Odin Metals Limited
Annual Report
30 June 2021
ABN
32 141 804 104
odinmetals.com.au
CONTENTS
PAGE
Corporate Directory
1
Directors’ Report
2
Consolidated Statement of Profit or Loss and Other Comprehensive Income
15
Consolidated Statement of Financial Position
16
Consolidated Statement of Changes in Equity
17
Consolidated Statement of Cash Flows
18
Notes to the Consolidated Financial Statements
19
Directors’ Declaration
39
Auditor’s Independence Declaration
40
Independent Auditor’s Report
41
ASX Additional Information
45
Schedule of Tenements and Project Locations
47
CORPORATE DIRECTORY
Directors and Officers
Jason Bontempo (Executive Chairman)
Simon Mottram (Non-Executive Director)
Ted Coupland (Non-Executive Director)
Aaron Bertolatti (Company Secretary)
Registered Office & Principal Place of Business
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
Odin Metals Limited
2
2021 Annual Report to Shareholders
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 2021.
DIRECTORS
The names of the Directors of Odin Metals during the financial year and to the date of this report are:
▪
Jason Bontempo (Executive Chairman)
▪
Simon Mottram (Non-Executive Director)
▪
Ted Coupland (Non-Executive Director) – appointed 15 April 2021
▪
Luis Azevedo (Non-Executive Director) – resigned 13 May 2021
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 Chairman
Mr. Bontempo has 23 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.
Simon Mottram
Non-Executive Director
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.
Ted Coupland
Non-Executive Director (appointed 15 April 2021)
Mr Ted Coupland has joined the Board of Odin as a Non-Executive Director. Mr Coupland has over 30 years
of experience in the mining, exploration and resource finance industry and holds qualifications in geology,
geostatistics, mineral economics and finance. Mr Coupland has had a comprehensive technical career in the
resources sector covering exploration, mine geology, resource estimation, risk analysis, resource consulting
and business management. Mr Coupland is a Corporate Member of the Australasian Institute of Mining and
Metallurgy (AusIMM).
Luis Azevedo
Non-Executive Director (resigned 13 May 2021)
Luis Azevedo is a Brazilian National with over 35 years’ of international resource experience. Mr. Azevedo
qualified as a geologist at the University of Rio de Janeiro in 1985, and subsequent to working as a geologist,
he completed a law degree at the University of Candido Mendes in 1992 and obtained his Master of Law from
Pontifical Catholic University Rio de Janeiro in 1994. Mr. Azevedo has held senior positions with several major
resource companies including Western Mining Corporation, Barrick Gold and Harsco.
Directors’ Report
Odin Metals Limited
3
2021 Annual Report to Shareholders
Aaron Bertolatti
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.
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
Odin Metals Limited
Future Metals NL
Director since February 2018
Director from January 2011 to June 2021
Simon Mottram
Avanco Resources Limited
Fin resources Limited
Medusa Mining Limited
Director from February 2012 to June 2018
Director since June 2020
Director since June 2020
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
Options2
Options3
Options4
Options5
Jason Bontempo
7,333,333
2,000,000
10,000,000
4,500,000
-
-
Simon Mottram
5,000,000
-
1,000,000
7,500,000
5,000,000
-
Ted Coupland
2,500,000
-
4,000,000
-
-
4,000,000
1 Options are exercisable at $0.001 each on or before 3 April 2022.
2 Options are exercisable at $0.00001 each on or before 30 July 2024, issued on 30 July 2021.
3 Options are exercisable at $0.0001 each on or before 1 May 2024.
4 Options are exercisable at $0.001 each on or before 26 February 2022.
5 Options are exercisable at $0.0001 each on or before 15 April 2024.
* Options are subject to various vesting conditions.
RESULTS OF OPERATIONS
The Group’s net loss after taxation attributable to the members of Odin Metals for the year to 30 June 2021
was $8,668,416 (2020: $1,851,854).
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.
Directors’ Report
Odin Metals Limited
4
2021 Annual Report to Shareholders
NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
The principal activity of the Group during the financial year was mineral exploration.
REVIEW OF OPERATIONS
Koonenberry Project
During the year, the Company executed binding purchase agreements with Peel Far West Pty Ltd (PFW) to
acquire a 100% ownership interest in the Koonenberry project comprising exploration licences EL8721,
EL8722, EL8790, EL8791 and EL8909 and with Ausmon Resources Limited (Ausmon) to acquire 100% of the
Grasmere copper deposit (EL6400).
The Koonenberry Project is an emerging, district scale, Copper and Base Metals exploration package located
80km east of Broken Hill, New South Wales. The Company considers the Koonenberry Belt to be highly
prospective for a number of styles of mineralisation including VMS hosted Cu–Zn–Au–Ag deposits (which is
substantiated by the presence of the Grasmere deposit), magmatic Ni-Cu-PGE, epithermal Ag-Pb-Cu and
orogenic Au.
The Grasmere copper deposit is located within EL6400, which sits within Odin’s Koonenberry Project (Figure
1) and was the only gap within the 2,600 km2 project which covers ~150 km strike of the significantly under-
explored Koonenberry Copper Belt. Odin has now also consolidated these.
Grasmere contains an Indicated and Inferred Mineral Resource Estimate reported in accordance with JORC
(2004) totalling 5.75 Mt @ 1.03% Cu, 0.35% Zn, 0.05 g/t Au, 2.3 g/t Ag2. Grasmere is hosted in a semi continuous
mineralised zone over a strike length of 4Km and defined by 75 drill holes and is open at depth and along
strike within 21 km’s of VMS prospective tenure controlled by Odin.
Figure 1: Koonenberry Project Location Map
Consideration for the 100% acquisition of the Koonenberry project comprised of:
•
the issue of 50,000,000 fully paid ordinary shares in Odin to PFW; and
•
a 1% net smelter return royalty (“Royalty”)
Directors’ Report
Odin Metals Limited
5
2021 Annual Report to Shareholders
Consideration for the 100% acquisition of the Grasmere deposit comprised of:
•
the issue by Odin of 15,000,000 fully paid ordinary shares to Ausmon (or its nominee), escrowed for 12
months;
•
and the payment of AU$97,360.
EM Survey Results
Odin completed a detailed modern HeliTEM2 EM survey covering an area of ~1,150km2 over the highly
prospective Koonenberry belt and focused on known mineralised trends, including the recently acquired
Grasmere Deposit, plus its 21km of prospective strike. Interpreted VMS trends associated with near surface
small scale historical mining, including Cymbric Vale & Wertago we also covered. 58 targets were identified,
including 6 high priority targets within known mineralised copper trends. The finalised data is being
processed, modelled and reviewed by its Consultant Geophysicist (Southern Geoscience) in order to evaluate
and prioritise the targets.
Figure 2: HeliTEM2 EM targets at the Koonenberry Cu Project with Airborne EM Background, 2021 HTEM
with stitched insert from 2010 (area east of Cymbric Vale) VTEM CH14 to 28 Z Component.
Directors’ Report
Odin Metals Limited
6
2021 Annual Report to Shareholders
Drilling Programme
Odin has engaged a NSW based RC drilling contractor to commence drilling at Grasmere from next month
subject to COVID-19 restrictions. The Company plans to drill a minimum of 5,000 metres of RC which includes
Grasmere and Cymbric Vale to test the higher grades encountered at Grasmere and to follow up on the two
RC holes previously completed at Cymbric Vale. On completion of drilling at Cymbric Vale, RC drill testing of
specific targets on the Wertago EM anomalous trends is planned to commence subject to the normal
approvals.
Auger Geochemistry Sampling Programme
Given the vast VMS trends located within Odin’s Tenement package including but not limited to Grasmere,
Cymbric Vale and Wertago, the Company is planning to extend the limited geochemical coverage over the
area utilising patterned systematic auger drilling to aid prioritisation and targeting of further drilling. Drilling
is planned to test anomalous areas that are more conducive to Auger drilling post the initial RC programmes,
specifically the newly identified anomalous EM trends identified at Wertago that extends for over 10km,
inclusive of two high priority targets that are ~1,200 metres apart.
MONTE AZUL
During the year the Company completed its initial diamond drill programme at the Monte Azul Project
located in the established mining state of Minas Gerais, Brazil. In total 11 holes for 2,739m (MA-DD001 to
MA-DD011) were completed. Drilling principally targeted the existing historic resources and their
extensions, however widths and grade were below expectation. The Company handed back the Monte Azul
project to Vale S.A. and relinquished all other licences in the project.
Corporate - Other
Placement
On 23 February 2021, the Company announced that it had received firm commitments from sophisticated
and institutional investors and other investors qualifying under s708 of the Corporations Act 2001 (Cth) to
subscribe for a placement of up to 112,500,000 ordinary fully paid shares at $0.02 per share to raise proceeds
of up to $2,250,000 before costs (“Placement”). The Placement will be undertaken in two tranches.
The first tranche of 49,000,000 shares were issued on 24 February 2021 at an issue price of $0.02 per share,
raising $980,000 (before costs). The second tranche of the Placement was completed on 15 April 2021 and
result in the issue of 76,000,000 shares at $0.02 per share raising approximately $1.52 million (before costs).
The Tranche 2 Placement was approved by shareholders at a General Meeting held on 8 April 2021.
In addition to the Placement, on 24 February 2021, Odin issued 10 million shares at an issue price of $0.0001
per share as advisor/facilitation fees in relation to the acquisition.
Board Changes
On 15 April 2021, the Company advised that Mr Ted Coupland had joined the Board of Odin as a Non-
Executive Director. Mr Coupland has over 30 years of experience in the mining, exploration and resource
finance industry and holds qualifications in geology, geostatistics, mineral economics and finance.
On 13 May 2021, the Company advised that effective 1 July 2021, Mr Simon Mottram will be stepping back
from his role as an Executive Director and CEO to Non-Executive Director and that Mr Luis Azevedo will resign
from the Odin board effective immediately.
Directors’ Report
Odin Metals Limited
7
2021 Annual Report to Shareholders
Incentive Option Conversion
On 24 February 2021, the Company issued 6,625,000 shares following the conversion of unlisted incentive
options exercisable at $0.0001 on or before 1 May 2024.
Lapse of Unlisted Options
The Company advised in May that subsequent to the termination of the Glencore Sturgeon Lake Option
Agreement (as announced in the Company’s quarterly activities report on 29 January 2021), 50 million unlisted
options over fully paid ordinary shares, exercisable at $0.40, have now lapsed in accordance with the terms
on which they were issued.
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
On 30 July 2021, the Company issued 30 million Director, Management & Advisor Performance Options
exercisable at $0.00001 within 3 years of issue, subject to the satisfaction of certain vesting conditions
(Options). 50% of the Options will vest subject to the Company’s shares achieving a 5-day VWAP of $0.06 and
the remaining 50% will vest subject to the Company’s shares achieving a 5-day VWAP of $0.12. Shareholder
approval for the issue of the Options was received at a general meeting expected held on 19 July 2021.
On 25 August 2021, the Company advised that it had completed the acquisition of 100% of the issued share
capital of Great Western Minerals Pty Ltd (GWM) from Ausmon Resources Limited (ASX:AOA). The
consideration paid by the Company for the acquisition of GWM was $97,360 cash and the issue of 15 million
fully paid ordinary shares in the capital of the Company (to be escrowed for 12 months from the date of issue).
The impact of the Coronavirus (COVID-19) pandemic is ongoing and it is not practicable to estimate the
potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is
dependent on measures imposed by the Australian Government and other countries, such as maintaining
social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be
provided.
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 Group 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 Group.
ENVIRONMENTAL REGULATIONS AND PERFORMANCE
The operations of the Group are presently subject to environmental regulation under the laws of both
Australia. The Group is, to the best of its knowledge, at all times in full environmental compliance with the
conditions of its licences.
Directors’ Report
Odin Metals Limited
8
2021 Annual Report to Shareholders
SHARE OPTIONS
As at the date of this report there were 81,775,000 unissued ordinary shares under options. The details of the
options are as follows:
Number
Exercise Price $
Expiry Date
6,200,000
$0.001
3 April 2022
5,200,000
$0.001
26 February 2022
20,375,000
$0.0001
1 May 2024
3,500,000
$0.08
31 March 2023
3,250,000
$0.10
31 March 2023
3,250,000
$0.12
31 March 2023
3,000,000
$0.08
8 July 2022
3,000,000
$0.10
8 July 2022
4,000,000
$0.0001
15 April 2024
30,000,000
$0.00001
30 July 2024
81,775,000
No option holder has any right under the options to participate in any other share issue of the Company or
any other entity. 50,000,000 options lapsed unexercised and 2,000,000 options were forfeited during the
financial year. 6,625,000 options were exercised during the year ended 30 June 2021.
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.
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
Number of Meetings
Eligible to Attend
Number of Meetings
Attended
Jason Bontempo
2
2
Simon Mottram
2
2
Ted Coupland1
1
1
Luis Azevedo1
1
1
1 Mr. Ted Coupland was appointed as a director on 15 April 2021 and Mr. Luis Azevedo resigned as a
director on 13 May 2021.
Directors’ Report
Odin Metals Limited
9
2021 Annual Report to Shareholders
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.
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 2021. 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
▪ Jason Bontempo (Executive Chairman)
▪ Simon Mottram (Non-Executive Director)
▪ Ted Coupland (Non-Executive Director) – appointed 15 April 2021
▪ Luis Azevedo (Non-Executive Director) – resigned 13 May 2021
▪ Aaron Bertolatti – Company Secretary
Directors’ Report
Odin Metals Limited
10
2021 Annual Report to Shareholders
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
Cash Remuneration
Executive Chairman
A$120,000
Managing Director & CEO
up to A$300,000
Non-Executive Director
A$30,000 to $36,000
Company Secretary
A$60,000
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.
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 2021 are as follows:
2021
Short term
Options
Post-
employment
Total
Option
related
Base
Directors
Consulting Share-based
Super
Salary
$
Fees
$
Fees
$
Payments
$
$
$
%
Directors
Jason Bontempo
-
-
140,000
67,654
-
207,654
32.6
Simon Mottram1
100,000
-
136,000
223,096
9,500
468,596
47.6
Ted Coupland2
-
-
6,000
43,965
-
49,965
88.0
Luis Azevedo3
-
31,500
-
18,756
-
50,256
37.3
Officers
Aaron Bertolatti
-
-
60,000
11,144
-
71,144
15.7
100,000
31,500
342,000
364,615
9,500
847,615
43.0
Directors’ Report
Odin Metals Limited
11
2021 Annual Report to Shareholders
1 Mr. Mottram’s remuneration was reduced from $300,000 per annum to $204,000 per annum, effective 1
November 2020.
2 Mr. Coupland was appointed as a director on 15 April 2021.
3 Mr. Azevedo resigned as a director on 13 May 2021.
Jason Bontempo received additional consulting fees totalling $25,000 for transaction related services
provided.
There were no other Executive Officers of the Company during the financial year ended 30 June 2021.
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 2020 are as follows:
2020
Short term
Options
Post-
employment
Total
Option
related
Base
Directors
Consulting Share-based
Super
Salary
$
Fees
$
Fees
$
Payments
$
$
$
%
Directors
Jason Bontempo
-
-
135,000
95,592
-
230,592
41.5
Simon Mottram1
300,000
-
-
269,961
29,667
599,628
45.0
Luis Azevedo1
-
9,000
-
44,247
-
53,247
83.1
Justin Tremain2
-
36,000
-
-
3,420
39,420
-
Officers
-
Aaron Bertolatti3
-
-
65,000
13,870
-
78,870
17.6
300,000
45,000
200,000
423,670
33,087
1,001,757
42.3
1 Mr. Mottram and Mr. Azevedo were appointed as directors on 9 April 2020
2 Mr. Tremain resigned as a director on 26 June 2020
3 Mr. Bertolatti resigned as a director on 9 April 2020
Jason Bontempo received additional consulting fees totalling $10,000 for transaction related services
provided. Aaron Bertolatti received additional consulting fees totalling $5,000 for transaction related services
provided.
Directors’ Report
Odin Metals Limited
12
2021 Annual Report to Shareholders
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.
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
Directors
Jason Bontempo
3,333,333
-
1,500,000
2,500,000
7,333,333
Simon Mottram
2,500,000
-
2,500,000
-
5,000,000
Ted Coupland1
-
-
-
2,500,000
2,500,000
Luis Azevedo2
3,500,000
-
1,375,000
(4,875,000)
-
Officers
Aaron Bertolatti
633,333
-
125,000
500,000
1,258,333
1 Mr. Coupland was appointed as a director on 15 April 2021.
2 Mr. Azevedo resigned as a director on 13 May 2021.
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:
1 Mr. Coupland was appointed as a director on 15 April 2021.
2 Mr. Azevedo resigned as a director on 13 May 2021.
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 19.
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
Directors
Jason Bontempo
8,000,000
-
(1,500,000)
-
6,500,000
-
6,500,000
Simon Mottram
15,000,000
-
(2,500,000)
- 12,500,000
- 12,500,000
Ted Coupland1
-
4,000,000
-
-
4,000,000
1,000,000
3,000,000
Luis Azevedo
5,500,000
-
(1,375,000) (4,125,000)2
-
-
-
Officers
Aaron Bertolatti
900,000
-
(125,000)
-
775,000
-
775,000
Directors’ Report
Odin Metals Limited
13
2021 Annual Report to Shareholders
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
Vested
Max
value yet
to vest
$
$
$
Directors
Jason Bontempo
28/11/18
2,000,000
03/04/22
0.001
158,000
-2
-
35,686
01/05/20
6,000,000
01/05/24
0.0001
126,750 1,500,0003
25%
58,020
Simon Mottram
19/02/19
5,000,000
26/02/22
0.001
567,500
-2
-
124,270
01/05/20 10,000,000
01/05/24
0.0001
211,250 2,500,0003
25%
96,699
Ted Coupland
08/04/21
4,000,000
15/04/24
0.0001
127,610 1,000,0004
25%
88,419
Luis Azevedo
01/05/20
5,500,000
01/05/24
0.0001
116,188 1,375,0003
25%
53,185
Officers
Aaron Bertolatti
28/11/18
400,000
03/04/22
0.001
31,600
-2
-
4,835
01/05/20
500,000
01/05/24
0.0001
10,563
125,0003
25%
6,540
33,400,000
1,349,461 6,500,000
467,654
1 The value at grant date has been calculated in accordance with AASB 2 Share-based payments.
2 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.
3 The Options will vest on the earlier of:
a) 25%: No vesting conditions. The options vest immediately upon issue;
b) 25%: The volume weighted average price of Company shares is at least $0.08 for 20 consecutive trading
days; and
c) 50%: At least 24 months after issue of the options and the volume weighted average price of Company
shares is at least $0.20 for 20 consecutive trading days.
4 The Options will vest on the earlier of:
a) 25%: No vesting conditions. The options vest immediately upon issue;
b) 25%: The volume weighted average price of Company shares is at least $0.04 for 20 consecutive trading
days; and
c) 50%: At least 24 months after issue of the options and the volume weighted average price of Company
shares is at least $0.08 for 20 consecutive trading days.
Service Agreements
Executive Chairman
Jason Bontempo has entered into an executive service agreement with the Group in the form of a letter of
appointment dated 9 April 2020. Under the agreement Mr. Bontempo is paid an annual fee of A$120,000. The
letter summarises the Board policies and terms, including compensation, relevant to the Director.
Directors’ Report
Odin Metals Limited
14
2021 Annual Report to Shareholders
Executive Officers
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.
Managing Director and CEO
Simon Mottram was engaged under an Executive Agreement dated 19 February 2019. Under the agreement
Mr. Mottram was to be paid an annual fee of A$300,000 (exclusive of superannuation). Effective 1 July 2021,
it was agreed that Mr. Mottram would transition to the role of Non-Executive Director. Mr Mottram will be
entitled to a base fee of A$30,000 per annum for the financial year ended 30 June 2022.
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 2020 Annual General Meeting
Odin Metals Limited received 97.8% of "yes" votes on its remuneration report for the 2020 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
2021.
Additional Information
The earnings of the Group for the five years to 30 June 2021 are summarised below:
2021
2020
2019
2018
2017
Revenue
$69,688
$586,842
$73,476
$20,236
$10,028
Loss after income tax
$8,668,416 $1,851,854
$833,752 $1,195,142
$244,113
The factors that are considered to affect total shareholders return ('TSR') are summarised below:
2021
2020
2019
2018
2017
Share price at financial year end ($)
0.035
0.036
0.12
0.21
0.05
Total dividends declared (cents per share)
-
-
-
-
-
Basic earnings per share (cents per share)
(2.91)
(1.05)
(0.54)
(1.01)
(0.05)
END OF AUDITED REMUNERATION REPORT
Signed on behalf of the Board in accordance with a resolution of the Directors.
Jason Bontempo
Executive Chairman
Perth, Western Australia
29 September 2021
Odin Metals Limited
Odin Metals Limited
15
2021 Annual Report to Shareholders
Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the year ended 30 June 2021
Note
30-Jun-21
30-Jun-20
$
$
Continuing Operations
Interest received
789
3,741
Other income
68,899
31,101
Reversal of prior year impairment
-
470,139
Gain on assets held for sale
-
81,861
Professional and consulting fees
(377,032)
(542,505)
Director and employee costs
(352,616)
(510,540)
Other expenses
(159,610)
(440,323)
Impairment expense
9
(7,070,084)
(306,999)
Unrealised loss on investment
(139,500)
-
Share based payments expense
19
(639,262)
(638,329)
Loss before income tax
(8,668,416)
(1,851,854)
Income tax expense
3
-
-
Net loss for the year
(8,668,416)
(1,851,854)
Other comprehensive income
Items that may be reclassified to profit or loss
(43,216)
5,086
Other comprehensive (loss)/income for the year net of
tax
(43,216)
5,086
Total comprehensive loss for the year
(8,711,632)
(1,846,768)
Loss per share
Basic and diluted loss per share (cents)
17
(2.91)
(1.05)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with
the accompanying notes.
Odin Metals Limited
Odin Metals Limited
16
2021 Annual Report to Shareholders
Consolidated Statement of Financial Position
as at 30 June 2021
30-Jun-21
30-Jun-20
Note
$
$
Current Assets
Cash and cash equivalents
4
2,929,171
2,635,783
Trade and other receivables
5
94,791
148,051
Assets held for sale
6
-
552,000
Total Current Assets
3,023,962
3,335,834
Non-Current Assets
Financial assets at fair value through profit and loss
7
292,500
-
Property, plant and equipment
8
35,358
48,131
Deferred exploration and evaluation expenditure
9
2,587,294
6,545,741
Total Non-Current Assets
2,915,152
6,593,872
Total Assets
5,939,114
9,929,706
Current Liabilities
Trade and other payables
10
65,915
192,562
Total Current Liabilities
65,915
192,562
Total Liabilities
65,915
192,562
Net Assets
5,873,199
9,737,144
Equity
Issued capital
11
20,626,025
16,417,600
Reserves
12
2,204,972
1,608,926
Accumulated losses
13
(16,957,798)
(8,289,382)
Total Equity
5,873,199
9,737,144
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Odin Metals Limited
Odin Metals Limited
17
2021 Annual Report to Shareholders
Consolidated Statement of Changes in Equity
for the year ended 30 June 2021
Issued capital
$
Accumulated
losses
$
Foreign exchange
translation
reserve
$
Share option
reserve
$
Total
$
Balance at 1 July 2019
12,595,418
(6,437,528)
-
864,261
7,022,151
Total comprehensive loss for the year
Loss for the year
-
(1,851,854)
-
-
(1,851,854)
Foreign currency translation
-
-
5,086
5,086
Total comprehensive loss for the year
-
(1,851,854)
5,086
-
(1,846,768)
Transactions with owners in their capacity as owners
Shares issued during the year
4,220,000
-
-
-
4,220,000
Cost of issue
(397,818)
-
-
100,250
(297,568)
Share based payment (note 19)
-
-
-
638,329
638,329
Proceeds of issue of options
-
-
-
1,000
1,000
Balance at 30 June 2020
16,417,600
(8,289,382)
5,086
1,603,840
9,737,144
Balance at 1 July 2020
16,417,600
(8,289,382)
5,086
1,603,840
9,737,144
Total comprehensive loss for the year
Loss for the year
-
(8,668,416)
-
-
(8,668,416)
Foreign currency translation
-
-
(43,216)
(43,216)
Total comprehensive loss for the year
-
(8,668,416)
(43,216)
-
(8,711,632)
Transactions with owners in their capacity as owners
Shares issued during the year
4,251,663
-
-
-
4,251,663
Cost of issue
(43,238)
-
-
-
(43,238)
Share based payment (note 19)
-
-
-
639,262
639,262
Balance at 30 June 2021
20,626,025
(16,957,798)
(38,130)
2,243,102
5,873,199
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Odin Metals Limited
Odin Metals Limited
18
2021 Annual Report to Shareholders
Consolidated Statement of Cash Flows
for the year ended 30 June 2021
Note
30-Jun-21
30-Jun-20
$
$
Cash flows from operating activities
Payments to suppliers and employees
(1,063,056)
(1,497,383)
Interest received
789
3,741
Other receipts
68,899
31,101
Net cash used in operating activities
4
(993,368)
(1,462,541)
Cash flows from investing activities
Purchase of plant and equipment
(4,500)
(52,362)
Proceeds from sale of tenement
120,000
-
Payments for exploration expenditure
(1,343,931)
(1,018,283)
Net cash used in investing activities
(1,228,431)
(1,070,645)
Cash flows from financing activities
Proceeds from issue of shares
2,601,662
3,900,000
Proceeds from issue of options
-
1,000
Payments for share issue costs
(43,238)
(226,565)
Net cash provided by financing activities
2,558,424
3,674,435
Net increase in cash and cash equivalents
336,625
1,141,249
Cash and cash equivalents at the beginning of the year
2,635,783
1,379,172
Effect of exchange rate fluctuations on cash
(43,237)
115,362
Cash and cash equivalents at the end of the year
4
2,929,171
2,635,783
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
19
2021 Annual Report to Shareholders
1. Corporate Information
The financial report of Odin Metals Limited (“Odin Metals” or “the Company”) for the year ended 30 June 2021
was authorised for issue in accordance with a resolution of the Directors on 29 September 2021. 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 Group 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 Group
only. Supplementary information about the parent entity is disclosed in note 25.
(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.
(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
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
20
2021 Annual Report to Shareholders
(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 Group is organised into one main operating segment, which involves
exploration for copper and base metals. All of the Group’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 Group as one segment. The
financial results from this segment are equivalent to the financial statements of the Group 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 Group’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 Group 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:
(i)
the rights to tenure of the area of interest are current; and
(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
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
21
2021 Annual Report to Shareholders
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
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
22
2021 Annual Report to Shareholders
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 Group 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 Group makes an
estimate of the asset’s recoverable amount.
An asset’s recoverable amount is the higher of its fair value less costs to sell and its value in use and is
determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets or group 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
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
23
2021 Annual Report to Shareholders
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 Group prior to the end of the financial year that are unpaid and arise when the Group
becomes obliged to make future payments in respect of the purchase of these goods and services.
(n) Provisions
Provisions are recognised when the Group 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 Group 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.
(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.
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
24
2021 Annual Report to Shareholders
(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 Group. 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 Group 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.
(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’).
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
25
2021 Annual Report to Shareholders
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 19. 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 17).
(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
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
26
2021 Annual Report to Shareholders
(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 19.
Deferred Exploration and evaluation Expenditure
Deferred exploration and evaluation expenditure has been capitalised on the basis that the Group 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.
Coronavirus (COVID-19) pandemic
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has had,
or may have, on the Group based on known information. This consideration extends to the nature of the
products and services offered, customers, supply chain, staffing and geographic regions in which the Group
operates. Other than as addressed in specific notes, there does not currently appear to be either any
significant impact upon the financial statements or any significant uncertainties with respect to events or
conditions which may impact the Group unfavourably as at the reporting date or subsequently as a result of
the Coronavirus (COVID-19) pandemic.
(v) New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new
or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
The following Accounting Standards and Interpretations are most relevant to the Group:
Conceptual Framework for Financial Reporting (Conceptual Framework)
The Group has adopted the revised Conceptual Framework from 1 July 2020. The Conceptual Framework
contains new definition and recognition criteria as well as new guidance on measurement that affects several
Accounting Standards, but it has not had a material impact on the Group's financial statements.
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
27
2021 Annual Report to Shareholders
3.
Income tax
(a) Income tax expense
Major component of tax expense for the year:
Current tax
-
-
Deferred tax
-
-
-
-
(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
(8,668,416)
(1,703,367)
Tax at the Australian rate of 26% (2020: 27.5%)
(2,253,788)
(468,426)
Add:
Tax effect of:
-
Income and expenditure that is either not assessable or
deductible in determining taxable profit
183,543
212,772
-
Impact of reduction in future corporate tax rate
193,764
-
-
Temporary differences not brought to account
1,534,116
116,530
(342,365)
(139,124)
Less:
Tax effect of:
- tax losses not recognised due to not meeting recognition criteria
(342,365)
(139,124)
Income tax expense
-
-
(c) Deferred tax assets not recognised at 25% (2020: 27.5%)
Provisions and accruals
5,000
5,500
Carry forward revenue and capital losses
2,178,049
2,063,491
Capital raising costs
28,870
34,919
Investments
618,208
27,500
2,830,127
2,131,409
(d) Deferred tax liabilities not recognised at 25% (2020: 27.5%)
Exploration
230,414
-
230,414
-
The Group has tax losses arising in Australia of $8,536,744 (2020: $7,328,152) that are available indefinitely
for offset against future taxable profits of the Group. The benefit for tax losses will only be obtained if:
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.
(e) Change in corporate tax rate
There has been a legislated change in the corporate tax rate that will apply to future income years. The impact
of this reduction in the corporate tax rate has been reflected in the unrecognised deferred tax positions and
the prima face income tax reconciliation above.
2021
$
2020
$
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
28
2021 Annual Report to Shareholders
4.
Cash and cash equivalents
Reconciliation of cash
Cash comprises of:
Cash at bank
2,929,171
2,635,783
Reconciliation of operating loss after tax to net cash flow from
operations
Loss after tax
(8,668,416)
(1,851,854)
Non-cash and non-operating items
Share-based payment
639,262
638,329
Gain on available for sale assets
-
(552,000)
Other
155,269
4,233
Impairment expense
7,070,084
306,999
Change in assets and liabilities
Increase in trade and other receivables
(46,740)
(40,098)
(Decrease) / increase in trade and other payables
(142,827)
31,850
Net cash flow used in operating activities
(993,368)
(1,462,541))
5.
Trade and other receivables
Trade debtors
-
375
Other receivables
-
100,000
Prepayments
-
5,276
GST receivable
94,791
42,400
94,791
148,051
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.
6.
Assets held for sale
Exploration asset M27/263
-
552,000
In June 2020, the Company signed a binding Heads of Agreement to transfer the remaining 30% ownership of
the prospective and mineralised tenement M27/263 to 70% joint venture partner Moho Resources Limited. As
a result, the Board has decided to reclassify its 30% ownership interest in M27/263 to Assets Held for Sale at
30 June 2020.
7.
Financial Assets at Fair Value Through Profit and Loss
Opening Balance
-
-
Acquisition of listed investments
432,000
-
Unrealised gain/(loss) on investments
(139,500)
-
Closing balance
292,500
-
On 17 August 2020 the Company was issued 4,500,000 shares in Moho Resources Limited at a deemed issue
price of $0.096 per share following the completion of the acquisition and transfer of the remaining 30%
ownership of tenement M27/263.
Financial assets comprise investments in the ordinary issued capital of listed entities. There are no fixed
returns or fixed maturity dates attached to these investments.
2021
$
2020
$
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
29
2021 Annual Report to Shareholders
They are deemed to be level 1 and measured as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can
access at the measurement date.
The Group does not have any level 2 or 3 financial assets or liabilities.
8.
Property, plant and equipment
Plant and Equipment, net
35,358
48,131
Movements in property, plant and equipment:
Plant and Equipment
Opening balance
48,131
-
Additions
-
52,362
Depreciation
(12,773)
(4,231)
Closing balance
35,358
48,131
9.
Deferred exploration and evaluation expenditure
Exploration and evaluation phase - at cost
Opening balance
6,545,741
5,721,107
Acquisition of exploration tenements
1,750,0001
720,000
Exploration expenditure written off
(7,070,084) 2
(306,999)
Exploration and evaluation expenditure incurred during the year
1,361,637
411,633
Closing balance
2,587,294
6,545,741
1 During the year, the Company executed a binding purchase agreement with Peel Far West Pty Ltd to acquire
a 100% ownership interest in the Koonenberry project comprising exploration licences EL8721, EL8722,
EL8790, EL8791 and EL8909. Consideration for the acquisition comprised of the issue of 50,000,000 fully
paid ordinary shares at a deemed issue price of $0.035 per share.
2 During the reporting period, the Company completed its initial diamond drill programme at the Monte Azul
Project. Drilling principally targeted the existing historic resources and their extensions, however widths
and grade were below expectation. The Company handed back the Monte Azul project to Vale S.A. and
relinquished all other licences in the project. As a result, exploration and evaluation expenditure in relation
to the Vale Option was written down to nil. The impairment expense recognised was $7,070,084.
10. Trade and other payables
Trade payables
45,915
35,505
Accruals and other payables
20,000
157,057
65,915
192,562
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.
11. Issued capital
(a) Issued and paid up capital
Issued and fully paid
20,626,025
16,417,600
2021
$
2020
$
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
30
2021 Annual Report to Shareholders
2021
2020
Number of
shares
$
Number of
shares
$
(b) Movements in ordinary shares on issue
Opening balance
259,719,335
16,417,600
153,719,335
12,595,418
Shares issued via placement ($0.04)
-
-
100,000,000
4,000,000
Shares issued as consideration for acquisition
-
-
6,000,000
220,000
Shares issued via placement ($0.018)
125,000,000
2,500,000
-
-
Conversion of Unlisted Options - $0.75
6,625,000
663
-
-
Shares issued as consideration for acquisition1
50,000,000
1,750,000
-
-
Shares issued to advisors2
10,000,000
1,000
-
-
Transaction costs on share issue
-
(43,238)
-
(397,818)
Closing balance
451,344,335
20,626,025
259,719,335
16,417,600
1 10,000,000 Odin shares were granted to an advisor on 24 February 2021 at an issue price of $0.0001.
2 50,000,000 Odin shares were granted to Peel Far West Pty Ltd on 30 June 2021 at a deemed issue price of
$0.035 as consideration for the acquisition of the Koonenberry project comprising exploration licences
EL8721, EL8722, EL8790, EL8791 and EL8909.
(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 $5,873,199 at 30 June 2021. 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 18 for further information on the Company’s
financial risk management policies.
(e) Share options
As at 30 June 2021 there were 51,775,000 unissued ordinary shares under options. The details of the options
are as follows:
Number
Exercise Price $
Expiry Date
6,200,000
$0.001
3 April 2022
5,200,000
$0.001
26 February 2022
20,375,000
$0.0001
1 May 2024
3,500,000
$0.08
31 March 2023
3,250,000
$0.10
31 March 2023
3,250,000
$0.12
31 March 2023
3,000,000
$0.08
8 July 2022
3,000,000
$0.10
8 July 2022
4,000,000
$0.0001
15 April 2024
51,775,000
No option holder has any right under the options to participate in any other share issue of the Company or any
other entity. 50,000,000 options lapsed unexercised and 2,000,000 options were forfeited during the financial
year. 6,625,000 options were exercised during the year ended 30 June 2021.
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
31
2021 Annual Report to Shareholders
12. Reserves
Share option reserve
2,243,102
1,603,840
Foreign exchange translation reserve
(38,130)
5,086
2,204,972
1,608,926
Movements in Reserves
Share option reserve
Opening balance
1,603,840
864,261
Share-based payments (note 19(a))
639,262
738,579
Proceeds from option issue
-
1,000
Closing balance
2,243,102
1,603,840
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 19 for further details of the securities issued during the
financial year ended 30 June 2021.
Foreign exchange translation reserve
Opening balance
5,086
-
Foreign exchange translation difference
(43,216)
5,086
Closing balance
(38,130)
5,086
The foreign exchange differences arising on translation of foreign controlled entities are taken to the foreign
currency translation reserve.
13. Accumulated losses
Movements in accumulated losses were as follows:
Opening balance
(8,289,382)
(6,437,528)
Loss for the year
(8,668,416)
(1,851,854)
Closing balance
(16,957,798)
(8,289,382)
14. 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
27,500
31,000
15. 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
473,500
545,000
Post-employment benefits
9,500
33,087
Share-based payments
364,615
423,670
Total remuneration
847,615
1,001,757
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
2021 and their interests in shares and options of the Company.
2021
$
2020
$
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
32
2021 Annual Report to Shareholders
(b) Other transactions with Key Management Personnel
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 2021 (2020: $135,000). The consulting fee is
included in note 15(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 2021 (2020: $65,000). The consulting fee is included
in note 15(a) “Remuneration of Directors and Key Management Personnel”. Nil was outstanding at year end.
Westoaks Enterprises Pty Ltd, a company in which Mr Ted Coupland is a director, earned fees totalling $6,000
for non-executive director services provided during the year ended 30 June 2021. This fee is included in note
15(a) “Remuneration of Directors and Key Management Personnel”. Nil was outstanding at year end.
RD Consulting Ltd, a company in which Mr Luis Azevedo is a director, was paid fees totalling $18,000 for non-
executive director services provided during the year ended 30 June 2021. This fee is included in note 15(a)
“Remuneration of Directors and Key Management Personnel”. Nil was outstanding at year end.
Estrelas Cadentes Ltda, a company in which Mr Simon Mottram is a director, was paid fees totalling $136,000
for non-executive director services provided during the year ended 30 June 2021. This fee is included in note
15(a) “Remuneration of Directors and Key Management Personnel”. Nil 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 2021.
16. Related party disclosures
(a) Key management personnel
For Director related party transactions please refer to Note 15 “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
Country of Incorporation
Equity Holding
Evandale Minerals Pty Ltd
Australia
100%
Punch Resources Pty Ltd
Australia
100%
Odin Canada Inc
Canada
100%
17. Loss per share
Loss used in calculating basic and dilutive EPS
(8,668,416)
(1,851,854)
Number of
Shares
Number of
Shares
Weighted average number of ordinary shares used in calculating basic
loss per share:
298,198,102
176,389,080
Effect of dilution:
Share options
-
-
Adjusted weighted average number of ordinary shares used in
calculating diluted loss per share:
298,198,102
176,389,080
2021
$
2020
$
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
33
2021 Annual Report to Shareholders
There is no impact from 51,775,000 options outstanding at 30 June 2021 on the earnings per share calculation
because they are anti-dilutive. These options could potentially dilute basic EPS in the future.
18. Financial risk management
Exposure to foreign currency risk, credit risk, liquidity risk and interest rate risk arises in the normal course of
the Group’s business. The Group 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 Group will encounter difficulty in meeting obligations associated with financial
liabilities. The Group 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.
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 Group’s exposure to market risk for changes to interest rate risk relates
primarily to its earnings on cash and term deposits. The Group manages the risk by investing in short term
deposits.
Cash and cash equivalents
2,929,171
2,635,783
Interest rate sensitivity
The following table demonstrates the sensitivity of the Group’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
Effect on Post
Tax Loss ($)
Effect on equity
including retained
earnings ($)
Increase/(Decrease)
Effect on Post
Tax Loss ($)
Effect on equity
including retained
earnings ($)
Increase/(Decrease)
2021
2020
Increase 75 basis points
21,967
21,967
19,768
19,768
Decrease 75 basis points
(21,967)
(21,967)
(19,768)
(19,768)
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 Group to incur a financial loss. The Group’s maximum credit exposure is the carrying
amounts on the statement of financial position. The Group holds financial instruments with credit worthy
third parties.
2021
$
2020
$
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
34
2021 Annual Report to Shareholders
At 30 June 2021, the Company held cash at bank. 100% of the Company’s cash was held in financial institutions
with a rating from Standard & Poor’s of AA or above (long term). The Group has no past due or impaired
debtors as at 30 June 2021.
19. 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 19 (b))
380,352
488,666
Share-based payments to suppliers (note 19 (c))
258,910
149,663
Recognised as an expense in profit or loss
639,262
638,329
Share-based payments to suppliers (note 19 (c))
-
100,250
Recognised as a capital raising cost in equity
-
100,250
Total share-based payments
639,262
738,579
(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 Black-Scholes
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 2021:
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
Number
Number
Number
Number
Number
Number
8/04/2021 15/04/2024 $0.0001
-
4,000,000
-
-
4,000,000
1,000,000 1
-
4,000,000
-
-
4,000,000
1,000,000 1
1 The Options will vest on the earlier of:
a) 25%: No vesting conditions. The options vest immediately upon issue;
b) 25%: At least 12 months after issue of the options and the volume weighted average price of Company
shares is at least $0.04 for 20 consecutive trading days; and
c) 50%: At least 24 months after issue of the options and the volume weighted average price of Company
shares is at least $0.08 for 20 consecutive trading days.
The expense recognised in respect of the above options granted during the year was $39,191. The expense
recognised during the year on options granted in prior periods was $341,161.
2021
$
2020
$
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
35
2021 Annual Report to Shareholders
The model inputs, not included in the table above, for options granted during the year included:
a)
options were granted for nil consideration;
b)
expected life of the options of 3 years;
c)
share price at grant date of $0.032;
d)
expected volatility of 100%;
e)
expected dividend yield of nil; and
f)
a risk-free interest rate ranged of 0.75%
The table below summarises options granted during the year ended 30 June 2020:
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
Number
Number
Number
Number
Number
Number
01/05/2020 01/05/2024 $0.0001
-
24,000,000
-
2,000,000
22,000,000
-1
24,000,000
-
2,000,000
22,000,000
-
1The Performance Options are subject to the following vesting conditions:
a) 5.5m Options (25%) to vest immediately upon shareholder approval (received 9 April 2020);
b) 5.5m Options (25%) vest upon the share price of Odin exceeding $0.08 for 20 consecutive trading days;
and
c) 11.0m Options (50%) vest 24 months from the date of issue, subject to the 15-day VWAP of Odin
exceeding A$0.20.
The model inputs, not included in the table above, for options granted included:
a)
options were granted for nil consideration;
b)
expected life of the options is 4 years;
c)
share price at grant date was $0.03;
d)
expected volatility of 100%;
e)
expected dividend yield of nil; and
f)
a risk-free interest rate was 0.45%
(c) Share-based payment to suppliers
During the financial year ended 30 June 2021, 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
Number
Number
Number
Number
Number
Number
08/07/2020 08/07/2022 $0.08
-
3,000,000
-
-
3,000,000
3,000,000
08/07/2020 08/07/2022 $0.10
-
3,000,000
-
-
3,000,000
3,000,000
-
6,000,000
-
-
6,000,000
6,000,000
The expense recognised in respect of the above options granted during the year was $83,268. The expense
recognised during the year on options granted in prior periods was $175,642.
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
36
2021 Annual Report to Shareholders
The model inputs, not included in the table above, for options granted during the year included:
a)
options were granted for nil consideration;
b)
expected life of the options of 3 years;
c)
share price at grant date of $0.041;
d)
expected volatility of 100%;
e)
expected dividend yield of nil; and
f)
a risk-free interest rate ranged of 0.75%
The table below summarises options granted during the year ended 30 June 2020.
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
Number
Number
Number
Number
Number
Number
21/04/2020 31/03/2023
$0.08
-
3,500,000
-
-
3,500,000
3,500,000
21/04/2020 31/03/2023
$0.10
-
3,250,000
-
-
3,250,000
3,250,000
21/04/2020 31/03/2023
$0.12
-
3,250,000
-
-
3,250,000
3,250,000
01/05/2020 01/05/2024 $0.0001
-
6,000,000
-
-
6,000,000
-1
16,000,000
16,000,000 10,000,000
1The Performance Options are subject to the following vesting conditions:
a) 5.5m Options (25%) to vest immediately upon shareholder approval (received 9 April 2020);
b) 5.5m Options (25%) vest upon the share price of Odin exceeding $0.08 for 20 consecutive trading days;
and
c) 11.0m Options (50%) vest 24 months from the date of issue, subject to the 15-day VWAP of Odin
exceeding A$0.20.
The model inputs, not included in the table above, for options granted included:
a)
options were granted for nil consideration;
b)
expected lives of the options ranged from 3 to 4 years;
c)
share price at grant date of $0.03;
d)
expected volatility of 100%;
e)
expected dividend yield of nil; and
f)
a risk-free interest rate ranging from 0.25 to 0.45%
20. Contingent assets and liabilities
There are no known contingent assets or liabilities as at 30 June 2021.
21. Commitments
There are no known commitments as at 30 June 2021.
22. Dividends
No dividend was paid or declared by the Company in the year ended 30 June 2021 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 2021.
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
37
2021 Annual Report to Shareholders
23. 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. 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 during the reporting period were located in Australia, Brazil and Canada. The
following tables present revenue, expenditure and certain asset and liability information regarding
geographical segments for the years ended 30 June 2021 and 30 June 2020:
Australia
Brazil
Canada
Total
$
$
$
$
Year ended 30 June 2021
Interest income
685
104
-
789
Segment revenue
685
104
-
789
Result
Loss before tax
(7,368,579)
(1,299,837)
-
(8,668,416)
Income tax expense
-
-
-
-
Loss for the year
(7,368,579)
(1,299,837)
-
(8,668,416)
Asset and liabilities
Segment assets
5,939,114
-
-
5,939,114
Segment liabilities
65,915
-
-
65,915
Year ended 30 June 2020
Interest income
3,654
-
87
3,741
Segment revenue
3,654
-
87
3,741
Result
Loss before tax
(1,753,134)
-
(98,720)
(1,851,854)
Income tax expense
-
-
-
-
Loss for the year
(1,753,134)
-
(98,720)
(1,851,854)
Asset and liabilities
Segment assets
2,945,488
5,598,701
1,385,517
9,929,706
Segment liabilities
165,355
-
27,207
192,562
24. Significant events after the reporting date
On 30 July 2021, the Company issued 30 million Director, Management & Advisor Performance Options
exercisable at $0.00001 within 3 years of issue, subject to the satisfaction of certain vesting conditions
(Options). 50% of the Options will vest subject to the Company’s shares achieving a 5-day VWAP of $0.06 and
the remaining 50% will vest subject to the Company’s shares achieving a 5-day VWAP of $0.12. Shareholder
approval for the issue of the Options was received at a general meeting expected held on 19 July 2021.
On 25 August 2021, the Company advised that it had completed the acquisition of 100% of the issued share
capital of Great Western Minerals Pty Ltd (GWM) from Ausmon Resources Limited (ASX:AOA). The consideration
paid by the Company for the acquisition of GWM was $97,360 cash and the issue of 15 million fully paid ordinary
shares in the capital of the Company (to be escrowed for 12 months from the date of issue).
Odin Metals Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2021
Odin Metals Limited
38
2021 Annual Report to Shareholders
The impact of the Coronavirus (COVID-19) pandemic is ongoing and it is not practicable to estimate the
potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is
dependent on measures imposed by the Australian Government and other countries, such as maintaining
social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be
provided.
There have been no significant events subsequent to the end of the financial year to the date of this report.
25. Parent entity information
The following details information related to the parent entity, Odin Metals Limited, at 30 June 2021. The
information presented here has been prepared using consistent accounting policies with those presented in
Note 2.
Current assets
3,016,058
2,891,282
Total assets
5,931,210
9,901,157
Current liabilities
(65,915)
(165,355)
Total liabilities
(65,915)
(165,355)
Net assets
5,865,295
9,735,802
Issued capital
20,626,025
16,417,600
Reserves
2,243,102
1,603,840
Accumulated losses
(17,003,832)
(8,285,638)
5,865,295
9,735,802
Loss of the parent entity
(8,718,194)
(1,753,015)
Other comprehensive income for the year
-
-
(8,718,194)
(1,753,015)
2021
$
2020
$
Directors’ Declaration
Odin Metals Limited
39
2021 Annual Report to Shareholders
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 2021 are in
accordance with the Corporations Act 2001, including:
i.
giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its
performance for the year ended on that date; and
ii.
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 2021.
On behalf of the Board
Jason Bontempo
Executive Chairman
Perth, Western Australia
29 September 2021
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent
accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Odin Metals Limited for the year ended 30 June 2021, 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
ALASDAIR WHYTE
Dated: 29 September 2021
Partner
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent
accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32, Exchange Tower
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
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 2021, the consolidated statement of profit
or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated
statement of cash flows for the year then ended, 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 2021 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
Deferred Exploration and Evaluation Expenditure
Refer to Note 9 in the financial statements
The Group has capitalised exploration and
evaluation expenditure, with a carrying value of
$2,587,294 as at 30 June 2021.
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 if so, judgement
applied to determine and quantify any
impairment loss; and
Determination
of
whether
exploration
activities have reached a stage at which the
existence of an economically recoverable
reserves may be determined.
Our audit procedures 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;
Assessing and evaluating management’s assessment of
the impairment loss recognised for the area of interests
where the rights to tenure have been relinquished;
Reviewing the purchase agreement to obtain an
understanding of the acquisition of exploration licences
transaction, evaluating the appropriateness of the
acquisition
accounting
treatment
and
assessing
management’s
determination
of
the
purchase
consideration;
Enquiring with management and reviewing budgets and
other documentation as evidence that active and significant
operations in, or relation to, the area of interest will be
continued in the future; and
Through discussions with the management and review of
the Board Minutes, ASX announcements and other
relevant
documentation,
assessing
management’s
determination that exploration activities have not yet
progressed to the stage where the existence or otherwise
of economically recoverable reserves may be determined.
Share-Based Payments
Refer to note 19 in the financial statements
During the year ended 30 June 2021 the Group
issued options to key management, employees
and suppliers. The Group recognised $639,262
as an expense in the statement of profit or loss
and other comprehensive income.
Management
have
accounted
for
these
arrangements in accordance with AASB 2
Share-based Payment and used an option
pricing model to value the options.
We considered this to be a key audit matter due
to the complex and significant judgement
involved in assessing the fair value of the share-
based payments.
Our audit procedures included:
Reviewing the key terms and conditions of the share-
based payments arrangements;
Obtaining the valuation models prepared by management
and assessing whether the models were appropriate for
valuing the options granted during the year;
Checking the mathematical accuracy of the computation;
Challenging the reasonableness of key assumptions used
in the models by management;
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 2021 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: https://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 2021.
In our opinion, the Remuneration Report of Odin Metals Limited, for the year ended 30 June 2021, complies with
section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
RSM AUSTRALIA PARTNERS
Perth, WA
ALASDAIR WHYTE
Dated: 29 September 2021
Partner
ASX Additional Information
Odin Metals Limited
45
2021 Annual Report to Shareholders
Additional information required by the Australian Stock Exchange Ltd and not shown elsewhere in this
report is as follows. The information is current at 24 September 2021.
Distribution of Share Holders
Ordinary Shares
Number of Holders
Number of Shares
%
1 - 1,000
25
2,931
0.00
1,001 - 5,000
22
66,168
0.01
5,001 - 10,000
66
638,101
0.14
10,001 - 100,000
344
14,636,553
3.14
100,001 - and over
327
451,000,582
96.71
TOTAL
784
466,344,335
100
There were 176 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
Shares
%
PEEL MINING LIMITED
50,000,000
10.72
SUNSET CAPITAL MANAGEMENT PTY LTD
26,250,000
5.63
JET CAPITAL PTY LTD
20,500,000
4.40
AUSMON RESOURCES LIMITED
15,000,000
3.22
BLAMNCO TRADING PTY LTD
14,500,000
3.11
ARALAD MANAGEMENT PTY LTD
11,455,238
2.46
HSBC CUSTODY NOMINEES LIMITED
11,007,589
2.36
STRATA NOMINEES PTY LTD
10,000,000
2.14
TRIBECA INVESTMENT PARTNERS (SINGAPORE) PTE LTD
7,500,000
1.61
VONROSS NOMINEES PTY LTD
7,006,402
1.50
JALAVER PTY LTD
7,000,000
1.50
KERO INVESTMENTS PTY LTD
6,910,000
1.48
ROWLEY SUPER INVESTMENTS PTY LTD
5,600,000
1.20
CITICORP NOMINEES PTY LIMITED
5,586,374
1.20
J & J BANDY NOMINEES PTY LTD
5,000,000
1.07
SYRACUSE CAPITAL PTY LTD
4,901,361
1.05
J & J BANDY NOMINEES PTY LTD
4,393,537
0.94
THREE ZEBRAS PTY LTD
4,225,000
0.91
MRS TIZIANA BATTISTA
4,000,000
0.86
MR MATTHEW KENNY CHAU
4,000,000
0.86
TOTAL
224,835,501
48.22
Substantial Shareholders
Name
Shares
%
PEEL MINING LIMITED
50,000,000
10.72
SUNSET CAPITAL MANAGEMENT PTY LTD
26,250,000
5.63
On-Market Buy Back
There is no current on-market buy back.
ASX Additional Information
Odin Metals Limited
46
2021 Annual Report to Shareholders
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 2021.
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.
- Aralad Management Pty Ltd 1,000,000
Options
- Jet Capital Pty Ltd 1,000,000 Options
5,200,000
Options over ordinary shares exercisable at
$0.001 on or before 26 February 2022.
- Simon Mottram 5,000,000 Options
20,375,000
Options over ordinary shares exercisable at
$0.0001 on or before 1 May 2024.
- Simon Mottram 7,500,000 Options
- Mrs Tiziana Battista
4,500,000 Options
3,500,000
Options over ordinary shares exercisable at
$0.08 on or before 31 March 2023.
- Horizon Investment Services Pty Ltd
2,916,669 Options
3,250,000
Options over ordinary shares exercisable at
$0.10 on or before 31 March 2023.
- Horizon Investment Services Pty Ltd
2,666,666 Options
3,250,000
Options over ordinary shares exercisable at
$0.12 on or before 31 March 2023.
- Horizon Investment Services Pty Ltd
2,566,665 Options
3,000,000
Options over ordinary shares exercisable at
$0.08 on or before 8 July 2022.
- 2428 PTY LTD 1,000,000 Options
- Gaks Investment Holdings Pty Ltd
1,000,000 Options
- Malahide Management Pty Ltd 1,000,000
Options
3,000,000
Options over ordinary shares exercisable at
$0.10 on or before 8 July 2022.
- 2428 PTY LTD 1,000,000 Options
- Gaks Investment Holdings Pty Ltd
1,000,000 Options
- Malahide Management Pty Ltd 1,000,000
Options
4,000,000
Options over ordinary shares exercisable at
$0.0001 on or before 15 April 2024.
- Westoaks Enterprises Pty Ltd 4,000,000
Options
30,000,000
Options over ordinary shares exercisable at
$0.00001 on or before 30 July 2024.
- Jet Capital Pty Ltd 13,000,000 options
- Strata Nominees Pty Ltd 10,000,000 options
Schedule of Tenements
Odin Metals Limited
47
2021 Annual Report to Shareholders
Odin Metals Limited Tenements
BL – Blocks
HA – Hectares
km2 – Kilometres squared
Koonenberry Project Location
Tenement
Project
Location
Area
Structure
EL 8721
Koonenberry
NSW, Australia
119 BL
100%
EL 8722
Koonenberry
NSW, Australia
253 BL
100%
EL 8790
Koonenberry
NSW, Australia
200 BL
100%
EL 8791
Koonenberry
NSW, Australia
249 BL
100%
EL 8909
Koonenberry
NSW, Australia
9 BL
100%
EL 6400
Koonenberry
NSW, Australia
4 BL
100%
Under application
EL 6281
Koonenberry
NSW, Australia
28 BL
100%
EL 6308
Koonenberry
NSW, Australia
19 BL
100%