Resources Limited
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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
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
Darren Wates
Patricia (Trish) Farr
Karen Wellman
Non-Executive Chairman
Executive Director
Non-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
Level 9
Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
Legal Advisors
Hamilton Locke
L27, 152-158 St Georges Terrace
Perth, WA 6000
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
OTC markets: www.otcmarkets.com
JNDAF
OTCQX:
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 2022.
The past financial year saw the beginning of the end of
loose monetary policy across the globe as central banks
grappled with the re-emergence of inflation triggered by
both COVID-related supply chain disruptions and the push
towards de-globalisation, following geo-political tensions
in both Europe and Asia.
Consequently, after more than a decade of relatively
benign conditions, interest rates have begun to climb
towards more neutral levels, triggering a sell-off in risk
assets towards the end of the financial year. This process
would appear to have some way to go, suggesting that
increased market volatility will be with us well into 2023.
Through all the noise, however, the global push
towards de-carbonisation continues apace, greatly
benefiting companies with exposure to the electric
vehicle (EV) thematic, such as Jindalee via its 100%
owned McDermitt Lithium Project in Oregon. Lithium
prices remained elevated above long term consensus
estimates throughout the past financial year, briefly
pushing the Jindalee share price to record highs before
some negative analyst commentary on lithium and the
re-pricing of risk assets in the last quarter took their toll.
Nonetheless, it is pleasing to see Jindalee’s valuation
continuing to increase.
With a number of lithium developers coming on stream
in the next few years, and existing producers ramping
up production wherever possible, we can expect lithium
prices to moderate in the coming years. However,
lithium remains at the heart of power sources for both
fixed and mobile electrical applications, and longer-term,
the market remains in deficit. The Board is of the view
that battery metals will remain “the place to be” in the
commodities spectrum for some time yet.
With this in mind, in the third quarter of the financial year
Jindalee announced its intention to separate its US and
Australian assets via a spin-off of a new vehicle, Dynamic
Metals Limited, to be led by Jindalee CEO Karen Wellman.
While preparations for the separation continue, the Board
intends to wait for more stable conditions to return to the
market before proceeding. In the meantime, Dynamic
has been allocated a budget to continue exploration in
the highly prospective Widgiemooltha district in Western
Australia.
At McDermitt, Jindalee has continued to build out its on-
the-ground team. The Company has purchased a property
in McDermitt and is increasing its community presence
in the lead up to the planned 2023 drilling programme.
The company is currently in the process of completing
the remainder of the 39-hole programme approved
in November 2021, which is expected to increase the
confidence in the McDermitt mineral resource which now
stands at 13.3Mt LCE. Early results are encouraging.
Metallurgical and process test work also continues, both
by Jindalee and a number of its peers, in an attempt
to determine the optimal means of processing lithium-
bearing sediments of the kind found at McDermitt.
Success in this regard is essential in order to establish
the economic viability of lithium extraction from such
deposits. This is a laborious process, and constraints in
various parts of the testing sector means that progress
has been slower that the Board would like. Given the
novelty of this style of mineralisation, both advancements
and disappointments can be expected.
At a macro level, the US political environment has
taken on a more supportive tone over the last year,
with President Biden signing into law the US Inflation
Reduction Act 2022 just after the end of the financial year.
The landmark legislation requires that at least 40% of the
value of the battery minerals in qualifying US vehicles
must have been extracted or processed in the US (or
free trade partner countries) by 2024 for automakers to
obtain half of the $7,500 tax credit for purchases of new
EVs. The 2024 deadline will be too soon for early-stage
developers like Jindalee, with existing producers more
likely to benefit. However, it provides an incentive for
US automakers to hasten their pivot towards electric
powertrains, in a further indication that we are indeed in
the midst of a massive shift in industrial production that
will benefit the battery metals complex generally.
As in previous years, Jindalee has continued to
rationalise its extensive portfolio of Australian interests
and has disposed of, or partnered on, several of its non-
core project interests in Australia, as well as monetising
share investments resulting from the prior divestments.
This has enabled the Company to carefully manage
its working capital and minimise ongoing dilution to
shareholders, while still advancing its portfolio.
The Jindalee team has grown in size over the past
financial year with a small number of important hires in
both Australia and the US. Following year end, we were
also pleased to welcome new non-executive director
Darren Wates to the Board in August 2022, and farewelled
our long-serving executive director Trish Farr.
The Board continues to assess opportunities for
expansion with a particular focus on the technical skill
sets that will be required to further advance McDermitt.
As always, the Board is grateful for the continued support
of its shareholders, and we look forward to reporting on
further progress during the 2023 financial year.
Justin Mannolini
Non-Executive Chairman
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R E V I E W O F A C T I V I T I E S
Since listing in July 2002 Jindalee has been successful
in 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 $10.8 million in cash and shares at 30 June
2022) sees the Company well placed to add value to the
projects already in our portfolio and to acquire further
high-quality opportunities.
During the 2022 financial year Jindalee continued to
advance its 100% owned McDermitt Lithium Project
(USA). The Company also expanded its 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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McDermitt
(Jindalee 100%)
Jindalee has continued to advance and derisk the
McDermitt Project with further drilling and metallurgical
testwork undertaken during the period. An updated
Mineral Resource Estimate (MRE) was announced in July
2022 following the completion of drilling in December
20212.
A total of 6 RC and 6 diamond holes were drilled in
December 2021 with the aim of increasing confidence in
the mineral resource to allow for conversion of Inferred
Mineral Resource to Indicated. Significant widths of
lithium mineralisation were intersected in every drill hole,
with highlights from the 2021 program3 including:
• MDD014:
38.0m @1751ppm Li from 43.0m incl.
3.0m @ 3805ppm Li
• MDD015:
21.0m @1952ppm Li from 24.0m incl.
3.0m @ 3065ppm Li
• MDD016:
24.0m @2210ppm Li from 61.5m incl.
9.0m @ 3000ppm Li
• MDD017:
40.5m @1714ppm Li from 33.0m incl.
12.0m @ 2732 ppm Li
• MDD018:
60.0m @1880ppm Li from 48.0m incl.
15.0m @ 2707ppm Li
• MDD019:
73.5m @1554ppm Li from 30.0m incl.
10.5m @ 3055ppm Li
The 2022 combined Indicated and Inferred Mineral
Resource update represents an overall increase (from
2021) in tonnage of 25%, with a 3% increase in grade for
a 28% increase in contained lithium. More importantly,
the Indicated Mineral Resource increased by over 165%
by tonnage and 2% in grade for an overall 170% increase
in contained metal at this higher confidence classification
(Table 1).
McDermitt sediments
Figure 2. Jindalee’s US Lithium Projects and Li-ion Battery Factories
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2021 Mineral Resource
2022 Mineral Resource
% Difference
Tonnage
(Mt)
Li Grade
(ppm)
233
1,430
1,200
1,300
LCE
(Mt)
1.8
8.3
Tonnage
(Mt)
Li Grade
(ppm)
616
1,460
1,200
1,310
LCE
(Mt)
4.8
8.4
Indicated
Resource
Inferred
Resource
Total
1,430
1,320
10.1
1,820
1,370
13.3
Tonnage
(Mt)
Li Grade
(ppm)
165%
-2%
25%
2%
0%
3%
LCE
(Mt)
170%
-1%
28%
Table 1 – Comparison of 20212 and 2022 McDermitt Mineral Resource Estimates at the reporting cut-off of 1,000ppm.
Note: totals may vary due to rounding.
Cut-off
Grade
(ppm Li)
Indicated Resource
Inferred Resource
Indicated & Inferred Resource
Tonnage
(Mt)
Li Grade
(ppm)
1,000
616
1,460
LCE
(Mt)
4.8
Tonnage
(Mt)
Li Grade
(ppm)
1,200
1,310
LCE
(Mt)
8.4
Tonnage
(Mt)
Li Grade
(ppm)
1,820
1370
LCE
(Mt)
13.3
Table 2 – Summary of 2022 McDermitt Mineral Resource Estimate at the reporting cut-off of 1,000ppm2.
Note: totals may vary due to rounding.
The grade continuity that is characteristic of this style of
lithium mineralisation is demonstrated by the material
uplift in confidence of the Mineral Resource from the
12 holes drilled in 2021. An additional 28 drillholes are
fully permitted to drill in 2022 with the aim to infill and
upgrade the Resource and to define the full extent of
the lithium mineralisation at the McDermitt Project. A
diamond rig commenced drilling at McDermitt in July,
with 10 holes completed by late August4, and a Reverse
Circulation (RC) rig is scheduled to arrive in September
to complete the remaining 18 holes (Figure 3). First assay
results from the drilling are expected to be received in
October 2022.
Jindalee continues de-risking the Project on multiple
fronts. In addition to the 2022 drilling program the
Company is currently progressing environmental
baseline studies ahead of submitting an application for an
Exploration Plan of Operation (EPO) in the March quarter
2023. Additionally, metallurgical studies at Nagrom
are ongoing, focussing on optimising the processing
flowsheet from recommendations identified in the
Scoping Study5.
Bipartisan support for US critical mineral projects
continued to grow during the period. In March 2022
President Biden invoked the Defense Production Act6
to accelerate domestic production of battery minerals,
including lithium, and in June announced steps to build
a network of 500,000 electric vehicle (EV) chargers
across the US, a key piece of the Bipartisan Infrastructure
Law. A budget of $7.5B is proposed for EV charging
infrastructure, with a further $7B proposed for the
critical materials supply chains necessary for batteries,
components, materials and recycling7.
In August 2022 the Inflation Reduction Act was signed
which requires at least 40% of the value of critical
minerals in an electric vehicle’s battery be processed
in the US or by a free trade partner commencing in
2024 and increasing by 10% every year to reach 80% by
20288. Also in August California, the most populous state
in the US, announced a ban on sales of new internal
combustion engine vehicles by 20359.
Jindalee is encouraged by these recent developments,
which have positive implications for the potential
development of the McDermitt deposit.
Brett Marsh (US VP Geology & Development) and consultant geologist Paul Meyer onsite at McDermitt
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Figure 3. Plan view of the McDermitt Lithium Project with drill collars and
2022 Mineral Resource (at 1523mRL).
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In February 2022, Jindalee announced that it had
engaged a recognised nickel exploration specialist and
had identified five priority areas with significant potential
for the discovery of nickel sulphide mineralisation14.
The priority areas were defined through the rigorous
application of the Kambalda komatiite nickel sulphide
model. Jindalee subsequently completed soil
geochemical surveys in the priority areas in the March
quarter and used the results to design and prioritise
staged drilling programs. The drilling programs are
scheduled for FY23 and FY24 and will commence subject
to the grant of key tenements, Program of Works (PoW)
approval and heritage survey requirements.
Jindalee engaged a recognised Lithium-Caesium-
Tantalum (LCT) pegmatite exploration expert during
the year to rank the LCT pegmatite potential across
the Widgiemooltha project. The Widgiemooltha project
area is relatively under explored for LCT pegmatites
and is located favourably in relation to source granites
and structural architecture important for LCT pegmatite
formation. Jindalee ranked the Widgiemooltha tenure and
prioritised each prospective tenement for field evaluation.
Field evaluation commenced in Q4 FY22 and included
prospecting in areas mapped as exposed or residual
bedrock geology. Rock chips samples were collected and
sent for LCT pegmatite suite geochemistry. The results
from the geochemical results will be used to interpret
fractionation trends that will provide a vector towards
LCT pegmatite mineralisation.
At the beginning of December a total of 41 air core holes
(for 1,510m) were completed at the Chalice prospect,
located 20km south west of Widgiemooltha townsite
on E 15/170515. The drilling tested extensions to gold
anomalism established from historic RAB and aircore
drilling associated with a shear zone orientated sub
parallel to a granite-ultramafic contact.
Holes were collared 50m apart along lines spaced
between 200-800m across a total strike length of
approximately 3km. Composite 4m samples were
analysed for gold via fire assay and bottom of hole
samples were submitted for multi element geochemistry.
Low level gold results were returned and no further
drilling is planned at this point in time.
Clayton North
(Jindalee 100%)
In November 2021 Jindalee announced assay results
from a “proof of concept” drilling program designed to
test the Company’s Clayton North prospect10. 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.
Six diamond drillholes were completed with the best
results being returned from a fine grained siltstone and
claystone unit intersected in hole CNDD012 including:
• 6.1m @ 1093 ppm Li from 24.4m incl. 3.05m @
1205 ppm Li from 27.4m, and
• 11.2m @ 1006 ppm Li from 33.6m
The five remaining holes intersected coarse gravel and
conglomerate (interpreted to be younger sediments
overlying the lithium prospective unit) with only minor
lithium mineralisation noted. In light of the encouraging
results from hole CND012 Jindalee pegged additional
claims at Clayton North and is currently planning future
exploration activities at the prospect.
AUSTRALIAN PROJECTS
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
five years in this premier mining district (Figure 4) with
a combination of granted tenements and tenement
applications where, in most cases, Jindalee is the sole
applicant.
The Widgiemooltha project is prospective for nickel,
gold 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 (Indicated and Inferred
resource of 1.53Mt @ 4.0% Ni11)
• south of Astral Resources’ (ASX: AAR) Mandilla
gold deposit (Indicated and Inferred resource of
24Mt @ 1.0g/t Au for 0.78Moz12
• north of Essential Metals’ (ASX:ESS) Dome North
LCT pegmatite deposit (Indicated and Inferred
resource of 11.2Mt @ 1.21% Li2O13 foot note:
The primary technical focus for the Widgiemooltha
project during the year was a project wide assessment
of nickel, gold and lithium prospectivity utilising the
extensive exploration dataset generated from decades of
gold and nickel exploration in the district.
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Figure 4 - Widgiemooltha Project over magnetics (TMI RTP) showing nearby deposits/mines and Priority Targets.
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Lake Percy
(Jindalee 100%)
Jindalee holds approximately 233km2 of granted and
pending tenure in the Lake Johnston greenstone
belt, 25km northwest of Poseidon Nickel’s (ASX:
POS) Lake Johnston Nickel Project and 65km west of
Covalent Lithium’s Mount Holland Project. The region
is prospective for nickel and lithium, with numerous
pegmatite intrusions identified in historic workings and
drilling.
During the year a comprehensive data compilation and
historic data review was completed. This work identified
significant further opportunity for the discovery of both
nickel sulphide and LCT pegmatite mineralisation. The
compiled data was used to design scout drilling program
targeting nickel sulphide mineralisation on E 63/1981 and
E 63/2088. A POW for drilling was lodged and approved
for the proposed drilling. Preparation for drilling including
Heritage survey requirements and flora and fauna
surveys are well advanced and it is anticipated that these
land access requirements will be satisfied by the end of
CY22.
LCT potential is underpinned by the extensive
pegmatites intercepted in historical drilling. A review
of the LCT pegmatite focussed drill holes has identified
geochemistry that indicates encouraging pegmatite
fractionation trends which require further technical work.
OTHER ASSETS
JOINT VENTURES and NON-MANAGED PROJECTS
Prospect Ridge
(Jindalee 30%, GWR 70%)
On 27 January 2022 the Company announced that it had
sold a 70% interest in Prospect Ridge to GWR Resources
(ASX: GWR) for $1M, comprising $0.25M cash and
$0.75M in GWR shares16. Jindalee’s 30% interest is free
carried to Decision to Mine and GWR is required to spend
a minimum of $2M and complete a Scoping Study within
5 years or GWR’s 70% interest in the Project reverts to
Jindalee.
On 3 May 2022 GWR detailed plans to accelerate progress
at Prospect Ridge, the first of which is a 7,350m RC drill
program designed to infill the Arthur River deposit to
a drill spacing of approximately 50m x 50m. The aim of
the drill program is to increase the size and resource
classification of the deposit and obtain sample material
for metallurgical test work and potential offtake partners17.
Odessa Minerals
Limited
(Jindalee 10%, Odessa 90%)
In 2021 Jindalee sold a 90% interest in the Aries Diamond
Project to OD3, the precursor to Odessa Minerals, with
Jindalee free carried to completion of a successful Pre-
Feasibility Study (PFS) or Decision to Mine.
During the period, Odessa announced its drilling and
bulk sampling plans at Aries18. A close spaced drilling
program is planned to test the total footprint of the
kimberlite diamond complex. The samples will analysed
for microdiamond counts which will guide the location of
bulk sampling sites in the future.
Leinster Projects
(Jindalee 100%, Auroch earning 70%)
Auroch Minerals (ASX: AOU) is earning 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.
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
an option for the sale of 80% of the Forrestania project
to Forrestania Resources Pty Ltd (ASX: FRS) and granted
Great Western Exploration (ASX: GTE) an option to earn
up to 80% in E53/2129 (Joyners). In addition Jindalee
entered into a farm-in agreement with Sabre Resources
(ASX: SBR) to earn up to 80% in the Sherlock project19.
INDIRECT INTERESTS
Energy Metals
Limited
(Jindalee 5.3% of issued capital)
Jindalee holds approximately 11 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.
Jindalee sold approximately 2 million EME shares during
the period for gross proceeds of approximately $544K.
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.
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CORPORATE
OUTLOOK
On 14 July 2022 Jindalee provided an update on the
proposed separation of the Company’s Australian assets
into a new listed vehicle to be known as Dynamic Metals
Limited (“Dynamic”) and will be led by current Jindalee
CEO Karen Wellman, who will be Dynamic’s Managing
Director20. Preparation for the formation of Dynamic
and the separation of Jindalee’s Australian assets is
continuing. However, in light of the recent deterioration
in market sentiment towards junior resource listings, the
Board intends to delay implementation of the separation
until conditions are more conducive to a stand-alone
listing of Dynamic (presently expected to be in the second
half of the 2023 financial year).
Further, having regard to both market conditions and
regulatory feedback regarding the structure of the
transaction, the separation of Dynamic is now likely to be
implemented by way of an initial public offering (IPO) of
securities in Dynamic, with a pro-rata priority entitlement
to existing Jindalee shareholders, and with any shares
not taken up to form a shortfall offer.
During the year, Brett Marsh was appointed VP Geology
and Development of Jindalee’s US subsidiary HiTech
Minerals Inc., to manage the Company’s lithium assets in
the United States. Brett is based in the US and is an AIPG
Certified Professional Geologist and registered member
with Society for Mining, Metallurgy and Exploration
with over 25 years of diverse mining and geological
experience.
In July 2022 Jindalee shares commenced trading on
the OTCQX market in the US. Trading on the OTCQX
is expected over time to enhance the Company’s
visibility and accessibility to the extensive market of
North American retail, high net worth and institutional
investors21. Jindalee’s inclusion on the OTCQX platform
will enable trading of Jindalee’s securities in the local
(US) time zone, and trading and settlement in US Dollars
with no exchange rate risk or additional FX fees to US
investors. The OTCQX share is the same class of Ordinary
Share as ASX traded stock (ASX: JRL), with Jindalee’s
primary listing continuing to be the ASX.
Early August 2022 Jindalee announced the appointment
of highly experience lithium industry executive Darren
Wates to the Jindalee Board following Trish Farr’s
retirement as a director22. Darren has over 12 years’
experience with Australian lithium industry pioneer
Neometals Ltd where he currently serves as consulting
general counsel through specialist corporate and
commercial law firm Corpex Legal of which Mr Wates is
the founder and principal.
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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 and securing new
opportunities in Tier 1 jurisdictions.
Jindalee currently has 57.4M shares on issue with
cash and marketable securities at 30 June 2022 of
approximately $10.8M1. This provides a strong base for
advancing projects currently held by the Company and
leveraging into new opportunities.
References
Additional details including JORC 2012 reporting tables, where
applicable, can be found in the following releases lodged with
ASX or similar and referred to in this announcement:
1.
2.
Jindalee Resources ASX Announcement 28/07/2022:
“Quarterly Cashflow Report”
Jindalee Resources ASX announcement 06/07/2022: “170%
Increase to Indicated Resource at McDermitt”
Exploration Manager, Jimmy Thom at Widgiemooltha
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
3.
4.
5.
6.
7.
8.
9.
Jindalee Resources ASX Announcement 17/03/2022: “Huge
Lithium Intercepts at McDermitt”
Jindalee Resources ASX Announcement 25/07/2022:
“Drilling commences at McDermitt Lithium Project, USA”
Jindalee Resources ASX Announcement 16/09/2021:
“Positive preliminary Scoping Study”
Source: https://www.whitehouse.gov/briefing/2022-03-31
[Defense Production Act]
Source: https://www.whitehouse.gov/briefing-room/
statements-releases/2022/06/09 {Biden Infrastructure Law”
Source: congress.gov/bill/117th-congress/house-bill/5376/
text [Inflation Reduction Act]
Source: https://www.nytimes.com/2022/08/26/climate/
california-electric-gasoline-car-ban-enforcement
10.
Jindalee Resources ASX announcement 18/11/2021:
“Drilling confirms Lithium at Clayton North”
11. Mincor Resources ASX Announcement 01/12/2021:
“Presentation to Macquarie WA Forum”
12. Anglo Australian ASX announcement 18/01/2022: “Mandilla
Resource Grows Further to 784,000 ounces”
13. Essential Metals Resources ASX announcement
29/09/2020: “Dome North lithium Mineral Resource
increases by 33% to 11.2Mt @1.21% Li2O”
Jindalee Resources ASX Announcement 16/02/2022:
“Jindalee progressing WA nickel sulphide exploration”
Jindalee Resources ASX Announcement 29/04/2022:
“Quarterly Activities Report”
Jindalee Resources ASX Announcement 27/01/2022:
“Jindalee partners with GWR at Prospect Ridge”
14.
15.
16.
17. GWR ASX Announcement 03/05/2022: “GWR plans 7350m
drilling project – Prospect Ridge Magnesium
18. Odessa Minerals ASX Announcement 10/05/2022:
“Updated – Drilling and bulk sampling plans at Aries”
19. Sabre Resources ASX Announcement 13/12/2021:
“Agreements signed to acquire three nickel sulphide
projects in WA”
20.
21.
Jindalee Resources ASX announcement 14/07/2022:
“Update on separation of Australian assets”
Jindalee Resources ASX announcement 05/07/2022:
“Jindalee commences trading on OTCQX Market (US)”
22.
Jindalee Resources ASX announcement 04/08/2022:
“Board Changes
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 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 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 Mineral
Resource Estimates 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 announcement by
Jindalee Resources Ltd (JRL) entitled “170% increase
to Indicated Resource at McDermitt” released on 6
July 2022 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.
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 2022.
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:
Lindsay Dudfield
Justin Mannolini
Darren Wates – appointed 3 August 2022
Patricia Farr – retired 3 August 2022
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 2022 was $1,446,131
(2021: loss $504,303).
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 infill and
extend the Indicated and Inferred mineral resource estimate (MRE) announced in April 20211 (Table 1), metallurgical
testwork to optimise processing options and baseline studies to further derisk the Project. The Company also increased
its ground position in the Widgiemooltha area and acquired other projects in Western Australia.
McDermitt
Six Reverse Circulation (RC) holes and six diamond holes were drilled at the McDermitt Project during the period,
with substantial thicknesses of lithium mineralisation intersected in all holes, and in July 2022 Jindalee announced a
combined Indicated and Inferred MRE at McDermitt of 1.82Bt at an average grade of 1370 ppm Li for a total of 13.3Mt
Lithium Carbonate Equivalent (LCE), using a cut-off grade of 1000 ppm Li1. The 2022 MRE represents an overall increase
(from 2021) in tonnage of 25%, with a 3% increase in grade for a 28% increase in contained lithium. Importantly, the
contained lithium in the higher confidence Indicated category increased from 1.8Mt LCE to 4.8Mt LCE (Table 1)2.
2021 Mineral Resource
2022 Mineral Resource
% Difference
Tonnage
(Mt)
Li Grade
(ppm)
LCE
(Mt)
Tonnage
(Mt)
Li Grade
(ppm)
LCE
(Mt)
Tonnage
(Mt)
Li Grade
(ppm)
Indicated Resource
Inferred Resource
Total
233
1,200
1,430
1,430
1,300
1,320
1.8
8.3
10.1
616
1,200
1,820
1,460
1,310
1,370
4.8
8.4
13.3
165%
-2%
25%
2%
0%
3%
LCE
(Mt)
170%
-1%
28%
Table 1 – Comparison of 2021 and 2022 McDermitt Mineral Resource Estimates at the reporting cut-off of 1000ppm Li.
Note: totals may vary due to rounding
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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.
During the year Jindalee commenced metallurgical studies on a 200kg sample of McDermitt ore to assess if sulphation
roasting is a viable alternative processing option to acid leaching, with first results expected September 2022. Early
stage permitting activities, including environmental baseline studies, were commissioned in February 2022 and further
infill and extensional drilling commenced in July 2022.
Australia
During the year Jindalee added to its existing ground position in the Widgiemooltha area of Western Australia (WA) and
pegged additional prospective tenements in WA. The Company continued to divest non-core assets during the year,
including the sale of a 70% interest in the Prospect Ridge magnesite project (Tasmania)3.
At Widgiemooltha, the Company drill tested a conceptual gold target at the Chalice prospect4 and advanced nickel and
lithium targets for initial drill testing in the December 2022 quarter5.
In July 2022, Jindalee provided an update on the proposed separation of the Company’s Australian assets into a new
listed vehicle called Dynamic Metals Limited6. It is likely that, subject to favourable market conditions and regulatory
approvals, Dynamic will list on ASX in 2023 following an initial public offering (IPO) with a pro-rata priority entitlement
to Jindalee shareholders.
Impact of COVID-19
The Group continues to monitor the ongoing and 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 in line with government health directives 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 $664,771 from $17,606,588 at 30 June 2021 to $18,270,359 at 30 June
2022, principally due to raising $1,726,314 (after costs) from the issue of shares during the year net of the Group’s loss
for the year of $1,446,131.
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, Mineral Resources or Ore Reserves is based on
information compiled by Mr Lindsay Dudfield and Mr Brett Marsh. 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. Mr Marsh
is a consultant to the Company and an American Institute of Professional Geologists (AIPG) Certified Professional
Geologist and a Registered Member of the Society for Mining, Metallurgy & Exploration (SME). Both Mr Dudfield and
Mr Marsh 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 Mr Marsh 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 Mineral Resource Estimates 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 announcement by Jindalee Resources Ltd (JRL) entitled “170% increase to Indicated Resource at McDermitt”
released on 6 July 2022 and in the case of estimates of Mineral Resources, that all material assumptions and technical
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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.
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.
References:
Additional details including JORC 2020 reporting tables, where applicable, can be found in the ASX announcements
reference in this report and the below announcements lodged with the Australian Securities Exchange (ASX) during the
period:
1.
2.
3.
4.
5.
6.
Jindalee Resources ASX announcement 08/04/2021 “McDermitt Lithium Deposit confirmed as largest in USA”
Jindalee Resources ASX announcement 06/07/2022 “170% increase to Indicated Resource at McDermitt”
Jindalee Resources ASX announcement 27/01/2022 “Jindalee partners with GWR at Prospect Ridge”
Jindalee Resources ASX announcement 28/01/2022 “Quarterly Activities Report”
Jindalee Resources ASX announcement 28/07/2022 “Quarterly Activities Report”
Jindalee Resources ASX announcement 14/07/2022 “Update on separation of Australian assets”
Events since the end of the financial year
On 4 August 2022, the Company announced the appointment of experienced lithium industry executive Darren Wates as
Non-Executive Director and the retirement of Trish Farr as Executive Director, effective 3 August 2022.
On 5 July 2022, the Company announced it had commenced trading on the OTCQX markets to further enhance the
Company’s visibility and accessibility to the extensive market of North American retail, high net worth investors, trading
under the ticker OTCQX: JNDAF.
On 14 July 2022, the Company provided an update to the market on planning for the separation of the Company’s
Australian assets to form Dynamic Metals Limited with implementation of the separation deferred pending an
improvement in market conditions more conducive to a stand-alone listing of Dynamic.
On 1 August 2022, the Company issued 2,000,000 unlisted options exercisable at $3.78 per option and expiring 28 July
2025 to employees pursuant to the Company’s Employee Share Option Plan.
Other than the items mentioned above, there has not arisen in the interval between the end of the financial year and the
date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors,
to affect significantly the operations, the results of those operations, or the state of affairs of the Group in future
financial years.
Likely developments and expected results of operations
The Directors are not aware of any developments that might have a significant effect on the operations of the Group in
subsequent financial years not already disclosed in this report.
Environmental regulation
The Group is subject to significant environmental regulation in respect of its exploration activities. Tenements in
Western Australia are granted subject to adherence to environmental conditions with strict controls on clearing,
including a prohibition on the use of mechanised equipment or development without the approval of the relevant
government agencies, and with rehabilitation required on completion of exploration activities. These regulations are
controlled by the Department of Mines and Petroleum.
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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
2022, however reporting requirements may change in the future.
Information on Directors
J Mannolini B.Com/LLB (Hons), LLM (Cantab), SF Fin, 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
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
None
None
Interests in shares and options
Ordinary Shares – Jindalee Resources Limited
14,745,365
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P Farr GradCertProfAcc. GradDipACG. GAICD FGIA/FCIS Executive Director/Company Secretary
Retired as director 03/08/2022
Experience and expertise
Ms Farr is an experienced Chartered Secretary with over 20 years experience
in providing company secretarial and corporate governance services
to a small portfolio of ASX listed, unlisted and not-for-profit companies
predominantly in the mineral resources, research and health sectors. 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. Ms
Farr was appointed to the Jindalee Board in 2008.
Other current directorships
Former directorships in last 3 years
Special responsibilities
None
None
None
Interests in shares and options
Ordinary Shares – Jindalee Resources Limited
905,922
D Wates LLB, BCom, Grad Dip App Fin Non-Executive Director
Appointed a director 03/08/2022
Experience and expertise
Mr Wates is a corporate lawyer with over 23 years’ experience in equity
capital markets, mergers and acquisitions, resources, project acquisitions/
divestments and corporate governance gained through private practice and
in-house roles in Western Australia.
Mr Wates is the founder and Principal of Corpex Legal, a Perth based legal
practice providing corporate, commercial and resources related legal
services, primarily to small and mid-cap ASX listed companies. In this role,
Mr Wates has provided consulting general counsel services to ASX listed
company Neometals Ltd (ASX:NMT) since 2016, having previously being
employed as legal counsel of Neometals.
Mr Wates holds Bachelor degrees in Law and Commerce and a Graduate
Diploma in Applied Finance and Investment.
Other current directorships
None
Former directorships in last 3 years
Silver City Minerals Ltd (now Austin Metals Limited) – resignation effective
20/02/2020
Special responsibilities
None
Interests in shares and options
Ordinary Shares – Jindalee Resources Limited
Nil
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
2022 the numbers of meetings attended by each Director.
Name
J Mannolini
L Dudfield
P Farr
Board of Directors
Meetings Held
Meetings Attended
13
13
13
13
13
13
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As at the date of this report, the Group did not have an Audit Committee of the Board of Directors. The Board considers
that due to the Group’s size, an Audit Committee’s functions and responsibilities can be adequately and efficiently
discharged by the Board as a whole, operating in accordance with the Group’s mechanisms designed to ensure
independent judgement in decision making.
Retirement, election and continuation in office of directors
Mr Darren Wates and Mr Justin Mannolini are the directors seeking election at the Company’s 2022 Annual General
Meeting.
AUDITED REMUNERATION REPORT
The Directors are pleased to present Jindalee Resources Limited 2022 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 2021 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 (retired as Executive Director on 3 August 2022)
K Wellman
Chief Executive Officer
For further details on each director see pages 15-16.
(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.
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Independent external advice is sought from remuneration consultants when required, however no advice has
been sought during the year ended 30 June 2022.
The Corporate Governance Statement provides further information on the Company’s remuneration governance.
Further details on the Corporate Governance Statement can be found on the Company’s website www.jindalee.net
(c) Executive remuneration policy and framework
In determining executive remuneration, the Board aims to ensure that remuneration practices are:
•
•
•
•
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
2018
$0.28
2019
$0.39
2020
$0.32
2021
$2.50
2022
$2.99
Market Capitalisation
$9.77M
$13.65M
$12.4M
$133.5M
$171.6M
Dividends (cents per share)
–
–
–
–
–
(e) Non-executive director remuneration policy
On appointment to the Board, all non-executive directors enter into a service agreement with the Company in
the form of a letter of appointment. The letter summarises the Board policies and terms including remuneration,
relevant to the office of director.
The Board policy is to remunerate non-executive directors at commercial market rates for comparable companies
for their time, commitment and responsibilities.
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The maximum aggregate amount of fees that can be paid to non-executive directors is subject to approval by
shareholders at the Annual General Meeting and is currently set at $200,000 per annum.
Fees for non-executive directors are not linked to the performance of the Group. Non-executive directors’
remuneration may also include an incentive portion consisting of options, subject to approval by Shareholders.
(f) Voting and comments made at the Company’s 2021 Annual General Meeting
Jindalee received 99.9% of “yes” votes on its remuneration report for the 2021 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
2021
2022
2021
2022
2021
2022
Chief Executive Officer
K Wellman
2021
2022
Directors
Fees
$
65,000
50,000
–
–
–
–
–
–
(h) Service Agreements
Cash
Salary,
Consulting
Fees
$
Super-
annuation
$
Long
Service
Leave
$
Options
$
Total
$
Percentage
%
–
–
6,175
5,000
178,864
159,000
116,309
127,576
–
–
–
160,769
240,000
15,273
24,000
–
–
–
–
–
–
–
–
–
–
–
–
–
71,175
55,000
178,864
159,000
140,715
127,576
–
–
–
–
–
892,549
1,068,591
317,451
581,451
84%
55%
2,662
21,744
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.
A N N U A L R E P O R T 2 0 2 2
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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
P Farr
Ms Farr was appointed as a director on 29 August 2008 and retired on 3 August 2022. Ms Farr is remunerated
pursuant to the terms and conditions of a consultancy agreement. 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
Mrs Wellman was appointed Chief Executive Officer effective 12 October 2020 and paid an annual salary of
$240,000 per annum plus statutory superannuation pursuant to an Executive Services Agreement. Mrs Wellman’s
employment contract may be terminated by either party on the giving of three months notice. Upon termination
of the contract, for any reason, the Company will pay leave entitlements due to Mrs Wellman.
(i) Details of share-based compensation and bonuses
Options over shares in Jindalee Resources Limited are granted under the Company’s Employee Share Option Plan.
Participation in the plan and any vesting criteria, is at the Board’s discretion and no individual has a contractual
right to participate in the plan or to receive any guaranteed benefits. Any options issued to directors of the
Company are subject to shareholder approval.
Details of options over ordinary shares in the Company provided as remuneration to each director of the Company
are set out below.
No options were issued as remuneration to any director for the year ended 30 June 2022.
The fair value of services received in return for share options granted to employees is measured by reference to
the fair value of options granted. The estimate of the fair value of the services is measured based on Black-Scholes
option valuation methodology. The life of the options and early exercise option are built into the option model.
No bonuses were paid during the year and there is currently no bonus scheme in place.
Further information on the fair value of share options and assumptions is set out in Note 18 to the financial
statements.
(j)
Equity instruments held by key management personnel
The following tables detail the number of fully paid ordinary shares and options over ordinary shares in the
Company that were held during the financial year and the previous financial year by key management personnel
and their associated related parties.
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A N N U A L R E P O R T 2 0 2 2
ABN 52 064 121 133ANNUAL REPORT 2017
D I R E C T O R S ’
R E P O R T
2022
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 750,000
Unlisted
Options
L Dudfield
Ordinary fully
paid shares 13,725,365
1,000,000
Unlisted
Options
P Farr
Ordinary fully
paid shares 755,922
Unlisted
Options
K Wellman
Ordinary fully
paid shares 27,000
Unlisted
Options
2,000,000
150,000
–
–
–
–
–
1,000,000
–
–
–
–
150,000
–
–
625,000
–
–
–
–
–
–
–
–
–
–
–
–
750,000
–
20,000
14,725,365
–
(1,000,000)
–
–
–
–
–
905,922
(150,000)
–
–
652,000
–
–
–
–
–
–
–
–
– 1,000,000
–
(625,000)
1,375,000
1,375,000
–
–
–
–
–
–
–
–
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, 1,775,000 ordinary shares in the Company were provided as a result of the exercise of
remuneration options.
For details on the valuation of the options, including models and assumptions used, please refer to Note 18.
(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.
A N N U A L R E P O R T 2 0 2 2
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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 $159,000 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 $127,576 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:
27/11/2020
27/11/2020
22/03/2021
01/08/2022
Number
375,000
1,000,000
1,000,000
2,000,000
Date vested &
exercisable
30/04/2021
30/04/2022
22/03/2021
various
Expiry Date
Exercise Price
30/06/2025
30/06/2025
22/03/2024
28/07/2025
$0.40
$0.50
$3.50
$3.78
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 3,975,000 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 2022 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.
Non-audit services
The Company from time to time may decide to employ the auditor on assignments additional to their statutory audit
duties where the auditor’s expertise and experience with the Company is important.
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A N N U A L R E P O R T 2 0 2 2
ABN 52 064 121 133ANNUAL REPORT 2017
D I R E C T O R S ’
R E P O R T
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 no impact on the impartiality and
objectivity of the auditor; and
none 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 2022 and in the previous financial year there were no fees paid or payable for non-audit
services provided by the auditor of Jindalee Resources Limited.
Auditor’s Independence Declaration
A copy of the auditor’s independence declaration as required by section 307C of the Corporations Act 2001 is included
on page 50.
This report is signed in accordance with a resolution of the Directors.
L Dudfield
Executive Director
Perth
21 September 2022
A N N U A L R E P O R T 2 0 2 2
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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 2022
Revenue from continuing operations
Other income
Employee benefits expense
Share-based payments
Depreciation expense
Amortisation of right of use asset
Exploration expenditure
Impairment of exploration assets
Fair value movement on financial assets
Tenancy and operating expenses
Gain/(loss) on foreign exchange
Other administration expenses
Corporate and regulatory expenses
Finance costs
Loss before income tax
Income tax expense
Loss after income tax
Loss attributable to owners of Jindalee Resources Limited
Other comprehensive income
Items that may be reclassified to profit or loss
Revaluation of investments taken to equity
Other comprehensive income for the year
Note
4
4
18
12
13
2022
$
30,891
993,657
(134,127)
(383,589)
(6,269)
(63,761)
(280,307)
-
(886,208)
(28,156)
205,447
(449,870)
(230,059)
(5,230)
(1,237,581)
5
(208,551)
(1,446,131)
(1,446,131)
–
–
2021
$
13,340
328,955
(106,015)
(996,412)
(5,424)
(58,824)
(82,987)
(37,671)
1,015,736
(33,025)
(120,008)
(283,719)
(123,763)
(14,486)
(504,303)
–
(504,303)
(504,303)
–
–
Total comprehensive loss for the year attributable to the
ordinary equity holders of the Company
(1,446,131)
(504,303)
Loss per share attributable to the ordinary equity holders of
the Company
Basic loss per share (cents per share)
Diluted loss per share (cents per share)
7
7
(2.64)
(2.64)
(1.11)
(1.11)
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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A N N U A L R E P O R T 2 0 2 2
ABN 52 064 121 133ANNUAL REPORT 2017
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022
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 and loss
Total Non-Current Assets
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Tax payable
Provision for annual leave
Lease liabilities
Total Current Liabilities
NON-CURRENT LIABILITIES
Total Non-Current Liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Accumulated losses
Reserves
TOTAL EQUITY
Note
9
10
11
13
11
14
15
16
17
2022
$
8,690,940
46,122
142,731
–
2021
$
10,158,652
265,474
261,190
221,179
8,879,793
10,906,495
62,827
66,842
–
7,965,835
1,902,844
9,998,348
18,878,141
372,141
208,551
27,090
–
607,782
–
607,782
62,268
22,325
63,761
3,890,211
2,862,844
6,901,409
17,807,904
114,569
-
11,959
74,788
201,316
–
201,316
18,270,359
17,606,588
21,326,062
(7,488,412)
4,432,709
18,270,359
19,599,748
(6,042,280)
4,049,120
17,606,588
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
A N N U A L R E P O R T 2 0 2 2
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Page 25
ABN 52 064 121 133ANNUAL REPORT 2017
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2022
Cash flows from operating activities
Payments in the course of operations
Interest received
Interest paid
Note
2022
$
(609,344)
25,727
(5,230)
Net cash outflow from operating activities
6
(588,847)
Cash flows from investing activities
Payments for exploration and evaluation
Payments for property, plant and equipment
12
Proceeds from sale of tenements
Proceeds from sale of financial assets at fair value through
profit or loss
(4,259,576)
(50,786)
317,500
2021
$
(606,485)
11,776
(14,486)
(609,195)
(2,088,637)
(8,331)
185,000
1,462,471
163,598
Net cash outflow from investing activities
(2,530,391)
(1,748,370)
Cash flows from financing activities
Lease principal repayments
Proceeds from issue of shares net of costs
15
Net cash inflow from financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial
year
(74,788)
1,726,314
1,651,526
(1,467,712)
(63,048)
11,739,539
11,676,491
9,318,926
10,158,652
839,726
Cash and cash equivalents at the end of the financial year
9
8,690,940
10,158,652
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
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A N N U A L R E P O R T 2 0 2 2
ABN 52 064 121 133ANNUAL REPORT 2017
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
Consolidated
Contributed
equity
$
Share-based
payment
reserve
$
Accumulated
losses
$
Total
equity
$
Balance at 30 June 2020
8,381,909
2,531,008
(5,537,977)
5,374,940
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 2021
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 2022
–
–
11,217,839
–
–
–
-
1,518,112
(504,303)
(504,303)
(504,303)
(504,303)
–
–
11,217,839
1,518,112
19,599,748
4,049,120
(6,042,280)
17,606,588
–
–
1,726,314
–
–
–
–
383,589
(1,446,131)
(1,446,131)
(1,446,131)
(1,446,131)
–
–
1,726,314
383,589
21,326,062
4,432,709
(7,488,412)
18,270,359
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
A N N U A L R E P O R T 2 0 2 2
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ABN 52 064 121 133ANNUAL REPORT 2017
1.
CORPORATION INFORMATION
These financial statements of Jindalee Resources Limited for the year ended 30 June 2022 were authorised for
issue in accordance with a resolution of directors on 21 September 2022.
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 of 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 2021, 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. Accounting policies have been consistently applied
throughout the year.
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 2022 and the comparative information.
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ABN 52 064 121 133ANNUAL REPORT 2017 NOTES TO AND FORMING PART OF THE CONSOLIDATEDFINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2022
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
(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 2022 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.
(g) Revenue Recognition
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the
financial assets.
A N N U A L R E P O R T 2 0 2 2
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ABN 52 064 121 133ANNUAL REPORT 2017 NOTES TO AND FORMING PART OF THE CONSOLIDATEDFINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2022
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
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.
impairment losses may no longer exist or may have decreased. If such indication exists, the
As assessment is also made at each reporting date as to whether there is any indication that previously
recognised
recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has
been a change in the estimates used to determine the asset’s recoverable amount since the last impairment
loss was recognised. If that is the case the carrying amount of the asset is increased to its recoverable
amount. That increased amount cannot exceed the carrying amount that would have been determined,
net of depreciation, had the impairment loss been recognised for the asset in prior years. Such reversal is
recognised in profit or loss unless the asset is carried at the revalued amount, in which case the reversal is
treated as a revaluation increase. After such a reversal the depreciation charge is adjusted in future periods
to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its
remaining useful life.
(j)
Exploration and Evaluation Expenditure
The Group’s policy with regards to exploration and evaluation expenditure, including the costs of acquiring
licences and permits, are capitalised as exploration and evaluation assets on an area of interest basis. Under
this method exploration and evaluation expenditure is carried forward on the following basis:
i)
ii)
Each area of interest is considered separately when deciding whether, and to what extent, to carry
forward or write off exploration and evaluation costs.
Exploration and evaluation expenditure related to an area of interest is carried forward provided that
rights to tenure of the area of interest are current and that one of the following conditions is met:
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
–
–
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
Share based payments
Under AASB 2 Share Based Payments, the Group must recognise the fair value of options granted to
directors, employees and consultants as remuneration as an expense on a pro-rata basis over the vesting
period in the statement of profit or loss and other comprehensive income with a corresponding adjustment
to equity.
The Group provides benefits to employees (including directors) of the Group in the form of share based
payment transactions, whereby employees render services in exchange for shares or rights over shares
(“equity-settled transactions”). The cost of these equity-settled transactions with employees (including
directors) is measured by reference to fair value at the date they are granted. For options the fair value is
determined using a Black-Scholes model.
(n) Loss Per Share
(i) Basic Loss Per Share
Basic loss per share is determined by dividing the operating loss attributable to the equity holder of the
Group after income tax by the weighted average number of ordinary shares outstanding during the financial
period.
(ii) Diluted Loss Per Share
Diluted loss per share adjusts the figures used in determination of basic earnings per share by taking into
account amounts unpaid on ordinary shares and any reduction in earnings per share that will arise from the
exercise of options outstanding during the period.
(o) Contributed Equity
Issued and paid up capital is recognised at the fair value of the consideration received by the Group. Any
transaction costs arising on the issue of ordinary shares are recognised directly in equity as a reduction of
the share proceeds received.
(p)
Income Tax and Other Taxes
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be
recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount
are those that are enacted or substantively enacted by the reporting date.
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
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.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the
taxation authority.
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
(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.
Classification of held-for-sale
An entity shall classify a non-current asset (or disposal group) as held for sale if its carrying amount will be
recovered principally through a sale transaction rather than through continuing use.
For this to be the case, the asset (or disposal group) must be available for immediate sale in its present
condition subject only to terms that are usual and customary for sales of such assets (or disposal groups)
and its sale must be highly probable.
Management judgement is applied in the determination and assessment of highly probable. As at 30 June
2022, management determined the proposed separation of the Australian assets did not meet the definition
of a highly probable transaction at reporting date due to the early stage of the proposed transaction which is
still undergoing due diligence by the Company.
(r)
Investment and other financial assets
Financial Instruments
The Group has exposure to interest rate risk which is the risk that the Group’s financial position will be
adversely affected by movements in interest rates. Interest rate risk on cash and short term deposits is not
considered to be a material risk due to the short term nature of these financial instruments.
The Group has no monetary foreign currency assets or liabilities.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not
quoted in an active market. They are included in current assets, except for those with maturities greater than
12 months after the reporting date which are classified as non-current assets.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss (“FVTPL”) include financial assets that are either classified
as held for trading or that meet certain conditions and are designated at FVTPL upon initial recognition. All
derivative financial instruments fall into this category, except for those designated and effective as hedging
instruments, for which the hedge accounting requirements apply.
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
Assets in this category are measured at fair value with gains or losses recognised in profit or loss. The fair
values of financial assets in this category are determined by reference to active market transactions or using
a valuation technique where no active market exists.
Available-for-sale investments
Available-for-sale investment assets, comprising principally marketable equity securities, are non-derivatives
that are either designated in this category or not classified in any of the other categories. They are included
in non-current assets unless management intends to dispose of the investment within 12 months of the
reporting date. Investments are designated as available-for-sale if they do not have fixed maturities and fixed
or determinable payments and management intends to hold them for the medium to long term.
Recognition and derecognition
Regular purchases and sales of financial assets are recognised on trade-date – the date on which the Group
commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs
for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value
through profit and/or loss are initially recognised at fair value and transaction costs are expensed in the
statement of profit or loss and other comprehensive income. Financial assets are derecognised when the
rights to receive cash flows from the financial assets have expired or have been transferred and the Group
has transferred substantially all the risks and rewards of ownership.
When securities classified as available-for-sale are sold, the accumulated fair value adjustments recognised
in equity are included in the statement of profit or loss and other comprehensive income as gains and losses
from investment securities.
Subsequent measurement
Loans and receivables and held-to-maturity investments are carried at amortised cost using the effective
interest method.
Available-for-sale financial assets are subsequently carried at fair value. Gains on available-for-sale
investments assets are recognised in other comprehensive income.
Details on how the fair value of financial instruments is determined is disclosed in Notes 19 and 22.
(s) Provisions
Provisions are measured at the present value of management’s best estimate of the expenditure required
to settle the present obligation at the reporting date. The discount rate used to determine the present value
reflects current market assessments of the time value of money and the risks specific to the liability.
(t) Dividends
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at
the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the
reporting period.
(u) Leases
Leases in which a significant portion of the risks and rewards of ownership are not transferred to the Group
as lessee are classified as operating leases. Payments made under operating leases (net of any incentives
received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease.
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.
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3.
SEGMENT INFORMATION continued
Year ended 30 June 2022
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 2022
Reconciliation of segment assets to Group assets
Segment assets
Intersegment eliminations
Total assets
Reconciliation of segment liabilities to Group
liabilities
Segment liabilities
Intersegment eliminations
Total liabilities
Mineral exploration
Australia
$
USA
$
Total
$
(306,985)
205,447
(101,538)
19,409,832
6,232,260
(607,782)
(6,763,951)
Mineral exploration
Australia
$
USA
$
30,891
(1,166,934)
(1,237,581)
25,642,092
(6,763,951)
18,878,141
(7,371,733)
6,763,951
(607,782)
Total
$
-
13,340
13,340
Year ended 30 June 2021
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 2021
Reconciliation of segment assets to Group assets
Segment assets
Intersegment eliminations
Total assets
Reconciliation of segment liabilities to Group
liabilities
Segment liabilities
Intersegment eliminations
Total liabilities
1,118,019
(120,008)
998,011
13,340
(1,515,654)
(504,303)
21,013,878
(3,205,974)
17,807,904
(3,407,290)
3,205,974
(201,316)
18,206,522
2,807,357
(201,316)
(3,205,974)
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4.
REVENUE AND OTHER INCOME
Revenue from continuing operations
Interest
Other income
Gain on sale of tenements and royalty1
Government support
Other
2021
$
2020
$
30,891
13,340
982,590
–
11,067
993,657
225,107
48,454
55,394
328,955
1
Includes gain on sale of 70% share of Prospect Ridge Project in Tasmania and other sale of other tenements in
Western Australia.
5.
TAXATION
(a)
Income tax expense
Current tax
Deferred tax
Deferred income tax expense included in income tax expense
comprises:
(Decrease)/increase in deferred tax liability
Opening balance - deferred tax (asset)/ liability
Movement for period
Closing Balance – deferred tax (asset)/ liability
(b) Numerical reconciliation of income tax expense to prima facie tax
payable
Loss before income tax:
Tax at the Australian tax rate of 25% (2021: 30%)
Tax effect of amounts which are not deductible in calculating taxable
income:
Foreign income not assessable
Non-deductible (income)/expenses
Capital losses not utilised
Share-based payments
Imputation credits
Income tax losses not recognised
Total income tax benefit
2022
$
208,551
–
208,551
–
–
–
–
–
2021
$
–
–
–
–
–
–
–
–
(1,237,581)
(309,455)
(504,303)
(151,291)
(51,361)
158,531
172,828
95,897
(78,239)
(220,350)
208,551
124,633
(24,754)
–
298,924
–
(247,512)
–
The franking account balance at year end was $629,962 (2021: $421,411).
Jindalee Resources Limited and its wholly owned subsidiaries have not yet entered the tax consolidation
regime.
Jindalee Resources Limited has unrecognised deferred tax assets at year-end of $1,168,549 (2021: $948,198)
representing unrecognised tax losses.
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5.
TAXATION continued
Jindalee Resources Limited has group carried forward revenue tax losses of $6,847,881 as at 30 June 2022
and carried forward capital losses of $691,310.
Jindalee Resources Limited is considered a base rate entity for income tax purposes and is therefore subject
to income tax at a rate of 25% (2021: 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.
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
2022
$
2021
$
(1,446,131)
(504,303)
–
70,030
(982,590)
383,589
886,208
(5,723)
490,639
15,131
37,671
64,248
(225,107)
996,412
(1,015,736)
(3,453)
92,966
(3,439)
Net cash outflow from operating activities
(588,847)
(609,195)
7.
LOSS PER SHARE
2022
$
2021
$
Loss used in calculation of basic and diluted loss per share
(1,446,132)
(504,303)
Basic loss per share (cents per share)
Diluted loss per share (cents per share)
(2.26)
(2.26)
(1.11)
(1.11)
Weighted average number of ordinary shares used as the denominator in
calculating basic and diluted loss per share.
54,769,406
45,507,518
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 2022 (2021: nil).
9.
CASH AND CASH EQUIVALENTS
Cash at bank
2022
$
2021
$
8,690,940
10,158,652
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10. TRADE AND OTHER RECEIVABLES
Current
Trade and other receivables
Non-current
Other receivables (deposits)
2022
$
2021
$
46,122
265,474
62,827
62,268
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 2022 (2021: 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
- Additions
- Disposals
- Fair value movement
- Closing balance
Non-current
Shares in listed corporations
- Opening balance
- Additions1
- Disposals
- Fair value movement
- Closing balance
2022
$
2021
$
221,179
–
(221,179)
–
–
2,862,844
1,166,583
(827,858)
(1,298,725)
1,902,844
305,858
–
–
(84,679)
221,179
1,827,574
50,000
(115,145)
1,100,415
2,862,844
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 2022 the market value of the Group’s shareholding in Energy Metals was $1,269,653 (2021: $2,440,017).
Refer to Note 19 for information on Group’s exposure to price risk.
1
Includes shares received in the capital of GWR as part-consideration (non-cash) for the sale of 70% of the
Prospect Ridge Project (value $750,000). The balance of additions relate to shares in listed companies
received as consideration for sale of a number of tenements located in Western Australia.
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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 (refer Note 4)
Exploration expenditure written off
Balance at the end of the year
2022
$
164,580
(97,739)
66,842
22,325
50,786
(6,269)
66,842
2022
$
3,890,211
4,378,034
(302,410)
–
7,965,835
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)
3,890,211
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 prior 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
2022
$
372,141
2021
$
114,569
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
2022
$
2021
$
57,378,966 ordinary fully paid shares (2021: 53,403,966)
21,326,062
19,599,748
Movements in ordinary shares during the past two years were as follows:
Balance at beginning of year
53,403,966
19,599,748
Number
Issue Price
$
1-Jul-21
20-Sep-21
12-Oct-21
28-Mar-22
30-Mar-22
4-Apr-22
14-Apr-22
Conversion of options
Conversion of options
Conversion of options
Conversion of options
Conversion of options
Conversion of options
550,000
150,000
900,000
200,000
1,775,000
400,000
Jul 21 to Jun 22
Share issue costs
30-Jun-22
Balance at the end of year
57,378,966
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
Jul-20 to Jun-21
Share issue costs
30-Jun-21
Balance at the end of year
53,403,966
$0.40
$0.40
$0.50
$0.50
$0.40
$0.50
$0.32
$0.32
$0.40
$0.40
$0.40
$1.50
$0.40
$1.00
$1.00
$0.50
220,000
60,000
450,000
100,000
710,000
200,000
(13,686)
21,326,062
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
(1,055,936)
19,599,748
Ordinary shares participate in dividends. On winding up of the Group any proceeds would be distributed to the
number of shares held.
At shareholder meetings on a show of hands every holder of ordinary shares present at a meeting in person or by
proxy, is entitled to one vote, and upon a poll each share is entitled to one vote.
16. ACCUMULATED LOSSES
Retained earnings at the beginning of the financial year
Loss attributable to members of the Group
Accumulated losses at the end of the financial year
2022
$
(6,042,280)
(1,446,132)
(7,488,412)
2021
$
(5,537,977)
(504,303)
(6,042,280)
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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:
2022
$
4,049,120
383,589
4,432,709
2021
$
2,531,008
1,518,112
4,049,120
The share-based payments reserve is used to recognise the fair value of options issued but not exercised.
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 $383,589 (2021: $1,518,112).
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 prior financial years. There were no options issued in the
current 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
22/11/2017
30/06/2022
22/11/2017
30/06/2022
22/11/2017
30/06/2022
27/11/2020
20/06/2025
27/11/2020
20/06/2025
$0.40 T1
$0.40 T2
$0.40 T3
$0.50 T4
$0.40 T8
$0.50 T9
200,000
1,150,000
500,000
1,500,000
1,000,000
1,000,000
22/03/2021
22/03/2024
$3.50T10
1,000,000
Weighted average exercise price
$1.75
–
–
–
–
–
–
–
200,000
1,150,000
500,000
1,500,000
625,000
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
375,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
The weighted average remaining contractual life of share options outstanding at the end of the period is 2.2 years
(2021: 2.4 years).
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18. SHARE BASED PAYMENT TRANSACTIONS continued
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
T8
22/08/2017
22/11/2017
22/11/2017
22/11/2017
27/11/2020
$0.40
$0.40
$0.40
$0.50
4.85 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
$0.40
4.56
$0.83
80%
0%
0.43%
$0.62
T9
T10
27/11/2020
22/03/2021
$0.50
4.56
$0.83
80%
0%
0.43%
$0.59
$3.50
3.00
$1.60
80%
0%
0.43%
$0.52
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.
(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.
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19. FINANCIAL AND CAPITAL RISK MANAGEMENT continued
(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
Total Current Financial Assets
Non-current
Available for sale financial assets
Financial assets at fair value through profit and loss
Other receivables
Non-Current Financial Assets
Financial Liabilities
Current
Trade and other payables
Tax payable
Lease liabilities
Total Current Financial Liabilities
Non-current
Lease liabilities
Total Non-Current Financial Liabilities
(d) Credit Risk Exposure
2022
$
2021
$
8,690,940
46,122
–
10,158,652
265,474
221,179
8,737,062
10,645,305
1,902,844
62,827
1,965,671
2,862,844
62,268
2,925,112
372,141
208,551
–
580,692
–
–
114,569
–
74,788
189,357
–
–
As at the reporting date, the Group has no significant concentrations of credit risk. The carrying amount
reflected above represents the Group’s maximum exposure to credit risk.
(e)
Interest Rate Risk Exposure
The Group’s exposure to interest rate risk arises from assets bearing variable interest rates. The weighted
average interest rate on cash holdings was 0.68% at 30 June 2022 (2021: 0.90%). All other financial assets
and liabilities are non-interest bearing. The net fair value of the Group’s financial assets and liabilities
approximates their carrying value.
The Group invests its surplus funds on deposit with Australian banking financial institutions, namely the
National Australia Bank and ANZ Bank. For banks and financial institutions, only independently rated parties
with a minimum rating of AA- are accepted.
The table below summarises the impact of an increase/decrease in interest rates received on financial
instruments held at year end on the Group’s pre-tax profit/(loss) for the year and on equity. The analysis
is based on the assumption that rates increased/decreased proportionally by 10% of the current weighted
average interest rate with all other variables held constant.
Impact on profit and equity
Increase of 10%
Decrease of -10%
2022
$
4,457
(4,457)
2021
$
2,475
(2,475)
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19. FINANCIAL AND CAPITAL RISK MANAGEMENT continued
(f)
Price Risk
The Group is exposed to equity securities price risk. This arises from investments held by the Group and
classified in the statement of financial position as financial assets at fair value through profit and loss. The
Group is not exposed to commodity price risk.
To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio.
The table below summarises the impact of an increase/decrease in prices of securities held at year end on
the Group’s pre-tax profit for the year and on equity. The analysis is based on the assumption that the prices
of all securities increased/decreased by 10% with all other variables held constant.
Impact on profit and equity
Increase of 10%
Decrease of -10%
(g) Liquidity Risk
2022
$
2021
$
190,284
(190,284)
286,284
(286,284)
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.
(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
Tax payable
Lease liabilities
Total Financial Liabilities
2022
$
2021
$
8,690,940
10,158,652
46,122
62,827
1,902,844
10,702,733
372,141
208,551
–
580,692
265,474
62,268
3,084,023
13,570,417
114,569
–
74,788
189,357
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.
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19. FINANCIAL AND CAPITAL RISK MANAGEMENT continued
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.
Tenements Subject to Option
The Group has entered into the following agreements:
A grant to Eon NRG Limited (Eon) of an option to acquire an 80% interest in E15/1909, E51/1946, P51/3145,
P51/3146 and P51/3147 for $30,000 in cash and shares to the value of $150,000 in a future listed entity related to
Eon. 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 2021.
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 2022 (30 June 2021: Nil)
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:
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22. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS continued
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2:
inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (as prices) or indirectly (derived from prices); and
Level 3:
inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Recurring fair value measurements
Level 1
$
Level 2
$
Level 3
$
Total
$
30 June 2022
Financial assets at fair value through profit
and loss
1,902,844
Total as at 30 June 2022
1,902,844
30 June 2021
Financial assets at fair value through profit
and loss
3,084,023
Total as at 30 June 2021
3,084,023
–
–
–
–
–
–
–
–
1,902,844
1,902,844
3,084,023
3,084,023
Due to their short-term nature, the carrying amount of the current receivables and current payables are assumed
to approximate their fair value.
23. CONTROLLED ENTITIES
% held
State of
Date of
Investment at
Cost
2022
2021
Controlled Entity
Eastmin Pty Limited
HiTec Minerals Pty Ltd
HiTech Minerals Inc.
Dynamic Metals Limited
2022
100%
100%
100%
100%
2021
100%
100%
100%
Class
Incorporation
Incorporation
Ord WA
Ord WA
15/04/2005
13/04/2016
Ord
Nevada, USA
21/02/2018
–
Ord WA
24/05/2022
$
2
100
2
10
$
2
100
2
–
The date of acquisition of the controlled entities was on the date of incorporation.
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 $159,000 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) (2021: $178,864). 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 $127,576 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 (2021: $85,396).
During the year, the Group incurred a share based payment expense of $317,451 associated with the vesting
of 1,000,000 unlisted options to Mrs Karen Wellman (Chief Executive Officer).
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24. RELATED PARTY TRANSACTIONS continued
Short-term employee benefits
Post-employment benefits
Share-based payments
2022
$
576,576
29,000
317,451
923,027
2021
$
520,942
45,854
892,549
1,459,345
Refer to the remuneration report contained within the Directors’ Report and Note 18 for further details on
other transactions with key management personnel and share based compensation.
25. REMUNERATION OF AUDITORS
Amounts paid or payable at 30 June to the auditors for:
Audit and review of financial statements
Total remuneration for audit and other assurance services
26. PARENT ENTITY FINANCIAL INFORMATION
2022
$
29,414
29,414
2021
$
25,315
25,315
The following details information related to the parent entity, Jindalee Resources Limited, at 30 June 2022 and 30
June 2021.
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
2022
$
2021
$
8,622,502
10,461,346
19,083,848
10,643,114
7,795,376
18,438,490
(396,231)
(417,258)
(813,489)
(414,644)
(417,258)
(831,902)
18,270,359
17,606,588
21,326,062
(7,488,412)
4,432,709
18,270,359
19,599,748
(6,042,280)
4,049,120
17,608,588
(1,610,373)
(236,977)
–
–
(1,610,373)
(236,977)
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
On 4 August 2022, the Company announced the appointment of experienced lithium industry executive Darren
Wates as Non-Executive Director and the retirement of Trish Farr as Executive Director, effective 3 August 2022.
On 5 July 2022, the Company announced it had commenced trading on the OTCQX markets to further enhance the
Company’s visibility and accessibility to the extensive market of North American retail, high net worth investors,
trading under the ticker OTCQX: JNDAF.
On 14 July 2022, the Company provided an update to the market on planning for the separation of the Company’s
Australian assets to form Dynamic Metals Limited with implementation of the separation deferred pending an
improvement in market conditions more conducive to a stand-alone listing of Dynamic.
On 1 August 2022, the Company issued 2,000,000 unlisted options exercisable at $3.78 per option and expiring 28
July 2025 to employees pursuant to the Company’s Employee Share Option Plan.
Other than the items mentioned above, there has not arisen in the interval between the end of the financial year
and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion
of the Directors, to affect significantly the operations, the results of those operations, or the state of affairs of the
Group in future financial years.
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DIRECTORS' DECLARATION
JINDALEE RESOURCES LIMITED AND ITS CONTROLLED ENTITIES
ACN 064 121 133
In the Directors’ opinion:
1.
The financial statements, comprising the consolidated statement of profit or loss and other comprehensive in-
come, consolidated statement of financial position, consolidated statement of cash flows, consolidated statement
of changes in equity, accompanying notes, are in accordance with the Corporations Act 2001, and:
complying with Accounting Standards and the Corporations Regulations 2001 and other mandatory
(a)
professional reporting requirements; and
giving a true and fair view of the consolidated entity’s financial position as at 30 June 2022 and of its
(b)
performance for the year ended on that date.
2.
In the directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as
and when they become due and payable.
3.
The directors have been given the declarations as required by section 295A of the Corporations Act 2001.
4. Note 2(a) confirms that the financial statements also comply with International Reporting Standards as issued by
the International Accounting Standards Board.
This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the
directors by:
L Dudfield
Executive Director
21 September 2022 at Perth, Western Australia
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ABN 52 064 121 133ANNUAL REPORT 2017ABN 52 064 121 133ANNUAL REPORT 2017
AUDITOR’S INDEPENDENCE DECLARATON
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
PO Box 700 West Perth WA 6872
Australia
DECLARATION OF INDEPENDENCE BY MELISSA REID TO THE DIRECTORS OF JINDALEE RESOURCES
LIMITED
As lead auditor of Jindalee Resources Limited for the year ended 30 June 2022, 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.
Melissa Reid
Director
BDO Audit (WA) Pty Ltd
Perth, 21 September 2022
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
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of Jindalee Resources Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Jindalee Resources Limited (the Company) and its subsidiaries
(the Group), which comprises the consolidated statement of financial position as at 30 June 2022, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes
to the financial report, including a summary of significant accounting policies and the directors’
declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
(ii)
Giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its
financial performance for the year ended on that date; and
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia
Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO
International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability
limited by a scheme approved under Professional Standards Legislation.
1
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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 Group’s annual report for the year ended 30 June 2022, 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, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
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ABN 52 064 121 133ANNUAL REPORT 2017
AUDITOR’S REPORT
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included pages 17 to 22 of the directors’ report for the
year ended 30 June 2022.
In our opinion, the Remuneration Report of Jindalee Resources Limited, for the year ended 30 June
2022, complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit (WA) Pty Ltd
Melissa Reid
Director
Perth, 21 September 2022
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A N N U A L R E P O R T 2 0 2 2
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 26 September 2022.
Securities
Quotation has been granted for 57,378,966 ordinary shares of the Company on the Australian Stock Exchange.
Quoted Securities
ASX Code
JRL
Unquoted Securities
ASX Code
JRLAE
JRLAF
JRLAL
JRLAM
Number of Holders
2,031
Security Description
Ordinary Fully Paid
Total Securities
57,378,966
Number of Holders
Security Description
Total Securities
1*
1*
2
2
Options expiring 30/06/25
exercisable at $0.40
Options expiring 30/06/25
exercisable at $0.50
Options expiring 22/03/24
exercisable at $3.50
Options expiring 28/07/2025
exercisable at $3.78
375,000
1,000,000
1,000,000
2,000,000
* 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
753
691
215
305
67
2,031
Units
344,978
1,869,286
1,670,337
7,879,195
45,615,170
57,378,966
Percentage
0.60%
3.26%
2.91%
13.73%
79.50%
100%
There are 219 Shareholders holding less than a marketable parcel of fully paid ordinary shares (a minimum parcel is
$500 being 217 shares using a market value of $2.30 per Share).
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 3,465,868 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.
A N N U A L R E P O R T 2 0 2 2
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ABN 52 064 121 133ANNUAL REPORT 2017
ADDITIONAL INFORMATION
Buyback
No on-market share buy-back is current.
Top 20 Shareholders
The names of the twenty largest shareholders (ASX Code: JRL) are listed below:
Name
1 Mr LG Dudfield
2 Kale Capital Corporation Limited
3 Citicorp Nominees Pty Limited
4 Elmix Pty Ltd
5 Kevrex Pty Ltd
6 Grandor Pty Ltd
7 Pillage Investments Pty Ltd
8 BNP Paribas Nominees Pty Ltd
9 National Nominees Limited
10 Windsong Valley Pty Ltd
11 TBB NSW Pty Ltd
12 Yandal Investments Pty Ltd
13
Farr Family SF Pty Ltd
14 Ayers Rock Holdings Pty Ltd >The Ward Super Fund A/C>
15 Karen Christina Wellman
16 Mr Justin Jerome Mannolini
17 Marbury Pty Ltd
18
19
Jopan Management Pty Ltd
JP Morgan Nominees Australia Pty Ltd
20 Eric’s Pty Limited
% held
25.70%
7.14%
3.67%
4.05%
3.45%
3.03%
2.61%
2.42%
2.13%
2.09%
2.03%
1.74%
1.58%
1.45%
1.14%
1.13%
1.05%
0.91%
0.87%
0.87%
Number of
Ordinary Shares
14,745,365
4,096,629
2,103,267
2,322,059
1,980,000
1,740,000
1,500,000
1,386,667
1,223,948
1,197,880
1,165,082
1,000,000
905,922
832,500
652,000
650,000
600,000
523,933
500,001
500,000
Page 56
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A N N U A L R E P O R T 2 0 2 2
ABN 52 064 121 133ANNUAL REPORT 2017
Tenements Schedule
Project
Planets
Widgie
Highway
Railway
Lawry
Lawry
Widgie
Widgie
Higginsville
Widgie
Widgie
Chalice
Widgie
Widgie
St Ives
Chalice
St Ives
St Ives
St Ives
St Ives
St Ives
Highway
Widgie
St Ives
Yilmia
Chalice
St Ives
St Ives
St Ives
Widgie
Widgie
St Ives
Higginsville
Widgie
Higginsville
Railway
Highway
Highway
Widgie
Widgie
St Ives
St Ives
Lady Jane
Lady Jane
Lady Jane
Lady Jane
Hollandaire
Tenement ID
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
E15/1768
E15/1785
E15/1789
E15/1802
E15/1806-08
E15/1816
E15/1818
E15/1836, 1838, 1840
E15/1865
E15/1880, 1889, 1990
E15/1907
E15/1935-37*
P15/6112
P15/6245-6
P15/6267
P15/6268
P15/6342
P15/6367
P15/6584,6586
P15/6585, 6587
E16/575
E16/608, 610
E16/620*
E16/621*
E20/992
ADDITIONAL INFORMATION
Location
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
Application
Application
Granted
Granted
Western Australia
Application
Western Australia
Granted
Western Australia
Application
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Granted
Granted
Granted
Granted
Application
Application
Application
Application
Application
Granted
Granted
Granted
Application
Application
Application
Application
Application
Application
Granted
Granted
Granted
Western Australia
Application
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Granted
Granted
Granted
Application
Application
Application
Application
Application
Western Australia
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%
100%
100%
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ABN 52 064 121 133ANNUAL REPORT 2017
ADDITIONAL INFORMATION
Project
Tuckabianna
Hollandaire
Salt Creek
Salt Creek
Salt Creek
Salt Creek
Lindsays
Lindsays
Pinnacles West
Lake Roe
Lake Roe
Lady Jane
Deadend Dam
Deadend Dam
Deadend Dam
Lindsays
North Sinclair
Camel Bore
Camel Bore
Lawlers
Lockyer Well
Mt Clifton
Mt Clifton
Mt Clifton
Leinster
Laverton
Laverton
Leinster
Mulga Tank
Laverton
Deadend Dam
Kookynie
Kookynie
Meentheena
Warri Creek
Paterson
Wodgina
Sherlock
Bundie Bore
Bundie Bore
Bundie Bore
Bundie Bore
Bundie Bore
Joyners JV
Joyners
Magellan
Taipan
Tenement ID
Location
Status
Interest held
E20/1001
E20/1015
E25/562
E25/572
E25/597
P25/2568
E27/651-52, 27/666
E27/693*
E28/3138
E28/3150-53
E28/3222-23*
E30/548
E31/1299
E31/1324
E31/1332*
E31/1316
E36/895
E36/910
E36/953
E36/994
E37/1370
Western Australia
Western Australia
Application
Application
Western Australia
Granted
Western Australia
Western Australia
Application
Application
Western Australia
Granted
Western Australia
Western Australia
Western Australia
Application
Application
Application
Western Australia
Granted
Western Australia
Western Australia
Application
Application
Western Australia
Granted
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Application
Application
Application
Granted
Granted
Granted
Western Australia
Application
Western Australia
Granted
E37/1446, 37/1472
Western Australia
Application
E37/1414
E37/1472
E37/1502*
E38/3540
E38/3686
E38/3714, E38/3725
E39/2134
E39/2278
E39/2350*
E40/405
E40/430
E45/5381
E45/5958
E45/6190, 6193, 6195-96
E45/6249*
E47/4345
E51/1909
E51/1946
E51/2081-82, 2087
E51/2116*
P51/3145-7
M53/1078-I
E53/2129, 2131
E53/2148
E63/1823
Western Australia
Granted
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Application
Application
Application
Application
Application
Western Australia
Granted
Western Australia
Western Australia
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
Western Australia
Western Australia
Western Australia
Application
Application
Application
Application
Application
Granted
Granted
Application
Application
Application
Granted
Granted
Granted
Western Australia
Application
Western Australia
Granted
100%
100%
20%
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%
20%
100%
100%
100%
Page 58
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A N N U A L R E P O R T 2 0 2 2
ABN 52 064 121 133ANNUAL REPORT 2017
ADDITIONAL INFORMATION
Project
Jeffreys Find
Killaloe
Lake Percy
Mission
Lake Percy
Lake Percy
Lake Percy
Burnt Hill
Forrestania
Westonia
Forrestania
Forrestania
Westonia
Aries
Prospect Ridge
McDermitt
Tenement ID
E63/1832
E63/1874-5
E63/1981
E63/2005
E63/1981
E63/2088
E63/2236-38, 63/2252*,
63/2261*
E70/6169*
E77/2575-6, E77/2701
E77/2795
E77/2800
E77/2887
E77/2958*
E80/5027
EL5/2016#
HTM 1-50,56-342, 348-349, HTX
1-120
420-585 HTM 586-682**
Location
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Status
Granted
Granted
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
Tasmania
Oregon, USA
Application
Application
Granted
Granted
Granted
Interest held
100%
100%
100%
100%
100%
100%
100%
100%
20%
100%
100%
100%
100%
10%
30%
100%
Clayton North
HTC 1-6,12-18,
Nevada, USA
Granted
100%
25-28**
*
**
#
Tenements held or applied for through Jindalee’s wholly-owned Australian subsidiary, Dynamic Metals Limited
Tenements held by Jindalee’s wholly-owned US subsidiary, HiTech Minerals Inc.
Tenement held by Jindalee’s wholly-owned Australian subsidiary, HiTec Minerals Pty Ltd
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A N N U A L R E P O R T 2 0 2 2
ABN 52 064 121 133ANNUAL REPORT 2017
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
Darren Wates
Patricia (Trish) Farr
Karen Wellman
Non-Executive Chairman
Executive Director
Non-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
Level 9
Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
Legal Advisors
Hamilton Locke
L27, 152-158 St Georges Terrace
Perth, WA 6000
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
OTC markets: www.otcmarkets.com
JNDAF
OTCQX:
Front Cover
McDermitt Project, Oregon USA
Resources Limited
A
N
N
U
A
L
R
E
P
O
R
T
2
0
2
2
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