059,866 (2020: Loss of $494,626) and the
net assets of the Group at 30 June 2021 was $13,274,634 (2020: $2,353,376).
FINANCIAL POSITION
During the year, the Company undertook a number of capital raisings and in the period from July through
December 2020 undertook an entitlements issue and placements of 218,200,320 shares at 1.9c to raise
$4,145,806 before costs, undertook a Share Purchase Plan in March 2021 which resulted in the issue of
34,615,222 shares at 13c to raise $4,499,979 before costs and in April 2021 undertook a placement of 15,000,000
shares to raise $3,000,000 before costs. In addition, the company issued 2,000,000 options during the year which
were exercised resulting in the issue of 2,000,000 shares at 5c per share raising $100,000 before costs.
Subject to disclosures elsewhere in this report, the Directors believe the Group is in a stable financial position to
continue to explore and evaluate its projects.
14| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
DIVIDENDS
The Directors do not recommend the payment of a dividend and no amount has been paid or declared by way
of a dividend at the date of printing this Report.
EVENTS SUBSEQUENT TO REPORTING DATE
On 10 August 2021, the Company issued 3,000,000 Performance Rights with an expiry date of 3 August 2024.
On 13 August 2021 and 20 August 2021, 2,000,000 and 1,000,000 GRVAO options respectively with an expiry
date of 29 April 2023 and an exercise price of $0.35 were exercised, resulting in the issue of a total of 3,000,000
ordinary shares, raising $1,050,000 before issue costs.
On 1 September 2021, Mr. Matthew Healy commenced employment as Chief Executive Officer of the Company.
On 7 September 2021, all vesting conditions were met with respect to 15,000,000 Class 1 Performance Rights
held by Mr. Neil Biddle, and were from that date fully vested.
Other than the above, there has not been any other matter or circumstance occurring subsequent to the end of
the financial year, that has significantly affected or may significantly affected or may significantly affect the
operations of the Group, the results of those operations, or state of affairs of the Group in future financial years.
DIRECTORS’ MEETINGS
The directors had nine (9) meetings during the year. The following table shows their attendance at Board
Meetings:
Name
Tony Leibowitz
Neil Biddle
Elias Khouri
Dagmar Parsons
Vincent Fayad
Stephen Gemell
Julian Gosse
No. of meetings attended
4
4
9
-
6
5
4
Eligible to attend
4
4
9
-
6
5
4
BOARD COMMITTEES
The Company did not have and Audit and Risk Committee, a Remuneration or Nomination Committee during
the year. Given its size and composition, the Board considers that in the year under review, no efficiencies or
other benefits would be gained by establishing separate board committees. To assist the Board to fulfill its
function it has adopted charters for each of these committees. In accordance with the Company’s Board Charter,
the board carries out the duties that would ordinarily be carried out by the Audit & Risk, Remuneration and
Nomination Committees under the charters in place for each of these. After the end of the financial year, the
Board resolved to establish an Audit & Risk Committee.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
Other than detailed elsewhere in this report, there were no other significant changes in the nature of the
consolidated Groups principal activities during the financial year.
Further information on the financial performance of the Company is included in the Review of Operations.
15| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
ENVIRONMENTAL REGULATIONS
The Group’s mineral exploration activities are subject to environmental regulations under Commonwealth and
State legislation. The Group is not aware of any activity that has taken place on the leases which would give rise
to any environmental issue. The consolidated group entity is not aware of any instances of non-compliance with
the legislative requirements during the period covered by this report.
LIKELY DEVELOPMENTS
Likely developments, future prospects and business strategies of the operations of the Group and the expected
results of those operations have not been included in this Report as the Directors believe, on reasonable
grounds, that the inclusion of such information would be likely to result in unreasonable prejudice to the Group.
ENVIRONMENTAL ISSUES
The Group is aware of its environmental obligations with regards to its exploration activities and ensures that it
complies with all regulations when carrying out its exploration work.
The Directors of the Group are not aware of any breach of environmental legislation for the year under review.
INDEMNIFICATION AND INSURANCE OF OFFICERS AND AUDITORS
The Group has not agreed to indemnify any Director, officer or auditor against liabilities that may arise from
their position as director, officer or auditor except as follows:
Payment of premiums based on normal commercial terms and conditions to insure all Directors, offices and
employees of the Company against the cost and expenses in defending claims against the individual while
performing services for the Company: and,
Reasonable costs and associated expenses which is to do with any reasonable claim whilst performing their
duties against each Director.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied for leave of court to bring proceedings on behalf of the Company or intervene in any
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company
or any part of those proceedings.
The Group was not a party to any such proceedings during the year.
NON-AUDIT SERVICES
The Group may decide to employ the auditor on assignments additional to their statutory audit duties where
the auditor’s expertise and experience with the Company and/or Group is important. Should the Group engage
the auditor for non-audit related services, the provision of the non-audit services is compatible with the general
standard of independence for the auditors as imposed by the Corporations Act 2001.
During the financial year ended 30 June 2021, the Group’s auditors RSM Australia Partners were not engaged to
provide any non-audit services.
OFFICERS OF THE COMPANY WHO ARE FORMER PARTNERS OF RSM AUSTRALIA PARTNERS
There are no officers of the company who are former partners of RSM Australia Partners.
16| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED)
This report details the background, policy and amount of remuneration for each key management person of
Greenvale Mining Limited.
Remuneration Policy and Governance
The Board of Directors is responsible for determining and reviewing compensation arrangements for the
directors and the senior management. The Board assesses the appropriateness of the nature and amount of
remuneration of non-executive directors and executives on a periodic basis by reference to relevant
employment market conditions. The Company recognizes that it operates in a competitive environment and to
operate effectively, it must be able to attract, motivate and retain key personnel. The compensation structures
are designed to attract suitably qualified candidates, reward the achievement of strategic objectives and to
achieve the broader outcome of creation of value for shareholders. The compensation structures take into
account:
•
•
•
•
The capability and experience of the key management personnel;
Size of the Group;
The key management personnel’s ability to control the performance; and,
The group’s exploration success and results of project development.
The Board policy is to remunerate Non-Executive Directors at market rates for time, commitment and
responsibilities. Directors may also provide consultancy services to the Company and are paid at market rates.
Non-Executive Directors may also receive superannuation guarantee contributions mandated by the
government which was 9.5% (2019:9.5%) and do not receive any other retirement benefits.
On 23rd March 2021, shareholders approved an Incentive Performance Rights and Option Plan (“Plan”) and the
participation by Directors in that Plan. Key management personnel and other employees are also entitled to
participate in the Plan. Any rights or options issued are valued using standard valuation techniques such as
Binomial and Black Scholes methodology.
The objectives of the Plan are to reward Directors and senior management in a manner that aligns remuneration
with creation of shareholder wealth. The amounts disclosed as part of remuneration for the financial year have
been determined by allocating the grant date fair value based on the probability of the vesting conditions being
achieved over the life of the rights or options.
For the year ended 30 June 2021, the Company only issued Performance Rights to its Managing Director
following approval by shareholders at a General Meeting held on 23 March 2021. The Company intends to issue
further entitlements under the Plan to its Directors, key executives and other employees during the course of
the 2021/22 financial year. Any issues to Directors will be subject to Shareholder Approval.
The board has not taken independent advice on the appropriateness of compensation packages but as the
company’s number of employees expands, it will take independent advice as required.
Company Performance, Shareholder Wealth and Director and Executive Remuneration
The remuneration policy has been tailored to increase goal congruence between Shareholders, Directors and
Executives. Over time the remuneration package of key management personnel will consist of a performance-
based component consisting of the issue of performance rights to encourage the alignment of management and
Shareholders’ interests. The Board determines appropriate option or performance rights vesting conditions that
includes specific milestones and/or a premium over the prevailing share price to provide rewards over a period
of time. During the year the Company’s share price increased from $0.031 at 30 June 2020 to $0.34 at 30 June
2021.
17| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED) (continued)
A summary of the operating losses and share prices at year end for the last five years are as follows:
Net loss
Share price at year end
Loss per share
2017
($516,972)
$0.02
($0.0055)
2018
($425,941)
$0.02
($0.0046)
2019
($423,929)
$0.02
($0.0045)
2020
($494,626)
$0.031
($0.0051)
2021
($1,059,866)
$0.34
($0.0034)
The policy has been deemed by the Board to be the most appropriate performance-based compensation method
for a company in the minerals exploration industry and undertaking studies to transition from explorer to
producer.
Key Management Personnel
The remuneration structure for key management personnel/Directors is based on a number of factors including
length of service, particular experience of the individual concerned and the requirements and overall
performance of the Company.
All non-executive directors have letters of appointment with standard terms and conditions.
Mr. Neil Biddle was appointed as an executive Director of the Company on 7 September 2020 and on 1 January
2021 was appointed as Managing Director. The contract as Managing Director was for a term of 12 months with
extension by mutual agreement. The contract may be terminated by one month’s prior notice by Mr. Biddle or
the Company or a shorter term by mutual agreement. This contract provides for fixed monthly remuneration of
$25,000 per calendar month inclusive of superannuation and any other statutory entitlements.
During the year the only other personnel directly employed by the Company were two persons on a casual
contract basis with a maximum of one month’s prior notice of termination by either party.
Key management personnel have no entitlement to termination payments in the event of removal for
misconduct.
Fixed compensation consists of consists of base compensation (which is calculated on a total cost basis and
includes any FBT charges relating to employee benefits), as well as employer contribution to superannuation
funds. Compensation levels are reviewed regularly by the Board through a process that considers individual
performance against agreed key performance indicators and the overall performance and exploration success
of the Group.
With respect to long-term incentives, in March 2021, the Company established an Employee Performance Rights
and Option Plan. It provides for key management personnel, consultants and staff to receive performance rights
and /or options over ordinary shares. Any performance rights or options issued to Directors require prior
approval by shareholders.
The board will determine the proportion of fixed and variable compensation for each director and key
management personnel. The total fair value of the Performance Rights is calculated at the grant date and
amounts are allocated to remuneration over the vesting period as applicable. During the year, Performance
Rights were only granted to the Managing Director following approval by shareholders at a General Meeting
held on 23 March 2021.
18| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED) (continued)
The following table sets out the remuneration for the Directors and key management expensed during the 2021
financial year:
2021
Fixed remuneration
Variable remuneration
Salaries/
Director/
Consulting
Fees
$
97,667
199,153
204,0001
-
179,3251
6,700
-
(36,774)2
(33,774)2
616,297
Super
Total
Perform.
Rights
Total
$
$
$
$
Value of
rights as %
of
Total
%
-
10,846
-
-
-
-
-
-
-
10,846
97,667
209,999
204,000
-
179,325
6,700
-
(36,774)
(33,774)
627,143
1,121,451
-
-
-
-
-
-
-
1,121,451
97,667
1,331,450
204,000
-
179,325
6,700
-
(36,774)
(33,774)
1,748,594
-
84.2%
-
-
-
-
-
-
-
64.1%
Directors
Tony Leibowitz
Neil Biddle
Elias Khouri
Dagmar Parsons
Vincent Fayad
Steven Gemell
Julian Gosse
Justin Dibb
Phillip Shamieh
Total
Note 1: Includes bonus of $150,000 approved at General Meeting held on 10/8/2020
Note 2: Represents over-accrual in prior years of directors’ fees to former directors.
2020
Fixed remuneration
Variable remuneration
Salaries/
Director/
Consulting
Fees
$
54,000
24,774
24,774
94,500
36,000
11,170
245,218
Super
Total
Perform.
Rights
$
-
-
-
-
-
-
-
$
54,000
24,774
24,744
94,500
36,000
11,170
245,218
$
-
-
-
-
-
-
-
Value of
rights as %
of
Total
%
-
-
-
-
-
-
-
Total
$
54,000
24,774
24,744
94,500
36,000
11,170
245,218
Directors
Elias Khouri
Justin Dibb
Phillip Shamieh
Vincent Fayad
Stephen Gemell
Julian Gosse
Total
19| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED) (continued)
Performance Rights
The Performance Rights granted are to incentivize the personnel to work towards and provide rewards for
achieving increases in the Company’s value as determined by the underlying exploration and feasibility results,
market price of its shares and length of tenure with the Company. The Company has the following Performance
Rights issued to Directors, executives, staff and consultants in existence in the current reporting period. No
Performance Rights existed during the prior reporting period.
Performance Rights 2021
Grant
Date
Expiry
Date
Number
Vested
during
year
Rights
Exercised
Rights
Expired
23/3/2021
22/3/2024
15,000,000
-
-
-
Rights
Vested
at
30/6/21
-
Rights
Unvested
at
30/6/2021
15,000,000
A valuation of the Performance Rights issued during the year was undertaken with the following factors and
assumptions being used to determine the fair value of each right on the grant date. In line with good practice a
revision of the probabilities is taken at each reporting date. Any changes are reflected in the valuation of the
Performance Rights over the vesting period.
Class 1 A Performance Rights
Number
Grant Date
Expiry Date
23/3/2021
5,000,000
22/3/2024
Valuation prior
to
Probability
$664,500
Probability
Valuation
right
per
100%
$0.1329
Vesting Conditions
The 30-day VWAP being greater than 20 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
Class 1 B Performance Rights
Number
Grant Date
Expiry Date
23/3/2021
5,000,000
22/3/2024
Valuation prior
to
Probability
$641,500
Probability
Valuation per
right
100%
$0.1283
Vesting Conditions
The 30-day VWAP being greater than 30 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
Class 1 C Performance Rights
Number
Grant Date
Expiry Date
23/3/2021
5,000,000
22/3/2024
Valuation prior
to
Probability
$578,500
Probability
Valuation per
right
100%
$0.1157
Vesting Conditions
The 30-day VWAP being greater than 40 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
20| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED) (continued)
KEY MANAGEMENT PERSONNEL EQUITY HOLDINGS
Number of Shares Held by Key Management Personnel:
The number of ordinary shares held by Key Management Personnel of the group during the financial year is as
follows:
2021
Balance
1 July 2020
Net change
Other
Balance on
appointment
or resignation
Balance
30 June 2021
15,202,631
27,207,606
Directors
Tony Leibowitz1
Neil Biddle1
Elias Khouri
Dagmar Parsons2
Vincent Fayad3
Stephen Gemell4
Julian Gosse5
-
-
21,419,388
-
1,156,057
-
6,337,882
28,913,327
Note1: Tony Leibowitz and Neil Biddle were appointed on 7 September 2020
Note2: Dagmar Parsons was appointed on 26 June 2021
Note3: Vincent Fayad retired on 27 November 2020 and the amount shown in the balance represents his holding at that date
Note4: Stephen Gemell resigned on 7 September 2020 and the amount shown in the balance represents his holding at that date
Note5: Julian Gosse resigned on 1 September 2020 and the amount shown in the balance represents his holding at that date
7,560,727
981,781
20,460,401
-
3,031,057
-
-
32,033,966
-
(4,187,114)
-
(6,337,882)
31,885,241
22,763,358
28,189,387
41,879,789
-
-
-
-
92,832,534
Rights
received as
compensation
exercised
-
-
-
-
-
-
-
-
-
2020
Balance
1 July 2019
Directors
Elias Khouri
Vincent Fayad
Stephen Gemell1
Julian Gosse2
Justin Dibb3
Phillip Shamieh4
20,601,994
1,156,057
-
-
9,242,180
9,242,180
40,242,411
Rights
received as
compensation
exercised
-
-
-
-
-
-
-
Note1: Stephen Gemell was appointed on 9 March 2020
Note2: Julian Gosse was appointed on 9 March 2020
Note3: Justin Dibb resigned on 9 March 2020
Note4: Phillip Shamieh resigned on 9 March 2020.
Net Change
Other
Balance on
appointment or
resignation
Balance
30 June 2020
817,394
-
-
-
-
-
817,394
-
-
-
6,337,882
(9,242,180)
(9,242,180)
(12,146,478)
21,419,388
1,156,057
-
6,337,882
-
-
28,913,327
21| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED) (continued)
Analysis of Performance Rights Held by Key Management Personnel
The number of Performance Rights Held by Key management personnel during the financial year is as follows:
2021
Directors
Neil Biddle
Balance
1 July 2020
Granted as
compensation
Vested
During the
year
Balance
30 June 2021
Vested and
exercisable
-
15,000,000-
-
15,000,000
-
No Performance Rights were held by Key Management Personnel during the previous financial period
Options Held by Key Management Personnel
No options were held by Key Management Personnel during the current or prior reporting periods.
Key Management Personnel Loans
At the date of this report there were no loans or interest payable to any Directors (2020: nil).
Related Party Transactions
Transactions between related parties are on normal commercial terms and conditions and no more favourable
than those available to other parties unless otherwise stated.
22| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED) (continued)
Key management person
Transaction
Description
Transaction Value
Year ended 30 June
Balance outstanding
As at 30 June
2021
$
2020
$
2021
$
2020
$
Mr. Leibowitz and Mr.
Biddle are directors of
Bardoc Gold Limited
Rentals and office
support services paid
to Bardoc Gold
Limited.
14,920
-
-
-
Kalonda Pty Ltd (company
associated with Mr.
Leibowitz)
Hatched Creek Pty Ltd
(company associated with
Mr. Biddle)
Mining Investments
Limited (company
associated with Mr.
Khouri)
Gemell Mining Services
Pty Ltd (company
associated with
Mr.Gemell)
Director’s fees
97,667
Director’s fees
60,000
Director’s fees
204,000
54,000
Director’s fees
6,700
36,000
Fontanalice Pty Ltd
(company associated with
Mr. Gosse)
Director’s fees
Allied Resource Holdings
Ltd (company associated
with Mr. Dibb)
OB Capital Ltd (company
associated with Mr.
Shamieh)
Mr. Fayad –
Vince Fayad & Associates
Pty Ltd
Director’s fees
Director’s fees
-
-
-
11,170
24,774
24,774
Director’s fees
158,700
12,000
Mr. Fayad –
Vince Fayad & Associates
Pty Ltd
Provision of services
related to various
corporate matters.
20,625
82,500
23| G R V – Annual R e p o r t 2 0 2 1
-
10,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
55,000
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED) (continued)
SHARE OPTIONS & PERFORMANCE RIGHTS
Unissued Shares under Option
At the date of this report, unissued ordinary shares of the Company under option are:
Grant Date
30/4/2021
Expiry Date
29/4/2023
Exercise Price
$0.35
Number of Options
4,000,000
Performance Rights
At the date of this report, the number of Performance Rights of the Company under issue are:
Grant Date
23/3/2021
Expiry Date
22/3/2024
Class
1
Number of Rights
15,000,000
End of Audited Remuneration Report.
CORPORATE GOVERNANCE STATEMENT
The Company’s Corporate Governance Statement is set out on the Company’s website at:
https://greenvalemining.com/corporate/governance-policies/
AUDITOR INDEPENDENCE
The Auditor’s independence declaration for the year ended 30 June 2021 has been received and can be found
on page 25.
Signed in accordance with a resolution of the Directors made pursuant to s298 (2) (a) of the Corporations Act
2001.
Neil Biddle
Director
Dated 29th September 2021
24| G R V – Annual R e p o r t 2 0 2 1
RSM Australia Partners
Level 13, 60 Castlereagh Street Sydney NSW 2000
GPO Box 5138 Sydney NSW 2001
T +61 (0) 2 8226 4500
F +61 (0) 2 8226 4501
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Greenvale Mining Limited and its controlled entities for the
year ended 30 June 2021, I declare that, to the best of my knowledge and belief, there have been no
contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA PARTNERS
David Talbot
Partner
Sydney, NSW
Dated: 29 September 2021
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the
RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
CONSOLIDATED STATEMEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2021
Note
Consolidated
2021
$
Consolidated
2020
$
Revenue from continuing operations
Administrative expenses
Director emoluments
Share based payments expense
Exploration and impairment charges
LOSS BEFORE INCOME TAX FROM
CONTINUING OPERATIONS
Income tax benefit
2
3
14
4
5
Loss after income tax expense from continuing
operations
Profit after income tax expense from
discontinued operations
103,609
36
(477,163)
(601,672)
(1,121,451)
-
(490,806)
-
-
(3,856)
(2,096,677)
(494,626)
-
-
(2,096,677)
(494,626)
1,036,811
-
LOSS AFTER INCOME TAX FOR THE YEAR
(1,059,866)
(494,626)
OTHER COMPREHENSIVE INCOME
-
-
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
(1,059,866)
(494,626)
Loss for the year is attributable to:
Owners of Greenvale Mining Limited
Non-controlling interest
Total comprehensive loss for the year is
attributable to:
Continuing operations
Discontinued operations
Owners of Greenvale Mining Limited
Continuing operations
Discontinued operations
Non-controlling interest
26
(1,059,866)
-
(1,059,866)
(2,096,677)
1,036,811
(1,059,866)
-
-
-
(494,626)
-
(494,626)
(494,626)
-
(494,626)
-
-
-
Earnings per share for profit from continuing operations attributable to the owners of Greenvale Mining
Limited:
Basic loss per share (cents)
Diluted loss per share (cents)
(0.34)
(0.34)
(0.51)
(0.51)
7
7
This consolidated statement is to be read in conjunction with the notes to the financial statements.
26| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
CONSOLIDATED STATEMEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
Financial
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Other assets
Advance on interest in mining claim
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Exploration and evaluation
Plant and equipment
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Outside equity interests
Accumulated losses
Note
17(b)
8
9
10
10
11
12
13
Consolidated
2021
$
Consolidated
2020
$
9,854,270
130,394
50,643
-
10,035,307
3,476,370
71,863
3,548,233
13,583,540
308,906
308,906
308,906
89,636
132,741
32,475
1,175,018
1,429,870
1,526,878
660
1,527,538
2,957,408
604,032
604,032
604,032
13,274,634
2,353,376
24,432,696
1,425,451
-
(12,583,513)
13,289,480
-
587,543
(11,523,647)
TOTAL EQUITY
13,274,634
2,353,376
This consolidated statement is to be read in conjunction with the notes to the financial statements.
27| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
Equity
Issued
Capital
$
Reserves
$
Outside
equity
interests
$
Accumulated
Losses
$
Total
Equity
$
Balance as at 30 June 2019
12,746,247
23,945
549,790
(10,985,782)
2,334,200
Loss after income tax
expense for the year
Total comprehensive
income for the year
Transactions with owners in
their capacity as owners:
Contributions of equity, net
of transaction costs
Options Reserve written off
Minority interest – Knox
Resources Limited
Minority Interest share of
loss
Balance as at 30 June 2020
Loss after income tax
expense for the year
Total comprehensive
income for the year
Transactions with owners in
their capacity as owners:
Contributions of equity, net
of transaction costs
Equity settled employee
payments expense
Issue of 2,000,000 options
exercisable at $0.05 expiring
1 December 2023
Transfer to Issued Capital
upon exercise of options
Issue of 4,000,000 options
exercisable at $0.35 expiring
29 April 2023
Reversal of minority interest
on disposal of subsidiary
company
Balance as at 30 June 2021
-
-
519,288
23,945
-
-
13,289,480
-
-
10,989,216
(23,945)
-
-
-
-
-
-
-
-
1,121,451
154,000
154,000
(154,000)
-
304,000
(494,626)
(494,626)
(494,626)
(494,626)
-
-
-
519,288
-
(5,486)
(43,239)
(11,523,647)
-
2,353,376
(1,059,866)
(1,059,866)
(1,059,866)
(1,059,866)
-
-
-
-
-
10,989,216
1,121,451
154,000
-
304,000
-
-
-
(5,486)
43,239
587,543
-
-
-
-
-
-
-
-
24,432,696
-
1,425,451
(587,543)
-
-
(12,583,513)
(587,543)
13,274,634
This consolidated statement is to be read in conjunction with the notes to the financial statements
28| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received
Payments to suppliers and employees
Note
Consolidated
2021
$
6,370
(1,323,061)
NET CASH USED IN OPERATING ACTIVITIES
17(a)
(1,316,691)
Consolidated
2020
$
36
(305,930)
(305,894)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration expenditure
Proceeds from sale of interest in mining
claim
Proceeds from sale of shares
Payments for plant and equipment
Payments for security deposits
Proceeds from tenement bond
Acquisition of bank account (Knox
Resources Limited)
NET CASH PROVIDED BY /(USED IN)
INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVIES
Proceeds from capital raising (net of costs)
NET CASH PROVIDED FROM FINANCING
ACTIVITIES
Net (decrease)/increase in cash held
Cash at the beginning of the financial year
CASH AT THE END OF THE FINANCIAL YEAR
17(b)
(1,640,584)
(148,273)
1,000,000
719,036
(72,465)
(2,238)
8,203
-
11,952
11,069,373
11,069,373
9,764,634
89,636
9,854,270
-
-
-
-
-
13,335
(134,938)
172,051
172,051
(268,781)
358,417
89,636
This consolidated statement is to be read in conjunction with the notes to the financial statements
29| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
This financial report for the year ended 30 June 2021 of consists of Greenvale Mining Limited (the Company)
(formerly Greenvale Energy Limited) and its controlled subsidiaries (the Group or Consolidated Entity).
Greenvale is a company limited by shares incorporated and domiciled in Australia whose shares are publicly
traded on the Australian Securities Exchange.
The financial statements were authorised for issue on 29th September 2021 by the directors of the Company.
A. BASIS OF PREPARATION
The financial report is a general-purpose financial report which has been prepared in accordance with Australian
Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the
Australian Accounting Standards Board (AASB) and the Corporations Act 2001. The Group is a for profit entity
for financial reporting purposes under Australian Accounting Standards.
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.
Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply
with International Financial Reporting Standards.
The financial report has been prepared on an accrual basis and is based on historical costs, modified, where
applicable, by the measurement at fair value of selected non-current assets, financial assets and financial
liabilities. Material accounting policies adopted in preparation of this financial report are presented below and
have been consistently applied unless otherwise stated.
The financial statements are presented in Australian dollars which is the Company’s functional and presentation
currency.
B. PRINCIPLES OF CONSOLIDATION
The consolidated financial statements incorporate the assets, liabilities and results of entities controlled by the
Company at the end of the reporting period. A controlled entity is any entity over which the Company has the
ability and right to govern the financial and operating policies so as to obtain benefits from the entity’s activities.
In preparing the consolidated financial statements, all inter-group balances and transactions between entities
in the consolidated group have been eliminated in full on consolidation.
Where controlled entities have entered or left the consolidated entity during the year, the financial performance
of those entities is included only for the period of the year that they were controlled.
C.
INCOME TAX
Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss
except to the extent that it relates to items recognised directory in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or
substantively enacted at the reporting date. Current tax liabilities / (assets) are therefore measured at the
amounts expected to be paid to / (recovered from) the relevant taxation authority. Deferred tax expense
reflects movements in deferred tax asset and liability balances during the year as well as unused tax losses.
Current and deferred income tax expense is charged or credited to equity instead of the profit or loss when the
tax relates to items that are credited or charged directly to equity.
30| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
C.
INCOME TAX (CONTINUED)
Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases
of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result
where amounts have been fully expensed but future tax deductions are available. No deferred income tax will
be recognised from the initial recognition of an asset or liability, excluding a business combination, where there
is no effect on accounting or taxable profit or loss.
Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when
they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Their
measurement also reflects the manner in which management expects to recover or settle the carrying amount
or the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent
that it is probable that future taxable profit will be available, against which the benefits of the deferred tax asset
can be utilised.
D. EXPLORATION AND EVALUATION EXPENDITURE
Exploration and evaluation costs are capitalised as exploration and evaluation assets on a project-by-project
basis pending determination of the technical feasibility and commercial viability of the project. The capitalised
costs are presented as both tangible or intangible exploration and evaluation assets according to the nature of
the assets acquired. When a licence is relinquished or a project abandoned, the related costs are recognised in
the statement of comprehensive income immediately.
Exploration and evaluation assets are assessed for impairment if (i) sufficient data exists to determine technical
feasibility and commercial viability, and (ii) facts and circumstances suggest that the carrying amount exceeds
the recoverable amount. For the purposes of impairment testing, exploration and evaluation assets are
allocated to cash-generating units consistent with the determination of reportable segments.
Upon determination of proven reserves, intangible exploration and evaluation assets attributable to those
reserves are first tested for impairment and then reclassified from exploration and evaluation assets to a
separate category within tangible assets.
Amortisation is not charged on exploration and evaluation assets until they are available for use.
Pre-licence costs are recognised in the statement of comprehensive income as incurred. Expenditure deemed
unsuccessful is recognised in the statement of comprehensive income immediately.
31| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
E. FINANCIAL INSTRUMENTS
i.
Classification
From 1 January 2018, the Company classifies its financial assets in the following measurement categories:
those to be measured subsequently at fair value (either through outside controlled interests
(OCI) or through profit or loss); and
those to be measured at amortised cost.
The classification depends on the Company’s business model for managing the financial assets and the
contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments
in equity instruments that are not held for trading, this will depend on whether the Company has made an
irrevocable election at the time of initial recognition to account for the equity investment at fair value through
other comprehensive income (FVOCI).
The Company reclassifies debt investments when and only when its business model for managing those assets
changes.
ii.
Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the
Company commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive
cash flows from the financial assets have expired or have been transferred and the Company has transferred
substantially all the risks and rewards of ownership.
iii. Measurement
At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset
not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition
of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their
cash flows are solely payment of principal and interest.
iv.
Impairment
From 1 January 2018, the Company assesses on a forward-looking basis the expected credit losses associated
with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends
on whether there has been a significant increase in credit risk.
F. CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash balances and call deposits.
G. SHARE CAPITAL
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares
and share options are recognised as a deduction from equity, net of any related income tax benefit.
H. REVENUE AND OTHER INCOME
Financial income comprises interest income. Interest income is recognised in the statement of comprehensive
income as it accrues, using the effective interest rate method.
32| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
I. CURRENT & NON-CURRENT CLASSIFICATION
Assets and liabilities are presented in the statement of financial position based on current and non-current
classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in
normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12
months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged
or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-
current.
A liability is classified as current when: it is either expected to be settled in normal operating cycle; it is held
primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there
is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period.
All other liabilities are classified as non-current.
J.
IMPAIRMENT
The carrying amount of non-financial assets other than exploration and evaluation assets are reviewed each
reporting date whether there is any indication of impairment. If any such indications exist, the assets
recoverable amount is estimated.
An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit exceeds
its recoverable amount. Impairment losses are recognised in the statement of comprehensive income.
Calculation of recoverable amount:
The recoverable amount of receivables is calculated as the present value of estimated future cash flows,
discounted at the original effective interest rate.
The recoverable amount of other assets is the greater of their net selling price and value in use. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-tax discounted
rate that reflects current market assessment of the time value and the risks specific to the asset.
K. GOODS AND SERVICES TAX (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST
incurred is not recoverable from the taxation authority. In these circumstances, the GST is recognised as part of
the cost of acquisition of the asset or as part of the expense.
Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from,
or payable to, the ATO is included as a current asset or liability in the statement of financial position.
L. EARNINGS PER SHARE
The Company presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is
calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted
average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the
profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares
outstanding for the effects of any dilutive potential ordinary shares, which comprise convertible notes and share
options granted.
33| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
M.
TRADE AND OTHER RECEIVABLES
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost, less
provision for impairment. Trade receivables are due for settlement within 30 days from the date of recognition.
Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible
are written off.
N.
TRADE AND OTHER PAYABLES
Trade payables and other payables are carried at amortised costs and represent liabilities for goods and services
provided by the Group prior to the end of the financial year that are unpaid and arise when the Group becomes
obligated to make future payments in respect of the purchase of these goods and services. The amounts are
unsecured and are usually paid within 30 days of recognition.
O.
COMPARATIVE FIGURES
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in
presentation for the current financial year.
P. OPERATING SEGMENTS
Operating segments are presented using the 'management approach', where the information presented is on
the same basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is
responsible for the allocation of resources to operating segments and assessing their performance.
Q. DISCONTINUED OPERATIONS
A discontinued operation is a component of the consolidated entity that has been disposed of or is classified as
held for sale and that represents a separate major line of business or geographical area of operations, is part of
a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired
exclusively with a view to resale. The results of discontinued operations are presented separately on the face of
the statement of profit or loss and other comprehensive income.
R.
EMPLOYEE BEENFITS
Short-term employee benefits:
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected
to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid
when the liabilities are settled.
Other long-term employee benefits:
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting
date are measured at the present value of expected future payments to be made in respect of services provided
by employees up to the reporting date using the projected unit credit method. Consideration is given to expected
future wage and salary levels, experience of employee departures and periods of service. Expected future
payments are discounted using market yields at the reporting date on corporate bonds with terms to maturity
and currency that match, as closely as possible, the estimated future cash outflows.
Defined contribution superannuation expense:
Contributions to defined contribution superannuation plans are expensed in the period in which they are
incurred.
34| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
R. EMPLOYEE BEENFITS (CONTINUED)
Share-based payments:
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in
exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of services,
where the amount of cash is determined by reference to the share price.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently
determined using either the Binomial or Black-Scholes option pricing model that takes into account the exercise
price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility
of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option,
together with non-vesting conditions that do not determine whether the consolidated entity receives the
services that entitle the employees to receive payment. No account is taken of any other vesting conditions.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity
over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value
of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the
vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at
each reporting date less amounts already recognised in previous periods.
The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying
either the Binomial or Black-Scholes option pricing model, taking into consideration the terms and conditions
on which the award was granted. The cumulative charge to profit or loss until settlement of the liability is
calculated as follows:
during the vesting period, the liability at each reporting date is the fair value of the award at that date
multiplied by the expired portion of the vesting period.
from the end of the vesting period until settlement of the award, the liability is the full fair value of the
liability at the reporting date.
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the
cash paid to settle the liability.
Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to
market conditions are considered to vest irrespective of whether that market condition has been met, provided
all other conditions are satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been
made. An additional expense is recognised, over the remaining vesting period, for any modification that
increases the total fair value of the share-based compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy
the condition is treated as a cancellation. If the condition is not within the control of the consolidated entity or
employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over
the remaining vesting period, unless the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any
remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled
award, the cancelled and new award is treated as if they were a modification.
35| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
S. NEW ACCOUNTING STANDARDS AND INTERPRETATIONS NOT YET MANDATORY OR EARLY ADOPTED
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the Group for the annual reporting period ended 30 June 2021. The
Group has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.
1. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial statements. Management continually evaluates
its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses.
Management bases its judgements, estimates and assumptions on historical experience and on other various
factors, including expectations of future events, management believes to be reasonable under the
circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results.
The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are
discussed below.
Fair value measurement hierarchy:
The consolidated entity is required to classify all assets and liabilities, measured at fair value, using a three-level
hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:
Level 1: Quoted prices (unadjusted) 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 asset or liability,
either directly or indirectly; and
Level 3: Unobservable inputs for the asset or liability. Considerable judgement is required to determine
what is significant to fair value and therefore which category the asset or liability is placed in can be
subjective. The fair value of assets and liabilities classified as level 3 is determined by the use of valuation
models. These include discounted cash flow analysis or the use of observable inputs that require significant
adjustments based on unobservable inputs.
Estimation of useful lives of assets:
The consolidated entity determines the estimated useful lives and related depreciation and amortisation charges
for its property, plant and equipment and finite life intangible assets. The useful lives could change significantly
as a result of technical innovations or some other event. The depreciation and amortisation charge will increase
where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets
that have been abandoned or sold will be written off or written down.
Income tax:
The consolidated entity is subject to income taxes in the jurisdictions in which it operates. Significant judgement
is required in determining the provision for income tax. There are many transactions and calculations
undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. The
consolidated entity recognises liabilities for anticipated tax audit issues based on the consolidated entity's
current understanding of the tax law. Where the final tax outcome of these matters is different from the carrying
amounts, such differences will impact the current and deferred tax provisions in the period in which such
determination is made.
Recovery of deferred tax assets:
Deferred tax assets are recognised for deductible temporary differences only if the consolidated entity
considers it is probable that future taxable amounts will be available to utilise those temporary differences and
losses.
Goodwill and other indefinite life intangible assets:
The consolidated entity tests annually, or more frequently if events or changes in circumstances indicate
impairment, whether goodwill and other indefinite life intangible assets have suffered any impairment, in
36| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
accordance with the accounting policy stated in note 1. The recoverable amounts of cash-generating units have
been determined based on value-in-use calculations. These calculations require the use of assumptions,
including estimated discount rates based on the current cost of capital and growth rates of the estimated future
cash flows. Impairment of non-financial assets other than goodwill and other indefinite life intangible assets.
The consolidated entity assesses impairment of non-financial assets other than goodwill and other indefinite life
intangible assets at each reporting date by evaluating conditions specific to the consolidated entity and to the
particular asset that may lead to impairment. If an impairment trigger exists, the recoverable amount of the
asset is determined. This involves fair value less costs of disposal or value-in-use calculations, which incorporate
a number of key estimates and assumptions.
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
either the Binomial or Black-Scholes model taking into account the terms and conditions upon which the
instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based
payments would have no impact on the carrying amounts of assets and liabilities within the next annual
reporting period but may impact profit or loss and equity. Refer to note 15 for further information.
Coronavirus (COVID-19) pandemic:
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has had,
or may have, on the consolidated entity based on known information. This consideration extends to the nature
of the products and services offered, customers, supply chain, staffing and geographic regions in which the
consolidated entity operates. Other than as addressed in specific notes, there does not currently appear to be
either any significant impact upon the financial statements or any significant uncertainties with respect to events
or conditions which may impact the consolidated entity unfavourably as at the reporting date or subsequently
as a result of the Coronavirus (COVID-19) pandemic.
2. REVENUE
Interest
Tenement bond refund
Changes in fair value of financial assets
TOTAL REVENUE FROM CONTINUING OPERATIONS
3. ADMINISTRATIVE EXPENSES
Wages and salaries
Consultants’ fees
Compliance and legal fees
Other administrative expenses
TOTAL ADMINISTRATIVE EXPENSES
4.
IMPAIRMENT AND EXPLORATION CHARGES
Impairment charges
Exploration costs
TOTAL IMPAIRMENT and EXPLORATION CHARGES
2021
$
6,370
8,203
89,036
103,609
2021
$
103,776
170,448
97,633
105,306
477,163
2021
$
-
-
-
2020
$
36
-
-
36
2020
$
162,718
137,744
44,790
145,554
490,806
2020
$
-
3,856
3,856
37| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5.
INCOME TAX BENEFIT
(a) Tax benefit
Current tax benefit
Deferred tax benefit
Income tax benefit
2021
$
-
-
-
2020
$
-
-
-
A reconciliation of the income tax expense (benefit) applicable to the accounting loss before income tax at the
statutory income tax rate to income tax expense at the Company’s effective income tax rate for the years ended
30 June 2021 and 2020 is as follows:
Accounting loss before income tax
Income tax using corporate rate of 26%
(2020: 27.5%)
Increase in income tax expense due to:
Non-deductible expenses
Tax losses and other timing differences not
brought to the account
INCOME TAX BENEFIT
6. DEFERRED TAX ASSETS
Deferred tax assets – not recognised
Deferred tax assets arising from tax losses
calculated at 25% (2020: 27.5%):
Tax losses
Capital losses
Timing differences
Exploration expenditure
2021
$
2020
$
(1,059,869)
(494,626)
(275,566)
(136,023)
293,646
(18,080)
-
2021
$
2,653,612
290,011
151,867
(612,890)
2,482,600
136,023
-
-
2020
$
3,241,345
474,309
-
-
3,715,654
38| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
7.
LOSS PER SHARE
The calculation of basic loss and diluted earnings per share at 30 June 2021 was based on the loss attributable
to ordinary shareholders of $1,059,866 (2020: $494,626) and the weighted average number of ordinary shares
outstanding during the financial year ended 30 June 2021 of 311,142,925 (2020: 97,744,333), calculated as
follows:
Basic and diluted loss per share
Weighted average number of ordinary shares used in
calculating basic EPS:
Fully paid ordinary shares
8. TRADE AND OTHER RECEIVABLES
Current
(no
debtors
provision
Sundry
impairment required) see note (a) below
Prepaid share issue costs (see note (b)
below)
for
2021
Cents
(0.34)
2020
Cents
(0.51)
2021
No of shares
2020
No of shares
311,142,925
97,744,333
2021
$
130,394
-
130,394
2020
$
31,683
101,058
132,741
(a)
Included in sundry debtors are Goods and Services Tax (GST) credits owed and security deposits.
(b) Such amounts relate to services rendered in relation to the Company’s non-renounceable Entitlement Offer
completed in August 2020.
9. OTHER ASSET
Current
Prepayments
2021
$
50,643
50,643
2020
$
32,475
32,475
39| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
10. EXPLORATION AND EVALUATION EXPENDITURE
Note
2021
$
2020
$
Current
Right to receive an interest in the Gold Basin
project
Non-Current
Exploration and evaluation phase costs
carried forward at cost:
(a) Movements in carrying amounts
Carrying amount at beginning of year
Acquisition of Knox Resources Limited
project
Exploration costs capitalised
Carrying amount at end of year
-
1,175,018
3,476,370
1,526,878
1,526,878
-
1,949,492
3,476,370
1,023,954
400,903*
102,021
1,526,878
The expenditure above relates principally to the exploration and evaluation phase. The ultimate recoupment of
this expenditure is dependent upon the successful development and commercial exploitation, or alternatively,
sale of the respective areas of interest, at amounts at least equal to book value.
*Acquisition of Knox Resources Limited
This relates to the 80% investment made in Knox Resources Pty Ltd during FY 2020, which owns an Iron Oxide
Copper-Gold exploration licences in the Georgina Basin (Northern Territory – Australia). In August 2020, the
Company acquired the additional 20% in Knox Resources Pty Ltd, and as at the date of this report, now holds
100% of the issued capital in Knox Resources Pty Ltd.
11. TRADE AND OTHER CREDITORS
Current
Trade creditors and accruals (note (a))
2021
$
308,906
308,906
2020
$
604,032
604,032
(a)
Included in trade and other creditors are accrued directors’ and related party fees of $10,000 (2020:
$335,635), other accruals of $53,445 (2020: $40,500) and third-party trade creditors as well as payroll
liabilities of $245,461 (2020: $227,897).
40| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
12. ISSUED CAPITAL
Issued capital movement
Balance at beginning of year
Transfer from Reserves
Share placement March 2020 (less costs)
Share placement – June 2020 (less costs)
Knox Resources – June 2020 (less costs)
Issued 28 July 2020
Issued 10 August 2020
Issued 11 August 2020
Issued 11 August 2020
Issued 1 December 2020
Issued 22 March 2021
Issued 26 April 2021
Issued 30 April 2021
Issued 15 June 2021
Less: capital raising costs
As at 30 June 2021
a) Ordinary shares fully paid
Number of
shares
116,694,196
-
-
-
-
112,831,902
4,166,667
2,368,421
34,784,178
70,584,240
34,615,222
1,000,000
15,900,000
1,000,000
-
393,944,826
2021
$
13,289,480
154,400
-
-
-
2,143,806
125,000
101,842
660,899
1,341,101
4,499,989
50,000
3,180,000
50,000
(1,163,821)
24,432,696
2020
$
12,746,247
23,945
162,554
13,047
343,687
-
-
-
-
-
-
-
-
-
-
13,289,480
Ordinary shares participate in dividends and are entitled to one vote per share at shareholders meetings. In the
event of winding up the Company, ordinary shareholders rank after creditors and are entitled to any proceeds of
liquidation in proportion to the number of shares held.
b) Capital management
Management controls the capital of the Company to maintain a good debt to equity ratio, provide the
shareholders with adequate returns and ensure that the company can fund its operations and continue as a going
concern. The Company’s debt and capital includes ordinary share capital and financial liabilities, supported by
financial assets. There are no externally imposed capital requirements. Management effectively manages the
Company’s capital by assessing its financial risks and adjusting its capital structure in response to changes in these
risks and in the market. These responses include the management of debt levels, distributions to shareholders
and share issues.
There have been no changes in the strategy adopted by management to control the capital of the Company since
the prior year.
41| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
13. RESERVES
Options Reserve (a)
Share Based Payments Reserve (b)
(a) Options Reserve
Balance at the beginning of the year
Issue of 2,000,000 options exercisable at
$0.05 expiring 1 December 2023
Issue of 4,000,000 options exercisable at
$0.35 expiring 29 April 2023
Transfer to Issued Capital (Note 12)
Balance at the end of the year
(b) Share Based Payments Reserve
Balance at the beginning of the year
Equity settled employee payments expense
(refer note 15 (iii))
Balance at the end of the year
2021
$
304,000
1,121,451
1,425,451
-
154,400
304,000
(154,400)
304,000
-
1,121,451
1,121,451
(c) Movement in options
Balance at the beginning of the year
Options issued expiring 1 December 2023 at $0.05 (GRVAA)
Options issued expiring 30 April 2023 at $0.35 (GRVAO)
Options exercised and transferred to contributed equity (GRVAA)
Balance at the end of the year
(d) Movement in performance rights
Balance at the beginning of the year
Class 1 Performance rights issued 23 March 2021 and expiring 22 March 2024
Balance at the end of the year
2020
$
-
-
23,945
-
-
(23,945)
-
-
-
-
-
2,000,000
4,000,000
(2,000,000)
4,000,000
-
15,000,000
15,000,000
42| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
14. SHARE-BASED PAYMENTS
(i)
On 1 December 2020, the Company issued 2,000,000 unlisted options (GRVAA) to acquire shares
at $0.05 per share. The options were issued free and were issued to the underwriters of the
entitlements issue completed in August 2020 as part of the underwriter’s fee arrangements The
options were valued at $0.06176 per option. This value was calculated using the Black Scholes
option pricing model applying the following inputs:
Exercise Price
Share price on grant date
Life of option (years)
Expiry date
Expected share price volatility
Risk-free interest rate
$0.05
$0.088
3
1 December 2023
133%
0.17%
(ii)
On 30 April 2021, the Company issued 4,000,000 unlisted options (GRVAO) to acquire shares in the
Company at $0.35 per share. The options were issued free and were issued to the brokers of the
institutional placement undertaken in April 2021 as part of their fee arrangements. The Options
were valued at $0.076 per option. This value was calculated using the Black Scholes option pricing
model applying the following inputs:
Exercise Price
Share price on grant date
Life of option (years)
Expiry date
Expected share price volatility
Risk-free interest rate
$0.35
$0.225
2
30 April 2023
86%
0.07%
43| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
14. SHARE-BASED PAYMENTS (CONTINUED)
(iii)
On 23 March 2021, the Company issued 15,000,000 Class 1 Performance rights. The performance
and vesting conditions for the Performance Rights are as follows:
Class
Number Market Vesting conditions
1A
5,000,000
The Company’s share price achieving a 30-day volume weighted average price
(VWAP) greater than $0.20 per share at any time subsequent to the grant
1B
5,000,000
The Company’s share price achieving a 30-day volume weighted average price
(VWAP) greater than $0.30 per share at any time subsequent to the grant
1C
5,000,000
The Company’s share price achieving a 30-day volume weighted average price
(VWAP) greater than $0.40 per share at any time subsequent to the grant
Further to the above market vesting conditions, the terms and conditions of the Performance Rights stipulate a
non-market vesting condition relating to the holder remaining engaged with the Company as a Director or
employee for a continuous period of 12 months from date of appointment.
These were independently valued using a Monte Carlo simulation model and were based on the following inputs:
Share price at grant date
Exercise price
$0.175
nil
Share price target Class 1A
30-day VWAP greater than $0.20
Share price target Class 1B
30-day VWAP greater than $0.30
Share price target Class 1C
30-day VWAP greater than $0.40
Term
Performance measurement and time vesting
periods
3 years for all tranches
3 years for all tranches
Volatility
Risk free rate
Dividend yield
Exercise multiple
110%
0.10%
Nil
2.8 times
44| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
14. SHARE-BASED PAYMENTS (CONTINUED)
The values of the Performance Rights by class based on each milestone (before any non-market vesting
adjustments) were:
Class
Number
Value per
instrument
$
1A
1B
1C
Total
5,000,000
0.1329
5,000,000
0.1283
5,000,000
0.1157
Total Value
$
664,500
641,500
578,500
1,884,500
As the values are expensed over the term of the vesting period (from 23 March 2021 to 6 September 2021), the
amount expensed for the financial year ended 30 June 2021 is $1,121,451 and an amount of $763,049 will be
expensed in the financial year ending 30 June 2022.
15. FINANCIAL RISK MANAGEMENT
a) Financial risk management policies
The Group’s financial instruments consist mainly of deposits with banks. The Group does not use derivative
financial instruments to hedge exposure to financial risks.
I.
Treasury risk management
There have been no changes in the Group’s approach to capital management during the year. The
Group is not subject to any externally imposed capital requirements.
II.
Other market price risk
Equity price risk arises from available-for-sale equity securities. Management monitors the securities
in its investment portfolio based on market indices. Material investments within the portfolio are
managed on an individual basis and any buy or sell decisions are approved by the Board.
III.
Capital management
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market
confidence and to sustain future developments of the business.
IV.
Financial risk exposures and management
The main risks the Group is exposed to through its financial instruments are interest rate risk, liquidity
risk, credit risk and price risk.
Interest rate risk
The Group does not enter into interest rate swaps, forward rate agreements or interest rate options to
manage cash flow risks associated with interest rates on borrowings that are floating, or to alter interest
rate exposures arising from mismatches in repricing dates between assets and liabilities.
45| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
15. FINANCIAL RISK MANAGEMENT (CONTINUED)
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
The Group manages liquidity risk by monitoring forecast cash flows and ensuring that access to
adequate funding is maintained.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the consolidated entity. The consolidated entity has no customers and exposure to
credit risk. The consolidated entity does not hold any collateral.
The consolidated entity has no credit risk exposure with any one party.
Price risk
The Group is exposed to commodity price risk through its interests to the Alpha mining lease. Changes
in market price for oil impact the economic viability of the mining leases. The Group has not entered
into any hedges in relation to these commodities. It is not possible to quantify the effect on profit or
equity of any change in commodity prices.
Financial Instruments
I.
Financial instrument composition and maturity analysis
The tables below reflect the undiscounted contractual settlement terms for financial instruments of a
fixed period of maturity.
30 June 2021
Financial Assets
Cash and cash equivalents
Trade and other receivables
Financial Liabilities
Trade and other payables
30 June 2020
Financial Assets
Cash and cash equivalents
Financial Liabilities
Trade and other payables
Long-term payables
II.
Fair values
Effective
Interest Rate
2021
%
Carrying
Amount
2021
$
Contractual
Cash Flows
2021
$
0.2%
-
9,854,270
130,394
-
308,906
-
-
-
Effective
Interest Rate
2020
%
Carrying
Amount
2020
$
Contractual
Cash Flows
2020
$
1.50
89,636
-
-
604,032
-
-
-
-
Within
1 Year
2021
$
9,854,270
130,394
308,906
Within
1 Year
2020
$
89,636
604,032
-
1 to 5
Years
2021
$
-
-
-
1 to 5
Years
2020
$
-
-
-
The methods of estimating fair value are outlined in the relevant notes to the financial statements. All
financial assets and liabilities recognised in the statement of financial position, whether they are carried
at cost or fair value, are recognised at amounts that represent a reasonable approximation of fair values
unless otherwise stated in the applicable notes.
46| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
16. CONTROLLED ENTITES
Name
Principal Activity
Country of
Incorporation
Share
Class
Ownership Interest
2021
2020
Unlisted Companies
Greenvale Gold Pty Limited
Investment
Australia
`
Ordinary
100.00%
100.00%
Knox Resources Limited
Mineral exploration
Australia
Ordinary
100.00%
80.00%
Alpha Resources Pty Ltd
Greenvale Gold Basin Pty
Limited
*Greenvale
Holdings Inc.
*Greenvale
Investments LLC
Basin
Basin
Gold
Gold
Dormant
Dormant
*Greenvale Tenement Co LLC
Dormant
Mineral exploration
Australia
Ordinary
99.99%
99.99%
Mineral exploration
Australia
Ordinary
USA
USA
USA
Ordinary
Ordinary
Ordinary
-
-
-
-
50.01%
50.01%
50.01%
50.01%
* Such entities were incorporated for the purpose of establishing the Greenvale Gold Basin Pty Limited joint
venture. Such entities have not traded since incorporation and were disposed of during the financial year via the
sale of Greenvale Gold Basin Pty Limited (refer Note 26).
47| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
17. CASH FLOW INFORMATION
(a) Reconciliation of cash flows from operations with
profit after income tax
(Loss) after income tax
Non cash flows in operating activities:
Exploration related expenditure
Depreciation
Share based payments expense
Surplus on disposal of subsidiary company
Operating expenses settled by way of share issues
-
-
-
-
-
2021
$
2020
$
(1,059,866)
(494,626)
-
122
1,121,451
(1,036,811)
240,095
659
-
-
-
-
Changes in assets and liabilities:
-
-
-
(Decrease)/Increase in trade payables
(467,041)
307,294
Decrease/(Increase)
in
trade
and other
receivables
Decrease/(Increase) in other assets
(96,473)
(18,168)
(112,777)
(6,444)
NET CASH USED IN OPERATING ACTIVITIES
(1,316,691)
(305,894)
(b) Reconciliation of cash and cash equivalents
Cash at bank
9,854,270
89,636
18. KEY MANAGEMENT PERSONNEL COMPENSATION
Refer to the remuneration report contained in the directors’ report for details of the remuneration paid or
payable to each member of the Group’s key management personnel (KMP) for the year ended 30 June 2021.
The totals of remuneration paid to KMP of the company and the Group during the year are as follows:
The key management personnel compensation is as
follows:
Short-term employee benefits
Other long-term benefits
Share-based payments
2021
$
616,297
10,846
1,121,451
1,748,594
2020
$
245,218
-
-
245,218
Information regarding individual directors’ compensation is provided in the remuneration report section of the
directors’ report. Apart from the details disclosed in this note, no director has entered into a material contract
with the Company during the year and there were no material contracts involving directors’ interests existing at
year end.
48| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
19. KEY MANAGEMENT PERSONNEL COMPENSATION (CONTINUED)
Short-term employee benefits
These amounts include fees and benefits paid to the non-executive chair and non-executive directors as well as
fees, fringe benefits and cash bonuses awarded to the executive director and other KMP.
Post-employment benefits
These amounts are the current years’ estimated cost of providing for the Group’s superannuation contributions
made during the year.
Further information in relation to KMP remuneration can be found in the directors’ report.
20. RELATED PARTY AND KEY MANAGEMENT PERSONNEL TRANSACTIONS
The terms and conditions of related party and key management personnel transactions are no more favourable
than those available, or which might reasonably be expected to be available, on similar transactions to unrelated
entities on an arm’s length basis. Transactions with related parties and key management personnel are
summarised in the table below:
Key management person
Transaction
Description
Transaction Value
Year ended 30 June
Balance outstanding
As at 30 June
2021
$
2020
$
2021
$
2020
$
Mr. Leibowitz and Mr.
Biddle are directors of
Bardoc Gold Limited
Rentals
office
and
support services paid to
Bardoc Gold Limited.
14,920
Kalonda Pty Ltd (company
with Mr.
associated
Leibowitz)
Hatched Creek Pty Ltd
(company associated with
Mr. Biddle)
Mining
Limited
associated
Khouri)
Investments
(company
with Mr.
Gemell Mining Services Pty
Ltd (company associated
with Mr.Gemell)
Pty
Fontanalice
Ltd
(company associated with
Mr. Gosse)
Director’s fees
97,667
Director’s fees
60,000
Director’s fees
204,000
54,000
Director’s fees
6,700
36,000
Director’s fees
-
11,170
49| G R V – Annual R e p o r t 2 0 2 1
-
-
-
-
10,000
-
-
-
-
-
-
-
-
-
-
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
20. RELATED PARTY AND KEY MANAGEMENT PERSONNEL TRANSACTIONS (CONTINUED)
Key management person
Transaction
Description
Transaction Value
Year ended 30 June
Balance outstanding
As at 30 June
2021
$
2020
$
2021
$
2020
$
Allied Resource Holdings
Ltd (company associated
with Mr. Dibb)
OB Capital Ltd (company
associated with Mr.
Shamieh)
Vince Fayad & Associates
Pty Ltd (company
associated with Mr. Fayad)
Vince Fayad & Associates
Pty Ltd (company
associated with Mr Fayad)
Alan Boys & Associates Pty
Ltd (company associated
with Mr. Alan Boys)
Director’s fees
Director’s fees
Director’s fees
-
-
24,774
24,774
Company secretarial
and accounting
services
Provision of services of
Alan Boys and staff to
provide Accounting
and Company
Secretarial services
158,700
12,000
20,625
82,500
82,500
-
-
-
-
-
-
-
-
-
55,000
-
21. CONTINGENT LIABILITIES
There have been no material changes in contingent liabilities since the last reporting date.
50| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
22. COMMITMENTS FOR EXPENDITURE
Mineral Tenements
In order to maintain the mineral tenements in which the company and other parties are involved, the Company’s
100% subsidiary Knox Resources Ltd as well as its 99.99% subsidiary Alpha Resources Pty Ltd are committed to
fulfil the minimum annual expenditure conditions for their licences under which the tenements are granted. The
minimum estimated expenditure requirements in accordance with the requirements of the Northern Territory
Department of Industry, Tourism and Trade, as well as the Queensland Department of Natural Resources and
Mines, are as follows.
Payable:
-
-
no later than 1 year
between 1 year and 5 years
Consolidated
2021
$
733,100
3,442,055
4,175,155
2020
$
1,179,400
784,300
1,963,700
These requirements are expected to be fulfilled in the normal course of operations and may be varied from time
to time subject to approval by the grantor of titles. The estimated expenditure represents potential expenditure
which may be avoided by relinquishment of tenure. Exploration expenditure commitments beyond twelve
months cannot be reliably determined and represent the best estimate of the expenditure requirements on the
understanding that the licenses continue to be held.
23. AUDITORS’ REMUNERATION
Auditing and reviewing financial reports
Non-audit services – tax compliance
The auditor of the financial statements is RSM Australia Partners.
2021
$
32,820
-
32,820
2020
$
31,850
-
31,850
51| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
24. SEGMENT REPORTING
Identification of Reportable Segments
The Company has identified its operating segments based on the internal reports that are reviewed and used by
the Board of Directors (chief operating decision makers) in assessing performance and determining the
allocation of resources. The Company is managed on the basis of its development and exploration of the group’s
mineral interests in the geographical regions of Queensland and Northern Territory, and its corporate activities
in Australia.
Segment Performance – June 2021
Revenue
Interest revenue
Other income
Total Group revenue
Segment profit/(loss)
Administrative expenses
Director emoluments
Share based payments expense
Profit from discontinued operations
Total Group profit/(loss)
Segment assets
Cash and cash equivalents
Exploration and evaluation expenditure
Trade and other receivables
Plant and equipment
Other assets
Total Group assets
Segment liabilities
Trade and other payables
Total Group liabilities
Queensland
$
Northern
Territory
$
-
-
-
Corporate
Total
$
6,370
97,239
103,609
$
6,370
97,239
103,609
-
-
-
(2,192)
-
-
-
(2,192)
(9,596)
-
-
-
(9,596)
(465,375)
(601,672)
(1,121,451)
1,036,811
(1,048,078)
(477,163)
(601,672)
(1,121,451)
1,036,811
(1,059,866)
157,705
2,604,922
72,771
-
8,217
2,843,615
61,384
871,448
24,236
71,863
13,357
1,042,288
9,635,181
-
33,387
-
29,069
9,697,637
9,854,270
3,476,370
130,394
71,863
50,643
13,583,540
(165,107)
(165,107)
(52,048)
(52,048)
(91,751)
(91,751)
(308,906)
(308,906)
52| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
24. SEGMENT REPORTING (CONTINUED)
Segment Performance – June 2020
Queensland
Revenue
Interest revenue
Total Group revenue
Segment profit/(loss)
Administrative expenses
Exploration and impairment charges
Total Group profit/(loss)
Segment assets
Cash and cash equivalents
Exploration and evaluation expenditure
Trade and other receivables
Plant and equipment
Other assets
Advance on interest in mining claim
Total Group assets
Segment liabilities
Trade and other payables
Total Group liabilities
Northern
Territory
$
14
14
Corporate
Total
$
22
22
$
36
36
(1,100)
-
(1,086)
(489,706)
-
(489,684)
(490,806)
(3,856)
(494,626)
13,335
609,401
4,007
-
6,787
-
633,530
73,128
917,477*
127,810
-
23,973*
1,175,018*
2,317,406
89,636
1,526,878
132,741
660
32,475
1,175,018
2,957,408
$
-
-
-
(3,856)
(3,856)
3,173
-
924
660
1,715
-
6,472
(43,180)
(43,180)
(7,123)
(7,123)
(553,729)
(553,729)
(604,032)
(604,032)
* Includes Greenvale Gold Basin assets held in the USA as at 30 June 2020.
53| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
25. PARENT ENTITY DISCLOSURE
Current assets
Non-current assets
TOTAL ASSETS
Current liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
STATEMENT OF COMPREHENSIVE INCOME
Total Loss for the year
Total Comprehensive loss for the year
2021
$
9,697,636
2,817,869
12,515,505
91,750
91,750
2020
$
212,119
2,306,884
2,519,003
552,833
552,833
12,423,755
1,966,170
24,432,696
1,425,451
(13,434,392)
12,423,755
13,289,480
-
(11,323,310)
1,966,170
(2,111,082)
(2,111,082)
(374,655)
(374,655)
Greenvale Mining Limited does not as at 30 June 2021:
hold any deed of cross guarantee for the debts of its subsidiary company (2020: Nil);
have commitments for the acquisition of property, plant and equipment (2020: Nil); and
have contingent liabilities (2020: Nil).
54| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
26. DISCONTINUED OPERATIONS
Description
On 4 September 2020 the consolidated entity sold Greenvale Gold Basin Pty Ltd, a subsidiary of Greenvale
Mining Limited, for cash consideration of $1,000,000, share consideration of $630,000 and other consideration
of $1,587, being total consideration received of $1,631,587. This resulted in a profit on disposal after income tax
of $1,036,811.
Financial performance information
Total revenue
Total expenses
Loss before income tax expense
Income tax expense
Loss after income tax expense
Profit on disposal before income tax
Income tax expense
Profit on disposal after income tax expense
2021
$
-
-
-
-
-
1,036,811
-
1,036,811
Profit after income tax expense from discontinued operations
1,036,811
2020
$
-
(115,028)
(115,028)
-
(115,028)
-
-
-
-
Cash flow information
Net cash from operating activities
Net cash used in investing activities
2021
$
-
1,000
2020
$
(115,028)
-
Net increase in cash and cash equivalents from discontinued operations
1,000
(115,028)
Carrying amounts of assets and liabilities disposed
Exploration and evaluation
Total assets
Total liabilities
Net assets
2021
$
1,175,018
1,175,018
-
1,175,018
2020
$
-
-
-
-
55| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
26. DISCONTINUED OPERATIONS (CONTINUED)
Details of the disposal
Total sale consideration
Carrying amount of investment
Profit on disposal before income tax
Profit on disposal after income tax
27. SUBSEQUENT EVENTS
2021
$
1,631,587
(594,776)
1,036,811
1,036,811
2020
$
-
-
-
-
On 10 August 2021, the Company issued 3,000,000 Performance Rights with an expiry date of 3 August 2021.The
Performance rights expire on 3 August 2024.
On 13 August 2021 and 20 August 2021, 2,000,000 and 1,000,000 GRVAO options respectively with an expiry
date of 29 April 2023 and an exercise price of $0.35 were exercised resulting in the issue of a total of 3,000,000
ordinary shares, raising $1,050,000 before issue costs.
On 1 September 2021, Mr. Matthew Healy commenced employment as Chief Executive Officer of the Company.
On 7 September 2021, all vesting conditions were met with respect to 15,000,000 Class 1 Performance Rights
held by Mr. Neil Biddle, and were from that date fully vested.
Other than the above, there has not been any other matter or circumstance occurring subsequent to the end of
the financial year, that has significantly affected or may significantly affected or may significantly affect the
operations of the Group, the results of those operations, or state of affairs of the Group in future financial years.
Declaration
56| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The directors of the Company declare that:
a)
the financial statements and notes thereto are in accordance with the Corporations Act 2001 and:
i.
ii.
comply with Accounting Standards, which, as stated in accounting policy note 1 to the financial
statements, constitutes explicit and unreserved compliance with International Financial
Reporting Standards; and
give a true and fair view of the financial position as at 30 June 2021 and of the performance
for the year ended on that date of the Group;
b)
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; and
c)
the directors have been given the declarations required by s 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Board of Directors.
On behalf of the Directors:
Neil Biddle
Director
Perth, 29th September 2021
57| G R V – Annual R e p o r t 2 0 2 1
INDEPENDENT AUDITOR’S REPORT
To the Members of Greenvale Mining Limited and
its controlled subsidiaries
RSM Australia Partners
Level 13, 60 Castlereagh Street Sydney NSW 2000
GPO Box 5138 Sydney NSW 2001
T +61 (0) 2 8226 4500
F +61 (0) 2 8226 4501
www.rsm.com.au
Opinion
We have audited the financial report of Greenvale Mining 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 comprehensive income, the consolidated statement of changes in equity and the consolidated statement of
cash flows for the year then ended, and notes to the financial statements, including a summary of significant
accounting policies, and the directors' declaration.
In our opinion the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i) giving a true and fair view of the Group's financial position as at 30 June 2021 and of its financial
performance for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the
RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
Key Audit Matter
How our audit addressed this matter
Carrying value of capitalised exploration and evaluation
Refer to Note 10 in the financial statements
As disclosed in note 10, the Group held capitalized
exploration
of
evaluation
$3,476,3740 as at 30 June 2021 which represents a
significant asset of the Group.
expenditure
and
The carrying value of exploration and evaluation
assets is subjective based on Group’s ability, and
intention, to continue to explore the asset. The
carrying value may also be impacted by the mineral
reserves and resources may not be commercially
viable for extraction. This creates a risk that the
amounts stated in the financial statements may not
be recoverable.
Share-Based Payments
Refer to Note 14 in the financial statements.
During the year, the Group entered into the following
share-based payment arrangements:
- the issue of 2m unlisted options to the underwriter
as part of its fee arrangements for the entitlement
issuance of shares;
- the issue of 4m unlisted options to the brokers of
the institutional placement as part of their fee
arrangements;
- the issue of 15m performance rights to the
executive director.
have
Management
these
arrangements in accordance with AASB 2 Share-
Based Payments.
accounted
for
We consider this to be a key audit matter because
of:
- the complexity of the accounting required to value
the instruments;
Our audit procedures included the following:
Considering the Group’s right to explore in the
relevant exploration area which included obtaining
and assessing supporting documentation such as
obtaining independent searches of the company’s
tenement holdings
Considering the Group’s intention to carry out
significant exploration and evaluation activity in the
relevant exploration area which
included an
assessment of the Group's future cash flow
forecasts and enquired of management and the
Board of Directors as to the intentions and strategy
of the Group
Assessing recent exploration activity in a given
exploration license area to determine if there are
any negative indicators that would suggest a
potential impairment of the capitalized exploration
and evaluation expenditure
Assessing the commercial viability of results
relating to exploration and evaluation activities
carried out in the relevant license area
Assessing the ability to finance any planned future
exploration and evaluation activity.
Our audit procedures included, among others:
Reviewing
the
terms and conditions of
the
instruments issued;
Reviewing management's expert's valuation
their
report, giving due consideration
independence and capability;
to
Engaging an auditor's expert
the
valuation methodology and report produced, due to
the complexity of the valuation and the materiality
of the underlying balances;
to review
Reviewing the valuation methodology to ensure it
is in compliance with AASB 2;
Verifying
the mathematical accuracy of
the
underlying model;
Testing the inputs to the valuation model for
reasonableness by critically evaluating the key
assumptions used, considering the market, the
grant-date share price and current-date share
price, the expected volatility in the share price, the
- the judgmental nature of inputs into the valuation
models, including the likelihood of vesting conditions
the appropriate valuation
being met, and
methodology to apply;
- the variety of conditions associated with each
instrument;
- the non-routine nature of the transactions;
- management engaged a third party as expert for
the valuation process.
vesting period, and the number of instruments
expected to vest;
Recalculating
the value of
the share-based
payment expense to be recognised and the
reserve balance, for accuracy, factoring in any
cancellations, modifications, expiry, or vesting; and
Reviewing
the adequacy of
relevant
disclosures, including the disclosures in respect of
judgments made, in the financial statements.
the
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the Group's annual report for the year ended 30 June 2021, but does not include the financial report and the
auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal
control as the directors determine is necessary to enable the preparation of the financial report that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar2.pdf.
This description forms part of our auditor's report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 19 to 26 of the directors' report for the year ended
30 June 2021.
In our opinion, the Remuneration Report of Greenvale Mining 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.
David Talbot
RSM Australia Partners
Sydney NSW
29 September 2021
GREENVALE MINING LIMITED
(PREVIOUSLY GREENVALE ENERGY LIMITED)
A.B.N. 54 000 743 555
ADDITIONAL STATUTORY INFORMATION
Additional information included in accordance with the Listing Rules of the Australian Securities Exchange
Limited. The information is current as at 23 September 2021.
Quotation
Listed securities in Greenvale Mining Limited are quoted on the Australian Securities Exchange under
ASX code GRV (Fully Paid Ordinary Shares).
Class of Shares and Voting Rights
There are 1,937 holders of 396,997,168 ordinary fully paid shares of the Company. The voting rights
attaching to the ordinary shares are in accordance with the Company’s Constitution being that:
(a) each shareholder entitled to vote may vote in person or by proxy, attorney or Representative
(b) on a show of hands, every person present who is a Shareholder or a proxy, attorney
representative of a shareholder has one vote; and,
(c) on a poll, every person present who is a shareholder or a proxy, attorney or representative of a
shareholder shall, in respect of each fully paid share held by them, or in respect of which they are
appointed a proxy, attorney or representative, have one vote for each share held.
There are no voting rights attached to the options or rights in the Company. There are no restricted
securities or securities subject to ASX or voluntary escrow. There is no current on-market buy-back.
Substantial Shareholders
The names of the substantial shareholders listed on the Companies register as at 23 September 2021
are:
Biddle Partners Pty Ltd
Registered address is PO Box 216, North Fremantle WA 6159
Holder of: 27,997,080 fully paid shares
Latest notice received: 2 December 2020
Mining Investments Limited
Registered address is PO Box 87, Byblos, Lebanon
Holder of: 22,460,968 fully paid shares
Latest notice received: 22 March 2021
Gun Capital Management Pty Ltd
Registered address is PO Box 405, Newport VIC 3015
Holder of: 19,418,821 fully paid shares
Latest notice received: 22 March 2021
Kalonda Pty Ltd
Registered Address is PO Box 199, Bondi Junction NSW 1355
Holder of: 14,800,000 fully paid shares
Latest notice received: 17 August 2020
59| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
(PREVIOUSLY GREENVALE ENERGY LIMITED)
A.B.N. 54 000 743 555
ADDITIONAL STATUTORY INFORMATION
Distribution of Share and Option Holders
(a) Fully Paid Ordinary Shares
Size of Holding
1-1,000
1,001-5,000
5,001-10,000
10,001-100,000
100,001 and over
Total
Total Holders
89
434
296
773
345
1,937
Units
40,883
1,205,372
2,401,801
28,913,604
364,435,508
396,997,168
%
0.01
0.3
0.61
7.28
91.8
100%
(b) Options Class GRVAO unlisted options with exercise price of $0.35 and expiry 30/4/23
Size of Holding
100,001 over
Total
Total Holders
1
1
Units
1,000,000
1,000,000
%
100%
100%
(c) The number of shareholders holding an unmarketable parcel is 119.
Twenty Largest Shareholders
The twenty largest shareholders at 23 September 2021 were:
NAME OF ORDINARY SHAREHOLDER
No. Of
ORDINARY
SHARES
% SHARES
HELD
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
BIDDLE PARTNERS PTY LTD
KALONDA PTY LTD
GUN CAPITAL MANAGEMENT PTY LTD
1
2
3
4
5 MR ALEX JORDAN
GOTHA STREET CAPITAL PTY LTD
6
7
STARBLEND NOMINEES PTY LTD
8 MINING INVESTMENTS LIMITED
9 MOMENTUM NORTH PTY LTD
10 MR JOHN ALEXANDER YOUNG & MRS CHERYL KAYE YOUNG
11 MR SCOTT DOUGLAS AMOS & MRS KAREN ELIZABETH AMOS
12 DONNYBROOK SUPERANNUATION FUND PTY LTD
13
14 COOPS SUPER PTY LTD
15 MR BENJAMIN GORDON PRICE
16 CHURCH STREET TRUSTEES LIMITED
17 MR FLOYD BARRY AQUINO
18
19 WISHART SUPER CORP PTY LTD
20
STEVE COOPER & ASSOCIATES PTY LTD
STARCHASER NOMINEES PTY LTD
1 PLUS 4 PTY LTD
32,572,458
27,889,387
20,581,172
19,418,821
10,700,000
10,000,000
7,481,315
7,460,968
6,750,000
6,447,570
6,259,307
5,000,000
4,515,000
4,499,000
4,330,000
4,003,158
3,700,000
3,514,317
3,507,946
3,482,307
192,112,726
8.20
7.03
5.18
4.89
2.70
2.52
1.88
1.88
1.70
1.62
1.58
1.26
1.14
1.13
1.09
1.01
0.93
0.89
0.88
0.88
48.39
Total
60| G R V – Annual R e p o r t 2 0 2 1
GREENVALE MINING LIMITED
(PREVIOUSLY GREENVALE ENERGY LIMITED)
A.B.N. 54 000 743 555
ADDITIONAL STATUTORY INFORMATION
Unquoted Securities
(a) Options
Expiry Date
30/4/2023
Exercise Price
$0.35
Quantity
1,000,000
Number of Holders
1
(b) Performance Rights
Expiry Date
22/3/2024
4/8/2024
Class
1
3
Quantity
15,000,000
3,000,000
Number of Holders
1
2
Company Secretary
The name of the Company Secretary is Alan Boys.
Principal Registered Office
The address of the principal registered office in Australia is:
130 Stirling Highway
North Fremantle WA 6159
Telephone: +618 6215 0372
Register of Securities
Link Market Services
Level 12, 680 George Street
Sydney NSW 2000
Telephone: +612 82807111
Schedule of Tenements
Alpha Project, Queensland
Tenement
MDL 330
EPM27718
%age Ownership
100%
100%
Owned by
Alpha Resources Pty Ltd
Alpha Resources Pty Ltd
Georgina Basin Project, Northern Territory
%age Ownership
100%
100%
100%
100%
100%
100%
Tenement
EL 32281
EL 32282
EL 32283
EL 32285
EL 32286
EL 32289
Owned by
Knox Resources Pty Ltd
Knox Resources Pty Ltd
Knox Resources Pty Ltd
Knox Resources Pty Ltd
Knox Resources Pty Ltd
Knox Resources Pty Ltd
Georgina Basin Project, Northern Territory- Under Application
Tenement
EL 32280
EL 32284
%age Ownership
interest of applicant
100%
100%
Applicant
Knox Resources Pty Ltd
Knox Resources Pty Ltd
61| G R V – Annual R e p o r t 2 0 2 1