Legacy Minerals Pty Limited
ABN 33 622 746 187
Annual Report – 30 June 2020
Legacy Minerals Pty Limited
Directors' report
30 June 2020
The directors present their report, together with the financial statements of Legacy Minerals Pty Limited. (referred to hereafter
as ‘the entity' or “the company’) for the year ended 30 June 2020.
Directors
The following persons were directors of Legacy Minerals Pty Limited during the whole of the financial year and up to the date
of this report, unless otherwise stated:
Christopher Byrne
Amelia Byrne (resigned 1 November 2020)
Douglas Menzies (appointed 1 November 2020)
Thomas Wall
Matthew Wall
Principal activities
During the financial year the principal continuing activities of the company consisted of the exploration of Gold mining
leases
Dividends
There were no dividends paid or declared in the financial year.
Review of operations
The loss for the entity after providing for income tax amounted to $12,508 (2019 loss: $11,824).
The entity is in the exploration phase of its operations and no production or sales have taken place.
Significant changes in the state of affairs
There have been no significant changes in the state of affairs of the entity during the financial year.
Matters subsequent to the end of the financial year
Since 30 June 2020, the entity has acquired an additional two mining tenements at Fontenoy and Bauloora and is
conducting exploration activities at these sites.
To continue to the next phase of the exploration process, the entity issued a further 12,430,000 shares on 1 April 2021 at
an issue price of $0.10 per share for a total capital raise of $1,243,000 net of transaction costs. The entity is also in the
process of an IPO to raise further funds to continue the next phases of the exploration process.
The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has had no effect financially for the entity up
to 30 June 2020, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The
situation is rapidly developing and is dependent on measures imposed by the Australian Government and other countries,
such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be
provided.
Likely developments and expected results of operations
The Company has five granted exploration licenses in NSW: Central Cobar (EL8709), Harden (EL8809), Rockley (EL8926),
Bauloora (EL8994), and Fontenoy (EL8995). The Company also has two pending exploration licenses: Murrumburrah
(ELA6252) and Cobar South (ELA6248) which are expected to be granted by the third quarter 2021. The company is currently
conducting exploration across these tenements including geochemical and geophysical work programs with the objective of
defining an economic gold, copper, or base metal resource.
1
Legacy Minerals Pty Limited
Directors' report
30 June 2020
Environmental Issues
The exploration undertaken on the Company’s combined tenements in New South Wales to date has not created significant
environmental issues. However, environmental impacts will arise as and when the Company moves into production and
these issues will be thoroughly assessed at the time any mining authority is sought. Usual measures are undertaken pre
and post drilling to ensure that the environmental impact is minimised. The work undertaken to date has produced minimal
impact on the environment. No issues regarding compliance were encountered during the reporting period.
Information on directors
Name:
Title:
7Qualifications:
Experience and expertise:
Christopher Byrne
Managing Director
BsC, BEngs (Hons), M.PM, MAusIMM, MAICD
Mr. Byrne holds a Master of Project Management, a Bachelor of Engineering (Hons),
and a Bachelor of Science (Environmental). His past roles in the mining sector with
Anglo American focused on large scale project delivery, project management,
maintenance, operations, and technical service and support in open cut and
underground colliery operations. He is a member of AusIMM and the Australian Institute
of Company Directors.
Special responsibilities:
None
Name:
Title:
Qualifications:
Experience and expertise:
Douglas Menzies (appointed 1 November 2020)
Non-Executive Director
DipBA, GradCertIT, BsC (Hons)
Mr. Menzies has over 20 years’ experience in the mineral exploration and GIS
industries, having previously been employed by Rio Tinto, MapInfo and Wafi-Golpu
JV as well as providing consulting services through Corbett Menzies Cunliffe Pty Ltd,
Menzies Geological Services and GeoInsite. He is a member of the Australian
Institute of Geoscientists (AIG), Society of Economic Geology, Society of for Geology
Applied to Mineral Deposits and the Association of Applied Geochemists.
Special responsibilities:
None
Name:
Title:
Qualifications:
Experience and expertise:
Amelia Byrne (resigned 1 November 2020)
Non-Executive Director
Mrs Byrne has over five years’ experience working as a mining and exploration
geologist for BHP Billiton and South32. She also has five years’ experience working
within the geotechnical industry for road construction as a GIS and geotechnical
database professional.
Special responsibilities:
None
Name:
Title:
Qualifications:
Experience and expertise:
Thomas Wall
Technical Director
BsC (Hons), MAusIMM
Mr. Wall is an exploration geologist with a Bachelor degree in Geology and Geophysics
(Hons). He has extensive experience within the Cobar Basin having previously held
roles including Senior Exploration Geologist at Peak Gold Mines and with Golden Cross
Resources. He was part of the small team awarded the ‘NSW Explorer of the Year
2017’ for the Anjea Lens discovery at Great Cobar.
Special responsibilities:
None
2
Legacy Minerals Pty Limited
Directors' report
30 June 2020
Name:
Title:
Qualifications:
Experience and expertise:
Matthew Wall
Non-Executive Director
CTE, MCILT
Mr. Wall is a metals & mining specialist with over 35 years of experience in sales,
marketing, logistics, trading and risk management. He has held senior management
roles with Rio Tinto, EDF Trading and Wood Mackenzie. Mr Wall is currently a senior
advisor to a number of small private & listed mining companies in Australia.
Special responsibilities:
None
Company Secretary:
Ian Morgan (James Byrne resigned 1 April 2021)
Meetings of directors
The number of meetings of the company's Board of Directors ('the Board' held during the year ended 30 June 2020, and the
number of meetings attended by each director were:
Christopher Byrne
Amelia Byrne
Thomas Wall
Matthew Wall
Full board
Attended
Held
4
4
4
4
4
4
4
4
Held: represents the number of meetings held during the time the director held office or was a member of the relevant
committee.
Shares under option
In the period from 1 July 2020 to 30 April 2021, the Company issued 4,828,000 options exercisable at $0.005 per option.
The options were issued in lieu of payment to employees and consultants. All options were exercised on 30 April 2021.
Indemnity and insurance of officers
The Company has agreed to indemnify the current directors of the Company against all liabilities to another person (other
than the Company or a related body corporate) that may arise from their position as directors of the Company, except
where the liability arises out of the conduct involving a lack of good faith.
Indemnity and insurance of auditor
The company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the
company or any related entity against a liability incurred by the auditor.
During the financial year, the company has not paid a premium in respect of a contract to insure the auditor of the company
or any related entity.
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.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out
immediately after this directors' report.
BDO Audit Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001.
3
Legacy Minerals Pty Limited
Directors' report
30 June 2020
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
On behalf of the directors
___________________________
Christopher Byrne
Managing Director
Ju 2021
Sydney
4
Tel: +61 2 9251 4100
Fax: +61 2 9240 9821
www.bdo.com.au
Level 11, 1 Margaret St
Sydney NSW 2000
Australia
DECLARATION OF INDEPENDENCE BY GARETH FEW TO THE DIRECTORS OF LEGACY MINERALS PTY
LTD
As lead auditor of Legacy Minerals Pty Ltd for the year ended 30 June 2020, 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.
Gareth Few
Director
BDO Audit Pty Ltd
Sydney, 5 July 2021
BDO Audit Pty Ltd ABN 33 134 022 870 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 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.
Legacy Minerals Pty Limited
Contents
30 June 2020
Statement of profit or loss and other comprehensive income 7
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
10
Notes to the financial statements
16
Directors' declaration
17
Independent auditor's report to the members of Legacy Minerals Pty Limited
General information
The financial statements cover Legacy Minerals Pty. The financial statements are presented in Australian dollars, which is
Legacy Minerals Pty Limited's functional and presentation currency.
Legacy Minerals Pty Limited is a private company limited by shares.
The financial statements were authorised for issue, in accordance with a resolution of directors, on the 23rd June
2021. The directors have the power to amend and reissue the financial statements.
6
Legacy Minerals Pty Limited
Statement of profit or loss and other comprehensive income
For the year ended 30 June 2020
Expenses
Corporate costs
Marketing expenses
Professional fees
Exploration costs
(Loss) before income tax expense
Income tax expense
Note
2020
$
2019
$
(9,451)
(2,366)
(691)
-
(4,004)
(1,343)
(900)
(5,577)
(12,508)
(11,824)
3
-
-
(Loss) after income tax expense for the year
(12,508)
(11,824)
Total comprehensive (loss) for the year
(12,508)
(11,824)
The above statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
7
Legacy Minerals Pty Limited
Statement of financial position
As at 30 June 2020
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Non-current assets
Exploration and evaluation assets
Tenement deposit
Plant and equipment
Net assets
Equity
Issued capital
Accumulated Losses
Total equity
Note
2020
$
2019
$
4
5
7
6
8
9
88,758
11,210
32,245
1,456
99,969
33,701
50,034
30,000
1,363
9,673
20,000
-
81,397
29,673
181,366
63,374
210,502
(29,136)
80,002
(16,628)
181,366
63,374
The above statement of financial position should be read in conjunction with the accompanying notes
8
Legacy Minerals Pty Limited
Statement of changes in equity
For the year ended 30 June 2020
Issued
capital
$
Accumulated
losses
$
Total equity
$
Balance at 1 July 2018
20,002
(4,804)
15,198
Loss after income tax expense for the year
Other comprehensive loss for the year, net of tax
Total comprehensive loss for the year
-
-
-
(11,824)
(11,824)
-
-
(11,824)
(11,824)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs (note 8)
60,000
-
60,000
Balance at 30 June 2019
80,002
(16,628)
63,374
Issued
capital
$
Accumulated
losses
$
Total equity
$
Balance at 1 July 2019
80,002
(16,628)
63,374
Loss after income tax expense for the year
Other comprehensive loss for the year, net of tax
Total comprehensive loss for the year
-
-
-
(12,508)
(12,508)
-
-
(12,508)
(12,508)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs (note 8)
130,500
-
130,500
Balance at 30 June 2020
210,502
(29,136)
181,366
The above statement of changes in equity should be read in conjunction with the accompanying notes
9
Legacy Minerals Pty Limited
Statement of cash flows
For the year ended 30 June 2020
Cash flows from operating activities
Payments to suppliers and employees (inclusive of GST)
Net cash from operating activities
Cash flows from investing activities
Payment for exploration
Payment for mining tenement deposits
Payment for Plant and Equipment
Cash flows from financing activities
Proceeds from issue of shares
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Cash and cash equivalents at the end of the financial year
Note 1. Significant accounting policies
Note
2020
$
2019
$
(13,574)
(13,004)
(13,574)
(13,004)
(49,050)
(10,000)
(1,363)
(6,735)
(10,000)
-
(60,413)
(16,735)
130,500
60,000
56,513
32,245
30,261
1,984
88,758
32,245
7
8
4
The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies
have been consistently applied to all the years presented, unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
The entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian
Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
AASB 16 Leases became effective on 1 January 2019. Accordingly, this standard applies for the first time in this financial
report. During the reporting period, the company has no operating leases, hence, there is no impacts on the group
adopting AASB 16.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards -
Reduced Disclosure Requirements and Interpretations issued by the Australian Accounting Standards Board ('AASB') and
the Corporations Act 2001, as appropriate for for-profit oriented entities.
Reporting basis and conventions
The financial statements have been prepared on an accruals basis and are based on historical costs.
Going concern
For the year ended 30 June 2020, the Company has reported a net loss after income tax of $12,508 (2019:$11,825) and net
operating cash outflows of $13,574 (2019: 13,004). As of 30 June 2020, the company had $88,758 cash at bank (2019:
$32,245). Subsequently, the company has raised $1,243,000 via the allotment of 12,430,000 ordinary shares on 1 April
2021. The Directors regularly monitor the Company’s cash position on an ongoing basis. The Group has the capacity, if
necessary, to defer discretionary expenditure in the current cash flow forecast period or take steps to moderate the cash
outflows of the business as needed to ensure that the company maintains expenditure in line with the level of funding
available.
The above statement of cash flows should be read in conjunction with the accompanying notes
10
Legacy Minerals Pty Limited
Notes to the financial statements
30 June 2020
Note 1. Significant accounting policies (continued)
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the entity’s accounting policies. The areas involving a
higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial
statements, are disclosed in note 2.
Exploration and development expenditure
Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area of interest.
These costs are only carried forward to the extent that they are expected to be recouped through successful development of
the area or where activities in the area have not yet reached a stage that permits reasonable assessment of the existence
of economically recoverable reserves. Accumulated costs in relation to an abandoned area are written off in full against profit
in the year in which the decision to abandon the area is made. When production commences, the accumulated costs for the
relevant area of interest are amortised over the life of the area according to the rate of depletion of the economically
recoverable reserves.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward
costs in relation to that area of interest.
Costs of site restoration are provided over the life of the facility from when exploration commences and are included in the
costs of that stage. Site restoration costs include the dismantling and removal of mining plant, equipment and building
structures, waste removal and rehabilitation of the site in accordance with clauses of the mining permits. Such costs have
been determined using estimates of future costs, current legal requirements and technology on an undiscounted basis.
Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs of site
restoration, there is an uncertainty regarding the nature and extent of the restoration due to community expectations and
future legislation.
Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable
income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary
differences, unused tax losses and the adjustment recognised for prior periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the
assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:
When the deferred income tax asset or liability arises from the initial recognition of goodwill or 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 nor
taxable profits; or
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the
timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable
future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that
future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax
assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the
carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable
that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against
current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on
either the same taxable entity or different taxable entities which intend to settle simultaneously.
11
Legacy Minerals Pty Limited
Notes to the financial statements
30 June 2020
Note 1. Significant accounting policies (continued)
Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly
liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value.
Other receivables
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
Property, plant and equipment
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes
expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment
(excluding land) over their expected useful lives as follows:
Computer hardware
3-5 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the
entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Any revaluation
surplus reserve relating to the item disposed of is transferred directly to retained profits.
Issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax,
from the proceeds.
Dividends
Dividends are recognised when declared during the financial year and no longer at the discretion of the company.
Goods and Services Tax ('GST') and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not
recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of
the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST
recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of
financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities
which are recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
12
Legacy Minerals Pty Limited
Notes to the financial statements
30 June 2020
Note 2. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that
affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in
relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and
assumptions on historical experience and on other various factors, including expectations of future events, management
believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal
the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are
discussed below.
Coronavirus (COVID-19) pandemic
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has had, or may have,
on the entity based on known information. Other than as addressed in specific notes, there does not currently appear to be
either any significant impact upon the financial statements or any significant uncertainties with respect to events or conditions
which may impact the entity unfavourably as at the reporting date or subsequently as a result of the Coronavirus (COVID-
19) pandemic.
Exploration and development expenditure
Exploration and evaluation costs have been capitalised on the basis that the company will commence commercial
production in the future, from which time the costs will be amortised in proportion to the depletion of the mineral resources.
Key judgements are applied in considering costs to be capitalised which includes determining expenditures directly related
to these activities and allocating overheads between those that are expensed and capitalised. In addition, costs are only
capitalised that are expected to be recovered either through successful development or sale of the relevant mining interest.
Factors that could impact the future commercial production at the mine include the level of reserves and resources, future
technology changes, which would impact the cost of mining, future legal changes and changes in commodity prices. To the
extent that capitalised costs are determined not to be recoverable in the future, they will written off in the period in which
this determination is made.
The Directors evaluate estimates and judgements in corporate into the financial statements based on best available current
information and that capitalised exploration costs are expected to be recovered either through successful development or
sale of the relevant mining interest.
2020 2019
$ $
Note 3. Income tax expense
Current tax
Deferred tax - origination and reversal of temporary differences
Aggregate income tax expense
Note 4. Cash and cash equivalents
Cash at bank
Note 5. Current assets - trade and other receivables
Prepayment
GST receivables
Note 6. Non-current assets – Tenement deposit
Cobar project
Rockley project
Harden project
13
-
-
-
-
-
-
88,758
32,245
8,688
2,522
11,210
10,000
10,000
10,000
30,000
-
1,456
1,456
10,000
-
10,000
20,000
Legacy Minerals Pty Limited
Notes to the financial statements
30 June 2020
Note 7. Non-current assets - Exploration and evaluation assets
At 1 July 2018
Cost
Year ended 30 June 2019
Opening net book amount
Additions
Closing net book amount
At 1 July 2019
Cost
Year ended 30 June 2020
Opening net book amount
Additions
Closing net book amount
Note 8. Equity - issued capital
Cobar
Project
$
Rockley
Project
$
Harden
Project
$
Total
$
2,937
2,937
-
2,937
2,937
2,937
27,133
30,070
-
-
-
-
-
-
-
6,735
6,735
2,937
2,937
6,735
9,672
6,735
9,672
-
2,844
2,844
6,735
10,385
17,120
9,672
40,362
50,034
Ordinary shares - fully paid
27,110,002
24,500,002
210,502
80,002
2020
Shares
2019
Shares
2020
$
2019
$
Movements in ordinary share capital
Details
Balance
Issue of shares
Date
Shares
Issue price
$
1 July 2019
3 December 2019
24 December 2019
28 May 2020
24,500,002
510,000
200,000
1,900,000
$0.05
$0.05
$0.05
80,002
25,500
10,000
95,000
Balance
30 June 2020
27,110,002
210,502
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion
to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company
does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each
share shall have one vote.
14
Legacy Minerals Pty Limited
Notes to the financial statements
30 June 2020
Note 9. Equity - retained profits
Accumulated losses at the beginning of the financial year
Loss after income tax expense for the year
2020
$
2019
$
(16,628)
(12,508)
(4,804)
(11,824)
Accumulated losses at the end of the financial year
(29,136)
(16,628)
Note 10. Key management personnel disclosures
No compensation was made to directors and other members of key management personnel of the entity for June 2020
(2019: nil).
Note 11. Contingent liabilities and contingent assets
There are no contingent assets or liabilities as at 30 June 2020 (2019: nil)
Note 12: Commitments
There are no contractual commitments or contingent liabilities at 30 June 2020 (2019: Nil).
Note 13. Related party transactions
Key management personnel
Disclosures relating to key management personnel are set out in note 10.
Transactions with related parties
There were no payments in 2020 to related parties (2019:nil).
Note 14. Operating segments
-
-
The company’s only operation is exploration of minerals in New South Wales, Australia.
The company’s operations from a single business segment, performing exploration activities in one geographical area, being
New South Wales, Australia.
Note 15. Events after the reporting period
Since 30 June 2020, the entity has acquired an additional two mining tenements at Fontenoy and Bauloora and is
conducting exploration activities at these sites.
To continue to the next phase of the exploration process, the entity issued a further 12,430,000 shares on 1 April 2021 at an
issue price of $0.10 per share for a total capital raise of $1,243,000 net of transaction costs. The entity is also in the process
of an IPO to raise further funds to continue the next phase of the exploration process.
The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has had no effect financially for the entity up to
30 June 2020, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation
is rapidly developing and is dependent on measures imposed by the Australian Government and other countries, such as
maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided.
No other matter or circumstance has arisen since 30 June 2020 that has significantly affected, or may significantly affect the
entity’s operations, the results of those operations, or the entity’s state of affairs in the future financial year
15
Legacy Minerals Pty Limited
Directors' declaration
30 June 2020
In the directors' opinion:
the attached financial statements and notes comply with the Corporations Act 2001, the Australian Accounting
Standards - Reduced Disclosure Requirements, the Corporations Regulations 2001 and other mandatory professional
reporting requirements;
the attached financial statements and notes give a true and fair view of the entity's financial position as at 30 June 2020
and of its performance for the financial year ended on that date;
there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due
and payable; and
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the directors
___________________________
Christopher Byrne
Director
Ju 2021
Sydney
16
Tel: +61 2 9251 4100
Fax: +61 2 9240 9821
www.bdo.com.au
Level 11, 1 Margaret St
Sydney NSW 2000
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of Legacy Minerals Pty Ltd
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Legacy Minerals Pty Ltd (the Company), which comprises the
statement of financial position as at 30 June 2020, the statement of profit or loss and other
comprehensive income, the statement of changes in equity and the 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 Legacy Minerals Pty Ltd, is in accordance with the
Corporations Act 2001, including:
(i)
(ii)
Giving a true and fair view of the Company’s financial position as at 30 June 2020 and of its
financial performance for the year ended on that date; and
Complying with Australian Accounting Standards – Reduced Disclosure Requirements 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 Company 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.
Other information
The directors are responsible for the other information. The other information obtained at the date of
this auditor’s report is information included in the Director Report, but does not include the financial
report and our auditor’s report thereon.
BDO Audit Pty Ltd ABN 33 134 022 870 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 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.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information obtained prior to the date of this
auditor’s report, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
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 – Reduced Disclosure
Requirements 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 Company’s ability 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 Company or to
cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
http://www.auasb.gov.au/auditors_responsibilities/ar4.pdf
This description forms part of our auditor’s report.
BDO Audit Pty Ltd
Gareth Few
Director
Sydney, 5 July 2021