More annual reports from Methode Electronics:
2023 ReportMETEORIC RESOURCES NL
ABN 64 107 985 651
ANNUAL REPORT
FOR THE YEAR ENDED
30 JUNE 2020
METEORIC RESOURCES NL
- 1 -
Registered and Principal Office
Level 1, 33 Ord Street
West Perth WA 6005
Telephone: +61 8 9226 2011
+61 8 9226 2099
Facsimile:
info@meteoric.com.au
Email:
www.meteoric.com.au
Web:
Bankers
Bank of Western Australia Ltd
306 Murray Street
Perth WA 6000
Auditor
BDO Audit (WA) Pty Ltd
38 Station Street
Subiaco WA 6008
CORPORATE DIRECTORY
Directors
Patrick Burke
Andrew Tunks
Shastri Ramnath
Paul Kitto
Executive Chairman
Managing Director
Non-Executive Director
Non-Executive Director
Company Secretary
Matthew Foy
Stock Exchange Listing
Australian Securities Exchange
ASX Code - MEI
Share Registry
Automic Registry Services
Level 2, 267 St Georges Terrace
Perth WA 6000
Telephone: 1300 288 664
Facsimile:
+61 2 9698 5414
CONTENTS
Corporate Directory
Chairman’s Letter
Directors’ Report
Auditor’s Independence Declaration
Consolidated statement of Profit or Loss and Other Comprehensive Income
Consolidated statement of Financial Position
Consolidated statement of Changes in Equity
Consolidated statement of Cash Flows
Notes to and forming part of the Consolidated Financial Statements
Directors’ Declaration
Independent Auditor’s Report
Tenement Details
Other Information
2
3
4
26
27
28
29
30
31
62
63
67
69
METEORIC RESOURCES NL
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CHAIRMAN’S LETTER
Dear Shareholders
Well what a year this has been for all of us.
I am penning this Chairman’s letter at a time we are witnessing the gold price hit well over A$2,500 and I am truly
thankful to be a part of a company not only exposed to the gold price, but actively exploring for more of the precious
yellow metal.
Meteoric has ended this year with a different, but far stronger portfolio then we started with. As a Board we made the
decision early in 2020 that with the growing COVID-19 virus spreading worldwide, the Company would be best placed to
diversify our portfolio and seek to acquire an Australian based project to hedge the Company’s geographical risk. And
what a tremendous move that was for us.
In June we announced the successful acquisition of the Palm Springs Gold Project located in the Kimberley Region of
Western Australia. This project has huge potential given its history of production at the Butchers Creek, in addition to
60 known gold occurrences continued along a 20km strike.
The beauty of the Palm Springs acquisition is that it is a past producer with a vast exploration upside that was never
exploited due to the low gold price in late 1990s. The Project contains some spectacular historical intercepts beneath
the existing Butchers Creek open pit, including 68m @ 2.5 g/t Au from 44m, 19m @ 8.8 g/t Au from 56m and 50m @
3.31 g/t Au from 50m (refer to MEI ASX Announcement 15 June 2020).
All previous work at Palm Springs indicates the potential exists for a substantial untested gold system that plunges south
away from the Butchers Creek open cut and this is what we are focused on unlocking. Operations at Butchers Creek only
ceased in the 1990s due to the low gold price so we look forward to picking up from where previous operators left off
and finding out exactly what this exciting project may hold.
Post financial year we announced that we were mobilising the team and rigs to site to kick off our maiden drilling
campaign at Palm Springs, so we enter this new year anticipating a lot of news flow from our new Australian asset.
However, I must point out to our shareholders that our move to acquire an Australian asset is in no way an indication to
the lack of prospectivity that exists in our Brazilian projects. At the end of the calendar year 2019 we completed our
maiden drilling programs following which we were thrilled to report some fantastic results including the staggering
20.6m @ 94.9 g/t Au which included 3.65m @ 508.4 g/t Au.
Whilst our down time in Brazil following the completion of the maiden programs was longer than anticipated, due to an
extended wet season and the COVID-19 situation, we were thrilled to report in June that we had commenced our 2020
drilling program. Our focus at Juruena this season is on significantly increasing the size and confidence in the existing
gold resource and the program will initially target the Dona Maria prospect, where our 2019 program confirmed
continuity of the high-grade old shoot open at depth beneath the existing resource.
As we watch the gold price climb higher and higher, it truly is an amazing time to be involved in this wonderful
commodity.
As Chairman of Meteoric I hope that all our shareholders have remained safe and well in these troubling times we are
all experiencing. May I extend our thanks for your continuing support and I look forward to reporting our activities to
you over the coming year from our exciting gold portfolio in both Western Australia and Brazil.
Yours sincerely
Pat Burke
Chairman
METEORIC RESOURCES NL
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DIRECTORS’ REPORT (continued)
The Company presents its financial report for the consolidated entity consisting of Meteoric Resources NL (Company,
Meteoric or MEI) and the entities it controls (Consolidated Entity or Group) at the end of, or during, the year ended 30
June 2020.
Meteoric completed this financial year focusing on the following key gold assets:
•
•
Juruena Gold Project, Brazil
Palm Springs Gold Project, Western Australia
Given the global COVID-19 situation that presented itself in 2020, the Meteoric Board made the decision to diversify the
Company’s geological risk and seek an asset located in Australia. As such, the Palm Springs Gold Project acquisition was
announced in June 2020 and the Company enters the 2021 financial year with a two-pronged strategy of developing
both its Brazilian Juruena Project and Australian Palm Springs Project.
REVIEW OF OPERATIONS
Australia
Australian Acquisition – Palm Springs Gold Project
On 15 June 2020 Meteoric announced it had entered into a binding agreement to acquire the high-grade Palm Springs
Gold Project in the Kimberley Region of Western Australia, which was completed on 30 June 2020.
The Palm Springs Gold Project covers more than 12,000 Ha including 3 MLs, 4 ELs and 6 PLs and contains over 60 known
gold occurrences over a 20km strike. Subsequent to year end, Meteoric obtained all relevant approvals and announced
its intention to commence its maiden extensive Stage 1 drilling program at the historic Butchers Creek Open Pit Gold
Mine.
Key highlights of the Palm Springs Gold Project include:
•
Palm Springs is an advanced exploration play containing spectacular historical drill intercepts beneath the historical
Butchers Creek Open Pit Gold Mine including (refer to MEI ASX Announcement 15 June 2020):
o
o
o
o
o
o
BCP036 – 68m @ 2.5 g/t Au from 44m
BCR250 – 19m @ 8.8 g/t Au from 56m
BCRC180 – 14m @ 7.5 g/t Au from 82m
BCP017 – 50m @ 3.31 g/t Au from 50m
BCD230 – 7m @ 4.2 g/t Au & 8m @ 17.4 g/t Au from 49m
BCD232 – 6m @ 21.2 g/t Au from 60m
• And along strike south of the open pit:
73m @ 2.3 g/t Au from 169m (BCRC334)
36m @ 2.5 g/t Au from 168m (BCD336)
o
o
Previous production in the late 1990s at the Butchers Creek Open Pit Gold Mine saw 52,000oz @ 2.1 g/t Au until
the mine was shut down due to low gold prices.
•
• Meteoric’s initial drilling campaign will focus on Butchers Creek, targeting shear hosted high grade gold
mineralisation which is open at depth and down plunge to the south.
• Historic 1996 RC drill intercept of 73m @ 2.26 g/t Au from 169m (refer to MEI ASX Announcement 15 June 2020)
located 100m south of Butchers Creek indicates that the down plunge potential to the south west remains almost
completely untested.
• Acquisition includes the Golden Crown and Faugh-a-Ballagh Prospects which previous owners Northern Star
Resources (ASX:NST) had completed drilling at these prospects, which also included numerous high-grade finds.
METEORIC RESOURCES NL
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DIRECTORS’ REPORT (continued)
Figure 1: Location diagram for Palm Springs Gold Project showing major orebodies across the Halls Creek Mobile Zone.
Meteoric’s Stage 1 Drilling program will utilise two rigs and consist of 6,000m of RC and 1,500m diamond drilling and has
been designed to confirm and extend the known high-grade gold mineralisation associated with the plunging anticline
to the south of the existing Butchers Creek open pit. This program commenced mid-August 2020.
METEORIC RESOURCES NL
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DIRECTORS’ REPORT (continued)
Butchers Creek High Grade Mineralisation and Down Plunge Potential
The high-grade gold mineralisation at Butchers Creek open pit is confined to a tight, slightly overturned anticlinal fold
hinge within a volcanic trachyte unit, structurally similar to the famous Bendigo Gold deposits of Victoria. The high-
grade gold is strongly associated with pyritic zones around late stage quartz veins. Mining of the Butchers Creek open
pit was only completed to the first stage of a 2-stage pit design. Significant volumes of high-grade gold currently sit at
the bottom of the current (Stage 1) pit floor, providing ready access to high-grade ore upon any potential mine start-
up. This unmined ore below the base of the pit forms a priority target for Meteoric’s Stage 1 drilling.
Figure 2: Cross Section 10,080mN (local grid) highlighting the main Butchers Creek Gold Orebodies at the
southern end of the open pit. Because of early closure of the mine due to the low gold price Meteoric
believes significant ore zones remain in the base of the pit and immediately underneath.
METEORIC RESOURCES NL
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DIRECTORS’ REPORT (continued)
Location and Previous Operation
The Palm Springs Gold Project is located 30km south east of Halls Creek in the Kimberley Region in Western Australia
and is accessible by dirt road from the Great Northern Highway, 15km west of the Project.
During gold production at the Butchers Creek Open Pit Gold Mine between 1995 and 1997, a 500,000tpa conventional
Carbon in Pulp (CIP) gold ore treatment plant was constructed along with a 9M tonne open capacity Tailing Storage
Facility (TSF), diesel power station and 75 man accommodation camp and offices. During operation, supplemental ore
was trucked from Nicholson Find (now 100% owned and operated by Pantoro Limited (ASX:PNR) and no longer part of
the Palm Springs Gold Project) and processed at Palm Springs.
The total production of the plant was:
Butchers Creek
761,000t @ 2.09 g/t Au for 52,089 ounces
Nicholson Find
92,805t @ 7.71 g/t Au for 23,007 ounces
TOTAL
853,808t @ 2.74 g/t Au for 75,096 ounces
Past production figures are quoted from PMA Annual Technical Report on Palm Springs Mine Project – GML80/197 May
1998 submitted to Department of Minerals Industry Regulation and Safety.
Figure 3: Palm Springs gold treatment plant circa 1996. Although the plant was removed the
concrete footings, terrace working and lay down areas remain.
Figure 4: Butchers Creek Open Pit looking north – maximum depth 70m, average depth 30m.
METEORIC RESOURCES NL
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DIRECTORS’ REPORT (continued)
Brazil
In Brazil, Meteoric owns 100% of 24 tenements located on the western end of the highly prospective Alta Floresta Belt
in the state of Mato Grosso. The Alta Floresta Belt is home to over 40 known gold deposits and is host to major mining
companies including Anglo American and Vale. To date the Company’s key focus in Brazil are the Juruena and Novo
Astro Gold Projects, which were the focus of the Company’s maiden drilling programs in 2019.
In 2019 Meteoric completed the following drilling across its Brazilian assets:
•
Juruena – 23 holes for 4,366m
• Novo Astro – 14 holes for 2,649m
Highlights of key results of the drilling program are detailed in Table 1.
Prospect
Hole ID
Dona Maria
JUDD001
including
Dona Maria
JUDD007
including
Dona Maria
JUDD008
Crentes
including
and
JUDD010
including
Tomate
JUDD013
Dona Maria
JUDD022
From
(m)
96.79
107.47
124.00
124.00
141.50
144.50
149.00
170.70
179.00
89.22
300.20
To
(m)
117.38
111.12
127.50
125.00
155.50
146.50
151.50
225.00
191.00
94.05
304.55
Interval
(m)
20.59
3.65
3.50
1.00
14.00
2.00
2.50
54.30
12.00
4.83
4.35
Au Grade
(g/t)
Gram.Metres
(g/t.m)
94.90
508.36
15.31
51.85
81.72
71.60
287.44
1.33
4.54
9.87
13.50
1954
1856
54
52
1144
143
719
72
54
48
59
Table 1: Key results of the 2019 drilling program on the Juruena project.
Juruena
During the 2019 exploration campaign at Juruena, the Company had two rigs on site to complete the maiden Brazilian
drilling program. Early results from the drill program returned some spectacular results from the Dona Maria Prospect,
which included visible gold in holes JUDD001 (Figure 5) and JUDD008.
Highlights included:
•
•
•
•
JUDD001: 20.6m @ 94.9 g/t Au from 96.8m - (1,954 g/t.m)
JUDD008: 14.0m @ 81.7 g/t Au from 142.0m - (1,144 g/t.m)
JUDD007: 3.5m @ 15.3 g/t Au from 124.0m - (53 g/t.m)
JUDD002: 1.1m @ 22.68 g/t Au from 41.2m - (25 g/t.m)
METEORIC RESOURCES NL
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DIRECTORS’ REPORT (continued)
Figure 5: Free gold within intensely sericite + phengite + chlorite + quartz altered granite from DDH JUDD001.
Figure 6: The geology of the Juruena Project and main prospect locations.
Dona Maria
The Dona Maria structure is a north-south trending steep west dipping brittle/ductile fault zone that terminates to the
south against the main Juruena fault, see Figure 6.
The 2019 drilling at Dona Maria demonstrates significant potential for this prospect with the interpretation of two
separate steeply plunging high-grade ore shoots, the Southern and Northern, which both remain open at depth.
METEORIC RESOURCES NL
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DIRECTORS’ REPORT (continued)
Targeting the southern high-grade shoot below the 2016 Mineral Resource (See Figure 7) will be a key strategy for the
2020 drilling.
Figure 7: Dona Maria Long section looking East onto the Dona Maria Fault.
Shows drilling up to end of 2019 and 2016 Crusader Mineral Resource Outline.
Tomate
The Tomate Prospect is a North South trending zone of gold mineralisation that contains extensive artisanal mine
workings since the 1980s. Historic drilling by Lago Dourado Minerals Ltd and Big River Gold Limited (previously Crusader
Resources Limited) intercepted several zones of gold mineralisation that were not considered for the 2016 Minerals
Resource Estimate due to drill spacing. Meteoric’s 2019 drilling program confirmed the presence of a gold system striking
approximately north south with a higher-grade portion in the central part of the structure.
Hole JUDD013 targeted this and intercepted 4.8m @ 9.9 g/t Au from 89m.
Hole JUDD020 was drilled to test for possible extensions of Quereosene mineralisation to the south of the artisanal
Goiana Pit and returned no significant intersections.
METEORIC RESOURCES NL
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DIRECTORS’ REPORT (continued)
Geological interpretations of the work completed at Tomate concluded that the gold distribution was associated with a
moderately north plunging mineral lineation. These controls were not tested in the 2019 program so therefore provide
a target for bulk tonnage open pittable ounces during 2020 drilling.
2020 Program
On 8 June 2020 Meteoric commenced its 2020 drilling program at Juruena, consisting of 4,000m of diamond drilling with
holes targeting the Dona Maria Prospect (refer to MEI ASX Announcement 9 June 2020).
The Dona Maria Prospect is interpreted as two separate steeply plunging, high-grade ore shoots, the Southern and the
Northern which both remain open at depth. The current drilling encompasses several targets which if successful, would
clearly improve both the quality and size of the current Mineral Resource.
The focus of the Brazilian 2020 program is to:
•
•
•
Increase the size of the current epithermal gold Mineral Resource across Juruena;
Convert Inferred resource ounces into the Indicated category; and
Follow up gold-copper porphyry-style mineralisation at the Crentes prospect.
The program commenced in July 2020 at Dona Maria targeting the Southern Shoot in two separate zones:
•
•
Zone 1 within the existing resource with an aim to improve estimation confidence; and
Zone 2 below the existing resource with an aim to further grow the resource.
Juruena Mineral Resource Estimate
The 2019 drill results highlighted the confirmation of a high-grade ore shoot at Dona Maria and the potential for Tomate
to provide additional ounces to the Juruena Resource which currently stands at 1.2Mt @6.3 g/t Au for 261 Koz including
the high-grade resources at Dona Maria of 216Kt @ 12.7 g/t Au and Querosene 219Kt @ 16.7 g/t (see Table 2).
It is Meteoric’s intention to review the 2016 Mineral Resource Estimate at the conclusion of the 2020 drilling program.
Cut off
2.5 g/t
2.5 g/t
Prospect
Dona Maria
Querosene
Category
Indicated
Inferred
Sub-total
Indicated
Inferred
Sub-total
Total Indicated
Total Inferred
Total High-Grade
Crentes
Inferred
1.0 g/t
Tonnes
67,800
148,500
216,300
31,200
188,700
219,900
99,000
337,200
436,200
846,450
Global Resources
1,282,650
Grade (g/t)
13.7
12.2
12.7
28.4
14.7
16.7
18.3
13.6
14.7
2.0
6.3
Oz Au
29,800
58,200
88,000
28,500
89,300
117,800
58,300
147,500
205,800
55,100
260,900
Table 2: MRE for Juruena Project (refer MEI ASX Announcement 21 March 2019).
Novo Astro
The Novo Astro Project is located 30km South East of the Juruena Project.
The soil geochemistry at Novo Astro indicated a large 2.5km sub-circular anomaly for gold in the central portion of the
property. Fieldwork commenced in July 2019 including a detailed sampling program in and around the artisanal workings
(open pits). Results from this reconnaissance defined four key targets for follow up drilling: Graça, Matteus, José, and
Bodhi.
Meteoric commenced drilling a +2,500m program at Novo Astro in tandem with the Juruena 2019 drilling.
METEORIC RESOURCES NL
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DIRECTORS’ REPORT (continued)
The drilling intercepted several intervals with low-grade (sub-economic) gold which included:
• NADD005 - 7.5m @ 0.13 g/t Au
• NADD007 – 6.0m @ 0.12 g/t Au
• NADD010 – 5.6m @ 0.49 g/t Au
Within the results a strong Au and Ag (precious metals) and Cu, Zn, Pb, Bi and Te correlation was observed.
Once the final results were received from Novo Astro which returned no significant assays, the Company advised it was
reviewing all gold and multi element data before making any further decisions on how to proceed with exploration at
this project.
Non-Core Australian Projects
Webb Diamond JV
The Webb Diamond JV is focussed on the evaluation of a large kimberlite field comprising 280 bulls-eye magnetic targets.
No significant work was reported during the reporting period.
Warrego North IOCG JV, Northern Territory Australia
The Warrego North Project is located approximately 20km north west of the historical high-grade Warrego copper-gold
mine, in the western part of the Tennant Creek Mineral Field. There was no activity reported by the JV partner during
the reporting period.
Competent Person Statement
The information in this report that relates to mineral resource estimates and exploration results is based on information reviewed,
collated and fairly represented by Mr Peter Sheehan who is a Member of the Australasian Institute of Mining and Metallurgy and a
consultant to Meteoric Resources NL. Mr Sheehan has sufficient experience relevant to the style of mineralisation and type of deposit
under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition
of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves. Mr Sheehan consents to the inclusion in this report of the matters based on this information in the form and context in
which it appears. Additionally, Mr Sheehan confirms that the entity is not aware of any new information or data that materially affects
the information contained in the ASX releases referred to in this report.
Corporate
Placements
In August 2019, the Company announced it had completed a $2.7 million placement to a small number of strategic
sophisticated and institutional investors via the issue of 84,375,000 New Shares at an issue price of $0.032 per share,
which represented an 8.4% premium to the 30-day VWAP and a 3% discount to the 10 day VWAP up to and including
8th August. CPS Capital was lead manager to the placement.
In November 2019, the Company raised $6.75 million through the placement of 135,000,000 new shares to sophisticated
and professional investors at an issue price of $0.05 per share to accelerate its Brazilian exploration program at both
Juruena and Novo Astro.
Additionally, two Directors of Meteoric agreed to take part in the placement and as such, shareholder approval was
obtained on 13 January 2020, for Managing Director Dr Andrew Tunks to subscribe for $20,000 and Non-Executive
Director Ms Shastri Ramnath to subscribe for $15,000 on the same terms as the Placement, the shares were issued on
12 February 2020.
As part of the acquisition of Palm Springs, Meteoric raised $1,440,000 via the issue of 90,000,000 new Shares at
AUD$0.016 per Share (Placement). The Placement is in two tranches:
-
88,000,000 Tranche 1 Shares were issued to sophisticated and professional investors pursuant to Meteoric's
placement capacity under Listing Rule 7.1.
METEORIC RESOURCES NL
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DIRECTORS’ REPORT (continued)
- Under Tranche 2, the Company sought and received shareholder approval, on 3 September 2020 for Directors
Dr Andrew Tunks and Dr Paul Kitto to participate in the Placement on the same terms for 1,000,000 Shares
each.
The purpose of the Placement is to meet the costs of the Palm Springs acquisition including the cash consideration
payable to the Vendors along with the estimated costs of the first drilling program.
CPS Capital Group Pty Ltd and Vert Capital Pty Ltd were Broker and Lead Manager to the Placement. Fees for the
Placement were 6% on all funds raised payable in shares at the same price as the Placement along with the issue of 12
million unlisted options with an exercise price of $0.024 exercisable on or before 28 May 2023.
Key Appointment, Dr Paul Kitto
On 16 October 2019, the Company welcomed Dr Paul Kitto to the Board as Non-Executive Technical Director.
Paul has an extensive career including over 30 years within the mining industry, having served on numerous ASX boards
and held senior level management positions around the world including Australasia and Africa. Prior experience includes
Exploration Manager, Africa for Newcrest Mining Ltd and CEO and MD of ASX listed Ampella Mining Ltd. Paul is currently
Technical Director for ASX listed Tietto Minerals (ASX: TIE). He brings with him vast experience within the gold space
having led or been part of the exploration teams that discovered numerous multi-million ounce deposits in Africa,
Australia and Papua New Guinea. He has a wide range of experience dealing with various deposit types, predominantly
associated with gold and base metals.
Change of Registered Office
During the year the Company advised its registered office and principle place of business had changed to:
Office Address:
Postal Address:
Level 1, 33 Ord St
West Perth WA 6005
PO Box Z5187
Perth WA 6831
Telephone:
+61 8 9226 2011
Facsimile:
+61 8 9226 2099
Release of Voluntary Escrow
The consideration for the acquisition of the Juruena and Novo Astro Gold Projects included the issue of 50 million
ordinary shares to Big River Gold Limited (formerly Crusader Resources Limited), which were subject to voluntary escrow
until 30 May 2020 (Escrow).
During the year the Company was approached by a representative of Big River Gold and a consortium of new and existing
Meteoric institutional and professional investors (Consortium) who had agreed that subject to the Company agreeing to
release the Escrow, that the Consortium would acquire the 50 million ordinary shares held by Big River at price of 5.5¢
per share.
Meteoric viewed this to be in the best interest of shareholders on the basis that it significantly strengthened the
Company’s register with further investment from its major backers in addition to bringing further support from
institutional and professional investors and as such, agreed to the release of Escrow and the acquisition subsequently
occurred.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
During the year, the Company acquired the Palm Springs Project in Western Australia.
Other than as noted above, there were no significant changes in the state of affairs of the Company during the financial
period.
METEORIC RESOURCES NL
- 13 -
DIRECTORS’ REPORT (continued)
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
Subsequent to year end:
-
From 1 July 2020, Non-Executive Chairman Pat Burke agreed to take on the role of Executive Chairman to assist
in the rapid development of the Group’s assets in both Brazil and Western Australia.
- On 17 August 2020, the Company announced it had entered into a conditional tenement sale agreement to
dispose of its Canadian Nickel-Copper projects, Midrim and LaForce, for consideration of 13,050,000 shares in
ASX listed Rafaella Resources Limited (ASX:RFR).
- On 3 September 2020, shareholders approved Tranche 2 of the Placement approving Directors Dr Andrew Tunks
and Dr Paul Kitto to participate in the Placement on the same terms for 1,000,000 Shares each. The Placement
was part of the acquisition of Palm Springs and Meteoric raised $1,440,000 via the issue of 90,000,000 new
Shares at AUD$0.016 per Share.
- On 3 September 2020, shareholders approved the issue of 36,000,000 Performance Rights to Directors and
advisors. The following amounts were issued to Directors:
o 7,500,000 to Mr Patrick Burke
o 7,500,000 to Dr Andrew Tunks
o 3,000,000 to Dr Paul Kitto
o 1,000,000 to Ms Shastri Ramnath
- On 18 September 2020, 2,000,000 Options were exercised for shares.
The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has not impacted financially on the Company
up to 30 June 2020, it is not practicable to estimate the potential impact, positive or negative, after the reporting date.
The situation is rapidly developing and is dependent on measures imposed by the Australian Government and other
countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus
that may be provided.
No other material matters have occurred subsequent to the end of the financial year which requires reporting on other
than those which have been noted above or reported to ASX.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS
In general terms the review of operations of the Group gives an indication of likely developments and the expected
results of the operations. In the opinion of the Directors, disclosure of any further information would be likely to result
in unreasonable prejudice to the Group.
DIRECTORS
The following persons were Directors who held office during the year and up to the date of signing this report, unless
otherwise states are:
Mr Patrick Burke
Executive Chairman
Dr Paul Kitto
Non-Executive Director
Appointed
16.10.2019
Ms Shastri Ramnath
Non-Executive Director
Dr Andrew Tunks
Managing Director
PRINCIPAL ACTIVITIES
The principal activities of the Group during the year were to explore mineral tenements in Brazil, Canada, Western
Australia, and Northern Territory.
METEORIC RESOURCES NL
- 14 -
DIRECTORS’ REPORT (continued)
DIVIDENDS
No amounts have been paid or declared by way of dividend by the Company since the end of the previous financial year
and the Directors do not recommend the payment of any dividend.
FINANCIAL POSITION
The Group made a loss from continuing operations of $7,145,567 for the year (30 June 2019: $4,450,617).
At 30 June 2020, the Group had net assets of $6,536,253 (30 June 2019: $2,379,071) and cash assets of $6,512,581
(30 June 2019: $2,530,299).
INFORMATION ON DIRECTORS
The following information is current as at the date of this report.
Mr Patrick Burke
Executive Chairman (appointed 4 December 2017)
Qualifications
Experience
LLB
Mr Burke has extensive legal and corporate advisory experience and over the last 15
years has acted as a Director for a large number of ASX, NASDAQ and AIM listed
companies.
His legal expertise is in corporate, commercial and securities law in particular, capital
raisings and mergers and acquisitions. His corporate advisory experience includes
identification and assessment of acquisition targets, strategic advice, deal structuring
and pricing, funding, due diligence and execution.
Equity Interests
13,000,000 Options exercisable at $0.024 on or before 28 May 2023.
15,000,000 Performance rights subject to various performance milestones.
Directorships held in other
ASX listed entities
Current directorships:
- Non-Executive Deputy Chairman - Triton Minerals Limited from July 2016
- Non-Executive Chairman - Mandrake Resources Limited from August 2019
Former directorships:
- Koppar Resources Limited – from February 2018 to December 2019
- Transcendence Technologies Limited – from September 2018 to November 2019
- Vanadium Resources Limited – from July 2017 to November 2019
- Westwater Resources, Inc. – from March 2016 to April 2019
- Bligh Resources Limited – from December 2016 to November 2018
- ATC Alloys Limited – from September 2014 to June 2018
- Pan Pacific Petroleum NL – from November 2016 to November 2017
No other listed directorships have been held by Mr Burke in the previous three years.
Dr Andrew Tunks
Managing Director (appointed 10 January 2018)
Qualifications
Experience
B.Sc. (Hons.), Ph.D
Dr Tunks is a member of the Australian Institute of Geoscientists holding a B.Sc. (Hons.)
from Monash and a Ph.D. from the University of Tasmania. Dr Tunks has held numerous
Senior Executive positions in a range of small to large resource companies including
Auroch Minerals, A-Cap Resources, IAMGOLD Corporation and Abosso Goldfields.
In his role as CEO and Director of A-Cap Resources Dr Tunks led the discovery of the
10th largest uranium resource in the world and managed four separate capital raisings
totalling AUD$45 million. Through his 30-year career within the resource and academic
sectors Dr Tunks has developed a unique skill set including technical, promotional and
corporate expertise which will make him invaluable in the next stages of Meteoric's
project advancement.
METEORIC RESOURCES NL
- 15 -
DIRECTORS’ REPORT (continued)
Equity Interests
2,303,000 ordinary fully paid shares.
15,000,000 Options exercisable at $0.024 on or before 28 May 2023.
15,000,000 Performance rights subject to various performance milestones.
Directorships held in other
ASX listed entities
Current directorship:
- Non-Executive Director - West Wits Mining Ltd from April 2019
No other listed directorships have been held by Dr Tunks in the previous three years.
Dr Paul Kitto
Qualifications
Experience
Non-Executive Technical Director (appointed 16 October 2019)
B.Sc. (Hons), Ph.D, Dip Ed
Dr Kitto has over thirty years’ experience working within the mining industry having
served on a number of ASX Boards and holding senior level management positions
around the world.
Most recently Dr Kitto was Exploration Manager, Africa for Newcrest Mining Ltd and
prior to that, was Chief Executive Officer and Managing Director of ASX listed Ampella
Mining Ltd from 2008 until 2014, when Ampella was acquired by LSE/TSX listed
Centamin PLC.
Throughout his career, Dr Kitto has led or been part of exploration teams that have
discovered numerous multi-million ounce gold deposits in Africa, Australia and Papua
New Guinea. Dr Kitto has extensive experience associated with a wide range of deposit
types, predominantly associated with gold and base metal deposits.
Equity Interests
1,000,000 ordinary fully paid shares.
7,000,000 Performance rights subject to various performance milestones.
Directorships held in other
ASX listed entities
Current directorship:
- Non-Executive Director - Tietto Minerals from January 2019
No other listed directorships have been held by Dr Kitto in the previous three years.
Ms Shastri Ramnath
Non-Executive Director (appointed 1 October 2017)
Qualifications
Experience
M.Sc., MBA, P.Geo.
Ms. Shastri Ramnath is a Professional Geoscientist and Entrepreneur with over 20 years
of global experience and has worked in various technical and leadership roles including,
FNX Mining where she was a key member of the exploration and resource team that
discovered the Victoria and Morrison Deposits and subsequently with Bridgeport
Ventures, a publicly listed company, where she was the President and CEO. Ms. Shastri
Ramnath is currently the President and CEO of Exiro Minerals Corp, a junior exploration
company and the Chair of Orix Geoscience Corp., a geological consulting firm that she
co-founded and co-owns. Ms. Ramnath received a B.Sc. in Geology from the University
of Manitoba, a M.Sc. in Exploration Geology from Rhodes University (South Africa), and
an Executive MBA from Athabasca University.
Equity Interests
1,500,000 Options exercisable at $0.024 on or before 28 May 2023.
2,000,000 Performance rights subject to various performance milestones.
Directorships held in other
ASX listed entities
No other listed directorships have been held by Ms Ramnath in the previous three
years.
Company Secretary
Mr Matthew Foy (appointed 17 January 2018)
BCom, GradDipAppFin, GradDipACG, SAFin, AGIA, ACIS
Mr Foy is a contract Company Secretary and active member of the WA State Governance Council of the Governance
Institute Australia (GIA). He spent four years at the ASX facilitating the listing and compliance of companies and
possesses core competencies in publicly listed company secretarial, operational and governance disciplines.
METEORIC RESOURCES NL
- 16 -
DIRECTORS’ REPORT (continued)
MEETINGS OF DIRECTORS
During the financial year ended 30 June 2020, the
following director meetings were held:
P. Burke
P. Kitto
S. Ramnath
A. Tunks
Eligible to
Attend
Attended
5
5
5
4
5
5
4
4
Audit Committee
At the date of this report the Company does not have a
separately constituted Audit Committee as all matters
normally considered by an audit committee are dealt with
by the full Board.
Remuneration Committee
At the date of this report, the Company does not have a
separately constituted Remuneration Committee and as
such, no separate committee meetings were held during
the year. All resolutions made in respect of remuneration
matters were dealt with by the full Board.
REMUNERATION REPORT (Audited)
The remuneration report is set out under the following main headings:
A.
B.
C.
D.
E.
F.
G.
H.
I.
Introduction
Remuneration governance
Key management personnel
Remuneration and performance
Remuneration structure
•
•
Executive Directors
Non-Executive Directors
Executive service agreements
Details of remuneration
Share-based compensation
Other information
This report details the nature and amount of remuneration for each Director of Meteoric Resources NL (Company) and
key management personnel.
A.
Introduction
The remuneration policy of the Company has been designed to align Director and management objectives with
shareholder and business objectives by providing a fixed remuneration component, and offering specific long-term
incentives, based on key performance areas affecting the Group’s financial results. Key performance areas include cash
flow management, growth in share price, successful exploration, and subsequent exploitation of the Group’s tenements.
The Company believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best
management and Directors to run and manage the Group, as well as create goal congruence between Directors,
Executives and Shareholders.
During the period the Company did not engage remuneration consultants.
METEORIC RESOURCES NL
- 17 -
DIRECTORS’ REPORT (continued)
REMUNERATION REPORT (Audited) (continued)
B. Remuneration governance
The Board retains overall responsibility for remuneration policies and practices of the Company. Due to the Company's
size and current stage of development, the Board has not established a separate nomination and remuneration
committee. This function is performed by the Board.
The Board aims to ensure that the remuneration practices are:
•
•
•
•
competitive and reasonable, enabling the Company to attract and retain key talent;
aligned to the Company’s strategic and business objectives and the creation of shareholder value;
transparent and easily understood, and
acceptable to Shareholders.
At the 2019 annual general meeting, the Company’s remuneration report was passed by the requisite majority of
shareholders (100% by a show of hands).
C. Key management personnel
The key management personnel in this report are as follows:
Non-Executive Directors
•
•
•
P Burke (Non-Executive Chairman) – appointed 4 December 2017
P Kitto (Non-Executive Director) – appointed 16 October 2019
S Ramnath (Non-Executive Director) – appointed 1 October 2017
Subsequent to year end, from 1 July 2020, Mr Burke transitioned to the role of Executive Director.
Executives
•
A Tunks (Managing Director) – appointed 10 January 2018
D. Remuneration and performance
The following table shows the gross revenue, net losses attributable to members of the Company and share price of the
Company at the end of the current and previous four financial years.
30 June 2020
$
30 June 2019
$
30 June 2018
$
30 June 2017
$
30 June 2016
$
Other income
55,543
92,126
43,665
25,123
24,225
Net loss attributable to members
of the Company
(7,145,567)
(4,450,617)
(6,731,507)
(449,444)
(940,457)
Share price
0.035
0.025
0.027
0.036
0.012
There is no relationship between the financial performance of the Company for the current or previous financial year
and the remuneration of the key management personnel. Remuneration is set having regard to market conditions and
encourage the continued services of key management personnel.
METEORIC RESOURCES NL
- 18 -
DIRECTORS’ REPORT (continued)
REMUNERATION REPORT (Audited) (continued)
E. Remuneration structure
Executive Director remuneration structure
The Board’s policy for determining the nature and amount of remuneration for Senior Executives of the Group is as
follows.
The remuneration policy, setting the terms and conditions for Executive Directors and other Senior Executives, was
developed and approved by the Board. All Executives receive a base salary (which is based on factors such as length of
service and experience), superannuation, fringe benefits, options and performance incentives. The Board reviews
Executive packages annually by reference to the Group’s performance, executive performance, and comparable
information from industry sectors and other listed companies in similar industries.
Executives are also entitled to participate in the employee share option and performance rights plans. If an Executive is
invited to participate in an employee share option or performance rights plan arrangement, the issue and vesting of any
equity securities will be dependent on performance conditions relating to the Executive’s role in the Group and/or a
tenure based milestone.
The employees of the Group receive a superannuation guarantee contribution required by the Government, which is
currently 9.50%, and do not receive any other retirement benefits.
Non-Executive Director remuneration structure
In line with corporate governance principles, Non-Executive Directors of the Company are remunerated solely by way of
fees and statutory superannuation. Non-Executive Directors fees are set at the lower end of market rates for comparable
companies for time, responsibilities and commitments associated with the proper discharge of their duties as members
of the Board.
Non-Executive Directors' fees and payments are reviewed annually by the Board. For the year ended 30 June 2020,
remuneration for a Non-Executive Director was between $40,000 and $60,000 per annum inclusive of superannuation.
There are no termination or retirement benefits paid to Non-Executive Directors (other than statutory superannuation).
Non-Executive Directors of the Company may also be paid a variable consulting fee for additional services provided to
the Company of $1,000 per day inclusive of superannuation.
During the year Meteoric undertook a cost cutting exercise across corporate and operational cost in order to weather
the challenges faced by the Covid19 pandemic whilst maintaining its strong financial position. The cost cutting was for
the period 1 April 2020 to 30 June 2020, with operations returning to normal from July 2020.
The maximum aggregate amount of fees that can be paid to Non-Executive Directors, as part of the constitution, is
$250,000 per annum.
Fees for Non-Executive Directors are not linked to the performance of the Group. Non-Executive Directors are able to
participate in the employee share option or performance rights plans.
On 22 November 2019 shareholder approval was sought and obtained to issue 7,500,000 performance rights to Mr
Burke, 4,000,000 performance rights to Dr Kitto and 1,500,000 options to Ms Ramnath.
F. Executive service agreements
Remuneration and other terms of employment for key management personnel are formalised in service agreements.
The service agreements specify the components of remuneration, benefits and notice periods. Participation in the share
and performance rights plans are subject to the Board's discretion. Other major provisions of the agreements relating
to remuneration are set out below. Termination benefits are within the limits set by the Corporations Act 2001 such
that they do not require shareholder approval.
On 22 November 2019 shareholder approval was sought and obtained to issue 7,500,000 performance rights to Dr Tunks.
METEORIC RESOURCES NL
- 19 -
DIRECTORS’ REPORT (continued)
REMUNERATION REPORT (Audited) (continued)
Contractual arrangement with key management personnel
Executives
Name
A Tunks (1), Executive Director
Effective date
Term of
agreement
Notice
period
Base
per annum
$
Termination
payments
1-Apr-19
No fixed term
3 months
276,000
3 months
1-Nov-19
No fixed term
3 months
331,644
3 months
P Burke (2), Executive Director
1-Jul-20
No fixed term
3 months
220,000
3 months
1 Dr Tunks is a Director of Tunks Geo Consulting Pty Ltd, which receives Dr Tunks’ Director fees.
2
Subsequent to year end, from 1 July 2020, Mr Burke transitioned to the role of Executive Director.
During the year Meteoric undertook a cost cutting exercise across corporate and operational costs in order to weather
the challenges faced by the Covid19 pandemic whilst maintaining its strong financial position. The cost cutting was for
the period 1 April 2020 to 30 June 2020, with operations returning to normal from July 2020.
As part of the cost cutting Dr Tunks agreed to reduce his monthly salary by $6,887 per month for the period 1 April 2020
to 30 June 2020.
G. Details of remuneration
Remuneration of KMP for the 2020 financial year is set out below:
Short-term benefits
Post-employment
benefits
Share-based
payments (1)
Total
Salary and
STIP (2)
Consulting
fees
Other
benefits (3)
Super-
annuation
$
$
$
$
Termi-
nation
$
Performance
rights
Options
$
$
Non-Executive Directors
P Burke (4)
P Kitto (5)
S Ramnath (6)
Executives
A Tunks (7)
120,000
100,000
39,500
34,727
360,435
9,999
-
-
Total
554,662
109,999
-
-
-
-
-
-
3,250
3,250
16,191
16,191
-
-
-
-
-
106,716
56,915
14,229
106,716
284,576
-
-
-
-
-
326,716
106,414
48,956
486,592
968,678
1 Performance rights and options granted as part of remuneration package, AASB 2 – Share Based Payments requires the fair value at grant
date of the performance rights granted to be expensed over the vesting period.
2 The Salary and STIP includes Short term incentive payments, paid for successful completion of the Juruena Gold and Nova Astro projects
and successful completion of the November placement, for $70,000 each, paid to both Mr Burke and Dr Tunks.
Subsequent to year end, from 1 July 2020, Mr Burke transitioned to the role of Executive Director.
3 Other benefits include the provision of a mobile phone allowance.
4
5 Dr Kitto was appointed on 16 October 2019.
6 Ms Ramnath, Non-Executive Director, is a Director of Ram Jam Holdings Inc, which received Ms Ramnath’s Director fees during the period.
7 Dr Tunks, Executive Director, is a Director of Tunks Geo Consulting Pty Ltd as Trustee for Tunks Family Trust, which received Dr Tunks’
Director fees for part of the period.
METEORIC RESOURCES NL
- 20 -
DIRECTORS’ REPORT (continued)
REMUNERATION REPORT (Audited) (continued)
Remuneration of KMP for the 2019 financial year is set out below:
Short-term benefits
Post-employment
benefits
Share-based payments (2)
Total
Salary
Consulting
fees
Other
benefits (1)
Super-
annuation
Termi-
nation
Performance
rights
Options
$
$
$
$
$
$
$
Non-Executive Directors
P Burke
S Ramnath (3)
Executives
A Tunks (4)
Total
60,000
40,045
218,998
75,000
-
-
319,043
75,000
-
-
2,750
2,750
-
-
-
-
-
-
-
-
8,532
4,151
136,959
280,491
15,803
59,999
17,064
158,030
396,842
29,747
310,792
737,332
1 Other benefits include the provision of a mobile phone and internet allowance.
2 Performance rights and options granted as part of remuneration package, AASB 2 – Share Based Payments requires the fair value at grant
date of the performance rights granted to be expensed over the vesting period. Management note that on 9 November 2018 the
performance rights granted on 6 April 2018 were cancelled by agreement for nil consideration. The cancellation of the performance rights
was accounted for as an acceleration of vesting, an amount that otherwise would have been recognised for services received over the
remainder of the vesting period were recognised immediately.
3 Ms Ramnath, Non-Executive Director, is a Director of Ram Jam Holdings Inc, which received Ms Ramnath’s director fees during the period.
4 Dr Tunks, Executive Director, is a Director of Tunks Geo Consulting Pty Ltd as Trustee for Tunks Family Trust, which received Dr Tunks’
Director fees during the period.
The following table sets out each KMP’s relevant interest in fully paid ordinary shares, options and performance rights
to acquire shares in the Company, as at 30 June 2020:
Name
P Burke
P Kitto
S Ramnath
A Tunks
Fully paid ordinary shares
-
-
300,000
1,303,000
Options
13,000,000
-
1,500,000
15,000,000
Performance rights
7,500,000
4,000,000
1,000,000
7,500,000
H. Share-based compensation
Performance rights
During the year ended 30 June 2020, the following performance rights were granted, vested and/or lapsed to KMP:
Grant
date
Grant
value (1)
$
Number
granted (2)
Number of
vested during
the year
Number
cancelled
during the year
Expense recognised
during the year
$
Maximum value
yet to expense
$
P Burke - Non-Executive Chairman (3)
22-Nov-19
325,500
7,500,000
P Kitto - Non-Executive Director
22-Nov-19
188,000
4,000,000
S Ramnath - Non-Executive Director
22-Nov-19
47,000
1,000,000
A Tunks – Executive Director
22-Nov-19
325,500
7,500,000
-
-
-
-
-
-
-
-
106,716
245,784
56,915
131,085
14,229
32,771
106,716
245,784
1 The value of performance rights is calculated as the fair value of the rights at grant date and allocated to remuneration equally over the
period from grant date to expected vesting date.
2 Performance rights vest on the date on which the volume weighted average price of the Company's shares trading on the ASX over 20
consecutive trading days is at least $0.078.
Subsequent to year end, from 1 July 2020, Mr Burke transitioned to the role of Executive Director.
3
METEORIC RESOURCES NL
- 21 -
DIRECTORS’ REPORT (continued)
REMUNERATION REPORT (Audited) (continued)
Relative proportions of fixed vs variable remuneration expense
The following table shows the relative proportions of remuneration that are linked to performance and those that are
fixed, based on the amounts disclosed as statutory remuneration expense for the 2020 and 2019 financial years:
Fixed
remuneration
Variable remuneration
STIP
Options
Performance
rights
Fixed
remuneration
Variable remuneration
STIP
Options
Performance
rights
2020
2019
Non-Executive Directors
P Burke (1)
P Kitto (2)
S Ramnath
Executives
46%
47%
71%
21%
-
-
A Tunks
64%
14%
-
-
-
-
33%
53%
29%
48%
67%
22%
56%
-
-
-
52%
33%
44%
-
-
-
Subsequent to year end, from 1 July 2020, Mr Burke transitioned to the role of Executive Director.
1
2 Dr Kitto was appointed 16 October 2019.
The variable remuneration is based on remuneration committee discretion.
Reconciliation of equity instruments held by KMP
The following table sets out a reconciliation of each KMP’s relevant interest in ordinary shares and options and
performance rights to acquire shares in the Company:
Balance at the start
of the year/period
Granted/
Acquired
Exercised/
Vested
Lapsed
Other
changes
Balance at
year end
Non-Executive Directors
P Burke (1)
Fully paid ordinary shares
-
Options
13,000,000
Performance rights
P Kitto (2)
Fully paid ordinary shares
Options
Performance rights
S Ramnath
Fully paid ordinary shares
-
-
-
-
-
Options
1,500,000
-
-
7,500,000
-
-
4,000,000
300,000
-
Performance rights
-
1,000,000
Executives
A Tunks
Fully paid ordinary shares
903,000
400,000
Options
15,000,000
-
Performance rights
-
7,500,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13,000,000
7,500,000
-
-
4,000,000
300,000
1,500,000
1,000,000
1,303,000
15,000,000
7,500,000
Subsequent to year end, from 1 July 2020, Mr Burke transitioned to the role of Executive Director.
1
2 Dr Kitto was appointed on 16 October 2019.
METEORIC RESOURCES NL
- 22 -
DIRECTORS’ REPORT (continued)
REMUNERATION REPORT (Audited) (continued)
I. Other information
Payment of fees
- Dr Andrew Tunks, Executive Director, is a Director of Tunks Geo Consulting Pty Ltd, which received Dr Tunks’ Director
and fees for the period July 2019 to October 2019. At year end the Company had no outstanding payable balance
(30 June 2019: nil).
- Ms Shastri Ramnath, Non-Executive Director, is a Director of Ram Jam Holding Inc. which received Ms Ramnath’s
Director fees during the period. At year end the Company had an outstanding payable balance of $2,250
(30 June 2019: $3,781).
Purchases of services
The Group acquired the following services from entities in which the group’s key management personnel have an
interest:
- Geological services
- Administrative services
A Director, Ms. Ramnath, is the Co-founder and Non-Executive Chair of the firm of Orix Geoscience Inc. (Orix). Orix have
been a partner to Meteoric in providing geological services and support for the Canadian projects. All services provided
have been on normal commercial terms and conditions. The amount recognised as an expense during the year was
$11,195 (during the period year: $239,308).
A Director, Dr Tunks, is a Director of Tunks Geo Consulting Pty Ltd. Tunks Geo Consulting have been a partner to Meteoric
in providing geological services and support. All services provided have been on normal commercial terms and
conditions. The amount recognised as an expense during the year was $37,503 (ex GST) (during the period year: nil).
This concludes the Remuneration Report which has been audited.
UNISSUED ORDINARY SHARES
Unissued ordinary shares under option/right at the date of this report are 188,600,000 and broken-down as follows:
Options
-
-
Issued to Directors
Issued to Employees, Consultants and Vendors
30,500,000
61,100,000
Options over ordinary shares can be exercised between $0.011 to $0.024.
Performance rights
-
Issued to Directors, Employees and Advisors
97,000,000
Performance rights may be converted subject to various performance milestones.
ENVIRONMENTAL ISSUES
The Company’s policy is to comply with, or exceed, its environmental obligations in each jurisdiction in which it operates.
No known environmental breaches have occurred.
ACCESS TO INDEPENDENT ADVICE
Each Director has the right, so long as he is acting reasonably in the interests of the Company and in the discharge
of his duties as a Director, to seek independent professional advice and recover the reasonable costs thereof from
the Company.
METEORIC RESOURCES NL
- 23 -
DIRECTORS’ REPORT (continued)
The advice shall only be sought after consultation about the matter with the Chairman (where it is reasonable that
the Chairman be consulted) or, if it is the Chairman that wishes to seek the advice or it is unreasonable that he be
consulted, another Director (if that be reasonable).
The advice is to be made immediately available to all Board members other than to a Director against whom
privilege is claimed.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
The Company has entered into agreements indemnifying, to the extent permitted by law, all the Directors and Officers
of the Company against all losses or liabilities incurred by each Director and Officer in their capacity as Directors and
Officers of the Company. Disclosure of the nature of the liability covered by and the amount of the premium payable for
such insurance is subject to a confidentiality clause under the contract of insurance The Company has not provided any
insurance for the external auditor of the Company or a body corporate related to the external auditor.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on
behalf of the Company, or to intervene in any proceedings to which the Company is a party, for the purpose of taking
responsibility on behalf of the Company for all or part of those proceedings.
AUDITOR’S INDEPENDENCE DECLARATION
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out
in this annual report.
NON-AUDIT SERVICES
From time to time the Consolidated Entity may decide to employ an external auditor on assignments additional to their
statutory audit duties where the auditor's expertise and experience with the Consolidated Entity are important.
The Board is satisfied that the provision of non-audit services during the period is compatible with the general standard
of independence for auditors imposed by the Corporations Act 2001.
During the year ended 30 June 2020, the following amounts were paid or payable for non-audit services provided to the
Group by the auditor:
BDO Australia
Taxation services
Tax compliance services
Other services
Valuation services
Total remuneration for non-audit services
2020
$
2019
$
6,695
7,080
2,500
9,195
-
7,080
METEORIC RESOURCES NL
- 24 -
DIRECTORS’ REPORT (continued)
Signed in accordance with a resolution of the Directors made pursuant to section 295(5) of the Corporations Act 2001.
On behalf of the Directors.
Signed in accordance with a resolution of the Directors
Patrick Burke
Executive Chairman
Perth
25 September 2020
METEORIC RESOURCES NL
- 25 -
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
38 Station Street
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
Australia
DECLARATION OF INDEPENDENCE BY JARRAD PRUE TO THE DIRECTORS OF METEORIC RESOURCES NL
As lead auditor of Meteoric Resources NL for the year ended 30 June 2020, I declare that, to the best
of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Meteoric Resources NL and the entities it controlled during the period.
Jarrad Prue
Director
BDO Audit (WA) Pty Ltd
Perth, 25 September 2020
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 30 June 2020
Other income
Interest income
Other income
Expenses:
Exploration and tenement expenses
Depreciation expense
Share based payments expense
Administrative expenses
Foreign exchange loss
Notes
2020
$
2019
$
82
55,461
42,126
50,000
(5,311,670)
(2,901,017)
(2,727)
(590,494)
(1,294,854)
(1,365)
(25)
(683,081)
(944,322)
(14,298)
1
2
16
2
2
Loss before income tax expense
(7,145,567)
(4,450,617)
Income tax expense
4
-
-
Loss attributable to the owners of the Company
(7,145,567)
(4,450,617)
Other comprehensive income/(loss):
Items that may be reclassified to profit or loss
Exchange difference on translation of foreign operations
(210,131)
33,676
Items that will not be reclassified to profit or loss
Changes in the fair value of financial assets at fair value
through other comprehensive income (FVOCI)
54,222
1,378
Other comprehensive income/(loss) for the year, net of tax
(155,909)
35,054
Total comprehensive income/(loss) for year attributable to
owners of Meteoric Resources NL
(7,301,476)
(4,415,563)
Basic and diluted (loss) per share (cents per share)
20
(0.68)
(0.71)
The accompanying notes form part of these consolidated financial statements.
METEORIC RESOURCES NL
- 27 -
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2020
Notes
2020
$
2019
$
Current Assets
Cash and cash equivalents
Other receivables
Total Current Assets
Non-Current Assets
Other financial assets
Plant and equipment
Total Non-Current Assets
Total Assets
Current Liabilities
Trade and other payables
Provisions
Total Current Liabilities
Total Liabilities
Net Assets
Equity
Contributed equity
Reserves
Accumulated losses
7
8
10
11
12
6,512,581
136,097
6,648,678
2,530,299
186,128
2,716,427
64,656
48,702
113,358
10,435
34,478
44,913
6,762,036
2,761,340
219,903
5,880
225,783
382,269
-
382,269
225,783
382,269
6,536,253
2,379,071
14(a)
14(c)
14(b)
35,196,221
24,545,133
2,504,470
1,852,809
(31,164,438)
(24,018, 871)
Total Equity
6,536,253
2,379,071
The accompanying notes form part of these consolidated financial statements.
METEORIC RESOURCES NL
- 28 -
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2020
Issued
Capital
$
Reserves
$
Accumulated
Losses
$
Total
$
Balance at 1 July 2018
21,563,533
1,134,674
(19,568,254)
3,129,953
Loss for the year
Other comprehensive income/(loss) for the year
Total comprehensive income/(loss) for the year
-
-
-
-
(4,450,617)
(4,450,617)
35,054
-
35,054
35,054
(4,450,617)
(4,415,563)
Transactions with owners in their capacity as owners
Contributed equity
Share issue costs
Performance rights/options expense recognised
during the year
3,140,000
(158,400)
-
-
-
683,081
-
-
-
3,140,000
(158,400)
683,081
Balance at 30 June 2019
24,545,133
1,852,809
(24,018,871)
2,379,071
Loss for the year
Other comprehensive income/(loss) for the year
Total comprehensive income/(loss) for the year
-
-
-
-
(7,145,567)
(7,145,567)
(155,909)
-
(155,909)
(155,909)
(7,145,567)
(7,301,476)
Transactions with owners in their capacity as owners
Contributed equity
Share issue costs
Performance rights expense recognised during the
year
11,557,044
-
(905,956)
217,076
-
590,494
-
-
-
11,557,044
(688,880)
590,494
Balance at 30 June 2020
35,196,221
2,504,470
(31,164,438)
6,536,253
The accompanying notes form part of these consolidated financial statements.
METEORIC RESOURCES NL
- 29 -
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 June 2020
Cash flows from operating activities
Cash receipts from customers
Payments for exploration and evaluation expenditure
Payments to suppliers, consultants and employees
Interest received
Cash flow boost incentive
Net cash used in operating activities
Cash flows from investing activities
Payments for property, plant and equipment
Decrease / (increase) in security deposits
Net effect of cash consideration and cash acquired as part of
asset acquisition
Payment for tenements acquired
Net cash used in investing activities
Cash flows from financing activities
Proceeds from new issues of shares
Proceeds from exercise of options
Share issue costs
Net cash provided by financing activities
Notes
2020
$
2019
$
1
17,000
-
(4,869,643)
(1,551,018)
(929,954)
(803,193)
82
26,961
42,126
-
(5,755,554)
(2,312,085)
1
24
(21,527)
-
-
12,839
(799,953)
(950,089)
(50,000)
-
(871,480)
(937,250)
10,892,995
2,640,000
199,500
-
(483,208)
(158,400)
10,609,287
2,481,600
Net (decrease) / increase in cash held
Cash and cash equivalents at the beginning of the financial year
3,982,253
2,530,299
(767,735)
3,299,194
Effect of exchange rates on cash holdings in foreign currencies
29
(1,160)
Cash and cash equivalents at the end of the financial year
7
6,512,581
2,530,299
The accompanying notes form part of these consolidated financial statements.
METEORIC RESOURCES NL
- 30 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
1
OTHER INCOME
Other Income
Other income
Cash flow boost incentive payments (1)
Total other income
2020
$
2019
$
17,000
38,461
55,461
50,000
-
50,000
1 Cash flow boosts payments are delivered as credits in the activity statements and equivalent to the amount withheld from wages
paid to employees from March to June 2020.
2
EXPENDITURE
Exploration and tenement expenses
Australian tenements
Canadian tenements (1)
Brazil tenements
Total exploration and tenement expenses
Administrative expense
Advertising and marketing costs
Advisory costs
Compliance costs
Consultants
Travel costs
Employee benefits expense
Director benefits expense
Other administrative expenses
Total administrative expense
Share-based payments expense
Performance rights
Options
Total share-based payments expense
Notes
2020
$
2019
$
1,144,330
(29,075)
4,196,415
5,311,670
10,037
942,200
1,948,780
2,901,017
94,262
79,901
186,029
104,701
46,029
50,621
684,102
49,209
1,294,854
590,494
-
590,494
136,208
59,871
149,058
121,119
37,604
2,750
399,249
38,463
944,322
50,961
632,120
683,081
16
16
Foreign exchange loss (2)
1,365
14,298
1
Includes a reversal of accrued expenditure relating to the Joyce Lake and Lorraine projects which were returned during the period.
2 Foreign exchange loss was recognised upon cash held and payments of Canadian and United States dollar denominated balances.
METEORIC RESOURCES NL
- 31 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
3
OPERATING SEGMENTS
Management has determined that the Group has three reportable segments, being exploration activities in Brazil,
exploration activities in Canada and exploration activities in Australia. This determination is based on the internal reports
that are reviewed and used by the Board (chief operating decision maker) in assessing performance and determining the
allocation of resources. As the Group is focused on exploration, the Board monitors the Group based on actual versus
budgeted exploration expenditure incurred by area of interest. This internal reporting framework is the most relevant to
assist the Board with making decisions regarding the Group and its ongoing exploration activities, while also taking into
consideration the results of exploration work that has been performed to date.
Brazil
$
Canada
$
Australia
$
Other
$
Total
$
For the year ended 30 June 2020
Other income
-
-
17,000
38,543
55,543
Reportable segment (loss)/profit
(4,196,416)
29,076
(1,144,330)
(1,833,897)
(7,145,567)
Reportable segment assets (1)
79,353
-
2,768
6,679,915
6,762,036
Reportable segment liabilities
(106,574)
(1,038)
(28,396)
(89,775)
(225,783)
For the year ended 30 June 2019
Other income
-
50,000
-
42,126
92,126
Reportable segment loss
(1,948,780)
(942,200)
(10,037)
(1,549,600)
(4,450,617)
Reportable segment assets (2)
70,443
-
2,768
2,688,129
2,761,340
Reportable segment liabilities
(270,071)
(34,293)
(1,249)
(76,656)
(382,269)
1 Other corporate activities includes cash held of $6,505,209.
2 Other corporate activities includes cash held of $2,528,485.
4
INCOME TAX EXPENSE
The components of tax expense comprise:
Current tax
Deferred tax asset/liability
Reconciliation of income tax to prima facie tax payable
Loss before income tax
Income tax benefit at 30% (2019: 30%)
Tax effect of amounts which are not deductible (taxable) in calculating
taxable income:
Share based payments
Other
Foreign tax rate differential
2020
$
2019
$
-
-
-
-
-
-
(7,145,567)
(4,450,617)
(2,143,670)
(1,335,185)
177,148
219,138
525,514
204,924
85,437
-
Net timing differences not recognised
1,221,870
1,044,823
Total income tax benefit
-
METEORIC RESOURCES NL
-
- 32 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
4
INCOME TAX EXPENSE (continued)
Unrecognised temporary differences
Deferred tax assets and liabilities not recognised relate to the following:
Tax losses
Net deferred tax assets unrecognised
Significant accounting judgment
Deferred tax assets
2020
$
2019
$
6,074,823
4,184,653
6,074,823
4,184,653
The Group expects to have carried forward tax losses, which have not been recognised as deferred tax assets, as it is not
considered sufficiently probable that these losses will be recouped by means of future profits taxable in the relevant
jurisdictions. The utilisation of the tax losses is subject to the Group passing the required Continuity of Ownership and
Same Business Test rules at the time the losses are utilised. Net deferred tax assets have not been brought to account as
it is not probable within the immediate future that tax profits will be available against which deductible temporary
difference can be utilised.
5
ASSET ACQUISITION – PALM SPRINGS PROJECT
On 30 June 2020, the Company acquired the Palm Springs project, through the acquisition of 100% of Kimberly Resources
Limited (Kimberly) and Horrocks Enterprises Pty Ltd (Horrocks).
Current assets
Cash and cash equivalents
Trade and other receivables
Non-Current assets
Kimberly
Horrocks
Combined
30 June 2020
$
30 June 2020
$
30 June 2020
$
47
257
-
-
47
257
Exploration and evaluation expenditure
Total assets
373,232
373,536
762,139
1,135,371
762,139
1,135,676
Current Liabilities
Trade and other payables
Total liabilities
59,541
59,541
26,135
26,135
85,676
85,676
Net assets
313,995
736,005
1,050,000
In consideration for 100% equity in Kimberly Resources Limited and Horrocks Enterprises Pty Ltd and the entities it
controls, Meteoric paid $800,000 in cash, and issued 12,500,000 ordinary shares.
METEORIC RESOURCES NL
- 33 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
5
ASSET ACQUISITION – PALM SPRINGS PROJECT (continued)
The fair value of consideration issued on 30 June 2020 was $1,050,000, which was by reference to the fair value of the
net assets acquired.
Fair value of net assets acquired
Consideration provided for assets acquired
Cash
Ordinary shares
Note
14
30 June 2020
$
1,050,000
800,000
250,000
1,050,000
In accordance with the Group’s Accounting Policy at Note 29(h) the acquired exploration and evaluation expenditure has
been expensed.
Significant accounting judgments
Asset acquisition not constituting a Business
When an asset acquisition does not constitute a business combination, the assets and liabilities are assigned a carrying
amount based on their relative fair values in an asset purchase transaction and no deferred tax will arise in relation to
the acquired assets and assumed liabilities as the initial recognition exemption for deferred tax under AASB 112 applies.
No goodwill will arise on the acquisition and transaction costs of the acquisition will be included in the capitalised cost of
the asset.
In determining when an acquisition is determined to be an asset acquisition and not a business, significant judgement is
required to assess whether the assets acquired constitute a business in accordance with AASB 3. Under AASB 3 a business
is an integrated set of activities and assets that is capable of being conducted or managed for the purpose of providing a
return, and consists of inputs and processes, which when applied to those inputs has the ability to create outputs.
Management determined that the acquisition of Palm Springs Project was an asset acquisition.
Fair value of asset acquisition
During the financial year 12,500,000 ordinary shares were issued and $800,000 in cash, was paid in consideration for the
Kimberly Resources Limited and Horrocks Enterprises Pty Ltd. The fair value of consideration was by reference to the fair
value of assets and liabilities acquired in accordance with AASB 2. The fair value of the shares granted by Meteoric was
determined to be $250,000.
6
ASSET ACQUISITION - JURUENA GOLD AND NOVA ASTRO PROJECTS
On 21 May 2019, shareholders approved the acquisition of the Juruena Gold and Nova Astro Projects through the
acquisition of 100% of the share capital in Batman Minerals Pty Ltd. The acquisition successfully completed on 31 May
2019.
In consideration for 100% equity in Batman Minerals Pty Ltd and the entities it controls, Meteoric paid $1,000,000 in
cash, less a payment made in arrears of $49,816 and issued 50,000,000 ordinary shares.
METEORIC RESOURCES NL
- 34 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
6
ASSET ACQUISITION - JURUENA GOLD AND NOVA ASTRO PROJECTS (continued)
In addition, the following contingent consideration may be due:
-
-
AU$750,000 of ordinary fully paid shares at an issue price equal to a 5-day VWAP upon defining a mineral resource
estimate in accordance with the JORC Code, at Juruena and/or Novo Astro containing at least 400,000 oz gold.
AU$750,000 of ordinary fully paid shares at an issue price equal to a 5-day VWAP upon the Board of Meteoric
approving a decision to mine at Juruena and/or Novo Astro, pursuant to a granted mining licence.
The Group assigned no value to the consideration on acquisition of the project as at the date of acquisition it was not
considered probable (see Note 21).
Current assets
Cash and cash equivalents
Prepayments
Trade and other receivables
Non-Current assets
Trade and other receivables
Plant and Equipment
Exploration and evaluation expenditure
Total assets
Current Liabilities
Trade and other payables
Non-Current Liabilities
Trade and other payables
Total liabilities
Net assets
31 May 2019
$
95
12,026
41,530
6,363
28,271
1,483,628
1,572,913
89,125
33,604
122,729
1,450,184
The fair value of consideration issued on 31 May 2019 was $1,450,184, which was by reference to the fair value of the
net assets acquired.
Fair value of net assets acquired
Consideration provided for assets acquired
Cash
Ordinary shares
Note
14
31 May 2019
$
1,450,184
950,184
500,000
1,450,184
In accordance with the Group’s Accounting Policy at Note 29(h) the acquired exploration and evaluation expenditure
has been expensed.
METEORIC RESOURCES NL
- 35 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
6
ASSET ACQUISITION - JURUENA GOLD AND NOVA ASTRO PROJECTS (continued)
Significant accounting judgments
Asset acquisition not constituting a Business
When an asset acquisition does not constitute a business combination, the assets and liabilities are assigned a carrying
amount based on their relative fair values in an asset purchase transaction and no deferred tax will arise in relation to
the acquired assets and assumed liabilities as the initial recognition exemption for deferred tax under AASB 112 applies.
No goodwill will arise on the acquisition and transaction costs of the acquisition will be included in the capitalised cost of
the asset.
In determining when an acquisition is determined to be an asset acquisition and not a business, significant judgement is
required to assess whether the assets acquired constitute a business in accordance with AASB 3. Under AASB 3 a business
is an integrated set of activities and assets that is capable of being conducted or managed for the purpose of providing a
return, and consists of inputs and processes, which when applied to those inputs has the ability to create outputs.
Management determined that the acquisition of Juruena Gold and Nova Astro Projects was an asset acquisition.
Fair value of asset acquisition
During the prior financial year 50,000,000 ordinary shares were issued and $1,000,000 in cash, less a payment made in
arrears of $49,816 was paid in consideration for the Juruena Gold and Nova Astro Projects in Brazil. The fair value of
consideration was by reference to the fair value of assets and liabilities acquired in accordance with AASB 2. The fair
value of the shares granted by Meteoric was determined to be $500,000.
7
CASH AND CASH EQUIVALENTS
(a) Risk exposure
Refer to Note 17 for details of the risk exposure and
management of the Group’s cash and cash equivalents.
2020
$
2019
$
(b) Deposits at call
Cash at bank
6,512,581
2,530,299
Deposits at call are presented as cash equivalents if they
have a maturity of three months or less. Refer Note 29(j) for
the Group's other accounting policies on cash and cash
equivalents.
8
OTHER RECEIVABLES
The Group has no impairments to other receivables or have
receivables that are past due but not impaired. Refer to
Note 17 for detail of the risk exposure and management of
the Group’s other receivables.
Due to the short-term nature of the current receivables,
their carrying amount is assumed to be the same as their fair
value.
Other receivables
Prepayments
2020
$
76,648
59,449
136,097
2019
$
134,124
52,004
186,128
METEORIC RESOURCES NL
- 36 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
9
JOINT VENTURES
The Company is or has been party to a number of unincorporated exploration joint ventures which involves the “farming
out” (diluting) of its interest in selected tenements. The following is a list of unincorporated exploration joint ventures
under which the Company has diluted and may yet dilute its original interest:
Name of Joint Venture and Project
Geocrystal JV – Webb Diamond Project
2020 Interest
%
2019 Interest
%
16.5% with one tenement
held as to 10.5%
17% with one tenement held
as to 11%
Blaze JV – Barkly Project
Emmerson/Santexco JV – Perseverance Project
- (1)
-
30%
- (2)
Chalice Gold JV - Warrego North Project (3)
49%, diluting
49%, diluting
1
2
3
The Group disposed of its interests on 2 August 2019.
Following discussions with JV partner Emmerson Resources the licences were surrendered during the prior year.
Farm-in agreement in place, with Chalice holding the right to earn in up to 70%.
All exploration and evaluation expenditure is expensed to Statement of Profit or Loss and Other Comprehensive Income
as incurred.
10
OTHER FINANCIAL ASSETS
2020
$
2019
$
Significant accounting estimates, assumptions and
judgements
Non-Current
Financial assets at FVOCI
– equity securities
61,888
7,667
Security deposits
2,768
2,768
64,656
10,435
On disposal of these equity investments, any related balance
within the fair value through other comprehensive income
reserve remain within other comprehensive income.
Classification of financial assets at fair value through
other comprehensive income
Investments are designated at fair value through other
comprehensive income where management have made
the election in accordance with AASB 9: Financial
Instruments.
Fair value for financial assets at fair value through other
comprehensive income
Information about the methods and assumptions used in
determining fair value is provided in Note 13.
11 TRADE AND OTHER PAYABLE
Trade and other payables are normally settled within 30 days
from receipt of invoice. All amounts recognised as trade and
other payables, but not yet invoiced, are expected to settle
within 12 months.
The carrying value of trade and other payables are assumed
to be the same as their fair value, due to their short-term
nature.
Refer to Note 17 for details of the risk exposure and
management of the Group’s trade and other receivables.
2020
$
2019
$
Trade payables
219,903
382,269
METEORIC RESOURCES NL
- 37 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
12 PROVISIONS
The current provision for employee benefits relate to annual
leave which is provided for all employees of the Group in line
with their employment contracts and the balance for the
year ended 30 June 2020 is expected to be settled within 12
months. The measurement and recognition criteria relating
to employee benefits have been included in Note 29(q) to
this report.
2020
$
2019
$
Employee benefits
5,880
-
13
FAIR VALUES OF FINANCIAL INSTRUMENTS
This note provides an update on the judgements and estimates made by the Group in determining the fair values of the
financial instruments since the last annual financial report.
Fair value hierarchy
To provide an indication about the reliability of the inputs used in determining fair value, the Group classifies its financial
instruments into the three levels prescribed under the accounting standards. An explanation of each level follows
underneath the table.
The following table presents the group's financial assets and financial liabilities measured and recognised at fair value at
30 June 2020 and 30 June 2019 on a recurring basis:
Level 1
$
Level 2
$
Level 3
$
Total
$
As at 30 June 2020
Financial assets at FVOCI – Equity securities
61,888
As at 30 June 2019
Financial assets at FVOCI – Equity securities
7,667
-
-
-
-
61,888
7,667
There were no transfers between levels during the period. The Group's policy is to recognise transfers into and transfers
out of fair value hierarchy levels as at the end of the reporting period.
The fair value of financial assets and liabilities held by the Group must be estimated for recognition, measurement and/or
disclosure purposes. The Group measures fair values by level, per the following fair value measurement hierarchy:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly (as prices) or indirectly (derived from prices); and
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Valuation techniques used to determine fair values
The Group did not have any financial instruments that are recognised in the financial statements where their carrying
value differed from the fair value. The fair value of the financial assets and liabilities are included at the amount at which
the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation
sale. The carrying amounts of cash and short-term trade and other receivables, trade payables and other current
liabilities approximate their fair values largely due to the short-term maturities of these payments.
Financial assets at fair value through other comprehensive income – equity securities
The fair value of the equity holdings is based on the quoted market prices from the ASX on the last traded price prior or
nearest to year-end.
METEORIC RESOURCES NL
- 38 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
14
ISSUED CAPITAL
(a)
Issued capital
2020
Shares
2019
Shares
2020
$
2019
$
Fully paid
1,231,314,346
889,003,296
35,196,221
24,545,133
Movements in ordinary share capital during the current and prior financial period are as follows:
Acquisition of Batman Minerals (Note 6)
31-May-19
50,000,000
Details
Balance at 1 July 2018
Issue of shares
Issue of shares
Issue of shares
Less: Share issue costs
Balance at 30 June 2019
Placement
Share-based payment
Exercise of options
Exercise of options
Shares issued
Exercise of options
Exercise of options
Shares issued
Placement
Placement
Share-based payment (Note 16(c))
Placement
Exercise of options
Acquisition of tenements (Note 5)
Less: Share issue costs
Balance at 30 June 2020
(b) Accumulated losses
Balance at 1 July
Net loss for the year
Balance at 30 June
Date
Number of
shares
Issue price/share
$
$
574,455,761
21,563,533
28-Mar-19
92,000,000
18-Apr-19
75,000,000
24-May-19
97,547,535
20-Aug-19
20-Aug-19
30-Aug-19
30-Aug-19
30-Aug-19
13-Sep-19
11-Oct-19
11-Oct-19
889,003,296
84,375,000
3,737,250
4,500,000
3,000,000
24,300
1,000,000
1,000,000
40,000
29-Nov-19
135,000,000
12-Feb-20
22-Jun-20
22-Jun-20
26-Jun-20
30-Jun-20
700,000
5,934,500
88,000,000
2,500,000
12,500,000
0.010
0.010
0.010
0.010
0.032
0.032
0.011
0.024
-
0.024
0.024
-
0.050
0.050
0.016
0.016
0.012
0.020
920,000
750,000
970,000
500,000
(158,400)
24,545,133
2,700,000
119,592
49,500
72,000
-
24,000
24,000
-
6,750,000
35,000
94,952
1,408,000
30,000
250,000
(905,956)
1,231,314,346
35,196,221
2020
$
2019
$
(24,018,871)
(19,568,254)
(7,145,567)
(4,450,617)
(31,164,438)
(24,018,871)
METEORIC RESOURCES NL
- 39 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
14
ISSUED CAPITAL (continued)
(c) Reserves
The following table shows a breakdown of the reserves and the movements in these reserves during the year. A
description of the nature and purpose of each reserve is provided.
Share-based payments reserve
Balance at 1 July
Issue of options
Performance rights issued/cancelled
Balance at 30 June
Foreign currency translation reserve
Balance at 1 July
Currency translation differences arising during the year
Balance at 30 June
Fair value through other comprehensive income reserve
Balance at 1 July
Movement during the period
Balance at 30 June
Total reserves
Share-based payments reserve
Note
16(a)
16(b)
10
10
2020
$
2019
$
1,806,670
1,123,589
217,076
590,494
632,120
50,961
2,614,240
1,806,670
38,472
(210,130)
(171,658)
7,667
54,222
61,888
4,796
33,676
38,472
6,289
1,378
7,667
2,504,470
1,852,809
The share-based payments reserve is used to recognise: (a) the grant date fair value of options issued but not exercised;
(b) the grant date fair value of market based performance rights granted to Directors, Employees, Consultants and
Vendors but not yet vested; and (c) the fair value non-market based performance rights granted to Directors, Employees,
Consultants and Vendors but not yet vested.
Foreign currency translation reserve
Exchange differences arising on translation of the foreign controlled entities are recognised in other comprehensive
income as described in Note 29(d) and accumulated in a separate reserve within equity. The cumulative amount is
reclassified to profit or loss when the net investment is disposed of.
Fair value through other comprehensive income reserve
Movements in investments designated at fair value through other comprehensive income where management have
made the election in accordance with AASB 9: Financial Instruments.
15
DIVIDENDS
No dividends have been declared or paid for the year ended 30 June 2020 (30 June 2019: nil).
METEORIC RESOURCES NL
- 40 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
16
SHARE-BASED PAYMENTS
Share-based payment transactions are recognised at fair value in accordance with AASB 2.
The total movement arising from share-based payment transactions recognised during the year were as follows:
As part of share-based payment reserve:
Options issued to directors and advisors
Performance rights issued/cancelled
As part of exploration expense
Shares issued – Asset Acquisition - Palm Springs Project
Shares issued – Asset Acquisition - Juruena Gold and Nova
Astro Projects
Recognised in equity as a capital raising cost
Shares issued
Options issued to advisors
Note
16(a)
16(b)
5
6
16(c)
16(a)
2020
$
2019
$
-
590,494
632,120
50,961
250,000
-
-
500,000
205,672
217,076
-
-
1,263,242
1,183,081
During the year the Group had the following share-based payments:
(a) Share options
The Meteoric Resources NL share options are used to reward Directors, Employees, Consultants and Vendors for their
performance and to align their remuneration with the creation of shareholder wealth through the performance
requirements attached to the options. The Company’s Option Plan was approved and adopted by shareholders on 30
November 2009. Options are granted at the discretion of the Board and no individual has a contractual right to participate
in the plan or to receive any guaranteed benefits.
The options are not listed and carry no dividend or voting right. Upon exercise, each option is convertible into one
ordinary share to rank pari passu in all respects with the Company’s existing fully paid ordinary shares.
Set out below are summaries of options granted:
Opening balance
Granted during the period
Exercised during the period
Forfeited
Closing balance
Vested and exercisable
2020
2019
Average exercise
price per option
$0.019
$0.024
$0.018
-
$0.020
$0.024
Number of
options
98,500,000
12,000,000
(14,400,000)
-
96,100,000
66,100,000
Average exercise
price per option
$0.011
$0.024
-
-
$0.019
$0.022
Number of
options
38,500,000
60,000,000
-
-
98,500,000
68,500,000
METEORIC RESOURCES NL
- 41 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
16
SHARE-BASED PAYMENTS (continued)
Grant date
09-Sep-15
25-Oct-17
25-Oct-17 (1)
21-May-19
22-Jun-20
(i)
(ii)
(iii)
(iv)
(v)
Expiry date
Exercise price
2020
Number of options
2019
Number of options
09-Sep-20
25-Oct-20
25-Oct-20
20-May-23
20-May-23
$0.012
$0.011
$0.011
$0.024
$0.024
1,000,000
500,000
30,000,000
52,600,000
12,000,000
96,100,000
3,500,000
5,000,000
30,000,000
60,000,000
-
98,500,000
Weighted average remaining contractual life of options outstanding at the
end of the year:
2.04 years
2.88 years
1 Options become exercisable when the VWAP of the Company's shares trading on the ASX over 20 consecutive trading days
achieves at least $0.08.
The fair value of option issued is measured by reference to the value of the goods or services received. The fair value of
services received in return for share options granted to Directors and Employees and Consultants is measured by
reference to the fair value of options granted. The fair value of services received by advisors could not be reliably
measured and are therefore measured by reference to the fair value of the equity instruments granted. The estimate of
the fair value of the services is measured based on a number of closed and open form models by an independent valuer.
The life of the options including early exercise options are built into the option model. The fair value of the options are
expensed over the expected vesting period.
The model inputs for options granted during the year included:
Series
Exercise
price
Expiry
(years)
Expected volatility (1)
Dividend yield
Risk free interest
rate (2)
Option value
(v)
$0.024
2.91
126%
0%
0.26%
$0.018
1 The expected price volatility is based on historical volatility (based on the remaining life of the option), adjusted for any expected
changes to future volatility due to publicly available information.
2 Risk free rate of securities with comparable terms to maturity.
The total expense arising from options issued during the reporting period as part of share-based payments expense was
as follows:
Share-based payments expense
Options issued to Directors
Options issued to Advisors
Capital raising cost
Options issued to Advisors
2020
$
2019
$
-
-
217,076
217,076
310,792
321,328
-
632,120
METEORIC RESOURCES NL
- 42 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
16
SHARE-BASED PAYMENTS (continued)
(b) Performance rights
The Company’s Performance Rights Plan was approved and adopted by shareholders on 14 August 2017. Each
performance right will vest as an entitlement to one fully paid ordinary share upon achievement of certain performance
milestones. If the performance milestones are not met, the performance rights will lapse and the eligible participant will
have no entitlement to any shares.
Performance rights are not listed and carry no dividend or voting rights. Upon exercise each performance right is
convertible into one fully paid ordinary share to rank pari passu in all respects with existing fully paid ordinary shares.
Movement in the performance rights for the current year is shown below:
Grant date
Expiry
date
Exercise
price
25-Oct-17(1)
25-Oct-20
22-Nov-19(1)
21-Nov-21
-
-
Balance at
start of the
year
4,000,000
-
-
41,500,000
Total
4,000,000
41,500,000
1 Performance rights granted to Directors, Employees and Advisors.
Granted
during the
year
Converted
during the
year
Cancelled
during the
year
Balance at
year end
Vested at
year end
-
-
-
-
-
-
4,000,000
41,500,000
45,500,000
-
-
-
The weighted average remaining contractual life of performance rights outstanding at 30 June 2020 was 1.30 years
(30 June 2019: 1.32 years).
Key inputs used in the fair value calculation of the performance rights which have been granted during the year ended
30 June 2020 were as follows:
Key inputs
Exercise price
Exercise period
Expected share price volatility
Risk-free interest rate
Vesting conditions
Expected dividend yield
Value per right
Grant date:
22 Nov 2019 (1)
Nil
2 years from the date of grant
101%
0.76%
VWAP of the Company’s share price > $0.078 over 20 consecutive trading days
Nil
$0.047
1 Performance rights vest on the date on which the volume weighted average price of the Company's shares trading on the ASX
over 20 consecutive trading days is at least $0.078.
As at 30 June 2020, management believe that all other performance and service hurdles will be met and accordingly have
recognised a share-based payment expense over the respective vesting periods.
The total Director, Employee and Consultant share performance rights expense arising from performance rights
recognised during the reporting period as part of share-based payment expense were as follows:
Performance rights granted during the year
Performance rights cancelled during the year
METEORIC RESOURCES NL
2020
$
2019
$
590,494
-
590,494
-
50,961
50,961
- 43 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
16
SHARE-BASED PAYMENTS (continued)
(c) Share capital to vendors
During the financial year:
•
•
•
On 20 August 2019, 3,737,250 shares were issued to CPS Capital Investments Pty Ltd in consideration for broker
fees. The fair value of the shares recognised was by direct reference to the fair value of service received. This was
determined by the corresponding invoice received which amounted to $119,592. This amount has been
recognised in the Statement of Financial Position under capital raising cost.
On 22 June 2020, 4,966,500 shares were issued to CPS Capital Investments Pty Ltd in consideration for capital
raising fees. The fair value of the shares recognised was by direct reference to the fair value of service received.
This was determined by the corresponding invoice received which amounted to $79,464 (including GST of $7,224).
An amount of $72,240 has been recognised in the Statement of Financial Position under capital raising cost.
On 22 June 2020, 968,000 shares were issued to Vert Capital Pty Ltd in consideration for capital raising fees. The
fair value of the shares recognised was by direct reference to the fair value of service received. This was
determined by the corresponding invoice received which amounted to $15,488 (including GST of $1,408). An
amount of $14,080 has been recognised in the Statement of Financial Position under capital raising cost.
Significant accounting estimates, assumptions, and judgements
Estimation of fair value of share-based payments
The Group measures the cost of equity-settled transactions by reference to the fair value of the equity instruments at
the date at which they are granted. The fair value is determined using the Black-Scholes or Monte-Carlo model taking
into account the assumptions detailed within this note.
Probability of vesting conditions being achieved
Inputs to pricing models may require an estimation of reasonable expectations about achievement of future vesting
conditions. Vesting conditions must be satisfied for the counterparty to become entitled to receive cash, other assets or
equity instruments of the entity, under a share-based payment arrangement.
Vesting conditions include service conditions, which require the other party to complete a specified period of service,
and performance conditions, which require specified performance targets to be met (such as a specified Increase in the
entity's profit over a specified period of time) or completion of performance hurdles.
The Company recognises an amount for the goods or services received during the vesting period based on the best
available estimate of the number of equity instruments expected to vest and shall revise that estimate, if necessary, if
subsequent information Indicates that the number of equity instruments expected to vest differs from previous
estimates. On vesting date, the entity shall revise the estimate to equal the number of equity instruments that ultimately
vested.
The achievement of future vesting conditions are reassessed each reporting period.
17
FINANCIAL AND CAPITAL RISK MANAGEMENT
Overview
The financial risks that arise during the normal course of the Group’s operations comprise market risk, credit risk and
liquidity risk. In managing financial risk, it is policy to seek a balance between the potential adverse effects of financial
risks on financial performance and position, and the "upside" potential made possible by exposure to these risks and by
taking into account the costs and expected benefits of the various risk management methods available to manage them.
METEORIC RESOURCES NL
- 44 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
17
FINANCIAL AND CAPITAL RISK MANAGEMENT (continued)
General objectives, policies and processes
The Board is responsible for approving policies on risk oversight and management and ensuring management has
developed and implemented effective risk management and internal control. The Board receives reports as required
from the Managing Director in which they review the effectiveness of the processes implemented and the
appropriateness of the objectives and policies it sets. The Board oversees how management monitors compliance with
the Group's risk management policies and procedures and reviews the adequacy of the risk management framework in
relation to the risks faced.
These disclosures are not, nor are they intended to be an exhaustive list of risks to which the Group is exposed.
Financial Instruments
The Group has the following financial instruments:
Financial assets
Cash and cash equivalents
Other receivables
Security deposits
Financial assets at FVOCI
Financial liabilities
Trade and other payables
(a) Market Risk
2020
$
2019
$
6,512,581
2,530,299
76,648
2,768
61,888
92,720
2,768
7,667
6,653,885
2,633,454
219,903
219,903
382,269
382,269
Market risk can arise from the Group’s use of interest-bearing financial instruments, foreign currency financial
instruments and equity security instruments and exposure to commodity prices. It is a risk that the fair value of future
cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange
rate (currency risk), equity securities price risk (price risk) and fluctuations in commodity prices (commodity price risk).
(i)
Interest rate risk
The Board manages the Group's exposure to interest rate risk by regularly assessing exposure, taking into account funding
requirements and selecting appropriate instruments to manage its exposure. As at the 30 June 2020, the Group has
interest-bearing assets, being cash at bank (30 June 2019: cash at bank).
As such, the Group's income and operating cash flows are not highly dependent on material changes in market interest
rates.
Sensitivity analysis
The Group does not consider this to be a material risk/exposure to the Group and have therefore not undertaken any
further analysis.
As at 30 June 2020 and 30 June 2019 the Group did not hold any funds on deposit.
METEORIC RESOURCES NL
- 45 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
17
FINANCIAL AND CAPITAL RISK MANAGEMENT (continued)
(ii) Currency risk
The Group maintains a corporate listing in Australia and operates in Brazil, Canada, and Australia. As a result of various
operating locations, the Group is exposed to foreign exchange risk arising from fluctuations, primarily in the US Dollar
(USD), Brazilian Real (BRL) and Canadian Dollar (CAD).
Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a
currency that is not the Company’s functional currency. The Group manages risk by matching receipts and payments in
the same currency and monitoring movements in exchange rates. The exposure to risks is measured using sensitivity
analysis and cash flow forecasting.
The Group’s exposure to foreign currency risk at year end, expressed in Australian dollars, was as follows:
USD
$
2020
BRL
$
CAD
$
USD
$
2019
BRL
$
CAD
$
-
-
-
5,980
1,344
35,399
-
106,574
3,288
-
-
-
442
1,373
42,222
-
234,071
37,631
Financial assets
Cash
Other receivables
Financial liabilities
Trade and other payables
Sensitivity analysis
The following table demonstrates the estimated sensitivity
to a 10% increase/decrease in the Australian dollar/BRL
exchange rate, with all variables held consistent, on post
tax profit and equity. The Group does not consider the
other currencies to be a material risk/exposure to the
Group and have therefore not undertaken any further
analysis. These sensitivities should not be used to forecast
the future effect of movement in the Australian dollar
exchange rate on future cash flows.
A hypothetical change of 10% in BRL exchange rates was
used to calculate the Group's sensitivity to foreign
exchange rate movements as the Company’s estimate of
possible rate movements over the coming year taking into
account current market conditions and past volatility.
(iii) Price risk
Impact on post-tax profits and equity
30 June 2020
AUD/BRL + %
AUD/BRL - %
30 June 2019
AUD/BRL + %
AUD/BRL - %
%
10
10
10
10
$
6,519
(6,519)
19,141
(19,141)
The Group’s only equity investments are publicly traded on the ASX.
To manage its price risk arising from investments in equity securities, management monitors the price movements of the
investment and ensures that the investment risk falls within the Group’s framework for risk management.
The Group’s exposure to equity securities price risk arises from investments held by the Group and classified in the
statement of financial position as financial assets at fair value (Note 10).
Sensitivity analysis
The Group does not consider this to be a material risk/exposure to the Group and have therefore not undertaken any
further analysis.
METEORIC RESOURCES NL
- 46 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
17
FINANCIAL AND CAPITAL RISK MANAGEMENT (continued)
(iv) Commodity price risk
As the Group has not yet entered into mineral or energy production, the risk exposure to changes in commodity price is
not considered significant.
(b) Credit risk
Credit risk arises from cash and cash equivalents and deposits with financial institutions, as well as trade receivables.
Credit risk is managed on a Group basis. For cash balances held with bank or financial institutions, where possible only
independently rated parties with a minimum rating of ‘-A’ are accepted.
The Board are of the opinion that the credit risk arising as a result of the concentration of the Group's assets is more than
offset by the potential benefits gained.
The maximum exposure to credit risk at the reporting date is the carrying amount of the assets as summarised net of
credit loss provisions and impairments.
Exposure to credit risk
The carrying amount of the Group’s financial assets represents the maximum credit exposure. The Group’s maximum
exposure to credit risk at the reporting date was:
Cash and cash equivalents
Other receivables
Security deposits
2020
$
2019
$
6,512,581
2,530,299
76,648
2,768
92,720
2,768
6,591,997
2,625,787
The credit quality of financial assets are assessed by reference to external credit ratings (if available) or to historical
information about counterparty default rates. The Group has adopted lifetime expected credit loss allowance in
estimating expected credit loss.
Cash at bank and short-term deposits
Held with Australian banks and financial institutions
AA- S&P rating
A+ S&P rating
BB S&P rating
Unrated
Total
2020
$
2019
$
-
-
6,505,256
2,528,484
5,931
1,344
442
1,373
6,512,581
2,530,299
METEORIC RESOURCES NL
- 47 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
17
FINANCIAL AND CAPITAL RISK MANAGEMENT (continued)
Other receivables
Counterparties with external credit ratings
Counterparties without external credit ratings(1)
Group 1
Group 2
Group 3
Total
2020
$
2019
$
-
-
76,648
92,720
-
-
-
-
76,648
92,720
1 Group 1 — new customers (less than 6 months)
Group 2 — existing customers (more than 6 months) with no defaults in the past
Group 3 — existing customers (more than 6 months) with some defaults in the past. All defaults were fully recovered
(c) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s
approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage
to the Group’s reputation. Through continuous monitoring of forecast and actual cash flows the Group manages liquidity
risk by maintaining adequate reserves to meet future cash needs. The decision on how the Group will raise future capital
will depend on market conditions existing at that time.
Maturities of financial liabilities
The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period
at the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual
undiscounted cash flows.
Less than
6 months
6 - 12
months
$
$
1 - 5
years
$
Over 5
years
$
Total
contractual
cash flows
Carrying
amount of
liabilities
$
$
At 30 June 2020
Trade and other payables
219,903
At 30 June 2019
Trade and other payables
382,269
-
-
-
-
-
-
219,903
219,903
382,269
382,269
(d) Capital risk management
The Group’s objective when managing capital is to safeguard the ability to continue as a going concern. This is to provide
returns for shareholders, benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost
of capital.
The Board monitors capital on an ad-hoc basis. No formal targets are in place for return on capital, or gearing ratios, as
the Group has not derived any income from operations.
METEORIC RESOURCES NL
- 48 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
18
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of the financial statements requires the use of accounting estimates which, by definition, will seldom
equal the actual results. Management also needs to exercise judgement in applying the Group's accounting policies.
This Note provides an overview of the areas that involved a higher degree of judgement or complexity and items which
are more likely to be materially adjusted. Detailed information about each of these estimates and judgements is included
in the Notes together with information about the basis of calculation for each affected line item in the financial
statements.
Significant accounting estimates and judgements
The areas involving significant estimates or judgements are:
•
•
•
•
•
•
•
•
Recognition of deferred tax asset for carried forward tax losses — Note 4;
Asset acquisition not constituting a business combination – Note 5 and Note 6;
Fair value of assets acquisition – Note 5 and Note 6;
Classification of financial assets through other comprehensive income – Note 10;
Fair value of financial assets through other comprehensive income – Note 10;
Estimation of fair value of share-based payments – Note 16
Probability of vesting conditions being achieved– Note 16; and
Estimation of contingent liabilities – Note 21.
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including
expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under
the circumstances.
There have been no actual adjustments this year as a result of an error and of changes to previous estimates.
19
TENEMENT EXPENDITURES CONDITIONS AND LEASING COMMITTMENTS
The Company has certain obligations to perform minimum exploration work on the tenements in which it has an interest.
These obligations may in some circumstances, be varied or deferred. Tenement rentals and minimum expenditure
obligations which may be varied or deferred on application are expected to be met in the normal course of business.
Within one year
Later than one year but no later than five years
Later than five years
2020 (1)
$
2019 (2)
$
312,043
423,132
504,131
148,066
483,001
-
1,239,306
631,067
1 The CA$ commitments have been translated at a rate of 1.0661 to AUD and the BRL commitments have been translated at a rate
of 3.7335 to AUD.
2 The CA$ commitments have been translated at a rate of 1.0547 to AUD.
The Company has the ability to diminish its exposure under these commitments through the application of a variety of
techniques including applying for exemptions from the regulatory expenditure obligations, surrendering tenements,
relinquishing portions of tenements or entering into farm-out agreements whereby third parties bear the burdens of such
obligation in whole or in part.
METEORIC RESOURCES NL
- 49 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
19
TENEMENT EXPENDITURES CONDITIONS AND LEASING COMMITMENTS (continued)
Australian Projects
The Group has certain obligations to perform minimum exploration work on tenements held. These obligations may vary
over time, depending on the Group's exploration programmes and priorities. As at reporting date, total exploration
expenditure commitments on tenements held is shown in the above table. These obligations are also subject to variations
by farm-out arrangements, dilution with current partners or sale of the relevant tenements. This commitment does not
include the expenditure commitments which are the responsibility of the joint venture partners.
Canadian Projects
The Group has certain obligations to perform minimum exploration work on tenements held. These obligations may vary
over time, depending on the Group's exploration programmes and priorities. As at reporting date, total exploration
expenditure commitments on tenements held less amount already spent is shown in the above table. Included within the
tenement expenditures and commitments is deferred consideration under the claim sale agreements in relation to the
Joyce Lake and Lorraine projects. These obligations are also subject to variations by farm-out arrangements or sale of
the relevant tenements. Other commitments specific to projects have been detailed below.
Brazil Projects
The Group has no minimum obligations to perform exploration work on tenements held.
20
LOSS PER SHARE
Basic and diluted loss per share
Net loss after tax attributable to the members of the Company
Weighted average number of ordinary shares
Basic and diluted loss per share (cents)
2020
2019
$ (7,145,567)
$ (4,450,617)
1,053,931,073
627,146,881
(0.68)
(0.71)
21
(a)
CONTINGENT LIABILITIES
Contingent liabilities
Native Title
Tenements are commonly (but not invariably) affected by native title.
The Company is not in a position to assess the likely effect of any native title impacting the Company.
The existence of native title and heritage issues represent, as a general proposition, a serious threat to explorers and
miners, not only in terms of delaying the grant of tenements and the progression of exploration development and mining
operations, but also in terms of costs arising consequent upon dealing with aboriginal interest groups, claims for native
title and the like.
As a general proposition, a tenement holder must obtain the consent of the owner of freehold before conducting
operations on the freehold land. Unless it already has secured such rights, there can be no assurance that the Company
will secure rights to access those portions (if any) of the Tenements encroaching freehold land but, importantly, native
title is extinguished by the grant of freehold so if and whenever the Tenements encroach freehold the Company is in the
position of not having to abide by the Native Title Act in respect of the area of encroachment albeit aboriginal heritage
matters still be of concern.
METEORIC RESOURCES NL
- 50 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
21 CONTINGENT LIABILITIES (continued)
Juruena Gold and Nova Astro Projects
During the prior year, in consideration for 100% equity in Batman Minerals Pty Ltd and the entities it controls Meteoric
paid $1,000,000 in cash, less a payment made in arrears of $49,816 and issued 50,000,000 ordinary shares (see Note 6).
In addition to the payments made the following contingent consideration may be due:
-
-
AU$750,000 of ordinary fully paid shares at an issue price equal to a 5-day VWAP upon defining a mineral resource
estimate in accordance with the JORC Code, at Juruena and/or Novo Astro containing at least 400,000 oz gold.
AU$750,000 of ordinary fully paid shares at an issue price equal to a 5-day VWAP upon the Board of Meteoric
approving a decision to mine at Juruena and/or Novo Astro, pursuant to a granted mining licence.
The Group assigned no value to the consideration on acquisition of the project as at the date of acquisition it was not
considered probable.
The Group currently has no contingent liabilities as at 30 June 2020 (30 June 2019: Nil).
(b) Contingent assets
The Group has no contingent assets as at 30 June 2020 (30 June 2019: Nil).
Significant judgments
Contingencies & commitments
As the Group is subject to various laws and regulations in the jurisdictions in which it operates, significant judgment is
required in determining whether any potential contingencies are required to be disclosed and/or whether any capital or
operating leases require disclosure (refer to Note 19).
22
RELATED PARTY TRANSACTIONS
Transactions with related parties are on normal commercial terms and conditions no more favourable than those
available to other parties unless otherwise stated.
Key management personnel compensation
Short-term employee benefits
Post-employment benefits
Termination
Share-based payments
2020
$
2019
$
667,911
16,191
-
284,576
968,678
396,793
-
-
340,539
737,332
Detailed remuneration disclosures are provided within the remuneration report.
Parent entity
The ultimate parent entity and ultimate controlling party is Meteoric Resources NL (incorporated in Australia).
Subsidiaries
Interests in subsidiaries are set out in Note 26.
METEORIC RESOURCES NL
- 51 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
22
RELATED PARTY TRANSACTIONS
Transactions with related parties
Payment of fees
- Dr Andrew Tunks, Executive Director, is a Director of Tunks Geo Consulting Pty Ltd, which received Dr Tunks’ Director
and fees for the period July 2019 to October 2019. At year end the Company had no outstanding payable balance (30
June 2019: nil).
- Ms Shastri Ramnath, Non-Executive Director, is a Director of Ram Jam Holding Inc. which received Ms Ramnath’s
Director fees during the period. At year end the Company had an outstanding balance payable of $2,250
(30 June 2019: $3,781).
Purchases of services
The Group acquired the following services from entities in which the group’s key management personnel have an interest:
- Geological services
- Administrative services
A Director, Ms. Ramnath, is the Co-founder and Non-Executive Chair of the firm of Orix Geoscience Inc. (Orix). Orix have
been a partner to Meteoric in providing geological services and support for the Canadian projects. All services provided
have been on normal commercial terms and conditions. The amount recognised as an expense during the year was
$11,195 (during the period year: $239,308).
A Director, Dr Tunks, is a Director of Tunks Geo Consulting Pty Ltd. Tunks Geo Consulting have been a partner to Meteoric
in providing geological services and support. All services provided have been on normal commercial terms and conditions.
The amount recognised as an expense during the year was $37,503 (ex GST) (during the period year: nil).
Share-based payments
During the year the following performance rights were granted:
- Mr Burke was granted 7,500,000 performance rights;
- Dr Kitto was granted 4,000,000 performance rights;
- Ms Ramnath was granted 1,000,000 performance rights; and
- Dr Tunks was granted 7,500,000 performance rights.
Details of the valuation pertaining to the above-mentioned equity instruments are set out in Note 16.
There were no other related party transactions during the period.
23
CHANGES IN ACCOUNTING POLICIES
This note explains the changes in the Group’s accounting policies as a result of the adoption of AASB 16 Leases, the prior
year financial statements did not have to be restated as a result.
(a)
AASB 16 Leases (“AASB 16”)
AASB 16 eliminates the operating and finance lease classifications for lessees currently accounted for under AASB 117
Leases. It instead requires an entity to bring most leases onto its Statement of Financial Position in a similar way to how
existing finance leases are treated under AASB 117. An entity be required to recognise a lease liability and a fight of use
asset in its Statement of Financial Position for most leases. There are some optional exemptions for leases with a period
of 12 months or less and for low value leases.
Lessor accounting remains largely unchanged from AASB 117.
The entity has undertaken a detailed assessment of the impact of AASB 16 and the standard has not had a material impact
on the transactions and balances recognised in the financial statements.
METEORIC RESOURCES NL
- 52 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
24
RECONCILATION OF LOSS AFTER INCOME TAX TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES
Loss for the period
Add/(less) non-cash items:
Depreciation
Asset acquisition
Share based payments - Directors and advisor
Foreign exchange (loss)/gain on foreign operations
Add/ (less) items classified as invested/financing activities:
Receipt from sale of tenement
Batman Minerals acquisition
Palm Springs Project acquisition
Acquisition of tenements
Changes in assets and liabilities during the financial year:
Decrease/(increase) in receivables
(Decrease)/increase in payables
Increase/(decrease) in employee provision
Note
2020
$
2019
$
(7,145,567)
(4,450,617)
5
16
6
5
7,303
250,000
590,494
(210,159)
517
534,444
683,081
34,836
(17,000)
-
-
950,184
799,953
50,000
-
-
58,903
(75,901)
(162,361)
11,371
5,880
-
Net cash outflow from operating activities
(5,772,554)
(2,312,085)
(a) Non-cash investing and financing activities
Acquisition of Batman Minerals Pty Ltd
Acquisition of Palm Springs Project
25
EVENTS SUBSEQUENT TO REPORTING DATE
Subsequent to year end:
Note
6
5
2020
$
2019
$
-
1,484,628
1,050,000
-
-
-
-
From 1 July 2020, Non-Executive Chairman Pat Burke agreed to take on the role of Executive Chairman to assist in
the rapid development of the Groups assets in both Brazil and Western Australia.
On 17 August 2020, the Company announced it had entered into a conditional tenement sale agreement to dispose
of its Canadian Nickel-Copper projects, Midrim and LaForce, for consideration of 13,050,000 shares in ASX listed
Rafaella Resources Limited (ASX:RFR).
On 3 September 2020, shareholders approved Tranche 2 of the placement approving Directors Dr Andrew Tunks
and Dr Paul Kitto to participate in the Placement on the same terms for 1,000,000 Shares each. The placement was
part of the acquisition of Palm Springs and Meteoric raised $1,440,000 via the issue of 90,000,000 new Shares at
AUD$0.016 per Share.
METEORIC RESOURCES NL
- 53 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
25
-
-
EVENTS SUBSEQUENT TO REPORTING DATE (continued)
On 3 September 2020, shareholders approved the issue of 36,000,000 Performance Rights to Directors and advisors.
The following amounts were issue to Directors:
7,500,000 to Mr Patrick Burke
7,500,000 to Dr Andrew Tunks
o
o
o
o
On 18 September 2020, 2,0000,000 Options were exercised for shares.
1,000,000 to Ms Shastri Ramnath
3,000,000 to Dr Paul Kitto
In the opinion of the Directors, no other event of a material nature or transaction, has arisen since period end and the
date of this report that has significantly affected, or may significantly affect, the Group’s operations, the results of those
operations, or its state of affairs.
The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has not impacted financially on the Company
up to 30 June 2020, it is not practicable to estimate the potential impact, positive or negative, after the reporting date.
The situation is rapidly developing and is dependent on measures imposed by the Australian Government and other
countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus
that may be provided.
26
INTEREST IN OTHER ENTITIES
(a) Investments in controlled entities
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in Note 29(a):
Country of
incorporation
2020
Equity holding
2019
Equity holding
Name of entity
Cobalt Canada Pty Ltd
Resources Meteore Sub Inc.
A.C.N 632 444 065
A.C.N 632 447 511
Batman Minerals Pty Ltd (1)
Australia
Canada
Australia
Australia
Australia
Sunny Skies Investments Limited (1)
British Virgin Islands
Meteoric Brasil Mineracao Ltda (1)
Juruena Mineracao Ltda (1)
Lago Dourado Mineracao Ltda (1)
Kimberly Resources Limited (2)
Horrocks Enterprises Pty Ltd (2)
Brazil
Brazil
Brazil
Australia
Australia
1 Acquired on 31 May 2019 as part of the asset acquisition, see Note 6.
2 Acquired on 30 June 2020 as part of the asset acquisition, see Note 5.
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
-
-
27
REMUNERATION OF AUDITORS
From time to time the Consolidated Entity may decide to employ an external auditor on assignments additional to their
statutory audit duties where the auditor's expertise and experience with the Consolidated Entity are important. These
assignments are principally tax advice and due diligence on acquisitions, which are awarded on a competitive basis. It is
the Group’s policy to seek competitive tenders for all major consulting projects.
METEORIC RESOURCES NL
- 54 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
27
REMUNERATION OF AUDITORS (continued)
The Board is satisfied that the provision of non-audit services during the period is compatible with the general standard
of independence for auditors imposed by the Corporations Act 2001.
During the year, the following fees were paid or payable for services provided by the auditor of the parent entity, its
related parties and non-related audit firms:
(a) Greenwich & Co
Audit and assurance services
Audit and review of financial statements
Total remuneration for Greenwich & Co
(b) BDO Australia
Audit and assurance services
2020
$
2019
$
-
-
297
297
Audit and review of financial statements
39,531
30,705
Taxation services
Tax compliance services
Other services
Valuation services
Total remuneration for BDO
Total fees
28
PARENT ENTITY INFORMATION
The following information relates to the parent entity,
Meteoric Resources NL as at 30 June 2020. The
information presented here has been prepared using
consistent accounting policies as presented in Note 29.
(a) Summary of financial information
The individual aggregate financial information for the
parent entity is shown in the table.
(b) Guarantees entered into by the parent entity
The parent entity did not have any guarantees as at 30
June 2020 or 30 June 2019.
(c) Contingent liabilities of the parent entity
Other than those disclosed in Note 21, the parent entity
did not have any contingent liabilities as at 30 June 2020
or 30 June 2019.
(d) Contractual commitments for the acquisition of
property, plant and equipment
The parent entity did not have any contractual
commitments for the acquisition of property, plant and
equipment as at 30 June 2020 or 30 June 2019.
6,695
7,080
2,500
48,726
48,726
-
37,785
38,082
Company
2020
$
2019
$
Financial position
Current assets
6,606,993
2,673,763
Total assets
6,655,293
2,638,769
Current liabilities
119,040
259,699
Total liabilities
Equity
119,040
259,699
Contributed equity
35,196,389
24,545,273
Reserves
2,676,129
1,814,337
Accumulated losses
(31,336,265)
(23,980,539)
Total equity
6,536,253
2,379,071
Financial performance
Loss for the year
(7,355,726)
(4,417,081)
Total comprehensive loss
(7,355,726)
(4,417,081)
METEORIC RESOURCES NL
- 55 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
29
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
Meteoric Resources NL (Company or Meteoric) is a company
incorporated in Australia whose shares are publicly traded on the
Australian Securities Exchange. Meteoric Resources NL is the
ultimate parent entity of the Group.
The consolidated financial statements of Meteoric Resources NL
for the year ended 30 June 2020 comprise the Company and its
controlled subsidiaries (together referred to as the Group and
individually as Group entities).
Statement of compliance
These general-purpose financial statements have been prepared
in accordance with Australian Accounting Standards, other
authoritative pronouncements of the Australian Accounting
Standards Board, Australian Accounting Group Interpretations
and the Corporations Act 2001. Meteoric Resources NL is a for-
profit entity for the purpose of preparing the financial
statements.
The consolidated financial statements of the Group also comply
with International Financial Reporting Standards (IFRS) as issued
by the International Accounting Standards Board (IASB).
Historical cost convention
These financial statements have been prepared on an accruals
basis and are based on historical costs and do not take into
account changing money values or, except where stated, current
valuations of non-current assets. Cost is based on the fair values
of the consideration given in exchange for assets.
Critical accounting estimates and significant judgments
critical accounting estimates.
The preparation of financial statements requires the use of
requires
certain
Management to exercise its judgment in the process of applying
the Group's accounting policies. The areas involving a higher
degree of judgment or complexity, or areas where assumptions
and estimates are significant to the financial statements are
disclosed within Note 18.
It also
New and amended standards adopted by the Group
The Group has adopted all of the new and revised Standards and
Interpretations issued by the AASB that are relevant to their
operations and effective for the current annual reporting period.
New and revised Standards and amendments thereof and
Interpretations effective for the first time for the annual
reporting period commencing 1 July 2019 that are relevant to the
Group include:
•
•
•
•
AASB 16 Leases
AASB 2017-6 Amendments to Australian Accounting
Standards — Prepayment Features with Negative
Compensation
AASB 2017-7 Amendments to Australian Accounting
Standards — Long-term Interests in Associates and Joint
Ventures
AASB 2018-1 Amendments to Australian Accounting
Standards — Annual Improvements 2015- 2017 cycle
•
•
AASB 2018-2 Amendments to Australian Accounting
Standards — Plan Amendment, Curtailment or Settlement
Interpretation 23 Uncertainty over Income Tax Treatments.
The group had to change its accounting policies and make certain
retrospective adjustments following the adoption of AASB 16.
This is disclosed in Note 23. Most of the other amendments listed
above did not have any impact on the amounts recognised in
prior periods and are not expected to significantly affect the
current or future periods.
The adoption of all the new and revised Standards and
Interpretations has not resulted in any changes to the Group’s
accounting policies and has no effect on the amounts reported
for the current or prior years. However, the above standards have
affected the disclosures in the notes to the financial statements.
New standards and interpretations not yet adopted
Certain new accounting standards and interpretations have been
published that are not mandatory for 30 June 2020 reporting
periods and have not been early adopted by the group. The
group's assessment of the impact of these new standards and
interpretations is set out below. These standards are not
expected to have a material impact on the entity in the current
or
future
transactions.
future reporting periods and on
foreseeable
Accounting policies
In order to assist in the understanding of the financial statements,
the following summary explains the principal accounting policies
that have been adopted in the preparation of the financial report.
These policies have been applied consistently to all of the periods
presented, unless otherwise stated.
(a) Principles of Consolidation
Subsidiaries
The consolidated financial statements incorporate the assets and
liabilities of subsidiaries of the Company at the end of the
reporting period. Subsidiaries are all those entities (including
special purpose entities) over which the Group has the power to
govern
financial and operating policies, generally
accompanying a shareholding of more than one-half of the voting
rights. The existence and effect of potential voting rights that are
currently exercisable or convertible are considered when
assessing whether the Group controls another entity.
the
Subsidiaries are fully consolidated from the date on which control
is transferred to the Group. They are de-consolidated from the
date that control ceases. Where a subsidiary has entered or left
the Group during the year, the financial performance of those
entities is included only for the period of the year that they were
controlled. A list of subsidiaries is contained in Note 26 to the
financial statements.
METEORIC RESOURCES NL
- 56 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
Intercompany transactions, balances and unrealised gains on
transactions between Group companies are eliminated in full on
consolidation. Unrealised losses are also eliminated unless the
transaction provides evidence of the impairment of the asset
transferred.
Non-controlling interests in the results and equity of subsidiaries
are shown separately in the consolidated statement of profit or
loss and other comprehensive income, consolidated statement of
changes in equity and consolidated statement of financial
position.
Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with the policies adopted by the
Group.
Changes in ownership interests
The Group treats transactions with non-controlling interests that
do not result in a loss of control as transactions with equity
owners of the Group. A change in ownership interest results in an
adjustment between the carrying amounts of the controlling and
non-controlling interests to reflect their relative interests in the
subsidiary. Any difference between the amount of the
adjustment to non-controlling interests and any consideration
paid or received is recognised in a separate reserve within equity
attributable to owners of Meteoric Resources NL.
When the group ceases to consolidate or equity account for an
investment because of a loss of control, joint control or significant
influence, any retained interest in the entity is remeasured to its
fair value with the change in carrying amount recognised in profit
or loss. This fair value becomes the initial carrying amount for the
purposes of subsequently accounting for the retained interest as
an associate, joint venture or financial asset. In addition, any
amounts previously recognised in other comprehensive income
in respect of that entity are accounted for as if the group had
directly disposed of the related assets or liabilities. This may
in other
amounts previously
mean
comprehensive income are reclassified to profit or loss.
recognised
that
(b) Going Concern
The financial statements have been prepared on the basis that
the Consolidated Entity is a going concern, which contemplates
the continuity of normal business activity, realisation of assets
and settlement of liabilities in the normal course of business.
(c) Segment Reporting
Operating segments are reported in a manner that is consistent
with the internal reporting to the chief operating decision maker,
which has been identified by the company as the Board.
(d) Foreign Currency Translation
Functional and presentation currency
Items included in the financial statements of the Group are
measured using the currency of the primary economic
environment in which the Group operates (‘the functional
currency). The consolidated financial statements are presented in
Australian dollars, which is Meteoric Resources NL’s functional
and presentation currency.
Transactions and balances
Foreign currency transactions are translated into functional
currency using the exchange rates prevailing at the dates of the
transactions. Foreign currency monetary assets and liabilities at
the reporting date are translated at the exchange rate existing at
reporting date. Exchange differences are recognised in profit or
loss in the period in which they arise.
No dividends were paid or proposed during the year.
Group companies
The results and financial position of foreign operations (none of
which has the currency of a hyperinflationary economy) that have
a functional currency different from the presentation currency
are translated into the presentation currency as follows:
•
•
assets and liabilities for each statement of financial position
presented are translated at the closing rate at the date of
that statement of financial position;
rates
(unless
income and expenses for each statement of profit or loss
and other comprehensive income are translated at average
exchange
reasonable
this
approximation of the cumulative effect of the rates
prevailing on the transaction dates, in which case income
and expenses are translated at the dates of the
transactions); and
is not a
•
all resulting exchange differences are recognised in other
comprehensive income.
On consolidation, exchange differences arising from the
translation of any net investment in foreign entities, and of
borrowings and other financial instruments designated as hedges
of such investments, are recognised in other comprehensive
income. When a foreign operation is sold or any borrowings
forming part of the net investment are repaid, a proportionate
share of such exchange difference is reclassified to profit or loss,
as part of the gain or loss on sale where applicable.
Goodwill and fair value adjustments arising on the acquisition of
a foreign operation are treated as assets and liabilities of the
foreign operation and translated at the closing rate.
(e) Other income
Other income for other business activities is recognised on the
following basis:
Interest income
Interest revenue is recognised on a time proportionate basis that
takes into account the effective yield on the financial asset.
All revenue is stated net of Goods and Service Tax.
(f)
Income Tax and Other Taxes
The income tax expense or revenue for the period is the tax
payable on the current period’s taxable income based on the
METEORIC RESOURCES NL
- 57 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
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
It establishes provision where
appropriate on the basis of amounts expected to be paid to the
tax authorities.
interpretation.
Deferred income tax is provided in full, using the liability method,
on temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated
financial statements. However, 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 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 foreign operations 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.
Meteoric Resources NL and
its wholly owned Australian
controlled entities have implemented the tax consolidation
legislation. As a consequence, these entities are taxed as a single
entity and the deferred tax assets and liabilities of these entities
are set off in the consolidated financial statements.
it relates to
Current and deferred tax is recognised in profit or loss, except to
the extent that
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.
items recognised
(g) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount
of GST except:
• where the GST incurred on a purchase of goods and services
is not recoverable from the taxation authority, in which case
the GST is recognised as part of the cost of acquisition of the
asset or as part of the expense item as applicable; and
•
receivables and payables are stated with the amount of GST
included.
The net amount of GST recoverable from, or payable to, the
taxation authority is included as part of receivables or payables in
the Statement of Financial Position.
Cash flows are included in the Statement of Cash Flows on a gross
basis and the GST component of cash flow arising from investing
and financing activities, which is recoverable from, or payable to,
the taxation authority are classified as operating cash flows.
Commitments and contingencies are disclosed net of the amount
of GST recoverable from, or payable to, the taxation authority.
(h) Exploration and Evaluation Expenditure
The Group expenses exploration and evaluation expenditure as
incurred in respect of each identifiable area of interest until a
time where an asset is in development.
Exploration and Evaluation expenditure
Exploration for and evaluation of mineral resources is the search
for mineral resources after the entity has obtained legal rights to
explore in a specific area as well as the determination of the
technical feasibility and commercial viability of extracting mineral
resource.
Exploration and evaluation expenditure is expensed to profit or
loss as incurred except when existence of a commercially viable
mineral reserve has been established and it is anticipated that
future economic benefits are more likely than not to be
generated as a result of the expenditure.
(i)
Impairment of Non-Financial Assets
The Group assesses at each reporting date whether there is an
indication that an asset may be impaired. If any such indication
exists, or when annual impairment testing for an asset is
required, the Group makes an estimate of the asset’s recoverable
amount. An asset’s recoverable amount is the higher of its fair
value less costs to sell and its value in use and is determined for
an individual asset, unless the asset does not generate cash
inflows that are largely independent of those from other assets
or groups of assets and the asset’s values in use cannot be
estimated to be close to its fair value. In such cases the asset is
tested for impairment as part of the cash generating unit to which
it belongs.
When the carrying amount of an asset or cash-generating unit
exceeds its recoverable amount, the asset or cash-generating unit
is considered impaired and is written down to its recoverable
METEORIC RESOURCES NL
- 58 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
amount. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the
time value of money and the risks specific to the asset.
losses relating to continuing operations are
Impairment
recognised in those expense categories consistent with the
function of the impaired asset unless the asset is carried at re-
valued amount (in which case the impairment loss is treated as a
revaluation decrease).
last
impairment
As assessment is also made at each reporting date as to whether
there is any indication that previously recognised impairment
losses may no longer exist or may have decreased. If such
indication exists, the recoverable amount is estimated. A
previously recognised impairment loss is reversed only if there
has been a change in the estimates used to determine the asset’s
loss was
recoverable amount since the
recognised. If that is the case the carrying amount of the asset is
increased to its recoverable amount. That increased amount
cannot exceed the carrying amount that would have been
determined, net of depreciation, had the impairment loss been
recognised for the asset in prior years. Such reversal is
recognised in profit or loss unless the asset is carried at the re-
valued amount, in which case the reversal is treated as a
revaluation increase. After such a reversal the depreciation
charge is adjusted in future periods to allocate the asset’s revised
carrying amount, less any residual value, on a systematic basis
over its remaining useful life.
(j) Cash and Cash Equivalents
For the purposes of the statement of cash flows, cash and cash
equivalents includes cash on hand, cash in bank accounts, money
market investments readily convertible to cash within two
working days, and bank bills but net of outstanding bank
overdrafts.
(k) Trade and Other Receivables
Receivables are initially recognised at fair value and subsequently
measured at amortised cost, less expected lifetime losses.
Current receivables for GST are due for settlement within 30 days
and other current receivables within 12 months.
(l)
Investments and Other Financial Assets
The Group classifies
categories:
its financial assets
in the following
•
•
those to be measured subsequently at fair value (either
through OCI or through profit or loss); and
those to be measured at amortised cost.
For investments in equity instruments that are not held for
trading, this will depend on whether the group has made an
irrevocable election at the time of initial recognition to account
fair value through other
for the equity
comprehensive income (FVOCI).
investment at
Investments in equity instruments
The Group subsequently measures all equity investments at fair
value. Where the group's management has elected to present fair
value gains and losses on equity investments in OCI, there is no
subsequent reclassification of fair value gains and losses to profit
or loss following the derecognition of the investment. Dividends
from such investments continue to be recognised in profit or loss
as other income when the group's right to receive payments is
established.
Changes in the fair value of financial assets at FVPL are recognised
in other gains/(losses) in the statement of profit or loss as
applicable. Impairment losses (and reversal of impairment losses)
on equity investments measured at FVOCI are not reported
separately from other changes in fair value.
(m) Property, Plant and Equipment
Plant and equipment is stated at historical cost less accumulated
depreciation and any impairment in value. Historical cost includes
expenditure that is directly attributable to the acquisition of the
items.
Subsequent costs are included in the asset’s carrying amount or
recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item
will flow to the group and the cost of the item can be measured
reliably. The carrying amount of any component accounted for as
a separate asset is derecognised when replaced.
The assets’ residual values and useful lives are reviewed, and
adjusted if appropriate, at the end of each reporting period.
An asset’s carrying amount is written down immediately to its
recoverable amount if the asset’s carrying amount is greater than
its estimated recoverable amount.
Gains and losses on disposals are determined by comparing
proceeds with carrying amount. These are included in profit or
loss.
(n) Acquisition of Assets
Where an entity or operation is acquired, the identifiable assets
acquired (and, where applicable, identifiable liabilities assumed)
are to be measured at the acquisition date at their relative fair
values of the purchase consideration.
Where the acquisition is a group of assets or net assets, the cost
of acquisition will be apportioned to the individual assets
acquired (and, where applicable, liabilities assumed). Where a
group of assets acquired does not form an entity or operation,
the cost of acquisition is apportioned to each asset in proportion
to the fair values of the assets as at the acquisition date.
(o) Share-Based Payment Transactions
Benefits to Employees and consultants (including Directors)
The Group provides benefits to employees and consultants
(including directors) of the Group in the form of share-based
payment transactions, whereby employees render services in
METEORIC RESOURCES NL
- 59 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
exchange for shares or rights over shares or options (“equity-
settled transactions”).
The costs of these equity settled transactions are measured by
reference to the fair value of the equity instruments at the date
on which they are granted. The fair value of performance rights
granted is determined using the single barrier share option
pricing model. The fair value of options granted is determined by
using the Black-Scholes option pricing technique. Further details
of options and performance rights granted are disclosed in Note
16.
The cost of these equity-settled transactions is recognised,
together with a corresponding increase in equity, over the period
in which the performance and/or service conditions are fulfilled
(the vesting period).
At each subsequent reporting date until vesting, the cumulative
charge to the profit or loss is the product of: (i) the fair value at
grant date of the award; (ii) the current best estimate of the
number of equity instruments that will vest, taking into account
such factors as the likelihood of employee turnover during the
vesting period and the likelihood of non-market performance
conditions being met; and (iii) the expired portion of the vesting
period.
The charge to profit or loss for the period is the cumulative
amount as calculated above less the amounts already charged in
previous periods. There is a corresponding credit to equity.
Until an equity instrument has vested, any amounts recorded are
contingent and will be adjusted if more or fewer equity
instruments vest than were originally anticipated to do so. Any
equity instrument subject to a market condition is valued as if it
will vest irrespective of whether or not that market condition is
fulfilled, provided that all other conditions are satisfied.
If the terms of an equity-settled award are modified, as a
minimum, an expense is recognised as if the terms had not been
for any
modified. An additional expense
modification that increases the total fair value of the share-based
payment arrangement or is otherwise beneficial to the recipient
of the award, as measured at the date of modification.
is recognised
If an equity-settled transaction is cancelled (other than a grant
cancelled by forfeiture when the vesting conditions are not
satisfied), it is treated as if it had vested on the date of
cancellation, and any expense not yet recognised for the award is
recognised immediately. However, if a new equity instrument is
substituted for the cancelled award and designated as a
replacement award on the date that it is granted, the cancelled
and new equity instrument are treated as if they were a
modification of the original award, as described in the preceding
paragraph.
Benefits to Vendors
The Group provides benefits to vendors of the Group in the form
of share-based payment transactions, whereby the vendor has
render services in exchange for shares or rights over shares or
options (“equity-settled transactions”).
The fair value is measured by reference to the value of the goods
or services received. If these cannot be reliably measured, then
by reference to the fair value of the equity instruments granted.
The cost of these equity-settled transactions is recognised over
the period in which the service was received.
(p) Fair Value Estimation
The fair value of financial assets and financial liabilities must be
estimated for recognition and measurement or for disclosure
purposes.
The carrying value less impairment provision of trade receivables
and payables are assumed to approximately their fair value due
to their short-term nature. The fair value of financial liabilities for
disclosure purposes is estimated by discounting the future
contractual cash flows at the current market interest rate that is
available to the Group for similar financial instruments.
(q) Employee Entitlements
The Group’s liability for employee entitlements arising from
services rendered by employees to reporting date is recognised
in other payables. Employee entitlements expected to be settled
within one year together with entitlements arising from wages
and salaries, and annual leave which will be settled within one
year, have been measured at their nominal amount and include
related on-costs.
(r) Loss Per Share
Basic loss per share
Basic loss per share is determined by dividing the operating loss
attributable to the equity holder of the Group after income tax by
the weighted average number of ordinary shares outstanding
during the financial year.
Diluted loss per share
Diluted loss per share adjusts the figures used in determination
of basic loss per share by taking into account amounts unpaid on
ordinary shares and any reduction in earnings per share that will
arise from the exercise of options outstanding during the year.
(s) Trade and Other Payables
Trade payables and other payables are carried at cost and
represent liabilities for goods and services provided to the Group
prior to the end of the financial period that are unpaid and arise
when the Group becomes obliged to make future payments in
respect of the purchase of these goods and services. The
amounts are unsecured and usually paid within 30 days of
recognition.
(t) Contributed Equity
Issued and paid up capital is recognised at the fair value of the
consideration received by the Group. Any transaction costs
arising on the issue of ordinary shares are recognised directly in
equity as a reduction of the share proceeds received.
METEORIC RESOURCES NL
- 60 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
(u) Dividends
No dividends were paid or proposed during the year.
(v) Comparatives
Comparative figures have been restated to conform with the
current year’s presentation. This has had no impact on the
financial statements.
(w) Parent Entity Financial Information
The financial
information for the parent entity, Meteoric
Resources NL, disclosed in Note 28 has been prepared on the
same basis as the consolidated financial statements except as set
out below:
Investments in subsidiaries
Investments in subsidiaries are accounted for at cost and subject
to an annual impairment review.
METEORIC RESOURCES NL
- 61 -
DIRECTORS’ DECLARATION
The Directors of the Group declare that:
1.
the accompanying financial statements and notes are in accordance with the Corporations Act 2001 and:
(a) comply with Australian Accounting Standards and the Corporations Act 2001;
(b)
(c)
give a true and fair view of the financial position as at 30 June 2020 and performance for the year ended
on that date of the Group; and
the audited remuneration disclosures set out in the Remuneration Report section of the Directors’
Report for the year ended 30 June 2020 complies with section 300A of the Corporations Act 2001;
2.
the Chief Financial Officer has declared pursuant to section 295A.(2) of the Corporations Act 2001 that:
(a)
(b)
the financial records of the Group for the financial year have been properly maintained in accordance
with section 286 of the Corporations Act 2001;
the financial statements and the notes for the financial year comply with Australian Accounting
Standards; and
(c) the financial statements and notes for the financial year give a true and fair view;
3.
4.
in the Directors’ opinion, there are reasonable grounds to believe that the Group will be able to pay its debts
as and when they become due and payable;
the Directors have included in the notes to the financial statements an explicit and unreserved statement of
compliance with International Financial Reporting Standards.
This declaration is made in accordance with a resolution of the Board of Directors.
Patrick Burke
Executive Chairman
Perth
25 September 2020
METEORIC RESOURCES NL
- 62 -
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
38 Station Street
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of Meteoric Resources NL
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Meteoric Resources NL (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2020, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes
to the financial report, including a summary of significant accounting policies and the directors’
declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
Giving a true and fair view of the Group’s financial position as at 30 June 2020 and of its
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
Performance Rights
Key audit matter
As disclosed in Note 16 (b), the Group recognised
a share-based payment expense in the Statement
of Profit or Loss and Other Comprehensive
Income for the year ended 30 June 2020 due to
the issue of performance rights to eligible
directors and advisors.
Share-based payments are a complex accounting
area and due to the judgemental estimates used
in determining the fair value of performance
rights in accordance with the Accounting
Standards, we consider management’s
calculation of the share-based payment expense
to be a key audit matter.
How the matter was addressed in our audit
Our audit procedures included, but were not
limited to the following:
(cid:127)
(cid:127)
(cid:127)
(cid:127)
(cid:127)
(cid:127)
Examining market announcements and board
minutes to determine whether all the new
performance rights granted during the year
were accounted for;
Reviewing the relevant agreements to obtain
an understanding of the contractual nature
of the performance rights arrangements;
Reviewing management’s determination of
the fair value of the performance rights
granted, considering the appropriateness of
the valuation models used and assessing the
valuation inputs;
Involving our valuation specialists to assess
the reasonableness of management’s fair
value calculation;
Evaluating management’s assessment of the
timing of meeting the performance
conditions attached to the performance
rights; and
Evaluating the adequacy of the disclosures in
respect of the accounting treatment of the
performance rights in Note 16(b) to the
financial statements, including significant
judgements involved.
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2020, but does not include the
financial report and the 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 ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 17 to 23 of the directors’ report for the
year ended 30 June 2020.
In our opinion, the Remuneration Report of Meteoric Resources NL, for the year ended 30 June 2020,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit (WA) Pty Ltd
Jarrad Prue
Director
Perth, 25 September 2020
TENEMENT DETAILS
As at 30 June 2020
Tenement
Nature of Interest
Project
Australian Tenements
ANGAS HILL (Webb JV)
WEBB DIAMONDS (Webb JV)
Rights to 10.5%
Equity (%)
16.5%
E80/4407
E80/4506
E80/4815
E80/5121
E80/5471
E80/5496
E80/5499
EL23764
M80/0106
M80/0315
M80/0418
P80/1766
P80/1767
P80/1768
P80/1769
P80/1839
P80/1854
P80/1855
E80/4856
E80/4874
E80/4976
E80/5059
Granted
Granted
Granted
Granted
LAKE MACKAY (Webb JV)
WEBB DIAMONDS (Webb JV)
Application
WEBB DIAMONDS (Webb JV)
Application
WEBB DIAMONDS (Webb JV)
Application
WEBB DIAMONDS (Webb JV)
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
WARREGO NORTH
PALM SPRINGS
PALM SPRINGS
PALM SPRINGS
PALM SPRINGS
PALM SPRINGS
PALM SPRINGS
PALM SPRINGS
PALM SPRINGS
PALM SPRINGS
PALM SPRINGS
PALM SPRINGS
PALM SPRINGS
PALM SPRINGS
PALM SPRINGS
16.5%
16.5%
16.5%
16.5%
16.5%
49%
97%
97%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Tenement
Province
Project
Equity (%)
Canadian Tenements
1131335 - 1131337
1131339- 1131341
1131345
2499890 - 2499891
2499895 - 2499896
2499900 - 2499918
2499921 - 2499922
2499926 - 2499929
2499933
2412147 - 2412167
2412167 - 2412193
Quebec
Quebec
Quebec
Quebec
Quebec
Quebec
Quebec
Quebec
Quebec
Quebec
Quebec
MIDRIM/LAFORCE
MIDRIM/LAFORCE
MIDRIM/LAFORCE
MIDRIM/LAFORCE
MIDRIM/LAFORCE
MIDRIM/LAFORCE
MIDRIM/LAFORCE
MIDRIM/LAFORCE
MIDRIM/LAFORCE
MIDRIM/LAFORCE
MIDRIM/LAFORCE
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
METEORIC RESOURCES NL
- 67 -
TENEMENT DETAILS
As at 30 June 2020
Tenement
2412195 - 2412207
Various
Various
Various
517797 - 517963
Canadian Tenements
Province
Quebec
Ontario
Ontario
Ontario
Ontario
Project
Equity (%)
MIDRIM/LAFORCE
IRON MASK
MULLIGAN
MULLIGAN EAST
BEAUCHAMP
100%
100%
100%
100%
100%
Tenement
Province
Project
Equity (%)
Brazilian Tenements
Juruena Project
866.079/2009
Granted Exploration Permit
NOVA BANDEIRANTES/ MT
866.081/2009
Granted Exploration Permit
COTRIGUAÇU/MT, NOVA BANDEIRANTES/ MT
866.082/2009
Granted Exploration Permit
COTRIGUAÇU/MT, NOVA BANDEIRANTES/ MT
866.084/2009
Granted Exploration Permit
NOVA BANDEIRANTES/ MT
866.778/2006
Granted Exploration Permit
NOVA BANDEIRANTES/ MT
866.531/2015
Granted Exploration Permit
COLNIZA/MT, COTRIGUAÇU/MT
866.532/2015
Granted Exploration Permit
COTRIGUAÇU/MT
866.533/2015
Granted Exploration Permit
COLNIZA/MT, COTRIGUAÇU/MT
866.534/2015
Granted Exploration Permit
COLNIZA/MT, COTRIGUAÇU/MT
866.535/2015
Granted Exploration Permit
COLNIZA/MT, COTRIGUAÇU/MT
866.537/2015
Granted Exploration Permit
COLNIZA/MT, COTRIGUAÇU/MT
866.538/2015
Granted Exploration Permit
COTRIGUAÇU/MT
866.085/2009
Granted Exploration Permit
NOVA BANDEIRANTES/ MT
866.080/2009
Granted Exploration Permit
NOVA BANDEIRANTES/ MT
866.086/2009
Granted Exploration Permit
NOVA BANDEIRANTES/ MT
866.247/2011
Granted Exploration Permit
NOVA BANDEIRANTES/ MT
866.578/2006
Granted Exploration Permit
NOVA BANDEIRANTES/ MT
866.105/2013
Granted Exploration Permit
NOVA BANDEIRANTES/ MT
866.934/2012
Granted Exploration Permit
COTRIGUAÇU/MT
866.632/2006
Granted Exploration Permit
NOVA BANDEIRANTES/ MT
866.633/2006
Granted Exploration Permit
NOVA BANDEIRANTES/ MT
866.294/2013
Granted Exploration Permit
NOVA BANDEIRANTES/ MT
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
866.513/2013
Granted Exploration Permit
COTRIGUAÇU/MT, NOVA BANDEIRANTES/ MT
100%
Nova Astro Project
867.246/2005
Granted Exploration Permit
NOVA BANDEIRANTES/ MT
100%
METEORIC RESOURCES NL
- 68 -
OTHER INFORMATION
The following additional information is required by the Australian Securities Exchange Ltd in respect of listed public
companies only.
Information as at 8 September 2020.
Distribution of Shareholders
Category (Size of
Holding)
Number of
Holders
Fully Paid Ordinary
Shares
1 to 1,000
1,001 to 5,000
5,001 to 10,000
10,001 to 100,000
100,001 and over
Total
64
16
101
1,482
1,365
3,028
11,118
47,355
921,247
75,229,972
1,160,654
1,236,214,346
Unmarketable Parcels
The number of shareholdings held in less than marketable parcels is 252.
Substantial shareholders:
The names of the substantial shareholders listed in the Company's register as at 8 September 2020.
Shareholder Name
Tolga Kumova
Klare Pty Ltd & Associates
Number of
Shares
% of Issued
Share Capital
124,006,250
69,693,133
12.03%
5.64%
Twenty largest shareholders – Quoted fully paid ordinary shares:
Shareholder Name
KITARA INVESTMENTS PTY LTD
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