More annual reports from Legacy Minerals Holdings Limited:
2023 ReportASX ANNOUNCEMENT
30 September 2021
ANNUAL REPORTS TO JUNE 2021
Following are the 2021 annual reports, including the statutory financial statements for:
• Legacy Minerals Pty Limited for the year ended 30 June 2021
• Legacy Minerals Holdings Limited for the period 21 May 2021 to 30 June 2021
At 30 June 2021, Legacy Minerals Pty Limited and Legacy Minerals Holdings Limited were separate
companies required to prepare separate financial statements, not a group permitted to prepare
consolidated financial statements in accordance with AASB 10 “Consolidated Financial Statements”.
Legacy Minerals Pty Limited and Legacy Minerals Holdings Limited became a group on 5 July 2021 when, in
anticipation of the Initial Public Offering by Legacy Minerals Holdings Limited and listing of its shares on the
Australian Securities Exchange, Legacy Minerals Holdings Limited (incorporated on 21 May 2021) acquired
all the issued shares of Legacy Minerals Pty Limited by the issue of one (1) ordinary fully paid share for each
one (1) Legacy Minerals Pty Limited ordinary fully paid share.
On 13 September 2021, Legacy Minerals Holdings Limited was quoted on the Australian Securities Exchange
(ASX), completing an Initial Public Offering (IPO) of 29,007,500 new shares at an issue price of $0.20, raising
$5,801,500 before transaction costs.
Approved by the board of Legacy Minerals Holdings Limited.
For more information:
Chris Byrne
CEO & Managing Director
chris.byrne@legacyminerals.com.au
+61 (0) 409 392 326
Victoria Humphries
Media & Investor Relations
victoria@nwrcommunications.com.au
+61 (0) 431 151 676
About Legacy Minerals
Since 2017, Legacy Minerals has been involved in the acquisition and exploration of gold, copper, and base-
metal projects in the prospective Lachlan Fold Belt in New South Wales. The Company has five tenements –
the Cobar Project (EL8709 and EL9256), Harden Project (EL8809 and EL9257), Bauloora Project (EL8994),
Fontenoy Project (EL8995) and Rockley Project (EL8296). All of Legacy Minerals’ projects are 100% owned
and present significant discovery opportunities for gold, copper and base-metal mineralisation.
Page 1 of 1 | ACN 622 746 187
Level 7, 1 Margaret Street Sydney
www.legacyminerals.com.au
ASX: LGM
Legacy Minerals Pty Limited
ABN 33 622 746 187
Annual Report for the year ended 30 June 2021
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 1
Corporate Directory
Directors
Dr David Carland – Non-Executive Chairman
(Legacy Minerals Holdings
Limited)
Christopher Byrne – CEO & Managing Director
Matthew Wall – Non-Executive Director
Thomas Wall – Executive Director
Douglas Menzies - Non-Executive Director
Company Secretary and Chief Financial
Officer
Ian Morgan
Business Office
Level 7, 1 Margaret Street
Sydney NSW 2000
Telephone
+61 02 8005 7107
Email
info@legacyminerals.com.au
Registered Office
401/54 Miller St
North Sydney NSW 2060
Website
www.legacyminerals.com.au
Securities Exchange
Australian Securities Exchange (ASX)
ASX Code: LGM
Securities Registry
Automic Pty Ltd
Level 2, 267 St Georges Terrace
Perth WA 6000
Telephone
(within Australia): 1 300 288 664
(outside Australia): +61 2 9698 5414
Auditor
BDO Audit Pty Ltd
11/1 Margaret St
Sydney NSW 2000
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 2
Table of Contents
Corporate Directory ........................................................................................................................................... 2
Table of Contents .............................................................................................................................................. 3
Chairman’s Letter .............................................................................................................................................. 4
Directors’ Report ............................................................................................................................................... 5
Statement of Profit or Loss and Other Comprehensive Income ..................................................................... 17
Statement of Financial Position ....................................................................................................................... 18
Statement of Changes in Equity ...................................................................................................................... 19
Statement of Cash Flows ................................................................................................................................. 20
Notes to the Financial Statements .................................................................................................................. 21
Directors’ Declaration ...................................................................................................................................... 43
Auditor’s Independence Declaration............................................................................................................... 44
Independent Auditor’s Report ........................................................................................................................ 45
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 3
Chairman’s Letter
30 September 2021
Dear Fellow Shareholder,
The past year has seen a turning point for Legacy Minerals (LGM or Company) culminating in our ASX listing
in September 2021.
The major achievements for the year included:
• Working with our joint lead managers, legal, accounting and other advisers to prepare the
Company for listing.
•
Introducing all the systems and governance policies to ensure that we can operate in the listed
space at the highest standard to support our exploration efforts.
• Broadening the shareholder base to meet our target capital raising.
We are dedicated to building on these achievements.
The markets are currently strong for gold and copper, the commodities on which Legacy Minerals is focussed.
The underlying drivers of global political uncertainties, linked in part to COVID-19, and the significant role of
copper in the transition to a low-carbon future appear to be long-termed in nature
Regarding COVID-19, the Australian mining industry has developed plans and processes to enable
operations to be efficiently maintained over the last two years. Our exploration team is already
operating under the current policy regime.
Legacy Minerals wholly-owns five highly prospective exploration projects in the Lachlan Fold Belt. Our
objective for the coming year is to build on our successful listing by pursuing our stated goal to add value
through sequenced, scientifically-directed and targeted drilling programs on our tenements.
With our small but highly experienced and skilled team in place, we are committed to maximising the value
of our precious cash resources in achieving our objective.
We are sincerely grateful to all investors who trusted us with their funds. We acknowledge the generous
support of the pre-listing shareholders who showed great faith in the management team in a highly risky
environment and helped steer the Company to its current position.
We also welcome the incoming shareholders who joined us through the listing and sincerely thank them for
their generous.
On behalf of the Board, I would like to thank our employees, contractors, joint lead managers and all our
advisers for their efforts and achievements during the year.
We are very excited about the coming year.
David J. Carland
Chairman (Legacy Minerals Holdings Limited)
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 4
Directors’ Report
The Directors present their report, together with the financial statements of Legacy Minerals Pty Limited
(‘the Company’ or ‘Legacy Minerals’) at the end of and during the year ended 30 June 2021.
Directors
The Directors of the Company at any time during or since the end of the financial year are:
Dr David Carland (Non-Executive Chairman, Legacy Minerals Holdings Limited)
PhD (Econometrics), MEc, BEc (Hons), MAICD
Appointed 21 June 2021 as a Director of the Legacy Minerals Holdings Limited
David has over 40 years of investment banking and commercial experience in both the private sector
and government. He is the Executive Director of Australian Resources Development Limited, a
company focused on the provision of specialised advice and assistance on the structuring, financing
and developing of energy and resource projects. He is also a nonexecutive director of Aguia Minerals
Ltd (ASX: AGR). He is the former chairman of Rex Minerals Limited (ASX: RXM), and former non-
executive director of Indophil Resources NL (ASX: IRN) and Polymetals Mining Limited (ASX: PLY). David
holds a PhD (Econometrics), MEc, BEc (Hons1) and is a member of the Australian Institute of Company
Directors.
Christopher Byrne (Managing Director)
BsC, BEngs (Hons), M.PM, MAusIMM, MAICD
Appointed 9 November 2017 as a Director of the Company and 21 May 2021 as a Director of Legacy
Minerals Holdings Limited
Chris has over 10 years of experience as an engineer and manager in the mining, infrastructure, and
logistics sectors in NSW and QLD. In the mining and exploration space he has worked in greenfield and
brownfield environments, from early exploration projects through to mine establishment and operations.
Chris’s experience has been focused on large and complex project delivery, project management,
maintenance and operational support. Outside the mining sector, Chris has lead infrastructure teams in the
public sector in the provisioning and delivery of large capital projects. Chris is a Member of AusIMM and
the Australian Institute of Company Directors.
Matthew Wall (Non-Executive Director)
CTE, MCILT
Appointed 9 November 2017 as a Director of the Company and 21 May 2021 as a Director of Legacy
Minerals Holdings Limited
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 5
Directors’ Report (continued)
Matthew is a metals and mining specialist with over 35 years of experience in sales, marketing,
shipping/logistics, trading, capital raising and risk management. He has held senior management roles with
Rio Tinto, EDF Trading and Wood Mackenzie. Matthew has advised a number of small private and junior
listed mining companies in Australia and overseas on capital raisings and market development. He is a
Member of the Chartered Institute of Logistics & Transport (CILT).
Thomas Wall (Executive Director and Exploration Manager)
BsC (Hons), MAusIMM
Appointed 12 July 2018 as a Director of the Company and 21 May 2021 as a Director of Legacy Minerals
Holdings Limited
Thomas is a geologist with over 10 years of wide-ranging experience within the resource sector in NSW
and WA having previously held senior roles at Peak Gold Mines, New South Resources and Omya
Australia. He has demonstrated mining and exploration proficiency and success across a variety of
commodities and deposit styles with particular focus within the Lachlan Fold Belt of NSW. Thomas is a
Member of the Australian Institute of Geoscientists (AIG) and Australian Institute of Mining and
Metallurgy (AusIMM).
Douglas Menzies (Non-Executive Director)
DipBA, GradCertIT, BsC (Hons)
Appointed 1 November 2020 as a Director of the Company and 21 May 2021 as a Director of Legacy
Minerals Holdings Limited
Douglas has over 28 years of experience in the mineral exploration and GIS industries including staff
positions and as a consultant. Douglas has experience exploring for porphyry gold-copper and epithermal
gold mineralisation in Australia, PNG, Indonesia, Fiji, Laos, Chile, Argentina and Mexico. Douglas is a
Member of the Australian Institute of Geoscientists (AIG) and a non-executive Director of ASX company
Godolphin Resources Ltd.
Amelia Byrne (Non-Executive Director)
Appointed 12 July 2018 and resigned 1 November 2020 as a Director of the Company
Experience and expertise: Mrs Byrne has over five years of experience working as a mining and exploration
geologist for BHP Billiton and South32. She also has five years of experience working within the
geotechnical industry for road construction as a GIS and geotechnical database professional.
Company Secretary and Chief Financial Officer
Ian Morgan
B Bus, M Com Law, Grad Dip App Fin, CA, AGIA, MAICD, F Fin
Appointed 1 April 2021 as Company Secretary of the Company and 21 May 2021 as Company Secretary of
Legacy Minerals Holdings Limited
Ian is a member of Chartered Accountants Australia and New Zealand and the Governance Institute of
Australia, with over 35 years of experience. Ian provides secretarial and advisory services to a range of
companies, including holding the position of Company Secretary and CFO for other listed public companies.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 6
Nature of Operations and Principal Activities
Legacy Minerals has been involved in the acquisition and exploration of gold and copper projects in the
prospective New South Wales (NSW) Lachlan Fold Belt (LFB) since 2017. The Company wholly owns 864
km2 of granted and pending exploration licence applications in the LFB spanning five projects. The LFB, also
known as the Lachlan Orogen, is a region considered to be a premier exploration and mining district and
home to one of the largest gold mines in Australia, Cadia Valley NSW (Newcrest).
Legacy Minerals has a straightforward exploration strategy: to drill and develop a pipeline of prospective
targets for gold and copper mineralisation. The work conducted on the tenements has defined drill ready
prospects across the Legacy Minerals portfolio. The funds raised from this Offer will be used to target their
potential prospectivity through 20,000m of drilling planned over the next two years.
Legacy Minerals’ projects contain numerous untested geochemical, geophysical and geological targets.
These afford the Company multiple opportunities for gold and copper discoveries; commodities which are
currently enjoying favourable market conditions. Highlights of the projects include:
• drill-ready targets that provide immediate opportunities for gold and copper discoveries;
• projects with a prime position in the LFB targeting porphyry-related Cu-Au, Cobar-type, and low
sulphidation epithermal-style systems; and
• high grade and shallow exploration targets that present an opportunity for near term resource
definition.
There were no significant changes in the nature of the activities of the Company during the financial year.
Dividends
There were no dividends paid or declared by the Company to members during or since the end of the
financial year.
Review of Operations and Outlook
Legacy Minerals has progressed exploration across its five projects in NSW. As of June 30 the Company has
five granted exploration licences and two exploration license applications extending the Cobar and Harden
project areas. The granted licences and licences applications cover approximately 864km2:
• Cobar - EL8709 and ELA62481
• Harden – EL8809 and ELA62522
• Bauloora – EL8994 granted 4 August 2020
• Fontenoy – EL8995 granted 4 August 2020
• Rockley – EL8926
During the year ended 30 June 2021, Legacy Minerals undertook the following key activities across its
portfolio:
1 Subsequently granted 4 August 2021 as a full license EL9256
2 Subsequently granted 4 August 2021 as a full license EL9257
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 7
Cobar: Geophysical work included an analysis and report on the aerial electromagnetic survey completion
in conjunction with the Geological Survey of NSW (GSNSW) and Geoscience Australia (GA). Priority targets
were followed up with ground truthing and two geochemical sampling campaigns targeting two anomalies
including the Yarrawonga anomaly. The assays for the Yarrawonga sampling returned elevated readings for
pathfinder elements. During the year the Company engaged again with the GSNSW in preparation for aerial
magnetics and radiometric to be undertaken with results expected in December 2021.
Harden: Work completed during the reporting year included significant digitisation and remodelling of the
historically mine areas. There was significant work completed in gaining land access across the tenement.
Geochemical work completed included a soil campaign across the Harden Mine Corridor in which the best
assay results return 5.9g/t Au and multiple assays 0.5g/t.
Bauloora: Work completed during the reporting year included significant digitisation and remodelling of
the Bauloora Mine and the Bauloora tenement. There was significant work completed in gaining land
access across the tenement. The Company spent A detailed ground magnetic survey was completed across
a significant area of the Bauloora tenement and interpretation of magnetic survey undertaking.
Geochemical work completed included soil sampling and rock chip sampling. The soil sampling conducted
across the Bauloora Mine prospect returned anomalous results and rock chips across the tenement grading
up to 19g/t Au. Dipole-Dipole IP was also completed across the Bauloora Mine prospect.
Fontenoy: Work completed during the reporting year included significant digitisation and remodelling of
the Fontenoy tenement. This included remodelling of the historic IP conducted on the tenement and all the
historical drilling. There was significant work completed in gaining land access across the tenement.
Rockley: Work completed during the reporting year included modelling of the tenement and securing land
access.
Corporate
Financial
The Company incurred an operating loss after tax for the year ended 30 June 2021 of $855,307 (2020:
$12,508). The Company retained a cash balance of $752,817 (2020: $88,758) at 30 June 2021.
Capital Raisings
During the year to 30 June 2021, capital was raised by way of:
(a) Cash placements totaling $1,243,000 with the issue 12,430,000 ordinary fully paid shares for $0.10
each share; and
(b) Conversion of 4,828,000 options to 4,828,000 ordinary fully paid shares for their exercise price of
$0.005 each to:
(i) raise $24,140 cash ($0.005 each); and
(ii) in lieu of fees totaling $217,260 for services provided to the Company ($0.045 each).
Further details of capital raisings are set out in Note A5.
Events Subsequent to the Reporting Date
In anticipation of the Initial Public Offering by Legacy Minerals Holdings Limited and listing of its shares on
the Australian Securities Exchange, on 5 July 2021 Legacy Minerals Holdings Limited (incorporated on 21
May 2021) acquired all the issued shares of Legacy Minerals Pty Limited by the issue of one (1) ordinary
fully paid share for one (1) the Company’s ordinary fully paid share.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 8
During the year ended 30 June 2021, the Company received application monies totalling $180,000 from
applicants for the issue of 1,800,000 ordinary fully paid shares to be issued by Legacy Minerals Holdings
Limited. The Legacy Minerals Holdings Limited shares were issued on 5 July 2021.
On 13 September 2021, Legacy Minerals Holdings Limited was quoted on the Australian Securities
Exchange (ASX), completing an Initial Public Offering (IPO) of 29,007,500 new shares at an issue price of
$0.20, raising $5,801,500 before transaction costs.
Other than the items mentioned above, no other matters or circumstances have arisen since the end of the
year which significantly affected, or may significantly affect, the operations of the Company, the results of
these operations or the Company’s state of affairs in future financial years.
Environmental Regulation
The Board believes that the Company has adequate systems in place for the management of its
environmental requirements.
Based on results of enquiries made, the Directors are not aware of any significant breaches during the year
covered by this report.
Directors’ Meetings
The numbers of Directors' meetings (including meetings of committees of Directors) where Directors were
eligible to attend and attended in person or by alternate during the financial year by each of the Directors
of the Company were:
Director
David Carland (Chairman, Legacy
Minerals Holdings Limited)
Christopher Byrne
Matthew Wall
Thomas Wall
Douglas Menzies
Amelia Byrne
Number of Meetings
Attended
-
Eligible to Attend
-
2
2
2
2
-
2
2
2
2
-
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 9
Movements in Securities Held by Directors
The movement during the financial year in the number of securities of the Company held, directly,
Indirectly or beneficially, by each specified Director, including their personally related entities, is as follows:
Number of ordinary fully paid shares
David Carland
(Chairman,
Legacy
Minerals
Holdings
Limited)
Christopher
Byrne3
Amelia
Byrne3
Thomas
Wall4
Matthew
Wall4
Douglas
Menzies
Balance at 1 July
2019
Balance at 30
June 2020
Balance at 1 July
2020
Share issues
during the year
ended 30 June
2021
Balance at 30
June 2021
-
-
-
-
-
11,000,001 11,000,001 11,937,501 11,937,501
11,000,001 11,000,001 11,937,501 11,937,501
11,000,001 11,000,001 11,937,501 11,937,501
-
-
-
-
-
670,000
670,000
670,000
11,000,001 11,000,001 12,607,501 12,607,501
670,000
The terms and conditions of the options granted are outlined in Note A5 to the accounts.
3 The number of shares held at 30 June 2021 total 11,000,001 (2020: 11,000,001).The Company’s ordinary fully paid
shares are held in an entity in which Christopher Byrne and Amelia Byrne each have an indirect interest.
4 The number of shares held at 30 June 2021 total 12,607,501 (2020: 11,937,501). Thomas Wall is the son of Matthew
Wall and, in addition to shares he holds directly, by virtue of his relationship with Matthew Wall he has an indirect
interest in shares held by entities related to Matthew Wall. Matthew Wall is the father of Thomas Wall and, in
addition to shares he holds through the entities he controls, by virtue of his relationship with Thomas Wall he has an
indirect interest in shares Thomas Wall holds directly.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 10
Remuneration Report
This report outlines the remuneration arrangements in place for key management personnel of the
Company. Remuneration is referred to as compensation throughout this report.
Remuneration Policy
Directors and key management personnel have authority and responsibility for planning, directing and
controlling the activities of the Company.
Compensation levels for key management personnel of the Company will be competitively set to attract
and retain appropriately qualified and experienced Directors, executives and future executives. Current
remuneration levels are driven largely by the requirement to conserve cash within the Company. There
were no remuneration consultants used to set the remuneration of key management personnel.
The compensation structures explained below are designed to attract suitably qualified candidates, reward
the achievement of strategic objectives, and achieve the broader outcome of creation of value for
shareholders. The compensation structures take into account:
•
•
•
the capability and experience of the key management personnel
the key management personnel’s ability to control the Company’s performance
the Company’s performance including:
-
-
-
the Company’s earnings;
the growth in share price and delivering constant returns on shareholder wealth; and
the amount of incentives within each key management person’s compensation.
Compensation packages will include a mix of fixed and variable compensation, and short-term and long-
term performance-based incentives.
In addition to their salaries, the Company also provides non-cash benefits to its key management personnel,
and where applicable, contributes to the individual’s elected post-employment superannuation plan on their
behalf.
Contract Terms and Conditions
The determination of Directors' remuneration is made by the Board having regard to the current position of
the Company, in that it is as yet not in production and continues to preserve cash as much as possible.
The Board may award additional remuneration to Directors called upon to perform extra services or make
special exertions on behalf of the Company.
The Board reviews remuneration to reflect current industry norms, and determines remuneration policies
and practices generally, reviews and makes specific decisions on the remuneration packages and other
terms of employment of its directors and senior executives.
No Director remuneration package includes terms for redundancy, retirement (excluding statutory
superannuation) or termination benefits. No such amounts were accrued or paid for any Director during the
current financial year.
Terms of Employment
During the year ended 30 June 2021, there were 1,040,000 unlisted options, each exercisable into 1
ordinary fully paid share within 5 years of issue date for an exercise price of $0.05 ($0.005 cash plus $0.045
in lieu of services provided to the Company and granted as remuneration). (2020: Nil)
Other than as disclosed in this report, there are no entitlements for the Company’s Option holders to
participate in new issues of capital which may be offered to the Company’s existing ordinary shareholders.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 11
The Company prohibits those that are granted share-based payments as part of their remuneration from
entering other arrangements that limit their exposure to losses that would result from share price
decreases. Entering such arrangement is prohibited by law.
Options Issued to Directors or Executives
Options were previously granted to Directors, or their nominees, in lieu of market related cash
remuneration. The options were granted at no cost to the recipient.
There are no entitlements for the Company’s option holders to participate in new issues of capital, which
may be offered to the Company’s existing ordinary shareholders.
1,040,000 options were exercised by Directors during the financial year (2020: Nil).
The Company prohibits those that are granted unvested or restricted share-based payments, as part of
their remuneration, from entering into other arrangements that limit their exposure to losses that would
result from share price decreases. Entering into such arrangement has been prohibited by law since 1 July
2011.
Details of vesting profiles of the options granted as remuneration to each key management person of the
Company and each of the named key management persons are detailed below:
Director
Grant Date
Expiry date
Number
Vested at the
end of the
reporting period
2020
%
2021
%
Lapsed during the
reporting period
2021
%
2020
%
David Carland
(Chairman, Legacy
Minerals Holdings
Limited)
Christopher Byrne
Thomas Wall
Matthew Wall
Douglas Menzies
Amelia Byrne
Key Financial Statistics
-
-
-
1 Nov 2020
15 April 2021
1 Nov 2020
1 April 2021
-
-
-
-
1 Nov 2025
15 April 2026
1 Nov 2025
1 April 2026
-
-
-
-
173,400
346,600
172,400
346,600
-
-
-
-
100
100
100
100
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Loss for the financial year attributable to owners of the Company
Working capital at 30 June
Net assets at 30 June
Number of Shares on issue at 30 June
Loss on capital employed for the financial year
Options benefits of key management persons
Other compensation of key management persons
Total compensation of key management persons for the financial
year
2021
$855,307
$479,395
$810,459
44,368,002
105.5%
$42,546
$163,315
2020
$12,508
$99,969
$181,366
27,110,002
6.9%
$-
$-
$205,861
$-
During the financial year ended 30 June 2021, the Company focused on raising capital for exploring and
developing its tenement holdings within the LFB. Further details are included in the Review of Operations
and Outlook on page 7.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 12
Directors’ Remuneration for the year ended 30 June 2021
Details of the nature and amount of each major element of remuneration of each Director of the Company and other key management personnel of the Company are:
Short-term
Salary &
fees
$
2,143
Consulting
fees
$
-
Cash
bonus
$
-
Non-monetary
benefits
$
-
-
12,115
-
36,923
-
24,104
-
18,895
-
-
-
-
-
-
-
-
10,983
-
-
-
-
-
-
-
53,430
-
94,180
64,413
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
$
2,143
-
12,115
-
36,923
-
35,087
-
18,895
-
-
-
53,430
-
158,593
-
Director
David Carland
(Chairman, Legacy
Minerals Holdings
Limited)
Christopher Byrne
Thomas Wall
Douglas Menzies
Matthew Wall
Amelia Byrne
Management
Ian Morgan (Company
Secretary and CFO)
Total compensation
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
Other
long
term
Post-
employment
Superannuation
benefits
$
-
-
1,151
-
3,571
-
-
-
-
-
-
-
-
-
4,722
-
Termination
benefits
Share-based
payments
Total
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Options5
$
-
-
-
-
-
-
$
2,143
-
13,266
-
40,494
-
21,273
56,360
-
21,273
-
-
-
-
40,168
-
-
-
-
-
53,430
-
42,546
205,861
-
-
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Proportion of
remuneration
performance
related
Value of
options as
proportion of
remuneration
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
37.7%
0.0%
53.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
20.7%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
37.7%
0.0%
53.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
20.7%
0.0%
5 The fair value of the options is calculated at the date of grant using the Black Scholes option pricing model and allocated to each reporting period evenly over the period from grant date to vesting
date. The value disclosed is the portion of the fair value of the options recognised as an expense in each reporting period.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 13
Details of options over ordinary shares in the Company that were granted as compensation, for no cash
consideration, to each key management person during the reporting period and details that vested during
the reporting period are as follows:
Unquoted Options
Key Management
Person
Year ended 30 June
2021
David Carland
(Chairman, Legacy
Minerals Holdings
Limited))
Christopher Byrne
(Managing Director)
Thomas Wall
(Executive Director)
Douglas Menzies
(Non-Executive
Director)
Matthew Wall (Non-
Executive Director)
Amelia Byrne (Non-
Executive Director)
Ian Morgan (Company
Secretary and CFO)
Year ended 30 June
2020
David Carland
(Chairman, Legacy
Minerals Holdings
Limited))
Christopher Byrne
(Managing Director)
Thomas Wall
(Executive Director)
Douglas Menzies
(Non-Executive
Director)
Matthew Wall (Non-
Executive Director)
Amelia Byrne (Non-
Executive Director)
Ian Morgan (Company
Secretary and CFO)
Balance of
options Balance
of shares at 1
July
Number
Unlisted option
issued in lieu of
services
Number
Unlisted options
exercised into
ordinary fully paid
shares
Number
Balance of
options at 30
June
Number
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
520,000
(520,000)
520,000
(520,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
End of Remuneration Report
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 14
Shares Under Option
Each option offers the holder the right to be issued one ordinary fully paid Company share upon payment
of the exercise price to the Company.
Unquoted Options
Expiry dates
Exercise
Price
1 July 2025 to
28 April 2026
$0.005
Options
outstanding
at 1 July
2020
Options
granted
during the
period since
1 July 2020
Options exercised
and shares issued
during the period
since 1 July 2020
Options
outstanding
at the date of
this report
Number
Number
Number
Number
-
-
4,828,000
(4,828,000)
4,828,000
(4,828,000)
-
-
Indemnification and Insurance of Officers and Auditor
Indemnification and Insurance
The Company indemnifies current and former Directors and Officers for any loss arising from any claim by
reason of any specified act committed by them in their capacity as a Director or Officer (subject to certain
exclusions as required by law).
The Company has paid insurance premiums in respect of directors’ and officers’ liability. Insurance cover
relates to liabilities that may arise from their position (subject to certain exclusions as required by law).
Details of the nature of the liabilities covered or the amount of the premium paid in respect of the
Directors’ and Officers’ liability insurance are not disclosed. Such disclosure is prohibited under the terms of
the policy.
The Company has not otherwise, during or since the end of the financial year, except to the extent
permitted by law, indemnified or agreed to indemnify an officer or auditor of the Company or of any
related body corporate against a liability incurred as such by an officer or auditor.
Audit Services
During the year ended 30 June 2021, the Company expensed an amount of $45,000 payable to its auditor,
BDO Audit Pty Ltd, for audit services provided to the Company and Legacy Minerals Holdings Limited.
Non-Audit Services
Details of the amounts paid or payable to the auditor for non-audit services provided during the financial
year by the auditor are outlined in note D4 to the financial statements.
The board has considered the non-audit services provided during the year by the auditor and in accordance
with written advice provided by resolution of the audit and risk committee, is satisfied that the provision of
those non-audit services during the year by the auditor is compatible with, and did not compromise, the
auditor independence requirements of the Corporations Act 2001 (Cth) for the following reasons:
(a) All non-audit services were subject to the corporate governance procedures adopted by the
Company and have been reviewed by the Company’s directors to ensure they do not impact the
integrity and objectivity of the auditor; and
(b) The non-audit services provided do not undermine the general principles relating to auditor
independence set out in APES 110 Code of Ethics for Professional Accountants, as they did not
involve reviewing or auditing the auditor’s own work, acting in a management or decision-making
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 15
capacity for the Company, acting as an advocate for the Company or jointly sharing risks and
rewards.
Rounding Off
The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports)
Instrument 2016/191 dated 24 March 2016. Amounts in the Financial Report and Directors’ Report have
been reported to the nearest dollar, unless otherwise stated.
Lead Auditor’s Independence Declaration
The lead auditor’s independence declaration made under Section 307C of the Corporations Act 2001 (Cth)
is set out on page 44.
Previously Reported Information
The information in this report that references previously reported exploration results is extracted from
Legacy Minerals Holdings Limited’s ASX Announcements released on the date noted in the body of the text
where that reference appears. The ASX Announcements are available to view on Legacy Minerals Holdings
Limited's website or on the ASX website (www.asx.com.au). The Company confirms that it is not aware of
any new information or data that materially affects the information included in the original market
announcements. 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 announcements.
Signed in accordance with a resolution of the Board of Directors.
Dr David Carland
Chairman (Legacy Minerals Holdings Limited))
Sydney
30 September 2021
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 16
Statement of Profit or Loss and Other Comprehensive
Income
Year Ended 30 June 2021
Other income
Employee expenses
Share based payments
Administration expenses
Depreciation –Plant and Equipment
Total Expenses
Loss before income tax
Income tax benefit
Net loss attributable to members of the
Company
Other comprehensive income, net of income
tax
Total comprehensive income
Loss per share – basic
Loss per share – diluted
Note
D1
A11
D2
D3
D3
2021
$
-
61,343
217,260
572,982
3,722
855,307
855,307
-
855,307
-
855,307
Cents
2.76
2.76
2020
$
-
-
-
12,508
-
12,508
12,508
-
12,508
-
12,508
Cents
0.05
0.05
The above Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with
the accompanying Notes.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 17
Statement of Financial Position
As at 30 June 2021
Current assets
Cash and cash equivalents
Trade and other receivables
Total current assets
Non-current assets
Plant and equipment
Exploration and evaluation assets
Tenement deposit
Total non-current assets
Total assets
Current liabilities
Trade and other payables
Employee benefits
Total current liabilities
Total non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Share based payment reserve
Accumulated Losses
Equity
Note
A10
A7
A11
A12
A8
A9
A5
A5
30 June 2021
$
30 June 2020
$
752,817
204,734
957,551
85,479
175,585
70,000
331,064
1,288,615
472,786
5,370
478,156
-
478,156
810,459
1,694,902
-
(884,443)
810,459
88,758
11,211
99,969
1,363
50,034
30,000
81,397
181,366
-
-
-
-
-
181,366
210,502
-
(29,136)
181,366
The above Statement of Financial Position should be read in conjunction with the accompanying Notes.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 18
Statement of Changes in Equity
Year Ended 30 June 2021
Note
Ordinary
fully paid
shares
$
Share based
payment
reserve
$
Accumulated
losses
$
Total Equity
$
Balance at 1 July 2019
Net loss attributable to members
of the Company
Other comprehensive income for
the year, net of tax
Total comprehensive income for
the year
Contributions of equity, net of
transaction costs
Equity settled share-based
payments for the year
Conversion of share options
Balance at 30 June 2020
Balance at 1 July 2020
Net loss attributable to members
of the Company
Other comprehensive income for
the year, net of tax
Total comprehensive income for
the year
Contributions of equity, net of
transaction costs
Equity settled share-based
payments for the year
Conversion of share options
Balance at 30 June 2021
A5
A5
A5
A5
A5
A5
80,002
-
-
-
130,500
-
-
210,502
210,502
-
-
-
1,267,140
-
217,260
1,694,902
-
-
-
-
-
-
-
-
-
-
-
-
-
(16,628)
63,374
(12,508)
(12,508)
-
-
(12,508)
(12,508)
-
130,500
-
-
(29,136)
-
-
181,366
(29,136)
181,366
(855,307)
(855,307)
-
-
(855,307)
(855,307)
-
1,267,140
217,260
(217,260)
-
-
-
(884,443)
217,260
-
810,459
The above Statement of Changes in Equity should be read in conjunction with the accompanying Notes.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 19
Statement of Cash Flows
Year Ended 30 June 2021
Cash flows used in operating activities
Receipts from customers
Payments to suppliers and employees
Net cash used in operating activities
Cash flows used in investing activities
Payments for plant and equipment
Payments for exploration and evaluation costs
Payments for mining tenement deposits
Net cash used in investing activities
Cash flows from financing activities
Proceeds from capital raisings
Proceeds for Legacy Minerals Holdings Limited share
application monies received
Payments for capital raising costs
Net cash generated from financing activities
Net increase in cash and cash equivalents
Opening Cash and cash equivalents
Note
A6
A11
A5
A8
Closing Cash and cash equivalents at 30 June
A10
2021
$
-
(508,339)
(508,339)
(87,838)
(94,942)
(40,000)
(222,780)
2020
$
-
(13,574)
(13,574)
(1,363)
(49,050)
(10,000)
(60,413)
1,267,140
130,500
180,000
(51,962)
1,395,178
664,059
88,758
752,817
-
-
130,500
56,513
32,245
88,758
The above Statement of Cash Flows should be read in conjunction with the accompanying Notes.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 20
Notes to the Financial Statements
Year Ended 30 June 2021
General Information
The financial statements of Legacy Minerals Pty Limited (“the Company”) are presented in Australian
dollars, which is the Company’s functional and presentation currency.
The financial statements were authorised for issue, in accordance with a resolution of Directors, on 29
September 2021.
The Notes to the financial statement are set out in the following main sections:
General Information
Section A – Key Financial Information and Preparation Basis
Section B – Risk and Judgement
Section C – Key Management Personnel and Related Party Disclosures
Section D – Other Disclosures
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 21
Notes to the Financial Statements (continued)
Section A – Key Financial Information and Preparation Basis
A. This section sets out the basis upon which the Company’s financial statements have been prepared as a
whole and explains the results and performance of the Company that the Directors consider most
relevant in the context of the operations of the entity.
Statement of Compliance
The Company’s financial statements are general purpose financial statements which have been
prepared in accordance with Australian Accounting Standards (AASBs) adopted by the Australian
Accounting Standards Board (AASB) and the Corporations Act 2001 (Cth). The Company’s financial
statements comply with International Financial Reporting Standards (IFRS) adopted by the International
Accounting Standards Board (IASB).
Basis of Preparation
The financial report is prepared on the historical cost basis other than share-based transactions that are
assessed at fair value.
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 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 Company based on known information. This consideration extends to the
nature of the products and services offered, customers, supply chain, staffing and geographic regions in
which the Company’s operates. 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 Company unfavourably as at the reporting date or subsequently as a result of
the Coronavirus (COVID-19) pandemic.
Share-based payment transactions
The Company measures the cost of equity-settled transactions with employees by reference to the fair
value of the equity instruments at the date at which they are granted. The fair value is determined by
using Black-Scholes model taking into account the terms and conditions upon which the instruments
were granted. The accounting estimates and assumptions relating to equity-settled share-based
payments would have no impact on the carrying amounts of assets and liabilities within the annual
reporting period but may impact profit or loss and equity. Refer to Note A5 for further information.
Exploration and evaluation costs
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
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 22
Notes to the Financial Statements (continued)
interest. Factors that could impact the future commercial production at the mine include the level of
reserves and resources, future technology changes, which could 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 be written off in the period in which this determination is made.
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only if the Company considers
it is probable that future taxable amounts will be available to utilise those temporary differences and
losses.
Going Concern
During the financial year ended 30 June 2021, the Company incurred an operating loss of $855,307
(2020: $12,508). After raising $1,484,400 (2020: $130,500) in equity and incurring the aforementioned
costs, the Company ended the financial year with a cash balance of $752,817 (2020: $88,758).
On 5 July 2021, Legacy Minerals Holdings Limited acquired all the issued shares of the Company and
become the parent entity of the Company. On 13 September 2021, Legacy Minerals Holdings Limited
was quoted on the Australian Securities Exchange (ASX), completing an Initial Public Offering (IPO) of
29,007,500 new shares at an issue price of $0.20, raising $5,801,500 before transaction costs.
Based on the above evidence of successful fund raisings and taking into account budgeted expenditure
commitments, the Board has prepared these Financial Statements on a going concern basis.
Capital and Reserves
Share capital
Ordinary shares issued and fully
paid
Date
Number of
shares
Issue Price
per share
Balance
Issue of Shares
Issue of Shares
Issue of Shares
Less costs relating to share issues
Balance
Balance
Issue of Shares for cash
Issue of Shares upon conversion
of options for cash
Transfer from share-based
payment reserve
Less costs relating to share issues
1 July 2019
24,500,002
3 December 2019
24 December 2019
3 April 2020
$0.05
$0.05
$0.05
510,000
200,000
1,900,000
27,110,002
-
30 June 2020
27,110,002
1 July 2020
27,110,002
1 April 2021
12,430,000
$0.10
1,243,000
30 April 2021
4,828,000
$0.005
24,140
30 April 2021
-
44,368,002
-
$
80,002
25,500
10,000
95,000
210,502
-
210,502
210,502
217,260
1,694,902
-
1,694,902
Balance
30 June 2021
44,368,002
Holders of ordinary shares are entitled to dividends as declared from time to time and are entitled to
one vote per share at general meetings of the Company.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 23
Notes to the Financial Statements (continued)
Ordinary shares have no par value.
No dividends have been declared or paid by the Company during or since the end of the financial
year.
The Company’s Board may resolve that the whole or any portion of profits, reserve or other account
which is available for distribution, be distributed to shareholder in the same proportions in which
they would be entitled to receive it if distributed by way of dividend, or in accordance with relevant
terms of issue of any shares or securities.
If the Company is wound up, whether voluntarily or otherwise, the liquidator may divide among all or
any of the contributories, as the liquidator thinks fit, in specie or in kind, any part of the assets of the
Company, and may vest any part of the assets of the Company in trustees for the benefit of all or any
of the contributories as the liquidator thinks fit.
In the event of winding up of the Company, ordinary shareholders rank after creditors and are
entitled to any proceeds of liquidation.
Options
Each option provides the right for the option holder to be issued one fully paid share by the
Company, upon payment of the exercise price of each option. The options do not entitle the holder
to participate in any share issue of the Company or any other body corporate.
During the financial year there were 4,828,000 shares issued on the exercise of unquoted options
(2020: Nil). 4,828,000 unquoted options were granted during the year ended 30 June 2021 (2020:
Nil).
Details of options over ordinary shares in the Company that were granted, exercised, vested and
expired during the financial year are as follows:
Year ended 30 June 2021
Unquoted options – each with a $0.005 exercise price and expiring 5 years after the date of issue.
Vesting Date
Various: 1 July
2020 to 28 April
2021
Balance at 1 July
2020
Granted
during the
year
Exercised
during the
year
Balance at 30 June
2021
Vested Unvested
Number
Number
Number
Number Number
Vested Unvested
Number
-
-
-
-
4,828,000
4,828,000
(4,828,000)
(4,828,000)
-
-
-
-
Options expenses for the year ended 30 June 2021 totalled $217,260 (2020: $Nil).
Share Based Payment Reserve
Number of Options Granted
Balance at 1 July 2020
Equity settled share-based payments for the year
Options exercised during the year
Transfer to share capital
Balance at 30 June 2021
-
4,828,000
(4,828,000)
-
-
$
-
217,260
-
(217,260)
-
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 24
Notes to the Financial Statements (continued)
Unlisted Options
The fair value of the unlisted options was calculated at the date of grant using the Black Scholes option
pricing model and allocated to each reporting period evenly over the period from grant date to vesting
date. The value disclosed is the portion of the fair value of the options recognised as an expense in each
reporting period.
Initial Public Offer Options
Fair value at grant date
Share price at grant date
Exercise price per option
Expected volatility (weighted average)
Risk free interest rate (based on government bonds)
Dividend yield
$0.045
$0.050
$0.005
50%
0.25%
0.00%
The Company’s accounting policy for the treatment of equity-settled share-based payment
arrangements granted to employees
The grant-date fair value of equity-settled share-based payment arrangements granted to employees
and consultants is generally recognised as an expense, with a corresponding increase in equity, over the
vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of
awards for which the related service and non-market performance conditions are expected to be met,
such that the amount ultimately recognised is based on the number of awards that meet the related
service and non-market performance conditions at the vesting date. For share-based payment awards
with non-vesting conditions, the grant-date fair value of the share-based payment is measured to
reflect such conditions and there is no true-up for differences between expected and actual outcomes.
Cash Flow Reconciliation
Cash flows from operating activities
Net loss attributable to members of the Company
Less: Non-cash expenditure
Depreciation
Options expensed
Plus / (Less) Changes in working capital:
Increase in pre-payments and other receivables
Increase in accounts payable and accruals
Increase in provision
Net cash used in operating activities
2020
2021
$
$
855,307 12,508
(3,722)
(217,260)
-
-
634,325 12,508
84,755
(205,371)
(5,370)
1,066
-
-
508,339 13,574
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 25
Notes to the Financial Statements (continued)
Prepayments and Other Receivables
Other receivables are recognised initially at fair value plus any directly attributable transaction costs.
Subsequent to initial recognition they are stated at amortised cost less impairment losses (see Note
B3).
Prepayments are recognised at cost.
Current
Prepayment
GST receivable
Other receivable
2021
$
152,628
51,866
240
204,734
2020
$
8,689
2,522
-
11,211
Current Liabilities Trade and Other Payables
Trade and other payables are recognised initially at fair value plus directly attributable transaction
costs. Subsequent to initial recognition, these transactions are measured at amortised cost.
Current
Trade payables
Accruals
Other payables
Legacy Minerals Holdings Limited share application monies payable
2021
$
184,611
89,132
19,043
180,000
472,786
2020
$
-
-
-
-
-
During the year ended 30 June 2021, the Company received application monies totalling $180,000
from applicants for 1,800,000 ordinary fully paid shares to be issued by Legacy Minerals Holdings
Limited. Further details are in Note A16.
Employee Benefits
A provision is recognised in the statement of financial position when the Company has a present legal
or constructive obligation as a result of a past event, and it is probable that an outflow of economic
benefits will be required to settle the obligation. If the effect is material, provisions are determined
by discounting the expected future cash flows at a pre-tax rate that reflects current market
assessments of the time value of money and, when appropriate, the risks specific to the liability.
Employee Entitlements
Current
Annual Leave Provision
Opening balance
Increase for year
Closing balance
2021
$
5,370
-
5,370
5,370
2020
$
-
-
-
-
The Company’s accounting policy for the treatment of employee entitlements:
(a) Short-term employee benefits
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 26
Notes to the Financial Statements (continued)
Short-term employee benefits are expensed as the related service is provided. A liability is
recognised for the amount expected to be paid if the Company has a present legal or
constructive obligation to pay this amount as a result of past service provided by the employee
and the obligation can be estimated reliably.
(b) Other long-term employee benefits
The Company's net obligation in respect of long-term employee benefits is the amount of future
benefit that employees have earned in return for their service in the current and prior periods.
That benefit is discounted to determine its present value. Remeasurements are recognised in
profit or loss in the period in which they arise.
(c) Termination benefits
Termination benefits are expensed at the earlier of when the Company can no longer withdraw
the offer of those benefits and when the Company recognises costs for a restructuring. If benefits
are not expected to be settled wholly within 12 months of the reporting date, then they are
discounted.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three
months or less.
Bank balances
Cash and cash equivalents in the statements of cash flows
Property, Plant and Equipment
Owned assets
2021
$
752,817
752,817
2020
$
88,758
88,758
Items of property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses (see Note B3).
Where parts of an item of property, plant and equipment have different useful lives, they are
accounted for as separate items of property, plant and equipment.
Subsequent costs
The Company recognises in the carrying amount of an item of property, plant and equipment the
cost of replacing part of such an item when that cost is incurred if it is probable that the future
economic benefits embodied within the item will flow to the Company and the cost of the item can
be measured reliably. All other costs are recognised in the statement of profit or loss and other
comprehensive income as an expense as incurred.
Depreciation
Depreciation is charged to the statement of profit or loss and other comprehensive income on a
straight-line or diminishing value bases over the estimated useful lives of each part of an item of
property, plant and equipment and buildings. Land is not depreciated. The estimated useful lives in
the current financial year are as follows:
▪
Plant and equipment
1 to 5 years
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 27
Notes to the Financial Statements (continued)
Plant and Equipment consist of:
Cost
Balance 1 July
Additions
Balance at 30 June
Depreciation
Balance 1 July
Additions
Balance at 30 June
Carrying amounts
At 1 July
At 30 June
2021
2020
$
1,363
87,838
89,201
-
(3,722)
(3,722)
1,363
85,479
$
-
1,363
1,363
-
-
-
-
1,363
Exploration and Evaluation Costs
Exploration and evaluation costs are stated at cost less accumulated amortisation and impairment
losses (see Note B3).
Cost
Balance 1 July
Additions
Balance at 30 June
Amortisation
Balance 1 July
Additions
Balance at 30 June
Carrying amounts
At 1 July
At 30 June
2021
$
50,034
125,551
175,585
-
-
-
2020
$
9,672
40,362
50,034
-
-
-
50,034
9,672
175,585
50,034
The Company’s accounting policy for the treatment of its exploration and evaluation costs is in
accordance with the following requirements.
Exploration and evaluation assets are measured at cost.
Exploration and evaluation costs, including the costs of acquiring licences, are capitalised as
exploration and evaluation assets on an area of interest basis. Costs incurred before the entity has
obtained the legal rights to explore an area are recognised in profit or loss. When a licence is
relinquished or a project abandoned, the related costs are recognised in the statement of
comprehensive income.
An exploration and evaluation asset is only recognised in relation to an area of interest if the
following conditions are satisfied:
(a)
the rights to tenure of the area of interest are current; and
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 28
Notes to the Financial Statements (continued)
(b)
at least one of the following conditions is also met:
(i)
the exploration and evaluation expenditures are expected to be recouped through
successful development and exploitation of the area of interest, or alternatively, by its
sale; and
(ii) exploration and evaluation activities in the area of interest have not at the end of the
reporting period reached a stage which permits a reasonable assessment of the existence
or otherwise of economically recoverable reserves, and active and significant operations
in, or in relation to, the area of interest are continuing.
Exploration and evaluation assets are assessed for impairment if sufficient data exists to determine
technical feasibility and commercial viability and facts and circumstances suggest that the carrying
amount exceeds the recoverable amount. For the purpose of impairment testing, exploration and
evaluation assets are allocated to cash-generating units to which the exploration activity relates. The
cash generating unit shall not be larger than the area of interest.
Once the technical feasibility and commercial viability of the extraction of mineral resources in an
area of interest are demonstrable, exploration and evaluation assets attributable to that area of
interest are first tested for impairment and then reclassified from exploration and revaluation
expenditure to mining property and development assets within property, plant and equipment.
Commitments
Exploration expenditure commitments
In order to maintain current rights of tenure to exploration tenements, the Company is required to
perform minimum exploration work to meet the minimum expenditure requirements specified by
the New South Wales Government. These obligations are subject to renegotiation when application
for a mining lease is made and at other times.
As at 30 June 2021, these obligations are not provided for in the financial report and are payable as
follows:
2021
Within one year
One year or later and not later than five years
Later than five years
2020
Within one year
One year or later and not later than five years
Later than five years
Exploration
expenditure
commitments
$
360,000
2,010,000
250,000
2,620,000
110,000
1,010,000
-
1,120,000
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 29
Notes to the Financial Statements (continued)
Segment Reporting
An operating segment is a component of the Company that engages in business activities whose
operating results are reviewed regularly by the Company’s Board and for which discrete financial
information is available.
The Company is involved solely in mineral exploration within its 100% controlled Australian-based
projects in the Lachlan Fold Belt (LFB) NSW and thus has a single operating segment.
Business and geographical segments
The results and financial position of the Company’s single operating segment are prepared on a basis
consistent with Australian Accounting Standards and thus no additional disclosures in relation to the
revenues, profit or loss, assets and liabilities and other material items have been made. Entity-wide
disclosures in relation to the Company’s product and services and geographical areas are detailed
below.
Products and services
The Company is involved solely in mineral exploration within its 100% controlled Australian-based
projects in the Lachlan Fold Belt (LFB) NSW and, as such, currently provides no products for sale.
Geographical areas
The Company’s exploration activities are located solely in Australia.
Contingencies
There are no contingent liabilities at 30 June 2021 (2020: $Nil)
Subsequent Events
In anticipation of the Initial Public Offering by Legacy Minerals Holdings Limited and listing of its
shares on the Australian Securities Exchange, on 5 July 2021, Legacy Minerals Holdings Limited
(incorporated on 21 May 2021) acquired all the issued shares of Legacy Minerals Pty Limited by the
issue of one (1) ordinary fully paid share for one (1) the Company’s ordinary fully paid share.
During the year ended 30 June 2021, the Company received application monies totalling $180,000
from applicants for the issue of 1,800,000 ordinary fully paid shares to be issued by Legacy Minerals
Holdings Limited. The Legacy Minerals Holdings Limited shares were issued on 5 July 2021.
On 13 September 2021, Legacy Minerals Holdings Limited was quoted on the Australian Securities
Exchange (ASX), completing an Initial Public Offering (IPO) of 29,007,500 new shares at an issue price
of $0.20, raising $5,801,500 before transaction costs.
Other than the items mentioned above, no other matters or circumstances have arisen since the end
of the year which significantly affected, or may significantly affect, the operations of the Company,
the results of these operations or the Company’s state of affairs in future financial years.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 30
Notes to the Financial Statements (continued)
Section B – Risk and Judgement
B. This section outlines the key judgements, estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial
year. This section also outlines the significant financial risk the Company is exposed, to which the
Directors would like to draw the attention of the readers.
Financial Risk Management
Overview
This Note presents information about the Company’s exposure to credit, liquidity and market risks,
their objectives, policies and processes for measuring and managing risk, and the management of
capital.
The Board of Directors has overall responsibility for the establishment and oversight of the risk
management framework. Management monitors and manages the financial risks relating to the
operations of the Company through regular reviews of the risks.
Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial
instrument fails to meet its contractual obligations.
Presently, the Company is in exploration phase, therefore does not earn revenue from sales and
therefore has no accounts receivables. At the reporting date, there were no significant credit risks in
relation to trade receivables.
Cash and cash equivalents
The Company limits its exposure to credit risk by only investing in liquid securities and only with
counterparties that have an acceptable credit rating.
Exposure to credit risk
The carrying amount of the Company’s financial assets represents the maximum credit exposure. The
Company’s maximum exposure to credit risk at the reporting date was:
Current
Cash and cash equivalents
Prepayments
GST receivable
Other receivable
Note
A10
A7
A7
A7
Carrying
Amount
2021
$
752,817
152,628
51,866
240
204,734
957,551
Carrying
Amount
2020
$
88,758
8,688
2,522
-
11,211
99,969
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 31
Notes to the Financial Statements (continued)
Impairment losses
Neither past due nor impaired
Past due 1 – 30 days
Past due 31 – 90 days
Past due 91 + days
2021
$
-
-
-
-
-
2020
$
-
-
-
-
-
Based on historic default rates, the Company believes that no impairment allowance is necessary in
respect of trade receivables not past due or past due by up to 30 days.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall
due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always
have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Company’s reputation.
The Company manages liquidity risk by maintaining adequate cash reserves from funds raised in the
market and by continuously monitoring forecast and actual cash flows.
The decision on how the Company will raise future capital will depend on market conditions existing
at that time.
The following are the contractual maturities of financial liabilities, including estimated interest
payments and excluding the impact of netting agreements:
Note
Carrying
amount
$
Contractual
cash flows
$
6 months
or less
$
A8
472,786
472,786
472,786
A8
-
-
-
30 June 2021
Trade and other payables
30 June 2020
Trade and other payables
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates
and equity prices will affect the Company’s income or the value of its holdings of financial
instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimising the return.
Currency risk
The Company is not exposed to currency risk and at the reporting date the Company holds no
financial assets or liabilities which are exposed to foreign currency risk.
Interest rate risk
The Company is exposed to interest rate risk (primarily on its cash and cash equivalents), which is the
risk that a financial instrument’s value will fluctuate as a result of changes in the market interest
rates on interest-bearing financial instruments. The Company does not use derivatives to mitigate
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 32
Notes to the Financial Statements (continued)
these exposures. The Company adopts a policy of ensuring that as far as possible it maintains excess
cash and cash equivalents in short terms deposit at interest rates maturing over three-month rolling
periods.
Profile
At the reporting date the interest rate profile of the Company’s and the Company’s interest-bearing
financial instruments was:
Variable rate instruments
Financial assets
Financial liabilities
Interest
rate
2021
Carrying
amount
2021
$
-
-
-
957,551
(472,786)
484,765
Interest
rate
2020
-
-
-
Carrying
amount
2020
$
99,968
-
99,968
Fair value sensitivity analysis for fixed rate instruments
The Company does not have, and therefore does not account for any financial assets and liabilities at
fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not
affect profit or loss.
Cash flow sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates at the end of the reporting period would have
increased/(decreased) equity and profit or loss by the amounts shown below. This analysis assumes
that all other variables, in particular foreign currency rates, remain constant.
Profit or loss
100bp increase
100bp decrease
Capital and Reserves Management
Variable rate instruments
2020
$
-
-
2021
$
-
-
The Company’s objectives when managing capital and reserves are to safeguard the Company’s
ability to continue as a going concern, so as to maintain a strong capital base sufficient to maintain
future exploration and development of its projects. In order to maintain or adjust the capital and
reserve structure, the Company may return capital to shareholders, issue new shares or sell assets to
reduce debt. The Company’s focus has been to raise sufficient funds through equity to fund
exploration and evaluation activities.
There were no changes in the Company’s approach to capital management during the period. Risk
management policies and procedures are established with regular monitoring and reporting.
The Company is not subject to externally imposed capital requirements.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 33
Notes to the Financial Statements (continued)
Fair value versus carrying amounts
The fair values of financial assets and liabilities, together with the carrying amounts shown in the
statement of financial position are as follows:
Note
2021
2020
Carrying
amount
Fair value
Carrying
amount
Fair value
$
$
$
$
A7
A10
A8
204,734
204,734
11,211
11,211
752,817
957,551
752,817
957,551
88,758
99,969
88,758
99,969
472,786
472,786
-
-
Assets carried at
amortised costs
Prepayments and
other receivables
Cash and cash
equivalents
Liabilities carried at
amortised cost
Trade and other
payables
Impairment
The carrying amounts of the Company’s assets other than deferred tax assets (see Note D2), are
reviewed at each reporting date to determine whether there is any indication of impairment. If any
such indication exists, the asset’s recoverable amount is estimated (see below).
An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable
amount. Impairment losses are recognised in the statement of profit or loss and other
comprehensive income unless the asset has been re-valued previously in which case the impairment
loss is recognised as a reversal to the extent of the previous revaluation with any excess recognised
through the statement of profit or loss and other comprehensive income.
Impairment losses recognised in respect of cash generating units are allocated first to reduce the
carrying amount of any goodwill allocated to the cash generating unit (group of units) and then, to
reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
Calculation of recoverable amount
The recoverable amount of other assets is the greater of their fair value less costs to sell and value in
use. 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. For an asset that does not generate largely independent cash
inflows, the recoverable amount is determined for the cash generating unit to which the asset
belongs.
Reversals of impairment
An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed
the carrying amount that would have been determined, net of depreciation or amortisation, if no
impairment loss had been recognised.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 34
Notes to the Financial Statements (continued)
Financial Instruments
Effective interest rates and repricing analysis
In respect of income-earning financial assets and interest-bearing financial liabilities, the following
table indicates their effective interest rates at the reporting date and the periods in which they
reprice.
Effective
interest rate
%
6 months
or less
$
6-12
months
$
Total
$
1-2
years
$
2-5
years
$
More
than 5
years
$
2021
Cash and cash
equivalents
2020
Cash and cash
equivalents
-
-
752,817
752,817
88,758
88,758
-
-
-
-
-
-
-
-
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 35
Notes to the Financial Statements (continued)
Section C – Key Management Personnel and Related Party Disclosures
C. This section includes information about key management personnel’s remunerations, related parties
information and any transactions key management personnel or related parties may have had with the
Company during the period.
Key Management Personnel Expenses
Salaries and fees
Consulting charges
Superannuation
Non-cash key management personal expense from
granting of options
Key management personnel expenses
2021
$
94,180
64,413
4,722
163,315
42,546
205,861
2020
$
-
-
-
-
-
-
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 36
Key Management Personnel Disclosures
Individual Directors and executive compensation disclosures
Information regarding individual Directors’ and executives’ compensation and some equity instruments disclosures are provided in the following remuneration report. Details
of the nature and amount of each major element of remuneration of each Director of the Company and other key management personnel of the Company are:
Cash
bonus
$
-
-
-
-
-
-
Non-monetary
benefits
$
-
-
-
-
-
-
Short-term
Salary
& fees
$
2,143
2021
2020
-
2021 12,115
2020
-
2021 36,923
-
2020
2021 24,104
2020
-
2021 18,895
-
2020
-
2021
-
2020
Consulting
fees
$
-
-
-
-
-
-
10,983
-
-
-
-
-
2021
2020
-
-
53,430
-
2021 94,180
64,413
2020
-
-
Director
David Carland (Chairman, Legacy
Minerals Holdings Limited))
Christopher Byrne
Thomas Wall
Douglas Menzies
Matthew Wall
Amelia Byrne
Management
Ian Morgan (Company Secretary and
CFO)
Total compensation
-
-
-
-
-
-
-
-
-
-
Post-
employment
Superannuation
benefits
$
-
-
1,151
-
3,571
-
-
-
-
-
-
-
-
-
Total
$
2,143
-
12,115
-
36,923
-
35,087
-
18,895
-
-
-
53,430
-
-
-
-
-
-
-
-
-
- 158,593
-
-
4,722
-
Other
long
term
Termination
benefits
Share-
based
payments
Total
Proportion of
remuneration
performance
related
Value of
options as
proportion of
remuneration
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Options6
$
-
-
-
-
-
-
$
2,143
-
13,266
-
40,494
-
21,273
56,360
-
21,273
-
-
-
-
40,168
-
-
-
-
-
53,430
-
42,546 205,861
-
-
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
37.7%
0.0%
53.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
20.7%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
37.7%
0.0%
53.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
20.7%
0.0%
6 The fair value of the options is calculated at the date of grant using the Black Scholes option pricing model and allocated to each reporting period evenly over the period from grant date to vesting
date. The value disclosed is the portion of the fair value of the options recognised as an expense in each reporting period.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 37
Apart from the details disclosed in this Note, no Director has entered into a material contract with the
Company during the financial year and there were no material contracts involving Directors’ interests
existing at period-end.
Directors’ transactions with the Company or its controlled entities
Aggregate amounts payable to Directors and their Director related entities for unpaid Directors’ fees,
statutory superannuation owed to each Director’s superannuation fund, and consulting fees at the
reporting date were as follows:
Accounts Payable - current
Directors’ fees payable
2021
$
1,040
2020
$
-
The terms and conditions of the transactions with Directors or their Director related entities, outlined
above, were no more favourable than those available, or which might reasonably be expected to be
available, on similar transactions to non-Director-related entities on an arm’s length basis.
Related Party Disclosures
There were no related party transactions during the year other than transactions with key management
personnel as part of their remuneration.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 38
Notes to the Financial Statements (continued)
Section D – Other Disclosures
D. This section includes information that the Directors do not consider to be significant in understanding
the financial performance and position of the Company but must be disclosed to comply with the
Accounting Standards, the Corporations Act 2001 (Cth) or the Corporations Regulations.Administration
Expenses
Annual Leave Expense
Audit Fees
Community Engagement Expenses
Corporate Advisory
Legal Expenses
Listing Fees
Other
Professional Fees
Subcontractors
Subscriptions & Memberships
Training & Conferences
Income Tax
2021
$
5,370
45,000
20,586
100,960
135,912
5,000
87,160
30,485
123,459
8,688
10,362
572,982
2020
$
-
-
-
9,451
-
-
2,366
691
-
-
-
12,508
Income tax is recognised in the statement of profit or loss and other comprehensive income except to
the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or
substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous
periods.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes. The
following temporary differences are not provided for: goodwill, the initial recognition of assets and
liabilities that affect neither accounting nor taxable profit, and differences relating to investments in
subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of
deferred tax provided is based on the expected manner of realisation or settlement of the carrying
amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will
be available against which the asset can be utilised. Deferred tax assets recorded at each reporting
date are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Current tax expense/ income, deferred tax liabilities and deferred tax assets arising from temporary
differences are recognised in the financial statements of the Company.
The Company recognises deferred tax assets arising from unused tax losses to the extent that it is
probable that future taxable profits of the Company will be available against which the asset can be
utilised.
Any subsequent period adjustments to deferred tax assets arising from unused tax losses as a result of
revised assessments of the probability of recoverability is recognised by the Company.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 39
Notes to the Financial Statements (continued)
Numerical reconciliation between tax benefit and pre-tax net loss
Loss after interest and before income tax
Prima facie Income tax benefit at a tax rate of 26.0% (2020 27.5%)
Permanent difference options expense
Temporary differences
Decrease in income tax benefit due to:
Income tax losses not recognised
Income tax benefit on pre-tax net loss
Temporary differences
Deferred Tax Liability
Deferred Tax Asset
Unrecognised deferred tax assets
Revenue tax losses
2021
$
855,307
222,380
(56,488)
(13,090)
2020
$
12,508
3,440
-
13,759
(152,802)
(17,199)
-
-
65,398
13,759
(78,488)
-
(13,090)
13,759
616,836
29,136
The tax losses do not expire under current legislation though these losses are subject to testing under
loss recoupment rules in order for them to be utilised. Deferred tax assets have not been recognised in
respect of this item because, at this time, it is not probable that future taxable profit will be available
against which the benefits can be offset.
At 30 June 2021, the Company had no franking credits available for use in subsequent reporting periods
(2020: Nil).
Loss Per Share
Basic earnings per share (EPS) is calculated by dividing the net profit or loss attributable to members of
the Company for the financial year, after excluding any costs of servicing equity (other than ordinary
shares and converting preference shares classified as ordinary shares for EPS calculation purposes), by
the weighted average number of ordinary shares of the Company, adjusted for any bonus issue.
Diluted EPS is calculated by dividing the basic EPS earnings, adjusted by the after-tax effect of financial
costs associated with dilutive ordinary shares and the effect on revenues and expenses of conversion to
ordinary shares associated with dilutive potential ordinary shares, by the weighted average number of
ordinary and dilutive potential ordinary shares adjusted for any bonus issue.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 40
Notes to the Financial Statements (continued)
The calculation of basic and diluted losses per share for the year ended 30 June 2021 was based on the
net loss attributable to ordinary shareholders of $855,307 (2020: $12,508) and a weighted average
number of ordinary shares outstanding during the year ended 30 June 2021 of 30,981,805 (2020:
25,067,215), calculated as follows:
Net loss attributable to members of the Company
Weighted average number of ordinary shares
Undiluted Number of Shares
Issued ordinary shares at beginning of year
Effect of shares issued 3 December 2019
Effect of shares issued 24 December 2019
Effect of shares issued 28 May 2020
Effect of shares issued 1 April 2021
Effect of shares issued 30 April 2021
Weighted average number of ordinary shares used in calculating
basic and diluted loss per share
Loss per share – basic
Loss per share – diluted
2021
$
2020
$
855,307
12,508
Number
27,110,002
-
-
-
3,064,932
806,871
Number
24,500,002
292,623
103,279
171,311
-
-
30,981,805
25,067,215
Cents
2.76
Cents
0.05
2.76
0.05
50,708,430 (2020: 49,278,461) potential shares were excluded from the calculation of diluted earnings
per share because they are antidilutive for the year ended 30 June 2021 as the Company is in a loss
position.
Auditor’s Remuneration
Auditor of the Company and Legacy Minerals Holdings Limited - BDO
Audit Pty Ltd
Audit of Legacy Minerals Pty for the years ended 30 June 2019
and 30 June 2020, and half year ended 31 December 2020
Audit of the Company and Legacy Minerals Holdings Limited for
the year ended 30 June 2021
Independent Limited Assurance Report
Tax due diligence
Financing Income and Expenses
2021
$
2020
$
60,014
45,000
105,014
40,157
24,500
169,671
-
-
-
-
-
Interest income is recognised as it accrues taking into account the effective yield on the financial asset.
Finance expenses comprise interest expense on borrowings. Borrowing costs that are not directly
attributable to the acquisition, construction or production of a qualifying asset are recognised in profit
or loss using the effective interest method.
GST
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except
where the amount of GST incurred is not recoverable from the taxation authority. In these
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 41
Notes to the Financial Statements (continued)
circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the
expense.
Receivables and payables are stated with the amount of GST included. The net amount of GST
recoverable from, or payable to, the ATO is included as a current asset or liability in the statement of
financial position.
Cash flows are included in the statement of cash flows on a gross basis. The GST components of cash
flows arising from investing and financing activities which are recoverable from, or payable to, the ATO
are classified as operating cash flows.
New Accounting Standards
A number of new standards, amendments to, or interpretations of standards are effective for annual
periods beginning 1 January 2020. These new standards and amendments have been applied in
preparing these financial statements and none of them have had a significant effect on the financial
statements of the Company. All of the effective dates in the tables below refer to the beginning of an
annual accounting period.
New currently effective requirements: This table lists the recent changes to the Standards that are
required to be adopted in annual periods beginning on 1 January 2020 and annual periods beginning on
1 July 2020.
Effective date
New standards or amendments
1 January
2020
Amendments to References to Conceptual Framework in IFAS Standards
Definition of Material (Amendments to IAS 1 and IAS 8
Definition of a Business (Amendments to IFAS 3
Interest Rate Benchmark Reform (Amendments to IFAS 9, IAS 39 and IFAS 7)
Disclosure of the Effect of New IFAS Standards Not Yet Issued in Australia
(Amendments to AASB 1054)
Forthcoming requirements: This table lists the recent changes to the Standards that are required to be
applied for annual periods beginning after 1 January 2020 and annual periods beginning on 1 July 2020
and that are available for early adoption in annual periods beginning on 1 January 2020 and annual
periods beginning on 1 July 2020 and annual periods beginning on 1 July 2020.
Effective date
1 June 2020
1 January
2021
1 January
2022
1 January
2023
New standards or amendments
COVID-19-Related Rent Concessions (Amendment to IFRS 16)
Interest Rate Benchmark Reform - Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS
4 and IFRS 16)
Onerous Contracts - Cost of Fulfilling a Contract (Amendments to IAS 37
Annual Improvements to IFRS Standards 2018-2020
Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16)
Reference to the Conceptual Framework (Amendments to IFRS 3)
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
(Amendments to IFRS 10 and IAS 28)
Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts (Early
application of IFRS 17 is permitted only for companies that also apply IFRS 9 Financial
Instruments)
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 42
Directors’ Declaration
1.
In the opinion of the Directors of Legacy Minerals Pty Limited (“the Company”):
(a)
the Company’s financial statements and notes that are set out on pages 17 to 42 and the
Remuneration Report on pages 11 to 14 in the Directors’ Report, are in accordance with the
Corporations Act 2001 (Cth), including:
(i) giving a true and fair view of the Company’s financial position as at 30 June 2021 and of its
performance for the financial year ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and
(b)
there are reasonable grounds to believe that the Company will be able to pay its debts as and
when they become due and payable.
2.
The Directors have been given the declarations required by Section 295A of the Corporations Act 2001
(Cth) from the Chief Executive Officer and Chief Financial Officer for the financial year ended 30 June
2021.
Signed in accordance with a resolution of the Directors.
David Carland
Chairman (Legacy Minerals Holdings Limited))
Sydney
30 September 2021
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 43
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
LIMITED
As lead auditor of Legacy Minerals Pty Limited for the year ended 30 June 2021, I declare that, to the
best of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
Gareth Few
Director
BDO Audit Pty Ltd
Sydney
30 September 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.
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 Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Legacy Minerals Pty Limited (the Company), which comprises
the statement of financial position as at 30 June 2021, 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 the Company, is in accordance with the
Corporations Act 2001, including:
(i)
Giving a true and fair view of the Company’s financial position as at 30 June 2021 and of its
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the 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
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.
report and our auditor’s report thereon, which we obtained prior to the date of this auditor’s report,
and the Annual Report to Shareholders, 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 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 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.
Gareth Few
Director
BDO Audit Pty Ltd
Sydney, 30 September 2021
Legacy Minerals Holdings Limited
ABN 43 650 398 897
Financial Report for the period commencing 21 May 2021 (incorporation) and
ending ended 30 June 2021
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 1
Corporate Directory
Directors
Dr David Carland – Non-Executive Chairman
Christopher Byrne – CEO & Managing Director
Matthew Wall – Non-Executive Director
Thomas Wall – Executive Director
Douglas Menzies - Non-Executive Director
Company Secretary and Chief Financial
Officer
Ian Morgan
Business Office
Level 7, 1 Margaret Street
Sydney NSW 2000
Telephone
+61 02 8005 7107
Email
info@legacyminerals.com.au
Registered Office
401/54 Miller St
North Sydney NSW 2060
Website
www.legacyminerals.com.au
Securities Exchange
Australian Securities Exchange (ASX)
ASX Code: LGM
Securities Registry
Automic Pty Ltd
Level 2, 267 St Georges Terrace
Perth WA 6000
Telephone
(within Australia): 1 300 288 664
(outside Australia): +61 2 9698 5414
Auditor
BDO Audit Pty Ltd
11/1 Margaret St
Sydney NSW 2000
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 2
Table of Contents
Corporate Directory ................................................................................................................................ 2
Table of Contents .................................................................................................................................... 3
Directors’ Report ..................................................................................................................................... 4
Statement of Profit or Loss and Other Comprehensive Income ........................................................... 11
Statement of Financial Position ............................................................................................................ 12
Statement of Changes in Equity ............................................................................................................ 13
Statement of Cash Flows ...................................................................................................................... 14
Notes to the Financial Statements ........................................................................................................ 15
Directors’ Declaration ........................................................................................................................... 25
Auditor’s Independence Declaration .................................................................................................... 26
Independent Auditor’s Report .............................................................................................................. 27
Additional Shareholder Information ..................................................................................................... 29
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 3
Directors’ Report
The Directors present their report, together with the financial statements of Legacy Minerals
Holdings Limited (‘the Company’) at the end of and during the period ended 30 June 2021.
Directors
The Directors of the Company at any time during or since the end of the financial period are:
Dr David Carland (Non-Executive Chairman)
PhD (Econometrics), MEc, BEc (Hons), MAICD
Appointed 21 June 2021
David has over 40 years of investment banking and commercial experience in both the private sector
and government. He is the Executive Director of Australian Resources Development Limited, a
company focused on the provision of specialised advice and assistance on the structuring, financing
and developing of energy and resource projects. He is also a nonexecutive director of Aguia Minerals
Ltd (ASX: AGR). He is the former chairman of Rex Minerals Limited (ASX: RXM), and former non-
executive director of Indophil Resources NL (ASX: IRN) and Polymetals Mining Limited (ASX: PLY).
David holds a PhD (Econometrics), MEc, BEc (Hons1) and is a member of the Australian Institute of
Company Directors.
Christopher Byrne (Managing Director)
BsC, BEngs (Hons), M.PM, MAusIMM, MAICD
Appointed 21 May 2021
Chris has over 10 years of experience as an engineer and manager in the mining, infrastructure, and
logistics sectors in NSW and QLD. In the mining and exploration space he has worked in greenfield
and brownfield environments, from early exploration projects through to mine establishment and
operations. Chris’s experience has been focused on large and complex project delivery, project
management, maintenance and operational support. Outside the mining sector, Chris has lead
infrastructure teams in the public sector in the provisioning and delivery of large capital projects.
Chris is a Member of AusIMM and the Australian Institute of Company Directors.
Matthew Wall (Non-Executive Director)
CTE, MCILT
Appointed 21 May 2021
Matthew is a metals and mining specialist with over 35 years of experience in sales, marketing,
shipping/logistics, trading, capital raising and risk management. He has held senior management
roles with Rio Tinto, EDF Trading and Wood Mackenzie. Matthew has advised a number of small
private and junior listed mining companies in Australia and overseas on capital raisings and market
development. He is a Member of the Chartered Institute of Logistics & Transport (CILT).
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 4
Directors’ Report (continued)
Thomas Wall (Executive Director and Exploration Manager)
BsC (Hons), MAusIMM
Appointed 21 May 2021
Thomas is a geologist with over 10 years of wide-ranging experience within the resource sector
in NSW and WA having previously held senior roles at Peak Gold Mines, New South Resources
and Omya Australia. He has demonstrated mining and exploration proficiency and success
across a variety of commodities and deposit styles with particular focus within the Lachlan Fold
Belt of NSW. Thomas is a Member of the Australian Institute of Geoscientists (AIG) and
Australian Institute of Mining and Metallurgy (AusIMM).
Douglas Menzies (Non-Executive Director)
DipBA, GradCertIT, BsC (Hons)
Appointed 21 May 2021
Douglas has over 28 years of experience in the mineral exploration and GIS industries including staff
positions and as a consultant. Douglas has experience exploring for porphyry gold-copper and
epithermal gold mineralisation in Australia, PNG, Indonesia, Fiji, Laos, Chile, Argentina and Mexico.
Douglas is a Member of the Australian Institute of Geoscientists (AIG) and a non-executive Director
of ASX company Godolphin Resources Ltd.
Company Secretary and Chief Financial Officer
Ian Morgan
B Bus, M Com Law, Grad Dip App Fin, CA, AGIA, MAICD, F Fin
Appointed 21 May 2021
Ian is a member of Chartered Accountants Australia and New Zealand and the Governance Institute
of Australia, with over 35 years of experience. Ian provides secretarial and advisory services to a
range of companies, including holding the position of Company Secretary and CFO for other listed
public companies.
Nature of Operations and Principal Activities
The Company was incorporated on 21 May 2021 in anticipation of the Initial Public Offering by the
Company and listing of its shares on the Australian Securities Exchange.
Dividends
There were no dividends paid or declared by the Company to members during or since the end of
the financial period.
Review of Operations and Outlook
During the period 21 May 2021 to 30 June 2021, the Company did not trade.
Corporate
Financial
The Company incurred no profit after tax for the period ended 30 June 2021.
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 5
Directors’ Report (continued)
Events Subsequent to the Reporting Date
On 5 July 2021 the Company acquired all the issued shares of Legacy Minerals Pty Limited by the
issue of one (1) ordinary fully paid share for one (1) the Company’s ordinary fully paid share.
During the period ended 30 June 2021, Legacy Minerals Pty Limited received application monies
totalling $180,000 from applicants for the issue of 1,800,000 of the Company’s ordinary fully paid
shares. The Company’s shares were issued on 5 July 2021.
On 13 September 2021, the Company was admitted to the Official List of the Australian Securities
Exchange (ASX), completing an Initial Public Offering (IPO) of 29,007,500 new shares at an issue price
of $0.20, raising $5,801,500 before transaction costs.
Other than the items mentioned above, no other matters or circumstances have arisen since the end
of the period which significantly affected, or may significantly affect, the operations of the Company,
the results of these operations or the Company’s state of affairs in future financial periods.
Environmental Regulation
The Board believes that the Company has adequate systems in place for the management of its
environmental requirements.
Based on results of enquiries made, the Directors are not aware of any significant breaches during
the period covered by this report.
Directors’ Meetings
During the period 21 May 2021 to 30 June 2021, there were no Directors' meetings (including
meetings of committees of Directors) where Directors were eligible to attend and attended in
person or by alternate during the financial period by each of the Directors of the Company were:
Movements in Securities Held by Directors
The movement during the financial period in the number of securities of the Company held, directly,
Indirectly or beneficially, by each specified Director, including their personally related entities, is as
follows:
David
Carland
Christopher
Byrne
Thomas
Wall
Matthew
Wall
Douglas
Menzies
Balance at 21 May 2021
Balance at 30 June 2021
-
-
1
1
-
-
-
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 6
Directors’ Report (continued)
Shares Under Option
Each option offers the holder the right to be issued one ordinary fully paid Company share upon
payment of the exercise price to the Company.
Expiry date
Exercise
Price
Options
outstanding at
21 May 2021
Options
granted since
21 May 2021
Options exercised
and shares issued
since 21 May
2021
Options
outstanding
at the date of
this report
Number
Number
Number
Number
-
-
-
3,750,000
1,100,000
4,850,000
-
-
-
3,750,000
1,100,000
4,850,000
22 June 2026
$0.30
7 September
2024
$0.30
Terms of Employment
Christopher Byrne
Effective 9 June 2021, Legacy Minerals Holdings Limited agreed to utilise the services of Mr Byrne as
Legacy Minerals Holdings Limited’s Managing Director for the following remuneration:
Base Salary
• $150,000 per annum (pre-IPO)
Superannuation
• $14,250, being the minimum Statutory
• $185,000 per annum (commencing the completion of
the IPO)
Superannuation employer contribution, currently
9.5% to 30 June 2021 (pre- IPO).
• $18,500, being the minimum Statutory
Superannuation employer contribution, currently
10% commencing 1 July 2021 (commencing the
completion of the IPO)
• $164,250 per annum (made up of $150,000 per
annum Base Salary plus $14,250 Superannuation)
(pre-IPO)
• $203,500 per annum (made up of $185,000 per
annum Base Salary plus $18,500 Superannuation)
(commencing the completion of the IPO)
3 months (can be paid out in lieu of Notice)
3 months (or such shorter period agreed by the parties)
Total Fixed Remuneration (TFR) (see
Note 1 below)
Notice Period by Legacy
Minerals Holdings Limited
Notice Period by Executive
Frequency of payment of TFR
Monthly - on or about the 15th of each month
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 7
Directors’ Report (continued)
Equity Incentives granted under the
Legacy Minerals Holdings Limited’s
Performance Rights and Options
Plan
Short Term (STIP) and Long Term
Incentive (LTIP)
Subject to shareholder approval options and performance
rights as follows:
• 1,000,000 unlisted options with an exercise price of
$0.30 and expiring 31 December 2026
No STIP and LTIP currently in place. Legacy Minerals
Holdings Limited’s current incentives are as described
above and vesting is subject to specific milestone.
Thomas Wall
Effective 9 June 2021, Legacy Minerals Holdings Limited agreed to utilise the services of Mr Thomas
Wall as Legacy Minerals Holdings Limited’s Executive Director and Exploration Manager for the
following remuneration:
Base Salary
• $150,000 per annum (pre-IPO)
Superannuation
Total Fixed Remuneration (TFR) (see
Note 1 below)
Notice Period by Legacy
Minerals Holdings Limited
Notice Period by Executive
Frequency of payment of TFR
Equity Incentives granted under
Legacy Minerals Holdings Limited’s
Performance Rights and Options
Plan
Short Term (STIP) and Long Term
Incentive (LTIP)
David Carland
• $185,000 per annum (commencing the completion of
the IPO)
• $14,250, being the minimum Statutory
Superannuation employer contribution,
currently 9.5% to 30 June 2021 (pre- IPO)
• $18,500, being the minimum Statutory
Superannuation employer contribution, currently
10% commencing 1 July 2021 (commencing the
completion of the IPO)
• $164,250 per annum (made up of $150,000 per
annum Base Salary plus $14,250 Superannuation)
(pre-IPO)
• $203,500 per annum (made up of $185,000 per
annum Base Salary plus $18,500 Superannuation)
(commencing the completion of the IPO)
3 months (can be paid out in lieu of Notice)
3 months (or such shorter period agreed by the parties)
Monthly - on or about the 15th of each month
Subject to shareholder approval options and
performance rights as follows:
• 1,000,000 unlisted options with an exercise price
of $0.30 and expiring 31 December 2026:
No STIP and LTIP currently in place. Legacy Minerals
Holdings Limited’s current incentives are as described
above and vesting is subject to specific milestone.
Effective 17 June 2021, Legacy Minerals Holdings Limited agreed to utilise the services of Dr David
Carland as Legacy Minerals Holdings Limited’s non-executive chairman, for a fee of $60,000 per
annum excluding compulsory superannuation and any goods and services tax.
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 8
Directors’ Report (continued)
In addition, Dr Carland is entitled to an initial grant of 500,000 unlisted options, each providing the
holder with the right to be issued one (1) ordinary fully paid share by Legacy Minerals Holdings
Limited for a strike price of $0.30 each (Options). The Options were issued and vested on 5 July 2021
and expire in five years from their issue date.
Douglas Menzies
Effective 17 June 2021, Legacy Minerals Holdings Limited agreed to utilise the services of Mr
Menzies as Legacy Minerals Holdings Limited’s non-executive director, for a fee of $45,000 per
annum excluding compulsory superannuation and any goods and services tax. Mr Menzies’ related
entity also provides consulting services to the Company.
For the year ended 30 June 2021, directors’ fees charged by an entity related to Mr Menzies totalled
$36,000, including compulsory superannuation. Mr Menzies’ related entity also charged consulting
fees totalling $10,400 excluding GST. Mr Menzies’ total directors and consulting fees ($46,400) were
payable by cash ($25,127) and the issue of 520,000 unlisted options, each exercisable into 1 ordinary
fully paid share within 5 years of issue date for an exercise price of $0.05 ($0.005 cash plus $0.045 in
lieu of services provided to the Company) ($21,273).
The terms and conditions of the options granted are outlined in Note A5 to the accounts.
In addition, Mr Menzies is entitled to an initial grant of 500,000 unlisted options, each providing the
holder with the right to be issued one (1) ordinary fully paid share by Legacy Minerals Holdings
Limited for a strike price of $0.30 each (Options). The Options were issued and vested on 5 July 2021
and expire in five years from their issue date.
Matthew Wall
Effective 17 June 2021, Legacy Minerals Holdings Limited agreed to utilise the services of Mr
Matthew Wall as Legacy Minerals Holdings Limited’s non-executive director, for a fee of $45,000 per
annum excluding compulsory superannuation and any goods and services tax. Mr Matthew Walls’
related entity also provides consulting services to the Company.
For the year ended 30 June 2021, directors’ fees charged by an entity related to Mr Matthew Wall
totalled $36,000, including compulsory superannuation. Mr Matthew Wall’s director’s fees were
payable by cash ($14,727) and the issue of 520,000 unlisted options, each exercisable into 1 ordinary
fully paid share within 5 years of issue date for an exercise price of $0.05 ($0.005 cash plus $0.045 in
lieu of services provided to the Company) ($21,273).
The terms and conditions of the options granted are outlined in Note A5 to the accounts.
In addition, Mr Matthew Wall is entitled to an initial grant of 500,000 unlisted options, each
providing the holder with the right to be issued one (1) ordinary fully paid share by Legacy Minerals
Holdings Limited for a strike price of $0.30 each (Options). The Options were issued and vested on 5
July 2021 and expire in five years from their issue date.
Indemnification and Insurance of Officers and Auditor
Indemnification and Insurance
The Company indemnifies current and former Directors and Officers for any loss arising from any
claim by reason of any specified act committed by them in their capacity as a Director or Officer
(subject to certain exclusions as required by law).
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 9
Directors’ Report (continued)
The Company has paid insurance premiums in respect of directors’ and officers’ liability. Insurance
cover relates to liabilities that may arise from their position (subject to certain exclusions as required
by law).
Details of the nature of the liabilities covered or the amount of the premium paid in respect of the
Directors’ and Officers’ liability insurance are not disclosed. Such disclosure is prohibited under the
terms of the policy.
The Company has not otherwise, during or since the end of the financial period, except to the extent
permitted by law, indemnified or agreed to indemnify an officer or auditor of the Company or of any
related body corporate against a liability incurred as such by an officer or auditor.
Audit Services
During the period ended 30 June 2021, the Company expensed an amount of $45,000 payable to its
auditor, BDO Audit Pty Ltd, for audit services provided to the Company and Legacy Minerals Pty
Limited.
Rounding Off
The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports)
Instrument 2016/191 dated 24 March 2016. Amounts in the Financial Report and Directors’ Report
have been reported to the nearest dollar, unless otherwise stated.
Lead Auditor’s Independence Declaration
The lead auditor’s independence declaration made under Section 307C of the Corporations Act 2001
(Cth) is set out on page 26.
Signed in accordance with a resolution of the Board of Directors.
Dr David Carland
Chairman
Sydney
30 September 2021
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 10
Statement of Profit or Loss and Other Comprehensive
Income
Period Ended 30 June 2021
Income
Expenses
Profit before income tax
Income tax benefit
Net profit attributable to the member of the
Company
Other comprehensive income, net of income
tax
Total comprehensive income
Profit per share – basic
Profit per share - diluted
Note
D1
D2
D2
2021
$
-
-
-
-
-
-
-
Cents
-
-
The above Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with
the accompanying Notes.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 11
Statement of Financial Position
As at 30 June 2021
Current assets
Cash and cash equivalents
Total current assets
Total non-current assets
Total assets
Total liabilities
Net assets
Equity
Issued capital
Equity
Note
A7
A5
30 June 2021
$
1
1
-
1
-
1
1
1
The above Statement of Financial Position should be read in conjunction with the accompanying Notes.
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 12
Statement of Changes in Equity
Period Ended 30 June 2021
Note
Ordinary fully
paid shares
$
Total Equity
$
Balance at 21 May 2021
Net profit attributable to the member of the
Company
Other comprehensive income for the period,
net of tax
Total comprehensive income for the period
Contributions of equity, net of transaction
costs
Balance at 30 June 2021
A5
1
-
-
-
-
1
1
-
-
-
-
1
The above Statement of Changes in Equity should be read in conjunction with the accompanying Notes.
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 13
Statement of Cash Flows
Period Ended 30 June 2021
Cash flows used in operating activities
Receipts from customers
Payments to suppliers and employees
Net cash used in operating activities
Cash flows used in investing activities
Net cash used in investing activities
Cash flows from financing activities
Proceeds for share issue
Note
A6
Net cash generated from financing activities
Net increase in cash and cash equivalents
Opening Cash and cash equivalents at 21 May 2021
Closing Cash and cash equivalents at 30 June 2021
A7
2021
$
-
-
-
-
1
1
1
-
1
The above Statement of Cash Flows should be read in conjunction with the accompanying Notes.
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 14
Notes to the Financial Statements
Period Ended 30 June 2021
General Information
The financial statements of Legacy Minerals Holdings Limited (“the Company”) are presented in Australian
dollars, which is the Company’s functional and presentation currency.
The financial statements were authorised for issue, in accordance with a resolution of Directors, 29
September 2021.
The Notes to the financial statement are set out in the following main sections:
Section A – Key Financial Information and Preparation Basis
Section B – Risk and Judgement
Section C – Key Management Personnel and Related Party Disclosures
Section D – Other Disclosures
Section A – Key Financial Information and Preparation Basis
A. This section sets out the basis upon which the Company’s financial statements have been prepared as a
whole and explains the results and performance of the Company that the Directors consider most
relevant in the context of the operations of the entity.
Statement of Compliance
The Company’s financial statements are general purpose financial statements which have been
prepared in accordance with Australian Accounting Standards (AASBs) adopted by the Australian
Accounting Standards Board (AASB) and the Corporations Act 2001 (Cth). The Company’s financial
statements comply with International Financial Reporting Standards (IFRS) adopted by the International
Accounting Standards Board (IASB).
Basis of Preparation
The financial report is prepared on the historical cost basis other than share-based transactions that are
assessed at fair value.
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 financial period 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 Company based on known information. This consideration extends to the
nature of the products and services offered, customers, supply chain, staffing and geographic regions in
which the Company’s operates. 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 Company unfavourably as at the reporting date or subsequently as a result of
the Coronavirus (COVID-19) pandemic.
Legacy Minerals Pty Limited Annual Report 30 June 2021
Page 15
Notes to the Financial Statements
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only if the Company considers
it is probable that future taxable amounts will be available to utilise those temporary differences and
losses.
Going Concern
The Board has prepared these Financial Statements on a going concern basis.
On 5 July 2021, the Company acquired all the issued shares of Legacy Minerals Pty Limited and become
the parent entity of Legacy Minerals Pty Limited. On 13 September 2021, the Company was quoted on
the Australian Securities Exchange (ASX), completing an Initial Public Offering (IPO) of 29,007,500 new
shares at an issue price of $0.20, raising $5,801,500 before transaction costs.
Capital and Reserves
Share capital
Ordinary shares issued and
fully paid
Balance
Balance
Date
21 May 2021
30 June 2021
Number of
shares
Issue Price
per share
$1.00
1
1
$
1
1
Holders of ordinary shares are entitled to dividends as declared from time to time and are entitled to
one vote per share at general meetings of the Company.
Ordinary shares have no par value.
No dividends have been declared or paid by the Company during or since the end of the financial
period.
The Company’s Board may resolve that the whole or any portion of profits, reserve or other account
which is available for distribution, be distributed to shareholder in the same proportions in which
they would be entitled to receive it if distributed by way of dividend, or in accordance with relevant
terms of issue of any shares or securities.
If the Company is wound up, whether voluntarily or otherwise, the liquidator may divide among all or
any of the contributories, as the liquidator thinks fit, in specie or in kind, any part of the assets of the
Company, and may vest any part of the assets of the Company in trustees for the benefit of all or any
of the contributories as the liquidator thinks fit.
In the event of winding up of the Company, ordinary shareholders rank after creditors and are
entitled to any proceeds of liquidation.
Cash Flow Reconciliation
Cash flows from operating activities
Net profit attributable to the member of the Company
Net cash used in operating activities
2021
$
-
-
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 16
Notes to the Financial Statements
Cash and Cash Equivalents
Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three
months or less.
Cash on hand
Cash and cash equivalents in the statements of cash flows
Segment Reporting
2021
$
1
1
An operating segment is a component of the Company that engages in business activities whose
operating results are reviewed regularly by the Company’s Board and for which discrete financial
information is available.
For the period ended 30 June 2021, the Company did not trade and had a single operating segment.
Business and geographical segments
The results and financial position of the Company’s single operating segment are prepared on a basis
consistent with Australian Accounting Standards and thus no additional disclosures in relation to the
revenues, profit or loss, assets and liabilities and other material items have been made. Entity-wide
disclosures in relation to the Company’s product and services and geographical areas are detailed
below.
Products and services
The Company currently provides no products for sale.
Geographical areas
The Company’s activities are located solely in Australia.
Contingencies
There are no contingent liabilities at 30 June 2021.
Subsequent Events
On 5 July 2021 the Company acquired all the issued shares of Legacy Minerals Pty Limited by the
issue of one (1) ordinary fully paid share for one (1) the Company’s ordinary fully paid share.
During the period ended 30 June 2021, Legacy Minerals Pty Limited received application monies
totalling $180,000 from applicants for the issue of 1,800,000 of the Company’s ordinary fully paid
shares. The Company’s shares were issued on 5 July 2021.
On 13 September 2021, the Company was admitted to the Official List of the Australian Securities
Exchange (ASX), completing an Initial Public Offering (IPO) of 29,007,500 new shares at an issue
price of $0.20, raising $5,801,500 before transaction costs.
Other than the items mentioned above, no other matters or circumstances have arisen since the
end of the period which significantly affected, or may significantly affect, the operations of the
Company, the results of these operations or the Company’s state of affairs in future financial
periods.
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 17
Notes to the Financial Statements
Section B – Risk and Judgement
B. This section outlines the key judgements, estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial
period. This section also outlines the significant financial risk the Company is exposed, to which the
Directors would like to draw the attention of the readers.
Financial Risk Management
Overview
This Note presents information about the Company’s exposure to credit, liquidity and market risks,
their objectives, policies and processes for measuring and managing risk, and the management of
capital.
The Board of Directors has overall responsibility for the establishment and oversight of the risk
management framework. Management monitors and manages the financial risks relating to the
operations of the Company through regular reviews of the risks.
Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial
instrument fails to meet its contractual obligations.
Presently, the Company is in exploration phase, therefore does not earn revenue from sales and
therefore has no accounts receivables. At the reporting date, there were no significant credit risks in
relation to trade receivables.
Cash and cash equivalents
The Company limits its exposure to credit risk by only investing in liquid securities and only with
counterparties that have an acceptable credit rating.
Exposure to credit risk
The carrying amount of the Company’s financial assets represents the maximum credit exposure. The
Company’s maximum exposure to credit risk at the reporting date was:
Current
Cash and cash equivalents
Impairment losses
Neither past due nor impaired
Past due 1 – 30 days
Past due 31 – 90 days
Past due 91 + days
Note
A7
Carrying
Amount
2021
$
1
1
2021
$
-
-
-
-
-
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 18
Notes to the Financial Statements
Based on historic default rates, the Company believes that no impairment allowance is necessary.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall
due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always
have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Company’s reputation.
The Company manages liquidity risk by maintaining adequate cash reserves from funds raised in the
market and by continuously monitoring forecast and actual cash flows.
The decision on how the Company will raise future capital will depend on market conditions existing
at that time.
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates
and equity prices will affect the Company’s income or the value of its holdings of financial
instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimising the return.
Currency risk
The Company is not exposed to currency risk and at the reporting date the Company holds no
financial assets or liabilities which are exposed to foreign currency risk.
Interest rate risk
The Company is exposed to interest rate risk (primarily on its cash and cash equivalents), which is the
risk that a financial instrument’s value will fluctuate as a result of changes in the market interest
rates on interest-bearing financial instruments. The Company does not use derivatives to mitigate
these exposures. The Company adopts a policy of ensuring that as far as possible it maintains excess
cash and cash equivalents in short terms deposit at interest rates maturing over three-month rolling
periods.
Profile
At the reporting date the interest rate profile of the Company’s and the Company’s interest-bearing
financial instruments was:
Variable rate instruments
Financial assets
Financial liabilities
Interest rate
2021
Carrying amount
2021
$
-
-
-
1
-
1
Fair value sensitivity analysis for fixed rate instruments
The Company does not have, and therefore does not account for any financial assets and liabilities at
fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not
affect profit or loss.
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 19
Notes to the Financial Statements
Cash flow sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates at the end of the reporting period would have
increased/(decreased) equity and profit or loss by the amounts shown below. This analysis assumes
that all other variables, in particular foreign currency rates, remain constant.
Profit or loss
100bp increase
100bp decrease
Capital and Reserves Management
Variable rate instruments
2021
$
-
-
The Company’s objectives when managing capital and reserves are to safeguard the Company’s
ability to continue as a going concern, so as to maintain a strong capital base sufficient to maintain
future exploration and development of its projects. In order to maintain or adjust the capital and
reserve structure, the Company may return capital to shareholders, issue new shares or sell assets to
reduce debt. The Company’s focus has been to raise sufficient funds through equity to fund
exploration and evaluation activities.
There were no changes in the Company’s approach to capital management during the period. Risk
management policies and procedures are established with regular monitoring and reporting.
The Company is not subject to externally imposed capital requirements.
Fair value versus carrying amounts
The fair values of financial assets and liabilities, together with the carrying amounts shown in the
statement of financial position are as follows:
Cash and cash equivalents
Liabilities carried
Impairment
2021
Carrying amount
Note
A7
Fair value
$
1
1
-
$
1
1
-
The carrying amounts of the Company’s assets other than deferred tax assets (see Note D1), are
reviewed at each reporting date to determine whether there is any indication of impairment. If any
such indication exists, the asset’s recoverable amount is estimated (see below).
An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable
amount. Impairment losses are recognised in the statement of profit or loss and other
comprehensive income unless the asset has been re-valued previously in which case the impairment
loss is recognised as a reversal to the extent of the previous revaluation with any excess recognised
through the statement of profit or loss and other comprehensive income.
Impairment losses recognised in respect of cash generating units are allocated first to reduce the
carrying amount of any goodwill allocated to the cash generating unit (group of units) and then, to
reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
Calculation of recoverable amount
The recoverable amount of other assets is the greater of their fair value less costs to sell and value in
use. 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
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 20
Notes to the Financial Statements
and the risks specific to the asset. For an asset that does not generate largely independent cash
inflows, the recoverable amount is determined for the cash generating unit to which the asset
belongs.
Reversals of impairment
An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed
the carrying amount that would have been determined, net of depreciation or amortisation, if no
impairment loss had been recognised.
Financial Instruments
Effective interest rates and repricing analysis
In respect of income-earning financial assets and interest-bearing financial liabilities, the following
table indicates their effective interest rates at the reporting date and the periods in which they
reprice.
Effective
interest
rate
%
6 months
or less
$
6-12
months
$
Total
$
1-2
years
$
2-5
years
$
More than 5
years
$
2021
Cash and
cash
equivalents
-
1
1
-
-
-
-
Section C – Key Management Personnel and Related Party Disclosures
C. This section includes information about key management personnel’s remunerations, related parties
information and any transactions key management personnel or related parties may have had with the
Company during the period.
Key Management Personnel Expenses
There are no key management personnel expenses for the period ended 30 June 2021.
Key Management Personnel Disclosures
Individual Directors and executive compensation disclosures
Information regarding individual Directors’ and executives’ compensation and some equity instruments
disclosures are required by Corporation Regulation 2M.3.03.
Apart from the details disclosed in this Note, no Director has entered into a material contract with the
Company during the financial period and there were no material contracts involving Directors’ interests
existing at period-end.
Directors’ transactions with the Company or its controlled entities
There are no amounts payable to Directors and their Director related entities for unpaid Directors’ fees,
statutory superannuation owed to each Director’s superannuation fund, and consulting fees at the
reporting date.
Related Party Disclosures
There were no related party transactions during the period.
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 21
Notes to the Financial Statements
Section D – Other Disclosures
D. This section includes information that the Directors do not consider to be significant in understanding
the financial performance and position of the Company but must be disclosed to comply with the
Accounting Standards, the Corporations Act 2001 (Cth) or the Corporations Regulations.Income Tax
Income tax is recognised in the statement of profit or loss and other comprehensive income except to
the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or
substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous
periods.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes. The
following temporary differences are not provided for: goodwill, the initial recognition of assets and
liabilities that affect neither accounting nor taxable profit, and differences relating to investments in
subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of
deferred tax provided is based on the expected manner of realisation or settlement of the carrying
amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will
be available against which the asset can be utilised. Deferred tax assets recorded at each reporting
date are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Tax consolidation
Current tax expense/ income, deferred tax liabilities and deferred tax assets arising from temporary
differences are recognised in the financial statements of the Company.
The Company recognises deferred tax assets arising from unused tax losses to the extent that it is
probable that future taxable profits of the Company will be available against which the asset can be
utilised.
Any subsequent period adjustments to deferred tax assets arising from unused tax losses as a result of
revised assessments of the probability of recoverability is recognised by the Company.
Numerical reconciliation between tax expense and pre-tax net profit
Profit after interest and before income tax
Prima facie Income tax benefit at a tax rate of 30%
Income tax expense on pre-tax net profit
Temporary differences
Deferred Tax Liability
Deferred Tax Asset
Unrecognised deferred tax assets
Revenue tax losses
2021
$
-
-
-
-
-
-
-
The tax losses do not expire under current legislation though these losses are subject to testing under
loss recoupment rules in order for them to be utilised. Deferred tax assets have not been recognised in
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 22
Notes to the Financial Statements
respect of this item because, at this time, it is not probable that future taxable profit will be available
against which the benefits can be offset.
At 30 June 2021, the Company had no franking credits available for use in subsequent reporting periods
(2020: Nil).
Earnings per Share
Basic earnings per share (EPS) is calculated by dividing the net profit or loss attributable to members of
the Company for the financial period, after excluding any costs of servicing equity (other than ordinary
shares and converting preference shares classified as ordinary shares for EPS calculation purposes), by
the weighted average number of ordinary shares of the Company, adjusted for any bonus issue.
Diluted EPS is calculated by dividing the basic EPS earnings, adjusted by the after-tax effect of financial
costs associated with dilutive ordinary shares and the effect on revenues and expenses of conversion to
ordinary shares associated with dilutive potential ordinary shares, by the weighted average number of
ordinary and dilutive potential ordinary shares adjusted for any bonus issue.
The calculation of basic and diluted profit per share for the period ended 30 June 2021 was based on
the net profit attributable to ordinary shareholders of $Nil and a weighted average number of ordinary
shares outstanding during the period ended 30 June 2021 of one (1), calculated as follows:
Net profit attributable to the member of the parent
Weighted average number of ordinary shares
Undiluted Number of Shares
Issued ordinary shares at beginning of the period
Weighted average number of ordinary shares used in calculating
basic and diluted profit per share
Auditor’s Remuneration
Auditor of the Company and Legacy Minerals Pty Limited - BDO Audit Pty
Ltd
Financing Income and Expenses
2021
$
-
Number
1
1
2021
$
45,000
Interest income is recognised as it accrues taking into account the effective yield on the financial asset.
Finance expenses comprise interest expense on borrowings. Borrowing costs that are not directly
attributable to the acquisition, construction or production of a qualifying asset are recognised in profit
or loss using the effective interest method.
GST
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except
where the amount of GST incurred is not recoverable from the taxation authority. In these
circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the
expense.
Receivables and payables are stated with the amount of GST included. The net amount of GST
recoverable from, or payable to, the ATO is included as a current asset or liability in the statement of
financial position.
Cash flows are included in the statement of cash flows on a gross basis. The GST components of cash
flows arising from investing and financing activities which are recoverable from, or payable to, the ATO
are classified as operating cash flows.
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 23
Notes to the Financial Statements
Share Application Monies
During the period ended 30 June 2021, Legacy Minerals Pty Limited received application monies
totalling $180,000 from applicants for the issue of 1,800,000 of the Company’s ordinary fully paid
shares. Further details are included in Note A10.
At 30 June 2021, Legacy Minerals Pty Ltd recorded the $180,000 as share application monies payable.
New Accounting Standards
A number of new standards, amendments to, or interpretations of standards are effective for annual
periods beginning 1 January 2020. These new standards and amendments have been applied in
preparing these financial statements and none of them have had a significant effect on the financial
statements of the Company. All of the effective dates in the tables below refer to the beginning of an
annual accounting period.
Forthcoming requirements: This table lists the recent changes to the Standards that are required to be
applied for annual periods beginning after 1 January 2020 and annual periods beginning on 1 July 2020
and that are available for early adoption in annual periods beginning on 1 January 2020 and annual
periods beginning on 1 July 2020 and annual periods beginning on 1 July 2020.
Effective date
1 June 2020
1 January
2021
1 January
2022
1 January
2023
New standards or amendments
COVID-19-Related Rent Concessions (Amendment to IFRS 16)
Interest Rate Benchmark Reform - Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS
4 and IFRS 16)
Onerous Contracts - Cost of Fulfilling a Contract (Amendments to IAS 37
Annual Improvements to IFRS Standards 2018-2020
Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16)
Reference to the Conceptual Framework (Amendments to IFRS 3)
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
(Amendments to IFRS 10 and IAS 28)
Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts (Early
application of IFRS 17 is permitted only for companies that also apply IFRS 9 Financial
Instruments)
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 24
Directors’ Declaration
1.
In the opinion of the Directors of Legacy Minerals Holdings Limited (“the Company”):
(a)
the Company’s financial statements and notes that are set out on pages 11 to 24 are in
accordance with the Corporations Act 2001 (Cth), including:
(i) giving a true and fair view of the Company’s financial position as at 30 June 2021 and of its
performance for the financial period ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and
(b)
there are reasonable grounds to believe that the Company will be able to pay its debts as and
when they become due and payable.
2.
The Directors have been given the declarations required by Section 295A of the Corporations Act 2001
(Cth) from the Chief Executive Officer and Chief Financial Officer for the financial period ended 30 June
2021.
Signed in accordance with a resolution of the Directors.
David Carland
Chairman
Sydney
30 September 2021
Legacy Minerals Holdings Limited Financial Report 30 June 2021
Page 25
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
HOLDINGS LIMITED
As lead auditor of Legacy Minerals Holdings Limited for the period ended 30 June 2021, I declare that,
to the best of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
Gareth Few
Director
BDO Audit Pty Ltd
Sydney
30 September 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.
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 Holdings Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Legacy Minerals Holdings Limited (the Company), which
comprises the statement of financial position as at 30 June 2021, the statement of profit or loss and
other comprehensive income, the statement of changes in equity and the statement of cash flows for
the period 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 Company, is in accordance with the
Corporations Act 2001, including:
(i)
Giving a true and fair view of the Company’s financial position as at 30 June 2021 and of its
financial performance for the period ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the 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
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.
report and our auditor’s report thereon, which we obtained prior to the date of this auditor’s report,
and the Annual Report to Shareholders, 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 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 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.
Gareth Few
Director
BDO Audit Pty Ltd
Sydney, 30 September 2021
Additional Shareholder Information
Shares
Subject to the Company’s constitution, the relevant law and to any rights or restrictions attaching to any class of
securities, at a meeting of the Company’s members:
(a) on a show of hands, each member has one vote;
(b) on a poll, each member has:
(i) for each fully paid share held by the member, one vote; and
(ii) for each partly paid share held by the member, a fraction of a vote equivalent to the proportion which the
amount paid (not credited nor paid in advance of a call) is of the total amounts paid and payable (excluding
amounts credited) for the share.
At 15 September 2021, issued capital was 75,175,502 ordinary fully paid shares held by 498 holders:
Class of shares
Quoted ordinary fully paid shares
Unquoted ordinary fully paid shares
Unquoted ordinary fully paid shares
Unquoted ordinary fully paid shares
Unquoted ordinary fully paid shares
Total
If escrowed, end of escrow period
Not applicable
1 April 2022 (ASX escrow)
30 April 2022 (ASX escrow)
5 July 2022 (ASX escrow)
13 September 2023 (ASX escrow)
Number of Shares
38,953,202
5,890,000
522,600
425,000
29,384,700
75,175,502
20 Largest Holders by Name of Ordinary Shares and their Share Holdings at 15 September 2021:
Rank Name
C & A BYRNE PTY LIMITED
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