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
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Resources Limited
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ANNUAL REPORT 2021
C O R P O R A T E D I R E C T O R Y
Board and Management
Justin Mannolini
Lindsay Dudfield
Patricia (Trish) Farr
Karen Wellman
Non-Executive Chairman
Executive Director
Executive Director/Company Secretary
Chief Executive Officer
Registered Office & Principal Place of Business
Level 2
9 Havelock Street
West Perth, WA 6005
Telephone:
Facsimile:
Email: enquiry@jindalee.net
Web: www.jindalee.net
+61 (8) 9321 7550
+61 (8) 9321 7950
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:
Facsimile:
+61 (8) 9389 8033
+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
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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ABN 52 064 121 133ANNUAL REPORT 2017
C H A I R M A N ’ S R E P O R T
Dear Fellow Shareholder
I am pleased to present the Chairman’s Report for
Jindalee Resources Limited for 2021.
The past financial year will be remembered for many
things: the end of the chaotic Trump administration, the
surging value of crypto-currencies (in possibly one of the
greatest speculative bubbles of all time) and, relevantly
for Jindalee and its shareholders, the awakening of global
resources investors to the reality of the green energy
transition which is gaining pace in the developed world.
It seems that not even the ongoing disruption to
economic activity wrought by the SARS CoV-2 virus
is likely to stymie the replacement of fossil fuels with
renewable energy derived from wind, hydro and solar
sources. This includes energy for transportation in the
form of electric vehicles (EVs). With many countries now
mandating the cessation of internal combustion engine
manufacture, exponential growth in the number of EVs is
predicted, with unsurprising impacts for demand in the
materials required for their manufacture.
These dynamics have, in turn, supported recent strength
in the prices of lithium chemicals and focussed investor
attention on potential sources of future lithium supply
to the EV industry, including Jindalee’s McDermitt
Lithium Project in Oregon USA. This in turn has driven
the Jindalee share price higher, and facilitated a well-
supported $9m capital raising in the third quarter of the
financial year. As a result of this raising, we are pleased
to welcome a large number of new investors, including
leading Australian institutions, to the Jindalee register for
the first time.
One of the advantages McDermitt possesses is its
proximity to the burgeoning United States battery
manufacturing industry. In future years, we expect much
greater focus from lithium consumers on sustainability
aspects of the lithium supply chain, including the
embedded carbon cost of transportation of unprocessed
concentrates across large distances to reach refiners,
battery manufacturers and, eventually, producers of
EVs themselves. The aspiration of the United States
auto industry is ideally to have a “closed system” of
EV production within the country, focussing attention
on opportunities for domestic extraction and supply of
lithium.
Throughout the financial year, Jindalee has continued to
systematically assess and de-risk the McDermitt Project
through a combination of resource drilling, metallurgical
testwork and commencement of early stage approval
processes. In April, we announced a combined Indicated
and Inferred Mineral Resource of 1.43 billion tonnes
at 1,320ppm Li for total of 10.1 Million tonnes Lithium
Carbonate Equivalent (LCE) (at a 1,000 ppm cut-off grade)
for McDermitt, making it the largest lithium deposit by
contained LCE in resource in the United States. The
Company has commenced preparation of a Scoping
Study on the project, the results of which will be used to
guide future exploration and development activities.
While the results of our efforts to date have been
encouraging, there is still a large amount of work to do
to establish the economic viability of lithium extraction
from sediment-hosted deposits. There are now several
companies at the vanguard of these efforts, including
Jindalee, and it has been encouraging to see one such
company, Bacanora Lithium PLC, attract a takeover offer
from Chinese lithium compounds behemoth Ganfeng
Lithium.
With Jindalee’s focus being predominantly on McDermitt,
the Company has taken the opportunity to continue to
rationalise its extensive portfolio of Australian interests.
Consistent with its “project generator” model, Jindalee
has taken the approach of disposing of or partnering on
several assets which are a better suited to development
by third parties, and monetising share investments
resulting from the divestment of non-core projects.
This has enabled the Company to carefully manage
its working capital and minimise ongoing dilution to
shareholders.
In terms of its remaining interests, in the 2022 financial
year, Jindalee’s focus will be squarely on its substantial
tenement holding in the vicinity of the Widgiemooltha
Dome in Western Australia, which is prospective for gold,
nickel and potentially lithium. Programmes of work
for reconnaissance drilling have been approved, and
exploration is expected to commence late 2021. There
has been considerable interest in this region over the past
financial year, with a number of significant exploration
results and discoveries, including at Mincor Resources
Limited’s Cassini Nickel Project, which is currently under
development.
The Jindalee team has grown in size over the past
financial year, including through the appointment, in
August 2020, of Chief Executive Officer Karen Wellman.
Karen brings a wealth of geological and management
expertise from her time in senior roles with leading
Western Australian gold miner Silver Lake Resources,
and has already made a substantial contribution to the
Company. We have also modestly grown our technical
teams in both Australia and the United States, in support
of our exploration and development activities in those
jurisdictions.
The last 12 months or so has once again reminded us of
the importance of both taking a long term perspective
and having a high degree of strategic flexibility, when
investing in resources exploration and development.
While the Board has been gratified by Jindalee’s
increased valuation and market presence, there is
considerable work ahead to lock in these gains and
position the Company for its next leg of growth. As
always, the Board is grateful for the continued support
of its shareholders, and we look forward to reporting on
further progress during the 2022 financial year.
Justin Mannolini
Non-Executive Chairman
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ABN 52 064 121 133ANNUAL REPORT 2017
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 achieving its stated objective of creating wealth for
our shareholders using a disciplined approach to mineral
exploration. Our strategy to build assets from scratch
rather than purchase has paid dividends (literally!) in the
past, and we believe we are building for further success
with the continued growth in value of our key US Lithium
and Widgiemooltha projects discussed below.
Jindalee provides shareholders with direct and indirect
exposure to a range of commodities including lithium,
gold, nickel, base metals, magnesite, uranium, and
iron ore through projects generated by the Company’s
technical team (Figure 1). Jindalee’s strong balance
sheet (around $13 million in cash and shares at 30 June
2021) sees the Company well placed to add value to the
projects already in our portfolio and to acquire further
high-quality opportunities.
During the 2021 Financial Year Jindalee substantially
increased the lithium Mineral Resource at McDermitt
(USA), and in September 2021 announced that
a positive preliminary Scoping Study had been
completed at McDermitt. We continued to expand our
already significant ground position established in the
Widgiemooltha area of Western Australia, as well as
opportunistically adding prospective ground to our
portfolio to establish a solid project pipeline that will
crystallise further value for shareholders.
KEY ASSETS
US LITHIUM
In June 2018 Jindalee announced the acquisition of two
sediment hosted lithium (Li) projects in the United States,
at McDermitt and Clayton North (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 the western US.
Sediment hosted lithium deposits have the potential to be
large, long-life sources of lithium that sit at the lower end
of the global cost curve. Furthermore, the US currently
imports most of its lithium, resulting in the metal being
included on the US Department of the Interior’s list
of minerals critical to the US economic and national
security, with emerging lithium projects receiving strong
bipartisan support.
Figure 1. Jindalee’s major Australian Projects.
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R E V I E W O F A C T I V I T I E S
Figure 2. Jindalee’s US Lithium Projects and Li-ion Battery Factories.
McDermitt
(Jindalee 100%)
In November 2019 Jindalee announced an Inferred Mineral Resource Estimate (MRE) of 150Mt @ 2,000ppm Li at
1,750ppm Li cut-off for 1.6Mt Lithium Carbonate Equivalent (LCE) had been estimated at McDermitt2. This MRE was
based on 13 diamond drill holes completed by the Company in 2018 and 2019.
Mid-2020 Jindalee announced positive results from metallurgical testwork which demonstrated that beneficiation
of McDermitt ore had the potential to result in a significant increase in head grade and reduction in acid consuming
minerals, as well as a reduction in the volume of material being leached.
Jindalee has continued to advance and derisk the McDermitt Project with further drilling and metallurgical testwork
undertaken during the period. Fifteen Reverse Circulation (RC) holes were completed at McDermitt in November and
December 2020, with substantial thicknesses of lithium mineralisation intersected in all holes. In April 2021 Jindalee
announced an updated MRE of 1.43 Bt @ 1,320ppm Li (0.28% Li2O) at 1,000ppm Li cut-off1 had been estimated at
McDermitt (Table 1, below):
Cut-off
Grade
(ppm Li)
500
1,000
1,500
1,750
2,000
Indicated Resource
Inferred Resource
Indicated & Inferred Resource
Tonnage
(Mt)
Li Grade
(ppm)
LCE
(Mt)
Tonnage
(Mt)
Li Grade
(ppm)
283
233
73
44
23
1,340
1,430
1,910
2,110
2,310
2.0
1.8
0.7
0.5
0.3
2,020
1,200
240
85
34
1,130
1,300
1,750
2,000
2,200
LCE
(Mt)
12.1
8.3
2.2
0.9
0.4
Tonnage
(Mt)
Li Grade
(ppm)
2,300
1,430
313
129
57
1,150
1,320
1,790
2,040
2,240
LCE
(Mt)
14.1
10.1
3.0
1.4
0.7
Table 1 – Summary of McDermitt Mineral Resource Estimate at varying cut-off grades, with preferred reporting cut-off of
1,000ppm highlighted. Note: totals may vary due to rounding.
The cut-off grade for reporting of the MRE has reduced
from 1,750ppm in 20192 to 1,000ppm in 2021 due to
the encouraging results received from metallurgical
test work completed by Jindalee through 2020 and
20215 which demonstrated the ore can be beneficiated
before leaching. This significantly increases confidence
in the ability to reduce operating costs which impacts
directly and positively upon the reasonable prospects for
eventual economic extraction (as per JORC Code 2012).
The results of the MRE (Table 1) and ETR (Table 2) at a full
range of cut-off grades demonstrate the scalability of the
Project.
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ABN 52 064 121 133ANNUAL REPORT 2017
R E V I E W O F A C T I V I T I E S
Exploration Target Range
Cut-off
Grade
(ppm Li)
500
1,000
1,500
1,750
2,000
Lower
Limit
(Mt)
2,300
1,300
270
100
30
Upper
Limit
(Mt)
4,500
2,300
390
140
40
Lower
Grade
(ppm Li)
Upper
Grade
(ppm Li)
800
1,100
1,500
1,700
1,900
1,200
1,500
1,900
2,100
2,300
Note that the potential quantity of the Exploration
Target is conceptual in nature, there has been
insufficient exploration to estimate a Mineral
Resource and it is uncertain if further exploration
will result in the estimation of a Mineral Resource.
Table 2 – Summary of McDermitt Exploration Target Range at varying cut-off grades, with preferred reporting cut-off of
1,000ppm highlighted. Note: totals may vary due to rounding.
Infill drilling completed in 2020 has increased confidence
in geological and grade continuity through the centre
of the deposit, allowing conversion of part of the
existing Inferred Mineral Resource to Indicated (Figure
3). Furthermore, there is significant scope for resource
extensions of the deposit to the west and south in
Jindalee’s new claims3, as well as infill drilling of the
Inferred material.
During the year Jindalee announced that it had staked
271 new claims at McDermitt with the Project now
covering 54.6km² straddling the Oregon-Nevada border3
(Figure 3). The new claims cover the interpreted strike
extensions of lithium mineralised sediments identified
from mapping and recent drilling and suggest that future
drilling of this area will result in a further increase to
the scale of the McDermitt Project. The new claims were
granted in June 2021.
Figure 3. Plan showing McDermitt Resource1 and Exploration Target1 Areas & March 2021 Claims.
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In February 2021 the Company announced that
metallurgical testwork on samples from McDermitt had
demonstrated that attrition scrubbing at 30% solids can
increase the lithium content in the <0.01mm fraction
by 60.9% with subsequent leaching of the beneficiated
samples confirming lithium extraction rates of 94-97%
with 26% less acid consumed per lithium unit compared
with similar tests on non-beneficiated ore4.
Approximately 1,000kg of McDermitt ore collected during
the 2020 drill program has been submitted for testing to
enable optimisation of the processing flow sheet from
ore through to the final production of lithium carbonate.
The entire process is expected to take approximately 6
months5.
Applications for permitting an extensive RC and diamond
drill program were submitted to the relevant government
agencies mid-2021. The program is designed to upgrade
and extend the current Mineral Resource at McDermitt
and will maximise resource conversion while minimising
the disturbance footprint. A drill contractor has been
appointed to complete the program with drilling expected
to commence in October, subject to permitting and
availability of appropriate personnel.
In September 2021 Jindalee announced that a preliminary
scoping study on McDermitt had indicated positive
operational and economic outcomes5. Although
regulatory constraints prevented disclosure of full
operational and financial metrics the study confirmed the
significance of the Project as a long-life source of future
supply to the rapidly growing US battery manufacturing
industry. Infill drilling and metallurgical testwork planned
for Q4 2021 is expected to enable the release of more
detailed Project metrics in 2022.
Clayton North
(Jindalee 100%)
In July 2021 Jindalee announced that an exploration
diamond drill program designed to test the Company’s
Clayton North prospect had commenced6. Clayton North
is located 23km north of Albemarle’s (NYSE: ALB) Silver
Peak brine operation, which is currently the only domestic
source of lithium in the US. Samples taken by Jindalee
in 2018 confirmed the presence of lithium mineralisation,
with up to 930ppm Li detected at surface7.
This drill program is the first follow up of the surface
sampling results with up to 12 drillholes proposed to
ascertain grade continuity of lithium mineralisation in
fresh sediments. First assay results from the program are
expected in October 2021.
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WIDGIEMOOLTHA PROJECT
Jindalee’s largest Australian project is situated in the
Western Australian goldfields south of Kalgoorlie. A
significant ground position has been built over the last
four years in this premier mining district (Figure 4) with
most tenements still in application (Jindalee is the sole
applicant in almost all cases).
Jimmy Thom, Jindalee’s Exploration Manager at
Widgiemooltha.
The Widgiemooltha project is prospective for gold,
nickel and lithium and Jindalee is encouraged by recent
exploration success in the district. Jindalee holds ground
north along strike of Mincor Resources’ (ASX: MCR)
Cassini nickel mine (1.476Mt @ 4.0% Ni8) and south of
Anglo Australian’s (ASX: AAR) Mandilla gold deposit
(inferred resource of 19.8Mt @ 1.0g/t Au for 0.66Moz9).
Jindalee advises that several Program of Works (PoWs)
for drill testing of gold targets at Widgiemooltha have
been approved, with drilling expected to commence late
2021, subject to completion of heritage surveys.
ABN 52 064 121 133ANNUAL REPORT 2017
R E V I E W O F A C T I V I T I E S
Figure 4. Widgiemooltha Project tenements (at 30 June 2021) over aeromagnetic imagery. Note some portions of the
tenements are excised by pre-existing mining and other leases.
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R E V I E W O F A C T I V I T I E S
OTHER ASSETS
Prospect Ridge (magnesite)
(Jindalee 100%)
The Prospect Ridge project is located in NW Tasmania and comprises the Arthur River and Lyons River magnesite
deposits. In 2017 Jindalee estimated an Inferred Mineral Resource of 25Mt @ 42.4% MgO at 40% MgO cut-off at the
Arthur River deposit11.
On 22 January 2021, the Company announced an Exploration Target Range (ETR) for the Lyons River deposit, located
6.5km south along strike of the Arthur River deposit12. The ETR, which is constrained to 100m depth, is based on
37 diamond drillholes completed by CRA Exploration (now Rio Tinto) between 1982 and 1989 with mineralisation
delineated over a 2km strike, 400m width and 300m depth and open at depth. At a 40% MgO cut-off the ETR is 40-60Mt
@ 40-44% MgO (Table 3).
Cut Off
(% MgO)
>40%
>38%
>35%
No cut
Mass
(Mt)
40-60
90-110
140-180
200-250
MgO
%
40-44
40-42
38-41
35-37
CaO
%
2.5-3.5
3.0-4.0
3.0-5.0
6.0-7.0
Fe2O3
%
5.5-6.5
8.0-10.0
10.0-11.0
10.0-12.0
SiO2
%
1.0-1.2
0.9-1.0
0.9-1.0
0.9-1.0
Table 3 – Lyons River Exploration Target Range at a series of MgO cut-offs reported above 100mRL
The Lyons River ETR demonstrates the potential to increase the existing Mineral Resource base at the Prospect Ridge
Project, which should positively impact the economics of any mining studies at the Project. Further drilling designed to
upgrade the ETR to a Mineral Resource is planned.
Note that the potential quantity and grade of the Exploration Target is conceptual in nature, there has been
insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the
estimation of a Mineral Resource.
JOINT VENTURES and NON-MANAGED PROJECTS
Leinster Projects (Jindalee 100%; Auroch earning 70%)
In July 2020 Jindalee formed a joint venture with Auroch
Minerals (ASX: AOU) whereby Auroch can earn a 70%
interest in Jindalee’s Leinster tenements (comprising
E’s 36/895, 36/910, 36/953 & 37/1370) by spending $0.5m
within 3 years, with Jindalee’s 30% free carried to
Decision to Mine, based on a Bankable Feasibility Study.
Auroch’s exploration to date at Leinster has focussed
on nickel mineralisation but Auroch is also expected to
follow up historic gold anomalies recorded from both
drilling and soil sampling.
Joyners JV
(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% Fe12.
In December 2020 GWR commenced mining of the C4
deposit13, located 11km to the north of the joint venture
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ground, and mining of the ‘JWD Deposit,’ situated
approximately 1km to the south, commenced in June
202112. Ore from both deposits is currently being trucked
to the Port of Geraldton and the development of these
deposits and associated establishment of infrastructure
at Wiluna West has positive implications for the eventual
monetization of the Joyners JV resource.
Other
Jindalee continued its strategy of divesting non-core
projects to spread exploration risk and augment working
capital, whilst maintaining focus on key assets with the
potential to transform the Company.
Divestments completed during the period included the
sale of 100% of the Kenya project to Ragnar Metals (ASX:
RAG) and 80% of the Salt Creek project to Mt Monger
Resources (ASX: MTM). The Company also entered
into options for the sale of 90% of the Aries project to
Odessa Minerals Ltd and 80% of the Forrestania project to
Forrestania Resources Pty Ltd and granted Great Western
Exploration (ASX: GTE) an option to earn up to 80% in
E53/2129 (Joyners).
ABN 52 064 121 133ANNUAL REPORT 2017
R E V I E W O F A C T I V I T I E S
INDIRECT INTERESTS
Alchemy Resources
(Jindalee 2.6% of issued capital)
The Company’s holding in Alchemy Resources Limited
(ASX: ALY) provides Jindalee shareholders with exposure
to Alchemy’s Bryah Basin gold and base metals project
(WA), the Karonie gold project (WA), and a 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, www.alchemyresources.com.au
Energy Metals
(Jindalee 6% of issued capital)
Jindalee holds approximately 12.5 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 their announcements
and on their website, www.energymetals.net
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.
CORPORATE
Three key senior appointments to the Jindalee team were
announced during the year.
Karen Wellman commenced as Jindalee’s Chief Executive
Officer in October 202014. Karen is a geologist with 20
years’ experience covering all aspects of the mining
cycle from early-stage exploration, production and mine
geology, through to resource definition and estimation
on multiple ore deposits and commodities including gold,
copper, lead, zinc, nickel and silver. Karen joined Jindalee
from Silver Lake Resources (ASX: SLR) where she was
Resource Development Manager and was credited with
making significant contributions to the success of the
Deflector Gold-Copper Project in WA.
Jimmy Thom was appointed Jindalee’s Exploration
Manager in May 20215. Jimmy is an experienced
geologist with 15 years’ experience across project
generation, brownfields exploration and resource
development in Australia, Africa and Canada. Jimmy will
primarily focus on progressing Jindalee’s WA assets,
particularly the Widgiemooltha project which is highly
prospective for gold, nickel and lithium.
In May 2021 Paul Meyer was engaged to manage
exploration and development of the Company’s lithium
assets in the United States5. Paul is based in the US and
brings a wealth of experience in both exploration geology
and environmental management.
In March 2021 Jindalee completed a placement of 6M
shares to strategic investors, including leading Australian
institutions, to raise $9M, before costs15. Completion of
the placement and exercise of unlisted options during the
period has increased Jindalee’s issued capital to 53.4M
shares on issue with cash and marketable securities of
approximately $13.3M16 at 30 June 2021. This provides a
strong base for advancing projects currently held by the
Company and leveraging into new opportunities.
Early September 2021 Jindalee was advised that the
Company had been awarded $468,750 of exploration
credits for FY2022 under the Junior Minerals Exploration
Incentive (JMEI). These exploration credits can be issued
to eligible shareholders subscribing for new shares
issued after 1 September 2021.
Widgiemooltha Project.
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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 is to identify and acquire projects with the potential to transform the Company and this continues to
be our primary focus. At the same time the Company maintains the flexibility to deal on other projects as opportunities
present, with the divestment of several non-core projects including Kenya, Salt Creek and Aries being recent examples.
The strategic land packages acquired at McDermitt and Widgiemooltha are examples of larger scale undertakings
where Jindalee believes there is excellent potential to create significant value for shareholders and therefore
substantial effort to crystallise this value is warranted.
ANNUAL MINERAL RESOURCES STATEMENT
Jindalee’s Mineral Resources are reported in accordance with the 2012 JORC Code and estimated or based on
documentation prepared by a Competent Person as defined by the 2012 JORC Code unless otherwise specified.
All information compiled in this statement has been previously announced, and represent the Company’s Mineral
Resource inventory at 30 June 2021.
Jindalee ensures that the Minerals Resources quoted are subject to governance arrangement and internal controls.
Internal and external reviews of Mineral Resource estimation procedures and results are carried out by a team of
experienced technical personnel that is comprised of highly competent and qualified professionals. These reviews have
not identified any material issues.
Jindalee reports its Mineral Resources on at least an annual basis in accordance with the Australasian Code for
Reporting of Exploration Results, Minerals Resources and Ore Reserves (the JORC Code), 2012 or 2004 Edition as
stated. Competent Persons named in this report are Members or Fellows of the Australasian Institute of Mining and
Metallurgy and/or the Australian Institute of Geoscientists and qualify as Competent Persons as defined in the JORC
Code.
The Company’s procedures for drilling, sampling techniques and analysis are regularly reviewed and audited by
independent experts. Assays are undertaken by independent, internationally accredited laboratories with a QA/QC
program delivering acceptable levels of accuracy and precision.
The only change in the Company’s Mineral Resources during the financial year was a significant increase and upgrade
of the McDermitt Mineral Resource announced 8 April 2021.
McDermitt Project - Mineral Resource Estimate (MRE)
At the 30 June 2020, the total MRE at McDermitt was 150Mt @ 2,000ppm Li at 1,750ppm cut-off.
Following the completion of infill drilling in Q2, Jindalee announced on 8 April 2021 that the MRE at McDermitt had
been increased to 1,430 Mt @ 1,320ppm Li (Indicated and Inferred) at 1,000ppm Li cut-off. Approximately 20% of the
Mineral Resource is classified as Indicated, with the remainder classified as Inferred.
Cut-off
Grade
(ppm Li)
Indicated Resource
Inferred Resource
Indicated & Inferred Resource
Tonnage
(Mt)
Li Grade
(ppm)
LCE
(Mt)
Tonnage
(Mt)
Li Grade
(ppm)
LCE
(Mt)
Tonnage
(Mt)
Li Grade
(ppm)
LCE
(Mt)
1,000
233
1,430
1.8
1,200
1,300
8.3
1,430
1,320
10.1
Table 1 – Summary of McDermitt Mineral Resource Estimate at 30 June 2021.
Note: totals may vary due to rounding.
The total mineral inventory at McDermitt increased from 150Mt @ 2,000ppm Li at 1,750ppm cut-off to 1,430Mt @
1,320ppm Li at 1000ppm cut-off, representing an increase of contained lithium metal of over 650%. The increase in
the MRE from 2019 to 2021 was due to infill and extensional drilling (15 holes) completed in 2020 and a reduction in
the cut-off grade for reporting of the MRE from 1,750ppm in 2019 to 1,000ppm in 2021 due to the encouraging results
received from metallurgical test work completed by Jindalee through 2020 and 2021 which demonstrated the ore can
be beneficiated before leaching. This significantly increases confidence in the ability to reduce operating costs which
impacts directly and positively upon the reasonable prospects for eventual economic extraction (as per JORC Code
2012).
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Prospect Ridge Project: Arthur River Deposit - Mineral Resource Estimate (MRE)
Cut-off Grade (%
MgO)
40
Tonnes
25,121,511
MgO (%)
42.4
SiO2 (%)
Fe2O3 (%)
4.8
1.4
CaO (%)
2.6
Inferred Resource
Table 2 – Summary of Arthur River Mineral Resource Estimate at 30 June 2021.
On 10 October 2017 Jindalee announced an Inferred MRE of 25.1Mt @ 42.4% MgO at 40% MgO cut-off at the Arthur
River deposit. There has been no change in the Arthur River MRE since this date.
Joyners JV - Mineral Resource Estimate (MRE)
Cut-off
Grade
(% Fe)
Indicated Resource
Tonnes
(Mt)
Fe (%)
50
3.3
63.6
SiO2
(%)
4.27
Al2O3
(%)
LOI (%) P (%)
Inferred Resource
Tonnes
(Mt)
Fe (%)
2.05
1.83
0.03
3.9
62.4
SiO2
(%)
4.81
Al2O3
(%)
LOI (%) P (%)
2.12
2.16
0.05
Table 3 – Summary of McDermitt Mineral Resource Estimate at 30 June 2021.
Note: This Mineral Resource is reported in accordance with JORC Code 2004.
On 24 February 2010 GWR Group Limited (Jindalee’s JV partner at the Joyners Project) announced an Indicated and
Inferred MRE of 7.9Mt @ 62.2% Fe at 50% Fe cut-off at the Joyners JV. There has been no change in the Joyners JV MRE
since this date.
Drilling at McDermitt – November 2020.
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Additional Information
Additional details including JORC 2012 reporting
tables, where applicable, can be found in the ASX
announcements referenced in this report and lodged with
the ASX.
References:
1.
2.
3.
4.
5.
6.
7.
Jindalee Resources ASX announcement 08/04/2021:
“McDermitt Lithium Resource confirmed as largest in USA”.
Jindalee Resources ASX announcement 19/11/2019:
“Maiden Lithium Resource at McDermitt”.
Jindalee Resources ASX announcement 31/03/2021:
“Jindalee increases size of McDermitt Project by 67%”.
Jindalee Resources ASX announcement 22/02/2021: “More
positive metallurgical results from McDermitt”.
Jindalee Resources ASX announcement 16/09/2021:
“Positive Preliminary Scoping Study”.
Jindalee Resources ASX announcement 21/07/2021:
“Jindalee commences drilling at Clayton North”.
Jindalee Resources ASX announcement 08/06/2018:
“Jindalee acquires US Lithium Project at Clayton North”.
8. Mincor Resources ASX Announcement 03/08/2021:
“Diggers & Dealers Presentation”.
9.
10.
11.
Anglo Australian ASX announcement 27/05/2021:
“Mandilla Mineral Resource Increases 33% to 665,000oz”.
Jindalee Resources ASX announcement 10/10/2017: “Arthur
River Magnesite Deposit (JORC 2012) Resource Estimate”.
Jindalee Resources ASX announcement 22/01/2021:
“Prospect Ridge – Exploration Target for Lyons River
Deposit”.
12. GWR Group ASX announcement 02/08/2021: “June Quarter
Activities Report and Appendix 5B”.
13. GWR Group ASX announcement 24/12/2020: “Transport of
High Grade Ore to Port of Geraldton commences”.
14.
15.
16.
Jindalee Resources ASX announcement 03/08/2020:
“Jindalee appoints Karen Wellman as CEO”.
Jindalee Resources ASX announcement 15/03/2021: “$9M
raising to fund growth at McDermitt”.
Jindalee Resources ASX announcement 28/07/2021:
“Quarterly Activities & Cashflow Report”.
Competent Persons Statement
The information in this report that relates to Exploration
Results, Mineral Resources or Ore Reserves is based on
information compiled by Mr Lindsay Dudfield and Mrs
Karen Wellman. Mr Dudfield is consultant to the Company
and a Member of the Australasian Institute of Mining and
Metallurgy and the Australian Institute of Geoscientists.
Mrs Wellman is an employee of the Company and
a Member of the Australasian Institute of Mining
and Metallurgy. Both Mr Dudfield and Mrs Wellman
have sufficient experience relevant to the styles of
mineralisation and types of deposits under consideration,
and to the activity being undertaken, 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.’ Mr Dudfield and
Mrs Wellman consent to the inclusion in this report of the
matters based on this information in the form and context
in which it appears.
The information in this report that relates to the
Exploration Target and the Mineral Resource Estimate for
the McDermitt deposit is based on information compiled
by Mr. Arnold van der Heyden, who is a Member and
Chartered Professional (Geology) of the Australasian
Institute of Mining and Metallurgy and a Director of H&S
Consultants Pty Ltd. Mr. van der Heyden has sufficient
experience relevant to the style of mineralisation and
type of deposit under consideration and to the activity
being undertaken to qualify as a Competent Person as
defined in the 2012 Edition of the ‘Australasian Code for
Reporting of Exploration Results, Mineral Resources and
Ore Reserves’ (JORC Code). The Company confirms that
it is not aware of any further new information or data that
materially affects the information included in the original
market announcements by Jindalee Resources Ltd
(JRL) entitled “McDermitt Lithium Resource confirmed
as largest in USA” released on 8 April 2021 and in the
case of estimates of Mineral Resources, that all material
assumptions and technical parameters underpinning the
estimates in the relevant market announcement continue
to apply and have not materially changed. To the extent
disclosed above, the Company confirms that the form
and context in which the Competent Person’s findings are
presented have not been materially modified from the
original market announcement.
The information in this report that relates to the
Exploration Target and the Mineral Resource Estimate for
the Prospect Ridge Lyons River and Arthur River deposits
is based on information compiled by Mr. Tim Callaghan
and Mr Stewart Capp respectively. Mr Callaghan is a
Member of the Australasian Institute of Mining and
Metallurgy and an independent mining consultant
for Resource and Exploration Geology. Mr Capp is a
Member of The Australasian Institute of Mining and is
employed by Derwent Geoscience (Fiji) Pte Ltd. Both
Mr Callaghan and Mr Capp have sufficient experience
relevant to the style of mineralisation and type of deposit
under consideration and to the activity being undertaken
to qualify as Competent Persons as defined in the
2012 Edition of the ‘Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves’
(JORC Code). The Company confirms that it is not aware
of any further new information or data that materially
affects the information included in the original market
announcements by Jindalee Resources Ltd (JRL) entitled
“Arthur River Magnesite Deposit (JORC 2012) Resource
Estimate” released on 10 October 2017 and “Prospect
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Ridge – Exploration Target for Lyons River Deposit”
released on 22 January 2021, and in the case of estimates
of Mineral Resources, that all material assumptions and
technical parameters underpinning the estimates in the
relevant market announcement continue to apply and
have not materially changed. To the extent disclosed
above, the Company confirms that the form and context
in which the Competent Persons’ findings are presented
have not been materially modified from the original
market announcements.
The information in this report that relates to the Mineral
Resource Estimate for the Joyners JV deposit is based
on information provided to Jindalee by GWR Group
Limited. GWR Group advise that the Mineral Resource
estimates were published pursuant to GWR Group ASX
announcements dated 8 July 2011 and 11 April 2013
for the Wiluna West Iron Project and are prepared in
accordance with the 2004 edition of the JORC Code.
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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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 2021.
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
Principal activities
The principal activity of Jindalee Resources Limited during the year 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 2021 was $504,303 (2020:
loss $250,878).
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.
Operations and financial review
Jindalee’s strategy is to identify and acquire projects with the potential to transform the Company and this continued to
be the Group’s primary focus.
During the year efforts were concentrated on the McDermitt Lithium Project (US) and included drilling to both increase
the maiden inferred resource announced in 2019 and deliver an expanded exploration target, as well as metallurgical
testwork to further derisk the Project. The Company also increased its ground position in the Widgiemooltha area and
acquired other projects in Western Australia.
McDermitt
Fifteen Reverse Circulation (RC) holes were completed at the McDermitt Project during the period, with substantial
thicknesses of lithium mineralisation intersected in all holes. In April 2021 Jindalee announced a combined Indicated
and Inferred Mineral Resource Inventory at McDermitt of 1.43Bt at an average grade of 1,320 ppm Li for a total of 10.1Mt
Lithium Carbonate Equivalent (LCE), using a cut –off grade of 1,000 ppm Li1, making McDermitt the largest lithium
deposit in the US by contained lithium in Mineral Resource. The 1,000 ppm Li cut –off grade used is appropriate in the
context of similar projects and results from recent metallurgical testwork, based on an assessment of the likelihood of
future economic extraction as required by the JORC (2012) Code.
The Company confirms that it is not aware of any new information or data that materially affects the information
included in this market announcement and that all material assumptions and technical parameters underpinning the
estimates of mineral resources referenced in this market announcement continue to apply and have not materially
changed.
The Company also announced that McDermitt deposit remains open with an independently estimated Exploration
Target Range (ETR) of 1.3Bt to 2.3Bt at 1,100ppm to 1,500ppm Li surrounding the Resource1.
*Note that the potential quantity and grade of the ETR is conceptual in nature, there has been insufficient exploration
to estimate a Mineral Resource over the Exploration Target and it is uncertain if further exploration will result in the
estimation of additional Mineral Resources.
Metallurgical testwork undertaken on McDermitt ore demonstrated that beneficiation using attrition scrubbing can
increase the lithium content by up to 60% and remove acid consuming minerals2.
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Additional work planned for McDermitt includes further metallurgical test work, a scoping study and other technical
studies, commencement of early stage permitting activities and drilling to build on and upgrade the current Mineral
Resource estimate.
Western Australia
During the year the Company added to its existing ground position in the Widgiemooltha area of Western Australia (WA)
and pegged additional prospective tenements in Western Australia.
At Widgiemooltha, the Company received approval from the WA Department of Mines, Industry Regulation and Safety
(DMIRS) to drill untested gold targets, with drilling expected to commence late 2021.
Impact of COVID –19
The Group continues to monitor the ongoing and evolving situation relating to the Coronavirus pandemic (COVID –19)
and the potential implications for the health and wellbeing of the Group’s employees, contractors and stakeholders. The
Company has implemented various health and safety measures and has concluded at this time that there has been no
material impact on the Group’s solvency or its ability to continue as a going concern.
Financial
The net assets of the Group have increased by $12,231,648 from $5,374,940 at 30 June 2020 to $17,606,588 at 30 June
2021, principally due to raising $11,049,539 from the issue of shares during the year and share based payments of
$996,412 net of the Group’s loss for the year of $504,303.
The Directors believe the Group is in a sound financial position to continue its exploration endeavours.
Competent Persons Statement:
The information in this report that relates to Exploration Results is based on information compiled by Mr Lindsay Dudfield and Mrs Karen Wellman.
Mr Dudfield is a consultant to the Company and a member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of
Geoscientists. Mrs Wellman is an employee of the Company and a member of the Australasian Institute of Mining and Metallurgy. Both Mr Dudfield and
Mrs Wellman have sufficient experience, relevant to the styles of mineralisation and types of deposits under consideration, and to the activity which is
being 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 Dudfield and Mrs Wellman consent to the inclusion in the report of the matters based on this information in the
form and context in which it appears.
The information in this report that relates to the Exploration Target and the Mineral Resource Estimate for the McDermitt deposit is based on information
compiled by Mr. Arnold van der Heyden, who is a Member and Chartered Professional (Geology) of the Australasian Institute of Mining and Metallurgy
and a Director of H&S Consultants Pty Ltd. Mr. van der Heyden has sufficient experience relevant to the style of mineralisation and type of deposit
under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). The Company confirms that it is not aware of any new information
or data that materially affects the information included in the original market announcements by Jindalee Resources Ltd (JRL) entitled: “Maiden Lithium
Resource at McDermitt” released on 19 November 2019; and “McDermitt Lithium Deposit confirmed as largest in the USA” released on 8 April 2021, and,
in the case of estimates of Minerals Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market
announcements continue to apply and have not materially changed. To the extent disclosed above, the Company confirms that the form and context in
which the Competent Person’s findings are presented has not been materially modified from the original market announcement.
Forward-Looking Statements:
This document may include forward-looking statements. Forward-looking statements include but are not limited to statements concerning Jindalee
Resources Limited’s (Jindalee) planned exploration program and other statements that are not historical facts. When used in this document, the words
such as “could”, “plan”, “estimate”, “expect”, “intend”, “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 involve risks and uncertainties and
no assurance can be given that actual results will be consistent with these forward-looking statements.
Footnote references:
Additional details including JORC 2020 reporting tables, where applicable, can be found in the ASX announcements
referenced in this report and the below announcements lodged with the Australian Securities Exchange (ASX) during
the period:
1.
2.
3.
Jindalee Resources Limited ASX Announcement 08/04/2021 ‘McDermitt Lithium Project confirmed as largest in
USA’.
Jindalee Resources Limited ASX Announcement 22/02/2021 ‘More Positive Metallurgical Results from McDermitt.’
Jindalee Resources Limited ASX Announcements 30/12/2019 ‘Company Update’ and 28/07/2021 ‘Quarterly
Activities Report.’
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Events since the end of the financial year
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
2021, however reporting requirements may change in the future.
Information on Directors
J Mannolini B.Com/LL (Hons), LLB (Law), GAICD. 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
iCetana Limited – resignation
effective 11/05/2021
Special responsibilities
Chairman
Interests in shares and options
Ordinary Shares – Jindalee Resources
Limited
750,000
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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 17 years.
Other current directorships
Energy Metals Limited – Non-Executive Director
Alchemy Resources Limited – Non-Executive Chairman
Former directorships in last 3 years
Special responsibilities
Interests in shares and options
None
None
Ordinary Shares – Jindalee Resources
Limited
13,745,365
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
Other current directorships
Former directorships in last 3 years
Special responsibilities
Interests in shares and options
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 has provided Company Secretarial
services to several ASX listed companies including Musgrave Minerals
Limited and prior to that Energy Metals Limited and Fox Resources Limited.
Ms 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.
None
None
None
Ordinary Shares – Jindalee Resources
Limited
755,922
Unlisted $0.40 Options expiring
30/06/2022
150,000 (vested 22/11/2017)
Company Secretary Information
Ms Farr is an experienced Chartered Secretary having provided Company Secretarial services to several listed, unlisted
and not-for-profit companies, the majority of which operate in the resource and health sectors 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).
Meetings of Directors
The following table sets out the number of meetings of the Company’s Directors held during the year ended 30 June
2021 and the numbers of meetings attended by each Director.
Name
J Mannolini
L Dudfield
P Farr
Board of Directors
Meetings Held
Meetings Attended
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.
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Retirement, election and continuation in office of directors
Mr Lindsay Dudfield is the director retiring by rotation who, being eligible, may offer himself for re-election at the
Company’s 2021 Annual General Meeting.
AUDITED REMUNERATION REPORT
The Directors are pleased to present Jindalee Resources Limited 2021 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 2020 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
L Dudfield
Executive Director
P Farr
Executive Director/Company Secretary
K Wellman
Chief Executive Officer (appointed 12 October 2020)
P Darvall
Managing Director (resigned 31 December 2019)
For further details on each director see pages 16 and 17.
(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 2021.
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
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(c) Executive remuneration policy and framework
In determining executive remuneration, the Board aims to ensure that remuneration practices are:
•
•
•
•
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.
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
Market Capitalisation
Dividends (cents per share)
2017
$0.21
$7.33M
–
2018
$0.28
2019
$0.39
2020
$0.32
2021
$2.50
$9.77M
$13.65M
$12.4M
$133.5M
–
–
–
–
(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.
A N N U A L R E P O R T 2 0 2 1
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D I R E C T O R S ’
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(f) Voting and comments made at the Company’s 2020 Annual General Meeting
Jindalee received 99.8% of “yes” votes on its remuneration report for the 2020 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
Share-based payment
Remuneration
consisting of
options
Non-Executive
Director/Chairman
J Mannolini
Executive Directors
L Dudfield
P Farr
2020
2021
2020
2021
2020
2021
Key Management Personnel
K Wellman*
P Darvall#
2020
2021
2020
Cash
Salary,
Consulting
Fees
$
Directors
Fees
$
20,000
65,000**
–
–
–
–
–
–
–
–
–
91,575
178,864
106,000
116,309
–
160,769
133,918
Super-
annuation
$
1,900
6,175
–
–
Long
Service
Leave
$
–
–
–
–
10,070
2,662
14,682
21,744
–
15,273
11,575
–
–
–
* Appointed as Chief Executive Officer (CEO), 12 October 2020
# Resigned as Managing Director, 31 December 2019
Options
$
Total
$
Percentage
%
–
–
–
–
–
–
–
21,900
71,175
91,575
178,864
129,720
140,715
–
–
–
–
–
–
–
–
892,549
1,068,591
(81,044)
64,449
84%
–
** Includes an additional payment of $15,000 paid during the period in lieu of the suspension of fees in the 2020
financial year
(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 entitled to directors fees of $50,000 per annum plus statutory superannuation
in accordance with his letter of appointment. Mr Mannolini’s appointment is contingent upon satisfactory
performance and successful 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.
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. 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.
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R E P O R T
P Farr
Ms Farr was appointed as a director on 29 August 2008. Ms Farr was paid a salary plus statutory superannuation
pursuant to the terms and conditions of an employment contract which ceased on 30 September 2020 with Ms
Farr’s leave entitlements paid out in full. Effective 1 October 2020, Ms Farr is remunerated pursuant to the terms
and conditions of a consultancy agreement with Farr Corporate Pty Ltd. 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. Ms
Farr is not entitled to any termination benefits.
K Wellman (appointed 12 October 2020)
As announced to ASX on 3 August 2020, Mrs Wellman was appointed Chief Executive Officer effective 12 October
2020 and paid an annual salary of $220,000 per annum plus statutory superannuation pursuant to an Executive
Services Agreement. Effective 1 July 2021, the Board resolved to increase Mrs Wellman’s annual salary to $240,000
per annum plus statutory superannuation. Mrs Wellman’s employment contract may be terminated by either party
on the giving of three month’s notice. Upon termination of the contract, for any reason, the Company will pay
leave entitlements due to Mrs Wellman.
P Darvall (resigned 31 December 2019)
Mr Darvall was appointed Managing Director on 28 May 2018 and resigned on 31 December 2019. Mr Darvall was
paid an annual salary of $240,000 per annum plus statutory superannuation pursuant to an Executive Services
Agreement. Upon his resignation on 31 December 2019, leave entitlements due to Mr Darvall were paid in full.
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 and member of
key management personnel of the Company are set out below.
2,000,000 options were issued as remuneration to the CEO for the year ended 30 June 2021. Details of the issue to
Mrs Wellman are outlined in (j) below.
The fair value of services received in return for share options granted to employees and key management
personnel 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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ABN 52 064 121 133ANNUAL REPORT 2017
D I R E C T O R S ’
R E P O R T
2021
Options/
Shares
granted as
compen-
sation
Received
during the
year on the
exercise of
options
Number
of options
vested
during
the year
Number
of options
forfeited
during
the year
Other
changes
during the
year
Balance at
the start of
the year
Balance at
the end of
the year
Vested
and
exercisable Unvested
Name
J Mannolini
Ordinary fully
paid shares 342,564
Unlisted
Options
L Dudfield
500,000
Ordinary fully
paid shares 13,072,065
1,000,000
Unlisted
Options
P Farr
Ordinary fully
paid shares 440,000
Unlisted
Options
K Wellman
500,000
Ordinary fully
paid shares –
Unlisted
Options
–
–
–
–
–
–
–
500,000
–
–
–
350,000
–
–
–
–
–
–
–
–
–
–
(92,564)*
750,000
– (500,000)
–
–
653,300* 13,725,365
–
–
–
–
–
1,000,000 1,000,000
–
(34,078)*
755,922
–
– (350,000)
150,000
150,000
–
–
–
–
–
–
–
– 2,000,000
– 1,000,000
–
2,000,000
1,000,000 1,000,000
27,000*
27,000
–
–
–
* Changes during the year relate to participation in 2020 entitlement offer, option conversions and on-market
trades.
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, 850,000 ordinary shares in the Company were provided as a result of the exercise of
remuneration options at an exercise price of $0.40 per share. For details on the valuation of the options, including
models and assumptions used, please refer to Note 18.
(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.
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ABN 52 064 121 133ANNUAL REPORT 2017
D I R E C T O R S ’
R E P O R T
(l) Other transactions with key management personnel
During the year the Group paid a total of $178,864 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.
During the year, the Group paid a total of $85,396 to Farr Corporate Pty Ltd for the provision of company
secretarial and accounting services. Ms Farr is a director and shareholder of Farr Corporate 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
Number
22/08/2017
22/11/2017
22/11/2017
22/11/2017
27/11/2020
27/11/2020
22/03/2021
200,000
1,150,000
500,000
1,500,000
1,000,000
1,000,000
1,000,000
Date vested &
exercisable
22/08/2017
22/11/2017
30/06/2018
30/06/2019
30/04/2021
30/04/2022
22/03/2021
Expiry Date
Exercise Price
30/06/2022
30/06/2022
30/06/2022
30/06/2022
30/06/2025
30/06/2025
22/03/2024
$0.40
$0.40
$0.40
$0.50
$0.40
$0.50
$3.50
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 2,750,000 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 2021 Corporate Governance Statement has been released as a separate document and is located
on the Company’s website at: https://www.jindalee.net/site/about/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.
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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.
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:
•
•
the non-audit services have been reviewed by the Board to ensure they do not impact on the impartiality and
objectivity of the auditor; and
none of the services undermine the general principles relating to auditor independence as set out in APES
110 Code of Ethics for Professional Accountants.
During the year ended 30 June 2021 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 53.
This report is signed in accordance with a resolution of the Directors.
L Dudfield
Executive Director
Perth
25 August 2021
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ABN 52 064 121 133ANNUAL REPORT 2017
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2021
Revenue from continuing operations
Other income
Employee benefits expense
Share-based payments
Depreciation and amortisation expense
Exploration expenditure
Impairment of exploration assets
Fair value movement on financial assets
Tenancy and operating expenses
Gain on foreign exchange
Other administration expenses
Corporate and regulatory expenses
Finance costs
Loss before income tax
Income tax benefit
Loss after income tax
Note
4
4
18
13
11
2021
$
13,340
328,955
(106,015)
(996,412)
(64,248)
(82,987)
(37,671)
1,015,736
(33,025)
(120,008)
(283,719)
(123,763)
(14,486)
2020
$
7,063
582,662
(157,905)
81,044
(75,011)
(66,702)
(189,694)
(134,801)
(29,834)
2,681
(139,217)
(110,249)
(20,915)
(504,303)
(250,878)
5
–
–
(504,303)
(250,878)
Loss attributable to owners of Jindalee Resources Limited
(504,303)
(250,878)
Other comprehensive income
Items that may be reclassified to profit or loss
Revaluation of investments taken to equity
Other comprehensive income for the year
–
–
–
–
Total comprehensive loss for the year attributable to the
ordinary equity holders of the Company
(504,303)
(250,878)
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
(1.11)
(1.11)
(0.66)
(0.66)
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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ABN 52 064 121 133ANNUAL REPORT 2017
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
Note
2021
$
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Prepayments
Financial assets at fair value through profit or loss
Total Current Assets
NON-CURRENT ASSETS
Other receivables
Property, plant and equipment
Right of use assets
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
Provision for annual leave
Lease liabilities
Total Current Liabilities
NON-CURRENT LIABILITIES
Provision for long service leave
Lease liabilities
Total Non-Current Liabilities
TOTAL LIABILITIES
Total Non-Current Liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Accumulated losses
Reserves
TOTAL EQUITY
2020
$
839,726
54,092
–
305,858
1,199,676
61,106
19,788
122,215
2,310,327
1,827,574
4,341,010
10,158,652
265,474
261,190
221,179
10,906,495
62,268
22,325
63,761
3,890,211
2,862,844
6,901,409
9
10
10
12
13
11
14
17,807,904
5,540,686
114,569
11,959
74,788
201,316
–
–
–
201,316
–
201,316
12,513
1,748
63,299
77,560
13,650
74,536
88,186
165,746
88,186
165,746
17,606,588
5,374,940
15
16
17
19,599,748
(6,042,280)
4,049,120
8,318,909
(5,537,977)
2,531,008
17,606,588
5,374,940
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
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ABN 52 064 121 133ANNUAL REPORT 2017
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2021
Cash flows from operating activities
Payments in the course of operations
Interest received
Interest paid
Note
2021
$
(606,485)
11,776
(14,486)
2020
$
(470,828)
7,063
(20,915)
Net cash outflow from operating activities
6
(609,195)
(484,680)
Cash flows from investing activities
Payments for exploration and evaluation
2,088,637)
(1,155,139)
Payments for property, plant and equipment
Payment of bonds
Proceeds from sale of tenements
Proceeds from sale of financial assets at fair value through
profit or loss
(8,331)
–
185,000
(3,861)
–
260,000
163,598
241,727
Net cash outflow from investing activities
(1,748,370)
(657,274)
Cash flows from financing activities
Lease principal repayments
Proceeds from issue of shares net of costs
Net cash inflow/(outflow) from financing activities
(63,048)
11,739,539
11,676,491
(53,461)
1,126,655
1,073,194
Net increase/(decrease) in cash and cash equivalents
9,318,926
(68,760)
Cash and cash equivalents at the beginning of the financial
year
839,726
908,486
Cash and cash equivalents at the end of the financial year
9
10,158,652
839,726
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
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ABN 52 064 121 133ANNUAL REPORT 2017
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
Consolidated
Contributed
equity
Share-based
payment
reserve
Accumulated
losses
Total equity
$
$
$
$
Balance at 1 July 2019
7,255,254
2,612,052
(5,287,099)
4,580,207
Total comprehensive loss for the year:
Loss for the year
Total comprehensive loss for the year
Transactions with owners in their capacity as owners
Issue of shares net of costs
Share –based payments
Balance at 30 June 2020
Total comprehensive loss for the year:
Loss for the year
Total comprehensive loss for the year
–
–
1,126,655
–
–
–
–
(81,044)
(250,878)
(250,878)
(250,878)
(250,878)
–
–
1,126,655
(81,044)
8,381,909
2,531,008
(5,537,977)
5,374,940
Transactions with owners in their capacity as owners
Issue of shares net of costs
11,217,839
Share –based payments
Balance at 30 June 2021
–
1,518,112
19,599,748
4,049,120
(6,042,280)
17,606,588
–
–
–
–
–
(504,302)
(504,302)
(504,302)
(504,302)
–
–
11217,839
1,518,112
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
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ABN 52 064 121 133ANNUAL REPORT 2017
NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
1.
CORPORATION INFORMATION
These financial statements of Jindalee Resources Limited for the year ended 30 June 2021 were authorised for
issue in accordance with a resolution of directors on 25 August 2021.
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).
(b) New Accounting Standards, interpretations and amendments adopted by the Group
The accounting standards and interpretations relevant to the operations of the Group are consistent with
those of the previous financial year. There are some amendments and interpretations effective for the first
time from 1 July 2020, though they did not have any impact on the current period or any prior period and is
not likely to affect future periods.
A number of new standards, amendments to standards and interpretations issued by the AASB which are
not yet mandatorily applicable to the Group have not been applied in preparing these consolidated financial
statements and none are expected to be relevant to the Group. The Group does not plan to adopt these
standards early.
(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 year.
A N N U A L R E P O R T 2 0 2 1
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ABN 52 064 121 133ANNUAL REPORT 2017
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
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 2021 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 2021 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.
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.
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(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%.
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:
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
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.
(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
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.
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(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:
• 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
• 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:
• 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
• 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:
• 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
•
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.
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
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.
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 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.
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
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
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.
Subsequent measurement
Loans and receivables and held-to-maturity investments are carried at amortised cost using the effective
interest method. Financial assets at fair value through profit or loss are subsequently carried at fair value.
Gains on financial assets at fair value through profit or loss are recognised in profit or loss.
Details on how the fair value of financial instruments is determined is disclosed in Note 19.
(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
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of
right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease
payments made at or before the commencement date less any lease incentives received. Unless the Group is
reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-
of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease
term. Right-of-use assets are subject to impairment.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value
of lease payments to be made over the lease term. The lease payments include fixed payments (including
in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on
an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments
also include the exercise price of a purchase option reasonably certain to be exercised by the Group and
payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to
terminate. The variable lease payments that do not depend on an index or a rate are recognised as expense
in the period on which the event or condition that triggers the payment occurs. In calculating the present
value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if
the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount
of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made.
In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the
lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the
underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery and
equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and
do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to
leases of office equipment that are considered of low value (i.e., below $5,000). Lease payments on short-
term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease
term.
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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
Australia
$
USA
$
Year ended 30 June 2021
Reconciliation of segment revenue to Group revenue
Revenue from external sources
–
–
Total
$
13,340
13,340
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 2021
Reconciliation of segment assets to Group assets
Segment assets
Intersegment eliminations
Total assets
Reconciliation of segment liabilities to Group liabilities
1,118,019
(120,008)
998,011
13,340
(1,515,654)
(504,303)
18,206,522
2,807,357
21,013,878
(3,205,974)
17,807,904
Segment liabilities
Intersegment eliminations
Total liabilities
(201,316)
(3,205,974)
(3,407,290)
3,205,974
(201,316)
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Total
$
–
7,063
7,063
3.
SEGMENT INFORMATION (continued)
Mineral exploration
Australia
$
USA
$
Year ended 30 June 2020
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 2020
Reconciliation of segment assets to Group assets
Segment assets
Intersegment eliminations
Total assets
Reconciliation of segment liabilities to Group liabilities
(51,076)
(2,680)
(53,756)
7,063
(204,185)
(250,878)
5,523,859
1,418,222
6,942,081
(1,401,395)
5,540,686
Segment liabilities
Intersegment eliminations
Total liabilities
(165,746)
(1,401,395)
(1,567,141)
1,401,395
(165,746)
4.
REVENUE AND OTHER INCOME
Revenue from continuing operations
Interest
Other income
Gain on sale of tenements and royalty1
Gain on sale
Other
2021
$
2020
$
13,340
7,063
225,107
48,454
55,394
328,955
555,155
–
27,507
582,662
1 Includes sale of 100% of Cummins Range and Kenya tenements, 90% of Aries tenements and grant of non-
refundable option on Mt Monger and Forrestania tenements. Prior year includes sale of 80% of tenements 15/1736,
15/4747 & 15/1752 to Torque Metals Ltd; payment of non-refundable option payment on Millrose tenement by
Golden Eagle Mining and cash payment for sale of gold royalty interests to Vox Royalty Corp.
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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
2021
$
2020
$
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(b) Numerical reconciliation of income tax expense to prima facie tax
payable
Loss before income tax:
Tax at the Australian tax rate of 30% (2020: 30%)
(504,303)
(151,291)
(250,878)
(75,263)
Tax effect of amounts which are not deductible in calculating
taxable income:
Foreign income not assessable
Non-deductible (income)/expenses
Share-based payments
Tax losses not recognised
Total income tax benefit
124,633
(24,754)
298,924
(247,512)
–
(804)
(8,925)
(24,213)
109,305
–
The franking account balance at year end was $nil (2019: $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 $1,226,072 (2020: $1,328,985)
representing unrecognised tax losses.
Jindalee Resources Limited is not considered to be a base rate entity for income tax purposes and is therefore
subject to income tax at a rate of 30% (2020: 30%).
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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6.
RECONCILIATION OF LOSS AFTER INCOME TAX TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES
Loss after income tax
Exploration expenditure written off
Depreciation and amortisation
Gain on sale of tenements and royalty
Share –based payments
Fair value movement on financial assets
Change in operating assets and liabilities during the financial year:
Decrease in trade and other receivables
Increase/(decrease) in trade and other payables
Increase/(decrease) in provisions
2021
$
2020
$
(504,303)
(250,878)
37,671
64,248
(273,561)
996,412
(1,015,736)
(3,453)
92,966
(3,439)
189,694
75,011
(555,155)
(81,044)
134,801
14,774
(2,871)
(9,012)
Net cash outflow from operating activities
(609,195)
(484,680)
7.
LOSS PER SHARE
2021
$
2020
$
Loss used in calculation of basic and diluted loss per share
(504,303)
(250,878)
Basic loss per share (cents per share)
Diluted loss per share (cents per share)
(1.11)
(1.11)
(0.66)
(0.66)
Weighted average number of ordinary shares used as the denominator in
calculating basic and diluted loss per share.
45,507,518
37,999,169
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 2021 (2020: nil).
9.
CASH AND CASH EQUIVALENTS
Cash at bank
2021
$
2020
$
10,158,652
839,726
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10. TRADE AND OTHER RECEIVABLES
Current
Trade and other receivables
Non-current
Other receivables (deposits)
2021
$
2020
$
265,474
54,092
62,268
61,106
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 2021 (2020: 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 AASB 9 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.
11. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS
Current
Shares in listed corporations
–
–
–
–
–
Opening balance
Additions1
Disposals
Fair value movement
Closing balance
Non-current
Shares in listed corporations
–
–
–
–
–
Opening balance
Additions1
Disposals
Fair value movement
Closing balance
2021
$
2020
$
305,858
–
–
(84,679)
221,179
–
281,875
–
23,983
305,858
1,827,574
2,228,085
50,000
(115,145)
1,100,415
2,862,844
(241,727)
(158,784)
1,827,574
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 2021 the market value of the Group’s shareholding in Energy Metals was $2,440,017 (2020: $1,467,195).
Refer to Note 19 for information on Group’s exposure to price risk.
1 These financial assets being shares issued in the capital of Ragnar Metals Limited (ASX: RAG) were acquired as
consideration for sale of Kenya tenements (E39/1998 and E39/2005, refer Note 4) and were non-cash transactions.
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12. NON-CURRENT ASSETS – PROPERTY, PLANT AND EQUIPMENT
Plant and equipment – at cost
Less: accumulated depreciation
Total property, plant and equipment
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
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
2021
$
143,177
(120,852)
22,325
19,788
7,960
(5,424)
22,325
2021
$
2,310,327
1,839,078
(221,524)
(37,671)
2020
$
183,526
(163,738)
19,788
21,856
3,861
(5,929)
19,788
2020
$
1,381,602
1,155,139
(36,720)
(189,694)
3,890,211
2,310,327
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.
14. CURRENT LIABILITIES – TRADE AND OTHER PAYABLES
Trade payables
2021
$
114,569
2020
$
12,513
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.
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15. CONTRIBUTED EQUITY
Share capital
2021
$
2020
$
53,403,966 ordinary fully paid shares (2020: 38,860,920)
19,599,748
8,381,909
Movements in ordinary shares during the past two years were as follows:
Number
Issue Price
$
1-Jul-20
18-Sep-20
23-Oct-20
11-Nov-20
22-Jan-21
5-Mar-21
22-Mar-21
16-Apr-21
16-Apr-21
30-Apr-21
4-May-21
Balance at beginning of year
38,860,920
Placement
Entitlement offer
Conversion of options
Conversion of options
Conversion of options
Placement
Conversion of options
Conversion of options
Conversion of options
Conversion of options
3,850,000
1,943,046
50,000
100,000
500,000
6,000,000
1,400,000
250,000
250,000
200,000
$0.32
$0.32
$0.40
$0.40
$0.40
$1.50
$0.40
$1.00
$1.00
$0.50
Jul-20 to Jun-21
Share issue costs
30-Jun-21
Balance at the end of year
53,403,966
1-Jul-19
12-Aug-19
17-Jun-20
Balance at beginning of year
34,994,775
Entitlement offer
Placement
3,449,478
366,667
$0.30
$0.30
Jul-19 to Jun-20
Share issue costs
30-Jun-20
Balance at end of year
38,860,920
8,381,909
1,232,000
621,775
20,000
40,000
200,000
9,000,000
560,000
250,000
250,000
100,000
(1,055,934)
19,599,748
7,227,254
1,049,843
110,000
(33,188)
8,381,909
Ordinary shares participate in dividends. On winding up of the Group any proceeds would be distributed in
proportion 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
(5,537,977)
(5,287,099)
Loss attributable to members of the Group
(504,303)
(250,878)
Accumulated losses at the end of the financial year
(6,042,280)
(5,537,977)
2021
$
2020
$
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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
Nature and purpose of the reserves:
2021
$
2,531,008
1,518,112
4,049,120
2020
$
2,612,052
(81,044)
2,531,008
(i)
The share-based payments reserve is used to recognise the fair value of options issued.
18. SHARE BASED PAYMENT TRANSACTIONS
Share-based payments transactions are recognised at fair value in accordance with AASB 2. The expense in
the year was $996,412 (2020: gain of $81,044). The gain in the previous year represents a reversal of prior year
expense related to options that lapsed and were cancelled following the resignation of Mr Pip Darvall on 31
December 2019.
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.
Summary of Options
Set out below are summaries of options granted during the current and prior financial years that were on issue
during the financial year:
Grant
Date
Expiry
Date
Exercise
Price
Balance at
the start of
the year
Granted
during the
year
Exercised
during the
year
Expired/
lapsed
during the
year
Balance at
end of the
year
Vested and
exercisable
at end of
the year
Number
Number
Number
Number
Number
Number
22/08/2017
30/06/2022
$0.40 T1
400,000
22/11/2017
30/06/2022
$0.40 T2
2,000,000
–
–
(200,000)
(850,000)
22/11/2017
30/06/2022
$0.40 T3
1,500,000
– (1,000,000)
22/11/2017
30/06/2022
$0.50 T4
1,500,000
22/11/2017
30/06/2022
$0.60 T5
1,500,000
16/01/2019
30/06/2022
$0.50 T6
200,000
19/01/2020
15/11/2023
$1.00 T7
27/11/2020
20/06/2025
$0.40 T8
27/11/2020
20/06/2025
$0.50 T9
22/03/2021
22/03/2024
$3.50T10
Weighted average exercise price
–
–
–
–
–
–
–
–
–
(200,000)
500,000
(500,000)
1,000,000
1,000,000
1,000,000
–
–
–
–
–
–
–
200,000
200,000
1,150,000
1,150,000
500,000
500,000
1,500,000
1,500,000
(1,500,000)
–
–
–
–
–
–
–
–
–
–
–
1,000,000
1,000,000
1,000,000
–
1,000,000
1,000,000
$0.93
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18. SHARE BASED PAYMENT TRANSACTIONS (continued)
The weighted average remaining contractual life of share options outstanding at the end of the period is 2.2 years
(2020: 2 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
Expected Volatility
Dividend Yield
Risk Free Interest Rate
Option Value
Grant Date
Exercise Price
Expected Life
Share Price at Time of Issue
Expected Volatility
Dividend Yield
Risk Free Interest Rate
Option Value
T1
T2
T3
T4
T5
22/08/2017
22/11/2017
22/11/2017
22/11/2017
22/11/2017
$0.40
$0.40
$0.40
$0.50
$0.60
4.85 years
4.77 years
4.77 years
4.77 years
4.77 years
$0.18
65%
0%
2.20%
$0.065
$0.25
65%
0%
2.14%
$0.11
$0.25
65%
0%
2.14%
$0.11
$0.25
65%
0%
2.14%
$0.095
$0.25
65%
0%
2.14%
$0.084
T6
T7
T8
T9
T10
16/01/2019
19/11/2020
27/11/2020
27/11/2020
22/03/2020
$0.50
$1.00
$0.40
$0.50
$3.50
3.45 years
3.00 years
4.56 years
4.56 years
3.00 years
$0.28
65%
0%
1.92%
$0.089
$0.76
80%
0%
0.43%
$0.34
$0.83
80%
0%
0.43%
$0.62
$0.83
80%
0%
0.43%
$0.59
$1.60
80%
0%
0.43%
$0.52
All options are fully vested except series T9 issued to K Wellman (CEO), which vest on 30 April 2022 subject to
her remaining employed as CEO of the Company on that date.
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.
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.
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19. FINANCIAL AND CAPITAL RISK MANAGEMENT (continued)
(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
Financial assets at fair value through profit and loss
2021
$
2020
$
10,158,652
265,474
221,179
839,726
54,092
305,858
Total Current Financial Assets
10,906,495
1,199,676
Non-current
Financial assets at fair value through profit and loss
Other receivables
Total Non-Current Financial Assets
Financial Liabilities
Current
Trade and other payables
Lease liabilities
Total Current Financial Liabilities
Non-current
Lease liabilities
Total Current Financial Liabilities
(d) Credit Risk Exposure
2,862,844
62,268
2,925,113
1,827,574
61,106
1,888,680
114,569
74,788
189,357
–
–
12,513
63,299
75,812
74,537
74,537
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.
As at the reporting date, the Group has no other 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 0.90% at 30 June 2021 (2020: 2.00%) and 12.5% on lease
liabilities. 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 table below summarises the impact of an increase/decrease in interest rates received on financial
instruments 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.
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19. FINANCIAL AND CAPITAL RISK MANAGEMENT (continued)
Impact on profit and equity
Increase of 10%
Decrease of -10%
(f)
Price Risk
2021
$
2,475
(2,475)
2020
$
1,385
(1,385)
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
2021
$
286,284
(286,284)
2020
$
213,343
(213,343)
The liquidity position of the Group is managed to ensure sufficient liquid funds are available to meet our
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.
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19. FINANCIAL AND CAPITAL RISK MANAGEMENT (continued)
(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
Financial assets at fair value through profit and loss
Total Financial Assets
Financial Liabilities
Trade and other payables
Lease liabilities
Total Financial Liabilities
2021
$
10,158,652
265,474
62,268
3,084,023
13,570,418
114,569
74,788
189,357
2020
$
839,726
54,092
61,106
2,133,432
3,088,356
12,513
137,836
150,349
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.
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.
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20. CONTINGENCIES (continued)
Tenements Subject to Option
The Group has entered into the following agreements:
A grant to Torque Metals Limited (Torque) of an option to acquire an 80% interest in E15/1736, E15/1747 and
E15/1752. The Group maintains a 20% free carried position to completion of a PFS. On completion of the PFS,
the Group can either contribute pro-rata or dilute, with the Group reverting to a 1.5% gross royalty if the Group’s
interest falls below 5%.
A grant to Auroch Minerals Limited (Auroch) to acquire a 70% interest in E36/895, E36/910 and E37/1370. The Group
received $50,000 in cash with a further $50,000 cash due upon completion of earn-in commitments. Auroch must
spend $500,000 on exploration across the four tenements over a three year period, including $100,000 in the first
12 months. The Group maintains a 30% free caried position until a decision to mine.
A grant to Mt Monger Minerals Pty Ltd (Mt Monger) of an option to acquire an 80% interest in E25/562, E25/547
and P25/2568 for $20,000 in cash and shares to the value of $100,000 in a future listed entity related to Mt Monger
or $100,000 cash should the entity not list on ASX. The agreement allows for further dilution post BFS under a joint
venture arrangement.
A grant to Forrestania Resources Pty Ltd (Forrestania) of an option to acquire an 80% interest in E77/2575, E77/2576
and E77/2701 for shares to the value of $100,000 in a future listed entity related to Forrestania and $25,000 in cash.
A grant to Great Western Exploration (GWE) of an option to earn an interest in E53/2129 (under application at
balance date) on grant of the tenement to Jindalee. GWE can earn a 50% interest by sole funding minimum
exploration amounts and increase their interest to 80% on defining a JORC resource. The agreement allows for
further dilution post BFS under a joint venture arrangement.
Other than the above, there has been no change in contingent liabilities, contingent assets or commitments since
the last annual reporting date, 30 June 2020.
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 2021.
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).
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22. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (continued)
Recurring fair value measurements
30 June 2021
Financial assets at fair value
through profit and loss
Level 1
$
3,084,023
Total as at 30 June 2021
3,084,023
30 June 2020
Financial assets at fair value
through profit and loss
2,133,432
Total as at 30 June 2020
2,133,432
Level 2
Level 3
$
–
–
–
–
$
–
–
–
–
Total
$
3,084,023
3,084,023
2,133,432
2,133,432
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
% held
State of
Date of
2021
2020
Controlled Entity
Eastmin Pty Limited
HiTec Minerals Pty Ltd
HiTech Minerals Inc.
2021
100%
100%
100%
2020
100%
100%
100%
Class
Incorporation Incorporation
Ord WA
Ord WA
15/04/2005
13/04/2016
Ord
Nevada, USA
21/02/2018
$
2
100
2
$
2
100
2
The date of acquisition of the controlled entities was on the date of incorporation.
Investment at Cost
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
During the year the Group paid a total of $178,864 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 (Executive Director). Mr Dudfield’s spouse is the major shareholder of and the
sole director and company secretary of Jopan Management Pty Ltd.
During the year, the Group paid a total of $85,396 to Farr Corporate Pty Ltd for the provision of company
secretarial and accounting services. Ms Farr (Executive Director/Company Secretary) is a director and
shareholder of Farr Corporate Pty Ltd.
During the year, the Group incurred a share based payment expense of $892,549 associated with the issue of
2,000,000 unlisted options to Mrs Karen Wellman (Chief Executive Officer).
Short-term employee benefits
Post-employment benefits
Share-based payments
2021
$
520,942
45,854
892,549
1,459,345
2020
$
366,175
23,545
(81,044)
308,676
Refer to the remuneration report contained within the Directors’ Report and Note 18 for further details on
transactions with key management personnel and share based compensation.
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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
2021
$
25,315
25,315
2020
$
29,671
29,671
26. PARENT ENTITY FINANCIAL INFORMATION
The following details information related to the parent entity, Jindalee Resources Limited, at 30 June 2021 and 30
June 2020.
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
2021
$
2020
$
10,643,114
7,795,376
18,438,490
(414,644)
(417,258)
(831,903)
846,433
5,073,260
5,919,693
284,636
527,424
812,060
17,606,588
5,107,633
19,599,748
8,381,909
(6,042,280)
(5,805,283)
4,049,120
17,606,588
2,531,008
5,107,633
(236,997)
(225,877)
–
–
(236,997)
(225,877)
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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27. EVENTS OCCURING AFTER THE REPORTING PERIOD
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
JINDALEE RESOURCES LIMITED AND ITS CONTROLLED ENTITIES
ACN 064 121 133
DECLARATION BY DIRECTORS
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:
(a)
complying with Accounting Standards and the Corporations Regulations 2001 and other mandatory
professional reporting requirements; and
(b) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2021 and of its
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:
L Dudfield
Executive Director
25 August 2021 at Perth, Western Australia.
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AUDITOR’S INDEPENDENCE DECLARATON
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 ASHLEIGH WOODLEY TO THE DIRECTORS OF JINDALEE
RESOURCES LIMITED
As lead auditor of Jindalee Resources Limited for the year ended 30 June 2021, 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.
Ashleigh Woodley
Director
BDO Audit (WA) Pty Ltd
Perth, 25 August 2021
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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ABN 52 064 121 133ANNUAL REPORT 2017
AUDITOR’S REPORT
Tel: +61 8 6382 4600
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
Fax: +61 8 6382 4601
www.bdo.com.au
www.bdo.com.au
38 Station Street
38 Station Street
Subiaco, WA 6008
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
PO Box 700 West Perth WA 6872
Australia
Australia
INDEPENDENT AUDITOR'S REPORT
INDEPENDENT AUDITOR'S REPORT
To the members of Jindalee Resources Limited
To the members of Jindalee Resources Limited
Report on the Audit of the Financial Report
Report on the Audit of the Financial Report
Opinion
Opinion
We have audited the financial report of Jindalee Resources Limited (the Company) and its subsidiaries
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 2021, the
(the Group), which comprises the consolidated statement of financial position as at 30 June 2021, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
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
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’
to the financial report, including a summary of significant accounting policies and the directors’
declaration.
declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
Act 2001, including:
(i)
(i)
Giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its
Giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its
financial performance for the year ended on that date; and
financial performance for the year ended on that date; and
(ii)
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
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
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
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
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
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.
ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
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
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.
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
for our opinion.
Key audit matters
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
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 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
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.
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,
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
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.
form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
43
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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 contained in the Directors' report for the year ended 30 June 2021, but does not include
the financial report and our auditor’s report thereon, which we obtained prior to the date of this
auditor’s report, and the Group’s annual report, which is expected to be made available to us after that
date.
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
identified above 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 on the other information that we obtained prior to the date
of this auditor’s report, 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.
When we read the Group’s annual report, if we conclude that there is a material misstatement therein,
we are required to communicate the matter to the directors and will request that it is corrected. If it
is not corrected, we will seek to have the matter appropriately brought to the attention of users for
whom our report is prepared.
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.
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AUDITOR’S 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:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included pages 18 to 23 of the directors’ report for the
year ended 30 June 2021.
In our opinion, the Remuneration Report of Jindalee Resources Limited, for the year ended 30 June
2021, complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO WA (Audit) Pty Ltd
Ashleigh Woodley
Director
Perth, 25 August 2021
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ABN 52 064 121 133ANNUAL REPORT 2017
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 24 September 2021.
Securities
Quotation has been granted for 53,953,966 ordinary shares of the Company on the Australian Stock Exchange.
Quoted Securities
ASX Code
JRL
Unquoted Securities
ASX Code
JRLAA
JRLAB
JRLAE
JRLAF
JRLAL
Number of Holders
Security Description
Total Securities
1,582
Ordinary Fully Paid
53,953,966
Number of Holders
Security Description
Total Securities
3*
1**
1***
1***
2
Options expiring 30/06/22
Exercisable at $0.40
1,300,000
Options expiring 30/06/22
1,500,000
exercisable at $0.50
Options expiring 30/06/25
1,000,000
exercisable at $0.40
Options expiring 30/06/25
1,000,000
exercisable at $0.50
Options expiring 22/03/24
1,000,000
exercisable at $3.50
* Mr L Dudfield holds 1,000,000 unlisted options in class JRLAA.
** Elmix Pty Ltd is the sole holder of options in class JRLAB.
*** Mrs Karen Wellman is the sole holder of options in class JRLAE and JRLAF.
Voting Rights
The voting rights attached to each class of security are as follows:
•
•
Ordinary Fully Paid shares – one vote per share held.
Options – no voting rights are attached to unexercised options.
Distribution schedule
Spread of Holdings -
Ordinary Shares (ASX Code: JRL)
1
1,001
5,001
10,001
100,001
-
-
-
-
-
1,000
5,000
10,000
100,000
99,999,999
TOTAL
Unmarketable Parcel
Holders
561
521
173
262
65
1,579
Units
270,429
1,397,639
1,334,362
6,949,653
44,001,822
53,953,966
Percentage
0.50%
2.59%
2.48%
12.88%
81.55%
100%
There are 160 Shareholders holding less than a marketable parcel of fully paid ordinary shares (a minimum parcel is
$500 being 214 shares using a market value of $2.33 per Share).
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ADDITIONAL INFORMATION
Substantial Shareholding
The Company has received the following notices of substantial holding:
•
•
Kale Capital Corporation Limited in relation to 4,662,821 ordinary shares
Perennial Value Management Limited in relation to 3,786,975 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.
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
2
3
4
5
6
7
8
Mr LG Dudfield
Kale Capital Corporation Limited
National Nominees Limited
Kevrex Pty Ltd
Grandor Pty Ltd
Pillage Investments Pty Ltd
Elmix Pty Ltd
BNP Paribas Nominees Pty Ltd
9 Windsong Valley Pty Ltd
10
11
12
TBB NSW Pty Ltd
Yandal Investments Pty Ltd
Citicorp Nominees Pty Limited
13 Ayers Rock Holdings Pty Ltd
14
Farr Family SF Pty Ltd
15 Mr Justin Jerome Mannolini
16 Marbury Pty Ltd
17
18
JP Morgan Nominees Australia Pty Ltd
Eric’s Pty Limited
19 UBS Nominees Pty Ltd
20
Jopan Management Pty Ltd
% of Issued
Securities
Number of
Ordinary Shares
25.48%
13,745,365
7.33%
6.85%
3.67%
3.13%
2.97%
2.66%
2.44%
2.22%
2.16%
1.85%
1.82%
1.54%
1.40%
1.20%
1.11%
0.93%
0.93%
0.93%
0.92%
3,956,629
3,695,752
1,980,000
1,690,000
1,600,000
1,437,490
1,313,930
1,197,880
1,165,082
1,000,000
982,783
832,500
755,922
650,000
600,000
500,001
500,000
500,000
498,933
A N N U A L R E P O R T 2 0 2 1
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ADDITIONAL INFORMATION
Tenements Schedule
Project
Tenement Reference
Locality
Higginsville
Widgie
Widgie
Widgie
St Ives
St Ives
St Ives
Widgie
Higginsville
Widgie
Widgie
Chalice
Widgie
Widgie
St Ives
Chalice
St Ives
Torque JV
Torque JV
Torque JV
St Ives
Widgie
St Ives
St Ives
Yilmia
Chalice
St Ives
St Ives
Yilmia
Widgie
Widgie
Lady Jane
Hollandaire
Hollandaire
Mt Monger JV
Mt Monger JV
Mt Monger JV
Silver Swan
Lindsays
Pinnacles West
Lake Roe
Deadend Dam
Auroch JV
Auroch JV
Auroch JV
E15/1549
E15/1552
E15/1563
E15/1564
E15/1624
E15/1626
E15/1645
E15/1680
E15/1691
E15/1697
E15/1700
E15/1705
E15/1712
E15/1713
E15/1720
E15/1721
E15/1722
E15/1736
E15/1747
E15/1752
E15/1753-4
E15/1765
E15/1779
E15/1785
E15/1789
E15/1802
E15/1806-08
E15/1816
E15/1818
E15/1838
E15/1840
E16/575
E20/1001
E20/992
E25/562
E25/572
E25/597
E27/627
E27/651-52
E28/3138
E28/3150-53
E31/1299
E36/895
E36/910
E36/953
Western Australia
Western Australia
Western Australia
Western Australia
Status
Granted
Granted
Granted
Granted
Western Australia
Application
Western Australia
Western Australia
Granted
Granted
Western Australia
Application
Western Australia
Granted
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
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Application
Application
Granted
Granted
Application
Application
Application
Application
Granted
Granted
Granted
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Western Australia
Granted
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Application
Application
Application
Application
Application
Application
Application
Granted
Granted
Granted
Interest held
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
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Project
Tenement Reference
Locality
Leinster
Auroch JV
Leinster
Leinster
Laverton
Laverton
Mulga Tank
Laverton
Kookynie
Meentheena
Warri Creek
Sherlock
Bundie Bore
Bundie Bore
Joyners
Magellan
Higginsville
Killaloe
Killaloe
Lake Percy
Lake Percy
Forrestania JV
Forrestania JV
Westonia
Forrestania JV
Joyners JV
Higginsville
Higginsville
Widgie
Widgie
Widgie
Widgie
Widgie
St Ives
St Ives
St Ives
St Ives
Mt Monger JV
Bundie Bore
Prospect Ridge*
Clayton North**
McDermitt**
E36/994
E37/1370
E 37/1414
E37/1446
E38/3540
E38/3638
E39/2134
E39/2278
E40/405
E45/5381
E 45/5958
E47/4345
E51/1909
E51/1946
E53/2129, 2131
E53/2148
E63/1823
E63/1832
E63/1874-5
E63/1981
E63/2005
E77/2575-6
E77/2701
E77/2795
E77/2800
M53/1078-I
P15/6112
P15/6245-6
P15/6267
P15/6268
P15/6342-3
P15/6367
P15/6388
P15/6584
P15/6585
P15/6586
P15/6587
P25/2568
P51/3145-7
EL5/2016
HTC 1-6, 12-18, 25-28
HTM 1-50,56-342,348-349,
420-585; HTX 1-120
ADDITIONAL INFORMATION
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Status
Granted
Granted
Granted
Application
Application
Application
Western Australia
Granted
Western Australia
Western Australia
Western Australia
Western Australia
Application
Application
Application
Application
Western Australia
Granted
Western Australia
Application
Western Australia
Western Australia
Granted
Granted
Western Australia
Application
Western Australia
Western Australia
Western Australia
Western Australia
Granted
Granted
Granted
Granted
Western Australia
Application
Western Australia
Western Australia
Granted
Granted
Western Australia
Application
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Granted
Granted
Granted
Granted
Granted
Application
Application
Western Australia
Granted
Western Australia
Application
Western Australia
Granted
Western Australia
Application
Western Australia
Granted
Western Australia
Application
Western Australia
Western Australia
Tasmania
Nevada, USA
Oregon, USA
Granted
Granted
Granted
Granted
Granted
Interest held
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
20%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
McDermitt**
HTM 586-682
Nevada, USA
Granted
* Tenement held or applied for through Jindalee’s wholly-owned subsidiary, HiTec Minerals Pty Ltd.
** Tenements held or applied for through Jinalee’s wholly-owned US subsidiary, HiTech Minerals Inc.
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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
Lindsay Dudfield
Patricia (Trish) Farr
Karen Wellman
Non-Executive Chairman
Executive Director
Executive Director/Company Secretary
Chief Executive Officer
Registered Office & Principal Place of Business
Level 2
9 Havelock Street
West Perth, WA 6005
Telephone:
Facsimile:
Email: enquiry@jindalee.net
Web: www.jindalee.net
+61 (8) 9321 7550
+61 (8) 9321 7950
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:
Facsimile:
+61 (8) 9389 8033
+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
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
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Resources Limited
A B N 5 2 0 6 4 1 2 1 1 3 3
A N N U A L R E P O R T 2 0 1 7
A B N 5 2 0 6 4 1 2 1 1 3 3
A N N U A L R E P O R T 2 0 1 7
ANNUAL REPORT 2021