PolarX Limited
ABN 76 161 615 783
Annual Report
30 June 2021
CONTENTS
Corporate Directory
Review of Operations
Directors’ Report
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Cash Flows
Consolidated Statement of Changes in Equity
Notes to the Consolidated Financial Statements
Directors’ Declaration
Auditor’s Independence Declaration
Independent Audit Report
Additional ASX Information
Page No
3
4
18
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POLARX LIMITED
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ANNUAL REPORT 2021
CORPORATE DIRECTORY
Directors
Mr. Mark Bojanjac
Executive Chairman
Dr. Frazer Tabeart
Managing Director
Dr. Jason Berton
Executive Director
Mr. Robert Boaz
Non-Executive Director
Company Secretary
Mr. Ian Cunningham
Registered Office
1/100 Railway Road
Subiaco WA 6008
Australia
Telephone:
(+61 8) 9226 1356
Facsimile:
(+61 8) 9226 2027
Principal Place of Business
Suite 1, 245 Churchill Avenue
Subiaco WA 6008
Australia
Telephone:
(+61 8) 6465 5500
Facsimile:
(+61 8) 6465 5599
Share Register
Computershare Investor Services Pty Ltd
Level 11
172 St Georges Terrace
Perth WA 6000 Australia
Telephone: 1300 787 272
International: (61 8) 9323 2000
Facsimile:
(61 8) 9323 2033
Stock Exchange Listing
Australian Securities Exchange
ASX Code: PXX
Auditor
Stantons
Level 2, 1 Walker Avenue
West Perth WA 6005
Australia
POLARX LIMITED
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ANNUAL REPORT 2021
Review of Operations
REVIEW OF OPERATIONS
During the financial year ended 30 June 2021 (“FY2021”), PolarX Limited (“PolarX” or “the Company”) focussed on the
exploration and development of the:
Alaska Range Project in Alaska, USA, which contains both the Stellar Gold Copper Project (“Stellar Project” – 100% owned),
and Caribou Dome Copper Project (“Caribou Dome Project” – earning 80-90%); and
Humboldt Range Gold-Silver Project in Nevada, USA (“Humboldt Range Project”), the mining rights of which were acquired
by the Company in early 2021.
Project Overview
Alaska Range: Stellar Property (100% PXX)
• 3.4Mt @ 1.2% Cu + 2g/t Au + 14g/t Ag JORC at
Zackly Project, open in all directions.
• New 2.6km long target confirmed in 2020 drilling.
• Highly prospective for large, bulk tonnage porphyry
copper-gold deposits with maiden discovery (102m
@ 0.22% Cu + 0.1g/t Au) at the Mars prospect
• Metallurgical test work underway on Zackly to
assess gravity gold recovery and copper sulphide
flotation
• Potential joint mining and co-processing options to
be assessed in a mining scoping study
commencing Q3 2021.
Alaska Range: Caribou Dome Property (PXX earning up to 90%)
• 2.8Mt @ 3.1% Cu JORC at Caribou Dome deposit, high grade surface zones at 4.4% Cu.
• Mineralisation open in all directions, and numerous untested IP/geochemical targets.
• 1,500m core drilling program commenced in Q3 2021 for infill (metallurgical test work) ad new IP/Geochem target
testing.
Humboldt Range (Nevada)
• Located in Nevada, USA, a TIER-1 fiscal and geological jurisdiction.
• Lies between the 5 Moz Florida Canyon Gold mine, and the 400Moz Rochester Silver mine (which also contains 3.5Moz
gold).
• Outcropping quartz veins and historical mines show numerous assays over 10g/t gold, with peak values of 3,384g/t gold,
4,800g/t silver, 22.9% lead and 3.1% Zinc.
• Major sampling program recently completed in preparation for maiden drilling.
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ANNUAL REPORT 2021
Review of Operations
Alaska Range Project
Overview
The Alaska Range Project comprises a contiguous package covering 262km2 with ~35km strike length hosting extensive
copper- and gold-in-soil anomalism consistent with several mineralised districts (Figure 1).
Previous campaigns by PolarX focussed on resource delineation drilling at the high-grade Caribou Dome VMS copper
deposit (2.8Mt @ 3.1% Cu) and the high-grade Zackly Au-Cu-Ag skarn deposit (3.4Mt @ 2.0g/t Au, 1.2% Cu and 14.0g/t Ag)
(refer Table 1).
Both deposits remain open at depth and along strike and are expected to increase in size with further drilling. A maiden
mineral resource estimate for the Caribou Dome deposit was announced in April 2017 (Table 1). A maiden JORC Inferred
Resource estimate for the Zackly Deposit was announced in March 2018 (“Zackly Resource”) (refer Table 1). None of the
successful new discoveries outside those resources have yet been incorporated into these estimates.
Table 1. Alaska Range Project Resource Estimates (JORC 2012), 0.5% Cu cut-off grade
Category
Million
Tonnes
Cu %
Au g/t
Ag g/t
Contained Cu
(t)
Contained
Cu (M lb)
Contained Au
(oz)
Contained
Ag (oz)
ZACKLY1
Inferred
3.4
1.2
2.0
14.0
41,200
91
213,000
1,500,000
CARIBOU
Measured
DOME2
Indicated
Inferred
0.6
0.6
1.6
3.6
2.2
3.2
-
-
-
20,500
13,000
52,300
TOTAL
127,000
45
29
115
280
-
-
-
-
-
-
213,000
1,500,000
Notes:
1. Refer to the ASX announcement of 20 March 2018 for full details on the Stellar Project Resource Estimate, including applicable technical information and
reporting criteria. During FY2021 there was no change to the reported Zackly Resources Estimate reported as at 30 June 2020.
2. Refer to the ASX announcement of 5 April 2017 for full details on the Caribou Dome Project Resource Estimate, including applicable technical information
and reporting criteria. During FY2021 there was no change to the Caribou Dome mineral resources estimate reported as at 30 June 2020.
Scoping Study assessing Mining Potential
In conjunction with the 2021 drilling program at Caribou Dome (refer Stellar Project Exploration Program and Caribou Dome
Project sections further below), the Company has commenced a scoping study to evaluate combined mining and processing
of Zackly East, Caribou Dome and Zackly Main mineralisation. This will help determine a minimum resource size required
for a viable project and to assess whether the Caribou Dome Deposit can be mined on a campaign basis and processed at
Zackly. As part of this study, a metallurgical test work program is underway to evaluate processing options for the Zackly
mineralisation and the potential for co-processing with Caribou Dome mineralisation including:
• Initial work to evaluate gravity-recovery of coarse gold in the Zackly mineralisation.
• Evaluating subsequent flotation of the gravity circuit residue to recover copper sulphides, silver and any remaining gold.
• Comparing the above dual processing flow sheet recoveries with a single phase of flotation only.
• Comparing the above results with early Caribou Dome flotation results to evaluate co-processing or batch processing
options.
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ANNUAL REPORT 2021
Review of Operations
Porphyry Targets
The regional geological setting, presence of large copper anomalies in soil sampling, and the occurrence of skarn
mineralisation at Zackly strongly support the potential for major porphyry Cu-Au deposits in the Stellar Project.
Porphyry Cu-Au mineralisation was discovered by PolarX in the first ever drill hole at the Mars prospect in 2019, which
intersected 102m @ 0.22% Cu and 0.1g/t Au in potassic alteration directly below a 1200m x 800m Cu-Mo-Au-As surface
geochemical anomaly. This drill hole prematurely ended in mineralisation due to drill rig failure and warrants further drilling
to extend and follow-up on this discovery.
Further drilling is also warranted at the Saturn porphyry target, with less advanced but highly compelling porphyry targets
also noted at Jupiter and Gemini.
The Company is in active discussions with potential earn-in JV partners to fund a large porphyry exploration program but
has been hampered by COVID-19 travel restrictions.
Figure 1. Location map showing main deposits and prospects at the Stellar and Caribou Dome projects in central Alaska and
showing regional copper geochemistry in soil sampling draped on digital elevation
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ANNUAL REPORT 2021
Review of Operations
Stellar Project Exploration Program
The FY2021 core drilling program commenced in July 2020 and focussed on the Zackly East mineralisation to the east of
the discovery holes which previously intersected 55m @ 2.8g/t gold and 0.6% copper (hole ZX18020) and 47m @ 3.1g/t
gold and 0.6% copper (ZX18024) in FY2020 (see Figure 2 for location).
Table 2. Significant Assay Results for FY2021 Zackly East Drill Program
From (m)
To (m)
Interval (m)1
Gold ppm
Cu %
Silver ppm
ZX20035
46.94
incl 49.68
ZX20040
8.49
incl 8.49
ZX20046
3.05
58.52
58.52
77.11
11.57
8.53
11.58
8.84
68.62
3.08
5.48
1.76
2.22
0.64
1.57
0.31
0.38
0.40
0.31
0.20
0.73
4.36
5.17
4.86
3.79
4.20
ZX20047
65.00
80.77
15.77
0.51
0.11
1.78
ZX20049
28.35
30.48
2.13
1.00
1.98
22.40
ZX20056
1.70
incl 11.58
58.74
13.11
57.04
1.53
0.19
5.01
0.26
3.15
3.96
26.00
Thickness of mineralisation reported is down-hole thickness. There is currently insufficient interpretation of the mineralisation
to confidently report “true widths”. It is however noted that mineralised lenses appear to dip obliquely to the drill holes, and
as such it is probable that “true widths” will be less than the down-hole width.
Figure 2. Aeromagnetic map (RTP) showing PolarX (red drill collars) and pre-PolarX drilling and all significant assays to date.
Drilling in FY2021 focussed to the east of the Zackly Main deposit (red line) which contains 3.4Mt @ 2.0g/t Au + 1.2% Cu.
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ANNUAL REPORT 2021
Review of Operations
Figure 3. Un-tested targets at Zackly East, including structures along strong magnetic gradients, and a new porphyry target
(magnetic “eye”) to the north and east of drilling
The Company is compiling all available drilling data, surface geochemical sampling, geophysical surveying and spectral
analysis into a detailed 3D model which will be used to formulate the next drilling program at Zackly. Over 2.6km of strike-
length remains untested at Zackly East (Figure 3), and Zackly Main remains open at depth and down-plunge to the north.
In addition to the Zackly skarn mineralisation, ultra-high-resolution magnetic data acquired in 2020 has highlighted a
potential porphyry target to the north and east of current drilling, in which a magnetic high is surrounded by a magnetic low,
producing an “eye” structure consistent with geophysical models of porphyry style mineralisation (Figure 3). This target has
never been drilled and is a high priority for follow-up.
Caribou Dome Project
During FY2021 the Company secured more favourable amendments to the terms of its right to acquire the Caribou Dome
Project (refer details in Note 17 to the financial statements), which comprises
(i) an 80% interest in the Caribou Dome copper deposit, and
(ii) a 90% interest in the adjacent Senator property.
The Company is currently undertaking a 1,500m core drilling program at the Caribou Dome Project, intended to:
1.
Test three newly developed exploration targets each of which has the potential to host one or more massive sulphide
lenses.
2. Provide high-grade copper sulphide samples for metallurgical testing to determine potential co-processing options
with copper mineralisation from PolarX’s 100% owned neighbouring high-grade Zackly copper-gold project.
PolarX has to date completed four initial holes, providing samples of copper mineralisation for metallurgical test work. The
holes were drilled into zones of copper mineralisation hosted in massive to semi-massive sulphides as predicted by the
resource block model used for resource estimation in April 2017.
Historical drilling used to estimate the maiden mineral resource estimate (2.8Mt @ 3.1% Cu, refer Table 1 and see Figure 4
below) indicate a very high probability that these fresh holes will contain significant grades of copper. Assays are in process
at the date of this report.
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ANNUAL REPORT 2021
Review of Operations
Caribou Dome Property: Very high-grade surface copper
• 2.8Mt at 3.1% copper (0.5% Lower-cut) for 86,000t of contained Copper (JORC 2012)
• 60% in the top 150m including 935,000t @ 4.4%
• Drill intersections over >800m strike length
• Open in all directions
• Many un-tested 3D-IP and soil anomalies within 1km of mineral resource
• Can earn up to 80% by June 2024 spending US $1.6M or completing a feasibility study
• Additional metallurgical test work in 2021, more drilling and may be assessed as a satellite mining operation in the Zackly
scoping study
Figure 4. showing 3D mineral resource estimate model and a cross-section at Caribou Dome
Copper mineralisation at Caribou Dome occurs in nine currently known lenses of massive sulphide mineralisation. Previous
exploration revealed these lenses show strong copper anomalism in surface soil sample assays and can also be broadly
mapped/predicted using induced polarization (IP) geophysical surveys, displaying chargeability highs.
Following completion of the initial 4 holes, drilling is now currently testing three newly defined targets, all less than 500m
from known mineralisation, and all showing surface copper anomalism and coincident 3D IP chargeability highs (Figures 5
and 6). Each target therefore has high potential to host one or more zones of mineralisation.
POLARX LIMITED
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ANNUAL REPORT 2021
Review of Operations
Figure 5. 3D isometric view of Caribou Dome showing copper anomalism in soil geochemistry draped on topography, and
planned drill holes for current program.
Figure 6. 3D isometric view of Caribou Dome showing 3D IP chargeability highs, relationship with known massive sulphide
lenses, and drill holes planned for upcoming program. Holes Z_CD21-01 to Z_CD21-04 drilled into existing massive sulphide
lenses. Holes Z_CD21-05 to Z_CD21-09 to test new co-incident IP and geochemical targets.
POLARX LIMITED
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ANNUAL REPORT 2021
Review of Operations
HUMBOLDT RANGE PROJECT
Overview
During FY2021 the Company secured and subsequently exercised an option to acquire a Mine Lease Agreement (“MLA”)
over the highly prospective Humboldt Range Gold-Silver Project in Nevada, USA (“Humboldt Range Project”).
The Humboldt Range Project currently comprises 318 lode mining claims in Nevada in two claim groups: Black Canyon and
Fourth of July and is situated between two large-scale active mines: the Florida Canyon gold mine and the Rochester silver-
gold mine (see Figures 7, 8 and 9).
Access to the project is straightforward via roads off the I-80 Interstate Highway, which lies less than 15km to the west of the
claims.
Humboldt Range contains geology consistent with both bonanza-style gold-silver mineralisation and bulk mineable gold-
silver mineralisation, each of which are well known in Nevada.
Widespread narrow vein mineralisation with visible gold occurs within the claims and was historically mined via numerous
adits and underground workings between 1865 and the 1927. Mineralisation occurs in swarms of high-grade quartz veins of
varying thickness (reported from 1cm to 3m), either as isolated veins or as broad zones of sheeted/anastomosing veins
within zones of intensely altered and mineralised host rocks.
PolarX’s fieldwork completed at the Humboldt Range Project in FY2021 included:
•
Integration of data collected by Renaissance Exploration Inc in 2015/16 into the PolarX database, including data
related to vein sampling, soil sampling and geological mapping in the central part of the Fourth of July claims.
These data were validated via assessment of assay certificates and field notes accompanying the sampling.
• Geological mapping over the entire claim block incorporating data from previous mapping by Renaissance
Exploration Inc., Victoria Gold Corp, and the US Geological Survey.
• Systematic soil sampling on a notional 200m x 50m grid, was completed over the entire project with approximately
2200 soil samples and 150 rock chip samples collected and submitted for assay.
• Ultra-high-resolution drone orthophotography and digital terrain mapping for use as 3-D base maps was collected
over the entire project.
Figure 7. 3D view of the Black Canyon claims situated in the hills less than 3km behind the operating
Florida Canyon gold mine.
POLARX LIMITED
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ANNUAL REPORT 2021
Review of Operations
Figure 8. Location map depicting Black Canyon and Fourth of July Claim Blocks, and proximal large-scale
gold-silver mining operations.
FY2021 Exploration Program
Fourth of July
Fourth of July is characterised by an abundance of silver anomalism prevalent over significant gold anomalism. This is
broadly consistent with the nearby Rochester silver Mine’s 400M oz silver and 3M oz gold.
Soil sampling on an E-W 200m x 50m grid was completed in the last quarter of FY2021, covering most the Fourth of July
claims in the Humboldt Range Project (Figures 10 and 11). Assay results highlight large, coherent anomalies for both silver
and gold, with key highlights being:
•
The largest silver anomaly is broadly defined as >0.5g/t silver in soils and is over 3.5km long, up to 2km wide and
with a peak value of 186g/t silver.
• Multiple rock-chip samples collected from veins within this very large silver anomaly assay over 60g/t silver, with
eight samples > 1,000g/t and a peak value of 4,800g/t.
• Multiple gold in soil anomalies are also present, both associated with the large silver anomaly and in several stand-
alone anomalies associated with known veins or extensions of known structures, or newly defined targets.
•
Peak gold-in-soil anomalism is 413ppb gold, with anomalism >20ppb gold considered to be highly significant.
POLARX LIMITED
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ANNUAL REPORT 2021
Review of Operations
Figure 9. Oblique view over the 400Moz silver & 3Moz gold Rochester Mine looking towards PolarX’s Fourth of July Claims only
14km away in similar geology.
Figure 10. Fourth of July - gridded image of silver in soil sampling overlain with rock-chip sample assays, labelled where
>1,000g/t silver.
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ANNUAL REPORT 2021
Review of Operations
The prominent, large silver anomaly occurs in the south-west part of the claims (Figure 10), associated with two major N-S
striking faults which form the Arizona Graben.
The silver anomaly is over 3.5km long, up to 2km wide and has a peak value of 186g/t silver in the soils. Rock chip samples
from quartz veins within the anomaly show high to very high levels of silver, with many samples containing more than
1,000g/t silver. Very limited historical RC drilling (7 holes by Renaissance Exploration Inc in 2015) was ever undertaken
within this silver anomaly, which remains effectively untested.
Figure 11. Fourth of July - gridded image of gold in soil sampling overlain with rock-chip sample assays, labelled where >10g/t
gold.
Gold is also highly anomalous in the soil sampling in the Arizona Graben, particularly along the fault margins (Figure 11),
also with strong supporting rock-chip samples from veins, with several samples over 10g/t gold, including a maximum of
76.0g/t at the Cottonwood vein.
There are also several other gold anomalies delineated in the soil samples. In some cases, these can be related to known
veins and structures, but in other cases (for example, the extreme SE of the sampling grid), the gold anomalism represents
new, previously undiscovered targets with no known surface expression (Figure 11).
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ANNUAL REPORT 2021
Review of Operations
Black Canyon
Black Canyon is characterised by high grade gold anomalism dominant over significant silver anomalism and is situated
within only 3km of the neighbouring Florida Canyon Gold mine which hosts 5M oz gold in a bulk-processing operation.
Soil sampling on an E-W 200m x 50m grid was completed in the last quarter of FY2021 by PolarX, covering all the Black
Canyon claims in the Humboldt Range Project. Geological mapping and rock-chip sampling of quartz veins was also
undertaken, complementing previous sampling of this nature. Assay results highlight very large, coherent gold anomalies
with key highlights being:
•
•
•
•
Three significant gold anomalies greater than 50ppb gold in soils measure over 1.3km long (Figures 12 and 13).
The largest, eastern anomaly measures 2.3km by 0.8km and contains up to 793ppb gold in the soils and up to
43.8g/t gold and 86.1g/t silver in rock-chip sampling in extensive quartz veins within the soil anomaly.
The western anomaly measures 1.3km x 0.3km and contains up to 245.9ppb gold in the soils. At its northern end lies
the Lois Vein system where several rock chip samples assayed over 100g/t gold, with a peak value of 512.7g/t gold
in a 30cm wide quartz vein.
The southern anomaly measures 1.4km x 0.5km with a peak value of 697.9ppb gold in the soils and up to 4.49g/t
gold in rock-chip samples associated with multiple narrow quartz veins.
Figure 12. Black Canyon - gridded image of gold in soil sampling overlain with rock-chip sample assays, labelled where
>2g/t gold.
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ANNUAL REPORT 2021
Review of Operations
The Eastern anomaly is the largest soil anomaly and measures 2,300m long and 800m wide. This anomaly is associated
with outcropping mineralised quartz veins on a steep east facing slope which has never been previously sampled. The vein
system has been mapped over a length of at least 1,300m with veins samples from its southern end assaying 7.8g/t gold.
Another vein 250m away returned an assay of 43.8g/t gold from a narrow quartz vein associated with old workings.
Maximum gold-in-soil values of 793.1ppb and 782.1ppb occur in this anomaly. The eastern part of the soil anomaly has no
outcropping quartz veins but does contain minor historic workings. Field validation of this entire anomaly will occur in mid-
September 2021 to plan specific drill targets.
The western and southern soil anomalies each exceed 1,300m length and are between 300m and 500m wide. Key attributes
of each are:
• Western anomaly: 1300m x 300m, peak value of 245.9ppb gold-in-soils, with narrow quartz veins in the Lois Vein
area assaying 512.73g/t, 335.03g/t, 239.1g/t, 120.41g/t, 37.7g/t, 27.7g/t, 21.7g/t, 10.83g/t gold.
• Southern anomaly: 1,400m x 500m, peak value of 697.9ppb gold-in-soils, with gold-bearing veins on the south-west
edge of the anomaly up to 4.49g/t gold.
• Each of these three anomalies has large scale which may indicate bulk-mineable targets like the nearby 5m oz
Florida Canyon Gold Mine, which lies within only 3km to the NW (Figure 13).
Figure 13. Oblique 3D view of the Black Canyon claims showing gold grades in g/t and proximity to the large 5Moz Florida
Canyon gold mining and heap leach operation - within only 3km to the west of PolarX’s claims.
The geochemical soil sampling anomalies at the Humboldt Range Project coincide with mapped geological structures and
known mineralised quartz veins but have also highlighted additional areas for further evaluation. Field evaluation is now
underway to generate drill targets, with permitting for drilling to commence immediately thereafter.
POLARX LIMITED
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ANNUAL REPORT 2021
Review of Operations
Corporate
A summary of significant corporate activities that have taken place during the reporting period is as follows:
• On 17 July 2020, the Company completed a share purchase plan, pursuant to which the Company issued
26,315,719 ordinary shares (Shares) at an issue price of $0.038 per Share to raise gross proceeds of $1 million;
• On 17 February 2021, the Company completed a share placement, pursuant to which the Company issued
125,000,000 Shares at an issue price of $0.04 per Shares to raise gross proceeds of $5 million; and
• On 31 March 2021, the Company issued 5,000,000 Shares as part consideration to acquire a Mine Lease
Agreement over the Humboldt Range Project (refer Note 17 to the financial statements for details on the remaining
obligations).
As of the date of this report, the Company had on issue 672,216,731 Shares and 37,000,000 unlisted options.
Additional Disclosure
The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the ‘JORC Code’) sets
out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral
Resources and Ore Reserves. The information contained in this report has been presented in accordance with the JORC
Code.
Information in this report relating to Exploration results is based on information compiled by Dr Frazer Tabeart (a director
and shareholder of PolarX Limited), who is a member of The Australian Institute of Geoscientists. Dr Tabeart has sufficient
experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which
he is undertaking to qualify as a Competent Person under the 2012 Edition of the Australasian Code for reporting of
Exploration Results, Mineral Resources and Ore Reserves. Dr Tabeart consents to the inclusion of the data in the form and
context in which it appears.
In relation to the disclosure of visual mineralisation, the Company cautions that the massive sulphides pictured above are
extremely fine grained, making visual recognition of copper sulphide species difficult. Furthermore, the Company cautions
that visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis.
Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary
geological logging. The Company will update the market when laboratory analytical results become available.
Previously Reported Results
There is information in this report relating to
the Mineral Resource Estimate for the Caribou Dome Deposit, which was previously announced on 5 April 2017;
the Mineral Resource Estimate for the Zackly Deposit, which was previously announced on 20 March 2018; and
(i)
(ii)
(iii) exploration results which were previously announced on 5 November 2018, 12 November 2018, 29 January 2019, 25 March
2019, 5 August 2019, 1 October 2019, 21 October 2019, 19 November 2019, 20 January 2020, 19 May 2020 and 14
September 2020.
Other than as disclosed in those announcements, the Company confirms that it is not aware of any new information or data
that materially affects the information included in the original market announcements, and that all material assumptions and
technical parameters have not materially changed. The Company also confirms that the form and context in which the
Competent Person’s findings are presented have not been materially modified from the original market announcements.
Forward Looking Statements:
Any forward-looking information contained in this report is made as of the date of this news release. Except as required
under applicable securities legislation, PolarX does not intend, and does not assume any obligation, to update this forward-
looking information. Any forward-looking information contained in this report is based on numerous assumptions and is
subject to all the risks and uncertainties inherent in the Company’s business, including risks inherent in resource exploration
and development. As a result, actual results may vary materially from those described in the forward-looking information.
Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.
POLARX LIMITED
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ANNUAL REPORT 2021
Directors’ Report
DIRECTORS
The names, qualifications and experience of the Directors in office during or since the end of the financial year are as
follows:
Mark Bojanjac
Executive Chairman
Qualifications
BCom, ICAA
Experience
Mr Bojanjac is a Chartered Accountant with over 25 years’ experience in developing resource companies.
Mr Bojanjac was a founding director of Gilt-Edged Mining Limited which discovered one of Australia’s
highest-grade gold mines and was managing director of a public company which successfully developed
and financed a 2.4m oz gold resource in Mongolia.
Mr Bojanjac was most recently Chief Executive Officer of Adamus Resources Limited and oversaw its
advancement from an early-stage exploration project through its definitive feasibility studies and managed
the debt and equity financing of its successful Ghanaian gold mine
Interest in shares
1,000,000 ordinary shares
Options
5,000,000 unlisted options exercisable at $0.125 on or before 20 December 2021
Other Current Directorships
Kula Gold Limited
Metallica Minerals Limited
Former Directorships in last
3 years
Geopacific Resources Limited
Frazer Tabeart
Managing Director
Qualifications
Experience
Ph.D, B.Sc (Hons), ARSM, MAIG
Dr. Tabeart is a geologist with over 30-years’ international experience in exploration and project
development, with strong technical background in porphyry copper-gold systems in SE Asia, SW Pacific, the
American Cordillera and central and northern Asia. After spending 16 years with WMC Resources and
managing exploration portfolios in the Philippines, Mongolia and Africa, he left to join the Mitchell River
Group where he is currently a Director and Principal.
Dr. Tabeart has served on ASX-listed Company Boards at Executive level over last 14 years.
Interest in shares
5,755,657 ordinary shares
Options
5,000,000 unlisted options exercisable at $0.125 on or before 20 December 2021
Other Current Directorships
African Energy Limited
Arrow Minerals Limited
Former Directorships in last
3 years
Nil
Jason Berton
Executive Director
Qualifications
Ph.D, B.Sc (Hons), MAusIMM
Experience
Interest in shares
Options
Dr. Berton is a geologist with over 18 years’ mining and exploration experience including working for
Homestake, Barrick and BHP Billiton and SRK Consulting. Dr Berton has also previously spent two years in
private equity investment and four years as Managing Director of ASX- listed Estrella Resources.
Dr. Berton holds two Degrees, a Bachelor of Economics and a Bachelor of Science (Hons) plus a PhD in
Structural Geology, all from Macquarie University.
14,664,938 ordinary shares.
5,000,000 unlisted options exercisable at $0.125 on or before 20 December 2021
Other Current Directorships
Former Directorships in last
3 years
Nil
Nil
POLARX LIMITED
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ANNUAL REPORT 2021
Directors’ Report
Robert Boaz
Qualifications
Experience
Independent Non-Executive Director
Honors B.A., M.A. Economics
Mr Boaz graduated with honours from McMaster University of Hamilton, Ontario with a Bachelor of Arts in
Economics and has a Masters Degree in Economics from York University in Toronto. He is a highly
respected financial and economic strategist in Canadian bond and equity markets with experience related to
equity research, portfolio management, institutional sales and investment banking.
Mr Boaz has over 20 years’ experience in the finance industry, most recently as Managing Director,
Investment Banking with Raymond James Ltd and Vice-President, Head of Research and in-house portfolio
strategist for Dundee Securities Corporation.
Mr Boaz is the former President & CEO of Aura Silver Resources Inc.
Interest in shares
Options
Other Current Directorships
Former Directorships in last
3 years
None
None
Nil
Aura Silver Resources Inc.
Renaissance Gold Inc
Caracara Silver Inc.
RESULTS OF OPERATIONS
The Group’s total comprehensive loss for the year attributable to the members was $2,966,890 (2020: $8,498,710).
DIVIDENDS
No dividend was paid or declared by the Group in the year and up to the date of this report.
CORPORATE STRUCTURE
PolarX Limited is an Australian registered public company limited by shares.
NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
During the financial year, the Group’s principal activity was mineral exploration. The Group currently holds interests in
copper, gold and silver exploration projects in Nevada and Alaska USA. During the 2021 financial year, there were no
changes in the principal activities from the prior financial year.
EMPLOYEES
The Group had one employee at 30 June 2021 (2020: one employee).
REVIEW OF OPERATIONS
A detailed summary of the Group’s operations during the year, including significant changes in the state of affairs, are
detailed in the Review of Operations.
SIGNIFICANT EVENTS AFTER THE REPORTING DATE
On 28 July 2021, 5,000,000 Options exercisable at $0.05 with a three-year expiry were issued as part consideration
technical consulting services.
On 20 September 2021, the Group received a third-party complaint from Great American Minerals Exploration Inc. (“GAME”)
in relation to the alleged breach of the underlying option agreement over the non-core Uncle Sam Gold Project. Pursuant to
the complaint GAME is seeking, inter alia, to recover alleged payments to the Group totaling US$174,550. Further details
are disclosed in Note 28 to the financial statements.
No other significant events have occurred subsequent to the balance sheet date but prior to the date of this report that would
have a material impact on the consolidated financial statements.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
The Group will continue to carry out its business plan, by:
•
•
continuing to explore the Alaska Range and Humboldt Range projects and advance the projects towards
development;
continuing to meet its commitments relating to exploration tenements and carrying out further exploration, permitting
and development activities; and
POLARX LIMITED
19
ANNUAL REPORT 2021
Directors’ Report
•
prudently managing the Group’s cash to be able to take advantage of any future opportunities that may arise to add
value to the business.
ENVIRONMENTAL REGULATION AND PERFORMANCE
The Group carries out operations that are subject to environmental regulations under Federal and State legislation in the
USA. The Group has procedures in place to ensure regulations are adhered to. The Group is not aware of any breaches in
relation to environmental matters.
SHARE OPTIONS
There were 32,000,000 options over unissued Shares at 30 June 2021. During the 2021 financial year:
•
the Company issued 3,000,000 options, exercisable at $0.05 on or before 01 November 2023 to consultants; and
• no options were exercised.
Since the end of the financial year:
• a further 5,000,000 options have been issued; and
• no options have been exercised or expired.
The details of the options on issue at the date of this report are as follows:
Number
Exercise Price
Expiry Date
29,000,000
3,000,000
5,000,000
$0.125
$0.05
$0.05
20 December 2021
01 November 2023
26 July 2024
No option holder has any right under the options to participate in any other share issue of the Company or any other entity.
There were 672,216,731 Shares on issue at the reporting date.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
The Company has made agreements indemnifying all the Directors and Officers of the Company against all losses or
liabilities incurred by each Director or Officer in their capacity as Directors or Officers of the Company to the extent permitted
by the Corporations Act 2001. The indemnification specifically excludes wilful acts of negligence. The Company paid
insurance premiums in respect of Directors’ and Officers’ Liability Insurance contracts for current Officers of the Company,
including Officers of the Company’s controlled entities. The liabilities insured are damages and legal costs that may be
incurred in defending civil or criminal proceedings that may be brought against the Officers in their capacity as officers of
entities in the Group. The total amount of insurance premiums paid has not been disclosed due to confidentiality reasons.
POLARX LIMITED
20
ANNUAL REPORT 2021
Directors’ Report
DIRECTORS’ MEETINGS
During the financial year, in addition to regular informal Board operational discussions and decisions made via circulating
resolutions, the number of formal Directors’ meetings (including meetings of Committees) held during the year, and the
number of formal meetings attended by each Director were as follows:
Name
Mark Bojanjac
Frazer Tabeart
Jason Berton
Robert Boaz
Directors Meetings
Audit Committee Meetings
Number Eligible to
Attend
Number Attended
Number Eligible
to Attend
Number Attended
1
1
1
1
1
1
1
1
2
-
-
2
2
-
-
2
PROCEEDINGS ON BEHALF OF COMPANY
No person has applied for leave of court to bring proceedings on behalf of the Company or intervene in any proceedings to
which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those
proceedings. The Company was not a party to any such proceedings during the year.
CORPORATE GOVERNANCE
The Board of Directors is responsible for the overall strategy, governance and performance of the Company. The Board has
adopted a corporate governance framework which it considers to be suitable given the size, nature of operations and
strategy of the Company. To the extent that they are applicable, and given its circumstances, the Company adopts the eight
essential Corporate Governance Principles and Recommendations (4th Edition) ('Recommendations') published by the
Corporate Governance Council of the ASX. The Company’s Corporate Governance Statement and Appendix 4G, both of
which have been lodged with ASX, are available on the Company’s website: www.polarx.com.au.
AUDITOR’S INDEPENDENCE AND NON-AUDIT SERVICES
Section 307C of the Corporations Act 2001 requires the Group’s auditors to provide the Directors of PolarX with an
Independence Declaration in relation to the audit of the full-year financial report. A copy of that declaration is included at
page 68 of this report. There were no non-audit services provided by the Group’s auditor.
REMUNERATION REPORT (AUDITED)
This report outlines the remuneration arrangements in place for Directors and other key management personnel of the
Group in accordance with the requirements of the Corporations Act 2001 and its Regulations. For the purpose of this report,
Key Management Personnel (KMP) are defined as those persons having authority and responsibility for planning, directing
and controlling the major activities of the Company and the Group, directly or indirectly, including any director (whether
executive or otherwise) of the Parent entity.
Details of Directors and Key Management Personnel
The directors and other KMP of the Group during or since the end of the financial year were:
Non-Executive Directors
Mr. Robert Boaz
Non-Executive Director
Executive Officers (KMP)
Mr. Mark Bojanjac
Executive Chairman
Dr. Frazer Tabeart
Managing Director
Dr. Jason Berton
Executive Director
Mr. Ian Cunningham
Chief Financial Officer and Company Secretary
POLARX LIMITED
21
ANNUAL REPORT 2021
Directors’ Report
Remuneration Policy
In the absence of a remuneration committee, the Board is responsible for determining and reviewing compensation
arrangements for the Directors and executives. The key principles which apply in determining remuneration structure and
levels are:
•
•
•
set competitive fixed remuneration packages to attract and retain high calibre directors and executives;
structure variable remuneration rewards to reflect the stage of development of the Company’s operations; and
establish appropriate performance hurdles for variable executive remuneration.
The Board undertakes an annual review of remuneration arrangements and may seek Independent external advice if
required but did not employ a remuneration consultant during the year ended 30 June 2021.
The structure of Non-Executive Director and Executive remuneration is separate and distinct.
Non-Executive Director Remuneration
The Board seeks to set aggregate remuneration at a level that provides the Company with the ability to attract and retain
Directors of high calibre, whilst incurring costs that are acceptable to shareholders.
In accordance with the Company’s Constitution and the ASX Listing Rule, the maximum aggregate remuneration that may
be paid to Non-Executive Directors is currently set at $200,000 per annum. The amount of aggregate remuneration and the
manner is which is apportioned is reviewed annually. The Board considers the fees paid to non-executive directors of
comparable companies and external advice (if required), when undertaking the annual review process.
Executive Director and Senior Manager Remuneration
Remuneration consists of fixed and variable components (currently comprising a long-term incentive scheme).
Fixed remuneration currently consists of cash remuneration. Fixed remuneration levels are reviewed annually by the Board,
taking into consideration past performance, time commitments, relevant market comparatives and the Company’s stage of
development. The Board has access to external advice if required.
The Board determines the appropriate form and levels of variable remuneration as and when they consider rewards are
warranted. Variable remuneration currently consists of equity-based incentives (e.g. share options), which are currently
considered to be the most effective and appropriate form of long-term incentives given the Company’s financial resources
and stage of development. The objective of the equity-based incentives is to link the variable remuneration to the
achievement of key operational targets and shareholder value creation.
The table below shows the performance of the Group as measured by loss per share for the current and previous four years:
As at 30 June
Loss per share (cents)
Share price at reporting date (cents)
*adjusted on a post-Consolidation basis
2021
$0.22
3.1
2020
$2.13
3.4
2019
$0.55
9.0
2018
$0.64
8.0
2017*
$1.05
8.0
POLARX LIMITED
22
ANNUAL REPORT 2021
Directors’ Report
Details of the nature and amount of each element of the emolument of Directors and KMP of the Company for the financial
year are as follows:
Director
Base Salary
$
Director Fees
$
Consulting
Fees
$
Super-
annuation
$
Short Term Benefits
Equity
Share Based
Payments –
Options
$
Total
$
Equity based
remuneration
%
2021
Non-Executive Directors
Robert Boaz
Executive Officers (KMP)
Mark Bojanjac
Frazer Tabeart
Jason Berton
Ian Cunningham
2020
Non-Executive Directors
Robert Boaz
Executive Officers (KMP)
Mark Bojanjac
Frazer Tabeart
Jason Berton
Ian Cunningham
-
-
-
-
-
-
-
-
-
-
-
-
22,500
-
-
-
-
-
22,500
230,000
202,500
182,500
140,000
755,000
22,500
-
-
-
-
-
22,500
180,000
140,000
156,750
140,000
616,750
-
-
-
-
-
-
-
-
-
-
-
-
-
22,500
-
7,990
7,990
7,990
-
23,970
237,990
210,490
190,490
140,000
801,470
3.3
3.8
4.2
-
3.0
-
22,500
-
39,431
39,431
39,431
8,837
127,130
219,431
179,431
196,181
148,837
766,380
18.0
22.0
20.1
5.9
16.6
There were no other key management personnel of the Group during the financial years ended 30 June 2021 and 30 June
2020.
The share options issued as part of the remuneration to the Non-Executive Director were subject to vesting conditions,
designed to secure his ongoing commitment to the Group.
POLARX LIMITED
23
ANNUAL REPORT 2021
Directors’ Report
The terms and conditions of each grant of options affecting remuneration in the previous, this or future reporting periods are
as follows:
Name
Grant
Date
Grant
Number
Second
Vesting
Date)
Expiry
Date /
Last
Exercise
Date
Average
Fair
Value per
Option at
Grant
Date
Exercise
Price per
Option
Total
Value
Granted
$
Vested
%
Vested
Mark Bojanjac
21/12/18
2,000,000
1
20/12/21
$0.0235
$0.125
$47,000
21/12/18
2,000,000
2
20/12/21
$0.0120
$0.125
$23,970
21/12/18
1,000,000
3
20/12/21
$0.0235
$0.125
$23,500
Frazer Tabeart
21/12/18
2,000,000
1
20/12/21
$0.0235
$0.125
$47,000
21/12/18
2,000,000
2
20/12/21
$0.0120
$0.125
$23,970
21/12/18
1,000,000
3
20/12/21
$0.0235
$0.125
$23,500
Jason Berton
21/12/18
2,000,000
1
20/12/21
$0.0235
$0.125
$47,000
21/12/18
2,000,000
2
20/12/21
$0.0120
$0.125
$23,970
21/12/18
1,000,000
3
20/12/21
$0.0235
$0.125
$23,500
Ian Cunningham
21/12/18
750,000
21/12/18
750,000
1
4
20/12/21
$0.0235
$0.125
$17,625
20/12/21
$0.0235
$0.125
$ 3,074
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Notes:
1.
2.
3.
4.
Options were granted for no consideration and shall vest upon announcement of a JORC Inferred mineral resource estimate for the Alaska
Range Project, comprising both the Stellar Copper Gold and the Caribou Dome Copper properties, of 10 million tonnes of mineralisation at a
minimum cut-off grade of 0.5% copper or copper equivalent, signed off by a competent person other than a director or employee of the
Company. Subsequent to 30 June 2020, it was determined the likelihood of achieving the vesting condition within the applicable vesting period,
was less than 50%. Accordingly, no further compensation expense was recorded on these options.
Options were granted for no consideration and shall vest upon the Shares trading on ASX at a volume weighted average price of $0.20 or
more for 10 consecutive trading days.
Options were granted for no consideration and shall vest upon completion of feasibility study for the Alaska Range Project. Subsequent to 30
June 2020, it was determined the likelihood of achieving the vesting condition, within the applicable vesting period, was less than 50%.
Accordingly, no further compensation expense was recorded on these options.
Options were granted for no consideration and shall vest upon the announcement of the completion of the acquisition of an 80% interest in the
Caribou Dome Copper Project. Subsequent to 30 June 2019, it was determined the likelihood of achieving the vesting condition, within the
applicable vesting period, was less than 50%. Accordingly, no further compensation expense was recorded on these options.
Options were granted as part of the recipient’s remuneration package.
There were no alterations to the terms and conditions of options granted as remuneration since their grant date. There were
no forfeitures and no remuneration options were exercised during the year ended 30 June 2021 (2020: Nil).
POLARX LIMITED
24
ANNUAL REPORT 2021
Directors’ Report
Shareholdings of Directors and Key Management Personnel
The number of shares in the Company held during the financial year by Directors and Key Management Personnel of the
Group, including their personally related parties, is set out below.
Balance at
the start of
the year
Granted as
compensation
Received
on exercise
of options
Acquired on
Market
Balance on
resignation
date / Other
Balance at
the end of
the year
30 June 2021
Non-Executive Directors
Robert Boaz
-
Executive Officers (KMP)
Mark Bojanjac
Frazer Tabeart
Jason Berton
Ian Cunningham
30 June 2020
Non-Executive Directors
Robert Boaz
Executive Officers (KMP)
Mark Bojanjac
Frazer Tabeart
Jason Berton
Ian Cunningham
1,000,000
5,492,500
14,664,938
4,387,596
-
-
4,103,273
13,664,938
3,720,930
*acquired via participation in share purchase plan
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
263,157*
-
-
1,000,000
1,389,227
1,000,000
666,666
-
-
-
-
-
-
-
-
-
-
-
1,000,000
5,775,657
14,664,938
4,387,596
-
1,000,000
5,492,500
14,664,938
4,387,596
POLARX LIMITED
25
ANNUAL REPORT 2021
Directors’ Report
Option holdings of Directors and Key Management Personnel
The numbers of options over ordinary shares in the Company held during the financial year by Directors and Key
Management Personnel of the Group, including their personally related parties, are set out below:
Balance at the
start of the year
Granted as
compensation
Exercised
during the year
Balance on
resignation
date / Other
Balance at
the end of the
year
30 June 2021
Non-Executive Directors
Robert Boaz
Executive Officers (KMP)
Mark Bojanjac
Frazer Tabeart
Jason Berton
Ian Cunningham
30 June 2020
-
5,000,000
5,000,000
5,000,000
1,500,000
Non-Executive Directors
Robert Boaz
1,000,000
Executive Officers (KMP)
Mark Bojanjac
Frazer Tabeart
Jason Berton
Ian Cunningham
Service Agreements
Executive Officers
7,000,000
5,000,000
5,000,000
1,500,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,000,000
5,000,000
5,000,000
1,500,000
(1,000,000)
-
(2,000,000)
5,000,000
-
-
-
5,000,000
5,000,000
1,500,000
The Executive Chairman, Mr. Mark Bojanjac consults to the Company and was remunerated on an average monthly basis at
a rate of $19,167 (2020: $15,000) per month (excluding GST). Mr. Bojanjac is not entitled to any termination benefits.
The Managing Director, Dr. Frazer Tabeart consults to the Company and was remunerated on an average monthly basis at
a rate of $16,833 (2020: $11,667) per month (excluding GST). Dr. Tabeart is not entitled to any termination benefits.
The Executive Director, Dr. Jason Berton consults to the Company and was remunerated on an average monthly basis at a
rate of $15,208 (2020: $13,063) per month (excluding GST). Dr. Berton is not entitled to any termination benefits.
The Company Secretary / Chief Financial Officer, Mr. Ian Cunningham consults to the Company and was remunerated on
an average monthly basis at a rate of $11,667 (2020: $11,667) per month (excluding GST). Mr. Cunningham is not entitled
to any termination benefits.
Non-Executive Directors
Mr. Robert Boaz receives fixed remuneration of $22,500 per annum in the form of Director’s fees. No notice period is
required should a non-executive director elect to resign.
END OF REMUNERATION REPORT
Signed on behalf of the board in accordance with a resolution of the Directors.
Mark Bojanjac
Executive Chairman
29 September 2021
POLARX LIMITED
26
ANNUAL REPORT 2021
Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the year ended 30 June 2021
Notes
Consolidated
2021
$
2020
$
Interest Revenue & Other Income
$ 136 $ 6,786
Public company costs
Consulting and directors fees
Share-based compensation
Legal fees
Staff costs
Serviced office and outgoings
Foreign exchange gain
Write off of exploration assets
Impairment of exploration assets
Other expenses
(Loss) from operations
Income tax expense
(Loss) after Income Tax
56,372 50,372
437,599
409,092
9,988 61,071
16,277 25,730
59,750 66,630
24,000 27,000
(8,650) (32,216)
- 17,376
-
7,106,569
704,552
1,169,612
1,299,888
8,901,236
11
11
6
7
$ (1,299,752) $ (8,894,450)
- -
$ (1,299,752) $ (8,894,450)
Other comprehensive (loss)/income
Items that may be reclassified to profit and loss in subsequent
periods
Foreign currency translation
Other comprehensive (loss)/income for the year
15
(1,667,138)
395,740
(1,667,138)
395,740
Total comprehensive (loss) for the year
$ (2,966,890) $ (8,498,710)
(Loss) per share:
Basic and diluted (loss) per share (cents per share)
19
$ (0.22) $ (2.13)
Weighted Average Number of Shares:
Basic and diluted number of shares
19
587,337,214 417,715,088
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying
notes.
POLARX LIMITED
27
ANNUAL REPORT 2021
Consolidated Statement of Financial Position
as at 30 June 2021
Current Assets
Cash and cash equivalents
Other receivables and prepayments
Total current assets
Non-Current Assets
Property, plant and equipment
Exploration and evaluation assets
Total Non-Current Assets
Total Assets
Current liabilities
Trade and other payables
Total Current Liabilities
Total Liabilities
NET ASSETS
Equity
Contributed equity
Reserves
Accumulated losses
TOTAL EQUITY
Commitments
Contingent Liabilities
Notes
Consolidated
June 30
June 30
2021
$
2020
$
16
8
9
11
$ 3,485,056 $ 4,179,072
377,673
394,808
3,879,864
4,556,745
$ 82,775
$ 43,226
27,946,204 24,307,272
28,028,979 24,350,498
$ 31,908,843
$ 28,907,243
12
177,247
149,758
177,247
149,758
$ 177,247 $ 149,758
$ 31,731,596
$ 28,757,485
$ 99,425,122
$ 93,611,709
6,069,328 7,608,878
(73,762,854) (72,463,102)
$ 31,731,596
$ 28,757,485
13
15
14
17
25
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
POLARX LIMITED
28
ANNUAL REPORT 2021
Consolidated Statement of Cash Flows
for the year ended 30 June 2021
Notes
Consolidated
2021
$
2020
$
Cash flows from Operating activities
Payments to suppliers and employees
Interest received and other income
$ (1,217,936) $ (1,497,952)
136 6,786
Net cash flows (used in) operating activities
16 (b)
(1,217,800) (1,491,166)
Cash flows from investing activities
Purchase of property, plant and equipment
Payments for expenditure on exploration
Net cash flows (used in) investing activities
Cash flows from financing activities
Proceeds from issue of shares
Share issue costs
Net cash flows provided by financing activities
(78,121) (52,921)
(4,962,995) (5,258,824)
(5,041,116) (5,311,745)
6,000,000 7,217,664
(378,531) (527,223)
5,621,469 6,690,441
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Foreign exchange variances on cash
(637,447) (112,470)
4,179,072 4,254,493
37,049
(56,569)
Cash and cash equivalents at end of the year
16 (a)
$ 3,485,056 $ 4,179,072
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
POLARX LIMITED
29
ANNUAL REPORT 2021
Consolidated Statement of Changes in Equity
for the year ended 30 June 2021
Consolidated
At 1 July 2020
Loss for the year
Other comprehensive loss
Total comprehensive loss for
the year
Transactions with owners in
their capacity as owners
Shares issued
Share issue costs
Shares issued for acquisition of
Humboldt Range
Shares issued to consultants
Options issued to consultants
Share-based compensation
Notes
Number of
Shares
Issued Capital
Accumulated
Losses
Foreign
Currency
Translation
Reserves
Warrant
Reserves
Share Based
Payment
Reserves
Option
Premium
Reserve
Total
515,205,009 $ 93,611,709 $(72,463,102)
- - (1,299,752)
- - - (1,667,138)
$ 1,706,722 $ 1,190,098 $ 4,709,058 $ 3,000 $ 28,757,485
- - - - (1,299,752)
- - - (1,667,138)
- $ - $ (1,299,752) $ (1,667,138)
$ - $ - $ - $ (2,966,890)
13
13
151,315,719 6,000,000
(361,305)
- - - - - 6,000,000
- - - - - (361,305)
5
13
13, 24
13, 24
5,000,000 150,000
696,003 24,718
- - - - - 150,000
24,718
- 103,618
- 23,970
- - - - 103,618
- - - - 23,970
Balance at 30 June 2021
672,216,731 $ 99,425,122 $(73,762,854) $ 39,584
$ 1,190,098 $ 4,836,646 $ 3,000 $ 31,731,596
Consolidated
At 1 July 2019
Loss for the year
Other comprehensive income
Total comprehensive
(loss)/income for the year
Transactions with owners in
Shares issued
Share issue costs
Shares issued to consultants
Options issued to consultants
Share-based compensation
Notes
Number of
Shares
Issued Capital
Accumulated
Losses
Foreign
Currency
Translation
Reserves
Warrant
Reserves
Share Based
Payment
Reserves
Option
Premium
Reserve
Total
372,712,638 $ 86,874,320 $(63,568,652)
$ 1,310,982 $ 1,190,098 $ 4,286,676 $ 3,000 $ 30,096,424
- - (8,894,450)
- - - - (8,894,450)
- - - 395,740 - - - 395,740
- $ - $ (8,894,450)
$ 395,740
$ - $ - $ - $ (8,498,710)
13
13
13, 24
13, 24
(508,081)
305,555 27,806
142,186,816 7,217,664 - - - - - 7,217,664
- - - - - (508,081)
27,806
- - - - 292,307 - 292,307
- - - - 130,075 - 130,075
Balance at 30 June 2020
515,205,009 $ 93,611,709 $(72,463,102) $ 1,706,722
$ 1,190,098 $ 4,709,058 $ 3,000 $ 28,757,485
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
POLARX LIMITED
30
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
1. Corporate Information
The financial report of PolarX Limited (PolarX or the Company) and its controlled entities (the Group) for the year
ended 30 June 2021 was authorised for issue in accordance with a resolution of the Directors on 29 September
2021.
PolarX Limited is a public company limited by shares and domiciled in Australia, whose shares are publicly traded on
the Australian Securities Exchange. It is a “for profit” entity.
The nature of the operations and principal activities of the Group are described in the Directors’ report.
2. Going Concern
The financial report has been prepared on the going concern basis, which contemplates continuity of normal
business activities and realisation of assets and settlement of liabilities in the ordinary course of business.
For the year ended 30 June 2021, the Group incurred a loss from operations of $1,299,752 (2020: $8,894,450) and
recorded net cash outflows of ($637,447) (2020: outflows of ($112,470)). At 30 June 2021, the Group had net current
assets of $3,702,617 (2020: $4,406,987).
The Group’s ability to continue as a going concern is dependent upon it maintaining sufficient funds for its operations
and commitments. The Directors continue to be focused on meeting the Group’s business objectives and is mindful of
the funding requirements to meet these objectives. The Directors consider the basis of going concern to be
appropriate for the following reasons:
•
•
•
the current cash balance of the Group relative to its fixed and discretionary commitments;
given the Company’s market capitalisation and the underlying prospects for the Group to raise further
funds from the capital markets; and
the fact that subject to meeting certain minimum expenditure commitments, further exploration activities
may be slowed or suspended as part of the management of the Group’s working capital.
The Directors are confident that the Group can continue as a going concern and as such are of the opinion that the
financial report has been appropriately prepared on a going concern basis. However, should the Group be unable to
raise further required financing, there is uncertainty which may cast doubt as to whether or not the Group will be able
to continue as a going concern and whether it will realise its assets and extinguish its liabilities in the normal course
of business and at the amounts stated in the financial statements.
The financial statements do not include any adjustments relating to the recoverability and classification of recorded
asset amounts nor to the amounts and classification of liabilities that might be necessary should the Group not
continue as a going concern.
POLARX LIMITED
31
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
3. Summary of Significant Accounting Policies
Basis of Preparation
The financial report is a general-purpose financial report, which has 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 report has also been prepared on a historical cost basis.
The financial report is presented in Australian dollars.
(a) Compliance Statement
The financial report complies with Australian Accounting Standards as issued by the Australian Accounting Standards
Board and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards
Board.
(b) New accounting standards and interpretations
New and revised accounting requirement applicable to the current reporting period
The Group has considered the implications of new and amended Accounting Standards which have become
applicable for the current financial reporting period.
(i)
Initial adoption of AASB 2020-04: COVID-19-Related Rent Concession
AASB 2020-4: Amendments to Australian Accounting Standards – COVID-19-Related Rent Concessions
amends AASB 16 by providing a practical expedient that permits lessees to assess whether rent
concessions that occur as a direct consequence of the COVID-19 pandemic and, if certain conditions are
met, account for those rent concessions as if they were not lease modifications.
(ii)
Initial adoption of AASB 2018-6: Amendments to Australian Accounting Standards – Definition of a Business
AASB 2018-6 amends and narrows the definition of a business specified in AASB 3: Business
Combinations, simplifying the determination of whether a transaction should be accounted for as a business
combination or an asset acquisition. Entities may also perform a calculation and elect to treat certain
acquisitions as acquisitions of assets.
(iii) Initial adoption of AASB 2018-7: Amendments to Australian Accounting Standards – Definition of Material
This amendment principally amends AASB 101 and AASB 108 by refining the definition of material by
improving the wording and aligning the definition across the standards issued by the AASB.
(iv) Initial adoption of AASB 2019-3: Amendments to Australian Accounting Standards – Interest Rate
Benchmark
This amendment amends specific hedge accounting requirements to provide relief from the potential effects
of the uncertainty caused by interest rate benchmark reform.
(v)
Initial adoption of AASB 2019-1: Amendments to Australian Accounting Standards – References to the
Conceptual Framework
This amendment amends Australian Accounting Standards, Interpretations and other pronouncements to
reflect the issuance of Conceptual Framework for Financial Reporting by the AASB.
The standards listed above did not have any impact on the amounts recognised in prior periods and are not expected
to significantly affect the current or future periods.
New accounting standards and interpretations issued but not yet effective
A number of new standards, amendments to standards and interpretations issued by the AASB which are not yet
mandatorily applicable to the Group have not been applied in preparing these financial statements. The Board
expects no impact on the financial statements of the Group.
POLARX LIMITED
32
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
3. Summary of Significant Accounting Policies (continued)
(c) Basis of Consolidation
The consolidated financial statements incorporate all of the assets, liabilities and results of the Company and all of its
controlled entities. Controlled entities are entities the Company controls. The Company controls an entity when it is
exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity. A list of the controlled entities is provided in Note 10.
The assets, liabilities and results of all controlled entities are fully consolidated into the financial statements of the
Group from the date on which control is obtained by the Group. The consolidation of a controlled entity is
discontinued from the date that control ceases. Intercompany transactions, balances and unrealised gains or losses
on transactions between Group entities are fully eliminated on consolidation. Accounting policies of controlled entities
have been changed and adjustments made where necessary to ensure uniformity of the accounting policies adopted
by the Group.
Equity interests in a controlled entity not attributable, directly or indirectly, to the Group are presented as “non-
controlling interests". The Group initially recognises non-controlling interests that are present ownership interests in
controlled entities and are entitled to a proportionate share of the controlled entity's net assets on liquidation at either
fair value or at the non-controlling interests' proportionate share of the controlled entity's net assets. Subsequent to
initial recognition, non-controlling interests are attributed their share of profit or loss and each component of other
comprehensive income. Non-controlling interests are shown separately within the equity section of the consolidated
statement of financial position and consolidated statement of profit and loss and other comprehensive income.
(d)
Income Tax
Current tax assets and liabilities for the current and prior periods 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 for on all temporary differences at balance date between the tax base of assets and
liabilities and their carrying amounts for financial reporting purposes.
No deferred income tax will be recognised from the initial recognition of goodwill or of an asset or liability, excluding a
business combination, where there is no effect on accounting or taxable profit or loss.
No deferred income tax will be recognised in respect of temporary differences associated with investments in
subsidiaries if the timing of the reversal of the temporary difference can be controlled and it is probable that the
temporary differences will not reverse in the near future.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or
liability is settled. Deferred tax is credited to Profit or Loss except where it relates to items that may be credited
directly to equity, in which case the deferred tax is adjusted directly against equity.
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 future tax profits will be available against which
deductible temporary differences can be utilised.
The amount of benefits brought to account or which may be realised in the future is based on tax rates (and tax laws)
that have been enacted or substantially enacted at the balance date and the anticipation that the Group will derive
sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility
imposed by the law. The carrying amount of deferred tax assets is reviewed at each balance date and only
recognised to the extent that sufficient future assessable income is expected to be obtained.
Income taxes relating to items recognised directly in equity are recognised in equity and not in the Statement of profit
or loss.
POLARX LIMITED
33
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
3. Summary of Significant Accounting Policies (continued)
(e) Financial Instruments
Financial assets
Initial recognition and measurement
Financial assets are classified at initial recognition and subsequently measured at amortised cost, fair value through
other comprehensive income (OCI), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow
characteristics and the Group’s business model for managing them. With the exception of trade receivables that do
not contain a significant financing component or for which the Group has applied the practical expedient, the Group
initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit
or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the
Group has applied the practical expedient are measured at the transaction price determined under AASB 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to
give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding.
This assessment is referred to as the SPPI test and is performed at an instrument level.
The Group’s business model for managing financial assets refers to how it manages its financial assets in order to
generate cash flows. The business model determines whether cash flows will result from collecting contractual cash
flows, selling the financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or
convention in the market place (regular way trades) are recognised on the trade date (i.e., the date that the Group
commits to purchase or sell the asset).
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four categories:
•
•
•
•
Financial assets at amortised cost (debt instruments)
Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)
Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments)
Financial assets at fair value through profit or loss
The Group’s financial assets at amortised cost includes other receivables.
Financial assets at amortised cost (debt instruments)
The Group measures financial assets at amortised cost if both of the following conditions are met:
•
•
The financial asset is held within a business model with the objective to hold financial assets in order to
collect contractual cash flows; and
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
Financial assets at fair value through OCI (debt instruments)
The Group measures debt instruments at fair value through OCI if both of the following conditions are met:
•
•
The financial asset is held within a business model with the objective of both holding to collect contractual
cash flows and selling; and
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses
or reversals are recognised in the statement of profit or loss and computed in the same manner as for financial assets
measured at amortised cost.
POLARX LIMITED
34
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
3. Summary of Significant Accounting Policies (continued)
The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change
recognised in OCI is recycled to profit or loss.
Financial assets designated at fair value through OCI (equity instruments)
Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments
designated at fair value through OCI when they meet the definition of equity under AASB 132 Financial Instruments:
Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis.
Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other
income in the statement of profit or loss when the right of payment has been established, except when the Group
benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are
recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of
selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as
held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are
not solely payments of principal and interest are classified and measured at fair value through profit or loss,
irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost
or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or
loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with
net changes in fair value recognised in the statement of profit or loss.
This category includes derivative instruments and listed equity investments which the Group had not irrevocably
elected to classify at fair value through OCI. Dividends on listed equity investments are also recognised as other
income in the statement of profit or loss when the right of payment has been established.
A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host
and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the
host; a separate instrument with the same terms as the embedded derivative would meet the definition of a
derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are
measured at fair value with changes in fair value recognised in profit or loss. Reassessment only occurs if there is
either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required
or a reclassification of a financial asset out of the fair value through profit or loss category.
A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The
financial asset host together with the embedded derivative is required to be classified in its entirety as a financial
asset at fair value through profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e., removed from the Group’s consolidated statement of financial position) when:
•
•
The rights to receive cash flows from the asset have expired; or
The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to
pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement;
and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group
has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred
control of the asset.
POLARX LIMITED
35
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
3. Summary of Significant Accounting Policies (continued)
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through
arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has
neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the
asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case,
the Group also recognises an associated liability. The transferred asset and the associated liability are measured on
a basis that reflects the rights and obligations that the Group has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the
original carrying amount of the asset and the maximum amount of consideration that the Group could be required to
repay.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value
through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with
the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original
effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit
risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within
the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in
credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the
exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore,
the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at
each reporting date. The Group has established a provision matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting
date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and
supportable information that is available without undue cost or effort. In making that evaluation, the Group
reassesses the internal credit rating of the debt instrument. In addition, the Group considers that there has been a
significant increase in credit risk when contractual payments are more than 30 days past due.
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in
certain cases, the Group may also consider a financial asset to be in default when internal or external information
indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account
any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation
of recovering the contractual cash flows.
Financial Liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans
and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net
of directly attributable transaction costs.
The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts,
and derivative financial instruments.
POLARX LIMITED
36
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
3. Summary of Significant Accounting Policies (continued)
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near
term. This category also includes derivative financial instruments entered into by the Group that are not designated
as hedging instruments in hedge relationships as defined by AASB 9. Separated embedded derivatives are also
classified as held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognised in the statement of profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial
date of recognition, and only if the criteria in AASB 9 are satisfied. The Group has not designated any financial
liability as at fair value through profit or loss.
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using
the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are
derecognised as well as through the effective interest rate amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are
an integral part of the effective interest rate. The effective interest rate amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When
an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms
of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of
the original liability and the recognition of a new liability. The difference in the respective carrying amounts is
recognised in the statement of profit or loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of
financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an
intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
(f) Cash and cash equivalents
Cash and cash equivalents in the Statement of Financial Position include cash on hand, deposits held at call with
banks and other short term highly liquid investments with original maturities of three months or less. Bank overdrafts
are shown as current liabilities in the Statement of Financial Position. For the purpose of the Statement of Cash
Flows, cash and cash equivalents consist of cash and cash equivalents as described above, net of outstanding bank
overdrafts.
(g) Trade and other receivables
Trade receivables generally have 30–90-day terms. Trade and other receivables are initially recognized at fair value
and subsequently measured at amortised cost using the effective interest method, less provision for impairment.
POLARX LIMITED
37
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
3. Summary of Significant Accounting Policies (continued)
(h) Property, plant and equipment
Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation
and impairment losses.
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will flow to the group and the cost of the
item can be measured reliably. Repairs and maintenance expenditure is charged to Profit or Loss during the financial
period in which it is incurred.
Depreciation
The depreciable amount of most of the fixed assets are depreciated on a diminishing balance method and some of
the fixed assets are depreciated on a straight-line basis over their useful lives to the Group commencing from the
time the asset is held ready for use.
The depreciation rates used for each class of depreciable assets are:
Class of Fixed Asset
Depreciation Rate
Plant and equipment
10 % to 30%
Motor Vehicles
Computer Equipment
Office Furniture and Fixtures
30%
33%
20%
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.
Derecognition
Additions of property, plant and equipment is derecognised upon disposal or when no further future economic
benefits are expected from its use or disposal.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and
losses are recognised in the Profit or Loss.
Impairment
Carrying values of plant and equipment are reviewed at each balance date to determine whether there are any
objective indicators of impairment that may indicate the carrying values may be impaired.
Where an asset does not generate cash flows that are largely independent it is assigned to a cash generating unit
and the recoverable amount test applied to the cash generating unit as a whole.
Recoverable amount is determined as the greater of fair value less costs to sell and value in use. The assessment of
value in use considers the present value of future cash flows discounted using an appropriate pre-tax discount rate
reflecting the current market assessments of the time value of money and risks specific to the asset. If the carrying
value of the asset is determined to be in excess of its recoverable amount, the asset or cash generating unit is written
down to its recoverable amount.
(i) Exploration expenditure
Exploration and evaluation expenditure incurred by or on behalf of the Group is accumulated separately for each area
of interest. Such expenditure comprises net direct costs and an appropriate portion of related overhead expenditure
but does not include general overheads or administrative expenditure not having a specific nexus with a particular
area of interest.
POLARX LIMITED
38
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
3. Summary of Significant Accounting Policies (continued)
Each area of interest is limited to a size related to a known or probable mineral resource capable of supporting a
mining operation.
Exploration and evaluation expenditure for each area of interest is carried forward as an asset provided that one of
the following conditions is met:
•
•
such costs are expected to be recouped through successful development and exploitation of the area of
interest or, alternatively, by its sale; or
exploration and evaluation activities in the area of interest have not yet reached a stage which permits a
reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and
significant operations in relation to the area are continuing.
Expenditure which fails to meet the conditions outlined above is written off, furthermore, the directors regularly review
the carrying value of exploration and evaluation expenditure and make write downs if the values are not expected to
be recoverable.
Identifiable exploration assets acquired are recognised as assets at their cost of acquisition, as determined by the
requirements of AASB 6 Exploration for and Evaluation of Mineral Resources. Exploration assets acquired are
reassessed on a regular basis and these costs are carried forward provided that at least one of the conditions
referred to in AASB 6 is met.
Exploration and evaluation expenditure incurred subsequent to acquisition in respect of an exploration asset
acquired, is accounted for in accordance with the policy outlined above for exploration expenditure incurred by or on
behalf of the entity.
Acquired exploration assets are not written down below acquisition cost until such time as the acquisition cost is not
expected to be recovered.
When an area of interest is abandoned, any expenditure carried forward in respect of that area is written off.
Expenditure is not carried forward in respect of any area of interest/mineral resource unless the Group’s rights of
tenure to that area of interest are current.
(j)
Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such
indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the
asset’s recoverable amount. An asset’s recoverable amount is the higher of its fair value less costs to sell and its
value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are
largely independent of those from other assets or categories 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 reporting date as to whether there is any indication that previously recognised
impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is
estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates used
to determine the asset’s 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. That increased amount cannot exceed the
carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for
POLARX LIMITED
39
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
3. Summary of Significant Accounting Policies (continued)
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 periods to allocate the asset’s revised carrying
amount, less any residual value, on a systematic basis over its remaining useful life.
(k)
Trade and other payables
Liabilities for trade creditors and other amounts are measured at amortised cost, which is the fair value of the
consideration to be paid in the future for goods and services received that are unpaid, whether or not billed to the
Group.
(l)
Contributed equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options
are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue
of new shares or options, or for the acquisition of a business, are included in the cost of the acquisition as part of the
purchase consideration.
(m) Revenue
Revenue is recognised when a performance obligation in the contract with a customer is satisfied or when the control
of the goods or services underlying the particular performance obligation is transferred to the customer.
Interest income
Income is recognised as the interest accrues (using the effective interest method, which is the rate that exactly
discounts estimated future cash receipts through the expected life of the financial instrument) to the net carrying
amount of the financial asset.
(n) Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Group, excluding any
costs of servicing equity other than dividends, by the weighted average number of ordinary shares, adjusted for any
bonus elements.
Diluted earnings per share
Diluted earnings per share is calculated as net profit attributable to members of the Group, adjusted for:
•
•
•
costs of servicing equity (other than 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 period 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 elements.
POLARX LIMITED
40
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
3. Summary of Significant Accounting Policies (continued)
(o) Share based payment transactions
The Group provides benefits to individuals and entities, in the form of share based payment transactions, whereby
the recipients render services in exchange for shares or options (Equity Settled Transactions).
There is currently an Employee Share Option Plan (ESOP) in place, which provides benefits to Directors and other
eligible persons, including consultants who provide services similar to those provided by an employee. The Company
may also issue options or shares outside of the ESOP to consultants and other service providers.
The cost of these equity settled transactions is measured by reference to the fair value at the date at which they are
granted. The fair value of options 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 24.
In valuing equity settled transactions, no account is taken of any performance conditions, other than conditions linked
to the price of the Company’s shares (‘market conditions’).
The cost of the equity settled transactions is recognised, together with a corresponding increase in equity, over the
period 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 period has expired and (ii) the number of awards that, in the opinion of the Directors of
the group, 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 profit or loss charge or credit for a period
represents the movement in cumulative expense recognised at the beginning and end of the period.
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 dilutive effect, if any, of outstanding options is reflected in the computation of loss per share (see Note 19).
(p) Goods and Services Tax
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST
incurred is not recoverable from the Australian Tax Office. 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 Australian Tax Office 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 ATO, are disclosed as operating cash
flows.
POLARX LIMITED
41
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
3. Summary of Significant Accounting Policies (continued)
(q) Investments in controlled entities
All investments are initially recognised at cost, being the fair value of the consideration given and including
acquisition charges associated with the investment. Subsequent to the initial measurement, investments in controlled
entities are carried at cost less accumulated impairment losses.
(r)
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each entity within the Group are measured using the currency of the
primary economic environment in which the entity operates (‘the functional currency’). The functional and
presentation currency of PolarX Limited is Australian dollars.
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 profit or loss.
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 are translated at the closing rate at the date of that Statement of Financial Position;
income and expenses 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);
retained earnings are translated at the exchange rates prevailing at date of transaction; 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, and of
borrowings and other financial instruments designated as hedges of such investments, are taken to shareholders’
equity. When a foreign operation is sold the exchange differences relating to that entity are recognised in the profit or
loss, as part of the gain or loss on sale where applicable.
(s) Leases
At inception of a contract, the Group assesses if the contract contains or is a lease. If there is a lease present, a right-
of-use asset and a corresponding liability are recognised by the Group where the Group is a lessee. However, all
contracts that are classified as short-term leases (i.e. leases with a remaining lease term of 12 months or less) and
leases of low-value assets are recognised as an operating expense on a straight-line basis over the term of the
lease.
Initially, the lease liability is measured at the present value of the lease payments still to be paid at the
commencement date. The lease payments are discounted at the interest rate implicit in the lease. If this rate cannot
be readily determined, the Group uses incremental borrowing rate.
POLARX LIMITED
42
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
3. Summary of Significant Accounting Policies (continued)
Lease payments included in the measurement of the lease liability are as follows:
•
•
•
•
•
•
fixed lease payments less any lease incentives;
variable lease payments that depend on index or rate, initially measured using the index or rate at the
commencement date;
the amount expected to be payable by the lessee under residual value guarantees;
the exercise price of purchase options if the lessee is reasonably certain to exercise the options;
lease payments under extension options, if the lessee is reasonably certain to exercise the options; and
payments of penalties for terminating the lease, if the lease term reflects the exercise of options to terminate
the lease.
The right-of-use asses comprise the initial measurement of the corresponding lease liability, any lease payments
made at or before the commencement date and any initial direct costs. The subsequent measurement of the right-of-
use assets is at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the lease term or useful life of the underlying asset, whichever is the
shortest.
Where a lease transfers ownership of the underlying asset or the costs of the right-of-use asset reflects that the
Group anticipates to exercise a purchase option, the specific asset is depreciated over the useful life of the
underlying asset.
(t) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Board of Directors of PolarX Limited.
(u) 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.
Where 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 profit or loss net of any reimbursement.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash
flows at a pre-tax rate that reflects current market assessments of the time value of money, and where appropriate,
the risks specific to the liability.
Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
POLARX LIMITED
43
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
4. Critical accounting estimates and judgments
Estimates and judgements are continually evaluated and are based on historical experience and other factors,
including expectations of future events that may have a financial impact on the entity and that are believed to be
reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by
definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
discussed below.
Capitalised exploration and evaluation expenditure
The future recoverability of capitalised exploration and evaluation expenditure is dependent on a number of factors,
including whether the Group decides to exploit the related lease itself or, if not, whether it successfully recovers the
related exploration and evaluation asset through sale.
Factors which could impact the future recoverability include the size and composition of any future mineral resource
and ore reserve estimates, future technological changes which could impact the cost of mining, future legal changes
(including changes to environmental restoration obligations) and changes to commodity prices.
To the extent that capitalised exploration and evaluation expenditure is determined not to be recoverable in the
future, this will reduce profits and net assets in the period in which this determination is made.
In addition, exploration and evaluation expenditure is capitalised if activities in the area of interest have not yet
reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable
reserves. To the extent that it is determined in the future that this capitalised expenditure should be written off, this
will reduce profits and net assets in the period in which this determination is made.
Share based payment transactions
The Group measures the cost of equity settled transactions by reference to the fair value of the equity instruments at
the date at which they are granted. The fair value of options 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 24.
Functional currency translation reserve
Under the Accounting Standards, each entity within the Group is required to determine its functional currency, which
is the currency of the primary economic environment in which the entity operates. Management considers the United
States subsidiary to be a foreign operation with United States dollars as the functional currency. In arriving at this
determination, management has given priority to the currency that influences the labour, materials and other costs of
exploration activities as they consider this to be a primary indicator of the functional currency.
POLARX LIMITED
44
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
5. Acquisition Terms
On 31 January 2021, the Company announced that it had secured an option with Armada Mining Inc. (“Armada”) to
acquire a Mining Lease Agreement over the Humboldt Range Gold-Silver Project in Nevada, USA (“Humboldt
Option”), which comprised 177 lode mining claims.
PolarX paid an initial fee of US$35,000 to secure the Humboldt Option for up to 120-days while it conducted due-
diligence investigations to further verify previous exploration results and confirm ownership of the underlying lode
claims. On 31 March 2021, the Company exercised the Option (“Humboldt Transaction”) by payment of a further
US$35,000 cash and issuing 5,000,000 fully paid ordinary shares (escrowed for 2-years) with a fair value of $150,000
to Armada. Refer to Note 17 for Commitments related to the Humboldt Range Project.
The Company accounted for the Humboldt Transaction as an asset acquisition and identified and recognized the
individual identifiable assets acquired and liabilities assumed. The purchase price was allocated to the individual
identifiable asset acquired, the Humboldt Project on the basis of its relative fair value at the date of acquisition.
Consideration for the Humboldt Transaction of $240,047 and transaction costs of $12,964, were capitalised as
exploration and evaluation assets.
6. Other expenses
Accounting and audit fees
Bank fees
Business expenses
Computer expenses
Conferences
Corporate finance
Insurance
Investor relations
Media coverage
Printing and stationery
Postage
Rent & accommodation
Subscriptions
Telephone
Travel expenses
Depreciation
Others
Consolidated
2021
$
67,866
8,436
6,158
3,160
62,489
2020
$
65,867
8,430
52,544
4,318
68,132
232,028
498,317
66,152
111,438
63,154
44,500
76,998
140,634
1,442
3,609
658
5,062
2,237
935
2,159
41,557
4,441
2,018
-
114,758
1,795
55,024
358
57,490
704,552
1,169,612
POLARX LIMITED
45
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
7.
Income Tax
(a) Income tax expense
Current tax
Deferred tax
(b) Numerical reconciliation between aggregate
in the consolidated
tax expense recognised
and other
statement of profit or
comprehensive
expense
income
calculated per the statutory income tax rate
loss
and
tax
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 operations before income tax expense
Tax at the company rate of 26.0% (2020: 27.5%)
Expense of remuneration options
Other non-deductible expenses
Impact of reduction in future corporate income tax
rate
Income tax benefit not brought to account
Income tax expense
(c) Deferred tax
Consolidated Statement of financial position
The following deferred tax balances have not been
brought to account:
Deferred Tax Liabilities
Unrealised forex gain
Prepayments
Exploration (foreign @ 30%)
Deferred tax liability not recognised
Deferred Tax Assets
Foreign carry forward revenue losses (@ 30%)
Australian carry forward revenue losses (@ 25%)
Accrued expenses
Other
The benefit for tax losses will only be obtained if:
Consolidated
2021
$
2020
$
-
-
-
-
-
-
-
-
(1,299,752)
(8,894,450)
(337,936)
(2,445,974)
2,597
16,795
73,208
2,061,390
-
121,993
262,131
245,796
-
-
1,696
10,733
8,837
9,639
4,607,543
3,226,850
4,619,972
3,245,326
5,304,871
4,235,745
1,601,471
1,487,412
6,250
49,183
6,250
85,796
6,961,775
5,815,203
(i)
the Group derives future assessable income in Australia or the US (as applicable) of a nature and of an
amount sufficient to enable the benefit from the deductions for the losses to be realised;
(ii)
the Group continues to comply with the conditions for deductibility imposed by tax legislation in Australia or
the US (as applicable); and
POLARX LIMITED
46
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
(iii) no changes in tax legislation in Australia or the US, adversely affect the Company in realising the benefit
from the deductions for the losses.
(d) Tax consolidation
PolarX and its wholly owned Australian subsidiaries (Controlled Entities) implemented the tax consolidation
legislation effective as of 1 July 2017. The Controlled Entities have also entered into tax sharing and tax funding
agreements. Under the terms of these agreements, the Controlled Entities will reimburse PolarX for any current
income tax payable by PolarX arising in respect of their activities. The reimbursements are payable at the same
time as the associated income tax liability falls due and will therefore be recognised as a current tax-related
receivable by PolarX when they arise. In the opinion of the Directors, the tax sharing agreement is also a valid
agreement under the tax consolidation legislation and limits the joint and several liability of the Controlled
Entities in the case of a default by PolarX.
(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.
8. Other Receivables and Prepayments
Current
GST / VAT receivable
Prepayments
Consolidated
2021
$
30,849
363,959
394,808
2020
$
29,248
348,425
377,673
Other debtors and goods and services tax are non-interest bearing and generally receivable on 30 day terms. They
are neither past due nor impaired. The amount is fully collectible. Due to the short term nature of these receivables,
their carrying value is assumed to approximate their fair value.
POLARX LIMITED
47
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
9. Property, Plant and Equipment
Plant and Equipment
Cost
Accumulated depreciation
Net carrying amount
Motor Vehicles
Cost
Accumulated depreciation
Net carrying amount
Office Furniture and Fixtures
Cost
Accumulated depreciation
Net carrying amount
Computer Equipment
Cost
Accumulated depreciation
Net carrying amount
Total property, plant and equipment
Cost
Accumulated depreciation
Net carrying amount
Consolidated
2021
$
2020
$
38,194
17,628
(20,588)
(13,181)
17,606
4,447
95,559
49,417
(37,571)
(14,970)
57,988
519
(415)
104
10,876
(3,799)
7,077
145,148
(62,373)
82,775
34,447
519
(389)
130
6,231
(2,029)
4,202
73,795
(30,569)
43,226
POLARX LIMITED
48
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
9. Property, Plant and Equipment (continued)
Reconciliations of the carrying amounts of property, plant and equipment at the beginning and end of the current
financial year:
Consolidated
Plant and Equipment
Carrying amount at beginning of year
Additions
Depreciation expense
Net exchange differences on translation
Carrying amount at end of year
Motor Vehicles
Carrying amount at beginning of year
Additions
Depreciation expense
Net exchange differences on translation
Carrying amount at end of year
Office Furniture and Fixtures
Carrying amount at beginning of year
Depreciation expense
Net exchange differences on translation
Carrying amount at end of year
Computer Equipment
Carrying amount at beginning of year
Additions
Depreciation expense
Net exchange differences on translation
Carrying amount at end of year
Total property, plant and equipment
2021
$
4,447
22,282
(7,440)
(1,683)
17,606
34,447
51,131
(22,703)
(4,887)
57,988
130
(26)
-
104
4,202
4,645
(1,770)
-
7,077
82,775
2020
$
6,215
-
(1,955)
187
4,447
-
49,417
(14,332)
(638)
34,447
162
(32)
-
130
141
4,285
(227)
3
4,202
43,226
POLARX LIMITED
49
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
10.
Investments in Controlled Entities
The consolidated financial statements incorporate the assets, liabilities and results of the following controlled entities
in accordance with the accounting policy described in Note 3. Details of controlled entities are as follows:
Name
Country of incorporation
% Equity Interest
Coventry Minerals Pty Ltd
Crescent Resources (USA) Inc.
Vista Minerals Pty Ltd
Vista Minerals (Alaska) Inc.
Aldevco Pty Ltd
Aldevco Inc.
Humboldt Range Inc.*
*Note: Incorporated on 14 January 2021
Australia
USA
Australia
USA
Australia
USA
USA
11. Exploration and Evaluation Assets
Exploration and evaluation expenditure
At cost
Accumulated provision for impairment
Write-off
Total exploration and evaluation
Carrying amount at beginning of the year
Acquisition cost (Note 5)
Exploration and evaluation expenditure during the
year
Net exchange differences on translation
Carrying amount at end of year
Impairment of exploration and evaluation assets
Write-off of exploration and evaluation assets
Carrying amount at end of year
2020
100%
100%
100%
100%
100%
100%
100%
2021
100%
100%
100%
100%
100%
100%
-
Consolidated
2021
$
2020
$
36,346,317
32,724,761
(8,400,113)
(8,400,113)
-
(17,376)
27,946,204
24,307,272
Consolidated
2021
$
2020
$
24,307,272
25,961,956
253,011
4,703,325
17,376
5,117,692
(1,317,404)
334,193
27,946,204
31,431,217
-
-
(7,106,569)
(17,376)
27,946,204
24,307,272
The Directors’ assessment of the carrying amount for the Group’s exploration and development assets was made
after consideration of (i) prevailing market conditions, including the Company’s market capitalisation and metal prices;
(ii) the level of previous expenditure undertaken and the results from those programs; and (iii) the potential for future
development, noting the current mineral resource estimates for both the Caribou Dome, Stellar and Humboldt Range
projects. The recoverability of the carrying amount of the exploration and evaluation assets is dependent on
successful development and commercial exploitation, or alternatively the sale, of the respective areas of interest. It
was determined the carrying amount of the project generative costs were not recoverable for the year ended 30 June
2020 and therefore an impairment charge was recorded.
POLARX LIMITED
50
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
12. Current Liabilities
Trade and other payables
Trade payables
Accruals
Consolidated
2021
$
44,053
133,194
177,247
2020
$
71,492
78,266
149,758
Trade payables are not past due and are non-interest bearing. They are normally on average settled between 30-45
days term.
13. Contributed Equity
(a) Issued and paid up capital
2021
2020
No. of shares
No. of shares
Ordinary shares fully paid
672,216,731
515,205,009
2021
2020
No. of shares
$
No. of shares
$
(b) Movements in ordinary shares on issue
Balance at beginning of year
515,205,009
93,611,709
372,712,638
86,874,320
Shares issued for acquisition of Humboldt Range Inc.
5,000,000
150,000
-
-
Shares issued to consultants
696,003
24,718
305,555
27,806
Shares issued (net of costs)
151,315,719
5,638,695
142,186,816
6,709,583
Balance at end of year
672,216,731
99,425,122
515,205,009
93,611,709
(c) Ordinary shares
The Group does not have authorised capital nor par value in respect of its issued capital. 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.
Shares entitle the holder to one vote, either in person or proxy, at a meeting of the Company.
2021
On 17 July 2020, the Company completed a share purchase plan, pursuant to which the Company issued
26,315,719 ordinary shares (Shares) at an issue price of $0.038 per Share to raise gross proceeds of $1 million.
On 17 November 2020, the company issued 358,166 Shares with an issue price of $0.035 per Share to
consultants as part remuneration for their services.
On 17 February 2021, the Company completed a share placement (Placement), pursuant to which the
Company issued 125,000,000 Shares at an issue price of $0.04 per Shares to raise gross proceeds of $5
million.
On 31 March 2021, the Company issued 5,000,000 as part consideration to acquire a Mining Lease Agreement
(“MLA”) over the Humboldt Range Gold-Silver Project in Nevada, USA (“Humboldt Option”), which comprised
177 lode mining claims.
On 1 June 2021, the company issued 337,837 Shares with an issue price of $0.037 per Share to consultants as
part remuneration for their services.
POLARX LIMITED
51
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
13. Contributed Equity (continued)
(c) Ordinary shares (continued)
2020
On 4 July 2019, the Company completed a non-renounceable rights issue consisting of 43,203,922 Shares at
an issue price of $0.08 per share for gross proceeds of $3.456 million.
On 23 June 2020, the Company completed a placement consisting of 98,982,894 Shares at an issue price of
$0.038 per share for gross proceeds of $3.761 million.
(d) Capital Risk Management
The Group’s capital comprises share capital, reserves and accumulated losses which amounted to $31,731,596
at 30 June 2021 (2020: $28,757,485). The Group manages its capital to ensure its ability to continue as a going
concern and to optimise returns to its shareholders. The Group was ungeared at year end and not subject to
any externally imposed capital requirements. Refer to Note 23 for further information on the Group’s financial
risk management policies.
(e) Share options
At 30 June 2021, there were 32,000,000 options over unissued Shares (2020: 29,400,000 options). During the
financial year, the Company issued 3,000,000 options to consultants, each exercisable at $0.05 on or before 1
November 2023. The options vested at the time of issue. Since year end, no options have been issued,
exercised or expired.
During the year, 400,000 options lapsed.
In the prior year, on 31 July 2019, the Company issued 10,750,000 options to consultants, each exercisable at
$0.125 on or before 20 December 2021 and which vest upon meeting certain performance or market conditions.
No option holder has any right under the options to participate in any other share issue of the Company or any
other entity.
Information relating to the Options granted by the Company, including details of options issued under the Plan,
is set out in Note 24.
14. Accumulated losses
Movements in accumulated losses were as follows:
At 1 July
Loss for the year
At 30 June
Consolidated
2021
$
2020
$
72,463,102
63,568,652
1,299,752
8,894,450
73,762,854
72,463,102
POLARX LIMITED
52
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
15. Reserves
Foreign currency translation reserve (ii)
Warrant reserves(iii)
Share based payments reserves(i)
Option premium reserve
Movement in reserves:
(i) Share based payments and option premium reserve
Balance at beginning of year
Options issued to corporate advisors
Options exercised
Equity benefits expense
Balance at end of year
Consolidated
2021
$
2020
$
39,584
1,706,722
1,190,098
1,190,098
4,836,646
4,709,058
3,000
3,000
6,069,328
7,608,878
Consolidated
2021
$
2020
$
4,709,058
4,286,676
103,618
292,307
-
-
23,970
130,075
4,836,646
4,709,058
The Share based payments and option premium reserve is used to record the value of equity benefits provided to
individuals acting as employees, directors as part of their remuneration, and consultants and for their services. Refer
to Note 24 for details of share based payments during the financial year and prior year.
(ii) Foreign currency translation reserve
Balance at beginning of year
Foreign currency translation
Balance at end of year
2021
$
1,706,722
(1,667,138)
39,584
2020
$
1,310,982
395,740
1,706,722
The foreign currency reserve is used to record the currency difference arising from the translation of the financial
statements of the foreign operation.
POLARX LIMITED
53
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
15. Reserves (continued)
(iii) Warrant reserve
Balance at beginning of year
Warrants exercised
Balance at end of year
2021
$
2020
$
1,190,098
1,190,098
-
-
1,190,098
1,190,098
The warrant reserve is used to record the value of warrants provided to shareholders as part of capital raising
activities.
16.
Cash and Cash Equivalents
(a) Reconciliation of cash
Cash balance comprises:
Cash and cash equivalents
(b) Reconciliation of the net loss after tax to the net
cash flows from operations
Loss after income tax
Adjustments for:
Depreciation
Write-off of exploration assets
Impairment of exploration assets
Share-based compensation
Shares issued to Consultants
Changes in operating assets and liabilities:
(Decrease)/increase in other receivables/prepayments
Decrease in trade and other payables
Net cash flow used in operating activities
Consolidated
2021
$
2020
$
3,485,056
4,179,072
(1,299,752)
(8,894,450)
1,796
-
-
109,704
-
(11,832)
(17,716)
256
17,376
7,106,569
316,544
24,805
34,775
(97,041)
(1,217,800)
(1,491,166)
Share-based compensation and depreciation capitalised to exploration and evaluation assets were $17,884 (2020:
$105,838) and $30,143 (2020: $16,290), respectively. In addition, shares issued to consultants of $24,718 (2020: nil)
were capitalised to exploration and evaluation assets.
17. Expenditure commitments
(a) Tenement expenditure commitments – Caribou Dome Property
On 17 November 2020, the Company announced it secured more favourable amendments to the terms of its
option to acquire (i) 80% interest in the Caribou Dome copper deposit in Alaska, USA and (ii) a 90% interest in the
adjacent Senator property (collectively “the Caribou Dome Project”). Upon execution of the amendments to the
option agreement, the Company made a one-off cash payment to underlying vendors of US$75,000.
POLARX LIMITED
54
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
17. Expenditure commitments (continued)
(b) Tenement expenditure commitments – Caribou Dome Property
Remaining commitments related to the Caribou Dome Property at reporting date but not recognised as liabilities
are as follows:
a.
b.
maintaining the claims (licenses) at the property in good standing, including making annual claim rental
payments and ensuring minimum expenditure commitments are met;
Either meeting the following substantially reduced qualifying expenditure requirements or completing a
feasibility study to mine the Caribou Dome Project:
Due Date
12 months ending 1 September 2021
12 months ending 1 September 2022
Payment
US$400,000
US$400,000
12 months ending 1 September 2023
US$400,000
2 September to Earn-in deadline*
US$400,000
*Note: Earn-in deadline has been extended to 6 June 2024
For any period during which the Company does not complete U$400,000 of qualifying expenditure until it
has completed a feasibility study, it shall pay to the underlying vendors a penalty in the amount of 25% of
the expenditure shortfall. This payment will be in lieu of the expenditure shortfall. Excess qualifying
expenditure in any period may be carried forward to future periods.
c.
making annual payments to the underlying vendors of the property in the amounts of:
Due Date
6 June 2022
6 June 2023
Payment
US$100,000
US$100,000
Earn-in deadline (currently 6 June 2024)
US$1,260,000
d.
e.
the issue to certain underlying vendors of $12,500 worth of Shares on or before 1 June 2021 and on or
before 1 June of each subsequent year as long as the option remains in effect. For each Share payment
instalment, the number of Shares to be issued will be based on the 10-day volume weighted average price
of the Company’s shares immediately prior to the date of each Share issue; and
a 5% net smelter return royalty is payable in relation to the sale of ore from the property and the Company
has the right to purchase the royalty for US$1,000,000 for each 1.0%.
POLARX LIMITED
55
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
17. Expenditure commitments (continued)
(c) Tenement expenditure commitments – Stellar Property
Remaining commitments related to the Stellar Property at reporting date but not recognized as liabilities below
include the following:
(i)
(ii)
payment of US$1,000,000 cash to Millrock Resources Inc (“Millrock”) if a JORC Indicated Resource of
1Moz contained Au or more is delineated;
payment of US$2,000,000 cash to Millrock if a JORC Indicated Resource of 1Mt contained copper (or
copper equivalent) metal is delineated;
(iii)
45 claim blocks covering the Zackly, Moonwalk, Mars and Gemini prospects, are subject to a royalty
payable to Altius Minerals, being:
a. 2% gross value royalty on all uranium produced;
b. 2% net smelter return royalty on gold, silver, platinum, palladium and rhodium; and
c. 1% net smelter return royalty on all other metals;
(iv)
All Stellar claim blocks are subject to a royalty payable to Millrock, being:
a. 1% gross value royalty on all uranium produced; and
b. 1% net smelter royalty on all other metals;
and
(v) making advance royalty payments (payments are deductible from future royalty payments) to Millrock in the
amounts of:
Due Date
31 March 2022
31 March 2023*
31 March 2024*
31 March 2025*
31 March 2026*
31 March 2027,* and 31 March of
each year thereafter occurring prior to
the fifth anniversary of the
commencement of Commercial
Production
Payment
US$35,000
US$40,000
US$45,000
US$50,000
US$55,000
US$60,000
* Such payments will not be payable if the fifth anniversary of the commencement of Commercial
Production has occurred before such date.
POLARX LIMITED
56
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
17. Expenditure commitments (continued)
(d) Tenement expenditure commitments – Humboldt Range Property
Remaining commitments related to the Humboldt Range Property at reporting date but not recognized as
liabilities include the following:
(i)
making payments on the first and second anniversary of the execution date;
Due Date
8 January 2022
8 January 2023
Payment
US$70,000
US$70,000
(ii)
payment of 2022 claim fees (by 1 September 2021) as advance against production royalties;
(iii) monthly payment of US $10,000 from September 2022 as advance against production royalties; and
(iv)
a royalty on gold production of 2.5% NSR (3.75% NSR if grade> 15.6g/t Au).
18. Subsequent events
On 28 July 2021, 5,000,000 Options exercisable at $0.05 with a three-year expiry were issued as part consideration
for technical consulting services.
On 20 September 2021, the Group received a third-party complaint from GAME in relation to the alleged breach of
the underlying option agreement over the non-core Uncle Sam Gold Project. Pursuant to the complaint GAME is
seeking, inter alia, to recover alleged payments to the Group totaling US$174,550. Further details are disclosed in
Note 28 to the financial statements.
No other significant events have occurred subsequent to the balance sheet date but prior to the date of this report
that would have a material impact on the consolidated financial statements.
19. Loss per share
Loss used in calculating basic and dilutive EPS
(1,299,752)
(8,894,450)
Consolidated
2021
$
2020
$
Weighted average number of ordinary shares used in
calculating basic earnings / (loss) per share:
Effect of dilution:
Share options
Adjusted weighted average number of ordinary shares
used in calculating diluted loss per share:
Basic and Diluted loss per share (cents per share)
Number of Shares
2021
2020
587,337,214
417,715,088
-
-
587,337,214
417,715,088
(0.22)
(2.13)
There is no impact from the 3,000,000 options vested and outstanding at 30 June 2021 (2020: 400,000 options) on
the loss per share calculation because they are anti-dilutive. These options could potentially dilute basic EPS in the
future.
POLARX LIMITED
57
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
19. Auditor’s remuneration
During the financial year, the following audit fees were paid or payable:
Consolidated
2021
$
40,215
40,215
2020
$
40,454
40,454
Stantons
20. Key Management Personnel Disclosures
(a) Details of Key Management Personnel
Mr. Mark Bojanjac
Executive Chairman
Mr. Frazer Tabeart
Managing Director
Mr. Jason Berton
Executive Director
Mr. Ian Cunningham
Company Secretary/Chief Financial Officer
Mr. Robert Boaz
Non-Executive Director
(b) Remuneration of Key Management Personnel
Details of the nature and amount of each element of the emolument of each Director and Executive of the
Group for the financial year are as follows:
Consulting and director fees
Share-based compensation
Total remuneration
Consolidated
2021
$
2020
$
777,500
23,970
801,470
639,250
127,130
766,380
Out of the total consulting and director fees paid to key management, $339,901 (2020: $230,158) was capitalised as
exploration and evaluation assets.
21. Related Party Disclosures
The ultimate parent entity is PolarX Limited. Refer to Note 10 - Investments in Controlled entities, for a list of all
controlled entities.
Mitchell River Group Pty Ltd., a company of which Mr. Frazer Tabeart is a Director, provided the Group with
consulting services related to exploration activities for a fee totalling $15,291 (2020: $26,291) and serviced office fees
of $12,000 (2020: $12,000).
There were no other related party disclosures for the year ended 30 June 2021 (2020: Nil).
POLARX LIMITED
58
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
22. Financial Instruments and Financial Risk Management
Exposure to interest rate, liquidity and credit risk arises in the normal course of the Group’s business. The Group
does not hold or issue derivative financial instruments.
The Group uses different methods as discussed below to manage risks that arise from 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. We expect
that, absent a material adverse change in a combination of our sources of liquidity, present levels of liquidity will be
adequate to meet our expected capital needs.
Maturity analysis for financial liabilities
Financial liabilities of the Group comprise trade and other payables. As at 30 June 2021 and 30 June 2020, all
financial liabilities contractually matured within 60 days.
(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
Interest rate sensitivity
Consolidated
2021
$
2020
$
3,485,056
4,179,072
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.
POLARX LIMITED
59
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
23. Financial Instruments and Financial Risk Management (continued)
Consolidated
Change in Basis Points
Judgements of reasonably possible movements
Increase 100 basis points
Decrease 100 basis points
Effect on Post Tax Loss
Increase/(Decrease)
2021
$
34,851
(34,851)
2020
$
41,791
(41,791)
Effect on Equity
including accumulated
losses
Increase/(Decrease)
2021
$
34,851
(34,851)
2020
$
41,791
(41,791)
A sensitivity of 100 basis points has been used as this is considered reasonable given the current level of both short
term and long term interest rates. The change in basis points is derived from a review of historical movements and
management’s judgement of future trends. The analysis was performed on the same basis in 2020.
(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.
At 30 June 2021, the Group held cash deposits. Cash deposits were held with financial institutions with a rating from
Standard & Poors of A or above (long term). The Group has no past due or impaired debtors as at 30 June 2021
(2020: Nil).
(d) Foreign Currency Risk Exposure
As a result of operations in the USA and expenditure in US dollars, the Group’s statement of financial position can be
affected by movements in the USD$/AUD$ exchange rates. The Group seeks to mitigate the effect of its foreign
currency exposure by holding cash in US dollars to match expenditure commitments.
Sensitivity analysis:
The table below summarises the foreign exchange exposure on the net monetary position of parent and the
subsidiaries against its respective functional currency, expressed in group’s presentation currency. If the AUD/ USD
rates moved by +10%, the effect on comprehensive loss would be as follows:
Loan to subsidiary – Humboldt Range Inc. (in AUD)
Loan to subsidiary – Aldevco Pty Ltd and Aldevco Inc. (in AUD)
Loan to subsidiary – Vista Minerals Pty Ltd and Vista Minerals (Alaska) Inc. (in
AUD)
Company
2021
$
861,020
7,140,872
2020
$
-
7,253,201
19,727,970
18,186,542
10%
A$
10%
A$
Total effect on comprehensive loss of positive movements
2,772,986
2,543,974
Total effect on comprehensive loss of negative movements
(2,772,986)
(2,543,974)
POLARX LIMITED
60
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
23. Financial Instruments and Financial Risk Management (continued)
The table below summarises the foreign exchange exposure on the net monetary position of parent and the
subsidiary against its respective functional currency, expressed in group’s presentation currency. If the AUD/ CAD
rates moved by +10%, the effect on comprehensive loss would be as follows:
Loan from subsidiary – Coventry Minerals. (in AUD)
Percentage shift of the AUD / CAD exchange rate
Total effect on comprehensive loss of positive movements
Total effect on comprehensive loss of negative movements
(e) Fair Value
Company
2021
$
739,730
10%
A$
73,973
(73,973)
2020
$
733,725
10%
A$
73,373
(73,373)
The aggregate net fair values of the Group’s financial assets and financial liabilities both recognised and
unrecognised are as follows:
Carrying
Amount in
the Financial
Statements
Aggregate
Net Fair
Value
Carrying
Amount in
the Financial
Statements
Aggregate
Net Fair
Value
2021
$
2021
$
2020
$
2020
$
Financial Assets
Cash and cash equivalents
3,485,056
3,485,056
4,179,072
4,179,072
Other receivables
Financial Liabilities
30,849
30,849
29,248
29,248
Trade and other payables
177,247
177,247
149,758
149,758
The following methods and assumptions are used to determine the net fair value of financial assets and liabilities.
Cash and cash equivalents, other receivables and trade and other payables are carried at amounts approximating
fair value because of their short term nature to maturity.
POLARX LIMITED
61
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
24. Share Based Payment Plans
(a) Recognised share based payment expenses
Total expenses arising from share based payment transactions recognised during the year as part of share based
payment expense, the income statement, or capitalised to exploration costs were as follows:
Operating expenditure
Options issued to employees, key management personnel
and directors
Options issued to consultants
Consolidated
2021
$
23,970
103,618
127,588
2020
$
130,075
292,307
422,382
(b) Share based payments
The Company makes share based payments in the form of Shares and options, to directors, executives and
employees as part of their remuneration and to consultants and advisers for their services.
The Company has a Long-Term Incentive Plan (“Plan”) in place, which provides benefits to Directors and other
eligible persons, including consultants who provide services similar to those provided by an employee. The Company
may also issue options or shares outside of the Plan to consultants and other service providers (collectively “the
Options”). The objective of the Options is to assist in the recruitment, reward, retention and motivation of the
recipients and/or reduce the level of remuneration or consideration that would otherwise be paid to the recipient.
Details of Options granted are as follows:
2021
Grant date
Expiry date
Exercise
price
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
Sep 19, 2017
Sep 18, 2020
A$0.12
400,000
Dec 21, 2018
Dec 20, 2021 A$0.125
18,250,000
Jul 31, 2019
Dec 20, 2021 A$0.125
10,750,000
-
-
-
Nov 2, 2020
Nov 1, 2023
A$0.05
-
3,000,000
29,400,000
3,000,000
-
-
-
-
-
Weighted remaining contractual life
(years)
Weighted average exercise price
1.46
$ 0.12
(400,000)
-
18,250,000
10,750,000
-
-
-
3,000,000
3,000,000
-
-
-
(400,000)
32,000,000
3,000,000
0.65
2.34
$ 0.12 $ 0.05
On 2 November 2020, 3,000,000 Options with a fair value of $47,688 were issued to consultants as part remuneration for
their services. The fair value at grant date of options granted during the period and in previous reporting periods, was
determined using the Black Scholes option pricing model that takes into account the exercise price, the term of the option,
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.
POLARX LIMITED
62
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
24. Share Based Payment Plans (continued)
The model inputs for the options granted during the period ended 30 June 2021 included:
a)
b)
c)
d)
e)
f)
options were issued with an exercise price of $0.05;
expected life of options is 3 years;
share price at grant date was $0.03;
expected volatility of 103%, based on the history of the Company’s share prices for the expected life of the
options;
expected dividend yield of nil; and
a risk-free interest rate of 0.11%
Options were fully vested at the time of issue.
2020
Grant date
Expiry date
Exercise
price
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
Feb 20, 2015
Feb 19, 2020
A$0.0715
4,000,000
Jun 18, 2015
Jun 17, 2020
A$0.175
400,000
Aug 31, 2016
Aug 30, 2019
A$0.195
400,000
Sep 19, 2017
Sep 18, 2020
A$0.12
400,000
Dec 21, 2018 Dec 20, 2021
A$0.125
18,250,000
-
-
-
-
-
Jul 31, 2019
Dec 20, 2021
A$0.125
- 10,750,000
23,450,000 10,750,000
-
-
-
-
-
-
-
(4,000,000)
(400,000)
(400,000)
-
-
-
-
-
-
-
-
-
400,000
400,000
18,250,000
10,750,000
-
-
(4,800,000)
29,400,000
400,000
Weighted remaining contractual life
(years)
Weighted average exercise price
2.08
$ 0.12
1.46
0.22
$ 0.12
$ 0.12
On 31 July 2019, the Company issued 10,750,000 options, each exercisable at $0.125 on or before 20 December 2021, in
lieu of cash consideration for consulting services. The 10,750,000 options shall vest as follows:
(i)
4,300,000 options shall vest upon announcement of a JORC Inferred mineral resource estimate for the Alaska
Range Project, comprising both the Stellar Copper Gold and the Caribou Dome Copper properties, of 10
million tonnes of mineralisation at a minimum cut-off grade of 0.5% copper or copper equivalent, signed off by
a competent person other than a director or employee of the Company;
(ii)
4,300,000 options shall vest upon the Shares trading on ASX at a volume weighted average price of $0.20 or
more for 10 consecutive trading days; and
(iii)
2,150,000 options shall vest upon completion of feasibility study for the Alaska Range Project.
The fair value at grant date of options was determined using the Black Scholes option pricing model that takes into account
(i) the exercise price ($0.125); (ii) the term of the option (2.39 years); (iii) the share price at grant date ($0.12); (iv)
expected price volatility (89%) of the underlying share; and (v) the risk free interest rate (0.73%) for the term of the Option.
The fair value of the stock options was $527,223.
POLARX LIMITED
63
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
25. Contingent Liabilities
The Company has a contingent liability arising from the termination of a drilling contract in Paraguay in 2008,
subsequent to which Arbitration proceedings were commenced by the drilling contractor.
In August 2016, the Company received notice of the Arbitration Tribunal’s determination. Based on its review of the
Tribunal’s judgement and advice from its Paraguayan legal counsel, the Company assessed the quantum of
damages that may be payable by it to be approximately US$40,000 plus interest. Subsequently on 7 March 2018,
the Company received notice that the plaintiff was seeking a Paraguayan judicial order for the enforcement of an
arbitration award against the Company in the amount of US$123,853.
Subject to receiving a Paraguayan court order for execution of the Tribunal’s judgement, the Company intends to
defend any attempt to enforce the order in Australia. As at the date of this report the Company has not received
notice of a court order having been issued for the execution of the Tribunal’s judgement. No provision for a liability
was recognised as at 30 June 2021.
Refer also to Notes 17 for the contingent payments and royalties applicable to the Caribou Dome, Stellar, Humboldt
Range and Uncle Sam properties.
26. Operating Segment
For management purposes, the Group is organised into one main operating segment, which involves mineral
exploration, predominantly for gold, copper and silver. All of the Group’s activities are interrelated, and discrete
financial information is reported to the Board (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. The Group currently operates in
Australia and the USA. The following table shows the assets and liabilities of the Group by geographic region:
Assets
Australia
United States
Total Assets
Liabilities
Australia
United States
Total Liabilities
Operating Result
Australia
United States
Total loss from operations
Consolidated
30 June 2021
$
30 June 2020
$
3,925,868
27,982,975
31,908,843
3,843,516
25,063,727
28,907,243
79,292
97,955
177,247
109,018
40,740
149,758
(1,236,374)
(1,720,798)
(63,378)
(7,173,652)
(1,299,752)
(8,894,450)
POLARX LIMITED
64
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
27. Dividends
No dividend was paid or declared by the Company in 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 (2020: Nil). The balance of the franking account as at 30 June 2021 is Nil (2020: Nil).
28. Agreements over the Uncle Sam Gold Project
In July 2015, the Company entered into a mineral lease and purchase agreement (Option Agreement) with Great
American Minerals Exploration Inc. (GAME), pursuant to which GAME agreed to lease the Uncle Sam Project for
10 years with an option to purchase the property outright at any time during the lease period. Subject to exercise of
the purchase option, GAME would assume liability for all royalty obligations on the project.
During the 2018 financial year, the Company received noticed from the Department of Natural Resources (State of
Alaska) that the mineral claims which comprise the Uncle Sam Gold Project had been declared abandoned (DNR
Notice). The basis for the decision was an error on the affidavit of labour filed by the previous tenement owner in
2011. As a result, GAME has sought to terminate the Option Agreement.
Following a review of its options in relation to this matter, PolarX and its US subsidiary which previously held an
interest in the Uncle Sam Project, have entered into an agreement with the underlying royalty holder, International
Royalty Corporation (“IRC”), pursuant to which:
(i)
(ii)
they have assigned to IRC its rights, titles, and interests (if any) in the Uncle Sam Project (including its rights
as against GAME);
they have granted the Group a full release from any causes of action, claims, or damages that IRC could
assert against PolarX or its US subsidiary; and
(iii)
IRC has the right to convey the claims back to PolarX’s US subsidiary, if it is successful in any court action
to recover the mineral claims from GAME.
As at the date this report the Company advises that IRC has commenced legal proceedings against GAME,
seeking to recover the Uncle Sam Project from GAME. In response, GAME has filed a third-party complaint, which
was served on the Company on 20 September 2021 (“GAME Complaint”). Pursuant to the GAME Complaint,
GAME alleges that the Company and its subsidiary, Crescent Resources (USA) Inc. (“Crescent”), breached the
underlying option agreement and is seeking, inter alia, to recover alleged payments to the Company totaling
US$174,550. In response, the Company notes as follows:
(i)
(ii)
the Company does not believe that there any grounds to the GAME Complaint against the Company and
Crescent;
IRC intends to defend the GAME Complaint on behalf of the Company and Crescent (refer further Note 28 to
the financial statements) and the Company believes that IRC will be successful in its original action against
GAME; and
(iii)
in any event, the Company only received payments totaling US$90,000 from GAME.
The Company also notes that the Uncle Sam Project:
-
-
is considered a non-core asset and has a $nil carrying value in the Company’s financial statements; and
is independent of the Company’s other projects in the USA.
POLARX LIMITED
65
ANNUAL REPORT 2021
Notes to the consolidated financial statements for the financial year ended 30 June 2021
29.
Information relating to PolarX Limited (“the parent entity”)
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Net assets
Issued capital
Reserves
Retained losses
(Loss) of the parent entity
2021
$
2020
$
3,435,268
3,354,826
34,240,235
31,642,705
37,675,503
34,997,531
79,291
109,018
-
-
79,291
109,018
37,596,212
34,888,513
94,632,375
88,818,962
3,868,868
3,741,280
(60,905,031)
(57,671,729)
37,596,212
34,888,513
(3,233,302)
(1,382,075)
Total comprehensive (loss) of the parent entity
(3,233,302)
(1,382,075)
Guarantees entered into by the parent entity in relation to
the debts of its subsidiaries
Guarantees provided
Contingent liabilities of the parent entity
Commitment for the acquisition of property, plant and
equipment by the parent entity
No longer than one year
Longer than one year and not longer than five years
Longer than five years
-
-
-
-
-
-
-
-
-
-
-
-
-
-
POLARX LIMITED
66
ANNUAL REPORT 2021
DIRECTORS' DECLARATION
In accordance with a resolution of the directors of PolarX Limited, I state that:
In the opinion of the directors:
(a) the consolidated financial statements and notes 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 Australian Accounting Standards (including the Australian Accounting Interpretations) and
the Corporations Regulations 2001;
(b) the consolidated financial statements and notes also comply with International Financial Reporting Standards as
disclosed in note 3(a); and
(c)
there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due
and payable.
This declaration has been made after receiving the declarations required to be made to the Directors in accordance with
section 295A of the Corporations Act 2001 for the financial year ended 30 June 2021.
On behalf of the Board
Mark Bojanjac
Executive Chairman
29 September 2021
POLARX LIMITED
67
ANNUAL REPORT 2021
PO Box 1908
West Perth WA 6872
Australia
Level 2, 1 Walker Avenue
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
29 September 2021
Board of Directors
PolarX Limited
1/100 Railway Road
Subiaco, WA 6008
Dear Directors
RE:
POLARX LIMITED
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the
following declaration of independence to the directors of PolarX Limited.
As Audit Director for the audit of the financial statements of PolarX 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.
Yours sincerely
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
Samir Tirodkar
Director
Liability limited by a scheme approved under Professional Standards Legislation
Stantons Is a member of the Russell
Bedford International network of firms
PO Box 1908
West Perth WA 6872
Australia
Level 2, 1 Walker Avenue
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
POLARX LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of PolarX Limited (“the Company”) and its controlled entities (“the Group”),
which comprises the consolidated statement of financial position as at 30 June 2021, the consolidated statement of
profit or loss and other comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended, 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)
(ii)
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
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 Company in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110: Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material Uncertainty Relating to Going Concern
As referred to in Note 2 to the consolidated financial statements, the consolidated financial statements have been
prepared on the going concern basis. For the financial year ended 30 June 2021, the Group incurred a loss after
income tax of $1,299,752 and in net cash outflow from operating activities of $1,217,800. At 30 June 2021, the
Group had cash and cash equivalents of $3,485,056.
Liability limited by a scheme approved under Professional Standards Legislation
Stantons Is a member of the Russell
Bedford International network of firms
The ability of the Group to continue as a going concern and meet its planned exploration, administration and other
commitments is dependent upon the Group raising further working capital and/or successfully exploiting its mineral
assets. In the event that the Group is not successful in raising further equity or in exploiting its mineral assets, the
Group may not be able to meet its liabilities as and when they fall due and the realisable value of the Group’s current
and non-current assets may be significantly less than book values.
Our audit opinion is not modified on this respect.
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 the matter was addressed in the audit
Carrying Value of Exploration and Evaluation
Assets
As disclosed in Note 11 to the consolidated financial
statements, the carrying value of exploration and
evaluation assets amounted to $27,946,204 (2020:
$24,307,272).
The carrying value of exploration and evaluation
assets is a key audit matter due to:
•
•
•
The significance of the expenditure capitalised
representing 87% of total assets;
to assess management’s
The necessity
the
requirements of
the
application of
accounting standard Exploration
for and
Evaluation of Mineral Resources (“AASB 6”), in
light of any indicators of impairment that may
be present; and
The assessment of significant judgements
made by management in relation to the
capitalised
evaluation
expenditure.
exploration
and
Inter alia, our audit procedures
following:
included
the
i. Assessing the Group’s right to tenure over
exploration assets by corroborating
the
ownership of the relevant licences for mineral
resources to government registries and relevant
third-party documentation;
ii. Reviewing the directors’ assessment of the
carrying value of the capitalised exploration and
evaluation assets, ensuring the veracity of the
data presented and assessing management’s
consideration of potential impairment indicators,
commodity prices and the stage of the Group’s
projects against AASB 6;
iii. Evaluating documents supporting the Group’s
intention
its exploration and
evaluation activities in areas of interest. The
documents we evaluated included:
to continue
▪ Minutes of the board and management; and
▪ Announcements made by the Group to the
Australian Securities Exchange; and
iv. Assessing the adequacy of the disclosures in
accordance with the applicable accounting
standards.
Other Information
The directors are responsible for the other information. The other information comprises the information included in
the Group’s annual report for the year ended 30 June 2021 but does not include the financial report and our auditor’s
report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any form
of assurance opinion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal
control as the directors determine is necessary to enable the preparation of the financial report that gives a true and
fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or has no realistic
alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the
Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit. An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the financial report.
The procedures selected depend on the auditor's judgement, including the assessment of the risks of material
misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation of the financial report that gives a true and fair view in
order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity's internal control.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report.
We conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor's report to the related disclosures in the financial report or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue
as a going concern.
We evaluate the overall presentation, structure and content of the financial report, including the disclosures, and
whether the financial report represents the underlying transactions and events in a manner that achieves fair
presentation.
We obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the financial report. We are responsible for the direction,
supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in Internal control that we identify during our audit.
The Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements.
We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Directors, we determine those matters that were of most significance in
the audit of the financial report of the current period and are therefore key audit matters. We describe these matters
in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 21 to 26 of the directors’ report for the year ended 30
June 2021.
In our opinion, the Remuneration Report of PolarX 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.
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(An Authorised Audit Company)
Samir Tirodkar
Director
West Perth, Western Australia
29 September 2021
ASX Additional Information
Additional information required by the Australian Stock Exchange Limited Listing Rules and not disclosed elsewhere in this
report. The additional information was applicable as at 1 September 2021.
Distribution of Security Holders
There are 672,216,731 fully paid ordinary shares on issue. Analysis of numbers of listed equity security holders by size of
holding:
Holding
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
Number of shareholders
86
111
83
509
468
1,257
There are 310 shareholders holding less than a marketable parcel of ordinary shares.
Statement of Restricted Securities
There are a total of 5,000,000 Shares subject to voluntary escrow, which expires on 31 March 2023. There are no other
restricted securities on issue.
Substantial Shareholders
The Company is of the view, after taking into account publicly available information, that the substantial shareholders of the
Company are as follows:
Shareholder
Ruffer LLP
Lundin Mining Corporation
US Global
Number of shares
93,228,730
53,442,000
50,343,939
Voting Rights
The voting rights attached to each class of equity security are as follows:
Ordinary Shares
Each ordinary share is entitled to one vote when a poll is called otherwise each member present at a meeting or by proxy
has one vote on a show of hands.
Options
These securities have no voting rights.
POLARX LIMITED
73
ANNUAL REPORT 2021
Quoted Equity Security Holders
The names of the twenty largest ordinary shareholders of the Company as at 1 September 2021 are as follows:
Shareholder
Number of Shares
% of Issued Capital
HSBC Custody Nominees (Australia) Limited
Citicorp Nominees Pty Limited
BNP Paribas Noms Pty Ltd
Aetas Global Markets Limited
Hajek FT Custodians Pty Ltd
Orogen Investments Pty LTd
Equity Trustees Limited
BNP Paribas Nominees Pty Ltd
Mr Kevin Banks-Smith
Terra Metallica Nominees Pty Ltd
Martin Huxley
Mr William Willoughby
Mr Andrew Walsh
Armada Mining Inc.
Mr Frank Violi
Stelabel Pty Ltd
Gecko Resources Pty Ltd
Dr Charles Frazer Tabeart
Mr Andrew Huat Seong Tay
Mr Robert Keith Blanden + Ms Joan Sybil Blanden
Unquoted Equity Security Holders
50,922,926
67,681,335
34,527,208
16,370,782
14,179,511
13,631,832
12,754,882
10,682,825
7,787,777
5,793,862
5,646,171
5,169,427
5,050,000
5,000,000
4,742,857
4,387,597
4,269,473
3,700,395
3,617,223
3,462,338
22.45
10.07
5.14
2.44
2.11
2.03
1.90
1.59
1.16
0.86
0.84
0.77
0.75
0.74
0.71
0.5
0.64
0.55
0.54
0.52
379,378,421
56.44
Class
Number of
options
Number of
holders
Holders with more than 20%
Unlisted stock options each
exercisable at $0.125 on or before
20/12/2021
Unlisted stock options each
exercisable at $0.05 on or before
1/11/2023
Unlisted stock options each
exercisable at $0.05 on or before
26/07/2024
29,000,000
10
3,000,000
5,000,000
2
4
The Fiduciary Group Limited (10,000,000)
Frazer Tabeart (5,000,000)
Orogen Investments Pty Ltd (5,000,000)
Kallara Holdings Pty Ltd (5,000,000)
Peter Nesveda (2,700,000)
C&M Co Pty Ltd (1,250,000)
Andrew Doe (1,250,000)
Justin Resta (1,250,000)
Russell Cole (1,250,000)
POLARX LIMITED
74
ANNUAL REPORT 2021
Tenement Schedule
The tenement interest held by the Group as at the date of this report are listed below:
Project
Location
Licence(s)
Ownership Interest
Caribou Dome Property
Alaska, USA
Caribou 1 - Caribou 20 (563243 - 563262)
Option to earn 80%
Stellar Copper Gold
Project
Copper 1 - Copper 6 (588461 - 588466)
Copper 7 - Copper 11 (645375 - 645379)
CD 1 - CD66 (664859 - 664924)
CDS 001 - 038 (719949 - 7199861)
CD 001 - 040 (719909 - 719948)
Option to earn 90%
CDE-01 - 20 (722216 - 722235)
CDE 26 (722241)
CD 41 - 51 (725113 - 725123)
SBX 71 (726910)
SBX 74 - 75 (726913 - 726914)
SBX 77 - 82 (726916 - 726921)
Alaska, USA
SB 154 - 155 (704562 - 704563),
100%
SB 167 - 168 (704575 - 704576)
ZK 3 - 5 (704621 - 704623)
ZK 14 (704632)
ZK 19 - 21 (704637 - 704639)
Z 1 - 5 (709427 - 709431)
Z 6 - 10 (711728 - 711732)
SB 281 - 283 (714079 - 714081)
SB 297 - 299 (714095 - 714097)
SB 317 - 319 (714115 – 714117)
SB 346 - 348 (714144 - 714146)
SB 364 - 368 (714162 - 714166)
SB 376 - 379 (714174 - 714177)
SB 389 - 390 (714187 - 714188)
SB 417 (715392)
SBA 001 - 066 (721446 - 721511)
SBX 001 - 070 (724789 - 724858)
LYKN 1 - 2 (725111 - 725112)
CDE 21 - 25 (722236 - 722240)
CDE 27 (722242)
SBX 72 - 73 (726911 - 726912)
SBX 76 (726915)
SBX 83 - 91 (726922 - 726930)
SBX 92 -121 (728878 - 728907)
POLARX LIMITED
75
ANNUAL REPORT 2021
Project
Humboldt Range
Project
Location
Nevada, USA
Ownership Interest
100% interest in a Mineral
Lease Agreement to
explore, develop and mine
the project
Licence(s)
FOJ 40, FOJ 42, FOJ 44, FOJ 60, FOJ 62, FOJ 203,
FOJ 262, SM 27, SM 29, SM 73-75, SM 103, SM
105, SM 107, SM 109, SM 111, SM 113 -116, SM
133-152, SM 160-163, SM 170-179, SM 198-203,
FOJ-249R, FOJ-251R, INCA # 1, INCA # 4-7, SM 3-
26, SM 43-72, SM 91-102, SM 104, SM 106, SM 108,
SM 110, SM 112, SM 117-126, FOJ 65-68, FOJ 99,
FOJ 102, FOJ 104, FOJ 106, FOJ 140, FOJ 142,
FOJ 190, FOJ 192, FOJ 194, FOJ 213, FOJ 215,
FOJ 217, FOJ 219, FOJ 244, FOJ 250, FOJ 252,
FOJ 258-261, FOJ 276, FOJ 278, FOJ 300, FOJ 302,
PFJ 01-96, PFJ 97-141
POLARX LIMITED
76
ANNUAL REPORT 2021