Odin Metals Limited
Annual Report
30 June 2019
ABN
32 141 804 104
odinmetals.com.au
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CONTENTS
Corporate Directory
Directors’ Report
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 the Consolidated Financial Statements
Directors’ Declaration
Auditor’s Independence Declaration
Independent Auditor’s Report
ASX Additional Information
Schedule of Tenements and Project Locations
CORPORATE DIRECTORY
Directors and Officers
Jason Bontempo (Executive Director)
Aaron Bertolatti (Director & Company Secretary)
Justin Tremain (Non-Executive Director)
Simon Mottram (Chief Executive Officer)
Registered Office & Principal Place of Business
Ground floor
35 Richardson Street
WEST PERTH WA 6005
Share Registry
Computershare Investor Services Pty Ltd
Level 11
172 St Georges Terrace
PERTH WA 6000
Auditors
RSM Australia Partners
Level 32, Exchange Tower,
2 The Esplanade
PERTH WA 6000
Telephone: +61 8 9261 9160
Stock Exchange
Australian Securities Exchange
(Home Exchange: Perth, Western Australia)
ASX Code: ODM
Website
odinmetals.com.au
Directors’ Report
The Directors present their report for Odin Metals Limited (“Odin Metals” or “the Company”) and its
subsidiaries (“the Group”) for the year ended 30 June 2019.
DIRECTORS
The names of the Directors of Odin Metals during the financial year and to the date of this report are:
Jason Bontempo (Executive Director)
▪
▪ Aaron Bertolatti (Director & Company Secretary)
▪
Justin Tremain (Non-Executive Director)
Directors have been in office since the start of the financial year to the date of this report unless otherwise
stated.
DIRECTORS’ INFORMATION
Jason Bontempo
Executive Director
Mr. Bontempo has 22 years’ experience in public company management, corporate advisory, investment
banking and public company accounting, qualifying as a chartered accountant with Ernst & Young. Mr.
Bontempo has worked primarily serving on the board and the executive management of minerals and
resources public companies focusing on advancing and developing mineral resource assets and business
development. Mr. Bontempo also provides corporate advice services and the financing of resource
companies across multiple capital markets including resource asset acquisitions and divestments.
Aaron Bertolatti
Director and Company Secretary
Aaron Bertolatti is a qualified Chartered Accountant and Company Secretary with over 15 years’ experience
in the mining industry and accounting profession. Mr. Bertolatti has both local and international experience
and provides assistance to a number of resource companies with financial accounting and stock exchange
compliance. Mr. Bertolatti has significant experience in the administration of ASX listed companies, corporate
governance and corporate finance. Mr. Bertolatti was previously Australian Chief Financial Officer of Highfield
Resources Ltd (ASX: HFR) and acts as Company Secretary for listed ASX companies, Fin Resources Ltd (ASX:
FIN) Red Emperor Resources NL (ASX: RMP) and American Pacific Borate & Lithium Ltd (ASX: ABR).
Justin Tremain
Non-Executive Director
Justin Tremain graduated from the University of Western Australia with a Bachelor of Commerce degree. Mr.
Tremain cofounded ASX listed Renaissance Minerals Limited in June 2010 and served as Managing Director
until its takeover by ASX Emerald Resources NL in November 2016. Prior to founding Renaissance Minerals
Limited, he had over 10 years’ investment banking experience in the natural resources sector. He has held
positions with Investec, NM Rothschild & Sons and Macquarie Bank and has extensive experience in the
funding of natural resource projects in the junior to mid-tier resource sector.
Simon Mottram
Chief Executive Officer
Simon Mottram is a geologist with over 25 years’ experience predominantly in base and precious metals. Mr
Mottram has held both executive and senior management positions with several successful mining
companies both in Australia and overseas and has seen a number of discoveries advanced through to
commercial mine development and has been central to several significant exploration successes. Mr Mottram
is an expert in the application of modern exploration techniques, economic geology and development, large-
scale drill programmes and feasibility studies. Mr Mottram is a graduate of Melbourne RMIT University and a
Fellow of the AusIMM.
Odin Metals Limited
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2019 Annual Report to Shareholders
Directors’ Report
DIRECTORSHIPS OF OTHER LISTED COMPANIES
Directorships of other listed companies held by current directors in the 3 years immediately before the end
of the financial year are as follows:
Director
Company
Period of Directorship
Jason Bontempo
Aaron Bertolatti
Justin Tremain
Red Emperor Resources NL
Fin Resources Limited
First Cobalt Corporation
Red Emperor Resources NL
Carnaby Resources Limited
Fin Resources Limited
Exore Resources Limited
Emerald Resources NL
Director since January 2011
Director since July 2011
Director from November 2015 to December 2017
Director since June 2018
Director since February 2016
Director since May 2018
Director since February 2018
Director from September 2016 to October 2018
INTERESTS IN THE SECURITIES OF THE COMPANY
As at the date of this report, the interests of the Directors in the securities of Odin Metals Limited are:
Director
Ordinary Shares
Options1
Jason Bontempo
Aaron Bertolatti
Justin Tremain
3,333,333
633,333
-
2,000,000
400,000
-
1 Options are exercisable at $0.001 each on or before 3 April 2022.
RESULTS OF OPERATIONS
The Company’s net loss after taxation attributable to the members of Odin Metals for the year to 30 June
2019 was $833,752 (2018: $1,195,142).
DIVIDENDS
No dividends were paid or declared. The directors do not recommend the payment of a dividend.
CORPORATE STRUCTURE
Odin Metals Limited is a company limited by shares, which is incorporated and domiciled in Australia.
NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
The principal activity of the Company during the financial year was mineral exploration.
REVIEW OF OPERATIONS
Odin Metals Limited is an Australian based resources company listed on the Australian Securities Exchange
(ASX: ODM). The Company’s projects comprise exploration claims covering ground located in Ontario, Canada
(where the Company is exploring for zinc-copper-lead-silver) and in Western Australia (where the company is
exploring for nickel via the Silver Swan North joint venture). The Sturgeon Lake Project is located 60km North
of Ignace, Ontario on an all-weather paved highway. The Sturgeon Lake Project properties are strategically
located in a proven mining camp with the potential for multiple satellite orebodies. The geology is
representative of VMS style mineralization with the eastern extension of the volcanic complex largely
underexplored.
Odin Metals Limited
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2019 Annual Report to Shareholders
Directors’ Report
Sturgeon Lake Project (100%)
The Sturgeon Lake Project is an Earn-in Option Agreement with Glencore Canada Corporation, located 250km
NW of the mining town of Thunder Bay, Ontario. It is accessed via the nearby national highway then by paved
road to the site. Local infrastructure includes grid power and plentiful water.
Sturgeon Lake hosts the highly prospective Mattabi VMS (volcanogenic massive sulphide) belt (>20km strike),
which was host to multiple historic Zinc - Copper base metal deposits. Concentrated exploration was mostly
carried out in the 1970’s, followed by the mining of 3 shallow open pits and 2 small underground
developments in the 1980’s. Historical production totalled 19.8Mt @ 8.5% Zn, 1.06% Cu, 0.91% Pb, and 120g/t
Ag (Source : Geology Ontario - Ministry of Energy, Northern Development and Mines). Other than targeted
drilling at the Abitibi Zone, the project has lain dormant since. The Abitibi Zone was targeted by historic
drilling from 2011 to 2013, producing consistent excellent results, including high-grade zones. Work to date
appears to identify two distinct zones of mineralisation (Upper and Lower Zone), with potential for a third
zone that is poorly defined to date. No further field work has been done since 2013. Results from this work
included:
F-140 34.00 m @ 3.98% Zn from 401.00m
Incl. 9.00 m @ 8.74% Zn from 409.00m
And 5.00 m @ 0.21% Zn, 2.90% Cu from 440.00m
F-145 Lower Zone
Upper Zone
10.63 m @ 16.09% Zn, 1.22 %Pb, 142 g/t Ag from 621.86m
25.56 m @ 7.64% Zn from 641.24m
F-152 Lower Zone
11.44 m @ 9.20% Zn, 1.16% Pb, 143 g/t Ag from 610.06m
Incl. 6.00 m @ 16.88% Zn, 1.00% Cu, 2.08% Pb, 255 g/t Ag from 615.50m
* See ASX Announcement “Exploration Update – Sturgeon Lake”, 27 March 2019, for Drilling Results, Competent Person’s Consent,
material assumptions, and technical parameters concerning historical drilling at the Abitibi Zone. Grades are uncut. Depths and widths
are downhole.
During the year the Company completed an airborne VTEM survey (airborne electromagnetics) at Sturgeon
Lake. Approximately 1,800 survey line kilometres were flown. The new VTEM data shows numerous new (mid
to late time) EM anomalies, many of which are located within the prospective VMS corridor. The late time EM
response (highly anomalous) at the Abitibi Zone can also be seen clearly.
Figure 1 | Completed Airborne EM coverage in red. Tenure shown in black
Odin Metals Limited
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2019 Annual Report to Shareholders
Directors’ Report
The Company is extremely encouraged by the preliminary data showing numerous new targets previously
not identified by previous historic work which mostly all dates from the 1970-80’s, long before the advent of
modern airborne EM techniques. Preliminary imagery shows numerous mid to late time EM anomalies, many
of which are located within the prospective VMS corridor.
Figure 2 | VTEM Geophysical Survey Image (Chanel 35, Mid-time) Showing Significant EM
Anomalies and Existing Pits
Subsequent to the completion of the VTEM an extensive programme of drilling has commenced. The drill
programme comprises of 13 holes for an expanded total of 6,400 m. This programme covers extensional
drilling at the Abitibi Zone along with drill testing an additional 8 new high priority targets. Drill targets consist
of:
▪ An initial 5 follow-up holes at the Abitibi Zone where drilling from 2011 to 2013 intersected consistent high-
grade3 zinc;
▪ From the recently completed 2019 VTEM survey, 4 high priority targets have been chosen for drill testing
in the current programme;
▪ A priority target generated from a recently completed ground gravity survey completed as part of ongoing
post graduate research in the region;
▪ The highest priority targets from the 2010 HTEM (Electromagnetic) survey in the western portion of the
tenements, which were never follow-up; and
▪ Priority conceptual geological/structural target located on the VMS trend and target stratigraphy, that
remain untested from previous work at Swamp Lake.
Drilling has now commenced on land-based targets generated in the 2019 VTEM survey, while final
preparations are made for drilling o commence on the barge for the priority follow-up drilling at the Abitibi
Zone.
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2019 Annual Report to Shareholders
Directors’ Report
Figure 3 | 2019 Drill Targets
Glencore Canada Corporation
On 4 February 2019 the Company announced the signing of an Earn-in Option Agreement with Glencore
Canada Corporation (“Glencore”) in further consolidation by Odin of the prospective Sturgeon Lake Cu, Zn,
Pb, Ag District on the historical Mattabi Zinc-Copper Trend, Ontario, Canada.
Under this Earn-in Option Agreement Glencore has granted the option to Odin to acquire a 50% interest
in the Glencore Sturgeon Lake Properties (“Glencore Properties”) (Figure 4) and associated assets by
expending not less than CAD 6.67m on them over a three-year period with Glencore to be Operator (CAD
2m in year 1, CAD 2m in year 2 and CAD 2.67m in year 3). Upon satisfaction of these expenditure
requirements and certain other conditions, Odin can enter into a joint venture with Glencore on the
Glencore Properties.
In addition to the Earn-in expenditure, Odin has granted to Glencore the option to acquire a 50% interest
in adjacent and nearby properties owned (or which may be owned) by Odin (“Odin Properties”) (Figure 4).
Odin agreed to grant Glencore Share Options to acquire up to 50,000,000 shares in Odin (exercisable at a
price of $0.40 per share) for a period of one year (“Share Options Exercise Period”) from the exercise and
closing of the Earn-in Option Agreement. If at any time during the Share Options Exercise Period, the
number of Glencore Share Options held result in a fully diluted Glencore holding of less than 19.99% of
the Company’s issued shares, then Glencore may elect to purchase an additional 20% interest in the joint
venture for $20 million (“Bump Up Right”).
If Glencore do exercise the Bump Up Right the Glencore Shareholder Options will lapse. Alternatively, if
Glencore elect to exercise any amount of the Glencore Share Options then the Bump Up right will lapse.
Odin Metals Limited
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2019 Annual Report to Shareholders
Directors’ Report
Figure 4 | Location of properties in Ontario comprising the Sturgeon Lake Project
and locations of historical mineralised zones and trend
Australian Projects
The Silver Swan North Joint Venture with Moho Resources Ltd (“Moho”) encompasses Mining Lease M27/263
and Exploration Licence E27/345 located in the world-class Kalgoorlie, nickel and gold mining district. Moho
has satisfied the stage 1 and stage 2 earn-in requirements under the farm-in joint venture agreement with
Odin and has subsequently earned a 51% interest in the tenements.
Moho recently completed 2 RC drill holes in E27/345 as part of its maiden nickel sulphide drill programme.
RC drilling of a defined conductive SQUID EM target identified the source as a black shale unit with no nickel
mineralisation present. A program of approximately 3,000m of air core drilling on E27/345 has been
scheduled for late 2019.
No other ground activities were undertaken on Odin’s other Australian tenement holdings during the year.
The Company also relinquished E27/510 during the year.
Corporate - Other
▪ On 29 November 2018 the Company issued 2,800,000 unlisted options exercisable at $0.001 with an
expiration date of 3 April 2022.
▪ On 20 February 2019 the Company announced the appointment of Mr. Simon Mottram as Chief Executive
Office (“CEO”). Mr. Mottram’s cash remuneration comprises a base salary of $300,000 per annum, plus
superannuation of $25,000 per annum.
▪ On 26 February 2019 the Company issued 5,200,000 unlisted incentive options to the newly appointed
CEO and geological consultant for services rendered to date and over the coming 12 months. The unlisted
incentive options are exercisable at $0.001 on or before 26/02/2022.
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2019 Annual Report to Shareholders
Directors’ Report
▪ On 9 April 2019 the Company issued 50,000,000 unlisted options exercisable at $0.40 pursuant to the
terms of an Earn-in Option Agreement signed with Glencore Canada Corporation to consolidate the highly
prospective Sturgeon Lake Base Metals District on the historical Mattabi Zinc-Copper Trend, Ontario,
Canada.
▪ On 20 May 2019 the Company issued 1,000,000 unlisted options exercisable at $0.001 with an expiration
date of 20 May 2020.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There have been no significant changes in the state of affairs of the Group during the financial year, other
than as set out in this report.
SIGNIFICANT EVENTS AFTER THE REPORTING DATE
There have been no significant events subsequent to the end of the financial year to the date of this report.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
The Directors have excluded from this report any further information on the likely developments in the
operations of the Company and the expected results of those operations in future financial years, as the
Directors believe that it would be speculative and prejudicial to the interests of the Company.
ENVIRONMENTAL REGULATIONS AND PERFORMANCE
The operations of the Group are presently subject to environmental regulation under the laws of both
Australia and Canada. The Group is, to the best of its knowledge, at all times in full environmental compliance
with the conditions of its licences.
SHARE OPTIONS
As at the date of this report there were 62,400,000 unissued ordinary shares under options. The details of the
options are as follows:
Exercise
Price $
$0.001
$0.001
$0.001
$0.40
Number
6,200,000
5,200,000
1,000,000
50,000,000
62,400,000
Expiry Date
3 April 2022
26 February 2022
20 May 2020
Exercisable during the period commencing on the Closing Date1 until one
year after the Closing Date1.
1 Closing Date: As that term is defined in the Earn-in Option Agreement signed with Glencore Canada
Corporation.
No option holder has any right under the options to participate in any other share issue of the Company or
any other entity. 200,000 options lapsed unexercised during the financial year. No options were exercised
during or since the year ended 30 June 2019.
INDEMNIFICATION OF DIRECTORS AND OFFICERS
The Company has made an agreement indemnifying all the Directors and officers of the Company against all
losses or liabilities incurred by each Director or officer in their capacity as Directors or officers of the Company
to the extent permitted by the Corporations Act 2001. The indemnification specifically excludes wilful acts of
negligence.
Odin Metals Limited
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2019 Annual Report to Shareholders
Directors’ Report
INDEMNIFICATION OF THE AUDITOR
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the
auditor of the Company or any related entity against a liability incurred by the auditor. During the financial
year, the Company has not paid a premium in respect of a contract to insure the auditor of the company or
any related entity.
DIRECTORS’ MEETINGS
During the financial year, in addition to frequent Board discussions, the Directors met regularly to discuss all
matters associated with investment strategy, review of opportunities, and other Company matters on an
informal basis. Circular resolutions were passed as necessary to execute formal Board decisions. The number
of meetings of Directors held during the year and the number of meetings attended by each Director were as
follows:
Director
Jason Bontempo
Aaron Bertolatti
Justin Tremain
Number of
Meetings Eligible
to Attend
Number of
Meetings
Attended
1
1
1
1
1
1
PROCEEDINGS ON BEHALF OF COMPANY
No person has applied for leave of the Court to bring proceedings on behalf of the Company or intervene in
any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the
Company for all or any part of those proceedings. The Company was not a party to any such proceedings
during the year.
CORPORATE GOVERNANCE
In recognising the need for the highest standards of corporate behaviour and accountability, the Directors of
Odin Metals Limited support and adhere to the principles of sound corporate governance. The Board
recognises the recommendations of the Australian Securities Exchange Corporate Governance Council, and
considers that Odin Metals complies to the extent possible with those guidelines, which are of importance
and add value to the commercial operation of an ASX listed resources company. The Company has
established a set of corporate governance policies and procedures and these can be found on the Company’s
website: odinmetals.com.au.
AUDITOR INDEPENDENCE AND NON-AUDIT SERVICES
Section 307C of the Corporations Act 2001 requires the Company’s auditors to provide the Directors of Odin
Metals with an Independence Declaration in relation to the audit of the financial report. A copy of that
declaration is included within the annual report. There were no non-audit services provided by the Company’s
auditor.
Officers of the company who are former partners of RSM Australia Partners
There are no officers of the company who are former partners of RSM Australia Partners.
Auditor
RSM Australia Partners continue in office in accordance with section 327 of the Corporations Act 2001.
Odin Metals Limited
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2019 Annual Report to Shareholders
Directors’ Report
AUDITED REMUNERATION REPORT
This report, which forms part of the Directors’ report, outlines the remuneration arrangements in place for
the key management personnel of Odin Metals Limited for the financial year ended 30 June 2019. The
information provided in this remuneration report has been audited as required by Section 308(3C) of the
Corporations Act 2001.
The remuneration report details the remuneration arrangements for KMP who are defined as those persons
having authority and responsibility for planning, directing and controlling the major activities of the Group,
directly or indirectly, including any Director (whether executive or otherwise) of the Group.
Details of Directors and Key Management Personnel
Directors and Officers
Jason Bontempo (Executive Director)
▪
▪ Aaron Bertolatti (Director & Company Secretary)
▪
▪ Simon Mottram (Chief Executive Officer) – appointed 20 February 2019
Justin Tremain (Non-Executive Director)
Remuneration Policy
The Board is responsible for determining and reviewing compensation arrangements for the Directors and
Executive Officers. The Board assesses the appropriateness of the nature and amount of emoluments of
such officers on a yearly basis by reference to relevant employment market conditions with the overall
objective of ensuring maximum stakeholder benefit from the retention of a high-quality board and executive
team. The expected outcome of this remuneration structure is to retain and motivate Directors and Executive
Officers.
As part of its Corporate Governance Policies and Procedures, the board has adopted a formal Remuneration
Committee Charter and Remuneration Policy. The Board has elected not to establish a remuneration
committee based on the size of the organisation and has instead agreed to meet as deemed necessary and
allocate the appropriate time at its board meetings.
Fees and payments to non‑executive directors reflect the demands which are made on, and the
responsibilities of, the directors. Non‑executive directors’ fees and payments are reviewed annually by the
Board. The Chair’s fees are determined independently to the fees of non‑executive directors based on
comparative roles in the external market. Non‑executive directors do not receive performance-based pay.
Level
Executive Directors
Non-Executive Director
Chief Executive Officer
Cash Remuneration
Up to A$120,000
A$36,000
A$300,000
Additional fees
A Director may also be paid fees or other amounts as the Directors determine if a Director performs special
duties or otherwise performs services outside the scope of the ordinary duties of a Director. A Director may
also be reimbursed for out of pocket expenses incurred as a result of their directorship or any special duties.
Odin Metals Limited
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2019 Annual Report to Shareholders
Directors’ Report
Details of Remuneration
Details of the nature and amount of each element of the remuneration of each Director and Executive Officer
of the Group for the year ended 30 June 2019 are as follows:
2019
Directors
Jason Bontempo
Justin Tremain
Aaron Bertolatti
Officers
Simon Mottram2
Short term
Options
Base
Salary
$
Directors Consulting Share-based
Fees
$
Fees
$
Payments
$
Post-
employment
Super
Total
Option
related
$
$
%
-
-
-
-
36,000
-
140,0001
-
60,000
27,669
-
5,534
- 167,669
39,420
65,534
3,420
-
106,923
106,923
-
36,000
-
200,000
82,147
115,350
8,991 198,061
12,411 470,684
16.5
-
8.4
41.5
24.5
1 Jason Bontempo received additional consulting fees totalling $20,000 for services provided in relation to the
transaction with Glencore Canada Corporation.
2 Simon Mottram was appointed 20 February 2019.
There were no other Executive Officers of the Company during the financial year ended 30 June 2019.
Details of the nature and amount of each element of the remuneration of each Director of the Group for the
year ended 30 June 2018 are as follows:
2018
Directors
Jason Bontempo4
Justin Tremain1
Aaron Bertolatti1
Simon O'Loughlin3
Donald Stephens3
Peter Reid2
Short term
Options
Base
Salary
$
Directors Consulting Share-based
Fees
$
Fees
$
Payments
$
Post-
employment
Super
Total
Option
related
$
$
%
-
-
-
-
-
-
-
80,000
24,677
-
21,146
18,208
9,104
153,135
-
-
50,000
-
-
3,7355
53,735
-
-
-
-
-
-
-
-
2,344
-
2,009
-
-
80,000
27,021
50,000
23,155
18,208
12,839
4,353 211,223
-
-
-
-
-
-
-
1 Justin Tremain and Aaron Bertolatti were appointed on 25 October 2017
2 Peter Reid resigned on 25 October 2017
3 Donald Stephens and Simon O'Loughlin resigned on 14 May 2018
4 Jason Bontempo was appointed on 7 February 2018
5 Geovise Pty Ltd, of which Peter Reid is a Director, received consulting fees of $3,735
6 O'Loughlin's Lawyers, of which Simon O'Loughlin is a partner, received professional service fees of $26,323.
Odin Metals Limited
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2019 Annual Report to Shareholders
Directors’ Report
Shareholdings of Key Management Personnel
The number of shares in the Company held during the financial year by Directors and Executive Officers of
the Group, including their personally related parties, is set out below. There were no shares granted during
the reporting year as compensation.
Directors
Jason Bontempo
Justin Tremain
Aaron Bertolatti
Officers
Simon Mottram
Balance at
the start of
the year
Granted during
the year as
compensation
On exercise
of share
options
Other changes
during the year
Balance at
the end of
the year
3,333,333
-
633,333
-
-
-
-
-
-
-
-
-
-
-
-
-
3,333,333
-
633,333
-
All equity transactions with Directors other than those arising from the exercise of remuneration options have
been entered into under terms and conditions no more favourable than those the Company would have
adopted if dealing at arm’s length.
Option holdings of Key Management Personnel
The numbers of options over ordinary shares in the Company held during the financial year by each Director
and Executive Officer of Odin Metals Limited, including their personally related parties, are set out below:
Balance at
the start of
the year
Granted
during the
year as
compensation
Exercised
during the
year
Other
changes
during the
year
Balance
at the end
of the year Exercisable
Un-
exercisable
-
-
-
-
2,000,000
-
400,000
5,000,000
-
-
-
-
-
-
-
-
2,000,000
-
400,000
5,000,000
-
-
-
-
2,000,0001
-
400,0001
5,000,0001
Directors
Jason Bontempo
Justin Tremain
Aaron Bertolatti
Officers
Simon Mottram
1 The Options will vest on the earlier of:
a) the Company’s share price being equal to or greater than a volume weighted average price of $0.40 or
more for 20 consecutive trading days on the ASX; and
b) the occurrence of a Change of Control Event.
No option holder has any right under the options to participate in any other share issue of the Company or
any other entity. Options granted as part of remuneration have been valued using the Black Scholes option
pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the
share price at grant date and expected price volatility of the underlying share and the risk-free interest rate
for the term of the option. Options granted under the plan carry no dividend or voting rights. For details on
the valuation of options, including models and assumptions used, please refer to note 17.
Odin Metals Limited
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2019 Annual Report to Shareholders
Directors’ Report
Options Affecting Remuneration
The terms and conditions of options affecting remuneration in the current or future reporting years are as
follows:
Grant
date
Number of
options
granted
Expiry
date/last
exercise
date
Exercise
price
per
option
$
Value of
options at
grant date1
Number of
options
vested
Value
vested
Max
value yet
to vest
$
$
$
Directors
Jason Bontempo 28/11/18
Aaron Bertolatti
28/11/18
Officers
Simon Mottram
19/02/19
2,000,000 03/04/22
400,000 03/04/22
0.001
0.001
158,000
31,600
5,000,000 26/02/22
0.001
7,400,000
567,500
757,100
-
-
-
-
-
-
-
-
130,331
26,066
485,353
647,750
1 The value at grant date has been calculated in accordance with AASB 2 Share-based payments.
Service Agreements
Executive Directors
Aaron Bertolatti is engaged under an Executive Agreement dated 25 October 2017. Under the agreement Mr.
Bertolatti is paid an annual fee of A$60,000. The Agreement may be terminated by the Company without
notice or without cause by giving three months’ notice in writing or payment in lieu of notice. The Agreement
may also be terminated by Mr. Bertolatti by providing three months’ notice in writing.
CEO
Simon Mottram is engaged under an Executive Agreement dated 19 February 2019. Under the agreement Mr.
Mottram is paid an annual fee of A$300,000 (exclusive of superannuation). The Agreement may be
terminated by the Company without notice or without cause by giving six months’ notice in writing or payment
in lieu of notice. The Agreement may also be terminated by Mr. Mottram by providing three months’ notice
in writing. Mr. Mottram also has the opportunity to participate in short term and long-term incentive
schemes.
Non-Executive Directors
On appointment to the Board, all non-executive directors enter into a service agreement with the Group in
the form of a letter of appointment. The letter summarises the Board policies and terms, including
compensation, relevant to the Director.
The aggregate remuneration for Non-Executive Directors has been set at an amount not to exceed $250,000
per annum. This amount may only be increased with the approval of Shareholders at a general meeting.
Voting and comments made at the company's 2018 Annual General Meeting
Odin Metals Limited received 99.8% of "yes" votes on its remuneration report for the 2018 financial year. The
Group did not receive specific feedback on its remuneration report at the AGM.
Loans to Directors and Executives
There were no loans to Directors and key management personnel during the financial year ended 30 June
2019.
Odin Metals Limited
13
2019 Annual Report to Shareholders
Directors’ Report
Additional Information
The earnings of the consolidated entity for the five years to 30 June 2019 are summarised below:
Revenue
Loss after income tax
2019
$
2018
$
2017
$
2016
$
2015
$
73,476
20,236
833,752 1,195,142
10,028
244,113
16,593
323,064
23,423
219,856
The factors that are considered to affect total shareholders return ('TSR') are summarised below:
Share price at financial year end ($)
Total dividends declared (cents per share)
Basic earnings per share (cents per share)
0.12
-
(0.54)
0.21
-
(1.01)
0.05
-
(0.05)
0.04
-
(0.65)
0.03
-
(0.47)
2019
$
2018
$
2017
$
2016
$
2015
$
END OF AUDITED REMUNERATION REPORT
Signed on behalf of the Board in accordance with a resolution of the Directors.
Jason Bontempo
Executive Director
Perth, Western Australia
19 September 2019
Odin Metals Limited
14
2019 Annual Report to Shareholders
Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the year ended 30 June 2019
Odin Metals Limited
Continuing Operations
Interest income
Professional and consulting fees
Director and employee costs
Other expenses
Impairment expense
Share-based payments expense
Loss before income tax
Income tax expense
Net loss for the year
Note
30 June 2019
$
30 June 2018
$
73,476
20,236
(200,844)
(278,236)
(117,386)
(259,449)
(126,135)
(69,767)
7
17
(65,646)
(691,282)
(245,116)
(68,745)
(833,752)
(1,195,142)
3
-
-
(833,752)
(1,195,142)
Other comprehensive income
Items that may be reclassified to profit and loss
Other comprehensive income for the year net of tax
Total comprehensive loss for the year
-
-
-
-
(833,752)
(1,195,142)
Loss per share
Loss per share (cents)
15
(0.54)
(1.01)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with
the accompanying notes.
Odin Metals Limited
15
2019 Annual Report to Shareholders
Consolidated Statement of Financial Position as at 30 June 2019
Odin Metals Limited
Current Assets
Cash and cash equivalents
Other assets
Trade and other receivables
Total Current Assets
Non-Current Assets
30-Jun-19
30-Jun-18
Note
$
$
4
5
6
1,379,172
4,328,619
-
7,952
96,530
8,213
1,387,124
4,433,362
Deferred exploration and evaluation expenditure
7
5,721,107
2,662,845
Total Non-Current Assets
Total Assets
Current Liabilities
Trade and other payables
Total Current Liabilities
Total Liabilities
Net Assets
Equity
Issued capital
Reserves
Accumulated losses
Total Equity
5,721,107
2,662,845
7,108,231
7,096,207
86,080
86,080
86,080
35,460
35,460
35,460
7,022,151
7,060,747
12,595,418
12,595,418
864,261
69,105
(6,437,528)
(5,603,776)
7,022,151
7,060,747
8
9
10
11
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Odin Metals Limited
16
2019 Annual Report to Shareholders
Consolidated Statement of Changes in Equity for the year ended 30 June 2019
Odin Metals Limited
Balance at 1 July 2017
Total comprehensive loss for the year
Loss for the year
Total comprehensive loss for the year
Transactions with owners in their capacity as owners
Shares issued during the year
Shares issued as consideration for acquisition
Cost of issue
Share-based payment
Proceeds from issue of options
Balance at 30 June 2018
Balance at 1 July 2018
Total comprehensive loss for the year
Loss for the year
Total comprehensive loss for the year
Transactions with owners in their capacity as owners
Share-based payment
Proceeds of issue of options
Balance at 30 June 2019
Issued capital
$
Accumulated
losses
$
Share option
reserve
$
5,796,091
(4,408,634)
-
-
(1,195,142)
(1,195,142)
4,650,000
2,333,333
(184,006)
-
-
-
-
-
-
-
12,595,418
(5,603,776)
Total
$
1,387,457
(1,195,142)
(1,195,142)
4,650,000
2,333,333
(184,006)
68,745
360
7,060,747
-
-
-
-
-
-
68,745
360
69,105
12,595,418
(5,603,776)
69,105
7,060,747
-
-
-
-
(833,752)
(833,752)
-
-
(833,752)
(833,752)
-
-
795,116
40
795,116
40
12,595,418
(6,437,528)
864,261
7,022,151
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Odin Metals Limited
17
2019 Annual Report to Shareholders
Consolidated Statement of Cash Flows for the year ended 30 June 2019
Odin Metals Limited
Cash flows from operating activities
Payments to suppliers and employees
Interest received
Other receipts
Note
30-Jun-19
30-Jun-18
$
$
(592,646)
(501,500)
73,476
51,986
20,236
-
Net cash used in operating activities
4
(467,184)
(481,264)
Cash flows from investing activities
Proceeds from acquisition of subsidiary
Payments for exploration expenditure
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issue of shares
Proceeds from issue of options
Payments for share issue costs
Net cash provided by financing activities
-
8,247
(2,483,363)
(399,349)
(2,483,363)
(391,102)
-
40
-
4,650,000
360
(184,006)
40
4,466,354
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Effect of exchange rate fluctuations on cash
(2,950,507)
3,593,988
4,328,619
734,631
1,060
-
Cash and cash equivalents at the end of the year
4
1,379,172
4,328,619
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
Odin Metals Limited
18
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
1. Corporate Information
The financial report of Odin Metals Limited (“Odin Metals” or “the Company”) for the year ended 30 June 2019
was authorised for issue in accordance with a resolution of the Directors on 19 September 2019. Odin Metals
is a company limited by shares incorporated in Australia whose shares are traded on the Australian Securities
Exchange. The nature of the operations and the principal activities of the Company are described in the
Directors’ Report.
2. Summary of Significant Accounting Policies
(a) Basis of Preparation
The financial statements are general-purpose financial statements, which have been prepared in accordance
with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative
pronouncements of the Australian Accounting Standards Board. The financial statements have also been
prepared on a historical cost basis. The presentation currency is Australian dollars.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the
consolidated entity only. Supplementary information about the parent entity is disclosed in note 20.
(b) Compliance Statement
The financial report complies with Australian Accounting Standards, which include Australian equivalents to
International Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial report,
comprising the financial statements and notes thereto, complies with International Financial Reporting
Standards (IFRS).
(c) Basis of Consolidation
The consolidated financial statements comprise the financial statements of Odin Metals Limited (‘the
Company’) and its subsidiaries as at 30 June each year (‘the Group’). Subsidiaries are those entities over which
the Company has the power to govern the financial and operating policies so as to obtain benefits from their
activities. The existence and effect of potential voting rights that are currently exercisable or convertible are
considered when assessing whether a Company controls another entity.
In preparing the consolidated financial statements, all intercompany balances and transactions, income and
expenses and profit and losses resulting from intra-company transactions have been eliminated in full.
Unrealised losses are also eliminated unless costs cannot be recovered. Non-controlling interests in the
results and equity of subsidiaries are shown separately in the Statement of Profit or Loss and Other
Comprehensive Income and Consolidated Statement of Financial Position respectively.
(d) Foreign Currency Translation
(i)Functional and presentation currency
Items included in the financial statements of each of the Company’s controlled entities are measured using
the currency of the primary economic environment in which the entity operates (‘the functional currency’).
The functional and presentation currency of Odin Metals Limited is Australian dollars. The functional currency
of the Canadian subsidiary is the Canadian Dollar.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the statement of profit or loss and other comprehensive
income.
Odin Metals Limited
19
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
(iii) Group entities
The results and financial position of all the Group entities (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;
income and expenses for each statement of profit or loss and other comprehensive income are
translated at average exchange rates (unless this is not a reasonable approximation of the rates
prevailing on the transaction dates, in which case income and expenses are translated at the dates of the
transactions); and
all resulting exchange differences are recognised as a separate component of equity.
On consolidation, exchange differences arising from the translation of any net investment in foreign entities
are taken to shareholders’ equity. When a foreign operation is sold or any borrowings forming part of the net
investment are repaid, a proportionate share of such exchange differences are recognised in the statement
of profit or loss and other comprehensive income, as part of the gain or loss on sale where applicable.
(e) Segment Reporting
For management purposes, the Company is organised into one main operating segment, which involves
exploration for copper and base metals. All of the Company’s activities are interrelated, and discrete financial
information is reported to the management (Chief Operating Decision Makers) as a single segment.
Accordingly, all significant operating decisions are based upon analysis of the Company as one segment. The
financial results from this segment are equivalent to the financial statements of the Company as a whole.
(f) Changes in accounting policies and disclosures
The Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that
are relevant to the Company’s operations and effective for future reporting periods. It has been determined
by the Directors that there is no impact, material or otherwise, of the new and revised Standards and
Interpretations on the Company and therefore, no change will be necessary to Company accounting policies.
(g) Exploration and evaluation expenditure
Exploration and evaluation expenditures in relation to each separate area of interest are recognised as an
exploration and evaluation asset in the year in which they are incurred where the following conditions are
satisfied:
the rights to tenure of the area of interest are current; and
(i)
(ii) at least one of the following conditions is also met:
(a) the exploration and evaluation expenditures are expected to be recouped through successful
development and exploration of the area of interest, or alternatively, by its sale; or
(b) exploration and evaluation activities in the area of interest have not at the balance date reached a
stage which permits a reasonable assessment of the existence or otherwise of economically
recoverable reserves, and active and significant operations in, or in relation to, the area of interest are
continuing.
Exploration and evaluation assets are initially measured at cost and include acquisition of rights to explore,
studies, exploratory drilling, trenching and sampling and associated activities and an allocation of depreciation
and amortisation of assets used in exploration and evaluation activities.
General and administrative costs are only included in the measurement of exploration and evaluation costs
where they are related directly to operational activities in a particular area of interest.
Odin Metals Limited
20
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that
the carrying amount of an exploration and evaluation asset may exceed its recoverable amount. The
recoverable amount of the exploration and evaluation asset (for the cash generating unit(s) to which it has
been allocated being no larger than the relevant area of interest) is estimated to determine the extent of the
impairment loss (if any). Where an impairment loss subsequently reverses, the carrying amount of the asset
is increased to the revised estimate of its recoverable amount, but only to the extent that the increased
carrying amount does not exceed the carrying amount that would have been determined had no impairment
loss been recognised for the asset in previous years.
Where a decision has been made to proceed with development in respect of a particular area of interest, the
relevant exploration and evaluation asset is tested for impairment and the balance is then reclassified to
development. Where an area of interest is abandoned, any expenditure carried forward in respect of that
area is written off.
(h) Income Tax
The income tax expense or benefit for the year is the tax payable on the current year’s taxable income based
on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities
attributable to temporary difference 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 year. Management periodically evaluates positions taken in tax returns with respect
to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where
appropriate on the basis of amounts expected to be paid to the tax authorities.
Current tax assets and liabilities for the current and prior years are measured at the amount expected to be
recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount
are those that are enacted or substantively enacted by the balance date.
Deferred income tax is provided on all temporary differences at the balance date between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences except when:
▪ the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a
transaction that is not a business combination and that, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; or
▪ the taxable temporary difference is associated with investments in subsidiaries, associates or interests in
joint ventures, and the timing of the reversal of the temporary difference can be controlled and it is
probable that the temporary difference will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused
tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences and the carry-forward of unused tax credits and unused tax
losses can be utilised, except when:
▪ the deferred income tax asset relating to the deductible temporary difference arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the time of
the transaction, affects neither the accounting profit nor taxable profit or loss; or
▪ the deductible temporary difference is associated with investments in subsidiaries, associates or interests
in joint ventures, in which case a deferred tax asset is only recognised to the extent that it is probable that
the temporary difference will reverse in the foreseeable future and taxable profit will be available against
which the temporary difference can be recognised.
Odin Metals Limited
21
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
The carrying amount of deferred income tax assets is reviewed at each balance date and reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred
income tax asset to be recognised.
Unrecognised deferred income tax assets are reassessed at each balance date and are recognised to the
extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year
when the asset is recognised or the liability is settled, based on tax rates (and tax laws) that have been enacted
or substantively enacted at the balance date.
Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off
current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same
taxable entity and the same taxation authority.
(i) Other taxes
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST
incurred is not recoverable from the Government. In these circumstances the GST is recognised as part of the
cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement
of financial position are shown inclusive of GST.
The net amount of GST recoverable from, or payable to, the Government is included as part of receivables or
payables in the statement of financial position. Cash flows are presented in the statement of cash flows on a
gross basis, except for the GST component of investing and financing activities, which is receivable from or
payable to the Government, are disclosed as operating cash flows.
(j) Impairment of non-financial assets other than goodwill
The Company assesses at each balance 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 Company 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 Company of assets and the asset’s value 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 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. Impairment losses relating to continuing operations are recognised in those expense categories
consistent with the function of the impaired asset unless the asset is carried at revalued amount (in which
case the impairment loss is treated as a revaluation decrease).
An assessment is also made at each balance 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 recoverable amount since the last impairment loss
was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount.
Odin Metals Limited
22
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
That increased amount cannot exceed the carrying amount that would have been determined, net of
depreciation, had no impairment loss been recognised for the asset in prior years.
Such reversal is recognised in profit or loss unless the asset is carried at revalued amount, in which case the
reversal is treated as a revaluation increase. After such a reversal the depreciation charge is adjusted in future
years to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its
remaining useful life.
(k) Cash and cash equivalents
Cash comprises cash at bank and in hand. Cash equivalents are short term, highly liquid investments that are
readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in
value. Bank overdrafts are shown within borrowings in current liabilities in the statement of financial position.
For the purposes of the statement of cash flows, cash and cash equivalents consist of cash and cash
equivalents as defined above, net of outstanding bank overdrafts.
(l) Employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave, long
service leave, and sick leave when it is probable that settlement will be required and they are capable of being
measured reliably.
Liabilities recognised in respect of employee benefits expected to be settled within 12 months, are measured
at their nominal values using the remuneration rate expected to apply at the time of settlement. Liabilities
recognised in respect of employee benefits which are not expected to be settled within 12 months are
measured as the present value of the estimated future cash outflows to be made by the Group in respect of
services provided by employees up to reporting date.
(m) Trade and other payables
Trade payables and other payables are carried at amortised cost and represent liabilities for goods and
services provided to the Company prior to the end of the financial year that are unpaid and arise when the
Company becomes obliged to make future payments in respect of the purchase of these goods and services.
(n) Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a
past event, it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not
recognised for future operating losses.
When the Company expects some or all of a provision to be reimbursed, for example under an insurance
contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually
certain. The expense relating to any provision is presented in the statement of comprehensive income net of
any reimbursement.
Provisions are measured at the present value or management’s best estimate of the expenditure required to
settle the present obligation at the end of the reporting year.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that
reflects the risks specific to the liability. When discounting is used, the increase in the provision due to the
passage of time is recognised as an interest expense.
Odin Metals Limited
23
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
(o) Issued capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly
attributable to the issue of new shares or options for the acquisition of a new business are not included in the
cost of acquisition as part of the purchase consideration.
(p) Property, plant and equipment
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost
includes expenditure that is directly attributable to the acquisition of the items. An item of property, plant and
equipment is derecognised upon disposal or when there is no future economic benefit to the consolidated
entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.
Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits.
(q) Current and Non-Current Classification
Assets and liabilities are presented in the statement of financial position based on current and non-current
classification. An asset is classified as current when: it is either expected to be realised or intended to be sold
or consumed in the Group's normal operating cycle; it is held primarily for the purpose of trading; it is expected
to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless
restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period.
All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the Group's normal operating cycle;
it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period;
or there is no unconditional right to defer the settlement of the liability for at least 12 months after the
reporting period. All other liabilities are classified as non-current.
(r) Revenue
Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as
revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company
and the revenue can be reliably measured. The following specific recognition criteria must also be met before
revenue is recognised:
Interest income
Interest revenue is recognised on a time proportionate basis that takes into account the effective yield on the
financial asset.
(s) Earnings per share
Basic earnings/loss per share is calculated as net profit/loss attributable to members, adjusted to exclude any
costs of servicing equity (other than dividends) and preference share dividends, divided by the weighted
average number of ordinary shares, adjusted for any bonus element.
Diluted earnings per share is calculated as net profit/loss attributable to members, adjusted for:
▪ costs of servicing equity (other than dividends) and preference share dividends;
▪ the after-tax effect of dividends and interest associated with dilutive potential ordinary shares that have
been recognised as expenses; and
▪ other non-discretionary changes in revenues or expenses during the year that would result from the
dilution of potential ordinary shares;
divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted
for any bonus element.
Odin Metals Limited
24
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
(t) Share-based payment transactions
(i) Equity settled transactions:
The Company provides benefits to individuals acting as, and providing services similar to employees (including
Directors) of the Company in the form of share-based payment transactions, whereby individuals render
services in exchange for shares or rights over shares (‘equity settled transactions’). There is currently an
Employee Share Option Plan (ESOP) in place, which provides benefits to Directors and individuals providing
services similar to those provided by an employee.
The cost of these equity settled transactions with employees is measured by reference to the fair value at the
date at which they are granted. The fair value is determined by using the Black Scholes formula taking into
account the terms and conditions upon which the instruments were granted, as discussed in note 17. The
expected price volatility is based on the historic volatility of the Company’s share price on the ASX.
In valuing equity settled transactions, no account is taken of any performance conditions, other than
conditions linked to the price of the shares of Odin Metals Limited (‘market conditions’).The cost of the equity
settled transactions is recognised, together with a corresponding increase in equity, over the year in which the
performance conditions are fulfilled, ending on the date on which the relevant employees become fully
entitled to the award (‘vesting date’).The cumulative expense recognised for equity settled transactions at each
reporting date until vesting date reflects (i) the extent to which the vesting year has expired and (ii) the number
of awards that, in the opinion of the Directors of the Company, will ultimately vest. This opinion is formed
based on the best available information at balance date.
No adjustment is made for the likelihood of the market performance conditions being met as the effect of
these conditions is included in the determination of fair value at grant date. The statement of comprehensive
income charge or credit for a year represents the movement in cumulative expense recognised at the
beginning and end of the year. No expense is recognised for awards that do not ultimately vest, except for
awards where vesting is conditional upon a market condition. Where the terms of an equity settled award are
modified, as a minimum an expense is recognised as if the terms had not been modified. In addition, an
expense is recognised for any increase in the value of the transaction as a result of the modification, as
measured at the date of the modification.
Where an equity settled award is cancelled, it is treated as if it had vested on the date of the cancellation, and
any expense not yet recognised for the award is recognised immediately. However if a new award is
substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the
cancelled and new award are treated as if they were a modification of the original award, as described in the
previous paragraph.
The cost of equity-settled transactions with non-employees is measured by reference to the fair value of goods
and services received unless this cannot be measured reliably, in which case the cost is measured by reference
to the fair value of the equity instruments granted. The dilutive effect, if any, of outstanding options is reflected
in the computation of loss per share (note 15).
(ii) Cash settled transactions:
The Company may also provide benefits to employees in the form of cash-settled share-based payments,
whereby employees render services in exchange for cash, the amounts of which are determined by reference
to movements in the price of the shares of the Company. The cost of cash-settled transactions is measured
initially at fair value at the grant date using the Black-Scholes formula taking into account the terms and
conditions upon which the instruments were granted. This fair value is expensed over the year until vesting
with recognition of a corresponding liability. The liability is remeasured to fair value at each balance date up
to and including the settlement date with changes in fair value recognised in profit or loss.
Odin Metals Limited
25
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
(u) Critical accounting estimates and judgements
The application of accounting policies requires the use of judgements, estimates and assumptions about
carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions are recognised in the year in which the estimate is revised if it affects
only that year, or in the year of the revision and future years if the revision affects both current and future
years.
Share-based payment transactions:
The Company measures the cost of equity-settled transactions and cash-settled share-based payments with
employees and third parties by reference to the fair value of the equity instruments at the date at which they
are granted. The fair value at the grant date is determined using the Black and Scholes option pricing model
taking into account the terms and conditions upon which the instruments were granted and the assumptions
detailed in note 17.
Acquisition of Evandale Minerals Pty Ltd
Key estimates and judgments are applied in the acquisition accounting including determining the type of
acquisition, the fair value of the assets and liabilities acquired and the fair value of the consideration paid. The
acquisition was determined by the directors to be an asset acquisition as detailed in note 7.
Deferred Exploration and evaluation Expenditure
Deferred exploration and evaluation expenditure has been capitalised on the basis that the company will
commence commercial production in the future, from which time the costs will be amortised in proportion to
the depletion of the mineral resources. Key judgements are applied in considering costs to be capitalised
which includes determining expenditures directly related to these activities and allocating overheads between
those that are expensed and capitalised.
In addition, costs are only capitalised that are expected to be recovered either through successful
development or sale of the relevant mining interest. Factors that could impact the future commercial
production at the mine include the level of reserves and resources, future technology changes, which could
impact the cost of mining, future legal changes and changes in commodity prices. To the extent that
capitalised costs are determined not to be recoverable in the future, they will be written off in the year in
which this determination is made.
(v) New standards and interpretations not yet adopted
The Group has adopted all of the new, revised or amending Accounting Standards and Interpretations issued
by the Australian Accounting Standards Board that are mandatory for the current reporting period. Any new,
revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted. The Group's assessment of the impact of these new or amended Accounting Standards and
Interpretations, most relevant to the Group, are set out below.
AASB 16 Leases
This standard is applicable to annual reporting periods beginning on or after 1 January 2019. The standard
replaces AASB 117 'Leases' and for lessees will eliminate the classifications of operating leases and finance
leases. Subject to exceptions, a 'right-of-use' asset will be capitalised in the statement of financial position,
measured at the present value of the unavoidable future lease payments to be made over the lease term. The
exceptions relate to short-term leases of 12 months or less and leases of low-value assets (such as personal
computers and small office furniture) where an accounting policy choice exists whereby either a 'right-of-use'
asset is recognised or lease payments are expensed to profit or loss as incurred.
Odin Metals Limited
26
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
A liability corresponding to the capitalised lease will also be recognised, adjusted for lease prepayments, lease
incentives received, initial direct costs incurred and an estimate of any future restoration, removal or
dismantling costs. Straight-line operating lease expense recognition will be replaced with a depreciation
charge for the leased asset (included in operating costs) and an interest expense on the recognised lease
liability (included in finance costs). In the earlier periods of the lease, the expenses associated with the lease
under AASB 16 will be higher when compared to lease expenses under AASB 117.
However EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) results will be improved as
the operating expense is replaced by interest expense and depreciation in profit or loss under AASB 16. For
classification within the statement of cash flows, the lease payments will be separated into both a principal
(financing activities) and interest (either operating or financing activities) component. For lessor accounting,
the standard does not substantially change how a lessor accounts for leases.
The impact of the new leases standard is that leased asset will be capitalised in the statement of financial
position, measured as the present value of the unavoidable future lease payments to be made over the lease
term and a liability corresponding to the capitalised lease will also be recognised, adjusted for lease
prepayments, lease incentives received, initial direct costs incurred and an estimate of any future restoration,
removal or dismantling costs. The Group will adopt this standard from 1 July 2019, however as the Company
does not have any current leases that would qualify under this policy, it is not expected to have any financial
impact on the entity.
3.
Income tax
(a) Income tax expense
Major component of tax expense for the year:
Current tax
Deferred tax
2019
$
2018
$
-
-
-
-
-
-
(b) Numerical reconciliation between aggregate tax expense recognised in the
statement of profit or loss and other comprehensive income and tax expense
calculated per the statutory income tax rate.
A reconciliation between tax expense and the product of accounting
loss before income tax multiplied by the Company’s applicable tax rate
is as follows:
Loss from continuing operations before income tax expense
Tax at the Australian rate of 30% (2018: 27.5%)
Add:
Tax effect of:
- other non-allowable items
- other deductible items
Less:
Tax effect of:
(833,752)
(250,126)
(1,195,142)
(328,664)
73,678
8,703
26,217
187,310
(167,745)
(115,137)
- tax losses not recognised due to not meeting recognition criteria
Income tax expense
(167,745)
-
(115,137)
-
The Group has tax losses arising in Australia of $6,496,367 (2018: $5,941,953) that are available indefinitely
for offset against future taxable profits of the Group. The benefit for tax losses will only be obtained if:
Odin Metals Limited
27
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
i. the Company derives future assessable income of a nature and of an amount sufficient to enable the
benefit from the deductions for the losses to be realised; and
ii. the Company continues to comply with the conditions for deductibility imposed by tax legislation; and
iii. no changes in tax legislation adversely affect the Company in realising the benefit from the deductions
for the losses.
4. Cash and cash equivalents
Reconciliation of cash
Cash comprises of:
Cash at bank
Reconciliation of operating loss after tax to net cash flow from
operations
Loss after tax
Non-cash and non-operating items
Share-based payment
Other
Impairment expense
Change in assets and liabilities
Increase in trade and other receivables
Decrease in prepayments
(Decrease) / increase in trade and other payables
Net cash flow used in operating activities
2019
$
2018
$
1,379,172
1,379,172
4,328,619
4,328,619
(833,752)
(1,195,142)
245,115
(1,060)
65,646
261
-
56,606
(467,184)
68,745
-
691,282
(2,135)
658
(44,672)
(481,264)
Non-cash investing and financing activities
During the year ended 30 June 2019, the Company issued 50,000,000 unlisted options exercisable at $0.40
pursuant to the terms of an Earn-in Option Agreement signed with Glencore Canada Corporation to
consolidate the highly prospective Sturgeon Lake Base Metals District on the historical Mattabi Zinc-Copper
Trend, Ontario, Canada.
5. Other assets
Prepaid exploration expenditure
6. Trade and other receivables
GST receivable
-
96,530
7,952
8,213
Debtors, other debtors and GST receivable are non-interest bearing and generally receivable on 30-day terms.
They are neither past due nor impaired. The amount is fully collectible. Due to the short-term nature of these
receivables, their carrying value is assumed to approximate their fair value.
7. Deferred exploration and evaluation expenditure
Exploration and evaluation phase - at cost
Opening balance
Acquisition of exploration tenements
Exploration expenditure written off
Exploration and evaluation expenditure incurred during the year
Movements in prepayments
Closing balance
2,662,845
550,0001
(65,646)
2,477,3782
96,530
5,721,107
680,555
2,354,9683
(691,282)4
415,954
(96,530)
2,662,845
Odin Metals Limited
28
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
1 The Company issued 50,000,000 unlisted options exercisable at $0.40 pursuant to the terms of an Earn-in
Option Agreement signed with Glencore Canada Corporation to consolidate the highly prospective Sturgeon
Lake Base Metals District on the historical Mattabi Zinc-Copper Trend, Ontario, Canada. Refer to note 17 (d).
2 At 30 June 2019 the deferred exploration and evaluation balance included approximately $2,003,749 of
Project expenditures under an Earn-in Option Agreement to acquire a 50% interest in the Glencore Sturgeon
Lake Properties.
3 The deferred exploration and evaluation balance includes an amount of $2,354,968 being the identifiable
exploration assets acquired upon the acquisition of Evandale Mineral’s Canadian projects, refer below:
Purchase consideration:
23,333,333 Ordinary shares
Identifiable assets/(liabilities) acquired:
Cash
Exploration tenements
Trade and other payables
$
2,333,333
8,247
2,354,968
(29,882)
2,333,333
During the prior year, the Group acquired a number of tenements in Canada. These acquisitions did not
constitute a business combination and the cost of the acquisitions have been allocated to the individual
identifiable assets and liabilities on the basis of their respective fair values. The ultimate recoupment of
costs carried forward for exploration expenditure is dependent on the successful development and
commercial exploitation or sale of the respective mining areas.
4 Following the acquisition of Evandale Minerals, the Company’s focus shifted away from the existing
Australian assets and on to its flagship Sturgeon Lake Project in Ontario, Canada. As a result of this the
Board has assessed the fair value of the Australian assets to be nil at the end of the year. An amount of
$681,683 relating to previously capitalised exploration expenditure was impaired and exploration
expenditure of $9,598 which was incurred during the year was also written off.
8. Trade and other payables
Trade payables
Other payables
2019
$
2018
$
30,242
55,838
86,080
17,898
17,562
35,460
Trade creditors and other creditors are non-interest bearing and generally payable on 30-day terms. Due to
the short-term nature of these payables, their carrying value is assumed to approximate their fair value.
9.
Issued capital
(a) Issued and paid up capital
Issued and fully paid
12,595,418
12,595,418
Odin Metals Limited
29
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
2019
Number of
shares
2018
Number of
shares
$
$
(b) Movements in ordinary shares on issue
Opening balance
Shares issued via placement
Shares issued as consideration for acquisition1
Transaction costs on share issue
Closing balance
153,719,335
-
-
-
153,719,335
12,595,418
-
-
-
60,386,002
70,000,000
23,333,333
-
12,595,418 153,719,335
5,796,091
4,650,000
2,333,333
(184,006)
12,595,418
1 23,333,333 fully paid ordinary shares were issued to the vendors of Evandale Minerals Limited for the
acquisition of the Company’s Canadian project at a deemed issue price of $0.10 per share.
(c) Ordinary shares
The Company does not have authorised capital nor par value in respect of its issued capital. Ordinary shares
have the right to receive dividends as declared and, in the event of a winding up of the Company, to participate
in the proceeds from sale of all surplus assets in proportion to the number of and amounts paid up on shares
held. Ordinary shares entitle their holder to one vote, either in person or proxy, at a meeting of the Company.
(d) Capital risk management
The Company’s capital comprises share capital, reserves less accumulated losses amounting to a net equity
of $7,022,151 at 30 June 2019. The Company manages its capital to ensure its ability to continue as a going
concern and to optimise returns to its shareholders. The Company was ungeared at year end and not subject
to any externally imposed capital requirements. Refer to note 16 for further information on the Company’s
financial risk management policies.
(e) Share options
As at the date of this report there were 62,400,000 unissued ordinary shares under options. The details of the
options are as follows:
Exercise
Price $
$0.001
$0.001
$0.001
$0.40
Number
6,200,000
5,200,000
1,000,000
50,000,000
62,400,000
Expiry Date
3 April 2022
26 February 2022
20 May 2020
Exercisable during the period commencing on the Closing Date1 until one
year after the Closing Date1.
1 Closing Date: As that term is defined in the Earn-in Option Agreement signed with Glencore Canada
Corporation.
No option holder has any right under the options to participate in any other share issue of the Company or
any other entity. 200,000 options lapsed unexercised during the financial year. No options were exercised
during or since the year ended 30 June 2019.
10. Reserves
Share option reserve
2019
$
2018
$
446,501
446,501
69,105
69,105
Odin Metals Limited
30
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
Movements in Reserves
Share option reserve
Opening balance
Share-based payments (refer note 17(a))
Proceeds from option issue
Closing balance
2019
$
2018
$
69,105
377,356
40
446,501
-
68,745
360
69,105
The share option reserve is used to record the value of equity benefits provided to Directors and executives
as part of their remuneration and non-employees for their goods and services and to record the premium
paid on the issue of unlisted options. Refer to note 17 for further details of the securities issued during the
financial year ended 30 June 2019.
11. Accumulated losses
Movements in accumulated losses were as follows:
Opening balance
Loss for the year
Closing balance
12. Auditor’s remuneration
The auditor of Odin Metals Limited is RSM Australia Partners.
Amounts received or due and receivable by the parent auditor for:
- an audit or review of the financial report
(5,603,776)
(833,752)
(6,437,528)
(4,408,634)
(1,195,142)
(5,603,776)
24,600
24,600
23,000
23,000
13. Directors and Key Management Personnel disclosures
(a) Remuneration of Directors and Key Management Personnel
Details of the nature and amount of each element of the emolument of each Director and key management
personnel of the Company for the financial year are as follows:
Short term employee benefits
Post-employment benefits
Share-based payments
Total remuneration
342,923
12,411
115,350
470,684
206,870
4,353
-
211,223
The Remuneration Report contained in the Director's Report contains details of the remuneration paid or
payable to each member of Odin Metals Limited's key management personnel for the year ended 30 June
2019 and their interests in shares and options of the Company.
(b) Other transactions with Key Management Personnel
The following transactions occurred with related parties:
BR Corporation Pty Ltd, a company in which Mr. Jason Bontempo is a director, charged the Company
consulting fees of $140,000 during the year ended 30 June 2019 (2018: nil). The consulting fee is included in
note 13(a) “Remuneration of Directors and Key Management Personnel”. Nil was outstanding at year end.
1918 Consulting Pty Ltd, a company in which Mr. Aaron Bertolatti is a director, charged the Company
consulting fees of $60,000 during the year ended 30 June 2019 (2018: nil). The consulting fee is included in
note 13(a) “Remuneration of Directors and Key Management Personnel”. Nil was outstanding at year end.
Odin Metals Limited
31
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
Exore Resources Limited, of which Justin Tremain is a Director, received reimbursement for the rental of office
space in the amount of $500 exclusive of GST during the year ended 30 June 2019 (2018: nil). The entire
balance was outstanding at year end.
Transactions with key management personnel were made at arm’s length at normal market prices and normal
commercial terms. There were no other transactions with key management personnel for the year ended 30
June 2019.
14. Related party disclosures
(a) Key management personnel
For Director related party transactions please refer to Note 13 “Key Management Personnel disclosures”.
(b) Subsidiaries
The consolidated financial statements include the financial statements of Odin Metals Limited and the
subsidiaries listed in the following table:
Name of Entity
Evandale Minerals Pty Ltd
Punch Resources Pty Ltd
Odin Canada Inc
Country of Incorporation
Australia
Australia
Canada
Equity Holding
100%
100%
100%
2019
$
2018
$
15. Loss per share
Loss used in calculating basic and dilutive EPS
(833,752)
(1,195,142)
Weighted average number of ordinary shares used in calculating basic
loss per share:
Effect of dilution:
Share options
Adjusted weighted average number of ordinary shares used in
calculating diluted loss per share:
Number of
Shares
153,719,335
118,632,577
153,719,335
118,632,577
There is no impact from 62,400,000 options outstanding at 30 June 2019 on the earnings per share calculation
because they are anti-dilutive. These options could potentially dilute basic EPS in the future. There have been
no transactions involving ordinary shares or potential ordinary shares that would significantly change the
number of ordinary shares or potential ordinary shares outstanding between the reporting date and the date
of completion of these financial statements.
16. Financial risk management
Exposure to foreign currency risk, credit risk, liquidity risk and interest rate risk arises in the normal course of
the Company’s business. The Company uses different methods as discussed below to manage risks that arise
from these financial instruments. The objective is to support the delivery of the financial targets while
protecting future financial security.
(a) Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with
financial liabilities. The Company manages liquidity risk by maintaining sufficient cash facilities to meet the
operating requirements of the business and investing excess funds in highly liquid short-term investments.
The responsibility for liquidity risk management rests with the Board of Directors.
Odin Metals Limited
32
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
Alternatives for sourcing our future capital needs include our cash position and the issue of equity
instruments. These alternatives are evaluated to determine the optimal mix of capital resources for our
capital needs. The Directors expect that present levels of liquidity along with future capital raising will be
adequate to meet expected capital needs.
(b) Interest rate risk
Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the
fair value of financial instruments. The Company’s exposure to market risk for changes to interest rate risk
relates primarily to its earnings on cash and term deposits. The Company manages the risk by investing in
short term deposits.
Cash and cash equivalents
2019
$
2018
$
1,379,172
4,328,619
Interest rate sensitivity
The following table demonstrates the sensitivity of the Company’s statement of profit or loss and other
comprehensive income to a reasonably possible change in interest rates, with all other variables constant.
Change in Basis Points
Increase 75 basis points
Decrease 75 basis points
Effect on equity
including retained
earnings ($)
Increase/(Decrease)
Effect on Post
Tax Loss ($)
Effect on equity
including retained
earnings ($)
Increase/(Decrease)
Effect on Post
Tax Loss ($)
2019
10,344
(10,344)
2018
10,344
(10,344)
32,465
(32,465)
32,465
(32,465)
A sensitivity of 75 basis points has been used as this is considered reasonable given the current level of both
short term and long-term Australian Dollar interest rates. The change in basis points is derived from a review
of historical movements and management’s judgement of future trends.
(c) Credit risk exposures
Credit risk represents the risk that the counterparty to the financial instrument will fail to discharge an
obligation and cause the Company to incur a financial loss. The Company’s maximum credit exposure is the
carrying amounts on the statement of financial position. The Company holds financial instruments with credit
worthy third parties. At 30 June 2019, the Company held cash at bank.100% of the Company’s cash was held
in financial institutions with a rating from Standard & Poors of AA or above (long term). The Company has no
past due or impaired debtors as at 30 June 2019.
17. Share-based payments
(a) Recognised share-based payment transactions
Share-based payment transactions recognised either as operational expenses in the statement of profit or
loss and other comprehensive income or as capital raising costs in the equity during the year were as follows:
Employee and Director share-based payments (note 17 (b))
Share-based payments to suppliers (note 17 (c))
Project acquisition share-based payments (note 17 (d))
2019
$
135,531
109,585
550,000
795,116
2018
$
-
68,745
-
68,745
Odin Metals Limited
33
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
(b) Employee and Director share-based payments
The Company issues options to assist in the recruitment, reward, retention and motivation of directors,
employees and consultants of Odin Metals Limited. An individual may receive the options or nominate a
relative or associate to receive the options.
The fair value at grant date of options granted during the reporting year was determined using a combination
of the Parisian barrier and share price barrier option pricing models that take into account the exercise price,
the term of the option, the share price at grant date, the expected price volatility of the underlying share, the
risk-free interest rate for the term of the option and the market performance condition.
The table below summarises options granted during the year ended 30 June 2019:
Grant Date Expiry date
Exercise
price per
option
Balance
at start of
the year
Granted
during the
year
Exercised
during the
year
Expired
during
the year
Balance at
end of the
year
Exercisable at
end of the
year
28/11/2018 03/04/2022 $0.001
19/02/2019 26/02/2022 $0.001
17/05/2019 20/05/2020 $0.001
Number Number
- 2,800,000
- 5,200,000
- 1,000,000
- 9,000,000
Number Number Number
- 2,800,000
- 5,200,000
- 1,000,000
- 9,000,000
-
-
-
-
Number
- 1
- 1
- 1
- 1
1 The Options will vest on the earlier of:
a) the Company’s share price being equal to or greater than a volume weighted average price of $0.40 or
more for 20 consecutive trading days on the ASX; and
b) the occurrence of a Change of Control Event.
The expense recognised in respect of the above options granted during the year was $135,531. The model
inputs, not included in the table above, for options granted during the year ended 30 June 2019 included:
a) options were granted for consideration ranging from nil to $0.0001;
b) expected life of the options ranged from 1.0 to 3.4 years;
c)
share price at grant date ranged from $0.11 to $0.15;
d) expected volatility of 100%;
e) expected dividend yield of nil; and
f)
a risk-free interest rate ranged from 1.21% to 2.09%
There were no unlisted options issued to employee’s and Director’s during the year ended 30 June 2018.
(c) Share-based payment to suppliers
There were no unlisted options issued to suppliers during the year ended 30 June 2019. The expense
recognised during the year on options granted in prior periods was $109,585.
During the financial year ended 30 June 2018 the Company issued unlisted options to provide consideration
to consultants and corporate advisors for services rendered to date and over the coming 12 months. These
options have been valued using the Black-Scholes option pricing model.
Grant Date Expiry date
Exercise
price
per
option
Balance
at start of
the year
Granted
during the
year
Exercised
during the
year
Expired
during the
year
Balance at
end of the
year
Exercisable
at
end of the
year
03/04/2018 03/04/2022 $0.001
-
3,600,000
Number Number
Number
-
Number
-
Number
3,600,000
Number
-1
Odin Metals Limited
34
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
1 The Options will vest on the earlier of:
a) the Company’s share price being equal to or greater than a volume weighted average price of $0.40 or
more for 20 consecutive trading days on the ASX; and
b) the occurrence of a Change of Control Event.
The model inputs, not included in the table above, for options granted during the year ended 30 June 2018
included:
a) options were granted for consideration of $0.0001;
b) expected lives of the options is 4 years;
c)
share price at grant date was $0.19;
d) expected volatility of 100%;
e) expected dividend yield of nil; and
f)
a risk-free interest rate of 1.90%
(d) Project acquisition share-based payments
During the financial year ended 30 June 2019, 50,000,000 unlisted options exercisable at $0.40 were issued
pursuant to an Earn-in Option Agreement with Glencore Canada Corporation as part consideration for the
acquisition of a 50% interest in the Glencore Sturgeon Lake Properties.
Grant Date Expiry date
Exercise
price per
option
Balance at
start of
the year
Granted
during the
year
Exercised
during the
year
Expired
during the
year
Balance at
end of the
year
04/04/2019 04/04/2020 $0.40
- 50,000,000
Number Number
Number
-
Number
Number
- 50,000,000
Exercisable
at
end of the
year
Number
-
The amount recognised in respect of the above options granted during the year was $550,000, being the entire
valuation amount, as the Glencore options have no vesting conditions attached to them. This amount was
capitalised as a deferred exploration and evaluation expenditure asset in the current year as the options
represent consideration paid for an interest in exploration tenements (refer note 7).
These options have been valued using a Black Scholes option pricing model. The model inputs, not included in
the table above, for the project acquisition options granted as consideration for the acquisition included:
a)
b)
c)
d)
e)
expected life of the options is 1.0 year;
share price at grant date was $0.11;
expected volatility was 105%;
expected dividend yield of nil; and
a risk-free interest rate of 1.50%
18. Dividends
No dividend was paid or declared by the Company in the year ended 30 June 2019 or the period since the end
of the financial year and up to the date of this report. The Directors do not recommend that any amount be
paid by way of dividend for the financial year ended 30 June 2019.
19. Segment information
The Group has identified its operating segments based on the internal reports that are reported to Executives
(the chief operating decision makers) in assessing performance and in determining the allocation of
resources. The Board as a whole will regularly review the identified segments in order to allocate resources
to the segment and to assess its performance.
Odin Metals Limited
35
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
The Group operates predominately in one industry, being the exploration of mineral resources. The main
geographic areas that the entity operates in are Australia and Canada. The parent entity is registered in
Australia. The Group’s exploration assets are located in both Australia and Canada.
The following table present revenue, expenditure and certain asset and liability information regarding
geographical segments for the years ended 30 June 2019 and 30 June 2018:
Year ended 30 June 2019
Interest income
Segment revenue
Result
Loss before tax
Income tax expense
Loss for the year
Asset and liabilities
Segment assets
Segment liabilities
Year ended 30 June 2018
Interest income
Segment revenue
Result
Loss before tax
Income tax expense
Loss for the year
Asset and liabilities
Segment assets
Segment liabilities
Australia
$
Canada
$
Total
$
73,476
73,476
73,476
- 73,476
-
(833,632)
-
(833,632)
(120)
-
(120) (833,752)
(833,752)
-
1,378,981
86,080
5,729,250
7,108,231
- 86,080
20,236
20,236
(1,215,378)
-
(1,195,142)
-
-
-
-
-
20,236
20,236
(1,215,378)
-
(1,195,142)
4,433,363
35,460
2,662,844
-
7,096,207
35,460
20. Parent entity information
The following details information related to the parent entity, Odin Metals Limited, at 30 June 2019. The
information presented here has been prepared using consistent accounting policies with those presented in
Note 2.
Current assets
Total assets
Current liabilities
Total liabilities
Net assets
Issued capital
Reserves
Accumulated losses
Loss of the parent entity
Other comprehensive income for the year
2019
$
1,378,981
7,013,136
(86,080)
(86,080)
6,927,056
12,595,418
864,261
(6,532,623)
6,927,056
2018
$
4,459,804
7,000,992
(35,460)
(35,460)
6,965,532
12,595,418
69,105
(5,698,991)
6,965,532
(833,632)
-
(833,632)
(1,293,841)
-
(1,293,841)
Odin Metals Limited
36
2019 Annual Report to Shareholders
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2019
21. Contingent assets and liabilities
There are no known contingent assets or liabilities as at 30 June 2019.
22. Commitments
There are no known contractual commitments as at 30 June 2019.
23. Significant events after the reporting date
There have been no other significant events subsequent to the end of the financial year to the date of this
report.
Odin Metals Limited
37
2019 Annual Report to Shareholders
Directors’ Declaration
In accordance with a resolution of the Directors of Odin Metals Limited, I state that:
1. In the opinion of the Directors:
a)
the financial statements and notes of Odin Metals Limited for the year ended 30 June 2019 are in
accordance with the Corporations Act 2001, including:
i.
ii.
giving a true and fair view of the consolidated entity’s financial position as at 30 June 2019 and
of its performance for the year ended on that date; and
complying with Accounting Standards (including the Australian Accounting Interpretations), the
Corporations Regulations 2001 and other mandatory professional reporting requirements; and
b)
the financial statements and notes also comply with International Financial Reporting Standards as
disclosed in note 2(b).
2. There are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable.
3. This declaration has been made after receiving the declarations required to be made by the Directors in
accordance with sections of 295A of the Corporations Act 2001 for the financial year ended 30 June 2019.
On behalf of the Board
Jason Bontempo
Executive Director
Perth, Western Australia
19 September 2019
Odin Metals Limited
38
2019 Annual Report to Shareholders
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Odin Metals Limited for the year ended 30 June 2019, I
declare that, to the best of my knowledge and belief, there have been no contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA PARTNERS
Perth, WA
Dated: 19 September 2019
ALASDAIR WHYTE
Partner
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
ODIN METALS LIMITED
Opinion
We have audited the financial report of Odin Metals Limited (the Company) and its subsidiaries (the Group), which
comprises the consolidated statement of financial position as at 30 June 2019, 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 statements, including a summary of
significant accounting policies, and the directors' declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i) giving a true and fair view of the Group's financial position as at 30 June 2019 and of its financial
performance for the year then ended; 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 auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We 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.
Key Audit Matter
How our audit addressed this matter
Carrying value of Deferred Exploration and Evaluation Expenditure
Refer to Note 7 in the financial statements
The Group has capitalised exploration and
evaluation expenditure, with a carrying value of
$5,721,107 as at 30 June 2019.
We considered this to be a key audit matter due to
the significant management judgments involved in
assessing the carrying value of the assets including:
• Determination of whether the exploration and
evaluation expenditure can be associated with
finding specific mineral resources, and the basis
on which that expenditure is allocated to an area
of interest;
• Assessing whether any indicators of impairment
are present; and
• Determination of whether exploration activities
have reached a stage at which the existence of
an economically recoverable reserves may be
determined.
Valuation of Share Based Payments
Refer to note 17 in the financial statements
The Group has share based payments of $795,116,
including $550,000
to Deferred
Exploration and Evaluation Expenditure.
capitalised
We considered the valuation of these options to be
a key audit matter as it involved management’s
judgement in determining the various inputs used in
the option pricing models.
Our audit procedures in relation to the carrying value of
exploration and evaluation expenditure asset included:
• Obtaining evidence that the right to tenure of the area
of interest is current;
• Agreeing a sample of additions
to supporting
documentation and ensuring the amounts are capital in
nature and relate to the area of interest;
• Enquiring with and assessing management’s basis on
which they have determined that the exploration and
evaluation of mineral resources has not yet reached
the stage where
that no
commercially viable quantities of mineral resources
exists;
it can be concluded
• Assessing and evaluating management’s assessment
that no indicators of impairment existed at the reporting
date;
• Enquiring with management and reviewing budgets
and plans to test that the Group will incur substantive
expenditure on further exploration for and evaluation of
mineral resources in the specific area; and
• Reviewing the minutes of Board of Director meetings
and ASX announcements to ensure that the Group had
not resolved to discontinue activities in the specific
area.
Our audit procedures included:
• Challenging the reasonableness of key
assumptions used by management relative to
the valuations at grant date;
• Checking the mathematical accuracy of the
computation;
• Reviewing the minutes of Board of Director
meetings and ASX announcements in relation to
the granting of the options; and
• Reviewing the adequacy and accuracy of the
relevant disclosures in the financial statements.
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the Group's annual report for the year ended 30 June 2019 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 accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude 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 have no realistic
alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: www.auasb.gov.au/auditors_responsibilities/ar2.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 within the directors' report for the year ended 30 June 2019.
In our opinion, the Remuneration Report of Odin Metals Limited, for the year ended 30 June 2019, 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.
RSM AUSTRALIA PARTNERS
Perth, WA
Dated: 19 September 2019
ALASDAIR WHYTE
Partner
ASX Additional Information
Additional information required by the Australian Stock Exchange Ltd and not shown elsewhere in this report
is as follows. The information is current at 13 September 2019.
Distribution of Share Holders
Ordinary Shares
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 - and over
TOTAL
Number of Holders
9
23
72
148
131
383
Number of Shares
1,009
75,693
698,604
5,720,537
147,223,492
153,719,335
There were 18 holders of ordinary shares holding less than a marketable parcel.
Top Twenty Share Holders
The names of the twenty largest holders of quoted equity securities are listed below:
Name
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
VONROSS NOMINEES PTY LTD
ROWLEY SUPER INVESTMENTS PTY LTD
HSBC CUSTODY NOMINEES
STRATA NOMINEES PTY LTD
JET CAPITAL PTY LTD
ARALAD MANAGEMENT PTY LTD
NINETY THREE PTY LTD
ROVON INVESTMENTS PTY LTD
MRS TIZIANA BATTISTA
JAEGER INVESTMENTS PTY LTD
MRS PATRICIA ZACARIAS
CITICORP NOMINEES PTY LIMITED
GP SECURITIES PTY LTD
MR JONATHAN RALPH SHAPIRO
CLIPPER GROUP LIMITED
ROSEMAN (SA) PTY LTD
AURORA CAPITAL MANAGEMENT AUSTRALIA PTY LIMITED
MR ALAN CONIGRAVE
TEEFISH SUPER PTY LTD
Substantial Shareholders
Name
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
VONROSS NOMINEES PTY LTD
On-Market Buy Back
There is no current on-market buy back.
Shares
12,855,799
8,006,402
5,600,000
4,726,520
4,000,001
4,000,000
3,955,238
3,486,667
3,443,333
3,333,333
3,333,333
3,333,333
2,943,041
2,700,000
2,626,715
2,500,000
2,325,000
2,319,854
2,100,000
2,083,266
79,671,835
Shares
12,855,799
8,006,402
%
8.36
5.21
3.64
3.07
2.60
2.60
2.57
2.27
2.24
2.17
2.17
2.17
1.91
1.76
1.71
1.63
1.51
1.51
1.37
1.36
51.83
%
8.36
5.21
Odin Metals Limited
44
2019 Annual Report to Shareholders
ASX Additional Information
Voting Rights
All ordinary shares carry one vote per share without restriction. Options have no voting rights.
Use of Proceeds
In accordance with listing rule 4.10.19, the Company confirms that it has used cash and assets in a form
readily convertible to cash in a way consistent with its business objectives during the financial year ended 30
June 2019.
Unlisted Options
Number
Class
Holders with more than 20%
6,200,000
Options over ordinary shares exercisable at
$0.001 on or before 3 April 2022.
5,200,000
Options over ordinary shares exercisable at
$0.001 on or before 26 February 2022.
- Aralad Management Pty Ltd 1,000,000
Options
- Jet Capital Pty Ltd 1,000,000 Options
-Simon Mottram 5,000,000 Options
1,000,000
Options over ordinary shares exercisable at
$0.001 on or before 20 May 2020.
- Sam Kiki 1,000,000 Options
50,000,000
Options over ordinary shares exercisable at
$0.40 during the period commencing on the
Closing Date1 until one year after the
Closing Date1.
- Glencore Canada Corporation
50,000,000 Options
1 Closing Date: As that term is defined in the Earn-in Option Agreement signed with Glencore Canada
Corporation.
Odin Metals Limited
45
2019 Annual Report to Shareholders
Schedule of Tenements
Odin Metals Limited’s Projects
Tenement
AUSTRALIA
E27/345
M27/263
Location
Area
Structure
Kalgoorlie Area, WA
8 BL
Kalgoorlie Area, WA
792.85 HA
CANADA (Glencore Canada right to acquire 50%)
Exploration claim - 4281448
Exploration claim - 4281449
Exploration claim - 4281450
Exploration claim - 4281451
Exploration claim - 4281452
ML 106627
ML 107141
CLM248 (mining and surface rights)
CLM249 (mining and surface rights)
Ignace Area, Ontario
Ignace Area, Ontario
Ignace Area, Ontario
Ignace Area, Ontario
Ignace Area, Ontario
Ignace Area, Ontario
Ignace Area, Ontario
Ignace Area, Ontario
Ignace Area, Ontario
CLM250 (mining and surface rights)
Ignace Area, Ontario
2.08 km2
1.92 km2
2.56 km2
2.56 km2
2.56 km2
1.61km2
1.44km2
2.36km2
3.44km2
2.21km2
BL – Blocks
HA – Hectares
km2 – Kilometres squared
Glencore Canada Tenements – Sturgeon Lake
49%
49%
100%
100%
100%
100%
100%
Option to acquire 100%
Option to acquire 100%
Option to acquire 100%
Option to acquire 100%
Option to acquire 100%
Label/Claim
11/18/99
11/15/99
11/17/99
10/07/99
01/25/94
01/22/94
01/24/94
01/23/94
03/20/94
43330-12
01/02/00
29447-10
16070-9
29447-4
27180-1
43329-3
43329-1
43329-2
27181-11
08/14/80
29447-2
09/13/80
16071 TB
7913 PART 7
Type
Lease
Lease
Lease
Lease
Lease
Lease
Lease
Lease
Lease
Patent
Patent
Patent
Patent
Patent
Patent
Patent
Patent
Patent
Patent
Patent
Patent
Patent
Patent
Patent
Location
Six Mile Lake Area, Ontario
Six Mile Lake Area, Ontario
Six Mile Lake Area, Ontario
Six Mile Lake Area, Ontario
Six Mile Lake Area, Ontario
Bell Lake Area, Ontario
Six Mile & Bell Lake Areas, Ontario
Bell Lake Area, Ontario
Six Mile Lake Area, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
Structure
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin Metals Limited
46
2019 Annual Report to Shareholders
Schedule of Tenements
Label/Claim
Type
Location
01/23/00
01/27/00
01/04/00
01/24/81
29610-13
01/09/00
01/10/00
09/23/76
28026-6
16070-8
CLS 115819
03/16/00
05/23/93
12/07/92
05/22/93
06/20/96
06/19/96
06/18/96
03/12/94
03/11/94
11/10/93
10/10/99
10/11/99
11/16/99
29447-5
PA 1145072
PA 1195743
PA 1195858
PA 4241547
PA 4242860
PA 4242923
PA 4256551
PA 4256552
PA 4256553
PA 4256554
PA 4256555
PA 4256556
PA 4256557
PA 4256558
PA 4258008
PA 4258009
Patent
Patent
Patent
Patent
Patent
Patent
Patent
Patent
Patent
Patent
Patent
Lease
Lease
Lease
Lease
Lease
Lease
Lease
Lease
Lease
Lease
Lease
Lease
Lease
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
GTP Block 7, Ontario
Valora Lake Area, Ontario
Valora Lake Area, Ontario
Valora Lake Area, Ontario
Penassi & Valora Lake Areas, Ontario
Penassi Lake Area, Ontario
Penassi Lake Area, Ontario
Six Mile Lake Area, Ontario
Six Mile Lake Area, Ontario
Six Mile Lake Area, Ontario
Six Mile Lake Area, Ontario
Six Mile Lake Area, Ontario
Six Mile Lake Area, Ontario
Patent
GTP Block 7, Ontario
Mining Claim
Mining Claim
Penassi Lake Area, Ontario
Bell Lake Area, Ontario
Mining Claim
Bell Lake Area, Ontario
Mining Claim
Valora Lake Area, Ontario
Mining Claim
Valora Lake Area, Ontario
Mining Claim
Valora Lake Area, Ontario
Mining Claim
Mining Claim
Valora Lake Area, Ontario
Valora Lake Area, Ontario
Mining Claim
Valora Lake Area, Ontario
Mining Claim
Valora Lake Area, Ontario
Mining Claim
Valora Lake Area, Ontario
Mining Claim
Valora Lake Area, Ontario
Mining Claim
Mining Claim
Valora Lake Area, Ontario
Valora Lake Area, Ontario
Mining Claim
Six Mile Lake Area, Ontario
Mining Claim
Six Mile Lake Area, Ontario
Structure
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Odin right to acquire 50%
Penassi & Six Mile Lake Areas, Ontario
Odin right to acquire 50%
Odin Metals Limited
47
2019 Annual Report to Shareholders
Schedule of Tenements
Canadian Project Locations
Figure 5 | Location of the Sturgeon Lake Project properties in Ontario, Canada
Odin Metals Limited
48
2019 Annual Report to Shareholders