Annual Report
2021
ABN 74 111 977 354
Corporate Directory
Directors
Steve Zaninovich
Tim Wither
Martin Janes
Gerard Anderson
Paul Cmrlec
Scott Huffadine
Company Secretary
Rajita Alwis
Non-Executive Chair
Managing Director
Non-Executive Director
Non-Executive Director
Non-Executive Director
Alternate Non-Executive Director
to Paul Cmrlec
Registered Office
Suite 12, 198 Greenhill Road
Eastwood SA 5063
T +61 08 7324 3172
F +61 08 8312 5501
E info@maximusresources.com
W maximusresources.com
Share Registry
Computershare Investor Services
Level 5, 115 Grenfell Street
Adelaide, South Australia 5000
T +61 8 8236 2300
F +61 8 8236 2305
W computershare.com/au
Auditor
Grant Thornton
Grant Thornton House
Level 3, 170 From Street
Adelaide SA 5000
Solicitors
EMK Lawyers
Suite 1, 519 Stirling Hwy
Cottesloe WA 6011
ASX codes
MXR
MXROD
ABN 74 111 977 354
Financial report
for the Year Ended 30 June 2021
Maximus Resources Limited ABN 74 111 977 354
Financial Statements
Contents
Directors' report
Auditor's Independence Declaration
Consolidated statements of profit or loss and other comprehensive income
Consolidated statements of financial position
Consolidated statements of changes in equity
Consolidated statements of cash flows
Notes to the consolidated financial statements
Directors' declaration
Independent auditor's report to the members
Page
4
20
21
22
23
24
25
45
46
These financial statements are the consolidated financial statements of the consolidated entity consisting of Maximus
Resources Limited and its subsidiaries. The financial statements are presented in the Australian currency.
Maximus Resources Limited is a company limited by shares, is listed on the Australian Securities Exchange (ASX) under the
code "MXR" and is incorporated and domiciled in Australia. The registered office and principal place of business is:
Maximus Resources Limited
Suite 12, 198 Greenhill Road
Eastwood
SA 5063
Registered postal address is:
Maximus Resources Limited
GPO Box 1167
Adelaide
SA 5001
A description of the nature of the Company's operations and its principal activities is included in the directors' report on
pages 4 to 18
The financial statements were authorised for issue by the directors on 24 September 2021. The directors have the power
to amend and reissue the financial statements.
All press releases, financial reports and other information are available on our website: www.maximusresources.com.
Maximus Resources Limited
Directors' Report
30 June 2021
The directors present their annual financial report of the ‘Consolidated Entity’ or ‘Group’ being Maximus Resources
Limited (‘Maximus’ or ‘the Company’) and its controlled entities (referred to hereafter as the Group) for the year
ended 30 June 2021 (Period).
Board of Directors
The following persons were directors of the Company during the whole of the financial year and up to the date of
this report unless otherwise indicated:
Directors
Position
Appointed/Resign (if during
the financial year)
Steven Evan Zaninovich
Chair- from March 2021
Appointed 14 July 2020
Timothy James Wither
Managing Director
Appointed 10 August 2020
Gerard Anderson
Martin Simon Janes
Kevin John Malaxos
Non-executive Director
Non-executive Director
Non-executive Director
Resigned 30 November 2020
Officers of the Company
Rajita Alwis was Company Secretary of the Company for the financial year.
Principal activities
During the year the principal activities of the Group consisted of mineral exploration and development activities.
Financial Result and Financial Position
The result of operations of the Group for the financial year was a loss of $1,405,894 (2020: $1,252,394 profit).
The loss from continuing operations was $1,022,535 (2020: $771,323) and the loss from discontinued operations
was $383,359 (2020: $2,023,717 profit).
The net assets of the Group have increased by $3,251,411 during the financial year from $3,776,686 at 30 June
2020 to $7,028,097 at 30 June 2021. This increase is due to the Group completing equity raisings during the year
and investing those funds on its Spargoville tenement package.
Dividends
There were no dividends declared or paid during the year (2020: Nil).
Review of Operations
Maximus Resources Limited is an ASX-listed exploration and mining company focused on the discovery and
development of economic deposits in Western Australia. The Group has several gold and nickel projects across the
Spargoville tenements located 25km from Kambalda, WA, Australia’s premier gold and nickel mining district.
Highlights from the group’s activity during the year.
Wattle Dam Gold Project
During the period the Company completed several drill programmes across the Wattle Dam Area, which included
the Wattle Dam Stockwork, Wattle Dam South, Redback deposit and at the new discovery S5 prospect.
The high-grade Wattle Dam was mined by Ramelius Resources (ASX:RMS) from 2006 to 2012, producing 262,000oz
from ore grading 10.9 g/t Au via a shallow open pit and underground mining operation. The majority of the produced
gold was from shallow underground operations, targeting a high-grade ore shoot (Figure 1) which produced 430,000
tonnes at 14.9 g/t (213,650oz) that was mined down to 365m below surface.
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Maximus Resources Limited
Directors' Report
30 June 2021
Figure 1 - Wattle Dam Area showing S5 prospect, Golden Orb and Redback.
S5 Prospect – 300m south of Wattle Dam Gold Mine
Discovered in August 2020, the S5 Prospect consists of mineralised stockwork similar to that observed at the
historic Wattle Dam Gold mine. The stockwork is characterised by mineralised carbonate-tremolite-quartz veining
within a competent rock mass on the western shear zone of Wattle Dam.
Drill programme results included:
• Maiden reconnaissance Air-Core (AC) drill programme returned several high-grade gold intersections
which included1:
o 3.0m @ 83.3g/t Au from 25m, incl. 1m @ 245g/t Au (S05AC001)
o 22m @ 0.6 g/t Au from 12m (S05AC002)
• Follow-up 1,158m Reverse Circulation (RC) drilling programme at the S5 Prospect intersected2:
o 32m @ 3.2 g/t Au from 105m, incl. 6m @ 3.1 g/t Au from 105m incl. 2m @ 6.8 g/t Au,13m @ 5.9
g/t Au from 118m incl. 2m @ 6.5 g/t Au, 5m @ 10.9 g/t Au and 2m @ 3.8 g/t Au (S05RC007).
• A 901m diamond drill programme recorded wide zones of gold mineralisation carry high-grade intervals
including3:
o
10.0m @ 1.0 g/t Au from 76m incl. 1.0m @ 7.3 g/t Au and 7.5m @ 1.1 g/t Au from 94.5m incl. 1.0m
@ 5.7 g/t Au (S05DD003)
o 9.0m @ 1.2 g/t Au from 162m incl. 1.0m @ 5.7 g/t Au (S05RCD001)
o 21.2m @ 0.8 g/t Au from 129m incl. 1.0m @ 10.5 g/t Au (S05RCD004
Redback Deposit - 600m south of Wattle Dam Gold Mine
Redback geology is similar to that observed at the high-grade Wattle Dam Gold Mine with a high component of
visible gold hosted within deformed ultramafic lithologies (komatiite). The high-grade gold mineralisation often
occurs proximal to the contacts between both felsic intrusives with the ultramafic lithologies, and adjacent to
interflow metasediments.
1 Maximus ASX announcement dated – 9 September 2020
2 Maximus ASX announcement dated – 13 January 2021
3 Maximus ASX announcement dated – 11 May 2021
Page 5
Gold mineralisation at Redback has been modelled as three subparallel and near-vertical domains consisting of well-
developed eastern and western structures which are connected by linking shears/mineralised domains. Redback
remains open at depth and along strike.
Maximus Resources Limited
Directors' Report
30 June 2021
• At the Redback Deposit, the Company completed the first phase of Mineral Resource update diamond
drilling for 1,900m. 4 of 7 of the completed holes had multiple occurrences of visible gold. Drill intersections
included4:
o
16.3m @ 9.3 g/t Au from 229m incl. 5.5m @ 6.7 g/t Au and,5.8m @ 17.9 g/t Au from 240m, incl 1m
@ 48.4 g/t Au (RBDD003).
10.0m @ 4.6 g/t Au from 170m incl. 2.0m @ 10.2 g/t Au, 1.0m @ 18.0 g/t Au and 8.0m @ 3.9 g/t
Au from 193.0m incl. 3.0m @ 7.9 g/t (RBDD005)
o
o 7.3m @ 2.7 g/t Au from 241m incl. 4.0m @ 3.7 g/t Au (RBDD007)
o 7.0m @ 2.1 g/t Au from 258m incl. 2.0m @ 5.1 g/t Au (RBDD004)
o
13.0m @ 1.9 g/t Au from 232m incl. 2.0m @ 6.9g/t Au(RBDD002)
Wattle Dam Stockwork
Work completed over the period included a consolidation of a significant amount of data from legacy drilling to
enhance the geological knowledge of Wattle Dam area. The review highlighted a broad zone of remnant unmined
carbonate-quartz stockwork (Wattle Dam stockwork) adjacent to the previously mined high-grade shoot at Wattle
Dam. The Company commenced a Mineral Resource Estimate (MRE) as there are currently no reported resources
for any remnant unmined mineral mineralisation at the Wattle Dam Gold Mine.
Nickel Prospectivity
During the period Maximus identified several high priority targets for Kambalda-style komatiite hosted nickel sulfide
mineralisation across tenement holdings
Maximus’ Spargoville tenement package is highly prospective for Kambalda-style komatiite hosted nickel sulfide
mineralisation. A belt of nickel deposits and mines extends from Mincor Resources’ Cassini Nickel Mine, south of the
Widgiemooltha Dome (Figure 6), through to the northern extent of the Maximus tenement package.
Maximus’ tenements are underexplored due to previous fragmented ownership, presenting the Company with an
excellent opportunity to explore for nickel sulfides in a highly fertile world class nickel district in parallel with gold
exploration.
Four high-priority Kambalda style komatiite-hosted nickel sulfide exploration targets have been identified through
on-going geological reviews5
Hilditch
Highway
Central
Drilling at Hilditch West intersected significant Nickel-Copper-Cobalt
mineralisation up to 1.5% Ni over a ~750m strike. Follow up geophysics
identified a strong conductor, 150m below surface with a coincidental
magnetic high. Drill testing in October.6
Magnetic anomaly with nickel drill intersections >5% Ni. Directly north
of the historical 1A nickel mine.
5km highly prospective stratigraphy between two historical nickel
mines. Very limited drilling.
Andrews
Shaft West
Prospective ultramafic corridor with shallow nickel anomalies. Ground
EM survey underway.
4 Maximus ASX announcement dated – 12 May 2021
5 Maximus ASX announcement dated – 21 April 2021
6 Maximus ASX announcement dated – 22 July 2021 and 29 July 2021
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Maximus Resources Limited
Directors' Report
30 June 2021
Figure 1. Longitudinal projection of the nickel deposits and mines in the Widgiemooltha – Hilditch belt, looking west. Orange
polygons at right of image indicate where Maximus Resources holds key tenements over the prospective trend.
Wattle Dam East – Nickel
A Fixed Loop Electromagnetic Survey (FLEM) was completed at Wattle Dam East nickel target which identified a
strong EM conductor7. A ~600m diamond drill hole was drilled to test the EM conductor. The drill hole intersected a
large (~170m) domain of disseminated sulfides with multiple zones of semi-massive sulfides (pyrrhotite) which were
proximal to the modelled EM conductor plate location8. No anomalous nickel or gold was detected, despite the
significant sulfide content within the discrete domains. The completed drill hole, terminated in low-MgO mafic rock,
indicating that the basal ultramafic stratigraphic position prospective for nickel sulfide mineralisation had not been
intersected.
Kimberley Tenements – under application
During the period the Group lodged several applications for tenements in the East Kimberley’s targeting gold and
base metals. Currently these tenements are under application and further information will be provided once
tenements have been approved.
CORPORATE HIGHLIGHTS
• Mr Steven Zaninovich was appointed as a non-executive director on 13 July 2020, and appointed Chair on 16
March 2021.
• Mr Timothy Wither was appointed Managing Director on 10 August 2020
• During the period the Company was awarded a $120,000 Exploration Incentive Scheme (‘EIS’) grant by the
WA state Government - Round 23, to co-fund 2 diamond drill holes to test the down-dip plunge of (Potential
to double) known mineralisation at Redback Gold Deposit. The Exploration Incentive Scheme is a highly
competitive process and Maximus acknowledges this significant support from Geological Survey and Resource
Strategy Division of the Department of Mines, Industry Regulation and Safety (‘DMIRS’)
During the 2021 financial year, the following securities were issued:
o
17,407,690 listed options with an exercise price of $0.11 and expiration date of 7 January 2022 were
issued to investors on 23 October 2020 following approval by shareholders at a General Meeting of the
7 Maximus ASX announcement dated – 27 January 2021
8 Maximus ASX announcement dated – 16 March 2021
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Maximus Resources Limited
Directors' Report
30 June 2021
Company. The options were issued to the sophisticated and professional investors who participated
in the placement in February 2020 and shareholders who participated in the Entitlement Issue and
Shortfall in May 2020. The options were issue for nil consideration.
o 6,000,000 listed options with an exercise price of $0.11 and expiration date of 7 January 2022 were
issued to GTT Ventures on 23 October 2020 following approval by shareholders at a General Meeting
of the Company. The 6,000,000 options were Lead Manager Options and were issued for nil
consideration.
o 31,578,951 ordinary shares were issued to sophisticated and professional investors on 19 October 2020.
The shares were offered at an issue price of $0.095 per share raising $3,000,000.
o
o
1,894,737 ordinary shares were issued to the directors on 23 December 2020 following shareholder
approval at the Annual General Meeting of the Company. The shares were offered at an issue price
of $0.095 per share raising $180,000.
1,270,477 ordinary shares were issued to unlisted option holders (MXRAL) during the year. Some of
he options were exercised at $0.11 per option raising $139,752. The ordinary shares that were issued
on the exercise of these options were issued on 16 September 2020 (530,375), 24 September 2020
(470,102) 22 October 2020 (50,000) and 29 October 2020 (220,000).
o 41,257 ordinary shares were issued to listed options holders (MXROD) during the year. Some of the
options were exercised at $0.11 per option raising $4,539. The ordinary shares that were issued on
the exercise of these options were issued on 19 November 2020 (12,579), 18 December 2020 (17,283)
and 19 February 2021 (11,395);
o
18,273,512 ordinary shares were issued to sophisticated and professional investors on 21 April 2021.
The shares were offered at an issue price of $0.08 per share raising $1,461,881.
In response to the COVID-19 global health emergency the Western Australian government released operating
guidelines for exploration companies, which the Group and contractors followed, resulting in minimal disruption
to operations. Maximus’ continues to monitor government advice and take all reasonable precautions for
employees, community members, contractors and suppliers.
3. Significant changes in the state of affairs
During the year, the Group appointed Mr Tim Wither as Managing Director with the Board’s decision to focus the
Company’s future on exploration development on the Spargoville tenements.
Other than noted above, there have been no significant changes in the above state of affairs from the 2020
financial year to 2021.
4. Events arising since the end of the reporting period
The Group completed discussions with its insurers regarding a claim relating to plant & equipment failure at the
Burbanks Mill, previously owned in Eastern Goldfields Milling Services Pty Ltd. The Group received $390,000 in
respect of its claim net of excess and costs in early August 2021.
Eastern Goldfields Milling Services Pty Ltd (EGMS) finalised the ongoing dispute with Empire Resources Limited
(Empire) during September 2021. This Arbitration process commenced during the 2019 year to determine a final
amount payable for a recovered gold reconciliation relating to the Burbanks Mill operations. The Arbitration
hearing finished in March 2021, with the Arbitrator providing a partial award in May 2021. Based on the
Arbitration outcome, a settlement payment to EGMS was made relating to the recovery of arbitration costs, ending
the dispute with Empire.
Subsequent to balance date, the Company signed a mandate with Petra Capital Pty Ltd to complete a placement
to raise $12 million. The raise would be completed via 2 tranches with the second tranche subject to shareholder
approval at a General Meeting of the Company to be held on 8 October 2021. The Company completed the
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Maximus Resources Limited
Directors' Report
30 June 2021
tranche 1 allocation on 25 August 2021 by issuing 12,182,343 ordinary shares at an issue price of $0.068 per share
raising $828,399 before costs. The tranche 2 allocation of 164,288,246 ordinary shares at $0.068 per share is
subject to shareholder approval at the General Meeting of the Company to be held on 8 October 2021. The
placement includes the introduction of Pantoro Limited (ASX:PNR) as a cornerstone investor. Following the
tranche 2 allocation Pantoro Limited will own 19.9% of the share capital of the Company.
The General meeting on 8 October 2021 also seeks approval to issue the following securities:
• 12,000,000 options with an exercise price of $0.085 expiring on 31 October 2024 to Petra Capital Pty Ltd for
broking services.
• 6,091,207 options to shareholders who participated in the placement on 21 April 2021 and 4,000,000 options
to GTT Ventures for broking services both with an exercise price of $0.11 expiring on 6 January 2023.
• 625,000 shares at an issue price of $0.08 per share to raise $50,000 to the directors who subscribed to shares
in April 2021.
• A placement of securities to existing listed optionholders (MXROD) at an issue price of $0.003 per Option to
subscribe to one new options with an exercise price of $0.11 expiring on 6 January 2023.
There has been no other transaction or event of a material or unusual nature that has arisen in the interval
between the end of the financial year and the date of this report that is likely, in the opinion of the directors,
to affect significantly the operations of the Group, the results of those operations, or the state of affairs of the
Group in future financial years.
5. Future business developments, prospects and business strategies
The Group is poised to progress from a pure explorer to a producer in the near future, subject to continued
exploration success being achieved. The Spargoville tenements have presented several advanced gold exploration
targets. The Group plans to pursue the gold and nickel potential of the Spargoville tenements.
In addition to exploration on the Spargoville tenements, the Group intends to continue to review potential gold and
base metal projects to build from the asset base at Spargoville
6. Environmental regulation
The Group’s operations are subject to significant environmental regulation under both Commonwealth and State
legislation in relation to discharge of hazardous waste and materials arising from any exploration or mining
activities and development conducted by the Group on any of its tenements. The Group believes it is not in
breach of any environmental obligation.
Information on Directors and Company Secretary
Steven Zaninovich B.Eng - Independent Non-executive Director, Chair
Appointed - Appointed 14 July 2020
Special responsibilities
Chair of the Board
Member of the Audit, Risk and Corporate Governance Committee
Experience & expertise
Mr Zaninovich is a qualified engineer with over 25 years’ experience in the mining industry. His career has
encompassed all stages of the project development life cycle, from exploration and feasibility to constructions
and operations. Mr Zaninovich has worked extensively in West Africa and Australia in a variety of project has
spent more than 25 years in a variety of project development, maintenance and operation roles. He served as
COO with Gryphon Minerals (“Gryphon”) before assuming the role of Vice President of Major Projects, and
becoming part of the Executive Management Team, at Teranga Gold Corporation following its acquisition of
Gryphon, where he was responsible for the bankable feasibility study for the Wahgnion Gold Project.
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Maximus Resources Limited
Directors' Report
30 June 2021
Current Listed Directorships
Canyon Resources Limited - Appointed January 2019
Mako Gold Limited - Appointed October 2020
Sarama Resources Limited - Appointed June 2020
Past Listed Directorships (last 3 years):
Indiana Resources Limited - Appointed February 2019 to February 2021
Timothy Wither - MBA, BSc, GDip, GradDipNatRs, GAICD, MAusIMM - Managing Director
Appointed - Appointed 10 August 2020
Special responsibilities
Managing Director
Experience & expertise
Mr Wither has over 18 years in the resource industry both domestically and internationally, with key involvement
in development of several greenfield base metal projects in Australia, India, Africa and South America. Mr
Wither has held senior executive and strategic leadership roles. Mr Wither is a graduate of the Australian
Institute of Company Directors, holds a Master of Business Administration from Curtin’s Graduate School of
Business (CGSB), Graduate Diploma in Mining (WASM) and Bachelor of Sciences in Mine Engineering, Surveying
(WASM) and currently a candidate for Masters of Commercial and Resources Law at the University of Western
Australia.
Mr Wither is a member of the Australian Institute of Company Directors and the Australian Institute of Mining and
Metallurgy.
Current Listed Directorships
Nil
Past Listed Directorships (last 3 years)
Symbol Mining Limited (Appointed 1 March 2019 to 5 February 2021)
Gerard Anderson Assoc. Applied Geology, Grad Dip Bus, MSc - Independent Non executive Director
Appointed - Appointed 1 November 2018
Special responsibilities
Member of the Audit, Risk and Corporate Governance Committee
Experience & expertise
Mr Anderson is a geologist with 43 years’ experience in exploration, mine and resource geology principally in iron
ore, gold and base metals. Gerard’s senior management positions have included as Exploration Superintendent
Boddington Gold Mine, Chief Geologist Bronzewing Gold Mine, Chief Geologist Kalgoorlie Consolidated Gold Mines,
General Manager Golden Grove Operations, General Manager Newmont Joint Ventures and as Managing Director
of Croesus Mining Limited, Centrex Metals Limited, Archer Exploration Limited and Woomera Mining Limited.
In addition to his geology qualifications Mr Anderson has completed a post graduate degree in Business and a
Masters in Mineral Economics.
Current Listed Directorships
Nil
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Maximus Resources Limited
Directors' Report
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Past Listed Directorships (last 3 years)
Woomera Mining Limited (Appointed March 2018 to October 2020)
Martin Janes BEc GAICD - Independent Non executive Director
Appointed - Appointed 1 August 2019
Special responsibilities
Chair of the Audit, Risk and Corporate Governance Committee
Experience & expertise
Mr Janes is a mining executive with over 30 years’ experience. Mr Janes is Executive Officer of Terramin Australia
Limited (ASX: TZN) a position he commenced in June 2013 having been that company’s CFO from August 2006
to December 2010. Mr Janes was previously employed by ASX listed uranium company Toro Energy Limited (ASX:
TOE) (May 2011 to October 2012) where he held the position of General Manager – Marketing & Project Finance.
Mr Janes has a strong finance background and specialty covering equity, debt & related project financing tools
and commodity off-take negotiation. While employed by Newmont Australia (previously Normandy Mining) his
major responsibilities included corporate & project finance, treasury management, asset sales and product
offtake management. Mr Janes has a Bachelor of Economics and is member of the Australian Institute of
Company Directors.
Current Listed Directorships
Nil
Past Listed Directorships (last 3 years)
Havilah Resources Limited (Appointed January 2019 to October 2019)
Twenty Seven Co Limited (Appointed October 2014 to April 2019)
Kevin Malaxos BSc Mining Engineering - Non executive Director
Appointed - Appointed 13 December 2010 to 30 November 2020.
Special responsibilities
Member of the Audit, Risk and Corporate Governance Committee (1 December 2019 to 30 November 2020)
Managing Director (13 December 2020 to 30 November 2019)
Experience & expertise
Mr Malaxos has 30 years’ experience in the resources sector in senior management and executive roles across a
suite of commodities including gold, nickel, iron ore, silver, lead, zinc and chromium. He has managed surface
and underground mining operations and brings a wealth of experience in project evaluation and development,
project approval and Government liaison.
Mr Malaxos' previous roles include CEO for Mt Gibson Mining (MGX) and COO of listed iron ore developer Centrex
Metals Limited (CXM), where he was responsible for project development, project approvals and community and
government consultation.
Current Listed Directorships
Alliance Resources Limited (Appointed 1 December 2019)
Past Listed Directorships (last 3 years):
Nil
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Maximus Resources Limited
Directors' Report
30 June 2021
Company Secretary
Rajita Alwis LLB B.Com, CA FGIA
Appointed 17 December 2019
Experience and expertise
Ms Alwis has over 20 years’ experience in the accounting profession. Ms Alwis has provided company secretarial
and CFO services to a number of ASX listed companies. She is highly experienced in in governance, financial
reporting corporate advisory and corporate compliance.
Ms Alwis has been a member of Chartered Accountants Australia and New Zealand for over 15 years and regularly
conducts workshops for the CA Program which covers risk, business strategy, business finance, analysis,
corporate governance, corporate social responsibility and ethics. Ms Alwis has a Bachelor of Laws and Bachelor
of Commerce.
Meetings of directors
The numbers of meetings of the Company's board of directors and of each board committee held during the year
ended 30 June 2021, and the number of meetings attended by each director were:
Director name
Director Meetings
Attended
Held
While
Director
Audit, Risk & Corporate
Governance Committee
Meetings
Attended
Held
While
Director
Steven Zaninovich (Appointed 13 July 2020)
Timothy Wither (Appointed 10 August 2020)
Gerard Anderson
Martin Janes
Kevin Malaxos (Resigned 30 November 2020)
13
12
13
13
6
13
12
13
13
5
4
4
4
4
2
4
4
4
4
2
Indemnification and insurance of officers
The Company has entered into deeds of indemnity with each director whereby, to the extent permitted by the
Corporations Act 2001, the Company agreed to indemnify each director against all loss and liability incurred as an
officer of the Company, including all liability in defending any relevant proceedings.
The Company is required to indemnify the directors and other officers of the Company against any liabilities incurred
by the directors and officers that may arise from their position as directors and officers of the Company. No costs were
incurred during the year pursuant to this indemnity.
Insurance premiums
Since the end of the previous year, the Group has paid insurance premiums to insure the directors and officers in
respect of directors' and officers' liability and legal expenses insurance contracts.
Proceedings on Behalf of Group
No person has applied to the Court under section 237 of the Corporations Act 2001 to bring proceedings on behalf of
the Group or intervene in any proceedings to which the Group is a party for the purpose of taking responsibility on
behalf of the Group for all or any part of those proceedings.
No proceedings have been brought or intervened in on behalf of the Group with leave of the Court under section 237
of the Corporations Act 2001.
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Maximus Resources Limited
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Non audit services
The Board of Directors, in accordance with advice from the Audit, Risk and Corporate Governance Committee, is
satisfied that the provision of non audit services during the year is compatible with the general standard of
independence for auditors imposed by the Corporations Act 2001. The directors are satisfied that the services disclosed
below did not compromise the external auditor’s independence for the following reasons:
•
•
all non audit services are reviewed and approved by the Audit, Risk and Corporate Governance Committee prior
to commencement to ensure they do not adversely affect the integrity and objectivity of the auditor; and
the nature of the services provided do not compromise the general principles relating to auditor independence in
accordance with APES 110: Code of Ethics for Professional Accountants set by the Accounting Professional and
Ethical Standards Board.
Fees for non audit services paid or payable to the external auditors or its related practices during the year ended 30
June 2021 was $5,800 (2020: $5,400).
Share options
As at 30 June 2021 there were 39,366,433 (2020: 1,270,000) unissued ordinary shares under options. During the
year 1,311,734 shares were issued as a result of exercise of options (2020: nil).
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Maximus Resources Limited
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Remuneration report – Audited
The information provided in this remuneration report has been audited as required by section 308(3C) of the
Corporations Act 2001.
The Remuneration report is set out under the following main headings:
A
B
D
E
F
G
H
I-
Key management personnel
Remuneration Policy
Details of remuneration
Employment Contracts
Service agreements
Share based compensation
Shareholding of key management personnel
Transactions with Key Management personnel
A. Key management personnel (KMP)
Key management personnel are those persons having authority and responsibility for planning, direction and
controlling the activities of the entity, directly or indirectly, including all directors.
Non-Executive
Directors
Steven Zaninovich
Position
Independent Non-Executive Director,
Chair
Period position was held
during the year
Appointed 13 July 2020
Gerard Anderson
Independent Non-Executive Director
Full Year
Martin Janes
Independent Non-Executive Director
Full Year
Kevin Malaxos
Non-Executive Director
Resigned 30 November
2020
Executive Directors
Position
Timothy Wither
Managing Director
Appointed 10 August 2020
Executives
Position
Rajita Alwis
Company Secretary
Full Year
Travis Murphy
Chief Geologist
Appointed 1 October 2020
B. Remuneration Policy
The Group's policy for determining the nature and amounts of emoluments of board members and other key
management personnel of the Group is as follows:
The Company's Constitution specifies that the total amount of remuneration of non-executive directors shall be
fixed from time to time by a general meeting. The current maximum aggregate remuneration of non-executive
directors has been set at $300,000 per annum. Directors may apportion any amount up to this maximum amount
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Maximus Resources Limited
Directors' Report
30 June 2021
amongst the non-executive directors as they determine. Directors are also entitled to be paid reasonable travelling,
accommodation and other expenses incurred in performing their duties as directors. The remuneration of the
Managing Director is determined by the non-executive directors on the Board as part of the terms and conditions of
his employment which are subject to review from time to time. The remuneration of other executive officers and
employees is determined by the Managing Director subject to the approval of the Board.
2021
Short-term employee benefits
Post
employment
benefits
Long-term
employee
benefits
Share-Based
payments
Name
Fees
Salary
Superannuation
Annual
leave
accrued
Long
service
leave
accrued
Options
Rights
Total
$
Steven Zaninovich
48,387
$
-
$
-
$
-
Timothy Wither
-
222,446
15,923
21,132
Gerard Anderson*
50,000
Martin Janes**
50,000
Kevin Malaxos
25,897
Rajita Alwis
71,387
-
-
-
-
-
-
-
-
-
-
-
-
Travis Murphy
-
146,250
10,688
13,894
245,671
368,696
26,611
35,026
Total key
management
personnel
compensation
$
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$
-
$
48,387
150,956
410,457
-
-
-
-
50,000
50,000
25,897
71,387
34,645
205,477
185,601
861,605
Mr Zaninovich was appointed as a director on 13 July 2020. Unpaid director fees at 30 June 2021 was $8,333.33
Mr Wither was appointed Managing Director on 10 August 2020
Ms Alwis is engaged under a service contract with Alwis & Alwis Pty Ltd. During the year, fees paid or payable for service provided by Ms
Alwis was $71,387.
Mr Murphy commenced employment on 1 October 2020.
*As at 30 June 2021, non-executive director fees of $8,696.33 were unpaid.
**As at 30 June 2021, non-executive director fees of $8333.33 were unpaid.
Non-executive director remuneration is by way of fees and/or statutory superannuation contributions. Non-
executive directors do not participate in schemes designed for remuneration of executives nor do they receive
options or bonus payments and are not provided with retirement benefits other than salary sacrifice and statutory
superannuation.
The Group's remuneration structure is based on a number of factors including the particular experience and
performance of the individual in meeting key objectives of the Group. The Board is responsible for assessing relevant
employment market conditions and achieving the overall, long-term objective of maximising shareholder benefits,
through the retention of high quality personnel.
The Group does not presently emphasise payment for results through the provision of cash bonus schemes or other
incentive payments based on key performance indicators of the Group given the nature of the Group's business as
a junior listed mineral exploration entity and the current status of its activities. However, the Board may approve
the payment of cash bonuses from time to time in order to reward individual executive performance in achieving
key objectives as considered appropriate by the Board.
The Group also has an Employee Incentive Option and Performance Rights Plan approved by shareholders that
enables the Board to offer eligible employees rights to acquire ordinary fully paid shares in the Company. Under the
Page 15
Maximus Resources Limited
Directors' Report
30 June 2021
terms of the Plan, rights to acquire ordinary fully paid shares at no cost may be offered to the Group's eligible
employees as determined by the Board in accordance with the terms and conditions of the Plan. The objective of
the Plan is to align the interests of employees and shareholders by providing employees of the Group with the
opportunity to participate in the equity of the Company as a long-term incentive to achieve greater success and
profitability for the Group and to maximise the long-term performance of the Group.
The employment conditions of the Managing Director were formalised in a contract of employment. The base salary
as set out in the employment contract is reviewed annually. The Managing Director’s contract may be terminated at
any time by mutual agreement and in instances of serious misconduct the Company may terminate his agreement
without notice.
No remuneration consultants were engaged for the year ending 30 June 2021.
2020
Short-term employee benefits
Post
employment
benefits
Long-term
employee
benefits
Share-Based
payments
Name
Fees
Salary
Superannuation
Annual
leave
accrued
Long
service
leave
accrued
Options
Rights
Total
Gerard Anderson
50,000
$
$
-
$
-
$
-
Kevin Malaxos
29,167
102,782
930
9,941
Martin Janes
Leigh McClusky
Rajita Alwis
Justin Nelson
45,833
4,542
43,320
13,790
-
-
-
-
-
-
-
-
-
-
-
-
Total key management
personnel
compensation
186,652
102,782
930
9,941
$
$
$
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
50,000
142,820
45,833
4,542
43,320
13,790
300,305
Mr Malaxos stood down as Managing Director on 30 November 2019. Remuneration relating to Mr Malaxos as a Managing Director
was $113,653. From 1 December 2019, Mr Malaxos was a non-executive Director of the Company and was entitled to non-executive
director fees of $29,167.
Ms Alwis is engaged under a service contract with Alwis & Alwis Pty Ltd. During the year, fees paid or payable for service provided by
Ms Alwis was $43,320.
Mr Nelson was engaged under a service contract with DMAW Lawyers Pty Ltd. During the year, fees paid or payable for services
provided by Mr Nelson was $15,000.
E. Employment Contracts
The Board negotiated an employment contract with Mr Wither with no fixed term at a salary of $250,000 per annum
plus superannuation guarantee contributions. The termination notice period is 3 months for both the Company
and employee and the contract makes allowance for a 6-month base salary with a change of control benefit.
Mr Murphy is engaged under an employment contract with no fixed term at a salary of $195,000 per annum plus
superannuation guarantee contributions. The termination notice period is 12 weeks for the Company or 4 weeks
from the employee.
Page 16
Maximus Resources Limited
Directors' Report
30 June 2021
F
Service Agreements
All non-executive directors were engaged as directors with formal agreements per the ASX Corporate Governance
Principles and Recommendations Fourth Edition.
Ms Alwis is engaged under a service contract with Alwis & Alwis Pty Ltd. The notice period is one month as outlined
in the service contract.
G Share based compensation
Incentive & Performance rights
The Company has an Employee Incentive Option and Performance Rights Plan approved by shareholders that
enables the Board to offer eligible employees rights to acquire ordinary fully paid shares in the Company. Under the
terms of the Plan, rights to acquire ordinary fully paid shares at no cost may be offered to the Company's eligible
employees as determined by the Board in accordance with the terms and conditions of the Plan.
Incentive Rights granted as remuneration
Timothy Wither 2,500,000
Travis Murphy 1,170,000
Options granted as remuneration
No options were granted during the year.
Shares issued on exercise of remuneration options
No shares were issued to directors as a result of the exercise of remuneration options during the financial year.
Fair value of Incentive Rights
The Group has applied the Monte Carlo approach to determine the fair value of the incentive rights as they contain
vesting conditions which must be bet in order for the right to be exercised. This is considered most appropriate as
it captures the influence of the performance indicators required for the incentive rights to vest. The fair value of
such incentive rights is amortised and disclosed as part of remuneration on a straight-line basis over the vesting
period.
H Directors interests in shares and options
The number of shares in the Company held during the financial year by each director and key management personnel
of Maximus Resources Limited, including their personally related parties, are set out below.
1.
Ordinary shares
2021
Name
Steven Zaninovich*
Timothy Wither**
Gerard Anderson
Martin Janes
Kevin Malaxos***
*Appointed 13 July 2020
**Appointed 10 August 2020
***Resigned 30 November 2020
Balance as the
start of the
year
-
-
28,840
400,000
217,392
Received as
compensation
Acquired /
disposed
Ceased
Balance at the
end of the year
-
-
-
-
-
210,526
210,526
526,316
526,316
-
-
-
-
210,526
210,526
555,156
926,316
-
(217,392)
-
Page 17
2020
Name
Gerard Anderson
Martin Janes*
Kevin Malaxos
Leigh McClusky**
*Appointed 1 August 2019
**Resigned 1 August 2019
2. Options
2021
Name
Maximus Resources Limited
Directors' Report
30 June 2021
Balance as the
start of the
year
14,420
-
400,001
69,038
Received as
compensation
Acquired /
disposed
Ceased
Balance at the
end of the year
-
-
-
-
14,420
400,000
(182,609)
-
-
28,840
400,000
217,392
-
(69,038)
-
Balance as the
start of the
year
Received as
compensation
Acquired /
disposed
Ceased
Balance at the
end of the year
Gerard Anderson
-
-
4,807
-
4,807
The options are quoted on the ASX and carry no dividend or voting rights.
The options were acquired as Mr Anderson participated in an Entitlement Issue in April 2020 which included a 1 for 3 free attaching option.
Shareholders approved the issue of the free-attaching option at the general meeting of the Company held on 14 October 2020.
I
Transactions with key management personnel
During the year ending 30 June 2021 there were no transactions with related parties.
END OF AUDITED REMUNERATION REPORT
Page 18
Maximus Resources Limited
Directors' Report
30 June 2021
Auditors independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001
is set out on page 20.
This report is signed and dated in Adelaide on this 24th day of September 2021 and made in accordance with
a resolution of the directors.
Tim Wither
Managing Director
Page 19
Level 3, 170 Frome Street
Adelaide SA 5000
Correspondence to:
GPO Box 1270
Adelaide SA 5001
T +61 8 8372 6666
Auditor’s Independence Declaration
To the Directors of Maximus Resources Limited
In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit of Maximus
Resources Limited for the year ended 30 June 2021, I declare that, to the best of my knowledge and belief, there have been,
other than the paragraph discussed below:
a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
b no contraventions of any applicable code of professional conduct in relation to the audit.
I also declare that during the current year end, Grant Thornton’s quality control systems identified a contravention of the
auditor’s rotation requirements, which has been rectified. The previous review auditor for Maximus Resources Limited had
participated in the review for the half year ended 31 December 2020 and was not eligible to do so.
Accordingly I consider this matter has not compromised my or Grant Thornton’s objectivity with respect to the review of the
financial statements of Maximus Resources Limited for the year ended 30 June 2021.
GRANT THORNTON AUDIT PTY LTD
Chartered Accountants
I S Kemp
Partner – Audit & Assurance
Adelaide, 24 September 2021
Grant Thornton Audit Pty Ltd ACN 130 913 594
a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
www.grantthornton.com.au
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients
and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International
Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are
delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one
another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to
Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to
Grant Thornton Australia Limited.
Liability limited by a scheme approved under Professional Standards Legislation.
Maximus Resources Limited
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2021
Consolidated
30 June
2021
$
30 June
2020
$
Notes
Other income
Other income
Expenses
Compliance expenses
Consulting expenses
Depreciation expense
Doubtful debts expense
Employee expenses
Legal expenses
Marketing expenses
Finance expense
Share based payments
Exploration expenditure written off
Other expenses
(Loss) before income tax
Income tax expense
Loss for the year from continuing operations
Profit/(Loss) for the year from discontinued operations
Profit/(Loss) for the year
Other comprehensive income for the year (net of tax)
Total comprehensive loss for the year
Earnings per share
Basic and diluted earnings/(loss) per share
-
-
Total basic earnings per share
From continuing operations
From discontinued operations
3
4
4
7
4
12
4
4
5
10
21
77,754
63,650
(202,343)
(140,037)
(2,767)
-
(378,697)
(31,724)
(96,688)
(120)
(185,601)
(10,765)
(51,547)
(149,621)
(104,515)
(439)
(322,099)
(143,021)
(36,257)
(4,107)
(14,386)
-
(40,629)
(19,899)
(1,022,535)
-
(771,323)
-
(1,022,535)
(771,323)
(383,359)
2,023,717
(1,405,894)
1,252,394
-
-
(1,405,894)
1,252,394
Cents
Cents
(0.893)
(0.335)
(1.228)
(1.84)
4.83
2.99
This statement should be read in conjunction with the notes to the financial statements.
Page 21
Maximus Resources Limited
Consolidated statement of financial position
For the year ended 30 June 2021
Notes
Consolidated
30 June
2021
$
30 June
2020
$
ASSETS
Current assets
Cash and cash equivalents
Trade and other receivables
Other current assets
Total current assets
Non-current assets
Plant and equipment
Exploration and evaluation
Total non-current assets
Total assets
LIABILITIES
Current liabilities
Trade and other payables
Liabilities included in disposal group classified as
held for sale
Provisions
Total current liabilities
Non-current liabilities
Provisions
Total non-current liabilities
Total liabilities
Net assets
EQUITY
Contributed equity
Reserves
Accumulated losses
Total equity
6
7
8
9
10
11
12
13
1,327,795
49,065
78,343
801,108
-
12,326
1,455,203
813,434
68,099
6,113,693
-
3,224,379
6,181,792
3,224,379
7,636,995
4,037,813
496,965
254,973
69,145
42,788
-
5,109
608,898
260,082
-
-
1,045
1,045
608,898
261,127
7,028,097
3,776,686
45,369,857
1,739,342
(40,081,102)
7,028,097
42,451,894
-
(38,675,208)
3,776,686
This statement should be read in conjunction with the notes to the financial statements.
Page 22
Maximus Resources Limited
Consolidated statement of changes in equity
For the year ended 30 June 2021
Consolidated
Contributed
equity
$
Notes
Reserves
Retained
losses
$
Total equity
$
Balance at 1 July 2020
Total comprehensive profit for
the year:
Loss for the year
Other comprehensive income
Transactions with owners in
their capacity as owners:
Broker Option Reserve
Share based payment reserve
Contributions of equity
Transaction costs
12
12
11
42,451,894
-
-
-
42,451,894
-
-
4,786,174
(1,868,211)
-
(38,675,208)
3,776,686
-
-
(1,405,894)
-
(40,081,102)
(1,405,895)
2,370,792
1,553,741
185,601
-
-
-
-
-
-
-
1,553,741
185,601
4,786,174
(1,868,211)
Balance at 30 June 2021
45,369,857
1,739,342
(40,081,102)
7,028,097
Balance at 1 July 2019
Total comprehensive loss for
the year:
Profit for the year
Other comprehensive income
Transactions with owners in
their capacity as owners:
Contributions of equity
Transaction costs
Balance at 30 June 2020
40,895,357
-
(39,927,602)
967,755
-
-
40,895,357
1,645,019
(88,482)
42,451,894
11
-
-
-
-
-
-
1,252,394
-
(38,675,208)
1,252,394
-
2,220,149
-
-
1,645,019
(88,482)
(38,675,208)
3,776,686
This statement should be read in conjunction with the notes to the financial statements.
Page 23
Maximus Resources Limited
Consolidated statement of cash flows
For the year ended 30 June 2021
Notes
10
20
10
Consolidated
30 June
2021
$
30 June
2020
$
75,458
(826,490)
2,296
(120)
(748,856)
(314,214)
63,650
(556,090)
-
(18,856)
(511,296)
(1,989,570)
(1,063,070)
(2,500,866)
(77,856)
-
(2,804,092)
-
5,200,000
(536,048)
Cash flows from operating activities
Receipts from customers
Payments to suppliers and employees
Interest received
Interest paid
Net cash from continuing operations
Net cash (used in) discontinued operations
Net cash (outflows)/inflows from operating activities
Cash flows from investing activities
Payments for plant & equipment
Proceeds from sale of Burbanks Mill
Payments for exploration and evaluation
Net cash inflows/(outflows) from investing activities
(2,881,948)
4,663,952
Cash flows from financing activities
Proceeds from issues of shares and other equity securities
Payment of financial liabilities
Repayment of funds to parties not finalising acquisition of Burbanks
Mill
Transaction costs associated with equity issues
4,786,172
-
1,645,000
(86,197)
-
(314,467)
(2,993,000)
(88,463)
Net cash (outflows)/inflows from financing activities
4,471,705
(1,522,660)
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
526,687
801,108
640,426
160,682
Cash and cash equivalents at the end of the financial year
6
1,327,795
801,108
This statement should be read in conjunction with the notes to the financial statements.
Page 24
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
1 Summary of significant accounting policies
The principal accounting policies adopted in the preparation of these consolidated financial statements 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 Maximus Resources Limited and its subsidiaries.
a) Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards,
other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.
Maximus Resources Limited is a for-profit entity for the purpose of preparing the financial statements.
(i) Compliance with IFRS
The consolidated financial statements of the Maximus Resources Limited also comply with International Financial
Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
Australian Accounting Standards include Australian equivalents to International Financial Reporting Standards (AIFRS).
Compliance with AIFRSs ensures that the financial statements and notes comply with International Financial Reporting
Standards (IFRS).
(ii) Historical cost convention
These financial statements have been prepared on an accrual basis, under the historical cost convention, as modified
by the revaluation of available-for-sale financial assets, financial assets and liabilities (including derivative
instruments) at fair value through profit or loss and certain classes of property, plant and equipment.
(iii) Critical accounting estimates
The directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge
and best available current information. Estimates assume a reasonable expectation of future events and are based
on current trends and economic data, obtained both externally and within the Group.
Adoption of New and revised accounting standards
There are no new and revised accounting standards issued or issued but not yet effective which are expected to have
a material impact on the financial statements.
Going concern
The financial report has been prepared on the basis of going concern.
The cash flow projections of the Company and consolidated entity evidence that that the Company will require
positive cash flows from additional capital or sale of a project for continued operations.
The Group generated a loss of $1,405,894 (2020: $1,252,394 profit) with operating and investing cash outflows of
$3,945,018. The operations were funded from the equity issues during the year
The Company and consolidated entity’s ability to operate as a going concern is contingent upon obtaining additional
capital. Post balance date the Company agreed to enter into a placement to raise $12.0 million to sophisticated and
professional investors. The placement is subject to shareholder approval at the General Meeting of the Company
to be held on 8 October 2021.
If the Company is not able to secure additional capital then the going concern basis of accounting may not be
appropriate. As a result, the Group may have to realise its assets to extinguish its liabilities, other than in the ordinary
course of business in amounts which could be different from those stated in the financial report. No allowance for
such circumstances has been made in the financial report.
b) Basis of consolidation
The Group financial statements consolidate those of the Parent Company and all of its subsidiaries as of 30 June 2021.
The Parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the
subsidiary and has the ability to affect those returns through its power over the subsidiary. All subsidiaries have a
reporting date of 30 June 2021.
All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains
and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are
Page 25
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
reversed on consolidation, the underlying asset is also tested for impairment from a group perspective. Amounts
reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with
the accounting policies adopted by the Group.
Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised
from the effective date of acquisition, or up to the effective date of disposal, as applicable.
c) Revenue and Other Income
Revenue is measured at the fair value of the consideration received or receivable. Revenue from the rendering of
services is recognised upon the delivery of the service to the customer. The Group recognises contract liabilities
when consideration is received in respect to unsatisfied performance obligations.
Revenue from the sale of gold is measured at fair value of the consideration received or receivable. Revenue is
recognised when gold is delivered to the buyer.
Interest revenue is recognised using the effective interest rate method.
Grant income from the Australian Taxation Office is measured at fair value of the consideration received or receivable.
Grant income is recognised as income based on the lodgement period.
d) Employee Benefits
Short-term employee benefits
Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly
within twelve (12) months after the end of the period in which the employees render the related service. Examples
of such benefits include wages and salaries, non-monetary benefits and accumulating sick leave. Short-term
employee benefits are measured at the undiscounted amounts expected to be paid when the liabilities are settled.
Other long-term employee benefits
The Group’s liabilities for annual leave and long service leave are included in other long-term benefits as they are not
expected to be settled wholly within twelve (12) months after the end of the period in which the employees render
the related service. They are measured at the present value of the expected future payments to be made to
employees. The expected future payments incorporate anticipated future wage and salary levels, experience of
employee departures and periods of service, and are discounted at rates determined by reference to market yields at
the end of the reporting period on high quality corporate bonds (2020: government bonds) that have maturity dates
that approximate the timing of the estimated future cash outflows. Any re-measurements arising from experience
adjustments and changes in assumptions are recognised in profit or loss in the periods in which the changes occur.
The Group presents employee benefit obligations as current liabilities in the statement of financial position if the Group
does not have an unconditional right to defer settlement for at least twelve (12) months after the reporting period,
irrespective of when the actual settlement is expected to take place.
e) 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 has been identified as the Board of Directors that have
determined that the Group has only one operating segment now.
f)
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 applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities
attributable to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end
of the reporting period in the countries where the Company's subsidiaries and associates operate and generate taxable
income. Management periodically evaluates positions taken in tax returns with respect to situations in which
applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of
amounts expected to be paid to the tax authorities.
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 financial statements. However, deferred tax liabilities
are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted
for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at
Page 26
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
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 substantially enacted by the end of the reporting period 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 Company 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 is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income
or directly in equity, respectively.
The Company and its subsidiaries are not part of a consolidated tax group.
AASB Interpretation 23 Uncertainty over Income Tax Treatment
The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects
the application of AASB 112 Income Taxes. It does not apply to taxes or levies outside the scope of AASB 12, nor does
it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The
Interpretation specifically addresses the following:
1. Whether an entity considers uncertain tax treatments separately
2. The assumptions an entity makes about the examination of tax treatments by taxation authorities
3. How an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates
4. How an entity considers changes in facts and circumstances
An entity has to determine whether to consider each uncertain tax treatment separately or together with one or more
other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty needs to be
followed. The Company applies significant judgement in identifying uncertainties over income tax treatments. Since
the Group operates in a complex multinational environment, it assessed whether the Interpretation had an impact on
its consolidated financial statements. Upon adoption of the Interpretation, the Company considered whether it had
any uncertain tax positions. The interpretation did not have an impact on the consolidated financial statements of
the Group.
g)
Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or
more frequently if changes in circumstances indicate that they might be impaired. Other assets are tested for
impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. 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 groups of assets (cash-generating
units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of
the impairment at each reporting date.
h) Cash and cash equivalents
For the purpose of presentation in the statement of cash flows, 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
3 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) Trade receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method, less provision for expected credit losses. Trade receivables are generally due for
Page 27
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
settlement within 30 days. They are presented as current assets unless collection is not expected for more than 12
months after the reporting date.
The Group uses a simplified approach in accounting for trade and other receivables and records the loss allowance at
the amount equal to the expected lifetime credit losses. The Group uses its historical experience, external indicators
and forward-looking information to calculate the expected credit losses using a provision matrix. The Group has
assessed the impact of the impairment model and no adjustment was required in Group’s financial statements.
j)
Investments and other financial assets
Recognition and derecognition
Regular purchases and sales of financial assets are recognised on trade-date - the date on which the Group commits
to purchase or sell the asset. Financial assets are de-recognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has transferred substantially all the risks and
rewards of ownership.
When securities classified as available-for-sale are sold, the accumulated fair value adjustments recognised in other
comprehensive income are reclassified to profit or loss as gains and losses from investment securities.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at
fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.
Loans and receivables and held to maturity investments are subsequently carried at amortised cost using the effective
interest method.
Impairment
The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or
group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment
losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred
after the initial recognition of the asset (a ‘loss event’) and that loss event (or events) has an impact on the estimated
future cash flows of the financial asset or group of financial assets that can be reliably estimated.
If there is evidence of impairment for any of the Company's financial assets carried at amortised cost, the loss is
measured as the difference between the asset's carrying amount and the present value of estimated future cash
flows, excluding future credit losses that have not been incurred. The cash flows are discounted at the financial
asset's original effective interest rate. The loss is recognised in the statement of profit or loss and other
comprehensive income.
Provision for restoration and rehabilitation
The Company assesses the mill restoration and rehabilitation provision in accordance with accounting policies.
Significant judgement is required in determining the provision for restoration and rehabilitation as there are many
transactions and other factors that will affect the ultimate liability payable to rehabilitate the mill site. The estimate
of future costs therefore requires management to make assessment of the future restoration and rehabilitation date,
future environmental legislation, changes in regulations, price increases, changes in discount rates, the extent of
restoration and rehabilitation activities and future removal technologies. When these factors change and become
known in the future, such differences will impact the restoration and rehabilitation provision in the period in which
they change or become known. At each reporting date, the rehabilitation and restoration provision is remeasured
to reflect any of these changes.
k) Trade and other payables
These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year
which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other
payables are presented as current liabilities unless payment is not due within 12 months from the reporting date.
They are recognised initially at their fair value and subsequently measured at amortised cost using the effective
interest method.
Page 28
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
l) Earnings per share (EPS)
(i) Basic earnings per share
Basic earnings per share is calculated by dividing:
•
•
the profit attributable to equity holders of the Company, 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 and excluding treasury shares.
(ii) Diluted earnings per share
Diluted earnings per share adjusts 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 conversion of all dilutive potential ordinary shares.
m) Exploration and evaluation expenditure
Exploration and evaluation costs related to an area of interest are written off as incurred except they may be carried
forward as an item in the statement of financial position where the rights of tenure of an area are current and one of
the following conditions is met:
•
•
the costs are expected to be recouped through successful development and exploitation of the area of
interest, or alternatively, by its sale; and
exploration and/or evaluation activities in the area of interest have not at the end of each reporting period
reached a stage which permits a reasonable assessment of the existence or otherwise of economically
recoverable reserves, and active and significant operations in, or in relation to, the area of interest are
continuing.
Capitalised costs include costs directly related to exploration and evaluation activities in the relevant area of interest.
General and administrative costs are allocated to an exploration or evaluation asset only to the extent that those costs
can be related directly to operational activities in the area of interest to which the asset relates.
Capitalised exploration and evaluation expenditure is written off where the above conditions are no longer satisfied.
All capitalised exploration and evaluation expenditure is assessed for impairment if facts and circumstances indicate
that an impairment may exist. Exploration and evaluation assets are also tested for impairment once commercial
reserves are found, before the assets are transferred to development properties.
n) 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 statement
of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing
activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows.
o) Comparative figures
Comparative figures are adjusted to conform to Accounting Standards when required.
Page 29
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
p) 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.
q) Profit or loss from discontinued operations
A discontinued operation is a component of the Group that either has been disposed of, or is classified as held for
sale. Profit or loss from discontinued operations comprises the post-tax profit or loss of discontinued operations and
the post-tax gain or loss recognised on the measurement to fair value less costs to sell or on the disposal group
constituting the discontinued operation.
r) Current assets and liabilities classified as held for sale and discontinued operations
Current assets classified as held for sale are presented separately and measured at the lower of their carrying amounts
immediately prior to their classification as held for sale and their fair value less costs to sell. However, some held
for sale assets such as financial assets or deferred tax assets, continue to be measured in accordance with the Group’s
relevant accounting policy for those assets. Once classified as held for sale, the assets are not subject to depreciation
or amortisation.
s) Key estimates
The preparation of the financial statements requires management to make estimates and judgments. These estimates
and judgments are continually evaluated and are based on historical experience and other factors, including
expectations of future events that may have a financial impact on the Group and that are believed to be reasonable
under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by
definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
discussed below:
Impairment
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.
Value-in-use calculations performed in assessing recoverable amounts incorporate a number of key estimates.
Exploration and Evaluation
The Group’s policy for exploration and evaluation is discussed in Note 1(m). The application of this policy requires
management to make certain assumptions as to future events and circumstances. Any such estimates and
assumptions may change as new information becomes available. If, after having capitalised exploration and evaluation
expenditure, management concludes that the capitalised expenditure is unlikely to be recovered by future sale or
exploration, then the relevant capitalised amount will be written off through the statement of profit or loss and other
comprehensive income.
t) Standards, amendments and interpretations to existing standards that are not yet effective and have not
been adopted early by the group:
There are no new significant accounting standards or amendments that have not been early adopted for the year
ended 30 June 2021 but will be applicable to the Group in future reporting periods.
Page 30
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
2 Financial risk management
The Group's activities expose it to a variety of financial risks: market risk (including interest rate risk), credit risk and
liquidity risk. The Group's overall risk management program focuses on the unpredictability of financial markets
and seeks to minimise potential adverse effects on the financial performance of the Group.
Risk management is carried out by management under policies approved by the Board of Directors. The Board
provides principles for overall risk management, as well as policies covering specific areas, such as interest rate risk,
credit risk, the use of financial instruments and investment of excess liquidity.
The Group's financial instruments consist mainly of deposits with banks, accounts receivable and payable.
The Group holds the following financial instruments:
Financial assets
Cash and cash equivalents
Financial liabilities
Trade and other payables
(a) Market risk
Consolidated
30 June
2021 $
30 June
2020 $
1,327,795
1,327,795
566,110
566,110
801,108
801,108
254,973
254,973
(i) Price risk
Price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate as a result of changes
in market prices (other than those arising from foreign exchange or interest rate risk). The Group is not exposed to any
material price risk.
(i) Cash flow and fair value interest rate risk
Interest rate risk is the risk that a financial instrument's value will fluctuate as a result of changes in market interest
rates and the effective weighted interest rates on classes of financial assets and financial liabilities. Interest rate risk
is managed by the Company with the use of rolling short-term deposits.
The Company has no long term financial liabilities upon which it pays interest.
As at the end of the reporting period, Maximus Resources Limited had the following variable rate cash and cash
equivalent holdings:
Cash and cash equivalents
Net exposure to cashflow interest rate
30 June
2021
Weighted
average
interest
rate %
0.55
30 June
2021
Balance
$
1,327,795
1,327,795
30 June
2020
Weighted
average
interest
rate %
1.95
30 June
2020
Balance
$
801,108
801,108
Interest rate sensitivity analysis
At 30 June 2021, the effect on profit and equity as a result of changes in the interest rate, with all other variables
remaining constant would be as follows:
Interest rate risk
Page 31
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
Carrying
amount
$
1,327,795
Carrying
amount
$
801,108
Increase 2%
Decrease 2%
Profit
$
Equity
$
Profit
$
Equity
$
46
46
46
46
(46)
(46)
(46)
(46)
Increase 2%
Decrease 2%
Profit
$
Equity
$
Profit
$
Equity
$
32
32
32
32
(32)
(32)
(32)
(32)
30 June 2021
Financial assets
Cash and cash equivalents
Total increase/ (decrease)
30 June 2020
Financial assets
Cash and cash equivalents
Total increase/ (decrease)
(b) Credit risk
Credit risk is the risk of default by borrowers and transactional counterparties as well as the loss of value of assets
due to deterioration in credit quality. Credit risk arises from cash and cash equivalents and deposits with banks and
financial institutions, as well as credit exposures to wholesale and retail customers, including outstanding receivables
and committed transactions. For banks and financial institutions, only independently rated parties with a minimum
rating of 'A' are accepted. Individual risk limits are set based on internal or external ratings in accordance with limits
set by the board.
(c) Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulty in settling its debts or otherwise meeting its obligations.
The Group manages liquidity risk by monitoring cash flows and ensuring that adequate funds are available to meet
cash demands.
The table summarise the maturity profile of the Company’s financial liabilities as of 30 June 2021 and 2020 based on
contractual undiscounted payments.
< 1 year
1 to < 2years
2 to < 3 years
30 June 2021
Trade Creditors
Accruals
513,270
52,840
566,110
-
-
-
< 1 year
1 to < 2years
2 to < 3 years
30 June 2020
Trade Creditors
Accruals
160,078
94,895
254,973
-
-
-
-
-
-
-
-
-
Total
513,270
52,840
566,110
Total
160,078
94,895
254,973
Page 32
3. Other income
ATO cashflow boost stimulus
Interest income
Fuel tax rebate
ATO jobkeeper subsidy
4. Expenses
Other
Short term lease expenses
Office expenses
Subscriptions
Travel & Accommodation
Other expenses
Consulting expenses
Tax agent fees
Company secretarial and accounting services
Corporate advisory
Human resources
Compliance expenses
Share registry fees
ASIC fees
ASX fees
Audit fees
Insurance
Marketing
Investor relations
Website
Exploration expenses
Exploration expenditure written off
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
Consolidated
30 June
2021
$
37,500
2,296
24,458
13,500
77,754
30 June
2020
$
62,500
1,150
-
-
63,650
Consolidated
30 June
2021
$
30 June
2020
$
20,396
6,242
6,714
16,892
1,303
19,086
-
-
-
813
51,547
19,899
Consolidated
30 June
2021
$
5,800
71,387
30,000
32,850
140,037
55,843
12,260
43,940
61,976
28,324
202,343
30 June
2020
$
5,400
99,115
-
-
104,515
37,785
6,446
28,193
52,327
24,870
149,621
90,288
6,400
4,107
-
96,688
4,107
10,765
40,629
10,765
40,629
Page 33
5. Income Tax Expense
(a) Income tax expense:
Current tax
(b) Numerical reconciliation of income tax expense
to prima facie tax payable
Loss from continuing operations before income tax
expense
Tax at the Australian tax rate of 26% (2020: 27.5%)
Tax effect of amounts which are not deductible
(assessable) in calculating taxable income:
Temporary differences not brought to account
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
Consolidated
30 June
2021
$
30 June
2020
$
-
-
(1,022,535)
(771,323)
(265,859)
(212,114)
265,859
212,114
Income tax expense
-
A deferred tax asset (DTA) has not been recognised in respect of temporary differences as they do not meet the
recognition criteria as outlined in Note 1(f) of the financial statements. A DTA has not been recognised in respect of
tax losses either as realisation of the benefit is not regarded as probable.
-
The Company has unrecognised DTAs of $8,650,929 (2020: $8,385,070) that are available indefinitely for offset
against future taxable profits, subject to meeting the Same Business and Continuity of Ownership tests.
The tax rates applicable to each potential tax benefit are as follows:
•
•
timing differences – 26%
tax losses – 26%
6. Current assets - Cash and cash equivalents
Cash at bank and in hand
Term deposits
(a) Risk exposure
Consolidated
30 June
2021
$
30 June
2020
$
1,327,795
-
784,108
17,000
1,327,795
801,108
The Group's exposure to interest rate risk is discussed in note 2. The maximum exposure to credit risk at the end
of each reporting period is the carrying amount of each class of cash and cash equivalents mentioned above.
Page 34
7. Current assets - Trade and other receivables
Net trade receivables
Trade and other receivables
Provision for doubtful debts
GST receivable
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
Consolidated
30 June
2021
$
30 June
2020
$
322,099
(322,099)
49,065
322,099
(322,099)
-
-
Trade and other receivables includes an outstanding amount from Lloyd George Mining Pty Ltd for milling charges
relating to a toll treatment campaign at the Burbanks Mill during June 2019. This amount has been outstanding
since July 2019 and the Company commenced legal recovery action during the 2020 year. As the amount has been
outstanding for over 18 months, the Company has booked a provision against this total amount.
49,065
8. Non-current assets - Exploration and evaluation
Exploration and evaluation
Movement:
Opening balance
Expenditure incurred
Exploration expenditure written off
Closing balance
9. Current liabilities - Trade and other payables
Trade payables
Other payables and accruals
Consolidated
30 June
2021
30 June
2020
3,224,379
2,900,079
(10,765)
6,113,693
2,775,089
489,919
(40,629)
3,224,379
Consolidated
30 June
2021
$
30 June
2020
$
410,770
86,195
160,078
94,895
496,965
254,973
Page 35
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
10. Disposal group classified as held for sale and discontinued operations
During the 2019 financial year, management decided to discontinue operations at the Burbanks Mill, in line with its strategy to
focus on the Company’s exploration assets. Consequently, assets and liabilities allocated to Burbanks Mill were reclassified as
a disposal group. Revenue and expenses in relation to the discontinuation of this subgroup have been eliminated from profit
and loss from the Group’s continuing operations and are shown as a single line item in the statement of profit or loss. In
September 2019, the Burbanks Mill was sold for $5.2 million cash to Mineral Ventures Pty Ltd.
Operating losses of the Burbanks Mill until the date of disposal and the profit or loss from re-measurement and disposal of assets
and liabilities classified as held for sale are summarised as follows:
Other income
Total income
Milling expenses - consumables
Crushing expenses
Laboratory expenses
Gold room expenses
Tailings Dam expenses
Employee expenses
Insurance expenses
Depreciation
Licence fees
Legal fees
Other mill expenses
Total cost of sales
30 June 2021 30 June 2020
$
$
50,054
50,054
-
-
-
-
-
51,924
-
-
-
381,026
463
433,413
94,299
94,299
72,938
5,052
2,315
6,448
58
223,684
8,045
489
166
186,173
98,693
604,061
Operating loss
Profit from sale of plant & equipment (including restoration/rehabilitation provision)
Finance costs
Profit/(loss) from discontinued operations before tax
(383,359)
-
-
(383,359)
(509,762)
2,537,949
(4,470)
2,023,717
Tax expense
-
-
Profit/(Loss) for the year from discontinued operations
(383,359)
2,023,717
The carrying amounts of assets and liabilities in this disposal group are summarised as follows:
Current liabilities
Trade & other payables
Liabilities classified as held for sale
30 June 2021
30 June 2020
69,145
69,145
-
-
Cashflows used by Burbanks Mill for the reporting periods under review until its disposal are as follows:
Operating activities
Investing activities
Cashflows from/(used in) discontinued operations
(314,214)
-
(314,214)
(1,989,570)
5,200,000
3,210,430
Page 36
11. Contributed equity
(a) Share capital
Ordinary shares
Fully paid
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
Consolidated
30 June
2021
30 June
2020
Consolidated
30 June
2021
30 June
2020
140,096,943
87,083,009 45,369,856
42,451,894
$
$
(b) Movements in ordinary share capital:
Date
Details
Number of
shares
Issue
price
$
1 July 2019
Opening balance
34,815,204
40,895,357
26 February 2020
18 May 2020
27 May 2020
Issue of Shares - placement
Issue of Shares – Entitlement Issue
Issue of Shares – Shortfall Shares
8,703,801
5,677,136
37,841,868
$0.039
$0.030
$0.030
Less: Transaction costs arising on share issues
339,448
170,314
1,135,257
1,645,019
(88,482)
30 June 2020
Balance
87,038,009
42,451,894
16 September
2020
24 September
2020
19 October 2020
22 October 200
29 October 2020
19 November 2020
18 December 2020
23 December 2020
19 February 2021
21 April 2021
Issue of Shares – exercise of unlisted options
530,375
$0.11
58,341
Issue of Shares – exercise of unlisted options
Issue of Shares – placement
Issue of Shares – exercise of unlisted options
Issue of Shares – exercise of unlisted options
Issue of Shares – exercise of listed options
Issue of Shares – exercise of listed options
Issue of Shares – director placement
Issue of Shares – exercise of listed options
Issue of Shares - placement
470,102
31,578,951
50,000
220,000
12,579
17,283
1,894,737
11,395
18,273,512
$0.11
$0.095
$0.11
$0.11
$0.11
$0.11
$0.095
$0.11
$0.08
Less: Transaction costs arising on share issues
51,711
3,000,000
5,500
24,200
1,385
1,901
180,000
1,253
1,461,881
4,786,172
(1,868,209)
30 June 2021
Balance
(c) Ordinary shares
140,096,943
45,369,857
Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in
proportion to the number of and amounts paid on the shares held.
At shareholders' meetings, on a show of hands every holder of ordinary shares present in person or by proxy is entitled
to one vote, and upon a poll each share is entitled to one vote.
Ordinary shares have no par value and the Company does not have a limited amount of authorised capital.
Page 37
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
11. Contributed equity (cont)
(d) Capital risk management
The Group has no debt which has externally imposed capital requirements.
The Group's debt and capital includes ordinary share capital, supported by property, plant and equipment.
Management effectively manages the Group's capital by assessing its financial risks and adjusting its capital
structure in response to changes in these risks and in the market. These responses include the management of debt
levels, distributions to shareholders and share issues.
12.
Reserves
Reserves includes an option reserve arising from the issue of broker options and a share based payments for incentive
rights issued to employees. The breakdown of reserves is as follows:
(a) Option Reserve
Date
Details
1 July 2019
Opening balance
30 June 2020
Balance
Number of
listed options
Valuation
Option
Reserve
$
-
-
23 October 2020
23 October 2020
23 October 2020
23 October 2020
19 November 2020
18 December 2020
22 December 2020
19 February 2021
21 April 2021
Allotment – attaching options placement
Allotment – rights issue attaching options
Allotment – shortfall offer attaching
options
Allotment – broker options
Exercise of listed options
Exercise of listed options
Allotment – broker options
Exercise of listed options
Listed Broker options – (to be issued)
2,901,276
1,892,439
-
-
12,613,975
6,000,000
(12,579)
(17,283)
15,000,000
(11,395)
4,000,000
-
$0.0178
-
-
$0.087
-
$0.0345
-
-
-
-
-
107,000
-
-
1,308,768
-
137,973
1,553,741
30 June 2021
Balance
42,366,433
1,553,741
During the year the Company issued listed options to shareholders who participated in various share issues during the
2021 financial year. Listed options were also issued and or agreed to be issued as consideration to lead brokers for the
equity issues. The listed options were issued following shareholder approval at the various general meetings held during
the year. The listed broker options on 21 April 2021 are subject to shareholder approval at the general meeting to be
held on 8 October 2021.
The fair value of the options at measurement date were measured using the Black Scholes option valuation methodology.
The inputs used in the valuation are as follows:
Page 38
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
12. Reserves (cont)
Measurement
Date
Expiry Date
27 May 2020
7 January 2022
19 October 2020
7 January 2022
Share price
at Grant
Date
$0.07
$0.18
21 April 2021
6 January 2023
$0.096
Exercise
Price
Expected
Volatility
Risk-free
Interest
Rate
Fair Value at
Grant Date
$0.11
$0.11
$0.11
80%
80%
80%
0.15%
$0.0178
0.15%
$0.087
0.07%
$0.0345
Historical volatility of a group of comparable companies has been the basis of determining the expected share price
volatility, as it is assumed that this is indicative of future movements. No adjustments has been made to the life of the
option based on no past history regarding expected exercise or any variation of the expiry date. Accordingly, the
expected life of the option has been taken to the full period of time from grant date to expiry date, which may fail to
eventuate in the future.
(b) Share based payment reserve
During the year the Company appointed Mr Tim Wither as Managing Director. Mr Wither’s employment contract dated
10 August 2020 details his total remuneration, which includes the issue of Incentive Rights (Rights) following various
milestones. The Rights were granted under the Company’s Incentive Rights Plan. The Rights will vest in accordance
with the following vesting schedule, provided Mr Wither is still employed by the Company at the relevant vesting date:
•
•
•
500,000 Rights will vest on the first anniversary of the grant date;
1,000,000 Rights will vest on the second anniversary of the grant date; and
1,000,000 Rights will vest on the date the Company’s directors resolve (in their discretion), the Company has
advanced a project to initial gold production.
Shareholders approved the issue of these Rights at the General Meeting held on 14 October 2020. The fair value for
these Rights were measured based on the current share price of the Company’s securities with probability factors applied
against each milestone. At the grant date the Rights had a fair value of $206,500. During the year ending 30 June
2021 $150,955 was expensed as a share based payment in relation to Mr Wither’s Rights.
During the year the Company appointed Mt Travis Murphy as Chief Geologist on 1 October 2020. Mr Murphy was granted
rights under the Company’s Incentive Options and Performance Rights Plan that was approved by Shareholders at the
Annual General Meeting on 16 December 2020. The Rights will vest in accordance with the following vesting schedule,
provided Mr Murphy is still employed by the Company at the relevant vesting date:
175,500 Rights will vest on the first anniversary of the grant date;
•
• 409,500 Rights will vest on the second anniversary of the grant date; and
•
585,000 Rights will vest on the date the Company’s directors resolve (in their discretion), the Company has
advanced a project to initial gold production.
The fair value for these Rights were measured based on the current share price of the Company’s securities with
probability factors applied against each milestone. The Rights were issued on 21 April 2021 and had a fair value of
$49,982. During the year ending 30 June 2021 $34,646 was expensed as a share based payment in relation to Mr
Murphy’s Rights.
Page 39
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
12. Reserves (cont)
(b) Share based payment reserve
Date
Details
1 July 2019
Opening balance
30 June 2020
Balance
Number of
Rights
Valuation
$
-
-
24 October 2020
21 April 2021
Incentive Rights – T Wither
Incentive Rights – T Murphy
2,500,000
1,170,000
206,500
49,982
30 June 2021
Balance
3,670,000
Share
Based
Payment
Reserve $
-
-
150,955
34,646
185,601
185,601
Reserves
Balance 1 July
Option reserve (a)
Share based payments reserve (b)
Balance 30 June
13. Accumulated losses
Retained Earnings
Balance 1 July
Net profit/(loss) for the year
Balance 30 June
14. Key management personnel disclosures
(a) Key management personnel compensation
Short-term employee benefits
Post-employment benefits
Share based payment
Termination benefits
Consolidated
30 June
2021
$
30 June
2020
$
-
1,553,741
185,601
1,739,342
-
-
-
-
Consolidated
30 June
2021
$
30 June
2020
$
(38,675,208) (39,926,602)
1,252,394
(1,405,894)
(40,081,102)
(38,675,208)
Consolidated
30 June
2021
640,978
35,026
185,601
-
30 June
2020
290,364
9,941
-
-
861,605
300,305
Detailed remuneration disclosures and interests held by key management personnel are provided in sections A to I of the
remuneration report, within the Directors Report.
Page 40
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
(b) Transactions with key management personnel
During the year ending 30 June 2021 there were no transactions with related parties.
As at 30 June 2021, the following non-executive director fees totalling $25,363 were outstanding as follows:
•
S Zaninovich $8,333.33 (2020: nil)
• M Janes $8,333.33 (2020: $50,000)
• G Anderson $8,696.34 (2020: $50,000)
15. Remuneration of auditors
During the year the following fees were paid or payable for services provided by the auditor of the Company and its
related practices:
Grant Thornton
Audit and review of financial reports
Taxation Services
Total auditors' remuneration
16. Contingencies
(a) Contingent liabilities
Consolidated
30 June
2021
$
61,976
5,800
30 June
2020
$
49,434
5,400
67,776
54,834
The Group had no known contingent liabilities as at 30 June 2021. (30 June 2020 nil)
(b) Contingent assets
The majority of the Adelaide Hills tenement package consisting of 5 tenements, including the Bird in Hand Gold Project
was sold to Terramin Australia Limited (“Terramin”) in 2013. The consideration included the following contingent
payments from Terramin:
•
•
$1,000,000 payable upon approval of a Program for Environmental Protection and Rehabilitation; and
$1,000,000 payable upon commencement of bullion production.
Maximus is also entitled to a 0.5% royalty payable upon bullion production in excess of 50,000 oz.
The Flushing Meadows tenement package was sold to Orex Mining Pty Ltd (now Yandal Resources Ltd) in October 2010.
Maximus is entitled to a gold royalty in respect of gold produced from any part of the tenement area of $40 per ounce
on the first 50,000 ounces of gold generated, with the first $200,000 to be pre-paid upon commencement of gold
production and $20 per ounce of gold produced in excess of 50,000 ounces and less than 150,000 ounces to a
maximum of $4 million royalty revenue being received by Maximus. Additionally, there is a 3% net smelter return for
any gold by-products or co-products from the tenement area.
Page 41
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
17. Commitments
Commitments for exploration and joint venture expenditure
In order to maintain current rights of tenure to exploration tenements the Group is required to outlay amounts of
approximately $1,123,300 (2020: $1,133,300) to keep these in good standing during the remaining lease tenure.
18. Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 1(b):
Name of entity
Country of
incorporation Class of shares
Equity holding
2020
%
2021
%
MXR Minerals Pty Ltd
Eastern Goldfields Milling Services Pty Ltd
Australia
Australia
Ordinary
Ordinary
100
100
100
100
19. Events occurring after the reporting period
The Group completed discussions with its insurers regarding a claim relating to plant & equipment failure at the Burbanks
Mill, previously owned in Eastern Goldfields Milling Services Pty Ltd. The Company received $390,000 in respect of its
claim, net of excess and costs in early August 2021.
Eastern Goldfields Milling Services Pty Ltd (EGMS) finalised the ongoing dispute with Empire Resources Limited (Empire)
during September 2021. This Arbitration process commenced during the 2019 year to determine a final amount payable
for a recovered gold reconciliation relating to the Burbanks Mill operations. The Arbitration hearing finished in March
2021, with the Arbitrator providing a partial award in May 2021. Based on the Arbitration outcome, a settlement payment
to EGMS was made relating to the recovery of arbitration costs, ending the dispute with Empire.
Subsequent to balance date, the Company signed a mandate with Petra Capital Pty Ltd to complete a placement to raise
$12 million. The raise would be completed via 2 tranches with the second tranche subject to shareholder approval at a
General Meeting of the Company to be held on 8 October 2021. The Company completed the tranche 1 allocation on 25
August 2021 by issuing 12,182,343 ordinary shares at an issue price of $0.068 per share raising $828,399 before costs.
The tranche 2 allocation of 164,288,246 ordinary shares at $0.068 per share is subject to shareholder approval at the
General Meeting of the Company to be held on 8 October 2021. The placement includes the introduction of Pantoro
Limited (ASX:PNR) as a cornerstone investor. Following the tranche 2 allocation, Pantoro Limited will own 19.9% of the
share capital of the Company.
The General meeting on 8 October 2021 also seeks approval to issue the following securities:
•
12,000,000 options with an exercise price of $0.085 expiring on 31 October 2024 to Petra Capital Pty Ltd for
broking services.
• 6,091,207 options to shareholders who participated in the placement on 21 April 2021 and 4,000,000 options to
GTT Ventures for broking services both with an exercise price of $0.11 expiring on 6 January 2023.
• 625,000 shares at an issue price of $0.08 per share to raise $50,000 to the directors who subscribed to shares in
April 2021.
• A placement of securities to existing listed optionholders (MXROD) at an issue price of $0.003 per Option to
subscribe to one new options with an exercise price of $0.11 expiring on 6 January 2023.
There are no other events or circumstances that have occurred subsequent to the end of the reporting period that have
or will significantly affect the operations of the Group.
Page 42
20. Reconciliation of profit after income tax to net cash inflow from operating activities
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
Profit/(Loss) for the year
Depreciation
Share based payments
Exploration expenditure written off
Profit from sale of mill
Change in operating assets and liabilities:
Decrease/(increase) in trade and other
receivables
Decrease/(increase) in other operating assets
(Decrease)/increase in trade and other payables
(Decrease)/increase in provisions
Net cash (outflow)/inflow from operating
activities
21. Earnings per share
Consolidated
30 June
2021
$
30 June
2020
$
(1,405,894)
2,767
185,601
10,765
-
1,252,394
439
-
40,629
(2,537,949)
(49,065)
(155,015)
311,137
36,634
366,597
225,140
(1,726,749)
(121,367)
(1,063,070)
(2,500,866)
30 June
2021
30 June
2020
Loss from continuing operations attributable to the ordinary equity holders
Profit/(Loss) from discontinued operations attributable to the ordinary equity
holders
(1,022,535)
(771,323)
(383,359)
2,023,717
Basic earnings per share
Weighted average number of ordinary shares outstanding during the year
used to calculate basic earnings per share
114,477,904
41,886,091
Basic earnings per share (cents) – continuing operations
Basic earnings per share (cents) – discontinued operations
Total Basic earnings per share (cents)
(0.893)
(0.335)
(1.228)
(1.84)
4.83
2.99
Page 43
22. Parent Entity
Statement of financial position
Current Assets
Non-current Assets
Total Assets
Current Liabilities
Non-Current Liabilities
Total Liabilities
Net Assets
Shareholder’s Equity
Contributed Equity
Retained Losses
Maximus Resources Limited
Notes to the financial statements
For the year ended 30 June 2021
Parent
2021
$
2020
$
1,401,020
6,181,792
795,024
1,495,876
7,582,812
2,290,900
539,754
-
219,258
1,045
539,754
220,303
7,043,058
2,070,597
45,369,856
(38,326,798)
42,451,894
(40,381,297)
Capital and reserves attributable to owners
7,043,058
2,070,597
Statement of profit or loss and other comprehensive income
Loss for the year
Other comprehensive income
Total comprehensive income
Parent Entity Contingencies
Contingent liabilities
(1,005,980)
-
(453,694)
-
(1,005,980)
(453,694)
The parent entity had no known contingent liabilities as at 30 June 2021 (2020: $NIL).
Contingent assets
The majority of the Adelaide Hills tenement package consisting of 5 tenements, including the Bird in Hand Gold Project
was sold to Terramin Australia Limited (“Terramin”) in 2013. The consideration included the following contingent
payments from Terramin:
•
•
$1,000,000 payable upon approval of a Program for Environmental Protection and Rehabilitation; and
$1,000,000 payable upon commencement of bullion production.
Maximus is also entitled to a 0.5% royalty payable upon bullion production in excess of 50,000 oz.
The Flushing Meadows tenement package was sold to Orex Mining Pty Ltd (now Yandal Resources Ltd) in October
2010. Maximus is entitled to a gold royalty in respect of gold produced from any part of the tenement area of $40 per
ounce on the first 50,000 ounces of gold generated, with the first $200,000 to be pre-paid upon commencement of
gold production and $20 per ounce of gold produced in excess of 50,000 ounces and less than 150,000 ounces to a
maximum of $4 million royalty revenue being received by Maximus. Additionally, there is a 3% net smelter return
for any gold by-products or co-products from the tenement area.
Parent Entity Commitments
(a) Commitments for exploration
In order to maintain current rights of tenure to exploration tenements the Company is required to outlay amounts of
approximately $1,123,300 (2020: $1,133,300) to keep these in good standing during the remaining lease tenure.
Page 44
In the directors' opinion:
Maximus Resources Limited
Directors' declaration
30 June 2021
(a)
the consolidated financial statements and notes set out on pages 21 to 44 are in accordance with the
Corporations Act 2001, including:
(i)
complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements, and
giving a true and fair view of the consolidated entity's financial position as at 30 June 2021 and of
their performance for the financial year ended on that date, and
(ii)
(b)
(c)
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable, and
the financial statements comply with International Financial Reporting Standards as confirmed in note 1(a).
The directors have been given the declarations by the Managing Director and Company Secretary required by
section 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the directors.
Timothy Wither
Managing Director
24 September 2021
Page 45
Level 3, 170 Frome Street
Adelaide SA 5000
Correspondence to:
GPO Box 1270
Adelaide SA 5001
T +61 8 8372 6666
Independent Auditor’s Report
To the Members of Maximus Resources Limited
Report on the audit of the financial report
Opinion
We have audited the financial report of Maximus Resources Limited (the Company) and its subsidiaries (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, consolidated statement of changes in equity and consolidated statement of cash
flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant
accounting policies, and the Directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including:
a giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its performance for the year
ended on that date; and
b complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are
independent of the Group in accordance with the 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 (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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
We draw attention to Note 1a) in the financial statements, which indicates that the Group incurred a loss of $1,405,894 and a
cash outflow from operating and investing activities of $3,945,018. As stated in Note 1a), these events or conditions, indicate
that a material uncertainty exists that may cast doubt on the Group’s ability to continue as a going concern. Our opinion is not
modified in respect of this matter.
Grant Thornton Audit Pty Ltd ACN 130 913 594
a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
www.grantthornton.com.au
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients
and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International
Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are
delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one
another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to
Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to
Grant Thornton Australia Limited.
Liability limited by a scheme approved under Professional Standards Legislation.
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.
In addition to the matter described in the Material uncertainty related to going concern section, we have determined the
matters described below to be the key audit matters to be communicated in our report.
Key audit matter
How our audit addressed the key audit matter
Exploration and evaluation assets - Notes 1m), 1s) & 8
At 30 June 2021 the carrying value of exploration and
evaluation assets was $6,113,693.
In accordance with AASB 6 Exploration for and Evaluation
of Mineral Resources, the Group is required to assess at
each reporting date if there are any triggers for impairment
which may suggest the carrying value is in excess of the
recoverable value.
The determination as to whether there are any indicators to
require an exploration and evaluation asset to be assessed
for impairment involves a number of judgements including
whether the Group will be able to maintain tenure, perform
ongoing expenditure and whether there is sufficient
information for a decision to be made that the area of
interest is not commercially viable.
This area is a key audit matter due to the carrying value of
exploration and evaluation assets being a significant risk.
Our procedures included, amongst others:
Reviewed management's area of interest consideration
against AASB 6;
Conducted a detailed review of management's assessment
of trigger events prepared in accordance with AASB 6
including:
traced projects to statutory registers, exploration
licenses and third party confirmations to determine
whether a right of tenure existed;
enquired management regarding their intentions to
carry out exploration and evaluation activity in the
relevant exploration area, including review of
management's budgeted expenditure;
understood whether any data exists to suggest that the
carrying value of exploration and evaluation assets are
unlikely to be recovered through development or sale;
Understood and corroborated the changes in
assumptions and inputs due to the impact of COVID-
19;
Assessed the accuracy of any impairment recorded for the
year as it pertained to exploration interests;
Evaluated the competence, capabilities and objectivity of
management's experts in the evaluation of potential
impairment triggers; and
Assessed the appropriateness of the related financial
statement disclosures.
Information other than the financial report and auditor’s report thereon
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 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 that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors’ for the financial report
The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in
accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors
determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material
misstatement, whether due to fraud or error.
In preparing the financial report, the Directors are responsible for assessing the Company’s/Group’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless the Directors either intend to liquidate the Company/Group or to cease operations, or have no realistic alternative but to
do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing
Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance
Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar1_2020.pdf. This description forms part of
our auditor’s report.
Report on the remuneration report
Opinion on the remuneration report
We have audited the Remuneration Report included in the Directors’ report for the year ended 30 June 2021.
In our opinion, the Remuneration Report of Maximus Resources Limited, for the year ended 30 June 2021 complies with
section 300A of the Corporations Act 2001.
Responsibilities
The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance
with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report,
based on our audit conducted in accordance with Australian Auditing Standards.
GRANT THORNTON AUDIT PTY LTD
Chartered Accountants
I S Kemp
Partner – Audit & Assurance
Adelaide, 24 September 2021
Maximus Resources Limited
ASX Additional Information
The shareholder information set out below was applicable as at 22 October 2021.
A Distribution of equity securities
Analysis of numbers of equity security holders by size of holding:
ORDINARY SHARES
Range
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 - 9,999,999,999
Rounding
Total
Total holders
1,152
624
420
854
338
Units
244,972
1,795,085
3,154,558
31,772,257
280,901,160
% of Issued Capital
0.08
0.56
0.99
10.00
88.37
0.00
3,388
317,868,032
100.00
There were 1,842 holders of less than a marketable parcel of ordinary shares. At a share price of
$0.086, an unmarketable parcel is 5,813 shares.
LISTED OPTIONS
Range
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 - 9,999,999,999
Rounding
Total
UNLISTED OPTIONS
Range
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 - 9,999,999,999
Rounding
Total
Total holders
79
37
8
26
47
Units
24,690
82,685
59,092
1,058,729
37,141,237
% of Issued Capital
0.06
0.22
0.15
2.76
96.81
0.00
197
38,366,433
100.00
Total holders
Units
% of Issued Capital
-
-
-
-
5
5
-
-
-
-
13,000,000
-
-
-
-
100
0.00
13,000,000
100.00
Maximus Resources Limited
ASX Additional Information
B Equity Security Holders
Twenty largest quoted equity security holders
ORDINARY SHARES
Rank Name
Units
% of Units
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
PANTORO LIMITED
KITARA INVESTMENTS PTY LTD
SOLEQUEST PTY LTD
ONE MANAGED INVESTMENT FUNDS LIMITED
CS THIRD NOMINEES PTY LIMITED
HUSTLER INVESTMENTS PTY LTD
ALISSA BELLA PTY LTD
SYRACUSE CAPITAL PTY LTD
GOLDFIRE ENTERPRISES PTY LTD
MRS HEATHER MARY LYONS
ROOKHARP CAPITAL PTY LTD
CITICORP NOMINEES PTY LIMITED
JMARC HOLDINGS PTY LTD
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
ALL-STATES FINANCE PTY LTD
ROBMAR INVESTMENTS PTY LTD
MR CRAIG GRAEME CHAPMAN
MISS MELISSA TASSONE
KEMPO CAPITAL PTY LTD
DC & PC HOLDINGS PTY LTD
63,254,972
10,526,316
7,276,471
6,617,648
5,812,339
4,750,000
4,649,831
4,130,000
3,700,000
3,700,000
3,676,470
3,511,762
3,354,710
3,100,566
2,941,176
2,941,176
2,892,177
2,829,373
2,462,917
2,400,000
19.90
3.31
2.29
2.08
1.83
1.49
1.46
1.30
1.16
1.16
1.16
1.10
1.06
0.98
0.93
0.93
0.91
0.89
0.77
0.76
Totals: Top 20 holders of ORDINARY FULLY PAID SHARES (TOTAL)
Total Remaining Holders Balance
144,527,904
173,340,128
45.47
54.53
LISTED OPTIONS
Rank Name
Units
% of Units
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
HUSTLER INVESTMENTS PTY LTD
SYRACUSE CAPITAL PTY LTD
KITARA INVESTMENTS PTY LTD
MOUNTS BAY INVESTMENTS PTY LTD
KEMPO CAPITAL PTY LTD
ALITIME NOMINEES PTY LTD
XS RESOURCES LIMITED
SYRACUSE CAPITAL PTY LTD
JMARC HOLDINGS PTY LTD
M & K KORKIDAS PTY LTD
MOUNTS BAY INVESTMENTS PTY LTD
MURDOCH CAPITAL PTY LTD
M & K KORKIDAS PTY LTD
ALISSA BELLA PTY LTD
SOLEQUEST PTY LTD
MRS SVJETLANA BJELJAC + MR ALIS TRAKILOVIC
MANDEVILLA PTY LTD
RHC INVESTMENTS PTY LTD
MR MARTIN ROSS HELEAN
CHARLTON WA PTY LTD
Totals: Top 20 holders of LISTED OPTIONS (TOTAL)
Total Remaining Holders Balance
6,640,230
5,315,467
3,900,000
2,475,000
2,463,683
2,100,000
1,300,000
1,064,104
1,008,549
800,000
684,249
650,050
590,000
478,634
432,428
423,351
388,889
350,000
333,334
300,000
31,697,968
6,668,465
17.31
13.85
10.17
6.45
6.42
5.47
3.39
2.77
2.63
2.09
1.78
1.69
1.54
1.25
1.13
1.10
1.01
0.91
0.87
0.78
82.62
17.38
Maximus Resources Limited
ASX Additional Information
UNLISTED OPTIONS
Rank Name
Units
% of Units
1.
2.
3.
4.
5.
CIRCUMFERENCE CAPITAL CT PTY LTD
GUINA NOMINEES PTY LTD
MR KELVIN GLEN CROSBY + MRS BEVERLEY ANNE
CROSBY
WILLING VALE PTY LTD
GIRGIS NOMINEES (WA) PTY LTD
Totals: Top holders of UNLISTED OPTIONS (TOTAL)
Total Remaining Holders Balance
12,000,000
500,000
175,000
175,000
150,000
13,000,000
0
92.31
3.85
1.35
1.35
1.14
100
C Substantial holders
As at 22 October 2021 the following were substantial shareholders:
Shareholder
Pantoro Limited
D Voting Rights
Units
63,254,972
% of Units
19.90
The voting rights attaching to each class of equity securities are set out below:
Ordinary Shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote
and upon a poll each share shall have once vote.
Options (Listed and Unlisted)
No voting rights.
Maximus Resources Limited
Tenement Schedule
30 June 2021
MAXIMUS RESOURCES LIMITED - TENEMENT SCHEDULE
Tenement No.
Project
Registered Holder
Maximus Resources Interest
Spargoville Project
M 15 / 1475
M 15 / 1869
Eagles Nest
Maximus Resources Ltd
MXR - 100% of all Minerals
Eagles Nest South
Maximus Resources Ltd
MXR - 100% of all Minerals
L 15 / 128
Kambalda West
Maximus Resources Ltd
L 15 / 255
Kambalda West
Maximus Resources Ltd
M 15 / 395
Kambalda West
Maximus Resources Ltd
M 15 / 703
Kambalda West
Maximus Resources Ltd
M 15 / 1448
Hilditch
M 15 / 1449
Larkinville
P 15 / 5912
Larkinville
Maximus Resources Ltd &
Bullabulling Pty Ltd
Maximus Resources Ltd &
Essential Metals Ltd
Maximus Resources Ltd &
Essential Metals Ltd
MXR - 100% all minerals, except Ni
rights
MXR - 100% all minerals, except Ni
rights
MXR - 100% all minerals, except Ni
rights
MXR - 100% all minerals, except Ni
rights
MXR - 90% of all minerals
MXR - 75% All minerals + MXR 80% Ni
rights
MXR - 75% All minerals + MXR 80% Ni
rights
M 15 / 1101
M 15 / 1263
M 15 / 1264
M 15 / 1323
M 15 / 1338
M 15 / 1474
M 15 / 1769
M 15 / 1770
M 15 / 1771
M 15 / 1772
M 15 / 1773
M 15 / 1774
M 15 / 1775
M 15 / 1776
Wattle Dam
Wattle Dam
Wattle Dam
Wattle Dam
Wattle Dam
Wattle Dam
Wattle Dam
Wattle Dam
Wattle Dam
Wattle Dam
Wattle Dam
Wattle Dam
Wattle Dam
Wattle Dam
Maximus Resources Ltd
MXR - 100% all minerals + 80% Ni rights
Maximus Resources Ltd
MXR - 100% all minerals + 80% Ni rights
Maximus Resources Ltd
MXR - 100% all minerals + 80% Ni rights
Maximus Resources Ltd
MXR - 100% all minerals + 80% Ni rights
Maximus Resources Ltd
MXR - 100% all minerals + 80% Ni rights
Maximus Resources Ltd
MXR - 100% all minerals
Maximus Resources Ltd
MXR - 100% all minerals + 80% Ni rights
Maximus Resources Ltd
MXR - 100% all minerals + 80% Ni rights
Maximus Resources Ltd
MXR - 100% all minerals + 80% Ni rights
Maximus Resources Ltd
MXR - 100% all minerals + 80% Ni rights
Maximus Resources Ltd
MXR - 100% all minerals + 80% Ni rights
Maximus Resources Ltd
MXR - 100% all minerals
Maximus Resources Ltd
MXR - 100% all minerals
Maximus Resources Ltd
MXR - 100% all minerals
Maximus Resources - 100% Gold Rights
M 15 / 97
M 15 / 99
M 15 / 100
M 15 / 101
M 15 / 102
M 15 / 653
Widgiemooltha
Neometals Ltd
Widgiemooltha
Neometals Ltd
Widgiemooltha
Neometals Ltd
Widgiemooltha
Neometals Ltd
Widgiemooltha
Neometals Ltd
Widgiemooltha
Neometals Ltd
M 15 / 1271
Widgiemooltha
Neometals Ltd
Kimberley Base Metal Projects
E 80 / 5560
King River
MXR Minerals Pty Ltd
E 80 / 5561
Dunham River
MXR Minerals Pty Ltd
E80 / 5585
Stonewall
MXR Minerals Pty Ltd
MXR - 100% gold rights
MXR - 100% gold rights
MXR - 100% gold rights
MXR - 100% gold rights
MXR - 100% gold rights
MXR - 100% gold rights
MXR - 100% gold rights
MXR - 100% of all Minerals under
application
MXR - 100% of all Minerals under
application
MXR - 100% of all Minerals under
application
Principal and Registered Office
Suite 12, 198 Greenhill Road
Eastwood SA 5063
Email
info@maximusresources.com
Phone
08 7324 3172
maximusresources.com
ASX:MXR