Annual Report
30 June 2021
ABN 61 123 156 089
CONTENTS PAGE
CONTENTS
PAGE
CORPORATE DIRECTORY
DIRECTORS REPORT
AUDITOR INDEPENDENCE DECLARATION
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF CASH FLOWS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
NOTES TO THE FINANCIAL STATEMENTS
DIRECTORS’ DECLARATION
INDEPENDENT AUDIT REPORT
ASX ADDITIONAL INFORMATION
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CORPORATE DIRECTORY
Directors
Mr Marcello Cardaci (Non-Executive Chairman)
Mr John Seton (Non-Executive Director)
Mr Jens Balkau (Non-Executive Director)
Senior Executive
Mr Kell Nielson (Chief Executive Officer)
Company Secretary
Ms Eryn Kestel
Registered Office
Level 2
33 Colin Street
West Perth WA 6005
Telephone:
+61 8 9322 6677
Facsimile:
+61 8 9322 1961
Website:
www.manhattancorp.com.au
Email: info@manhattancorp.com.au
Share Registry
Computershare Investor Services Pty Ltd
Level 2
Reserve Bank Building
45 St Georges Terrace
Perth WA 6000 Australia
Telephone: 1 300 850 505
Facsimile: + 61 8 9323 2033
Auditors
Rothsay Auditing
Level 1, Lincoln House
4 Ventnor Avenue
West Perth WA 6005
Securities Exchange
The Company’s securities are quoted
on the official list of the Australian Securities
Exchange Limited, the home branch being Perth.
ASX Codes: MHC and MHCO
Manhattan Corporation Limited
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2021 Annual Report to Shareholders
DIRECTORS REPORT
The Directors present their report for Manhattan Corporation Limited (“Manhattan” or “the Company”) and its
subsidiaries (“the Group”) for the year ended 30 June 2021.
DIRECTORS
The names, qualifications, and experience of the Company’s Directors in office during the period and until the
date of this report are as follows. Directors were in office for this entire period unless otherwise stated.
Mr Marcello Cardaci B. Juris, LLB, B.Com
Non-Executive Chairman
Marcello is a consultant to the Australian legal practice of Gilbert + Tobin. Mr Cardaci holds degrees in law and
commerce and is experienced in a wide range of corporate and commercial matters with a particular emphasis
on public and private capital equity raisings and mergers and acquisitions. Gilbert + Tobin specializes in the
provision of legal advice to companies involved in various industries including resources and manufacturing.
Mr Cardaci is a Director of Alta Zinc Limited (formerly Energia Minerals Limited) (appointed 7 October 2014) and
is a former Director of Cyprium Metals Ltd (resigned 10 July 2019). He has not held any other listed directorships
over the past three years.
Mr John Seton LLM (Hons)
Non-Executive Director
John is an Auckland based solicitor with over 30 years’ experience in commercial law, stock exchange listed
companies and the mineral resources sector. Mr Seton has an extensive skill set and experience gained from
sitting on many boards in Australia, New Zealand and overseas based companies both as an Executive and Non-
Executive Director.
Mr Seton is an Executive Director of Besra Gold Inc., Director & Chairman of Tomizone Limited, Director of Good
Spirits Hospitality Limited (NZX: GSH) and Trans-Tasman.
Mr Jens Balkau BSc Hon, MSc DIC
Non-Executive Director
Jens has more than 40 years’ experience as a geologist, formerly with Western Mining Corporation and Regis
Resources Limited, where he led the discovery and definition of more than 5Moz of gold in the Duketon Belt of
Western Australia. His discovery record also includes the world-class Tampakan copper-gold project in the
Philippines and he was involved in the Babel and Nebo nickel discoveries in the West Musgrave region of central
Australia. Mr Balkau is a member of the AusIMM and Australian Institute of Geoscientists.
Mr Balkau has not held any other listed directorships over the past three years.
Manhattan Corporation Limited
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2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
Mr Kell Nielsen BSc(Geol), MSc(MinEcon), MAusimm
Chief Executive Officer
Kell is an Australian Geologist with over 25 years’ experience in project generation, exploration, and development
across a broad range of minerals including gold, copper and base metals. Mr Nielsen has worked extensively in
Australia, Mongolia, West and East Africa and Myanmar covering a diverse range of experiences and roles from
grass roots exploration to being at the forefront of discoveries and managing large resource development teams
for Placer Dome (Wallaby resource definition >10Moz Au) and consulting to BHP Billiton’s iron ore and coal
divisions.
COMPANY SECRETARY
Eryn Kestel B. Bus, CPA
Eryn is a Certified Practicing Accountant with more than 28 years corporate experience that includes over 13
years’ in the role of Company Secretary for ASX listed companies.
Ms Kestel has not held any listed directorships over the past three years.
INTERESTS IN THE SECURITIES OF THE COMPANY^
As at the date of this report the interests of the Directors in the securities of Manhattan Corporation Limited are:
Director
M. Cardaci
J. Seton
Options over
Ordinary Shares
exercisable at 1
Performance
Ordinary Shares
cent each
Shares
3,567,241
1,575,785
-
-
-
-
38,844,831
J. Balkau
Note: Includes shares held directly, indirectly and beneficially by Key Management Personnel.
25,896,554
6,474,138
RESULTS OF OPERATIONS
The Group’s net loss after taxation attributable to the members of Manhattan Corporation for the year to
30 June 2021 was $599,020 (30 June 2020: $530,765).
DIVIDENDS
No dividend was paid or declared by the Group in the period and up to the date of this report.
CORPORATE STRUCTURE
Manhattan Corporation Limited is a Company limited by shares, which is incorporated and domiciled in Australia.
NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
During the period, the principal activity was mineral exploration and development and evaluation of mineral
projects and corporate opportunities in the resource sector worldwide.
EMPLOYEES
The Group has nil employees at 30 June 2021 (30 June 2020: Nil).
Manhattan Corporation Limited
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2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
TIBOOBURRA GOLD PROJECT
New South Wales
MHC Controls 100% of the Tibooburra Gold Project in the Far NW of New South Wales (NSW) through it’s fully
owned subsidiary Awati Resources Pty Ltd (Awati).
The Tibooburra Gold Project comprises a nearly contiguous land package of 15 granted exploration licences
(~2,200 square kilometres) that are located approximately 200km north of Broken Hill. It stretches 160km south
from the historic Tibooburra townsite and incorporates a large proportion of the Albert Goldfields (which produced
in excess of 50,000 to 100,000 ounces of Au from auriferous quartz vein networks and alluvial deposits that shed
from them during its short working life), along the gold-anomalous (soil, rock and drilling geochemistry, gold
workings) New Bendigo Fault, to where it merges with the Koonenberry Fault, and then strikes further south on
towards the recently discovered Kayrunnera gold nugget field. The area is conveniently accessed via the Silver
City Highway, which runs N-S through the project area.
Figure 1 | Location of the Tibooburra Gold Project
Manhattan Corporation Limited
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2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
After a detailed study of the Tibooburra District, GSNSW geoscientists (Greenfield and Reid, 2006) concluded
that ‘mineralisation styles and structural development in the Tibooburra Goldfields are remarkably similar to the
Victorian Goldfields in the Western Lachlan Orogen’. In their detailed assessment and comparison, they
highlighted similarities in the style of mineralisation, mineral associations, metal associations, hydrothermal
alteration, structural setting, timing of metamorphism and the age of mineralisation, association with I-type
magmatism, and the character of the sedimentary host rocks. Mineralisation in the Tibooburra Goldfields is
classified as orogenic gold and is typical of turbidite-hosted/slate-belt gold provinces (Greenfield and Reid, 2006).
Figure 2 | Prospective Palaeozoic gold terrains (green shading) of NSW and Victoria.
Overview
Manhattan completed its Maiden RC Drilling programme on the New Bendigo Prospect at Tibooburra in April 2020
and hance continued to explore the region since then.
During the reporting period MHC continued to advance its Tibooburra Gold Project, with a further Reverse
Circulation (RC) drill programme at New Bendigo. In addition to the RC programme, MHC completed two
systematic Aircore Drilling campaigns and a small diamond core programme.
Details of the programmes and results are as follows:
Manhattan Corporation Limited
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2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
New Bendigo RC Drilling – August-September 2020
MHC completed a second RC Drilling programme at the Tibooburra Gold Project in August and September 2020.
In total, forty (40) Reverse Circulation Drill (RC) Holes (NB0033-0072) were completed for 4,895 metres, these
results were reported in October (“Spectacular High-Grade Gold Continues at New Bendigo” – 12/10/2020).
Drilling remained focussed on the shallow nature of the mineralisation corridors with all drilling completed to less
than 200 metres vertically from surface.
Drilling successfully extended the mineralised footprint of the “Main Zone” to over 600 metres in strike and
delineated further mineralisation on the “Western Lode”. Drilling still only covered a small portion of the anomalous
area that extends for over 5 km in anomalous soils and ~2.8 km in historical workings (Main Zone 1.5km and
Western Lode 1.3 km).
Main Zone RC Drilling
As part of this programme, MHC completed a 22 RC holes for 2,772 metres at Main Zone. Drilling improved the
understanding and structural interpretation of a series of north plunging high grade shoots within a broader lower
grade envelope. Drilling returned significant mineralisation from the near surface high-grade central zone,
including:
▪ 30m at 4.03 g/t Au from 11m (NB0033), which includes:
▪ 5m at 20.86 g/t Au from 11m; and
▪ 14m at 1.03 g/t Au from 25m, which includes:
▪ 1m at 4.83 g/t Au from 25 and
▪ 8m at 1.07 g/t Au from 33m
Further to the high-grade central zone, drilling successfully increased the mineralised footprint with RC drill
coverage extended along strike to the south and north (100m and 80m respectively). The known strike extent of
mineralisation now exceeds over 600 metres. Mineralisation remains open along strike to the south and the north
and down-dip.
Drilling completed on the “Main Zone” has still only tested a small portion of an elongated >5km long soil anomaly,
where historic workings extend over at least 1.5 km of strike along the interpreted Main Zone.
Drilling returned significant results, including:
▪ 2m at 2.19 g/t Au from 74m (NB0044)
▪ 2m at 3.04 g/t Au from 75m (NB0047)
▪ 3m at 1.71 g/t Au from 34m (NB0052)
▪ 3m at 1.55 g/t Au from 43m (NB0052)
▪ 3m at 1.88 g/t Au from 74m (NB0061)
▪ 6m at 1.11 g/t Au from 110m (NB0067)
Manhattan Corporation Limited
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2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
Western Lode RC Drilling
In addition to the “Main Zone” drilling MHC completed 16 RC holes for 1,913 metres on the “Western Lode”.
Drilling was aimed at defining the potential of the “Western Lode” where previous drilling reported 7m at 18.16 g/t
Au (NB0023) and 5m at 1.12 g/t Au (NB0024).
Drilling was completed on planned section lines at regular intervals of approximately 40m north and 140 and 340m
south along strike of RC holes NB0023 and NB0024 that were completed in May.
Drilling completed by MHC during this round intersected similar alteration and widths to that encountered by initial
RC drilling completed in May. Significant results from the latest round of drilling include:
▪ 4m at 1.05 g/t Au from 28m (NB0034)
▪ 2m at 1.28 g/t Au from 13m (NB0037)
▪ 2m at 1.24 g/t Au from 20m (NB0037)
▪ 1m at 4.15 g/t Au from 122m (NB0039)
▪ 1m at 5.40 g/t Au from 1m (NB0056)
The mineralisation drilled at “Western Lode” has been traced from the current drilling to the south through a series
of workings that extends for at least 1.3 kilometres. The higher-grade component intersected in drilling completed
in May (NB0023) has been interpreted as being associated with nuggety coarse gold associated with quartz
veining within the alteration sequence and an interpreted structure or kink that cuts north east through the Western
Lode and Main Zone. This is further evidenced by a flexure in mineralisation identified in the recent drilling.
New Bendigo – Diamond Drilling December 2020
MHC completed three diamond holes (NBD0001-03) in December 2020. Drilling on the “Main Zone” intersected
broad zones of fractured, veined and crackle brecciated quartz pyrite altered black shales proximal to the historic
workings in fresh rock (NBD0001). Similar textured and weathered alteration (fractured, crackle brecciated, veined
and ex-sulphidic material) in oxidised core was intersected in NBD0002 that was cored from surface south of
recent RC drilling that returned 30m at 4.03 g/t Au from 11m (NB0033), including 5m at 20.86 g/t Au from 11m.
Results were reported in February (“Aircore Discovers New Gold Zone” – 16/02/2021) and April (“2021 March
Quarter Activities Report” – 29/07/2021).
Significant mineralisation was returned from NBD0001 (32m at 0.22 g/t Au from 81m) and NBD0002 (32m at 0.39
g/t Au from 5m) that is associated with the above-mentioned broad altered and fractured zones.
These results combined with the new zone discovered to the south of “Main Zone” significantly enhanced the
interpretation of the structural controls on mineralisation. Preliminary interpretation of drilling indicates that the
mineralisation exploited by historical mining and high-grade drill intersections such as 30m at 4.03 g/t Au (NB0033)
is associated with N to NE trending sinistral faulting where it intersects the broader lower-grade mineralisation
associated with the NNW trending New Bendigo Fault System.
The completed diamond holes are interpreted as being drilled on the periphery of the N to NE trending structure
and hence the higher-grade mineralisation, specifically where drilling ~7m south of NB0033 (30m at 4.03 g/t Au)
returned 32m at 0.39 g/t Au from 5m (NBD0002) within oxidised core, with assays from the bottom of the hole yet
to be received.
Manhattan Corporation Limited
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2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
This interpretation at the time of the completed diamond core at New Bendigo continued to confirm the continuity
of lower grade mineralisation within a wide NNW trending shear zone and strengthens MHC’s understanding that
the controls on the high-grade mineralisation are associated to have a similar orientation to the N to NE cross
cutting faults and shears.
MHC in conjunction with its specialist structural geologist completed an initial structural interpretation of the core
completed to date in conjunction with the recommencement of RC and diamond drilling. targeting further
discoveries and expansion of high-grade zones that are associated with high strain features intersected in core
that cut across the dominant regional shear system.
Assays from diamond hole NBD0003 completed on the “Western Lode” returned lower grade mineralisation within
intersected broad zones of strong to intense silica, sericite, pyrite and (+/-) fuchsite altered shales, siltstones and
sandstones interbedded with fractured, veined and brecciated quartz, pyrite altered black shales proximal to RC
hole NB0023 that returned 7m at 18.16 g/t on the “Western Lode”.
proximal to RC hole NB0023 that returned 7m at 18.16 g/t on the “Western Lode”.
New Bendigo – Aircore Drilling November-December 2020
MHC completed 105 Aircore drillholes (NBAC0001-105) for a total of 4,863m targeting geochemical responses
and shallow near surface mineralisation at its New Bendigo Prospect in late 2020. Drilling covered approximately
4 kilometres of prospective strike along the New Bendigo fault zone, targeting local extensions to and near the
current known mineralised zones, and regionally to define the location and extent of the fault and shear system
and outline further prospective mineralised zones to that already defined at “Main Zone” and “Western Lode”.
Results were reported in February (“Aircore Discovers New Gold Zone” – 16/02/2021) and April (“2021 March
Quarter Activities Report” – 29/07/2021).
Assays received from the programme successfully delivered two high priority targets for immediate follow up
drilling, this includes a new discovery to the south of the “Main Zone”.
Aircore drilling 500m along strike (SSE) of the Main Zone at the New Bendigo Prospect returned 12m at 1.14 g/t
Au including 4m at 2.50 g/t Au from surface (NBAC0103) (Figure 1) associated with a zone of workings that
extends for at least 600m within an interpreted sinistral fault structure where it cuts through the New Bendigo Fault
Zone. MHC is encouraged by the drilling completed to date, with parts of the programme intersecting logged
structures, alteration, and mineral assemblages like those noted within the New Bendigo “Main Zone” and
“Western Lode”.
Further to the new zone above, a broad spaced (~50m) regional traverse line drilled approximately 2km south of
the main zone, where no drilling had been completed to date. returned anomalous results on a significant regional
structure. Drilling returned 8m at 0.42 g/t Au from 64m (NBAC0059), including 4m at 0.69 g/t and 3m at 0.50 g/t
Au from 76m to the end of hole (NBAC0062).
In addition to the identification of these two priority areas that require immediate follow-up drilling, drilling delivered
significant technical knowledge on the localised mineralisation and how it sits within the broader regional geology.
This includes the significance of the New Bendigo Fault Zone and its associated splays and its interaction with
other shears and faults, especially the NE trending intersecting faults within the region.
MHC felt that the data gathered combined with the technical and structural data from the diamond drilling, will
significantly strengthen MHC’s ability to target further mineralisation with an enhanced geological model at New
Bendigo and regionally, including the >30km of mineralised corridor that New Bendigo, Clone and Pioneer are
located within.
Manhattan Corporation Limited
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2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
This is evident where the structures, particularly the NE faults cross cutting the main New Bendigo fault are
associated with high-grade mineralisation as identified at “Main Zone”, “West Lode” and potentially the newly
discovered “South Zone”.
Part of the Aircore drilling resumption in April 2021 was specifically targeted at the newly discovered zone and the
extensions to “Main Zone” and “Western Lode” along the NE trend that has not been tested.
Aircore Drilling April-May 2021
MHC completed 171 Aircore holes (10,308 metres) of drilling as a precursor to planned RC drilling in April and
May 2021. Drilling focussed on areas within the northern corridor proximal to existing and recently identified
potential gold targets along the 25km long highly prospective and mineralised New Bendigo Fault structure.
Results were reported in July (“More High-Grade at New Bendigo Main Zone” – 01/07/2021 and “2021 June
Quarter Activities Report” – 30/07/2021).
New Bendigo Main Zone
Aircore drilling (AC) was undertaken at “Main Zone” to scope out the structural controls on high-grade
mineralisation previously intersected in RC drilling at “Main Zone” (30m at 4.03 g/t Au, NB0033) and “Western
Lode” (7m at 18.16 g/t Au, NB0023) utilising closely spaced Aircore drilling. Aircore was undertaken in preference
to further diamond drilling to confirm the interpretation of the structural controls on mineralisation, where obtaining
orientated diamond core in weathered, brecciated and fractured material has proved to be extremely difficult within
the near surface area.
Drilling undertook the form of two lines (13 holes), NBAC0179-187 and NBAC203-206) of closely spaced AC to
the NE and the SW of the shallow high-grade where no effective drill coverage existed. Drilling returned
exceptional results, including:
▪ 12m at 2.78 g.t Au from surface, including 4m at 7.63 g/t Au (NBAC0181); &
▪ 8m at 1.78 g/t Au from surface, including 4m at 3.29 g/t Au (NBAC0183).
As indicated in previous announcements, MHC believed that the mineralisation exploited by historical mining and
high-grade drill intersections such as 30m at 4.03 g/t Au returned in NB0033 (from 11m) is associated with NNE
to NE trending faulting where it intersects the broader lower-grade mineralisation associated with the regional
NNW trending New Bendigo Fault System. Aircore drilling has adjusted this interpretation, with the cross-cutting
controls now believed to be orientated in a northerly direction (as opposed to NNE to NE).
This interpretation now opens the higher-grade controls for further testing along the whole strike extent of the
mineralised system at “Main Zone” and potentially the “Western Lode”.
MHC is planning on completing a further 5,000m of RC at New Bendigo, focused on the north trending high grade
intersections to date where they remain open within the broader NNW trending New Bendigo Fault System.
MHC is now anticipating the required approvals to be received in August, with drilling to commence shortly after
dependent upon the COVID-19 restrictions are in place at the time.
Jefferies Flat, Pioneer and Phoenix
In addition to the drilling at New Bendigo and Big Ego, MHC completed a further 58 AC holes over the far northern
section of the mineralised corridor that extends for over 6 kilometres north from Pioneer where previous drilling
returned 3m at 4.89 g/t Au from 69.8m (Diamond Hole AWPN02A) and 2m at 14.72 g/t Au from 88m (RC Hole
TP003) to Phoenix and Jefferies Flat to Jefferies Flat.
Manhattan Corporation Limited
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2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
Planned drilling was reduced at Jefferies Flat due to shallower weathering being intersected, MHC now plans to
now conduct a more detailed Auger drilling programme over the area.
A peak result of 4m at 0.59 g/t AU was returned (JFAC001).
Sandy Well and North Sandy Well
Limited drilling was undertaken in the Sandy Well area where cross-cutting structures intersect the main regional
structures. Drilling intersected thick transported cover and significant mineralisation (4m at 1.19 g/t Au from 92m)
was returned in SWAC004
Further drilling is not planned at this stage.
New Bendigo Southern Zones
MHC completed eight holes at New Bendigo “Southern Zone” to follow up drilling completed in late 2020 that
returned 12m at 1.14 g/t Au including 4m at 2.50 g/t Au from surface (NBAC0103).
All assays have been returned with a peak result of 4m at 0.55 g/t Au being returned from the end of hole
(NBAC0112). Due to the shallow weathering and the inability of the rig to obtain suitable drill depths (average
depth ~26m), Aircore drilling was deemed to be ineffective. MHC plans to complete a deeper RC drilling traverse
(fence line) across the original intersection (NBAC0103) in the upcoming programme as the Company remains
encouraged by the drilling completed to date; with recent drilling intersecting logged alteration, and mineral
assemblages like those noted within the New Bendigo “Main Zone” and “Western Lode”, including intersection of
sulphide mineralisation (weathered and fresh) associated with sheared and veined material.
MHC completed nine AC holes at Silverton (NBAC0106-114) to follow up previous AC results that included, 8m
at 0.42 g/t Au (NBAC0059), 3m at 0.50 g/t Au from 76m (EOH - NBAC0062). A further hole NBAC0063 returned
1m at 36.4 g/t Ag from 50 metres (EOH) in multi-element geochemical sampling that was undertaken by MHC on
the last metre sampled in the AC hole. Drilling returned only minor anomalism, MHC plans to test underneath the
more anomalous results using RC as part of the next programme.
Returned assays from drilling at Big Ego and Big Ego NW indicated no significant Au associated with the alteration
system and MHC is not planning any further work within the area.
Tenements
During the reporting period MHC added additional granted tenure to its holdings at the Tibooburra Gold Project.
The following New Exploration Licences were Granted:
• EL 9010 – Granted 17/11/2020 (Previously ELA 5939)
• EL 9024 – Granted 13/01/2021 (Previously ELA 5912)
• EL 9092- Granted 15/03/2021 (Previously ELA 6146)
• EL 9093- Granted 16/03/2021 (Previously ELA 6036)
• EL 9094- Granted 16/03/2021 (Previously ELA 6052)
In addition to these five exploration licences, a new 6 year Exploration licence (EL 9202) was granted over the
area that covered the New Bendigo Prospect replacing EL 6286.
Manhattan Corporation Limited
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2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
Details of the licences are tabled Below:
Table 1. Tibooburra Gold Project - Tenements
JORC Code, 2012 Edition – Table 1
As required by ASX Listing Rule 5.7, the relevant information and Tables required for previously announced results under the
JORC Code can be found in the following announcements:
In reference to results quoted for previous drilling, please refer to the following announcements for the results and their
respective JORC Tables for the quoted intersections for drill holes using the following prefixes:
“TIBRB” or “AW” – Reported by MHC on the 11th February 2020, “Drilling – Tibooburra Gold Project”.
“NB0001-32” – Reported by MHC on the 25th June 2020, “New High-Grade Gold Discovery”.
“NB0033-72” – Reported by MHC on the 12th October 2020, “Spectacular High-Grade Gold Continues at New Bendigo”.
“NBAC0001-105” – Reported by MHC on the 16/12/2021 “Aircore Discovers New Gold Zone” and 29/07/2021 “2021 March
Quarter Activities Report”
“NBD0001-003” – Reported by MHC on the 16/12/2021 “Aircore Discovers New Gold Zone” and 29/07/2021 “2021 March
Quarter Activities Report”
“NBAC0106-206” – Reported by MHC on the 22 July 2021 and the 30th July 2021 “More High Grade at New Bendigo Main
Zone” and “2021 June Quarter Activity Report” respectively
References
Greenfield J and Reid W, 2006. Orogenic gold in the Tibooburra area of north-western NSW – a ~440Ma ore system with
comparison to the Victoria Goldfields. ASEG Extended Abstracts, 2006:1, 1-8, DOI: 10.1071/ASEG2006ab059.
Manhattan Corporation Limited
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2021 Annual Report to Shareholders
ProjectAreaRegisteredHolderTenementNumberStatusGrant or Application DateExpiryDateArea(Sq.km)Area(Units)EL 920228/06/202128/06/202773.925EL 743723/12/200923/12/202632.811EL 869102/02/201802/02/2027137.346EL 868802/02/201802/02/2027110.237EL 860223/06/201723/06/2026145.249EL 860323/06/201723/06/202650.317EL 860727/06/201727/06/2026147.850EL 868902/02/201802/02/202780.227EL 869002/02/201802/02/2027115.739EL 874204/05/201804/05/2027115.639EL 901017/11/202017/11/20268328EL 902413/01/202113/01/202725185EL 909215/03/202115/03/2027118.740EL 909316/03/202116/03/2027576194EL 909416/03/202116/03/2027158.153Sub Totals2,196740NorthernLicencesSouthern LicencesAwatiResourcesPty. Ltd.(100%)
Competent Persons Statement
The information in this Report that relates to Exploration Results for the Tibooburra Project is based on information review by Mr
Kell Nielsen who is the CEO of Manhattan Corporation Limited and is a Member of the Australasian Institute of Mining and
Metallurgy. Mr Nielsen has sufficient experience which is relevant to this style of mineralisation and type of deposit under
consideration and to the overseeing activities which he is undertaking to qualify as a Competent Person as defined in the 2004
and 2012 Editions of the “Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Mr
Nielsen consents to the inclusion in the report of the matters based on his reviewed information in the form and context in which
it appears.
Forward looking statements
This announcement may contain certain “forward-looking statements” which may not have been based solely on historical facts,
but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses
or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed
to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties, assumptions and other
factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-
looking statements. Such risks include, but are not limited to third party actions, metals price volatility, currency fluctuations and
variances in exploration results, ore grade or other factors, as well as political and operational risks, and governmental regulation
and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company’s Annual Reports, as
well as the Company’s other releases. The Company does not undertake any obligation to release publicly any revisions to any
“forward-looking statement” to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of
unanticipated events, except as may be required under applicable securities laws.
Manhattan Corporation Limited
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2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
PONTON URANIUM PROJECT
Western Australia
MHC still maintains the Ponton Uranium Project in Western Australia (WA). No exploration or development was
carried out on the Project during the reporting period.
The Ponton Uranium Project is a potential future low-cost in-situ metal recovery (ISR) development opportunity
located in Western Australia.
The Project comprises key Exploration Licence E28/1898 and a further Exploration Licence Application (ELA
28/2454)
The Project is located within the remote Queen Victoria Spring Nature Reserve (QVSNR), 200km east northeast
of Kalgoorlie. The WA state Labor government’s policies of not to approve new uranium mines, or to allow mineral
exploration in reserves, suggests there is little likelihood of progressing the exploration and development of the
Ponton uranium project over the next four-year term of the present WA government.
Manhattan will endeavour to maintain its Ponton Uranium Project with a view that the uranium price may improve
in the future and the WA government will change or its policies on uranium approvals and exploration access to
reserves will change.
On 23 January 2017 Manhattan reported an upgraded JORC Code 2012 Inferred Resource for the Double 8
uranium deposit at Ponton in WA of 26 million tonnes (Mt), for 17.2 million pounds (Mlb) grading 300ppm uranium
oxide (U3O8) at a 200ppm cutoff.
The Inferred Resource estimate reported for Ponton project is:
• Double 8 uranium deposit of 17.2Mlb U3O8 at 200ppm cutoff.
Exploration Results at Ponton, reported on 7 February 2014, have also identified four wide spaced drilled
Exploration Targets, namely:
•
Stallion South of between 8 and 16Mlb U3O8;
• Highway South of between 8 and 16Mlb U3O8; and
•
Ponton of between 15 and 30Mlb U3O8
For full details of reported Mineral Resource Estimates and Exploration Targets, Competent Person’s
consent, material assumptions and technical parameters for the Ponton Project refer to Manhattan ASX
announcements dated 23 January 2017 and 7 February 2014.
Ponton Uranium Project Inferred Resource
There has been no change to the Mineral Resource Estimates from 30 June 2018 Annual Report up to the date
of this report.
Manhattan Corporation Limited
13
2021 Annual Report to Shareholders
CUTOFF GRADE eU3O8(ppm)TONNES (MILLION) GRADE eU3O8(ppm)TONNES U3O8(t)POUNDS (MILLION) U3O8(Mlb)10011017018,70042.01505124012,24026.0200263007,80017.2250143605,04011.0DOUBLE 8 INFERRED RESOURCE ESTIMATES
DIRECTORS REPORT (Continued)
Figure 03 | Ponton Uranium Project
Figure 04 | Manhattan’s Ponton
Manhattan Corporation Limited
14
2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
Figure 05 | Double 8 Inferred Resources – Double 8, Stallion South, Highway South & Ponton Exploration
Targets.
Manhattan Corporation Limited
15
2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There have been no significant changes in the state of affairs of the Company during year to 30 June 2021 and
up to the date of this report.
SIGNIFICANT EVENTS AFTER THE BALANCE DATE
No matters or circumstance have arisen since 30 June 2021 which significantly affected or could significantly
affect the operations of the consolidated group in future financial years.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
Likely developments in the operations of the Company are set out in the above review of operations in this annual
report. Any future prospects are dependent upon the results of future exploration and evaluation.
ENVIRONMENTAL REGULATIONS AND PERFORMANCE
The Group carries or carried out operations that are subject to environmental regulations under legislation in
Australia. The Group has formal procedures in place to ensure regulations are adhered to. The Group is not aware
of any breaches in relation to environmental matters.
SHARE OPTIONS
As at the date of this report, there were 214,000,001 unissued ordinary shares under options and 300,000,000
performance shares on issue. The details of the options at the date of this report are as follows:
Number
Exercise Price $
Expiry Date
14,000,000
200,000,001
214,000,001
0.01
28 April 2023
0.01 1 August 2023
No option holder has any right under the options to participate in any other share issue of the Company or any
other entity.
CORPORATE
On 6 July 2020, the Company announced the completion of a Placement which was applied to progress additional
RC drilling at New Bendigo. 20 million fully paid Ordinary Shares were issued at $0.017 per Share to institutional,
professional and sophisticated investors including existing Shareholders.
Manhattan Corporation Limited
16
2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
The Company has made an agreement indemnifying all the Directors and officers of the Company against all
losses or liabilities incurred by each Director or officer in their capacity as Directors or officers of the Company to
the extent permitted by the Corporations Act 2001. The indemnification specifically excludes wilful acts of
negligence. The Company paid insurance premiums in respect of Directors’ and Officers’ Liability Insurance
contracts for current officers of the Company, including officers of the Company’s controlled entities. The liabilities
insured are damages and legal costs that may be incurred in defending civil or criminal proceedings that may be
brought against the officers in their capacity as officers of entities in the Group. The total amount of insurance
premiums paid has not been disclosed due to confidentiality reasons.
DIRECTORS’ MEETINGS
During the period ended 30 June 2021, in addition to regular Board discussions, the number of meetings of
directors held and the number of meetings attended by each director were as follows:
Director
Mr Marcello Cardaci
Mr Jens Balkau
Mr John Seton
Number of
Meetings Eligible to
Number of
Attend
Meetings Attended
3
3
3
3
3
3
PROCEEDINGS ON BEHALF OF COMPANY
No person has applied for leave of court to bring proceedings on behalf of the Company or intervene in any
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company
for all or any part of those proceedings. The Company was not a party to any such proceedings during the year.
CORPORATE GOVERNANCE
In recognising the need for the highest standards of corporate behaviour and accountability, the Directors of
Manhattan Corporation Limited support and have adhered to the principles of sound corporate governance. The
Board recognises the recommendations of the Australian Securities Exchange Corporate Governance Council
and considers that Manhattan Corporation complies with those guidelines to the extent possible, which are of
importance to the commercial operation of a junior listed resources company. During the period, shareholders
continued to receive the benefit of an efficient and cost-effective corporate governance policy for the Company.
In accordance with ASX Listing Rule 4.10.3 the Company has elected to publish its Corporate Governance
Statement on the Company website at https://manhattcorp.com.au/corporate/corporate-governance/.
AUDITOR INDEPENDENCE AND NON-AUDIT SERVICES
Section 307C of the Corporations Act 2001 requires the Company’s auditors to provide the Directors of Manhattan
Corporation with an Independence Declaration in relation to the audit of the financial report for the year ended 30
June 2021. A copy of that declaration is included on page 23.
Manhattan Corporation Limited
17
2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
REMUNERATION REPORT (AUDITED)
This report outlines the remuneration arrangements in place for Directors and Executives of Manhattan
Corporation Limited in accordance with the requirements of the Corporations Act 2001 and its Regulations. For
the purpose of this report, Key Management Personnel (KMP) of the Company are defined as those persons
having authority and responsibility for planning, directing and controlling the major activities of the Group, directly
or indirectly, including any Director (whether executive or otherwise) of the Group
The report contains the following sections:
1.
2.
3.
4.
5.
6.
Key Management Personnel covered by this Remuneration Report;
Remuneration Governance;
Details of Remuneration;
Share Based Remuneration;
Additional disclosures relating to options and shares; and
Service Agreements.
1. Key Management Personnel covered by this Remuneration Report
The following were KMPs of the Group at any time during the years ended 30 June 2020 and 30 June 2021 and
unless otherwise indicated, KMPs for the entire period:
Non–Executive Directors
Mr Marcello Cardaci
Mr Jens Balkau
Mr John Seton
Other Key Management Personnel
Mr Kell Nielsen
There were no other changes to KMPs after the reporting date and before the date of the financial report.
2. Remuneration Governance
The Board is responsible for determining and reviewing compensation arrangements for the Directors. The Board
assesses the appropriateness of the nature and amount of emoluments of such officers on a periodic basis by
reference to relevant employment market conditions with the overall objective of ensuring maximum stakeholder
benefit from the retention of a high quality board and executive team. Currently the Group does not link the nature
and amount of the emoluments of such officers to the Group’s financial or operational performance. The expected
outcome of this remuneration structure is to retain and motivate Directors.
As part of its Corporate Governance Policies and Procedures, the Board has adopted a formal Remuneration
Committee Charter. Due to the current size of the Group and number of Directors, the Board has elected not to
create a separate Remuneration Committee but has instead decided to undertake the function of the Committee
as a full Board under the guidance of the formal Charter.
The table below shows the performance of the Group as measured by loss per share over the past five financial
years:
Manhattan Corporation Limited
18
2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
3. Details of Remuneration
Details of the nature and amount of each element of the emolument of each Director and Executive of the Group
are as follows:
30 June 2021
Director
Mr. M Cardaci
Mr. J Balkau 1
Mr. J Seton
Other KMP
Mr K Nielsen 2
Total
30 June 2020
Director
Mr. M Cardaci
Mr. J Balkau 1
Mr. R Perring 3
Mr. J Seton
Other KMP
Mr K Nielsen 2
Short Term
Options
Base Salary
$
Directors
Fees
$
Consulting
Fees
$
Post
employment
Superannuati
on
$
Share Based
Payment
$
Total
$
Performance
Related
%
-
-
-
-
-
-
-
-
-
-
36,000
36,000
24,000
-
-
-
-
200,000
96,000
200,000
36,000
6,000
18,000
24,000
18,000
-
13,500
-
-
120,949
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,948
-
-
36,000
36,000
24,000
200,000
296,000
54,000
18,948
31,500
24,000
-
-
-
-
-
-
-
-
-
39,000
159,949
32.2%
Total
Notes:
(1) Jens Balkau was appointed on 6 April 2020. The share-based payment included in the table relate to the acquisition of
152,449
288,397
51,948
84,000
-
-
-
Awati Resources Pty Ltd.
(2) Kell Nielsen was appointed as CEO on the 23 April 2020 and previously provided consulting services.
(3) Robert Perring resigned on 6 April 2020.
4. Share Based Remuneration
The terms and conditions of each grant of options affecting remuneration in the previous, this or future reporting
periods are as follows:
Grant date
Grant
number
Expiry date
Value per
options at
grant date
Value of
options at
grant date
Exercise
price
No. Vested No. Expired
Director
Mr. J Balkau 1
Other KMP
Mr K Nielsen 2
6/04/2020
6,474,138 1/08/2023
$0.002
$12,948
$0.01
6,474,138
28/04/2020 10,000,000 28/04/2023
$0.004
$39,000
$0.01 10,000,000
Total
Notes:
(1) Jens Balkau was appointed on 6 April 2020.
(2) Kell Nielsen was appointed as CEO on the 23 April 2020 and previously provided consulting services.
16,474,138
16,474,138
-
-
-
Options over shares in Manhattan are granted to Directors, consultants and employees as consideration and are
approved by a general meeting of shareholders. The options are designed to provide long term incentives for
executives and non-executives to deliver long term shareholder returns. Participants are granted options which
are granted for no issue consideration and the exercise prices will be such price as determined by the board, at
its absolute discretion, on or before the date of issue.
There were no alterations to the terms and conditions of options granted as remuneration since their grant date.
Manhattan Corporation Limited
19
2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
Options granted as part of remuneration have been valued using the Black-Scholes option pricing model, which
takes account of factors such as the option exercise price, the current level and volatility of the underlying share
price and the expected time to maturity of the option. Options granted under the plan carry no dividend or voting
rights.
During the year there were no options provided as remuneration to Directors or other Key Management Personnel
of the Company. When exercisable, each option is convertible into one ordinary share of Manhattan.
5. Additional disclosures relating to options and shares
Share holdings of Key Management Personnel^
The number of shares in the Company held during the period and up to the date of this report by each director and
executive of Manhattan Corporation Limited, including their personally related parties, is set out below. There were
no shares granted during the reporting period as compensation.
30 June 2021
Director
Mr. M Cardaci
Mr. J Balkau 1
Mr. J Seton 2
Other KMP
Mr K Nielsen 3
Total
30 June 2020
Director
Mr. M Cardaci
Mr. J Balkau 1
Mr. R Perring 4
Mr. J Seton 2
Other KMP
Mr K Nielsen 3
Opening
Balance
Number Issued
Share
Purchases
Share Sales or
Other changes Closing Balance
3,567,241
25,896,554
25,578,761
1,500,000
56,542,556
-
-
-
-
-
-
-
-
-
-
(24,002,976)
3,567,241
25,896,554
1,575,785
750,000
-
2,250,000
750,000
(24,002,976)
33,289,580
3,567,241
-
15,000,000
25,578,761
-
25,896,554
-
-
-
-
-
-
-
-
-
-
-
15,000,000
-
3,567,241
25,896,554
-
25,578,761
1,500,000
1,500,000
Total
Notes:
Includes shares held directly, indirectly and beneficially by Key Management Personnel.
(1) Jens Balkau was appointed on 6 April 2020. Shares issued in the table relate to the acquisition of Awati Resources Pty
16,500,000
25,896,554
44,146,002
56,542,556
-
Ltd.
(2) John Seton’s holding reflects his resignation as Director of Minvest Securities (New Zealand) and the removal of his
beneficial holding in Minvest Securities of 24,002,976
(3) Kell Nielsen was appointed as CEO on the 23 April 2020 and previously provided consulting services
(4) Robert Perring resigned on 6 April 2020. Shares deemed to be disposed upon resignation from the Company.
Manhattan Corporation Limited
20
2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
Option holdings of Key Management Personnel^
The numbers of options over ordinary shares in the Company held during the period by each director of Manhattan
Corporation Limited and specified executive of the group, including their personally related parties, are set out
below:
30 June 2021
Director
Mr. M Cardaci
Mr. J Balkau 1
Mr. J Seton
Other KMP
Mr K Nielsen 2
Total
30 June 2020
Director
Mr. M Cardaci
Mr. J Balkau 1
Mr. R Perring 3
Mr. J Seton
Other KMP
Mr K Nielsen 2
Opening
Balance
Number
Issued
Number
Exercised
Expired or
other
changes
Closing
Balance Exercisable
Non-
exercisable
Vested options
-
6,474,138
-
10,000,000
16,474,138
-
-
-
-
-
2,000,000
-
-
2,000,000
-
6,474,138
-
-
- 10,000,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,474,138
-
-
6,474,138
-
- 10,000,000 10,000,000
- 16,474,138 16,474,138
(2,000,000)
-
-
(2,000,000)
-
6,474,138
-
-
-
6,474,138
-
-
- 10,000,000 10,000,000
-
-
-
-
-
-
-
-
-
-
Total
Notes:
Includes shares held directly, indirectly and beneficially by Key Management Personnel.
(1) Jens Balkau was appointed on 6 April 2020. Options issued in the table relate to the acquisition of Awati Resources Pty
(4,000,000) 16,474,138 16,474,138
4,000,000 16,474,138
-
-
Ltd.
(2) Kell Nielsen was appointed as CEO on the 23 April 2020 and previously provided consulting services.
(3) Robert Perring resigned on 6 April 2020.
All equity transactions with key management personnel other than arising from the exercise of remuneration
options have been entered into under terms and conditions no more favourable than those the Group would have
adopted if dealing at arm’s length.
6. Service Agreements
Non-Executive Directors
The Non-Executive Directors on appointment, enter into a service agreement with the Company in the form of a
letter appointment and are paid an annual fee on a monthly basis. The letter summarises the Board policies and
terms, including compensation, relevant to the office of Non-Executive Director.
The Non-Executive Directors are also entitled to fees for other amounts as the board determines where they
perform special duties or otherwise performs extra services or make special exertions on behalf of the Company.
These fees are included as short-term consulting fees as outlined in the tables included in the Remuneration
Report.
Manhattan Corporation Limited
21
2021 Annual Report to Shareholders
DIRECTORS REPORT (Continued)
In determining whether a Non-Executive Director should perform any additional services on behalf of the
Company, the board takes into consideration factors such as the cash flow impact of employing an independent
contractor, the relevant experience and technical expertise required in performing any services and relevant
additional credentials required to perform a particular task.
The aggregate fee remuneration for Non-Executive Directors has been set at an amount not to exceed $200,000
per annum. This amount may only be increased with the approval of Shareholders at a general meeting.
Other transactions with Key Management Personnel and their related parties
Jura Trust Limited (a Company of which Mr Seton is a director), as trustee of the Jura Trust, charged the Group
director’s fees for the twelve months totalling $24,000 (2020: $24,000). This amount is not in addition to the fees
included in the remuneration table within this remuneration report. Nil (2020: $2,000) was outstanding at period
end.
These transactions have been entered into on normal commercial terms.
End of Remuneration Report (Audited)
Signed on behalf of the board in accordance with a resolution of the Directors.
Marcello Cardaci
Non-Executive Chairman
29 September 2021
Manhattan Corporation Limited
22
2021 Annual Report to Shareholders
The Directors
Manhattan Corporation Limited
Level 2
33 Colin Street
West Perth WA 6005
Dear Directors
In accordance with Section 307C of the Corporations Act 2001 (the "Act") I hereby declare that to the best
of my knowledge and belief there have been:
(i) no contraventions of the auditor independence requirements of the Act in relation to the audit of
the 30 June 2021 financial statements; and
(ii) no contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Manhattan Corporation Limited and the entities it controlled during the
year.
Daniel Dalla CA (Lead auditor)
Partner
Rothsay Auditing
Dated 29 September 2021
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Revenue from continuing operations
Interest income
Expenses
Public company costs
Consulting and directors’ fees
Legal fees
Impairment of exploration expenditure
Administrative expenses
Profit on sale of assets
Depreciation
Share based payments
Loss before income tax
Income tax expense
Consolidated
Notes
30 June 2021
30 June 2020
$
$
1,080
1,080
1,187
1,187
(77,148)
(374,837)
(14,096)
(32,054)
(78,738)
2,727
(25,954)
-
(599,020)
(51,798)
(248,027)
(90,778)
(28,151)
(58,176)
-
-
(55,022)
(530,765)
-
-
21
8
Net loss for the period
(599,020)
(530,765)
Other comprehensive income for the period
-
-
Total comprehensive loss for the period
(599,020)
(530,765)
Loss per share attributable to owners of Manhattan
Corporation Limited
Basic and diluted loss per share (cents per share)
7
0.04
0.06
Manhattan Corporation Limited
24
2021 Annual Report to Shareholders
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Consolidated
Notes
30 June 2021
30 June 2020
$
$
10
11
4,220,680
268,580
974,281
159,870
TOTAL CURRENT ASSETS
5(b)
4,489,260
1,134,151
NON-CURRENT ASSETS
Property, plant and equipment
Deferred exploration and evaluation expenditure
12
13
139,074
3,496,162
-
1,546,142
TOTAL NON-CURRENT ASSETS
3,635,236
1,546,142
TOTAL ASSETS
8,124,496
2,680,293
CURRENT LIABILITIES
Trade and other payables
14
80,475
73,225
TOTAL CURRENT LIABILITIES
80,475
73,225
TOTAL LIABILITIES
80,475
73,225
NET (DEFICIENCY) / ASSETS
8,044,021
2,607,068
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
15
16
28,465,911
22,429,938
5,112,350
5,112,350
(25,534,240)
(24,935,220)
8,044,021
2,607,068
Manhattan Corporation Limited
25
2021 Annual Report to Shareholders
CONSOLIDATED STATEMENT OF CASH FLOWS
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees
Proceeds from R&D refund
Interest received
Consolidated
Notes
30 June 2021
30 June 2020
$
$
(569,480)
(470,022)
-
1,080
67,589
1,187
NET CASH USED IN OPERATING ACTIVITIES
10
(568,400)
(401,246)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for fixed asset
Receipts for sale of assets
Expenditure on exploration
(165,028)
2,727
-
-
(2,058,873)
(525,634)
NET CASH USED IN INVESTING ACTIVITIES
(2,221,174)
(525,634)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares
Share issue costs
6,220,500
(184,527)
925,000
(55,500)
NET CASH FROM FINANCING ACTIVITIES
6,035,973
869,500
Net (decrease) / increase in cash held
Cash and cash equivalents at beginning of period
3,246,399
974,281
(57,380)
1,031,661
CASH AND CASH EQUIVALENTS AT END OF THE
PERIOD
10
4,220,680
974,281
Manhattan Corporation Limited
26
2021 Annual Report to Shareholders
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Notes
Issued
capital
$
Accumulated
payment
losses
reserves
$
$
Total
$
Share based
At 1 July 2019
Loss for the period
Other comprehensive loss
Total comprehensive loss
Transactions with owners in their capacity as owners
Issue of share capital
Consideration issues
Incentive option issues
Share issue costs
At 1 July 2020
Loss for the period
Other comprehensive loss
Total comprehensive loss
Issue of share capital
Share issue costs
At 30 June 2021
Transactions with owners in their capacity as owners
20,560,438
(24,404,455)
4,857,328
1,013,311
-
-
-
(530,765)
-
(530,765)
925,000
1,000,000
-
(55,500)
-
-
-
-
-
-
-
-
(530,765)
-
(530,765)
925,000
200,000
1,200,000
55,022
-
55,022
(55,500)
15 & 16
22,429,938
(24,935,220)
5,112,350
2,607,068
-
-
-
(599,020)
-
(599,020)
6,405,000
(369,027)
-
-
-
-
-
-
-
(599,020)
-
(599,020)
6,405,000
(369,027)
15 & 16
28,465,911
(25,534,240)
5,112,350
8,044,021
Manhattan Corporation Limited
27
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDING 30 JUNE 2021
1.
CORPORATE INFORMATION
The financial report of Manhattan Corporation Limited (“Manhattan Corporation” or “the Company”) and its
controlled entities (“the Group”) for the year ended 30 June 2021 was authorised for issue in accordance
with a resolution of the Directors on 29 September 2021.
Manhattan Corporation Limited is a for profit company limited by shares incorporated in Australia whose
shares are publicly traded on the Australian Securities Exchange.
The nature of the operations and the principal activities of the Group are described in the Directors’ Report.
2.
SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
The
principal
accounting
policies
adopted
in
the
preparation
of
the
Financial
Report
are
set
out
below.
These policies
have
been consistently applied to all the years presented, unless otherwise stated.
The
Financial Statements
are for the consolidated entity consisting of Manhattan Corporation Limited and
its
subsidiaries. The
Financial Statements
are presented in the Australian currency. Manhattan Corporation
Limited is a company limited by shares, domiciled and incorporated in Australia. The financial statements
were authorised for issue by
the
Directors
on
29
September
2021. The
Directors
have the power to amend
and reissue the financial statements.
(a)
Basis of Preparation
This general
purpose
Financial Report
has been prepared in accordance with Australian Accounting
Standards,
other
authoritative
pronouncements
of
the
Australian
Accounting
Standards
Board,
Australian Accounting Interpretations and the
Corporations Act 2001.
Compliance with IFRS
The
Financial
Statements
of
Manhattan
Corporation
Limited
also
complies
with
International
Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.
Historical
Cost
Convention
These
Financial Statements
have been prepared under the historical cost convention.
Critical
Accounting
Estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It
also
requires
management
to
exercise
its
judgement
in
the
process
of
applying
the
Group’s
accounting policies. The areas involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the
Financial Statements
are disclosed in
Note
3.
Manhattan Corporation Limited
28
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
Going Concern
The Company incurred a loss for the year of $599,020 (2020: $530,765) and a net cash outflow from
operating activities of $568,400 (2020: $401,246).
At 30 June 2021 the Group had cash assets of $4,220,680 (2020: $974,281) and working capital of
$4,408,785 (2020: $1,060,926).
The Directors consider it appropriate that the financial report be prepared on a going concern basis.
(b) Basis of Consolidation
The consolidated Financial Statements incorporate the assets and liabilities of the Company’s wholly
owned subsidiaries Manhattan Resources Pty Ltd and Awati Resources Pty Ltd as at 30 June 2021
and the results of the subsidiaries for the year then ended.
Subsidiaries are all those entities (including special purpose entities) over which the Group has the
power to govern the financial and operating policies, so as to obtain benefits from its activities,
generally accompanying a shareholding of more than one-half of the voting rights. The existence and
effect of potential voting rights that are currently exercisable or convertible are considered when
assessing whether the Group controls another entity.
The Financial Statements of the subsidiaries are prepared for the same reporting period as the
Parent Entity, using consistent accounting policies. Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with the policies adopted by the Group.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They
are de-consolidated from the date that control ceases.
Intercompany transactions and balances, income and expenses and profits and losses between
Group companies, are eliminated.
Investments in subsidiaries are accounted for at cost in the Statement of Financial Position of the
Company.
(c)
Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision maker. The chief operating decision maker, who is responsible for allocating
resources and assessing performance of the operating segments, has been identified as the full
Board of Directors.
(d) Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed
as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third
parties.
Manhattan Corporation Limited
29
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
The Group recognises revenue when the amount of revenue can be reliably measured, it is probable
that future economic benefits will flow to the entity and specific criteria have been met for each of the
Group’s activities as described below. The amount of revenue is not considered to be reliably
measurable until all contingencies relating to the sale have been resolved. The Group bases its
estimates on historical results, taking into consideration the type of customer, the type of transaction
and the specifics of each arrangement.
(e)
Income Tax
The income tax expense or revenue for the period is the tax payable on the current period’s taxable
income based on the notional income tax rate for each jurisdiction adjusted by changes in deferred
tax assets and liabilities attributable to temporary differences and to unused tax losses.
Deferred income tax is provided in full, using the liability method, on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the Consolidated
Financial Statements. However, the deferred income tax is not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a business combination that at the time
of the transaction affects neither accounting, nor taxable profit or loss. Deferred income tax is
determined using tax rates (and laws) that have been enacted or substantively enacted by the year
ending 30 June and are expected to apply when the related deferred income tax asset is realised or
the deferred income tax liability is settled.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only
if it is probable that future taxable amounts will be available to utilise those temporary differences
and losses. Deferred tax liabilities and assets are not recognised for temporary differences between
the carrying amount and tax bases of investments in controlled entities where the parent entity is
able to control the timing of the reversal of the temporary differences and it is probable that the
differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current
tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to
offset and intends either to settle on a net basis, or to realise the asset and settle the liability
simultaneously. Current and deferred tax balances attributable to amounts recognised directly in
equity are also recognised directly in equity.
(f)
Impairment of Assets
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there
are separately identifiable cash inflows which are largely independent of the cash inflows from other
assets or company of assets (cash generating units). Non-financial assets other than goodwill that
suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
Manhattan Corporation Limited
30
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
(g) Acquisition of Assets
Assets including exploration interests acquired are initially recorded at their cost of acquisition on the
date of acquisition, being the fair value of the consideration provided plus incidental costs directly
attributable to the acquisition.
When equity instruments are issued as consideration, their market price at the acquisition date is
used as fair value, except where the notional price at which they could be placed in the market is a
better indication of fair value.
Depreciation
Depreciable non-current assets are depreciated over their expected economic life using either the
straight line or the diminishing value method. Profits and losses on disposal of non-current assets
are taken into account in determining the operating loss for the year. The depreciation rate used for
each class of assets is as follows:
• Motor Vehicles
25%
(h) Cash and Cash Equivalents
For cash flow statement presentation purposes, cash and cash equivalents includes cash on hand,
deposits held at call with financial institutions, other short term, highly liquid investments with original
maturities of three months or less that are readily convertible to known amounts of cash and which
are subject to an insignificant risk of changes in value, and bank overdrafts.
(i)
Exploration and Evaluation Expenditure
Exploration, evaluation and development expenditure incurred is accumulated in respect of each
identifiable area of interest. These costs are only carried forward to the extent that they are expected
to be recouped through the successful development of the area or where activities in the area have
not yet reached a stage that permits reasonable assessment of the existence of economically
recoverable reserves.
Accumulated costs in relation to an abandoned area are written off in full against profit in the year in
which the decision to abandon the area is made.
When production commences, the accumulated costs for the relevant area of interest are amortised
over the life of the area according to the rate of depletion of the economically recoverable reserves.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing
to carry forward costs in relation to that area of interest.
(j)
Trade and Other Payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of
Financial Year which are unpaid. The amounts are unsecured and are usually paid within 30 days of
recognition.
Manhattan Corporation Limited
31
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
(k) Contributed Equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
shares or options are shown in equity as a deduction, net of tax, from the proceeds. Incremental
costs directly attributable to the issue of new shares or options for the acquisition of a business are
not included in the cost of the acquisition as part of the purchase consideration.
(l)
Investments and Other Financial Assets
Financial assets are classified as either financial assets at fair value through profit or loss, or at
amortised cost, as appropriate. When financial assets are recognised initially they are measured at
fair value, plus, in the case of investments not at fair value through profit or loss, directly attributable
transaction costs. The Group determines the classification of its financial assets after initial
recognition and, when allowed and appropriate, re-evaluates this designation at each financial year
end.
Financial Assets at Fair Value Through Profit or Loss
A financial asset is classified in this category if acquired principally for the purpose of selling in the
short term or if so designated by management. The policy of management is to designate a financial
asset at fair value through profit or loss if there exists the possibility it will be sold in the short term
and the asset is subject to frequent changes in value. Derivatives are also categorised as held for
trading unless they are designated as hedges. Assets in this category are classified as current assets
if they are either held for trading or are expected to be realised within twelve months of the year
ending 30 June.
Amortised Cost
Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. They arise when the Group provides money, goods or services
directly to a debtor with no intention of selling the receivable. They are included in current assets,
except for those with maturities greater than twelve months after the year ending 30 June which are
classified as non current assets. Loans and receivables are included in receivables in the year ending
30 June.
(m) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the
GST incurred is not recoverable from the taxation authority. In this case it is recognised as part of
the cost of acquisition of the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net
amount of GST recoverable from, or payable to, the taxation authority is included with other
receivables or payables in the year ending 30 June.
Manhattan Corporation Limited
32
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing
or financing activities which are recoverable from, or payable to the taxation authority, are presented
as operating cash flows.
(n) Employee Benefit Provisions
Wages and Salaries, Annual Leave and Sick Leave
Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating
sick leave expected to be settled within 12 months of the year ending 30 June are recognised in
respect of employees' services rendered up to the year ending 30 June and measured at amounts
expected to be paid when the liabilities are settled. Liabilities for non-accumulating sick leave are
recognised when leave is taken and measured at the actual rates paid or payable. Liabilities for
wages and salaries, and annual leave are included as part of Other Payables.
Long Service Leave
Liabilities for long service leave are recognised as part of the provision for employee benefits and
measured as the present value of expected future payments to be made in respect of services
provided by employees to the year ending 30 June using the projected unit credit method.
Consideration is given to expected future salaries and wages levels, experience of employee
departures and periods of service. Expected future payments are discounted using national
government bond rates at the year ending 30 June with terms to maturity and currency that match,
as closely as possible, the estimated future cash outflows.
Share Based Payments
The Group provides benefits to employees (including Directors) in the form of share-based payment
transactions, whereby employees render services in exchange for shares or options over shares
("equity settled transactions").
The fair value of options granted is recognised as an employee benefit expense with a corresponding
increase in equity (share option reserve). The fair value is measured at grant date and recognised
over the period during which the employees become unconditionally entitled to the options. Fair value
is determined by using a Black and Scholes option pricing model. In determining fair value, no
account is taken of any performance conditions other than those related to the share price of
Manhattan ("Market Conditions").
(o) Earnings Per Share
Basic Earnings Per Share
Basic earnings per share is calculated by dividing profit/(loss) attributable to equity holders of the
Group, excluding any costs of servicing equity other than ordinary shares, by the weighted average
number of ordinary shares outstanding during the Financial Year, adjusted for bonus elements in
ordinary shares issued during the year.
Manhattan Corporation Limited
33
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
Diluted Earnings Per Share
Diluted earnings per share adjust the figures used in the determination of basic earnings per share
to take into account the after income tax effect of interest and other financing costs associated with
dilutive potential ordinary shares and the weighted average number of additional ordinary shares that
would have been outstanding assuming the conversions of all dilutive potential ordinary shares.
(p) New Accounting Standards and Interpretations
Standards and Interpretations applicable to 30 June 2021
In the year ended 30 June 2021, the Directors have reviewed all of the new and revised Standards
and Interpretations issued by the AASB that are relevant to the Company and effective for the current
annual reporting period. As a result of this review, the Directors have determined that there is no
material impact of the new and revised Standards and Interpretations on the Group and, therefore,
no material change is necessary to Group accounting policies.
Standards and Interpretations in issue not yet adopted
The Directors have also reviewed all Standards and Interpretations in issue not yet adopted for the
year ended 30 June 2021. As a result of this review the Directors have determined that there is no
material impact of the Standards and Interpretations on issue not yet adopted on the Company and,
therefore, no change is necessary to Group accounting policies.
3.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
Estimates and judgements are continually evaluated and are based on historical experience and other
factors, including expectations of future events that may have a financial impact on the entity and that are
believed to be reasonable under the circumstances.
Key Estimates: Impairment of Exploration and Exploration Expenditure
The Group assesses impairment at each reporting date by evaluating conditions specific to the Group that
may lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset
is determined by Value in use calculations performed in assessing recoverable amounts and incorporate a
number of key estimates. The Group has made an impairment charge for the year which has been
recognised in the profit or loss.
Share Based Payment Transactions
The Group measures the cost of equity settled share based payments at fair value at the grant date using
the Black and Scholes model taking into account the exercise price, the term of the option, the impact of
dilution, the share price at the grant date, the expected volatility of the underlying share, the expected
dividend yield and risk free interest rate for the term of the option.
Manhattan Corporation Limited
34
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
4.
SEGMENT INFORMATION
The Group operates in one segment, being mineral resource exploration and assessment of mineral
projects.
5.
FINANCIAL RISK MANAGEMENT
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, interest
rate risk and price risk), credit risk and liquidity risk. The Group’s overall risk management program focuses
on the unpredictability of the financial markets and seeks to minimise potential adverse effects on the
financial performance of the Group. The Group does not use derivative financial instruments, however the
Group uses different methods to measure different types of risk to which it is exposed. These methods
include sensitivity analysis in the case of interest rate and other price risks and aging analysis for credit
risk.
Risk management is carried out by the Board of Directors with assistance from suitably qualified external
and internal advisors. The Board provides written principles for overall risk management and further policies
will evolve commensurate with the evolution and growth of the Group.
(a) Market Risk
(i)
Foreign Exchange Risk
The Group does not currently operate internationally and therefore its exposure to foreign
exchange risk arising from currency exposures is limited.
(ii)
Price Risk
The Group does not currently hold any equity investments so it is not exposed to equity
securities price risk. The Group is not exposed to commodity price risk as the Group is still
carrying out exploration.
(iii) Cash Flow and Fair Value Interest Rate Risk
The Group’s only interest rate risk arises from cash and cash equivalents. Term deposits and
current accounts held with variable interest rates expose the Group to cash flow interest rate
risk. The Group does not consider this to be material to the Group and have therefore not
undertaken any further analysis of risk exposure.
(b) Credit Risk
Credit risk is managed by the Board for the Group. Credit risk arises from cash and cash equivalents
as well as credit exposure including outstanding receivables and committed transactions. All cash
balances held at banks are held at internationally recognised institutions, with minimum
independently rated rates of ‘A’. The majority of receivables are immaterial to the Group. Given this
the credit quality of financial assets that are neither past due or impaired can be assessed by
reference to historical information about default rates.
Manhattan Corporation Limited
35
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
The maximum exposure to credit risk is the carrying amount of the financial assets of cash and trade
and other receivables to the value of $4,489,260 (2020: $1,134,151).
The following financial assets of the Group are neither past due or impaired:
Cash and cash equivalents
Trade and other receivables
(c)
Liquidity Risk
30 June 2021
30 June 2020
$
4,220,680
268,580
4,489,260
$
974,281
159,870
1,134,151
Prudent liquidity risk management implies maintaining sufficient cash to meet liabilities. The Group
manages liquidity risk by continuously monitoring forecast and actual cash flows and matching the
maturity profiles of financial assets and liabilities. As at reporting date the Group had sufficient cash
reserves to meet its requirements. The Group therefore had no credit standby facilities or
arrangements for further funding in place.
The financial liabilities of the Group at reporting date were trade and other payables incurred in the
normal course of the business of $80,475 (2020: $73,225). These were non-interest bearing and
were due within the normal 30 to 60 days terms of creditor payments. The Group had no borrowings
during the year and has therefore not undertaken any further analysis of risk exposure.
(d)
Fair Value Estimation
The fair value of financial assets and liabilities must be estimated for recognition and measurement
or for disclosure purposes.
The carrying value less any required impairment provision of trade receivables and payables are
assumed to approximate their fair values due to their short-term nature.
6.
INVESTMENT IN SUBSIDIARIES
The consolidated financial statements incorporate the assets, liabilities and results of the following
subsidiaries in accordance with the accounting policy described in note 2(b).
Equity Holding as
Equity Holding as
Country of
at
at
Name of Entity
Incorporation
30 June 2021
30 June 2020
Manhattan Resources Pty Ltd
Awati Resources Pty Ltd (“Awati”)
Australia
Australia
100%
100%
100%
100%
Manhattan Corporation Limited
36
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7.
LOSS PER SHARE
30 June 2021
30 June 2020
Loss used in calculating basic and dilutive EPS
(599,020)
(530,765)
Weighted average number of ordinary shares used in
calculating basic loss per share:
1,375,045,816
890,377,054
Number of Shares
There is no impact from 214,000,001 options and 300,000,000 performance shares outstanding at 30 June
2021 (2020: 214,000,001 options and 300,000,000 performance shares) on the loss per share calculation
because they are anti-dilutive. These options could potentially dilute basic EPS in the future.
8.
INCOME TAX EXPENSE
(a)
Income tax expense
Major component of tax expense for the period:
Current tax
Deferred tax
Income tax as reported in the statement of
comprehensive income
Consolidated
30 June 2021
30 June 2020
$
$
-
-
-
-
-
-
(b) Numerical reconciliation between aggregate tax expense recognised in the statement of
comprehensive income and tax expense calculated per the statutory income tax rate.
A reconciliation between tax expense and the product of accounting loss before income tax
multiplied by the Group’s applicable tax rate is as follows:
Loss from continuing operations before income tax
expense
Tax at the group rate of 26% (2020: 27.5%)
(599,020)
(155,745)
(530,765)
(145,960)
Increase in income tax due to:
- Non-deductible expenses
- Impact of change in corporate tax rate
- Changes in unrecognised temporary differences
- Unused tax losses not recognised
Income tax attributable to operating loss
213
470,365
(1,039,248)
724,415
-
22,873
-
(145,348)
268,435
-
Manhattan Corporation Limited
37
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
Consolidated
30 June 2021
30 June 2020
$
$
(c) Unrecognised deferred tax balances at 25% (2020: 27.5%)
The following deferred tax balances have not been
recognised:
Deferred tax assets
Carry forward revenue and capital losses
5,514,556
5,299,804
Accruals
Capital raising costs
Deferred tax liabilities
Exploration expenditure
7,750
94,545
9,900
32,305
5,616,851
5,342,009
671,395
671,395
167,995
167,995
The benefit for tax losses will only be obtained if:
(i)
the Group derives future assessable income in Australia of a nature and of an amount sufficient
to enable the benefit from the deductions for the losses to be realised, and
the Group continues to comply with the conditions for deductibility imposed by tax legislation in
Australia and
(ii)
(iii) no changes in tax legislation in Australia, adversely affect the Group in realising the benefit from
the deductions for the losses.
(d) Change in corporate tax rate:
There has been a legislated change in the corporate tax rate that will apply to future income years.
The impact of this reduction in the corporate tax rate has been reflected in the unrecognised deferred
tax positions and the prima face income tax reconciliation above.
(e)
Tax Consolidation
Manhattan Corporation and its wholly owned Australian subsidiaries are part of an income tax
consolidated group and have entered into tax sharing and tax funding agreements. Under the terms
of these agreements, the subsidiaries will reimburse Manhattan Corporation for any current income
tax payable by Manhattan Corporation arising in respect of their activities. The reimbursements are
payable at the same time as the associated income tax liability falls due and will therefore be
recognised as a current tax-related receivable by Manhattan Corporation when they arise. In the
opinion of the Directors, the tax sharing agreement is also a valid agreement under the tax
consolidation legislation and limits the joint and several liability of the subsidiaries in the event of a
default by Manhattan Corporation.
9.
DIVIDENDS PAID OR PROPOSED
There were no dividends paid or proposed during the year.
Manhattan Corporation Limited
38
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
10. CASH AND CASH EQUIVALENTS
Reconciliation of Cash and Cash Equivalents
Cash comprises of:
Cash at bank
Consolidated
30 June 2021
30 June 2020
$
$
4,220,680
974,281
Cash at bank earns interest at floating rates based on daily bank deposit rates.
Short-term deposits are made for varying periods of between one day and three months, depending on the
immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.
Reconciliation of operating loss after tax to the cash flows
from operations
Loss from ordinary activities after tax
(599,020)
(530,765)
Consolidated
30 June 2021
30 June 2020
$
$
Non-cash items
Depreciation
Sale of fixed assets
Exploration expenditure written off
Share based payments
Allocation trade and other receivables to exploration
Allocation trade and other payables to exploration
Awati acquisition adjustments
Change in assets and liabilities
Decrease / (increase) in trade and other receivables
(Decrease) / increase in trade and other payables
Net cash outflow used in operating activities
25,954
(2,727)
32,054
-
112,193
(35,393)
28,151
55,022
-
-
-
151,341
(108,710)
7,249
(568,400)
(153,073)
48,078
(401,246)
Cash at bank and in hand earns interest at floating interest rates based on the daily bank rates.
Manhattan Corporation Limited
39
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
11. TRADE AND OTHER RECEIVABLES (CURRENT)
Security deposits
GST receivable
Other
Consolidated
30 June 2021
30 June 2020
$
194,350
69,030
5,200
268,580
$
100,000
54,670
5,200
159,870
Security deposits are provided for tenements as surety of potential rehabilitation works.
Other debtors and goods and services tax are non-interest bearing and generally receivable on 30-day
terms. They are neither past due nor impaired. The amount is fully collectible. Due to the short-term nature
of these receivables, their carrying value is assumed to approximate their fair value.
(a)
Fair Values and Credit Risk
Due to the short-term nature of these receivables the carrying values represent their respective fair
values at 30 June 2021.
The maximum exposure to credit risk at the reporting date is the carrying amount of each class of
receivables mentioned above. Refer to Note 5 for more information on the risk management policy
of the Group and the credit quality of the entity’s receivables.
(b) Other Receivables
These amounts generally arise from transactions outside the usual operating activities of the Group.
Collateral is not normally obtained.
12. PROPERTY, PLANT AND EQUIPMENT
Motor vehicles
Cost
Accumulated depreciation
Net book amount
Motor vehicles reconciliation of carrying amount
Carrying amount at beginning of the year
Additions
Depreciation
Carrying amount at the end of the year
2021
$
2020
$
165,028
(25,954)
139,074
-
165,028
(25,954)
139,074
-
-
-
-
-
-
-
Manhattan Corporation Limited
40
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
13. EXPLORATION AND EVALUATION EXPENDITURE
At beginning of the period
Exploration expenditure during the period
Acquisition of Awati exploration asset
Impairment loss
Total exploration and evaluation
Consolidated
30 June 2021
30 June 2020
$
1,546,142
1,982,074
-
(32,054)
$
-
573,058
1,001,235
(28,151)
3,496,162
1,546,142
The ultimate recoupment of costs carried forward for exploration expenditure is dependent on the
successful development and commercial exploitation or sale of the respective mining areas. The
impairment loss relates to the withdrawal from tenements held in Australia that the Group has made a
decision not to continue exploration and wrote down the carrying value to nil.
14. TRADE AND OTHER PAYABLES (CURRENT)
Trade creditors
Accruals
Other creditors
Consolidated
30 June 2021
30 June 2020
$
$
49,627
31,000
(152)
80,475
19,346
44,500
9,379
73,225
Trade payables and other creditors are non-interest bearing and will be settled on 30 to 60-day terms. Due
to the short-term nature of these payables, their carrying value is assumed to approximate their fair value.
Manhattan Corporation Limited
41
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
15.
ISSUED CAPITAL
(a)
Issued capital
Ordinary shares fully paid
Consolidated
30 June 2021
30 June 2020
$
$
28,465,911
22,429,938
30 June 2021
30 June 2020
Number of
shares
$
Number of
shares
$
(b) Movement in shares on issue
At beginning of the period
1,126,278,693
22,429,938
741,278,693
20,560,438
Issue for cash
400,000,000
6,405,000
185,000,000
925,000
Consideration shares Awati
acquisition
less fundraising costs
-
-
-
200,000,000
1,000,000
(369,027)
-
(55,500)
At 30 June
1,526,278,693
28,465,911 1,126,278,693
22,429,938
(c) Ordinary shares
The Group does not have authorised capital nor par value in respect of its issued capital. Ordinary
shares have the right to receive dividends as declared and, in the event of a winding up of the Group,
to participate in the proceeds from sale of all surplus assets in proportion to the number of and
amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in person or
proxy, at a meeting of the Group.
(d) Capital risk management
The Group’s capital comprises share capital, reserves less accumulated losses amounting to
$8,044,021 at 30 June 2021 (2020: $2,607,068). The Group manages its capital to ensure its ability
to continue as a going concern and to optimise returns to its shareholders. The Group was ungeared
at year end and not subject to any externally imposed capital requirements. Refer to note 5 for further
information on the Group’s financial risk management policies.
Manhattan Corporation Limited
42
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
(e)
Share options
At 30 June 2021, there were 514,000,001 unissued ordinary shares under options (30 June 2020:
514,000,001 options). The details of the options and performance shares are as follows:
Description
Listed Options
Listed Options – Awati acquisition
Performance shares – Awati
acquisition
Unlisted incentive options
Total
Number
Exercise Price $ Expiry Date
100,000,001
100,000,000
300,000,000
14,000,000
514,000,001
0.01
0.01
1 August 2023
1 August 2023
Nil
0.01
6 April 2025
28 April 2023
No option holder has any right under the options to participate in any other share issue of the Group
or any other entity. No options or performance shares were issued during the year.
Information relating to the Manhattan Corporation Employee Share Option Plan, including details of
options issued under the plan, is set out in note 21(a).
16. RESERVES
Share based payment reserve
Movements in Reserves
Share based payment reserve
At beginning of the period
Consideration listed options
Share based payment expense for incentive options
At end of period
Consolidated
30 June 2021
30 June 2020
$
$
5,112,350
5,112,350
5,112,350
4,857,328
-
-
200,000
55,022
5,112,350
5,112,350
The share-based payment reserve is used to record the value of equity benefits provided to directors,
executives and employees as part of their remuneration and non-employees for their services. Refer to
note 21 for further details of the options issued during the period.
Manhattan Corporation Limited
43
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
17. RELATED PARTY TRANSACTIONS
(a) Details of key management personnel
The following persons were Directors of Manhattan during the Financial Year:
Name
Position
Marcello Cardaci
Non-Executive Chairman
Jens Balkau
John Seton
Kell Nielsen
Non-Executive Director – appointed 6 April 2020
Non-Executive Director
Chief Executive Officer – appointed 23 April 2020
(b) Remuneration of Key Management Personnel
Short term employee benefits
Share based payments
Total remuneration
(c)
Loans to Key Management Personnel
Consolidated
30 June 2021
30 June 2020
$
296,000
-
296,000
$
236,449
51,948
288,397
There were no loans made or outstanding to Directors of Manhattan and Key Management Personnel
of the Company, including their personally related parties.
(d) Other Transactions with Key Management Personnel
(i) Marcello Cardaci
Marcello Cardaci is a partner in the firm of Gilbert + Tobin Lawyers. Gilbert + Tobin Lawyers
has provided legal services of $12,206 (2020: $38,020) to Manhattan during the year on
normal commercial terms.
18. NON-CASH INVESTING AND FINANCING ACTIVITIES
There were no non-cash investing or financing activities during the year ended 30 June 2021.
19. SUBSEQUENT EVENTS AFTER END OF FINANCIAL YEAR
No matters or circumstance have arisen since 30 June 2021 which significantly affected or could
significantly affect the operations of the consolidated group in future financial years.
Manhattan Corporation Limited
44
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
20. AUDITOR’S REMUNERATION
Consolidated
30 June 2021
30 June 2020
$
$
The auditor of Manhattan Corporation Limited is Rothsay Auditing
Amounts received or due and receivable by Rothsay Auditing for:
- an audit or review of the financial report of the entity and any
other entity in the Consolidated group
34,000
32,000
- tax compliance services in relation to the entity and any other
entity in the consolidated group
-
34,000
2,000
34,000
21. SHARE BASED PAYMENTS
(a) Options
All options granted are for ordinary shares in Manhattan Corporation Limited, which confer a right of
one ordinary share for every option held.
Listed options 1
6 April 2020
1 August 2023
$0.01
$0.0020
100,000,001
100,000,000
-
-
Incentive unlisted
options 2
28 April 2020
28 April 2023
$0.01
$0.0039
14,000,000
-
-
-
200,000,001
14,000,000
Grant Date
Expiry Date
Exercise price
Value per security
Balance 30 June
2020
Granted
Expired
Vested
Balance 30 June
2021
Notes:
1. Listed options issue formed consideration for the acquisition of Awati Resources Pty Ltd
2. Incentive options were valued using a Black-Scholes option pricing model with the key inputs of the share
price at grant date $0.007, risk free rate 0.26% and volatility of 103.13%.
Manhattan Corporation Limited
45
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
(b) Acquisition of Exploration Asset – Awati Resources Pty Ltd
On 6 April 2020 the acquisition of Awati Resources Pty Ltd was completed with the following
consideration.
- Consideration Shares – 200,000,000 fully paid ordinary share at a deemed issue price of $0.005
which a subject to a voluntary escrow period of 12 months.
- Consideration Listed Options – 50,000,000 listed options with an exercise price of $0.01 expiring
on 1 August 2023. The deemed issue price is $0.002.
- Advisor Listed Options – 50,000,000 listed options with an exercise price of $0.01 expiring on 1
August 2023. The deemed issue price is $0.002.
- Performance Shares – 300,000,000 performance shares, each entitling the holder to one ordinary
share on the announcement of a JORC 2012 compliant resources of at least 500,000 ounces of
gold, with a minimum cut-off grade of 0.5 g/T gold.
Grant Date
Expiry Date
Share price on grant date
Exercise Price
Volatility
Risk-free rate
Value of performance share
Performance Shares
6 April 2020
6 April 2025
$0.005
Nil
103.13%
0.41%
$0.005
The acquisition of Awati Resources Pty Ltd is not considered to be a business combination under
AASB 3 Business Combinations. No value has been attributed to Performance Shares as the value
is not recognised until such a time as the Performance Shares vest upon conditions being met.
Manhattan Corporation Limited
46
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
22. PARENT ENTITY INFORMATION
The following information related to the parent entity, Manhattan Corporation Limited, at 30 June 2021. The
information presented here has been prepared using consistent accounting policies as presented in Note 2.
In 2009 Manhattan acquired a 100% interest in Manhattan Resources Pty Ltd and this subsidiary has been
consolidated since the acquisition on 21 July 2009 and Awati Resources Pty Ltd from 6 April 2020.
Current assets
Non-current assets
Total Assets
Current liabilities
Non-current liabilities
Total Liabilities
Net Assets
Issued capital
Share based payment reserve
Accumulated losses
30 June 2021
30 June 2020
$
4,165,700
7,314,504
11,480,204
33,805
3,311,637
3,345,442
$
973,566
7,180,377
8,153,943
45,406
5,495,512
5,540,918
8,134,762
2,613,025
28,465,911
5,112,350
22,429,938
5,112,350
(25,443,499)
(24,929,263)
Total Equity
8,134,762
2,613,025
Loss for the period
Other comprehensive income for the period
Total comprehensive loss for the period
23. COMMITMENTS
(a)
Exploration Expenditure
Annual tenement rental obligations
Annual exploration expenditure commitments
(b) Capital or Leasing Commitments
There are no capital or leasing commitments as at 30 June 2021.
30 June 2021
30 June 2020
$
$
(514,236)
(524,808)
-
-
(514,236)
(524,808)
30 June 2021
30 June 2020
$
27,180
517,000
544,180
$
41,310
827,500
868,810
Manhattan Corporation Limited
47
2021 Annual Report to Shareholders
NOTES TO THE FINANCIAL STATEMENTS (Continued)
24. CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The Directors are of the opinion that there are no contingent liabilities or contingent assets as at 30 June
2021.
25.
INTERESTS IN JOINT VENTURES
Manhattan currently has no Joint Venture interests.
Manhattan Corporation Limited
48
2021 Annual Report to Shareholders
DIRECTORS’ DECLARATION
In the opinion of the Directors of Manhattan Corporation Limited (“Manhattan”):
(a) The Financial Statements comprising the Consolidated Statements of Comprehensive Income, Financial
Position, Cash Flows, Statement of Changes in Equity and the Notes to Accompany the Financial
Statements as set out on pages 28 to 48 are in accordance with the Corporations Act 2001, and:
(i) comply with Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements; and
(ii) give a true and fair view of the financial position of Manhattan as at 30 June 2021 and of its
performance for the Financial Year ended on that date.
(b)
In the Directors’ opinion, there are reasonable grounds to believe that Manhattan will be able to pay its
debts as and when they become due and payable;
(c) The remuneration disclosures included in the Directors’ Report (as part of the Audited Remuneration
Report), for the year ended 30 June 2021, comply with section 300A of the Corporations Act 2001;
(d) A statement that the attached Financial Statements are in compliance with International Financial
Reporting Standards has been included in the Notes to the Financial Statements; and
(e) The Directors have been given the declarations required by section 295A of the Corporations Act 2001
from the Chief Executive and Chief Financial Officers for the Financial Year ended 30 June 2021.
This declaration is made in accordance with a resolution of the Board of Directors and is signed on behalf of the
Directors by:
Marcello Cardaci
Non-Executive Chairman
29 September 2021
Manhattan Corporation Limited
49
2021 Annual Report to Shareholders
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
MANHATTAN CORPORATION LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Manhattan Corporation Limited (“the Company”) and its controlled
entities (“the Group”) which comprises the consolidated statement of financial position as at 30 June 2021,
the consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended on that date and
notes to the financial statements, including a summary of significant accounting policies and the directors’
declaration of the Company.
In our opinion the financial report of the Group is in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the Group’s financial position as at 30 June 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 these
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report
section of this report. We are independent of the Group in accordance with the auditor independence
requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and
Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (Including Independence
Standards) (the “Code”) that are relevant to our audit of the financial report in Australia. We have also
fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given
to the directors of the Company, would be in the same terms if given to the directors as at the time of this
auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial report of the current period. These matters were addressed in the context of our audit
of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
MANHATTAN CORPORATION LIMITED (continued)
Key Audit Matter – Cash and Cash Equivalents How our Audit Addressed the Key Audit Matter
The Group’s cash and cash equivalents make up
94% of total current assets by value and are
considered to be the key driver of the Group’s
operations and exploration activities.
Our procedures over the existence of the Group’s
cash and cash equivalents included but were not
limited to:
• Testing a sample of cash payments to
We do not consider cash and cash equivalents to
be at a high risk of significant misstatement, or
to be subject to a significant level of judgement.
determine they were bona fide payments,
were properly authorised and recorded in the
general ledger; and
However due to the materiality in the context of
the financial statements as a whole, this is
considered to be an area which had an effect on
our overall strategy and allocation of resources
in planning and completing our audit.
Key Audit Matter – Exploration and Evaluation
Expenditure
The Group incurred significant exploration and
evaluation expenditure during the year.
We do not consider exploration and evaluation
expenditure to be at a high risk of significant
misstatement, however due to the materiality in
the context of the financial statements as a
whole, this is considered to be an area which had
an effect on our overall strategy and allocation
of resources in planning and completing our
audit.
• Agreeing significant cash holdings to
independent third-party confirmations.
We have also assessed the appropriateness of the
disclosures included in the financial report.
How our Audit Addressed the Key Audit Matter
Our procedures in assessing exploration and
evaluation expenditure included but were not
limited to the following:
• We assessed the reasonableness of capitalising
exploration and evaluation expenditure in
accordance with AASB 6 Exploration for and
Evaluation of Mineral Resources.
• We tested a sample of exploration and
evaluation expenditure to supporting
documentation to ensure they were bona fide
payments; and
• We documented and assessed the processes
and controls in place to record exploration and
evaluation transactions.
We have also assessed the appropriateness of the
disclosures included in the financial report.
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
MANHATTAN CORPORATION LIMITED (continued)
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 30 June 2021, but does not include the financial
report and our auditor’s report thereon.
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 we conclude there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Directors’ Responsibility 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 the 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 cease operations,
or have no realistic alternative but to do so.
Auditor’s Responsibility 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 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 at: www.auasb.gov.au/Home.aspx.
We communicate with the directors regarding, amongst other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
MANHATTAN CORPORATION LIMITED (continued)
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence and where applicable, related safeguards.
From the matters communicated with the directors, we determine those matters that were of most
significance in the audit of the financial report of the current period and are therefore the key audit matters.
We describe those matters in our auditor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communications.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the remuneration report included in the directors’ report for the year ended 30 June 2021.
In our opinion the remuneration report of Manhattan Corporation Limited for the year ended 30 June 2021
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an
opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing
Standards.
Rothsay Auditing
Dated 29 September 2021
Daniel Dalla
Partner
ASX ADDITIONAL INFORMATION
ASX Additional Information
Additional information required by the Australian Stock Exchange Ltd and not shown elsewhere in this report is
as follows. The information is current at 23 September 2021.
Substantial Share Holders
there are no shareholders who have notified the Company in accordance with Section 671B of the Corporations
Act 2001.
Distribution of Share Holders
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
TOTAL
Ordinary Shares
Number of Holders Number of Shares
85
124
87
1,014
1,202
2,512
36,124
364,813
755,200
51,664,445
1,473,458,111
1,526,278,693
There were 727 holders of ordinary shares holding less than a marketable parcel.
Top Twenty Share Holders
Rank Name
Units
% Units
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
UBS Nominees Pty Ltd
Citicorp Nominees Pty Limited
J & J Bandy Nominees Pty Ltd
Mr Noel Ross Archer
Argonaut Equity Partners Pty Ltd
Jet Capital Pty Ltd
Balkau Family Pty Ltd
HSBC Custody Nominees (Australia) Limited
Aralad Management Pty Ltd
Australian Leisure Equity Pty Ltd
73,378,000
59,370,800
40,264,389
35,106,291
31,166,356
28,000,000
25,896,554
22,012,125
21,750,000
20,382,961
Mr Jason Bontempo & Mrs Tiziana Battista
20,000,000
BR Corporation Pty Ltd
DJ Coughlan Drilling Pty Ltd
NEWD Corp Pty Ltd
RWH Nominees Pty Ltd
Surf Coast Capital Pty Ltd
Generation Four Investments Pty Ltd
Tetramin Pty Ltd
Mr Malcolm Alexander Briody
Deantrish Superannuation Pty Ltd
20,000,000
20,000,000
16,000,000
15,959,849
15,666,672
11,850,283
11,000,000
10,000,000
10,000,000
4.81
3.89
2.64
2.30
2.04
1.83
1.70
1.44
1.43
1.34
1.31
1.31
1.31
1.05
1.05
1.03
0.78
0.72
0.66
0.66
Totals: Top 20 holders of ORDINARY FULLY PAID SHARES (Total)
Total Remaining Holders Balance
507,804,280
1,018,474,413
33.27
66.73
Manhattan Corporation Limited
54
2021 Annual Report to Shareholders
ASX ADDITIONAL INFORMATION (Continued)
Top Twenty Option Holders
Rank Name
Units
% Units
42,082,486
25,000,000
20,000,000
10,991,319
10,946,462
10,000,000
7,791,594
7,500,000
6,474,138
5,476,572
5,000,000
5,000,000
3,819,600
3,589,962
2,494,614
2,103,250
2,000,000
1,925,000
1,836,000
1,500,000
21.04
12.50
10.00
5.50
5.47
5.00
3.90
3.75
3.24
2.74
2.50
2.50
1.91
1.79
1.25
1.05
1.00
0.96
0.92
0.75
175,530,997
24,469,004
87.77
12.23
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Strata Nominees Pty Ltd
Lamerton Pty Ltd
Jet Capital Pty Ltd
Jorac Pty Ltd
Ausdrill International Pty Ltd
Ninety Three Pty Ltd
Argonaut Equity Partners Pty Ltd
Ratdog Pty Ltd
Balkau Family Pty Ltd
Mr Noel Ross Archer
Aralad Management Pty Ltd
Konkera Pty Ltd
Mr Jason Bontempo & Mrs Tiziana Battista
RWH Nominees Pty Ltd
Jameker Pty Ltd
Argonaut Investments Pty Ltd
WILHAJA Pty Ltd
M & K Korkidas Pty Ltd
RACAM Super Pty Ltd
Alissa Bella Pty Ltd
Totals: Top 20 holders of LISTED OPTIONS EXPIRING 01/08/2023 @ $0.01
(Total)
Total Remaining Holders Balance
Restricted Securities
There are no restricted securities.
On-Market Buy Back
There is no current on-market buy back.
Voting Rights
All ordinary shares carry one vote per share without restriction.
Interests in Tenements Held
Tenure Title
Interest
Project
Ponton
Tenement Number
Holder
E28/1523
E28/1898
E28/2454
MHC
MHC
MHC
%
100
100
100
AREA
(ha)
Status of Tenure
20 sub blocks
34 sub blocks
1 sub block is 2.97km2
22 Sub blocks
121 sub blocks
surrendered
Manhattan Corporation Limited
55
2021 Annual Report to Shareholders