Resources Limited
Resources Limited
Level 2, 9 Havelock St, West Perth WA 6005, Australia
PO Box 1033 I West Perth WA 6872, Australia
P +61 8 9321 7550 I F +61 8 9321 7950
E enquiry@jindalee.net I W www.@jindalee.net
ABN 52 064 121 133
ANNUAL REPORT 2019 C O R P O R A T E D I R E C T O R Y
Board and Management
Justin Mannolini
Pip Darvall
Lindsay Dudfield
Patricia (Trish) Farr
Non-Executive Chairman
Managing Director
Executive Director
Executive Director/Company Secretary1
Registered Office & Principal Place of Business
Level 2
9 Havelock Street
West Perth, WA 6005
Telephone: +61 (8) 9321 7550
Facsimile: +61 (8) 9321 7950
Email: enquiry@jindalee.net
Web: www.jindalee.net
Auditors
BDO Audit (WA) Pty Ltd
38 Station Street
Subiaco, WA 6008
Legal Advisors
House Legal
86 First Avenue
Mount Lawley, WA 6050
Share Registry
Advanced Share Registry
110 Stirling Highway
Nedlands, WA 6000
Telephone: +61 (8) 9389 8033
Facsimile: +61 (8) 9262 3723
Securities Exchange Listing
The Company is listed on the Australian Securities Exchange Ltd (“ASX”)
Home Exchange: Perth, Western Australia
ASX Code: JRL
Front Cover
McDermitt Project, Oregon USA
1 Greg Ledger resigned as Joint Company Secretary on 27 August 2019.
C O N T E N T S
CHAIRMAN'S’ REPORT
REVIEW OF ACTIVITIES
DIRECTORS' REPORT
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF CASH FLOWS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DIRECTORS’ DECLARATION
AUDITOR’S INDEPENDENCE DECLARATION
INDEPENDENT AUDITOR’S REPORT
ADDITIONAL INFORMATION
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C H A I R M A N ’ S R E P O R T
I am pleased to present the Chairman’s Report for
Jindalee Resources Limited for 2019.
The past financial year saw a step change in the
market’s recognition of the capability of the Company
as a generator of projects which have the potential to
increase shareholder value through targeted and efficient
exploration and development activity.
Assisted by global monetary policy easing, the market
reached new highs in 2019, but the positive tailwinds
have so far proven elusive for most junior exploration
companies. Investors’ focus has continued to be on more
mature companies with relatively stable earnings profiles
and conservative balance sheets. The recent exception
has been the gold sector, which has continued to benefit
from a “perfect storm” of supportive conditions for the
yellow metal: cheap money, geo-political uncertainty, and
continued demand for so-called safe haven assets.
Much of the hype over the “battery metals” of nickel,
lithium, graphite and cobalt, which dominated the
speculative end of the market in 2018, has now
evaporated, with realised prices for lithium units
declining globally.
However, notwithstanding these recent market dynamics,
the Board considers that the macro trend towards a
low-carbon economy, particularly the electrification
of transportation, remains largely intact, and over the
medium to long term, prices for the battery metals are
likely to continue to be robust, if not immune to the usual
cyclical factors.
It is this belief in the underlying industrial thesis for
battery metals which has provided the Board with the
confidence to continue to invest in the development of
our lithium assets in the US. In the past financial year,
we completed a maiden drilling programme at the
McDermitt Project, and received positive results from
initial metallurgical test work. Post financial year end,
we commenced follow-up drilling at McDermitt, with the
objective of producing a maiden resource estimate by the
end of 2019, and assays are awaited.
We have been gratified to see increasing market interest
in the potential of lithium sediments to yield economic
sources of feedstock for the production of lithium salts
(carbonate and hydroxide). The US Government’s
continued and vocal rhetoric around the need for
resource security, coupled with heightened trade tensions
with China (which show no signs of abating), provide a
favourable backdrop for the Company’s lithium strategy.
This has also translated into increased demand for
Jindalee’s shares, and a 40% increase in the market
capitalisation of the company over the 12 months to 30
June 2019.
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The benefits of Jindalee’s diverse portfolio of tenements
has also been demonstrated in the recent resurgence
of interest in nickel: this time as a key component of
battery manufacturing, rather than steel hardening.
BHP’s decision to reinvest in the future of the Nickel West
operations has provided a much-needed fillip to the local
industry.
With this in mind, we have continued, through a
combination of acquisitions and opportunistic disposals,
to consolidate our tenement portfolio, with a particular
focus on optimising our position in the Widgiemooltha
region of Western Australia. Jindalee now has one of the
largest landholdings in the region, which is prospective
for a range of minerals including gold, nickel and lithium,
and we are actively considering means to leverage this
position for the maximum advantage of our shareholders.
We have continued to monetise our interests in non-core
assets where they are better suited to development by
third parties, electing, where possible, to retain a direct
interest in the project. A case in point is the previously
announced transaction with SilverStream, which may see
a package of royalty interests vended for consideration of
up to $500,000.
This approach has assisted us to mitigate cash outflows
and minimise the need for fresh capital at a time when
this can be hard to come by for junior explorers. Having
said this, we are conscious of the need to ensure that
the Company is adequately resourced to pursue its
objectives and after financial year end announced a non-
renounceable entitlement offer to raise approximately
$1M. We were pleased to be able to provide shareholders
with an opportunity to top up their existing holdings, as
well as welcome a number of new shareholders to the
register through strategic placement of the shortfall.
Once again I would like to thank key management team
members Pip Darvall, Lindsay Dudfield and Trish Farr
for their hard work and focus over the past year, and Mr
Greg Ledger, who after 17 years of service as sole and
later Joint Company Secretary, has recently stepped
down from that role. As always, we are indebted to our
loyal and patient shareholder base. With our US Lithium
assets poised for a substantial step forward in the current
financial year, we are hopeful of providing shareholders
with material rewards for that loyalty.
Justin Mannolini
Non-Executive Chairman
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R E V I E W O F A C T I V I T I E S
Since listing in July 2002 Jindalee has been successful
in creating wealth for our shareholders using a
disciplined approach to mineral exploration. Our
preference to build assets from scratch rather than
purchase has paid dividends (literally!) and we believe
we are setting ourselves up for further success with the
continued growth in value of our key US Lithium and
Widgiemooltha projects discussed below.
Jindalee provides shareholders with direct exposure to
a range of commodities on our own projects including
gold, nickel, lithium, magnesite, diamonds and iron ore
(Figure 1), with additional exposures via our investee
companies. Jindalee’s strong balance sheet (around
$3.2 million in cash and shares at 30 June 2019)
places the Company in a position to add value to the
projects already in our portfolio and to acquire further
opportunities that may present.
In the 2019 Financial Year we added to our existing
ground position in the USA, and in the Widgiemooltha
area of Western Australia. At the same time additional
prospective ground was pegged in Western Australia to
create a project pipeline that will either be added to or
traded.
Jindalee was attracted to the projects by several factors:
(cid:121)
(cid:121)
(cid:121)
the mineralisation style has the potential for large
scale, long life sources of lithium that sit at the lower
end of the global cost curve;
the projects are located in a mining friendly
jurisdiction with significant domestic lithium demand
currently satisfied by imported material; and
there is the opportunity for Jindalee to rapidly
advance the projects through the exploration stage at
relatively low cost.
Excellent results from the initial drill program completed
at McDermitt in September 2018 underpinned a
significant exploration target3 and positive outcomes
from subsequent metallurgical test work4 have given
Jindalee the confidence to undertake follow up drilling
(underway at the time of writing5).
The Company has maintained a steady, incremental
approach to de-risking the McDermitt project at low cost,
progressing from surface sampling results, through initial
drill testing and metallurgical tests to the current drill
program to support the estimation of a maiden mineral
resource and update the existing exploration target
range. Each increment has built upon the knowledge
Figure 1. Jindalee’s major Australian Projects.
KEY ASSETS
US LITHIUM
In June 2018 Jindalee announced the acquisition of two
lithium sediment projects in the United States, at Clayton
North1 and McDermitt2 (Figure 2). These projects are
100% owned by HiTech Minerals Inc., a wholly owned,
US based subsidiary of Jindalee and were generated
by Jindalee after an extensive search across Nevada,
Arizona and Oregon.
Figure 2. Jindalee’s US Lithium Projects.
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R E V I E W O F A C T I V I T I E S
gained from the previous steps, and progress to date
has been excellent. We have established that the scale
of McDermitt is significant and that we can extract the
lithium using conventional means. Currently we are
focussed on defining these parameters in more detail and
to a higher level of confidence, with further significant
updates anticipated over the coming year.
Jindalee commenced acquiring ground in the district
three years ago, and over the last year has continued to
build on its substantial ground position, adding several
tenement applications during the period (Figure 3).
A district scale targeting study and review of historic
work has been completed, identifying a range of targets
for gold and nickel. These are currently the subject of
further work and data compilation. Available ground in
this highly prospective district is very limited and options
for realising the value in Jindalee’s tenement package
continue to be tested.
OTHER ASSETS
Prospect Ridge (magnesite)
(Jindalee 100%)
The Prospect Ridge Project comprises a single granted
Exploration Licence (EL5/2016) located 55km southwest
of Burnie in NW Tasmania (Figure 4). The project covers
the Arthur River and Lyons River magnesite deposits,
containing the third largest inventory of magnesite
Economic Demonstrated Resources in Australia (refer
www.ga.gov.au). The project has been explored by
companies including Mineral Holdings Australia, CRAE
(now Rio Tinto), TasMag, Crest Magnesium and most
recently by Beacon Hill Resources Plc.
Figure 3: Widgiemooltha Project tenements (as at 30
June 2019) over aeromagnetic imagery.
(Note some portions of the tenements are excised by
pre-existing mining and other leases.)
WIDGIEMOOLTHA PROJECT
The Widgiemooltha district has a long mining history
with numerous historic and currently operating gold,
nickel and rare metal mines. Despite this long history,
considerable exploration potential remains, with
significant new discoveries made recently including
Invincible (Au) by Gold Fields Limited; Baloo (Au) by S2
Resources, now held by Royal Nickel Corporation; Cassini
(Ni) by Mincor Resources NL, and Sinclair (Cs) by Pioneer
Resources Limited.
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Figure 4: Jindalee’s Prospect Ridge Project
over regional geology.
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R E V I E W O F A C T I V I T I E S
Since grant of the licence, Jindalee has compiled the
extensive historical database for the project, defined a
JORC (2012) compliant resource at Arthur River6, and
completed a program of metallurgical testwork that
demonstrated the potential for upgrading higher grade
portions of the deposit7. Jindalee is currently marketing
this project in an effort to find suitably experienced
partners to help move this project forward.
Aries (diamonds)
(Jindalee 100%)
Jindalee’s Aries Project consists of three contiguous
tenements (E80/5027, E04/2512 and diamond rights on
E80/5117) in the central Kimberley region of Western
Australia, approximately 270km east of Derby and 230km
west of Rio Tinto’s Argyle diamond mine, (Figure 5).
The project covers the Aries kimberlite cluster,
including the Aries, Athena, Helena and Persephone
diamondiferous kimberlite pipes. Although significant
exploration was undertaken in the period from 1986 to
2005, Jindalee believes that there is good potential to find
additional diamondiferous pipes and alluvial diamond
deposits in the area. Encouragingly, 95% of the diamonds
recovered from the project have been gem quality.
Given the diamond specific skill set required to progress
this project further, a search for a partner to advance the
project and test the new targets generated by Jindalee is
underway.
JOINT VENTURES and NON-MANAGED PROJECTS
Joyners
(Jindalee 20% free carried)
The Joyners joint venture with GWR Group Limited (ASX:
GWR) forms a part of GWR’s much larger Wiluna West
project. GWR has earned an 80% interest in M53/1078,
with Jindalee retaining 20%, free-carried through to
completion of a Bankable Feasibility Study. Combined
Indicated and Inferred iron oxide resources on the joint
venture tenement total 7.9 Mt @ 62.2% Fe8. GWR recently
announced the signing of a Term Sheet for a Mining
Rights Agreement that contemplates mining of up to
3Mt of the ‘JWD Deposit’ situated approximately 1km
to the south of the joint venture ground9, with positive
implications for the Joyners project should mining be
successful.
Figure 5: Aries Project tenements over regional geology.
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R E V I E W O F A C T I V I T I E S
North Sinclair and Camel Bore
(Aldoro 80% of non-gold rights)
Jindalee vended 80% of the non-gold rights of two of
its projects into the Aldoro Resources Limited (‘Aldoro’)
initial public offering (IPO)10. Since listing Aldoro has
undertaken geophysical surveys on the project tenure
and identified targets for future drill testing for nickel.
New Bore and Kelly Well
(Jindalee 10% Free Carried)
During the period Jindalee reached agreement with
Dacian Gold Limited (‘Dacian’) (ASX: DCN) for the sale
of 90% of Jindalee’s New Bore and Kelly Well projects.
These projects are located immediately adjacent to
Dacian’s Mt Morgan gold project. Jindalee’s 10% interest
is free carried to the finalisation of a feasibility study at
which point Jindalee can elect to contribute pro-rata or
dilute, with Jindalee reverting to a 1% net smelter royalty
if its interest falls below 5%.
Other
Jindalee continued its strategy of adding value to
non-core projects prior to divestment, including via
acquisition of adjacent prospective ground, compilation
of historic data and target generation. Opportunities to
divest these projects are taken as they present and the
Company continues to actively engage with potential
purchasers and joint venture partners as appropriate.
On 10 July 2019 Jindalee announced a 1 for 10 non-
renounceable entitlement offer. The offer, which closed
on 15 August 2019, was well supported by shareholders
and strong demand allowed the shortfall to be placed
within a matter of days. Funds raised from the offer will
be used to advance the Company’s McDermitt Lithium
and Widgiemooltha Gold-Nickel projects.
McDermitt core (from the 2019 program) showing excellent recovery.
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R E V I E W O F A C T I V I T I E S
INDIRECT INTERESTS
Energy Metals
(Jindalee 6.7% of issued capital)
Alchemy Resources
(Jindalee 3.2% of issued capital)
Jindalee is Alchemy Resources Limited’s (ASX: ALY)
sixth largest shareholder, providing shareholders with
exposure to Alchemy’s Bryah Basin gold and base metals
project (WA), the Karonie gold project (WA), and a farm
in and joint venture with Heron Resources Limited over
properties in central NSW (the Cobar Basin/Lachlan Fold
Belt and West Lynn Projects) prospective for gold, base
metals and high purity alumina. Further information on
Alchemy’s activities can be found in their announcements
and on their website.
Jindalee holds approximately 14 million Energy Metals
(ASX: EME) shares, giving shareholders continued
exposure to the development of the Bigrlyi uranium-
vanadium deposit and the potential of Energy Metals’
other uranium projects. Further information on Energy
Metals’ activities can be found in Energy Metals ASX
announcements and on their website.
Other
(Jindalee various holdings)
Jindalee holds interests in several other mineral
exploration and development companies as a result
of previous transactions. These shareholdings will be
realised at appropriate times to fund additional activity.
Drilling at McDermitt.
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R E V I E W O F A C T I V I T I E S
OUTLOOK
Jindalee’s strategy to identify and acquire projects with the potential to transform the Company continues to be our
primary focus. At the same time the Company maintains the flexibility to deal on other projects as opportunities
present, with recent examples being the transactions on New Bore and Kelly Well.
The strategic land packages acquired at Widgiemooltha and McDermitt are examples of larger scale undertakings
where Jindalee is investing substantial effort with the goal of creating significant value. A particular focus at present is
the McDermitt project which available data suggests has the potential to become one of the largest lithium deposits in
the US3.
At 30 June 2019, Jindalee held cash and marketable securities worth approximately $3.2M. These assets, combined
with our tight capital structure (only 38.5M shares on issue following the recent entitlement offer), provide a strong
base for advancing existing projects and leveraging into new opportunities.
References:
1. JRL’s ASX announcement 8 June 2018: “Jindalee Acquires US Lithium Project at Clayton North”.
2. JRL’s ASX announcement 13 June 2018: “Jindalee Acquires Second US Lithium Project at McDermitt”.
3. JRL’s ASX announcement 20 November 2018: “Lithium Exploration Target at McDermitt”.
4. JRL’s ASX announcement 2 April 2019: “Excellent Metallurgical Test results from McDermitt”.
5. JRL’s ASX announcement 2 August 2019: “McDermitt Lithium Project Drilling Update”.
6. JRL’s ASX announcement 10 October 2017: “Arthur River Magnesite Deposit – JORC (2012) Resource Estimate”.
7. JRL’s ASX announcement 8 August 2018: “Positive Metallurgical Test Results from Prospect Ridge”.
8. GWR’s ASX announcement 24 February 2010: “Wiluna West Resource Upgrade”.
9. GWR’s ASX announcement 5 August 2019: “Mining Rights Agreement for Wiluna West Iron Deposit”.
10. JRL’s ASX announcement 10 May 2018: “Jindalee Partners with Aldoro at North Sinclair and Camel Bore”.
Competent Person Statement
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Pip Darvall
and Mr Lindsay Dudfield. Mr Darvall is an employee of the Company and Mr Dudfield is a consultant to the Company. Both Mr Darvall and Mr Dudfield
are members of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Both Mr Darvall and Mr Dudfield have
sufficient experience, relevant to the styles of mineralisation and types of deposits under consideration, and to the activity which they are undertaking,
to qualify as Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and
Ore Reserves.’ Both Mr Darvall and Mr Dudfield consent to the inclusion in the report of the matters based on this information in the form and context in
which it appears.
Forward-Looking Statements
This document may contain certain forward-looking statements. Forward-looking statements include,but are not limited to statements concerning
Jindalee Resources Limited’s (Jindalee’s) current expectations, estimates and projections about the industry in which Jindalee operates, and beliefs
and assumptions regarding Jindalee’s future performance. When used in this document, the words such as “anticipate”, “could”, “plan”, “estimate”,
“expects”, “seeks”, “intends”, “may”, “potential”, “should”, and similar expressions are forward-looking statements. Although Jindalee believes that
its expectations reflected in these forward-looking statements are reasonable, such statements are subject to known and unknown risks, uncertainties and
other factors, some of which are beyond the control of Jindalee and no assurance can be given that actual results will be consistent with these forward-
looking statements.
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J I N D A L E E
R E S O U R C E S
L I M I T E D
A N D
C O N T R O L L E D
E N T I T I E S
F I N A N C I A L
R E P O R T
3 0 J U N E 2 0 1 9
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D I R E C T O R S '
R E P O R T
The Directors present their report on the consolidated entity (referred to hereafter as the Group) consisting of Jindalee
Resources Limited and the entities it controlled at the end of, or during the year ended 30 June 2019.
Directors
The following persons were directors of Jindalee Resources Limited during the whole of the financial year and up to the
date of this report unless noted otherwise:
Lindsay Dudfield
Justin Mannolini
Patricia Farr
Pip Darvall
Principal activities
The principal activity during the year of Jindalee Resources Limited was mineral exploration. During the year there was
no change in the nature of this activity.
Financial results
The consolidated loss of the Group after providing for income tax for the year ended 30 June 2019 was $1,019,707
(2018: loss $1,395,292).
Dividends
No dividends have been declared since the end of the previous financial year and no dividends have been
recommended by the Directors.
Significant changes in the state of affairs
During the year there has been no significant change in the state of affairs of the Group.
Justin Mannolini, Pip Darvall, Trish Farr and Lindsay Dudfield,
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D I R E C T O R S '
R E P O R T
Operations and financial review
The principal activity of the Group is mineral exploration. The Group holds interests in tenements in the United States,
Tasmania and Western Australia prospective for lithium, magnesite, gold, diamonds, nickel and iron ore, with most
of these tenements wholly owned. The Group also has indirect interests in uranium, gold and base metals through
various investee companies.
In line with the Company’s business strategy, during the year management evaluated numerous advanced projects in
both Australia and overseas, with a view to securing an opportunity capable of growing the Group and creating wealth
for Shareholders.
The net assets of the Group have fallen by $847,468 from $5,427,675 at 30 June 2018 to $4,580,207 at 30 June 2019,
principally due to the Group’s loss for the year of $1,019,707 offset by the movement in share capital and share-based
payment reserve of $172,239.
The Directors believe the Group is in a sound financial position to continue its exploration endeavours.
Events since the end of the financial year
As announced to ASX on 10 July 2019, the Company announced a 1 for 10 non-renounceable pro rata entitlement offer
at $0.30 per share to raise approximately $1.05M (before costs of the offer). The funds raised are to be used to advance
the Company’s McDermitt Lithium Project (US), Widgiemooltha Gold-Nickel Project (WA) and for general working
capital.
As announced to ASX on 26 July 2019, the Group has entered into a Binding Preliminary Sales and Purchase
Agreement (“Agreement”) with SilverStream SEZC whereby SilverStream will purchase the Group's royalties over
projects in the Eastern Goldfields of Western Australia, including West Kundana, Kookynie, Kelly Well, New Bore and
Millrose. The Agreement will serve as the basis for a Definitive Sales and Purchase Agreement (“DPA”) to be executed
by the parties, with the DPA conditional on third-party consents being obtained by Jindalee and completion of further
documentation. Consideration for the sale will comprise $250,000 in cash and a $250,000 convertible note with a 12
month expiry.
Other than the matters outlined above, there has not arisen in the interval between the end of the financial year and the
date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors,
to affect significantly the operations, the results of those operations, or the state of affairs of the Group in future
financial years.
Likely developments and expected results of operations
The Directors are not aware of any developments that might have a significant effect on the operations of the Group in
subsequent financial years not already disclosed in this report.
Environmental regulation
The Group is subject to significant environmental regulation in respect of its exploration activities. Tenements in
Western Australia are granted subject to adherence to environmental conditions with strict controls on clearing,
including a prohibition on the use of mechanised equipment or development without the approval of the relevant
government agencies, and with rehabilitation required on completion of exploration activities. These regulations are
controlled by the Department of Mines and Petroleum.
Jindalee’s claims in the United States of America are all located on Federally owned land managed by the Bureau
of Land Management. There are a range of requirements that must be met when undertaking exploration activities,
including seeking approval depending on the nature of the activities and undertaking rehabilitation once activities are
complete. Bonds are payable prior to the commencement of exploration activities and are returned on satisfactory
completion of rehabilitation. Jindalee Resources Limited conducts its exploration activities in an environmentally
sensitive manner and the Group is not aware of any breach of statutory conditions or obligations.
Greenhouse gas and energy data reporting requirements
The Directors have considered compliance with both the Energy Efficiency Opportunity Act 2006 and the National
Greenhouse and Energy Reporting Act 2007 which requires entities to report annual greenhouse gas emissions and
energy use. The Directors have assessed that there are no current reporting requirements for the year ended 30 June
2019, however reporting requirements may change in the future.
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D I R E C T O R S '
R E P O R T
Information on Directors
J Mannolini B.Com/LLB (Hons), LLM (Cantab), GAICD, SA FIN. Non-Executive Chairman
Experience and expertise
Mr Mannolini was appointed to the Jindalee Board as a Non-Executive Director in
September 2013 and as Chairman in July 2016. Mr Mannolini is a partner in the
Corporate Advisory Group of Australian law firm Gilbert + Tobin. He was an Executive
Director with Macquarie Capital, the investment banking division of the Macquarie
Group from March 2013 to May 2016 and was responsible for cross-industry coverage of
the Western Australian market. Prior to joining Macquarie, Mr Mannolini was Managing
Director and head of Gresham Advisory Partners’ Perth office, and before that, a partner
in the mergers and acquisitions group of Australian law firm Freehills. In May 2016 Mr
Mannolini was appointed to the board of the Northern Australia Infrastructure Facility,
a $5B fund set up by the Australian Government to encourage population growth and
economic development in northern Australia. As a lawyer and investment banker, Mr
Mannolini has more than 20 years experience in corporate finance ranging across
industry sectors and product lines, including mergers and acquisitions transactions and
general strategic advisory mandates for companies in the resources sector.
Other current directorships None
Former directorships in last
3 years
None
Special responsibilities
Chairman
Interests in shares and
options
Ordinary Shares – Jindalee Resources
Limited
250,000
Unlisted $0.40 Options expiring
30/06/2022
500,000 (vested 22/11/2017)
P Darvall M.Sc.(Geology), MBA, GAICD Managing Director
Experience and expertise
Mr Darvall is a geologist with exploration experience across a range of commodities,
in Australia, PNG and the USA. From 2010 to 2014 he was Exploration Manager for
Atlas Iron overseeing a rapid growth in Atlas’ resource base, before starting his own
consultancy company specialising in resource project evaluation and management. Mr
Darvall has a MSc (Geology) from Monash University, an MBA from Curtin University
and is a graduate of the AICD Company Directors Course. Mr Darvall is also a member
of the AusIMM, AIG and SEG.
Mr Darvall was appointed Managing Director on 28/05/2018.
Other current directorships None
Former directorships in last
3 years
None
Special responsibilities
Managing Director
Interests in shares and
options
Ordinary Shares – Jindalee Resources
Limited
54,500
Unlisted $0.40 Options expiring
30/06/2022
Unlisted $0.50 Options expiring
30/06/2022
Unlisted $0.60 Options expiring
30/06/2022
1,500,000 (vested 30/06/2018)
1,500,000 (vested 30/06/2019)
1,500,000 (vesting 30/06/2020)
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L Dudfield B.Sc. Executive Director
Experience and expertise
Mr Dudfield is a qualified geologist with over 40 years experience exploring for gold
and base metals in Australia and abroad, including close involvement with a number of
greenfields discoveries. Mr Dudfield is a member of the AusIMM, SEG, AIG and GSA.
He is a founding director of Jindalee Resources Limited and has been a Director for 16
years.
Other current directorships Energy Metals Limited - Non-Executive Director
Alchemy Resources Limited – Non-Executive Chairman
Former directorships in last
3 years
None
Special responsibilities
None
Interests in shares and
options
Ordinary Shares – Jindalee Resources
Limited
12,480,844
Unlisted $0.40 Options expiring 30/06/2022
1,000,000 (vested 22/11/2017)
P Farr GradCertProfAcc. GradDipACG. GAICD FGIA/FCIS Executive Director/Joint Company Secretary
Experience and expertise
Ms Farr is an experienced Chartered Secretary with over 20 years experience in the
exploration and mining industry in the areas of corporate governance, compliance
and administration. Ms Farr provides Company secretarial services to several ASX
listed companies including Musgrave Minerals Limited and prior to that Energy Metals
Limited and Fox Resources Limited. Mrs Farr is a graduate member of the Australia
Institute of Company Directors, Fellow member of Governance Institute of Australia
(formerly Chartered Secretaries Australia) and the Institute of Chartered Secretaries and
Administrators. Mrs Farr was appointed to the Jindalee Board in 2008.
Other current directorships None
Former directorships in last
3 years
None
Special responsibilities
None
Interests in shares and
options
Unlisted $0.40 Options
expiring 30/06/2022
Ordinary Shares – Jindalee Resources
Limited
406,533
Unlisted $0.40 Options expiring 30/06/2022
500,000 (vested 22/11/2017)
Company Secretary Information
Mr Greg Ledger was appointed Company Secretary on 4 April 2002 and has held that position, as well as other
accounting and managerial roles since that date. Mr Ledger is a Chartered Accountant and holds a Bachelor of
Commerce Degree from the University of Western Australia.
Ms Farr was appointed joint Company Secretary on 1 July 2010. She is an experienced Chartered Secretary having
provided Company Secretarial services to several ASX listed companies and unlisted companies, the majority of
which operate in the mineral resources sector in Australia. Ms Farr is a graduate member of the Australian Institute of
Company Directors and fellow member of Governance Institute of Australia (formerly Chartered Secretaries Australia).
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Meetings of Directors
The following table sets out the number of meetings of the Company’s Directors held during the year ended 30 June
2019 and the numbers of meetings attended by each Director.
Name
J Mannolini
P Darvall
L Dudfield
P Farr
Board of Directors
Meetings Held
Meetings Attended
9
9
9
9
9
9
9
9
As at the date of this report, the Group did not have an Audit Committee of the Board of Directors. The Board considers
that due to the Group’s size, an Audit Committee’s functions and responsibilities can be adequately and efficiently
discharged by the Board as a whole, operating in accordance with the Group’s mechanisms designed to ensure
independent judgement in decision making.
Retirement, election and continuation in office of directors
Mr Justin Mannolini is a director retiring by rotation who, being eligible, may offer himself for re-election at the
Company’s 2019 Annual General Meeting.
AUDITED REMUNERATION REPORT
The Directors are pleased to present Jindalee Resources Limited's 2019 remuneration report which sets out
remuneration information for the Company’s non-executive directors, executive directors and other key management
personnel.
The report contains the following sections:
(a) Key management personnel disclosed in this report
(b) Remuneration governance and the use of remuneration consultants
(c) Executive remuneration policy and framework
(d) Relationship between remuneration and the Group’s performance
(e) Non-executive director remuneration policy
(f) Voting and comments made at the Company’s 2018 Annual General Meeting
(g) Details of remuneration
(h) Service agreements
(i) Details of share-based compensation and bonuses
(j)
Equity instruments held by key management personnel
(k) Loans to key management personnel
(l) Other transactions with key management personnel
(a) Key management personnel disclosed in this report
J Mannolini Non-Executive Chairman
P Darvall
Managing Director
Dudfield
Executive Director
P Farr
Executive Director/Company Secretary
For further details on each director see pages 12 - 13.
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(b) Remuneration governance and use of remuneration consultants
The Company has a Remuneration Policy however has not established a separate Remuneration Committee.
Due to the early stage of development and small size of the Company a separate Remuneration Committee
was not considered to add any efficiency to the process of determining the levels of remuneration for directors
and key executives. The Board considers that it is more appropriate to set aside time at a Board meeting each
year to specifically address matters that would ordinarily fall to a remuneration committee such as reviewing
remuneration, recruitment, retention and termination procedures and evaluating senior executives remuneration
packages and incentives. A copy of the Remuneration Policy can be found on the Company’s website
www.jindalee.net
In addition, all matters of remuneration will continue to be in accordance with the Corporations Act requirement,
especially with regard to related party transactions. That is, none of the directors participate in any deliberations
regarding their own remuneration or related issues.
Independent external advice is sought from remuneration consultants when required, however no advice has
been sought during the year ended 30 June 2019.
The Corporate Governance Statement provides further information on the Company’s remuneration governance.
Further details on the Corporate Governance Statement can be found on the Company’s website www.jindalee.net
(c) Executive remuneration policy and framework
In determining executive remuneration, the Board aims to ensure that remuneration practices are:
(cid:121)
(cid:121)
(cid:121)
(cid:121)
Competitive and reasonable, enabling the Company to attract and retain key talent
Aligned to the Company’s strategic and business objectives and the creation of shareholder value
Transparent and easily understood, and
Acceptable to shareholders.
All executives receive consulting fees or a salary, part of which may be taken as superannuation, and from time to
time, options. Options issued to directors are subject to approval by Shareholders. The Board reviews executive
packages annually by reference to the executive’s performance and comparable information from industry sectors
and other listed companies in similar industries.
Board members are allocated superannuation guarantee contributions as required by law, and do not receive any
other retirement benefits. From time to time, some individuals may choose to sacrifice their salary or consulting
fees to increase payments towards superannuation.
All remuneration paid to directors and specified executives is valued at the cost to the Group and expensed.
Options are valued using the Black-Scholes methodology.
(d) Relationship between remuneration and the Group’s performance
The policy setting the terms and conditions for the executive directors, was developed and approved by the
Board and is considered appropriate for the current exploration phase of the Groups development. Emoluments
of Directors are set by reference to payments made by other companies of similar size and industry, and by
reference to the skills and experience of directors. Fees paid to directors are not linked to the performance of the
Group. This policy may change once the exploration phase is complete and the Company is generating revenue.
At present the existing remuneration policy is not impacted by the Group’s performance including earnings and
changes in shareholder wealth (dividends, changes in share price or returns of capital to shareholders). The
Board has not set short term performance indicators, such as movements in the Company’s share price, for
the determination of director emoluments as the Board believes this may encourage performance which is not
in the long-term interests of the Company and its shareholders. The Board has structured its remuneration
arrangements in such a way it believes is in the best interests of building shareholder wealth in the longer term.
The Board believes participation in the Company’s Employee Share Option Plan motivates key management and
executives with the long-term interests of shareholders.
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The following table shows the share price and the market capitalisation of the Group at the end of each of the last
five financial years.
Share Price
2015
$0.17
2016
$0.23
2017
$0.21
2018
$0.28
2019
$0.39
Market Capitalisation
$5.91M
$8.03M
$7.33M
$9.77M
$13.65M
Dividends (cents per share)
–
–
–
–
–
(e) Non-executive director remuneration policy
On appointment to the Board, all non-executive directors enter into a service agreement with the Company in
the form of a letter of appointment. The letter summarises the Board policies and terms including remuneration,
relevant to the office of director.
The Board policy is to remunerate non-executive directors at commercial market rates for comparable companies
for their time, commitment and responsibilities.
The maximum aggregate amount of fees that can be paid to non-executive directors is subject to approval by
shareholders at the Annual General Meeting and is currently set at $200,000 per annum.
Fees for non-executive directors are not linked to the performance of the Group. Non-executive directors’
remuneration may also include an incentive portion consisting of options, subject to approval by Shareholders.
(f) Voting and comments made at the Company’s 2018 Annual General Meeting
Jindalee received 99% of “yes” votes on its remuneration report for the 2018 financial year. The Company did not
receive any specific feedback at the AGM or throughout the year on its remuneration practices.
(g) Details of remuneration
The following table sets out details of the remuneration received by the Group’s key management personnel
for the current and previous financial year measured in accordance with the requirements of the accounting
standards.
Short-term benefits
Post-
employment
benefits
Directors
Fees
$
50,000
40,000
Cash
Salary,
Consulting
Fees
–
–
Super-
annuation
$
4,750
3,800
–
–
–
–
–
–
161,846
240,000
125,625
89,100
96,000
106,000
15,375
22,800
–
–
9,120
10,070
Share-based payment
Long
Service
Leave
$
–
–
–
–
–
–
–
7,305
Options
$
52,982
–
260,034
126,458
105,965
–
52,982
–
Shares
$
–
–
–
–
–
–
–
–
–
Total
$
107,732
43,800
437,255
389,258
231,590
89,100
158,182
123,375
Remuneration
consisting of
options
Percentage
%
49%
–
59%
32%
46%
–
33%
–
Non-Executive
Director/Chairman
J Mannolini
2018
2019
Executive Directors
P Darvall
L Dudfield
P Farr
2018
2019
2018
2019
2018
2019
(h) Service Agreements
Remuneration and other terms of employment for key management personnel are formalised in service
agreements. The service agreements specify the components of remuneration, benefits and notice periods.
J Mannolini
Mr Mannolini was appointed a Non-Executive Director on 30 September 2013 and appointed Chairman on 1 July
2016.
Mr Mannolini’s is paid directors fees of $40,000 per annum plus statutory superannuation in accordance with his
letter of appointment. Mr Mannolini’s appointment is contingent upon satisfactory performance and successful
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re-election by shareholders of the Company as and when required by the Constitution of the Company and the
Corporations Act. Mr Mannolini is not entitled to any termination benefits.
P Darvall
Mr Darvall was appointed Managing Director on 28 May 2018. Mr Darvall is paid an annual salary of $240,000
per annum plus statutory superannuation pursuant to an Executive Services Agreement. Mr Darvall’s service
agreement may be terminated by either party on the giving of three months notice. Upon termination of the
contract for any reason, the Company will pay leave entitlements due to Mr Darvall.
L Dudfield
Mr Dudfield was appointed a director on 22 January 1996. Mr Dudfield is remunerated pursuant to the terms and
conditions of a consultancy agreement entered into with Mr Dudfield and Jopan Management Pty Ltd trading as
Western Geological Services. During the financial year ended 30 June 2019, Mr Dudfield was paid consulting fees
of $89,100. Unless extended for a further period, the current consultancy agreement will expire in June 2021.
The agreement may be terminated by either party on the giving on 90 days notice or earlier in the event of a
default not remedied within 14 days. Mr Dudfield is not entitled to any termination benefits.
P Farr
Ms Farr was appointed as a director on 29 August 2008. Ms Farr is paid a salary plus statutory superannuation
pursuant to the terms and conditions of an ongoing employment contract. Due to reduced hours during the
financial year Ms Farr was paid a salary of $106,000 and statutory superannuation of $10,070 for the year ended
30 June 2019. Ms Farr’s employment contract may be terminated by either party on the giving of one month’s
notice. Upon termination of the contract for any reason the Company will pay leave entitlements due to Ms Farr.
(i) Details of share-based compensation and bonuses
Options over shares in Jindalee Resources Limited are granted under the Company’s Employee Share Option
Plan. Participation in the plan and any vesting criteria, is at the Board’s discretion and no individual has a
contractual right to participate in the plan or to receive any guaranteed benefits. Any options issued to directors
of the Company are subject to shareholder approval.
Details of options over ordinary shares in the Company provided as remuneration to each director of the Company
are set out below.
No options were issued as remuneration to any director for the year ended 30 June 2019.
The fair value of services received in return for share options granted to employees is measured by reference
to the fair value of options granted. The estimate of the fair value of the services is measured based on Black-
Scholes option valuation methodology. The life of the options and early exercise option are built into the option
model.
No bonuses were paid during the year and there is currently no bonus scheme in place.
Further information on the fair value of share options and assumptions is set out in Note 18 to the financial
statements.
(j)
Equity instruments held by key management personnel
The following tables detail the number of fully paid ordinary shares and options over ordinary shares in the
Company that were held during the financial year and the previous financial year by key management personnel
and their associated related parties.
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R E P O R T
2019
Name
J Mannolini
Ordinary
fully paid
shares
Unlisted
Options
P Darvall
Ordinary
fully paid
shares
Unlisted
Options
L Dudfield
Ordinary
fully paid
shares
Unlisted
Options
P Farr
Ordinary
fully paid
shares
Unlisted
Options
Balance at
the start of
the year
Options/
Shares
granted as
compen-
sation
Received
during the
year on the
exercise of
options
Number
of options
vested
during year
Number
of options
forfeited
during the
year
Other
changes
during the
year
Balance at
the end of
the year
Vested and
exercisable
Unvested
250,000
500,000
–
4,500,000
12,280,844
1,000,000
406,533
500,000
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1,500,000
–
–
–
–
–
–
–
–
–
–
–
–
–
250,000
–
500,000
54,500*
54,500
–
–
–
–
–
–
– 4,500,000 3,000,000 1,500,000
200,000* 12,480,844 1,000,000
–
–
–
406,533
–
–
–
500,000
500,000
–
–
–
–
* Changes during the year relate to on-market purchases.
Securities Policy
The Company has implemented a policy on trading in the Company’s securities designed to ensure that all
directors, senior management and employees of the Company act ethically and do not use confidential inside
information for personal gain. The policy states acceptable and unacceptable times for trading in Company
securities and outlines the responsibility of directors, senior management and employees to ensure that trading
complies with the Corporations Act 2001, the Australian Securities Exchange (ASX) Listing Rules and Company
Policy. A copy of this policy was lodged with the ASX and is available on the Company’s website.
Any transaction conducted by Directors with regards to shares of the Company requires notification to the ASX.
Each Director has entered into an agreement to provide any such information with regards to Company dealings
directly to the Company Secretary promptly to allow the Company to notify the ASX within the required reporting
timeframes.
Shares provided on exercise of options
During the year, no ordinary shares in the Company were provided as a result of the exercise of remuneration
options.
For details on the valuation of the options, including models and assumptions used, please refer to Note 18.
There were no alterations to the terms and conditions of options granted as remuneration since their grant date.
No options were granted as remuneration during the year ended 30 June 2019.
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(k) Loans to key management personnel
There were no loans to individuals or members of key management personal during the financial year or the
previous financial year.
(l) Other transactions with key management personnel
During the year the Group paid a total of $89,100 to Western Geological Services (a division of Jopan
Management Pty Ltd), the fees being for the provision of technical and management services provided to the
Group by Mr Lindsay Dudfield. Mr Dudfield’s spouse is the major shareholder of and the sole director and
company secretary of Jopan Management Pty Ltd.
End of Audited Remuneration Report
Shares under option
Unissued ordinary shares of the Company under option at the date of this report are as follows:
Grant Date
22/08/2017
22/11/2017
22/11/2017
22/11/2017
22/11/2017
16/01/2019
Number
400,000
2,000,000
1,500,000
1,500,000
1,500,000
200,000
Date vested &
exercisable
22/08/2017
22/11/2017
30/06/2018
30/06/2019
30/06/2020
16/01/2019
Expiry Date
Exercise Price
30/06/2022
30/06/2022
30/06/2022
30/06/2022
30/06/2022
30/06/2022
$0.40
$0.40
$0.40
$0.50
$0.60
$0.50
No option holder has any right under the options to participate in any other share issue of the Company or any other
entity.
Shares Issued on Exercise of Options
There were no shares issued on exercise of options during the year and up to the date of this report.
Directors and Officers insurance
Jindalee Resources Limited paid a premium during the year in respect of directors’ and officers’ liability insurance
policy, insuring the directors and officers of the company against a liability incurred whilst acting in the capacity of a
director, secretary or executive officer to the extent permitted by the Corporations Act 2001. The Directors have not
included details of the nature of the liabilities covered or the amount of the premium paid in respect of the policy as
such disclosure is prohibited under the terms of the contract of insurance.
Corporate Governance Statement
The Company’s 2019 Corporate Governance Statement has been released as a separate document and is located on the
Company’s website at http://jindalee.net/corporate-governance/.
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on
behalf of the Company, or to intervene in any proceedings to which the Company is a party, for the purpose of taking
responsibility on behalf of the Company for all or part of those proceedings.
No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under section
237 of the Corporations Act 2001.
Non-audit services
The Company from time to time may decide to employ the auditor on assignments additional to their statutory audit
duties where the auditor’s expertise and experience with the Company is important.
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The Board of Directors has considered the position and is satisfied that the provision of the non-audit services is
compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The
Directors are satisfied that the provision of non-audit services by the auditor as set out below did not compromise the
auditor independence requirements of the Corporations Act 2001 for the following reasons:
(cid:115)(cid:0)
(cid:115)(cid:0)
(cid:84)(cid:72)(cid:69)(cid:0)(cid:78)(cid:79)(cid:78)(cid:13)(cid:65)(cid:85)(cid:68)(cid:73)(cid:84)(cid:0)(cid:83)(cid:69)(cid:82)(cid:86)(cid:73)(cid:67)(cid:69)(cid:83)(cid:0)(cid:72)(cid:65)(cid:86)(cid:69)(cid:0)(cid:66)(cid:69)(cid:69)(cid:78)(cid:0)(cid:82)(cid:69)(cid:86)(cid:73)(cid:69)(cid:87)(cid:69)(cid:68)(cid:0)(cid:66)(cid:89)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:34)(cid:79)(cid:65)(cid:82)(cid:68)(cid:0)(cid:84)(cid:79)(cid:0)(cid:69)(cid:78)(cid:83)(cid:85)(cid:82)(cid:69)(cid:0)(cid:84)(cid:72)(cid:69)(cid:89)(cid:0)(cid:68)(cid:79)(cid:0)(cid:78)(cid:79)(cid:84)(cid:0)(cid:73)(cid:77)(cid:80)(cid:65)(cid:67)(cid:84)(cid:0)(cid:79)(cid:78)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:73)(cid:77)(cid:80)(cid:65)(cid:82)(cid:84)(cid:73)(cid:65)(cid:76)(cid:73)(cid:84)(cid:89)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)
objectivity of the auditor; and
(cid:78)(cid:79)(cid:78)(cid:69)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:83)(cid:69)(cid:82)(cid:86)(cid:73)(cid:67)(cid:69)(cid:83)(cid:0)(cid:85)(cid:78)(cid:68)(cid:69)(cid:82)(cid:77)(cid:73)(cid:78)(cid:69)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:71)(cid:69)(cid:78)(cid:69)(cid:82)(cid:65)(cid:76)(cid:0)(cid:80)(cid:82)(cid:73)(cid:78)(cid:67)(cid:73)(cid:80)(cid:76)(cid:69)(cid:83)(cid:0)(cid:82)(cid:69)(cid:76)(cid:65)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:84)(cid:79)(cid:0)(cid:65)(cid:85)(cid:68)(cid:73)(cid:84)(cid:79)(cid:82)(cid:0)(cid:73)(cid:78)(cid:68)(cid:69)(cid:80)(cid:69)(cid:78)(cid:68)(cid:69)(cid:78)(cid:67)(cid:69)(cid:0)(cid:65)(cid:83)(cid:0)(cid:83)(cid:69)(cid:84)(cid:0)(cid:79)(cid:85)(cid:84)(cid:0)(cid:73)(cid:78)(cid:0)(cid:33)(cid:48)(cid:37)(cid:51)(cid:0)(cid:17)(cid:17)(cid:16)(cid:0)Code
of Ethics for Professional Accountants.
During the year ended 30 June 2019 and in the previous financial year there were no fees paid or payable for non-audit
services provided by the auditor of Jindalee Resources Limited.
Auditor’s Independence Declaration
A copy of the auditor’s independence declaration as required by section 307C of the Corporations Act 2001 is included
on page 50.
This report is signed in accordance with a resolution of the Directors.
P DARVALL
Managing Director
Perth
19 August 2019
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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2019
Revenue from continuing operations
Other income
Employee benefits expense
Share-based payments
Depreciation expense
Exploration expenditure
Impairment of exploration assets
Fair value movement on financial assets
Impairment of available for sale assets
Tenancy and operating expenses
Gain on foreign exchange
Other administration expenses
Corporate and regulatory expenses
Note
2019
$
2018
$
4
4
18
12
13
11a
32,470
65,874
386,766
(217,965)
(172,239)
(6,568)
(189,186)
2,966
(564,676)
–
(95,941)
13,837
(147,112)
(62,059)
198,924
(259,500)
(498,039)
(18,057)
(315,498)
(21,490)
–
(258,125)
(104,008)
-
(132,256)
(53,117)
Loss before income tax
(1,019,707)
(1,395,292)
Income tax benefit
5
–
–
Loss after income tax
(1,019,707)
(1,395,292)
Loss attributable to owners of Jindalee Resources Limited
(1,019,707)
(1,395,292)
Other comprehensive income
Items that may be reclassified to profit or loss
Revaluation of investments taken to equity
Other comprehensive income for the year
–
–
807,301
807,301
Total comprehensive loss for the year attributable to the
ordinary equity holders of the Company
(1,019,707)
(587,991)
Loss per share attributable to the ordinary equity holders of
the Company
Basic loss per share (cents per share)
Diluted loss per share (cents per share)
7
7
(2.92)
(2.92)
(4.00)
(4.00)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction
with the accompanying notes.
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Total Current Assets
NON-CURRENT ASSETS
Available for sale financial assets
Other receivables
Property, plant and equipment
Exploration and evaluation expenditure
Financial assets at fair value through profit or loss
Total Non-Current Assets
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Dividend payable
Provision for annual leave
Total Current Liabilities
NON-CURRENT LIABILITIES
Provision for long service leave
Total Non-Current Liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Accumulated losses
Reserves
TOTAL EQUITY
Note
9
10
11b
10
12
13
11a
14
8
2019
$
908,486
18,867
927,353
–
60,216
21,856
1,381,602
2,228,085
3,691,759
2018
$
2,312,083
16,159
2,328,242
2,601,522
58,418
28,424
545,961
–
3,234,325
4,619,112
5,562,567
14,495
–
17,105
31,600
7,305
7,305
60,663
66,610
7,619
134,892
–
–
38,905
134,892
4,580,207
5,427,675
15
16
17
7,255,254
(5,287,099)
2,612,052
7,227,254
(5,204,784)
3,405,205
4,580,207
5,427,675
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2019
Cash flows from operating activities
Payments in the course of operations
Interest received
Note
2019
$
2018
$
(660,431)
43,825
(832,850)
73,222
Net cash outflow from operating activities
6
(616,606)
(759,628)
Cash flows from investing activities
Payments for exploration and evaluation
Payments for property, plant and equipment
(Payment)/refund of bonds
Proceeds from sale of tenements
Proceeds/(payments) for sale/purchase of financial assets at
fair value through profit or loss
(847,342)
–
(1,800)
40,000
88,761
(457,719)
(10,182)
79,996
200,000
(16,507)
Net cash outflow from investing activities
(720,381)
(204,412)
Cash flows from financing activities
Payment of dividend
Net cash outflow from financing activities
(66,610)
(66,610)
(6,875)
(6,875)
Net decrease in cash and cash equivalents
(1,403,597)
(970,915)
Cash and cash equivalents at the beginning of the financial
year
2,312,083
3,282,998
Cash and cash equivalents at the end of the financial year
9
908,486
2,312,083
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2019
Consolidated
Contributed
equity
Share-based
payment
reserve
Available
for sale
investments
revaluation
reserve
Accumulated
losses
Total equity
$
$
$
$
$
Balance at 1 July 2017
7,227,254
1,969,774
130,091
(3,809,492)
5,517,627
Total comprehensive loss for the year:
Loss for the year
Other comprehensive income
Revaluation of investments
Total comprehensive loss for the year:
Transactions with owners in their
capacity as owners
Share-based payments
Balance at 30 June 2018 as originally
stated
–
–
–
–
–
–
–
–
(1,395,292)
(1,395,292)
807,301
807,301
–
807,301
(1,395,292)
(587,991)
498,039
–
–
498,039
7,227,254
2,467,813
937,392
(5,204,784)
5,427,675
Change in accounting policy
–
-
(937,392)
937,392
–
Restated balance at 1 July 2018
7,227,254
2,467,813
Total comprehensive loss for the year:
Loss for the year
Total comprehensive loss for the year
Transactions with owners in their
capacity as owners
–
–
–
–
Share-based payments
Balance at 30 June 2019
28,000
144,239
7,227,254
2,612,052
–
–
–
–
–
(4,267,392)
5,427,675
(1,019,707)
(1,019,707)
(1,019,707)
(1,019,707)
–
172,239
(5,287,099)
4,580,207
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
1.
CORPORATION INFORMATION
These financial statements of Jindalee Resources Limited for the year ended 30 June 2019 were authorised for
issue in accordance with a resolution of directors on 19 August 2019.
The financial statements cover the Group of Jindalee Resources Limited and it’s controlled entities. Jindalee
Resources Limited is a company limited by shares incorporated in Australia whose shares are publicly traded on
the Australian Securities Exchange.
The nature of the operations and principal activities of the Group are described in Note 3.
Unless otherwise stated, policies adopted in the preparation of the financial statements are consistent with those
of the previous year.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
In order to assist in the understanding of the financial statements, the following summary explains the material
accounting policies that have been adopted in the preparation of the accounts.
(a) Statement of Compliance
These general purpose financial statements have been prepared in accordance with Australian Accounting
Standards, other authoritative pronouncements of the Australian Accounting Standards Board, Urgent Issues
Group Interpretations and the Corporations Act 2001.
Compliance with IFRS
The consolidated financial statements of Jindalee Resources Limited also comply with International Financial
Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
Impact of adoption of AASB 9 Financial Instruments
AASB 9 replaces the provisions of AASB 139 that relate to the recognition, classification and measurement of
financial assets and financial liabilities, derecognition of financial instruments, impairment of financial assets
and hedge accounting.
The adoption of AASB 9 Financial Instruments from 1 July 2018 resulted in changes in the Group’s related
accounting policy and a reclassification of amounts recognised in the financial statements.
The Group elected to treat financial assets as fair value through profit and loss (“FVPL”). Changes in the
fair value of assets at FVPL are recognized in fair value movement of financial assets in the statement of
profit or loss. This is an irrevocable election effective from 1 July 2018. Gains/(Losses) on disposal will be
determined by comparing the proceeds with the carrying value and will be recognized in profit and loss.
The related fair value gains of $937,392 were transferred from the available for sale revaluation reserve to
accumulated losses at 1 July 2018.
AASB 9 has been adopted without restating comparative information. The reclassifications are therefore
recognised in the opening Statement of Financial Position on 1 July 2018. The reclassifications are noted
below:
Statement of Financial Position
30 June 2018
AASB 9
1 July 2018 Restated
Available for sale investments
revaluation reserve
$
937,392
$
(937,392)
$
–
Accumulated losses
(5,204,784)
937,392
(4,267,392)
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
New Accounting Standards
New or revised requirement
AASB 16: Leases
Application
date of
standard
Application
date for
Group
1 Jan 2019
1 Jul 2019
This Standard sets out the principles for the recognition, measurement,
presentation and disclosure of leases. The objective is to ensure that lessees
and lessors provide relevant information in a manner that faithfully represents
those transactions. This information gives a basis for users of financial
statements to assess the effect that leases have on the financial position,
financial performance and cash flows of an entity.
The entity is yet to undertake a detailed assessment of the impact of AASB
16. However, based on the entity’s preliminary assessment, the Standard
is expected to not have a material impact on the transactions and balances
recognised in the financial statements when it is first adopted for the year
ending 30 June 2020.
(c) Basis of Preparation/Accounting
The financial statements have been prepared on an accruals basis and are based on historical costs and
do not take into account changing money values or, except where stated, current valuations of non-current
assets. Cost is based on the fair values of the consideration given in exchange for assets.
In applying International Financial Reporting Standards (“IFRS”), management is required to make
judgements, estimates and assumptions that affect the application of accounting policies and reported
amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are
based on historical experience and various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making judgements about carrying values of assets and
liabilities that are not readily available from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that period,
or in the period of the revision and future periods if the revision affects both current and future periods.
Accounting policies are selected and applied in a manner which ensures that the resulting financial
information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the
underlying transactions or other events is reported. These accounting policies have been consistently
applied throughout the period, except for the adoption of AASB 1 and AASB 15.
The significant accounting policies set out below have been applied in the preparation and presentation of
the financial statements for the year ended 30 June 2019 and the comparative information.
(d) Principles of Consolidation
The consolidated financial statements incorporate the assets and liabilities of the subsidiary of Jindalee
Resources Limited (“Company” or “Parent Entity”) as at 30 June 2019 and the results of all subsidiaries for
the year then ended. Jindalee Resources Limited and its subsidiaries together are referred to in the financial
statements as the Group or consolidated entity.
Subsidiaries are all entities (including special purpose entities) over which the Group has the power to
govern the financial and operating policies, generally accompanying a shareholding of more than one-half
of the voting rights. The existence and effect of potential voting rights that are currently exercisable or
convertible are considered when assessing whether the Group controls another entity.
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-
consolidated from the date that control ceases.
The acquisition method of accounting is used to account for business combinations by the Group.
Intercompany transactions, balances and unrealised gains on transactions between Group companies
are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the
impairment of the asset transferred. Accounting policies of subsidiaries are changed where necessary to
ensure consistency with the policies adopted by the Group.
Investments in subsidiaries are accounted for at cost in the parent entity information disclosures of Jindalee
Resources Limited.
Changes in ownership interests
The Group treats transactions with non-controlling interests that do not result in a loss of control as
transactions with equity owners of the Group. A change in ownership interest results in an adjustment
between the carrying amounts of the controlling and non-controlling interests to reflect their relative
interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests
and any consideration paid or received is recognised in a separate reserve within equity attributable to
owners of Jindalee Resources Limited.
When the Group ceases to have control, joint control or significant influence, any retained interest in the
entity is remeasured to its fair value with the change in carrying amount recognised in profit or loss. The
fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest
as an associate, jointly controlled entity or financial asset. In addition, any amounts previously recognised
in other comprehensive income in respect of that entity are accounted for as if the Group had directly
disposed of the related assets or liabilities. This may mean that the amounts previously recognised in other
comprehensive income are reclassified to profit or loss.
If the ownership interest in a jointly-controlled entity or an associate is reduced but joint control or
significant influence is retained, only a proportionate share of the amounts previously recognised in other
comprehensive income are reclassified to profit or loss where appropriate.
(e) Cash and Cash Equivalents
For the purposes of the statement of cash flows, cash and cash equivalents includes cash on hand, and term
deposits repayable on demand with a financial institution. The cash and cash equivalents balance primarily
consists of funds on term deposit with original maturity at time of purchase of three months or less that are
readily convertible to known amounts of cash and which are subject to minimal risk of changes in value.
(f) Trade and Other Receivables
Trade receivables are recognised initially at fair value, less any allowance for expected credit losses. See note
10 for further information about the group’s accounting for trade receivables.
(g) Revenue Recognition
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the
financial assets.
All revenue is stated net of the amount of goods and services tax.
Revenue in relation to joint venture agreements is recognised over the period the services are rendered.
(h) Property, Plant and Equipment
Plant and equipment is stated at cost less accumulated depreciation and any impairment in value.
Depreciation is calculated using the diminishing value and prime cost methods and is brought to account
over the estimated economic lives of all property, plant and equipment. The rates used are based on the
useful life of the assets and range from 10% to 40%.
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each
reporting period.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying
amount is greater than its estimated recoverable amount.
Depreciation methods, useful lives and residual values are reassessed at each reporting date.
(i)
Impairment of Assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If
any such indication exists, or when annual impairment testing for an asset is required, the Group makes
an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of its fair value
less costs to sell and its value in use and is determined for an individual asset, unless the asset does not
generate cash inflows that are largely independent of those from other assets or groups of assets and the
asset’s values in use cannot be estimated to be close to its fair value. In such cases the asset is tested for
impairment as part of the cash generating unit to which it belongs. When the carrying amount of an asset
or cash-generating unit exceeds its’ recoverable amount, the asset or cash-generating unit is considered
impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-
tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset. Impairment losses relating to continuing operations are recognised in those expense categories
consistent with the function of the impaired asset.
As assessment is also made at each reporting date as to whether there is any indication that previously
recognised impairment losses may no longer exist or may have decreased. If such indication exists, the
recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has
been a change in the estimates used to determine the asset’s recoverable amount since the last impairment
loss was recognised. If that is the case the carrying amount of the asset is increased to its recoverable
amount. That increased amount cannot exceed the carrying amount that would have been determined,
net of depreciation, had the impairment loss been recognised for the asset in prior years. Such reversal is
recognised in profit or loss unless the asset is carried at the revalued amount, in which case the reversal is
treated as a revaluation increase. After such a reversal the depreciation charge is adjusted in future periods
to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its
remaining useful life.
(j) Exploration and Evaluation Expenditure
The Group’s policy with regards to exploration and evaluation expenditure, including the costs of acquiring
licences and permits, are capitalised as exploration and evaluation assets on an area of interest basis. Under
this method exploration and evaluation expenditure is carried forward on the following basis:
i)
ii)
Each area of interest is considered separately when deciding whether, and to what extent, to carry
forward or write off exploration and evaluation costs.
Exploration and evaluation expenditure related to an area of interest is carried forward provided that
rights to tenure of the area of interest are current and that one of the following conditions is met:
–
–
such evaluation costs are expected to be recouped through successful development and
exploitation of the area of interest or alternatively, by its sale; or
exploration and/or evaluation activities in the area of interest have not yet reached a stage which
permits a reasonable assessment of the existence or otherwise of economically recoverable
reserves and active and significant operations in relation to the area are continuing.
Exploration and evaluation costs accumulated in respect of each particular area of interest include only net
direct expenditure.
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(k) Trade and Other Payables
Trade payables and other payables are carried at amortised cost and represent liabilities for goods and
services provided to the Group prior to the end of the financial year that are unpaid and arise when the
Group becomes obliged to make future payments in respect of the purchase of these goods and services.
The amounts are unsecured and usually paid within 30 days of recognition.
(l) Employee Entitlements
The Group’s liability for employee entitlements arising from services rendered by employees to reporting
date are recognised in current liabilities. Employee entitlements expected to be settled within one year
together with entitlements arising from wages and salaries, and annual leave which will be settled within
one year, have been measured at their nominal amount and include related on-costs.
(m) Share Based Payment Transactions
Share based payments
Under AASB 2 Share Based Payments, the Group must recognise the fair value of options granted to
directors, employees and consultants as remuneration as an expense on a pro-rata basis over the vesting
period in the statement of profit or loss and other comprehensive income with a corresponding adjustment
to equity.
The Group provides benefits to employees (including directors) of the Group in the form of share based
payment transactions, whereby employees render services in exchange for shares or rights over shares
(“equity-settled transactions”). The cost of these equity-settled transactions with employees (including
directors) is measured by reference to fair value at the date they are granted. For options the fair value is
determined using a Black-Scholes model.
(n) Loss Per Share
(i) Basic Loss Per Share
Basic loss per share is determined by dividing the operating loss attributable to the equity holder of
the Group after income tax by the weighted average number of ordinary shares outstanding during the
financial period.
(ii) Diluted Loss Per Share
Diluted loss per share adjusts the figures used in determination of basic earnings per share by taking
into account amounts unpaid on ordinary shares and any reduction in earnings per share that will arise
from the exercise of options outstanding during the period.
(o) Contributed Equity
Issued and paid up capital is recognised at the fair value of the consideration received by the Group. Any
transaction costs arising on the issue of ordinary shares are recognised directly in equity as a reduction of
the share proceeds received.
(p)
Income Tax and Other Taxes
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be
recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount
are those that are enacted or substantively enacted by the reporting date.
Deferred income tax is provided on all temporary differences at the statement of financial position date
between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences except:
(cid:121) When the deferred income tax liability arises from the initial recognition of goodwill or of an asset
or liability in a transaction that is not a business combination and that, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss; or
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(cid:121) When the taxable temporary difference is associated with investments in subsidiaries, associates or
interests in joint ventures, and the timing of the reversal of the temporary difference can be controlled
and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused
tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences and the carry-forward of unused tax credits and unused tax
losses can be utilised, except:
(cid:121) When the deferred income tax asset relating to the deductible temporary difference arises from the
initial recognition of an asset or liability in a transaction that is not a business combination and, at the
time of the transaction, affects neither the accounting profit nor taxable profit or loss; or
(cid:121) When the deductible temporary difference is associated with investments in subsidiaries, associates
or interest in joint ventures, in which case a deferred tax asset is only recognised to the extent that it is
probable that the temporary difference will reverse in the foreseeable future and taxable profit will be
available against which the temporary difference can be utilised.
The carrying amount of deferred income tax assets is reviewed at each statement of financial position date
and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow
all or part of the deferred income tax asset to be utilised.
Unrecognised deferred income tax assets are reassessed at each statement of financial position date and
are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax
asset to be recovered.
Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off
current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same
taxable entity and the same taxation authority.
Goods & Services Tax
Revenues, expenses and assets are recognised net of the amount of GST except:
(cid:121) Where the GST incurred on a purchase of goods and services is not recoverable from the taxation
authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of
the expense item as applicable; and
(cid:121)
Receivables and payables are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of
receivables or payables in the statement of financial position.
Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash
flow arising from investing and financing activities, which is recoverable from, or payable to, the taxation
authority are classified as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the
taxation authority.
(q) Critical Accounting Estimates and Judgements
Estimates and judgements are continually evaluated and are based on historical experience and other
factors, including expectations of future events that may have a financial impact on the Group and that are
believed to be reasonable under the circumstances.
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Accounting for capitalised exploration and evaluation expenditure
The Group’s accounting policy is stated at Note 2(j). There is some subjectivity involved in the carrying
forward as capitalised or writing off to the statement of profit or loss and other comprehensive income
exploration and evaluation expenditure, however management give due consideration to areas of interest
on a regular basis and are confident that decisions to either write off or carry forward such expenditure fairly
reflect the prevailing situation.
Share-based payments
The Group measures share-based payments at fair value at the grant date. The fair value is determined
using a Black-Scholes model or other valuation technique appropriate for the instrument being valued.
Deferred tax balances
Deferred tax assets in respect of tax losses are not recognised in the financial statements as management
considers that it is currently not probable that future taxable profits will be available to utilise those tax
losses. Management reviews on a regular basis the future profitability of the Group to consider if tax losses
should be recognised and to ensure that any tax losses recognised will be utilised.
(r)
Investment and other financial assets
Financial Instruments
The Group has exposure to interest rate risk which is the risk that the Group’s financial position will be
adversely affected by movements in interest rates. Interest rate risk on cash and short term deposits is not
considered to be a material risk due to the short term nature of these financial instruments.
The Group has no monetary foreign currency assets or liabilities.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not
quoted in an active market. They are included in current assets, except for those with maturities greater than
12 months after the reporting date which are classified as non-current assets.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss (“FVTPL”) include financial assets that are either classified
as held for trading or that meet certain conditions and are designated at FVTPL upon initial recognition. All
derivative financial instruments fall into this category, except for those designated and effective as hedging
instruments, for which the hedge accounting requirements apply.
Assets in this category are measured at fair value with gains or losses recognised in profit or loss. The fair
values of financial assets in this category are determined by reference to active market transactions or using
a valuation technique where no active market exists.
Available-for-sale financial assets
Available-for-sale financial assets, comprising principally marketable equity securities, are non-derivatives
that are either designated in this category or not classified in any of the other categories. They are included
in non-current assets unless management intends to dispose of the investment within 12 months of the
reporting date. Investments are designated as available-for-sale if they do not have fixed maturities and
fixed or determinable payments and management intends to hold them for the medium to long term.
Recognition and derecognition
Regular purchases and sales of financial assets are recognised on trade-date – the date on which the Group
commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction
costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair
value through profit and/or loss are initially recognised at fair value and transaction costs are expensed in
the statement of profit or loss and other comprehensive income. Financial assets are derecognised when the
rights to receive cash flows from the financial assets have expired or have been transferred and the Group
has transferred substantially all the risks and rewards of ownership.
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
When securities classified as available-for-sale are sold, the accumulated fair value adjustments recognised
in eq uity are included in the statement of profit or loss and other comprehensive income as gains and losses
from investment securities.
Subsequent measurement
Loans and receivables and held-to-maturity investments are carried at amortised cost using the effective
interest method.
Available-for-sale financial assets are subsequently carried at fair value. Gains on available-for-sale financial
assets are recognised in other comprehensive income.
Details on how the fair value of financial instruments is determined is disclosed in Notes 19 and 22.
(s) Provisions
Provisions are measured at the present value of management’s best estimate of the expenditure required
to settle the present obligation at the reporting date. The discount rate used to determine the present value
reflects current market assessments of the time value of money and the risks specific to the liability.
(t) Dividends
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at
the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the
reporting period.
(u) Leases
Leases in which a significant portion of the risks and rewards of ownership are not transferred to the Group
as lessee are classified as operating leases. Payments made under operating leases (net of any incentives
received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease.
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
3.
SEGMENT INFORMATION
Management has determined that the Group has two reportable segments, being mineral exploration in Australia
and the United States. As the Group is focused on mineral exploration, the Board periodically monitors the Group
based on actual versus budgeted exploration expenditure incurred in each of these geographical locations. This
internal reporting framework is most relevant to assist the Board with making decisions regarding the Group and
its ongoing exploration programmes and activities, while also taking into consideration the results of exploration
work that has been performed to date.
Mineral exploration
Total
Australia
$
USA
$
Year ended 30 June 2019
Reconciliation of segment revenue to Group revenue
Revenue from external sources
–
–
–
32,470
32,470
Unallocated revenue
Total revenue
Reconciliation of segment result to Group losss
Segment result
Unallocated
- Interest revenue
- Corporate expenses and other costs, net of other
income
Loss before tax
As at 30 June 2019
Reconciliation of segment assets to Group assets
Segment assets
Intersegment eliminations
Total assets
Reconciliation of segment liabilities to Group
liabilities
Segment liabilities
Intersegment eliminations
Total liabilities
(613,744)
(14,133)
(627,877)
32,470
4,604,980
567,614
(38,905)
(553,482)
(424,300)
(1,019,707)
5,172,594
(553,482)
4,619,112
(592,387)
553,482
(38,905)
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
3.
SEGMENT INFORMATION (continued)
Year ended 30 June 2018
Reconciliation of segment revenue to Group revenue
Revenue from external sources
Unallocated revenue
Total revenue
Reconciliation of segment result to Group loss
Segment result
Unallocated
- Interest revenue
- Corporate expenses and other costs, net of other income
Loss before tax
As at 30 June 2018
Reconciliation of segment assets to Group assets
Segment assets
Intersegment eliminations
Total assets
Reconciliation of segment liabilities to Group liabilities
Segment liabilities
Intersegment eliminations
Total liabilities
4.
REVENUE AND OTHER INCOME
Revenue from continuing operations
Interest
Other income
Gain on sale of tenements#
Other
Mineral
exploration
$
–
Total
$
–
65,874
65,874
(655,509)
(655,509)
65,874
(805,657)
(1,395,292)
5,562,567
5,562,567
–
5,562,567
(134,892)
(134,892)
–
(134,892)
2019
$
2018
$
32,470
65,874
370,402
16,364
386,766
175,025
23,899
198,924
# Refers to: sale of New Bore and Kelly Well tenements to Dacian Gold Ltd; sale of 80% of non-gold rights
and payment of Option on Camel Bore and North Sinclair tenements by Aldoro Resources Ltd; sale of Butler
tenements to Australian Manganese and non-refundable option payment received for Millrose project.
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
5.
TAXATION
(a) Income tax expense/(benefit)
Current tax
Deferred tax
Deferred income tax expense included in income tax expense/
(benefit) comprises:
(Decrease)/increase in deferred tax liability
Opening balance - deferred tax (asset)/ liability
Movement for period
Closing Balance – deferred tax (asset)/ liability
2019
$
2018
$
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(b) Numerical reconciliation of income tax expense to prima facie tax
payable
Loss before income tax:
Tax at the Australian tax rate of 30% (2018: 27.5%)
(1,019,707)
(305,912)
(1,395,292)
(383,705)
Tax effect of amounts which are not deductible in calculating
taxable income:
Foreign income not assessable
Non-deductible (income)/expenses
Gains recognised in equity
Share-based payments
Over provision in prior year
Tax losses not recognised
Total income tax benefit
(4,240)
(1,972)
–
51,672
–
260,452
–
–
(3,483)
222,007
136,961
13,019
15,201
–
The franking account balance at year end was $nil (2018: $nil).
Jindalee Resources Limited and its wholly owned subsidiaries have not implemented the tax consolidation
legislation.
Jindalee Resources Limited has unrecognised deferred tax assets at year-end of $1,214,460 (2018: $874,507)
representing unrecognised tax losses.
Jindalee Resources Limited is no longer considered a base rate entity for income tax purposes and is therefore
subject to income tax at a rate of 30% (2018: 27.5%). As a result, the deferred tax assets of the Company have
been adjusted in the 2019 year to reflect the increase in corporate tax rate applicable to the Company.
Net deferred tax assets have not been brought to account as it is not probable within the immediate future that
tax profits will be available against which deductible temporary differences and tax losses can be utilised. The
Company’s ability to use losses in the future is subject to the Company satisfying the relevant tax authority’s
criteria for using these losses.
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
6.
RECONCILIATION OF LOSS AFTER INCOME TAX TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES
Loss after income tax
Exploration expenditure written off
Depreciation
Gain on sale of tenements
Share-based payments
Fair value movement on financial assets
Impairment of available for sale assets
Change in operating assets and liabilities during the financial year:
(Increase)/decrease in trade and other receivables
Increase/(decrease) in trade and other payables
Increase/(decrease) in provisions
2019
$
2018
$
(1,019,707)
(1,395,292)
(2,966)
6,569
(370,332)
172,239
564,676
-–
11,354
4,771
16,790
21,490
18,057
(175,025)
498,039
–
258,125
7,348
8,749
(1,118)
Net cash outflow from operating activities
(616,606)
(759,628)
7.
LOSS PER SHARE
2019
$
2018
$
Loss used in calculation of basic and diluted loss per share
(1,019,707)
(1,395,292)
Basic loss per share (cents per share)
Diluted loss per share (cents per share)
(2.92)
(2.92)
(4.00)
(4.00)
Weighted average number of ordinary shares used as the denominator
in calculating basic and diluted loss per share.
34,940,105
34,894,775
Options on issue were not considered to be dilutive as their impact would have been to increase the loss per
share.
8.
DIVIDENDS
No dividend has been declared for the year ended 30 June 2019 (2018: nil).
9.
CASH AND CASH EQUIVALENTS
Term deposits
Cash at bank
2019
$
-–
908,486
908,486
2018
$
2,107,998
204,085
2,312,083
Term deposits include $57,700 deposited as a guarantee. The Group’s exposure to interest rate risk is disclosed in
Note 19.
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
10. TRADE AND OTHER RECEIVABLES
Current
Trade and other receivables
Non-current
Other receivables (deposits)
2019
$
2018
$
18,867
16,159
60,216
58,418
Trade and other receivables are denominated in Australian dollars and are interest free with settlement terms
of between 7 and 30 days. No trade receivables were past due or impaired as at 30 June 2019 (2019: nil).
Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible
are written off by reducing the carrying amount directly. A provision for doubtful receivables is established, using
the expected credit loss model under AASB9 when there is objective evidence that the Group will not be able to
collect all amounts due according to the original terms of the receivables.
The amounts held in trade and other receivables do not contain impaired assets and are not past due. Based on
the credit history of these trade and other receivables, it is expected that these amounts will be received when
due.
Due to the short-term nature of these receivables their carrying value is assumed to be their fair value. Please
refer to Note 19 for information on credit risk.
11a. NON-CURRENT – FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS
Shares in listed corporations
- Opening balance
- Additions2
- Disposals
- Fair value movement
- Closing balance
2019
$
2,601,522
280,000
(88,761)
(564,676)
2,228,085
2018
$
–
–
–
–
–
The fair value of listed financial assets at fair value through profit and loss has been determined directly by
reference to published price quotations in an active market.
At 30 June 2019 the market value of the Group’s shareholding in Energy Metals was $1,824,977 (2018: $2,105,742)
and Kin Mining NL was $55,250 (2018: $127,500).
Refer to Note 19 for information on Group’s exposure to price risk.
1
2
Due to a change in accounting policy upon adoption of AASB 9 Financial Instruments on 1 July 2018 (refer
Note 2(a)), financial assets previously classified as available for sale financial assets are now classified as
financial assets at fair value through profit and loss.
These financial assets were acquired as consideration for tenement sales (refer Note 4) and were non-cash
transactions.
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
11b. NON-CURRENT – AVAILABLE FOR SALE FINANCIAL ASSETS
Shares in listed corporations
- Opening balance
- Additions
- Revaluation increase
- Impairment
- Closing balance
12. NON-CURRENT ASSETS - PROPERTY, PLANT AND EQUIPMENT
Plant and equipment - at cost
Less: accumulated depreciation
Reconciliation of the carrying amount of property, plant and equipment:
Carrying amount at beginning of year
Additions and disposals (net)
Less: depreciation expense for year
Carrying amount at end of year
2019
$
–
–
–
–
–
2019
$
179,776
(157,920)
21,856
28,424
–
(6,568)
21,856
2018
$
1,985,841
66,505
807,301
(258,125)
2,601,522
2018
$
179,776
(151,352)
28,424
36,299
10,182
(18,057)
28,424
Total property, plant and equipment
21,856
28,424
13. NON-CURRENT ASSETS – EXPLORATION AND EVALUATION EXPENDITURE
Balance at beginning of year
Exploration expenditure incurred
Disposal of tenements/interest in JV
Exploration expenditure written off
Balance at the end of the year
2019
$
545,961
847,343
(8,736)
(2,966)
1,381,602
2018
$
134,707
457,719
(24,975)
(21,490)
545,961
The balance carried forward represents projects in the exploration and evaluation phase.
Ultimate recoupment of exploration expenditure carried forward is dependent on successful development and
commercial exploitation, or alternatively, sale of respective areas.
The exploration expenditure written off during the year relates to exploration and evaluation expenditure on
tenements surrendered, or to which the Group does not currently have right to tenure.
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
14. CURRENT LIABILITIES – TRADE AND OTHER PAYABLES
Trade payables
2019
$
14,495
2018
$
60,663
Trade and other payables are non-interest bearing and are normally settled on 30 day terms.
The carrying value of trade and other payables are assumed to be the same as their fair values, due to their short
term nature.
15. CONTRIBUTED EQUITY
Share capital
2019
$
2018
$
34,994,775 ordinary fully paid shares (2018: 34,894,775)
7,255,254
7,227,254
Balance at the beginning of year
Share-based payment1
Balance at the end of the year
Number
34,894,775
100,000
34,994,775
$
7,227,254
28,000
7,255,254
1 On 16 January 2019 the Company issued 100,000 fully paid ordinary shares at $0.28/share for a total of $28,000
and 200,000 unlisted options exercisable at $0.50 and expiring 30/06/2022 as consideration for the acquisition of
geological data. Refer to note 18 for additional details.
Ordinary shares participate in dividends. On winding up of the Group any proceeds would be distributed to the
number of shares held.
At shareholder meetings on a show of hands every holder of ordinary shares present at a meeting in person or by
proxy, is entitled to one vote, and upon a poll each share is entitled to one vote.
16. ACCUMULATED LOSSES
Retained earnings at the beginning of the financial year
Loss attributable to members of the Group
Transfer from available for sale investments revaluations reserve (refer
note 2(a))
2019
$
(5,204,784)
(1,019,707)
937,392
2018
$
(3,809,492)
(1,395,292)
–
Accumulated losses at the end of the financial year
(5,287,099)
(5,204,784)
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
17. RESERVES
Share-based payment reserve
Balance at the beginning of the year
Share-based payments (refer to note 18)
Balance at the end of the year
Available for sale investments revaluations reserve
Balance at the beginning of year
Transfer to retained earnings following change in accounting policy
(refer note 2(a))
Revaluation on available for sale investments
Balance at the end of the year
2019
$
2,467,813
144,239
2,612,052
937,392
(937,392)
–
–
2018
$
1,969,774
498,039
2,467,813
130,091
–
807,301
937,392
Total reserves
Nature and purpose of the reserves:
2,612,052
3,405,205
(i) The share-based payments reserve is used to recognise the fair value of options issued but not exercised.
(ii) Prior to the change in accounting policy (refer note 2(a)), the available-for-sale investment revaluation
reserve was used to recognise the change in fair value in available-for-sale investments which were not
assessed as impairment.
18. SHARE BASED PAYMENT TRANSACTIONS
Share based payments transactions are recognised at fair value in accordance with AASB 2. The adoption of AASB
2 is equity-neutral for equity-settled transactions. The expense in the year was $172,239, including an amount of
$28,000 recognised as exploration expenditure in the statement of profit or loss for the year ended 30 June 2019
(2018: $498,039).
Employee Share Option Plan
Jindalee Resources Limited Employee Share Option Plan (“ESOP”) was established to encourage all eligible
directors, executive officers and employees who have been continuously employed by the Group to have a greater
involvement in the achievement of the Group’s objectives and to provide an incentive to strive to that end by
participating in the future growth and prosperity of the Group through share ownership.
The ESOP allows the Group to issue free options to eligible persons. The options can be granted free of charge
and are exercisable at a fixed price in accordance with the rules of the ESOP.
All options on issue are fully vested at grant date with the exception of some of the options issued to Mr Darvall
which are subject to vesting criteria.
Set out below are summaries of options granted during the year ended 30 June 2018. No options were granted
during the year ended 30 June 2019:
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
18. SHARE BASED PAYMENT TRANSACTIONS continued
Grant
Date
Expiry
Date
Exercise
Price
Balance
at the
start of
the year
Number
Granted
during
the year
Number
Exercised
during
the year
Number
Expired
during
the year
Number
Balance
at end of
the year
Number
Vested
and
exercis-
able at
end of
the year
Number
2018
22/08/2017
30/06/2022
$0.40 T1
400,000
22/11/2017
30/06/2022
$0.40 T2
2,000,000
22/11/2017
30/06/2022
$0.40 T3
1,500,000
22/11/2017
30/06/2022
$0.50 T4
1,500,000
22/11/2017
30/06/2022
$0.60 T5
1,500,000
Weighted average exercise price
$0.47
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
400,000
400,000
2,000,000
2,000,000
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
–
–
–
The weighted average remaining contractual life of share options outstanding at the end of the period is 3 years
(2018: 4 years).
Fair Value of Share Options and Assumptions
The fair value of services received in return for share options granted to directors is measured by reference to the
fair value of options granted. The estimate of the fair value of the services is measured based on a Black-Scholes
option valuation methodology. This life of the options and early exercise option are built into the option model.
The assumptions used for the options valuation are as follows:
Grant Date
Exercise Price
Expected Life
Share Price at Time of
Issue
T1
T2
T3
T4
T5
T6
22/08/2017
22/11/2017
22/11/2017
22/11/2017
22/11/2017
16/01/2019
$0.40
$0.40
$0.40
$0.50
$0.60
$0.50
4.85 years
4.77 years
4.77 years
4.77 years
4.77 years
3.45 years
$0.18
$0.25
$0.25
$0.25
$0.25
$0.28
Expected Volatility
Dividend Yield
65%
0%
Risk Free Interest Rate
2.20%
65%
0%
2.14%
65%
0%
2.14%
65%
0%
2.14%
65%
0%
2.14%
65%
0%
1.92%
Option Value
$0.06519
$0.10845
$0.10845
$0.09518
$0.08464
$0.08891
As a result, a share-based payment expense of $144,239 was recognised during the year ended 30 June 2019 in
relation to the continued vesting of the Managing Directors options and $28,000 for the issue of 200,000 unlisted
options for the purchase of project data. Assumptions for the valuation of the $28,000 expense recognised as
exploration expenditure in the statement of profit or loss is provided at T6 above.
19. FINANCIAL AND CAPITAL RISK MANAGEMENT
(a) Capital Risk Management
The Group manages its capital to ensure that it will be able to continue as a going concern.
In managing its capital, the Group’s primary objective is to ensure its continued ability to provide a
consistent return for its equity shareholders. In order to achieve this object, the Group seeks to maintain
a capital structure that balances risks and returns at an acceptable level and also to maintain a sufficient
funding base to enable the Group to meet its working capital and strategic investment needs. In making
decisions to adjust its capital structure to achieve these aims, either through new share issues, or sourcing
of debt, the Group considers not only its short-term position but also its long-term operational and strategic
objectives.
A N N U A L R E P O R T 2 0 1 9
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
19. FINANCIAL AND CAPITAL RISK MANAGEMENT (continued)
There have been no significant changes to the Group’s capital management objectives, policies and processes in
the year nor has there been any change in what the Group considers to be its capital.
The capital structure of the Group consists of cash and cash equivalents (Note 9) and equity attributable to equity
holders of the Group, comprising issued capital, reserves and retained earnings (accumulated losses) as disclosed
in Notes 15, 16 and 17 respectively.
(b) Significant Accounting Policies
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the
basis of measurement and the basis on which income and expenses are recognised, in respect of each class
of financial asset, financial liability and equity instrument are disclosed in Note 2 of the financial statements.
(c) Categories of Financial Instruments
Financial Assets
Current
Cash and cash equivalents
Trade and other receivables
Total Current Financial Assets
Non-current
Available for sale financial assets
Financial assets at fair value through profit and loss
Other receivables
Total Non-Current Financial Assets
Financial Liabilities
Current
2019
$
908,486
18,867
927,353
2018
$
2,312,083
16,159
2,328,242
–
2,601,522
2,228,085
60,218
2,288,303
–
58,418
2,659,940
Trade and other payables and provision for dividend
Total Current Financial Liabilities
14,495
14,495
127,273
127,273
(d) Credit Risk Exposure
As at the reporting date, the Group has no significant concentrations of credit risk. The carrying amount
reflected above represents the Group’s maximum exposure to credit risk.
(e)
Interest Rate Risk Exposure
The Group’s exposure to interest rate risk arises from assets bearing variable interest rates. The weighted
average interest rate on cash holdings was 2.00% at 30 June 2019 (2018: 2.21%). All other financial assets
and liabilities are non-interest bearing. The net fair value of the Group’s financial assets and liabilities
approximates their carrying value.
The Group invests its surplus funds on deposit with Australian banking financial institutions, namely the
National Australia Bank and ANZ Bank. For banks and financial institutions, only independently rated parties
with a minimum rating of AA- are accepted.
The table below summarises the impact of an increase/decrease in interest rates received on cash deposits
held at year end on the Group’s pre-tax profit for the year and on equity. The analysis is based on the
assumption that rates increased/decreased proportionally by 10% of the current weighted average interest
rate with all other variables held constant.
Impact on profit and equity
Increase of 10%
Decrease of -10%
2019
$
3,247
(3,247)
2018
$
6,587
(6,587)
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
19. FINANCIAL AND CAPITAL RISK MANAGEMENT (continued)
(f) Price Risk
The Group is exposed to equity securities price risk. This arises from investments held by the Group and
classified in the statement of financial position as financial assets at fair value through profit and loss. The
Group is not exposed to commodity price risk.
To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio.
The table below summarises the impact of an increase/decrease in prices of securities held at year end on
the Group’s pre-tax profit for the year and on equity. The analysis is based on the assumption that the prices
of all securities increased/decreased by 10% with all other variables held constant.
Impact on profit and equity
Increase of 10%
Decrease of -10%
(g) Liquidity Risk
2019
$
222,808
(222,808)
2018
$
260,152
(260,152)
The liquidity position of the Group is managed to ensure sufficient liquid funds are available to meet
financial commitments in a timely and cost-effective manner. The Board reviews the Group’s liquidity
position on a regular basis including cash flow statements to determine the forecast liquidity position and
maintain appropriate liquidity levels. Note 14 details the Group’s current obligations which are all due within
12 months and reflect the actual cash flows given the short-term nature of these liabilities.
There are no unused borrowing facilities from any financial institution.
(h) Fair Values
The carrying amounts and estimated fair values of financial assets and financial liabilities are as follows:
Consolidated
Financial Assets
Cash and cash equivalents
Trade and other receivables
Non-current deposits
2019
$
908,486
18,867
60,218
2018
$
2,312,083
16,159
58,418
Available for sale financial assets
–
2,601,522
Financial assets at fair value through profit and loss
Total Financial Assets
Financial Liabilities
Trade and other payables and provision for dividend
Total Financial Liabilities
2,228,085
3,215,656
14,495
14,495
–
4,988,182
127,273
127,273
The methods and assumptions used to estimate the fair value of financial instruments are outlined below:
Cash
The carrying amount is fair value due to the liquid nature of these assets.
Receivables/payables
Due to the short-term nature of these financial rights and obligations, their carrying amounts are estimated
to represent their fair values. Non-current receivables receive a market rate of interest and are assessed as
representing their fair values.
Financial assets at fair value through profit and loss
Assets in this category are measured at fair value with gains or losses recognised in profit or loss. The fair
values of financial assets in this category are determined by reference to active market transactions or using
a valuation technique where no active market exists. Refer to Note 22 for further details.
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
20. CONTINGENCIES
Contingent Liabilities
Claims of Native Title
To date the Group has been notified by the Native Title Tribunal of native title claims which cover some of the
Group’s licence holdings. Until further information arises in relation to the claims and its likelihood of success, the
Group is unable to assess the likely effect, if any, of the claims.
Performance Bonds and Security Documents
In support of titles granted to or operated by the Group, various securities are submitted to the Department of
Mines, Industry Regulation and Safety. These consist of unconditional performance bonds and securities or Form
32 security documents. The Company has no liability outstanding.
Tenement Subject to Option
The Group entered into an agreement with Aldoro Resources Ltd (ARN) agreeing to vend an 80% interest in non-
gold rights over tenements E36/895 and E36/910 into an initial public offering. The Group maintains a 20% free
carried position to Decision to Mine. At Decision to Mine the Group can either contribute pro-rata or dilute, with
the Group reverting to a 2% gross royalty if the Group’s interest falls below 5%. As part of the terms of the sale,
Jindalee is entitled to contingent consideration upon delineation of a JORC Code Compliant Non-Gold Mineral
Resource, which consists of the greater in value of the following:
i)
Number of ordinary shares in ARN equivalent to $500,000 at a deemed issue price equal to the 5 day VWAP;
or
ii)
1,250,000 ordinary shares in ARN.
The Group entered into an agreement with Dacian Gold Limited (DCN) for the sale of 90% of E38/3211 and
E38/3272. The Group’s 10% interest is free carried to the finalisation of a feasibility study at which point the
Group can elect to contribute pro-rata or dilute, with the Group reverting to a 1% net smelter royalty if the Group’s
interest falls below 5%.
Other than the above, there has been no change in contingent liabilities, contingent assets or commitments since
the last annual reporting date, 30 June 2018.
There are no other contingencies of the Group at balance date.
21. COMMITMENTS
Capital Commitments
There are no capital expenditure commitments for the Group as at 30 June 2019.
Contractual Commitment
As at 30 June 2019 the Group has a contractual lease agreement for its registered offices which is due to expire
on 15 June 2022. The amount contracted on a per year basis but not included as a liability at 30 June 2019 was
$90,522.
Commitments for minimum lease payments in relation to non-
cancellable operating leases are payable as follows:
< 1 year
1-5 years
2019
$
90,522
280,704
371,226
2018
$
98,010
345,417
443,427
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
22. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS
The carrying values of financial assets and liabilities of the Group approximate their fair values. Fair values of
financial assets and liabilities have been determined for measurement and / or disclosure purposes.
Fair value hierarchy
The Group classifies assets and liabilities carried at fair value using a fair value hierarchy that reflects the
significance of the inputs used in determining that value. The table following analyses financial instruments
carried at fair value by the valuation method. The different levels in the hierarchy have been defined as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2:
inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (as prices) or indirectly (derived from prices); and
Level 3:
inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Recurring fair value measurements
Level 1
Level 2
Level 3
$
$
$
30 June 2019
Financial assets at fair value through profit
and loss
Total as at 30 June 2019
2,228,085
2,228,085
30 June 2018
Available-for-sale financial assets
2,601,522
Total as at 30 June 2018
2,601,522
–
–
–
–
Total
$
2,228,085
2,228,085
2,601,522
2,601,522
–
–
–
–
Due to their short-term nature, the carrying amount of the current receivables and current payables is assumed to
approximate their fair value.
23. CONTROLLED ENTITIES
Controlled Entity
Eastmin Pty Limited
HiTec Minerals Pty Ltd
HiTech Minerals Inc.
2019
100%
100%
100%
2018
100%
100%
100%
Class
Ord
Ord
Ord
State of
Incorporation
Date of
Incorporation
WA
WA
15/04/2005
13/04/2016
Nevada, USA
21/02/2018
Investment at Cost
2019
2018
$
2
100
2
$
2
100
2
The date of acquisition of the controlled entities was on the date of incorporation.
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
24. RELATED PARTY TRANSACTIONS
(a) Parent entity
The parent entity within the Group is Jindalee Resources Limited.
(b) Subsidiaries
Interests in subsidiaries are set out in Note 23.
(c) Key management personnel compensation
Short-term employee benefits
Post-employment benefits
Share-based payments
2019
$
482,405
36,670
126,458
645,533
2018
$
433,471
29,245
471,960
934,676
Refer to the remuneration report contained within the Directors’ Report and Note 18 for further details on
other transactions with key management personnel and share based compensation.
25. REMUNERATION OF AUDITORS
Amounts paid or payable at 30 June to the auditors for:
Audit and review of financial statements
Total remuneration for audit and other assurance services
2019
$
27,733
27,733
2018
$
22,023
22,023
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
26. PARENT ENTITY FINANCIAL INFORMATION
The following details information related to the parent entity, Jindalee Resources Limited, at 30 June 2019 and 30
June 2018.
The information presented here has been prepared using consistent accounting policies as presented in Note 2.
Financial Position
Assets
Current assets
Non-current assets
Total assets
Liabilities
Current liabilities
Non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Accumulated losses
Reserves
Total equity
Financial Performance
Loss for the year
Other comprehensive income
Total comprehensive loss
2019
$
2018
$
614,492
3,712,312
4,326,804
31,599
7,305
38,904
1,657,875
3,622,141
5,280,016
134,892
–
134,892
4,287,900
5,145,124
7,255,254
(6,516,798)
3,549,444
4,287,900
7,227,254
(5,229,210)
3,147,080
5,145,124
(1,029,170)
(1,377,846)
–
(1,029,170)
807,301
(570,545)
No guarantees have been entered into by Jindalee Resources Limited in relation to the debts of its subsidiary
companies.
Jindalee Resources Limited had no commitments or contingent liabilities at year end other than those disclosed in
Notes 20 and 21.
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NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
27. EVENTS OCCURING AFTER THE REPORTING PERIOD
As announced to ASX on 10 July 2019, the Company announced a 1 for 10 non-renounceable pro rata entitlement
offer at $0.30 per share to raise approximately $1.05M (before costs of the offer). The funds raised are to be used
to advance the Company’s McDermitt Lithium Project (US), Widgiemooltha Gold-Nickel Project (WA) and for
general working capital.
As announced to ASX on 26 July 2019, the Group has entered into a Binding Preliminary Sales and Purchase
Agreement (“Agreement”) with SilverStream SEZC whereby SilverStream will purchase the Group's royalties
over projects in the Eastern Goldfields of Western Australia, including West Kundana, Kookynie, Kelly Well, New
Bore and Millrose. The Agreement will serve as the basis for a Definitive Sales and Purchase Agreement (“DPA”)
to be executed by the parties, with the DPA conditional on third-party consents being obtained by Jindalee and
completion of further documentation. Consideration for the sale will comprise $250,000 in cash and a $250,000
convertible note with a 12 month expiry.
Other than the matters outlined above, there has not arisen in the interval between the end of the financial year
and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion
of the Directors, to affect significantly the operations, the results of those operations, or the state of affairs of the
Group in future financial years.
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DIRECTORS' DECLARATION
In the Directors’ opinion:
1.
The financial statements, comprising the consolidated statement of profit or loss and other comprehensive
income, consolidated statement of financial position, consolidated statement of cash flows, consolidated
statement of changes in equity, accompanying notes, are in accordance with the Corporations Act 2001, and:
complying with Accounting Standards and the Corporations Regulations 2001 and other mandatory
(a)
professional reporting requirements; and
giving a true and fair view of the consolidated entity’s financial position as at 30 June 2019 and of its
(b)
performance for the year ended on that date.
2.
In the directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as
and when they become due and payable.
3.
The directors have been given the declarations as required by section 295A of the Corporations Act 2001.
4. Note 2(a) confirms that the financial statements also comply with International Reporting Standards as issued by
the International Accounting Standards Board.
This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the
directors by:
P Darvall
Managing Director
19th day of August 2019 at Perth, Western Australia.
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AUDITOR’S INDEPENDENCE DECLARATION
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
38 Station Street
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
Australia
DECLARATION OF INDEPENDENCE BY PHILLIP MURDOCH TO THE DIRECTORS OF JINDALEE
RESOURCES LIMITED
As lead auditor of Jindalee Resources Limited for the year ended 30 June 2019, I declare that, to the
best of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Jindalee Resources Limited and the entities it controlled during the
period.
Phillip Murdoch
Director
BDO Audit (WA) Pty Ltd
Perth, 19 August 2019
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
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AUDITOR’S REPORT
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
38 Station Street
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of Jindalee Resources Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Jindalee Resources Limited (the Company) and its subsidiaries
(the Group), which comprises the consolidated statement of financial position as at 30 June 2019, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes
to the financial report, 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 2019 and of its
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Report section of our report. We are independent of the Group in accordance with the 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.
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
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AUDITOR’S REPORT
Recoverability of exploration and evaluation expenditure
Key audit matter
How the matter was addressed in our audit
As disclosed in Note 13 to the Financial
Report, the carrying value of capitalised
exploration and evaluation expenditure
represents a significant asset of the Group.
Refer to Note 2 of the Financial Report for a
description of the accounting policy and
significant judgements applied to capitalised
exploration and evaluation expenditure.
In accordance with AASB 6 Exploration for
and Evaluation of Mineral Resources (AASB 6),
the recoverability of exploration and
evaluation expenditure requires significant
judgment by management in determining
whether there are any facts or circumstances
that exist to suggest that the carrying amount
of this asset may exceed its recoverable
amount. As a result, this is considered a key
audit matter.
Our procedures included, but were not limited
to:
Obtaining a schedule of the areas of interest
held by the Group and assessing whether the
rights to tenure of those areas of interest
remained current at balance date;
Considering the status of the ongoing
exploration programmes in the respective
areas of interest by holding discussions with
management, and reviewing the Group’s
exploration budgets, ASX announcements and
directors’ minutes;
Considering whether any such areas of
interest had reached a stage where a
reasonable assessment of economically
recoverable reserves existed;
Considering whether any facts or
circumstances existed to suggest impairment
testing was required; and
Assessing the adequacy of the related
disclosures in Notes 2 and 13 to the Financial
Report.
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AUDITOR’S REPORT
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2019, 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 we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
http://www.auasb.gov.au/auditors_responsibilities/ar1.pdf
This description forms part of our auditor’s report.
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AUDITOR’S REPORT
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 7 to 12 of the directors’ report for the
year ended 30 June 2019.
In our opinion, the Remuneration Report of Jindalee Resources Limited, for the year ended 30 June
2019, 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.
BDO Audit (WA) Pty Ltd
Phillip Murdoch
Director
Perth, 19 August 2019
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ADDITIONAL INFORMATION
The following additional information not shown elsewhere in this report is required by the Australian Securities
Exchange in respect of listed public companies only. This information is current as at 19 September 2019.
Securities
Quotation has been granted for 38,494,253 ordinary shares of the Company on the Australian Stock Exchange.
Quoted Securities
ASX Code
JRL
Unquoted Securities
ASX Code
JRLAA
JRLAA
JRLAA
Number of
Holders
809
Number of
Holders
6
2
1
Security Description
Total Securities
Ordinary Fully Paid
38,494,253
Security Description
Total Securities
Options expiring 30/06/22
3,900,000
Exercisable at $0.40
Options expiring 30/06/22
1,700,000
exercisable at $0.50
Options expiring 30/06/22
1,500,000
One holder, Mr Pip Darvall, holds 4,500,000 unlisted options (equivalent to 65% of total unlisted options).
(vesting 30/06/2020) exercisable at $0.60
Voting Rights
The voting rights attached to each class of security are as follows:
(cid:115)(cid:0)
(cid:115)(cid:0)
(cid:47)(cid:82)(cid:68)(cid:73)(cid:78)(cid:65)(cid:82)(cid:89)(cid:0)(cid:38)(cid:85)(cid:76)(cid:76)(cid:89)(cid:0)(cid:48)(cid:65)(cid:73)(cid:68)(cid:0)(cid:83)(cid:72)(cid:65)(cid:82)(cid:69)(cid:83)(cid:0)(cid:110)(cid:0)(cid:79)(cid:78)(cid:69)(cid:0)(cid:86)(cid:79)(cid:84)(cid:69)(cid:0)(cid:80)(cid:69)(cid:82)(cid:0)(cid:83)(cid:72)(cid:65)(cid:82)(cid:69)(cid:0)(cid:72)(cid:69)(cid:76)(cid:68)(cid:14)
(cid:47)(cid:80)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:0)(cid:110)(cid:0)(cid:78)(cid:79)(cid:0)(cid:86)(cid:79)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:82)(cid:73)(cid:71)(cid:72)(cid:84)(cid:83)(cid:0)(cid:65)(cid:82)(cid:69)(cid:0)(cid:65)(cid:84)(cid:84)(cid:65)(cid:67)(cid:72)(cid:69)(cid:68)(cid:0)(cid:84)(cid:79)(cid:0)(cid:85)(cid:78)(cid:69)(cid:88)(cid:69)(cid:82)(cid:67)(cid:73)(cid:83)(cid:69)(cid:68)(cid:0)(cid:79)(cid:80)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:14)
Distribution schedule
Spread of Holdings -
Ordinary Shares (ASX Code: JRL)
1
1,001
5,001
10,001
-
-
-
-
1,000
5,000
10,000
100,000
100,001 -
99,999,999
TOTAL
Holders
162
267
129
197
54
809
Units
73,983
758,552
1,028,140
5,943,304
30,690,274
38,494,253
Percentage
0.19%
1.97%
2.67%
15.44%
79.73%
100%
Unmarketable Parcel
There are 239 Shareholders holding less than a marketable parcel of fully paid ordinary shares (a minimum parcel is
$500 being 2,000 shares using a market value of $0.25 per Share).
Substantial Shareholding
The Company has received the following notices of substantial holding:
(cid:121)
(cid:121)
Kale Capital Corporation Limited in relation to 3,000,000 ordinary shares
Teck Australia Pty Ltd in relation to 2,050,000 ordinary shares
Register of Securities
The Register of securities is held at Advanced Share Registry Limited at unit 2, 150 Stirling Highway, Nedlands, Western
Australia. Telephone: 61 8 9389 8033.
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ADDITIONAL INFORMATION
Buyback
No on-market share buy-back is current.
Top 20 Shareholders
The names of the twenty largest shareholders (ASX Code: JRL) are listed below:
Name
1. Mr LG Dudfield
2.
3.
4.
5.
6.
7.
8.
9.
Kale Capital Corporation Limited
Teck Australia Pty Ltd
Pillage Investments Pty Ltd
Yandal Investments Pty Ltd
Ayers Rock Holdings Pty Ltd
TBB NSW Pty Ltd
Neometals Investments Pty Ltd
Kevrex Pty Ltd
10. Windsong Valley Pty Ltd
11.
Farr Family SF Pty Ltd
12. Eric’s Pty Ltd
13.
Liberator Holdings Pty Ltd
14. KM Pilgrim Family Pty Ltd
15. PJ & SL Moylan Pty Ltd
16. Mr John Roderick Boyle
17.
Jopan Management Pty Ltd
18. Marbury Pty Ltd
19. Mr Justin Jerome Mannolini
20. Mr Stephen Martin Brun
% of Issued
Securities
33.44
Number of
Ordinary Shares
12,872,065
8.00
5.33
3.38
2.60
2.00
1.98
1.65
1.49
1.36
1.14
1.08
0.91
0.90
0.90
0.90
0.87
0.83
0.71
0.71
3,080,565
2,050,000
1,300,000
1,000,000
770,000
761,650
633,333
575,000
523,822
440,000
415,621
350,350
348,250
347,220
347,000
335,442
319,177
275,000
275,000
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ADDITIONAL INFORMATION
Tenements Schedule
Project
Mt Barnett
Planets
Widgie
Highway
Railway
Lawry
Lawry
Planets
Widgie
St Ives
St Ives
Higginsville
St Ives
Widgie
Higginsville
Widgie
St Ives
Widgie
St Ives
Chalice
Widgie
Salt Creek
St Ives
St Ives
Chalice
St Ives
St Ives
St Ives
Salt Creek
Salt Creek
North Sinclair
Camel Bore
Camel Bore
Lockyer Well
New Bore
Kelly Well
Kenya
Kenya
Mulga Tank
Meentheena
Mt Samson
Bundie Bore
Western Creek
Millrose
Taipan
Tenement Reference
Locality
Status
Interest held
E04/2512
E15/1549
E15/1552
E15/1563
E15/1564
E15/1624
E15/1626
E15/1639
E15/1645
E15/1647
E15/1650
E15/1667
Western Australia
Application
Western Australia
Western Australia
Granted
Granted
Western Australia
Application
Western Australia
Granted
Western Australia
Application
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
E15/1669-70
Western Australia
E15/1680
E15/1691
E15/1697
E15/1699
E15/1700
E15/1703-4
E15/1705
E15/1712-3
E15/1716
E15/1718
E15/1720
E15/1721
E15/1722
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
E15/1730-31
Western Australia
E15/1736
Western Australia
Granted
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Granted
E25/562
E25/572
E36/895
E36/910
E36/953
E37/1370
E38/3211
E38/3272
E39/1998
E39/2005
E39/2134
E45/5381
E47/3975
E51/1909
E52/3520
E53/1962
E63/1823
Western Australia
Western Australia
Application
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Granted
Granted
Application
Application
Granted
Granted
Granted
Granted
Application
Application
Application
Application
Granted
Granted
Granted
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
0%
0%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
10%
10%
100%
100%
100%
100%
100%
100%
100%
100%
100%
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A N N U A L R E P O R T 2 0 1 9
I
Page 57
ADDITIONAL INFORMATION
Tenements Schedule (continued)
Project
Jeffreys Find
Killaloe
Mission
Lake Percy
Forrestania
Aries
Cummins Range
Aries
Tenement Reference
Locality
E63/1832
E63/1874-5
E63/1916
E63/1981
E77/2575-6
E80/5027
E80/5091*
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
E80/5117****
Western Australia
Halls Creek Tungsten
E80/5410
Western Australia
EL5/2016**
HTC 1-28***
HTM 1-242***
HTM 243-354***
Tasmania
Nevada, USA
Oregon, USA
Oregon, USA
Status
Granted
Granted
Application
Application
Application
Granted
Application
Application
Application
Granted
Granted
Granted
Granted
M39/1135
M53/1078-I
P15/6112
P15/6245-6
P15/6267-8
P15/6342-3
P15/6367
P15/6388
P25/2568
P39/5925-6
P51/3145-7
Western Australia
Application
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Granted
Granted
Application
Application
Application
Application
Application
Application
Granted
Western Australia
Application
Prospect Ridge
Clayton North
McDermitt
McDermitt
Kelly Well
Joyners
Higginsville
Railway
Highway
Widgie
Widgie
Widgie
Salt Creek
Macey Hill
Bundie Bore
Interest held
100%
100%
100%
100%
100%
100%
100%
0%
100%
100%
100%
100%
100%
10%
20%
100%
100%
100%
100%
100%
100%
100%
100%
100%
* Tenement held or applied for through JRL’s wholly-owned subsidiary, Eastmin Pty Ltd.
**Tenement held or applied for through Jindalee’s wholly-owned subsidiary, HiTec Minerals Pty Ltd.
***Tenements held or applied for through Jindalee’s wholly-owned US subsidiary, HiTech Minerals Inc.
****Diamond rights only on Celsius Resources Ltd tenement.
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C O R P O R A T E D I R E C T O R Y
Board and Management
Justin Mannolini
Pip Darvall
Lindsay Dudfield
Patricia (Trish) Farr
Non-Executive Chairman
Managing Director
Executive Director
Executive Director/Company Secretary1
Registered Office & Principal Place of Business
Level 2
9 Havelock Street
West Perth, WA 6005
Telephone: +61 (8) 9321 7550
Facsimile: +61 (8) 9321 7950
Email: enquiry@jindalee.net
Web: www.jindalee.net
Auditors
BDO Audit (WA) Pty Ltd
38 Station Street
Subiaco, WA 6008
Legal Advisors
House Legal
86 First Avenue
Mount Lawley, WA 6050
Share Registry
Advanced Share Registry
110 Stirling Highway
Nedlands, WA 6000
Telephone: +61 (8) 9389 8033
Facsimile: +61 (8) 9262 3723
Securities Exchange Listing
The Company is listed on the Australian Securities Exchange Ltd (“ASX”)
Home Exchange: Perth, Western Australia
ASX Code: JRL
Front Cover
McDermitt Project, Oregon USA
1 Greg Ledger resigned as Joint Company Secretary on 27 August 2019.
Resources Limited
Resources Limited
Level 2, 9 Havelock St, West Perth WA 6005, Australia
PO Box 1033 I West Perth WA 6872, Australia
P +61 8 9321 7550 I F +61 8 9321 7950
E enquiry@jindalee.net I W www.@jindalee.net
ABN 52 064 121 133
ANNUAL REPORT 2019