A.C.N. 006 639 514
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2022
Reedy Lagoon Corporation Limited
Contents
30 June 2022
Chairman's letter
Review of operations
Tenement schedule
Directors' report
Auditor's independence declaration
Statement of profit or loss and other comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
Directors' declaration
Independent auditor's report to the members of Reedy Lagoon Corporation Limited
Shareholder information
Corporate directory
2
3
18
19
25
26
27
28
29
30
43
44
48
50
1
Chairman’s Letter
Dear Shareholders
Annual Report for Financial Year 2022
Level 44, 600 Bourke Street
Melbourne VIC Australia
Ph: (03) 8420 6280
Postal Address: P O Box 2236,
Richmond VIC 3121
Email: info@reedylagoon.com.au
reedylagoon.com.au
During the financial year ended 30 June 2022 the Company advanced its interests in lithium, iron and
gold.
At the Alkali Lake North lithium‐brine project in Nevada, USA additional ground was acquired over areas
which the Company has interpreted from its geophysical surveys as containing extensions to brine
deposits. Subsequent seismic survey has provided further support for these interpretations.
The early encouragement given by initial sampling for gold at Burracoppin in Western Australia last year
has been bolstered by further sampling. Recent results from soil sampling are indicating the presence of
a geological mineralizing system that has regional scale extending through the Company’s tenements.
The Company’s collaboration with CSIRO on the Burracoppin magnetite deposit has resulted in a model
of the deposit based in physics which the Company, together with the CSIRO team that constructed the
model, look forward to investigating with the drill.
The Burracoppin magnetite deposit is a key element in the Company’s Burracoppin Iron Project. The
project is initially aiming at using under 2 Mt per annum of iron‐concentrate for feed to produce pig iron
in Western Australia. The Burracoppin magnetite deposit’s winning attributes include the location of the
magnetite deposit, the qualities of the magnetite mineralisation and the planned scale of mining which
is well matched to the transport infrastructure in place. The Burracoppin Iron Project aims to use local
supply feeds of mineral‐iron and plant‐carbon and take advantage of the diverse local and overseas
market for a high‐quality pig iron.
During the year Reedy Lagoon raised $1.75M through a range of share issues including under
placement, entitlement and the exercise of options which totaled 87,400,756 shares.
Thank you for your continued support.
Yours sincerely,
Jonathan Hamer
Chairman
Reedy Lagoon Corporation Limited
Review of operations
30 June 2022
Overview
Reedy Lagoon has exploration projects for
lithium, gold and magnetite.
Reedy Lagoon staked additional claims
and acquired seismic survey data at its
lithium-brine project in Nevada, conducted
soil sampling for gold at Burracoppin and
in collaboration with CSIRO developed a
model of the Burracoppin magnetite
deposit underpinning the Company’s
Burracoppin Iron project.
The increased demand for lithium has led
to significant uptake of ground in the areas
the Company considers prospective for
lithium-brines suitable for the developing
nascent direct extraction technologies. Ground expansions may remain challenging but our existing
lithium projects are well located close to a pilot plant that Schlumberger/Pure Energy is constructing to
further develop its lithium-brine processing technology.
Disruptions to supply lines on a global scale are creating opportunities for smaller producers that are
less dependent on economies of scale for their operations to remain profitable. The Company’s
Burracoppin Iron project is well suited to these developments. A smelter of high purity pig iron using
locally sourced and owned iron and carbon will have greater control over its supply lines making it a
reliable source of pig iron for parties dependent on such pig iron for their operations. Burracoppin Iron
is well positioned for the shift by consumers to prioritise quality and reliability of supply.
Corporate.
Reedy Lagoon issued 87,400,746 shares at average issue price of $0.02 (range $0.0546 to $0.0049)
per share raising $1,751,582 during the 2022 financial year.
The issues comprised:
(cid:120) 70,000,000 shares at an issue price of $0.016 per share under a placement raising
$1,120,000 on 7 September 2021;
(cid:120) 5,331,064 shares at an issue price of $0.0404 per share to directors under the Scheme
approved by shareholders at the annual general meeting held on 30 November 2021 raising
$215,375 on 3 December 2021;
(cid:120) 2,400,000 shares in consideration of payment of the exercise prices ($0.0116, $0.0049 and
$0.0147) per share of options issued to directors under the Directors Option Scheme raising
$24,960 on 3 December 2021;
(cid:120) 100,000 shares in consideration of payment of the $0.016 exercise price per share of options
issued to directors under the Directors Option Scheme raising $1,160 on 3 December 2021;
3
Reedy Lagoon Corporation Limited
Review of operations
30 June 2022
(cid:120) 500,000 shares in consideration of payment of the $0.0546 exercise price per share of
options issued to directors under the Directors Option Scheme raising $27,300 on 11 March
2022; and
(cid:120) 9,069,682 shares at an issue price of $0.04 per share under an Entitlement Offer to
shareholders raising $362,787 on 3 June 2022.
On 2 May 2022 and following delivery to Reedy Lagoon of a report titled: “MagResource. Estimation
of magnetite resources via integration of quantitative mineralogy, geochemistry, petrophysics and
magnetic modelling: A case study on Burracoppin Magnetite prospect, WA” the project with CSIRO
through CSIRO Kick-Start, to develop a method of determining magnetite resources using magnetic
modelling was concluded. Collaboration with CSIRO continues however, with both parties looking
forward to Reedy Lagoon drilling out the MagResource model.
On 27 July 2022 the agreement with Dinsdale Consultants Pty Ltd and Smelt Tech Consulting Pty Ltd
to pursue a commercial objective of establishing “green iron” production in Western Australia using
HIsmelt Technology to smelt magnetite from the Burracoppin deposit using biochar as the reductant
instead of coal was amended to have services in the future provided by MinRizon Projects Pty Ltd
and replace Dinsdale Consultants Pty Ltd with MinRizon Projects Pty Ltd.
Nevada Lithium Brine Projects
Alkali Lake North:
Clayton Valley:
LITHIUM BRINES
334 claims – 6,415 acres (2,596 ha)
112 claims – 2,240 acres ( 906 ha)
Nevada, USA
RLC 100%
lithium brine projects
The Nevada
comprise: Alkali Lake North and
Clayton Valley. The projects are
located in 2 large and separate ground
water catchment areas in Nevada,
USA. The projects are within 25
kilometres of the Silver Peak Lithium
Brine Operation owned by Albemarle
Corp. which is located 360 kilometres
by road (US-95 route) from the Tesla
Gigafactory (Lithium-ion batteries) in
Reno.
lithium projects are
The
targeting
dissolved lithium in salty ground water
(“brine”).
4
Reedy Lagoon Corporation Limited
Review of operations
30 June 2022
Reedy Lagoon has targeted brine sources of lithium because it intends becoming a low-cost producer
of battery grade lithium chemical. It sees risk in producing a lithium concentrate (from hard rock mineral
deposits) for sale as feedstock to an intermediary for processing into a battery grade (or other) lithium
product.
Water rights control access to ground water including lithium-bearing brine. While the rights to dissolved
and particulate minerals including the ownership of lithium contained in a brine, are held in a Placer
Claim (under US Federal legislation) the legal right to pump ground water from a basin is controlled
separately by State of Nevada legislation. Water in deserts is a valuable and scarce commodity. Water
rights as a consequence are highly regulated and allocations are restricted. Most of the water rights in
the Clayton Valley water catchment are owned by Albemarle Corp. for its Silver Peak Lithium Brine
Operation (refer Figure 1).
In 2016 when the Company initiated its Nevada lithium brine projects, a new way to extract lithium from
brines located in Clayton Valley, Nevada had been reported by Pure Energy Minerals (a “direct
extraction” method). The new direct extraction method not only had low projected operating costs for
battery-grade lithium carbonate and lithium hydroxide production but most importantly, involved
extraction of the lithium as a first step allowing the bulk of the brine to be returned to the basin. All
existing commercial production of lithium from brines involves pre-treating the brine prior to extracting
the lithium and this pre-treatment involves pumping the brine through vast evaporation ponds from
which the bulk of the brine water is evaporated.
The critical importance of the direct extraction processes is their potential to drastically reduce the
volume of water consumed by enabling return of the brine to the basin unchanged other than by the
removal of lithium. Under current arrangements there are insufficient water rights available for
conventional evaporation-pond based brine processing at either of the Company’s existing projects.
Reduced water consumption via the direct extraction process has potential to facilitate regulatory
approvals to pump and process ground water in the event that “consumptive use” is used as the
measure of the water allocation as opposed to the gross water extracted.
Direct extraction technologies are advancing. Reedy Lagoon now considers there are at least 3
alternative direct extraction process methods that might enable commercial production of lithium from
brine. One of the these is under development by Schlumberger New Energy which has engaged with
Pure Energy Minerals to build a pilot plant in Clayton Valley (refer Figure 1).
Reedy Lagoon holds two project areas, Clayton Valley and Alkali Lake North, which comprise a
combined area of 3,502 hectares (8,655 acres) under 446 placer claims following claim staking activity
in September 2021. Brine targets defined in detailed geophysical data (3D-AMT) are present in both
project areas. All the placer claims are 100% owned and there are no royalty arrangements.
Studies and land investigations to build additional lithium-brine exploration projects are continuing.
5
Reedy Lagoon Corporation Limited
Review of operations
30 June 2022
Figure 1. Alkali Lake North and Clayton Valley project locations over satellite image.
Clayton Valley Project
LITHIUM in BRINE
Nevada, USA
RLC 100%
The Clayton Valley lithium-brine project is located within 10 kilometres northwest of the Silver Peak
Lithium Operation (owned by Albemarle Corporation) where the southern end of Big Smoky Valley
meets the western side of Clayton Valley (refer Figure 1).
A brine target potentially comprising a 200 metre thick interval of sediments containing multiple brine
filled aquifers has been identified in audio MagnetoTelluric (3D AMT) survey data (refer ASX release
23/8/2018). Importantly, we see similarities between the geology indicated in our 3D AMT survey with
the geology that has been determined and reported for the Silver Peak lithium brine production area
located a few kilometres to the southeast.
The next phase of exploration is likely to comprise drilling the brine targets identified in the 3D AMT
data. Timing depends on external developments including in direct extraction lithium-brine capabilities
and funding.
Alkali Lake North Project
LITHIUM in BRINE
Nevada, USA
RLC 100%
The Alkali Lake North lithium-brine project covers part of a discrete sub basin located 30 kilometres
northeast of Silver Peak and it occurs within an extensive 30 kilometres long, northwest trending
basin that drains to the south towards Alkali Lake. Satellite and gravity imagery suggest that a deep
basin is masked by recent alluvium. Several hot springs discharge alkaline salts onto the surface of
the playa lake located 10 kilometres to the southwest of the project area (refer Figure 1).
6
Reedy Lagoon Corporation Limited
Review of operations
30 June 2022
Brine targets potentially comprising multiple brine aquifers within sediments have been identified (as
conductors) in Audio MagnetoTelluric (“AMT”) data.
In early September 2021 the Company staked additional placer claims to cover a shallow brine layer
(conductor) identified at a depth of 200 metres (refer to Figure 2 and ASX release 7/09/2021). The
staking also acquired north and south extensions to cover potential extensions to a tubular shaped
conductor located on the easter side of the project area.
Figure 2. Alkali Lake North project : Interpreted conductors and structure over 2D-AMT data.
Subsequent 3D Audio Magneto-telluric (3D-AMT) survey investigating the linear conductor located in
the eastern part of the project area recovered data indicating the conductor to be 4,300 metres in length
with a keel extending to at least 600 metres depth over its central section. The full lateral extent of the
tubular brine target lies within a sub-basin indicated in gravity data and the target’s central keel
coincides with the deepest part of the basin (refer ASX release 14/10/2021).
Interpretations of 2D Shallow
Seismic Reflection
(SSR)
data acquired along a 7
traverse
long
kilometre
running east-west across the
centre of the project area
include reflectors pulling up
the eastern and
towards
western ends of the traverse
suggesting
sedimentary
layers sag downwards in the
central portion of the project
area which would
be
consistent with an interpreted
basin structure from gravity data
(refer to Figure 3 and ASX
release 6/01/2022).
Figure 3. Alkali Lake North project : Conductive zones (red
most conductive blue least) in 3D-AMT inserted over SSR.
7
Reedy Lagoon Corporation Limited
Review of operations
30 June 2022
Figure 4. Alkali Lake North. Project boundary, SSR section line A-A’ and location of the linear
tubular shaped conductor near project’s eastern boundary over bouger gravity image.
Data source: USGS PACE Gravity compilation.
The concurrent presence of extensive AMT conductivity anomalies and shallow seismic reflectors
located within a basin structure indicated in gravity data and captured within the project area are
strong indicators of the presence of a substantial brine aquifer system located within the Alkali Lake
North project.
Additional 3D-AMT survey over areas not yet covered is planned in order to acquire data to aid drill
target selection for testing the extensive flat lying aquifers interpreted in the 2D-AMT and SSR data
across the project area. Drill testing for lithium bearing brine in the large tubular shaped target
located in the eastern side of the project is also planned.
8
Reedy Lagoon Corporation Limited
Review of operations
30 June 2022
Gold
Burracoppin Gold
RLC 100%
E70/4941, E70/5467, E70/5544 (241 km2)
Western Australia
Reedy Lagoon is targeting gold mineralisation at Burracoppin in the vicinity of its magnetite deposit
(part of the iron project) located 260 kilometres east of Perth in Western Australia. The project is 60
kilometres north of the Tampia gold mine and 30 kilometres southwest from the Edna May gold mine
(both owned by Ramelius Resources Limited).
Figure 5. Burracoppin Gold Project. Yandina Shear Zone, project tenure and location over
regional geology.
Initial focus of exploration includes a structural feature, the Yandina Shear Zone, and areas adjacent to
it. Most of the 30 kilometre strike length of the Yandina Shear Zone within the project area has seen
very little exploration. Exploration using soil sampling along traverse lines and low detection gold assay
(lower detection limit 0.1 ppb Au) is generating encouraging results.
9
Reedy Lagoon Corporation Limited
Review of operations
30 June 2022
.
Current results are advancing the Windmills
and Lady Janet prospects as well as areas
of interest created in the south by the
Company’s wide spaced exploratory soil
sampling conducted earlier this year
Figure 6. Location of gold target areas including
Windmills and Lady Janet prospects and the
Yandina Shear Zone.
The Windmills Prospect was initiated in 2021 when geochemical data recovered from soil samples on
a traverse in an area devoid of any known past sampling identified an auriferous zone 800 metres
wide (refer ASX release 27/05/2021).
Follow-up sampling has recovered results that combine to extend the auriferous zone to measure at
least 1,400 metres by 400 metres (refer Figures 6 & 7 and ASX release 28/09/2022).
The prospect is located about 1.5 kilometres east from the mapped location of the Yandina Shear
Zone and the auriferous zone is elongated in a direction parallel to it.
10
Reedy Lagoon Corporation Limited
Review of operations
30 June 2022
Figure 7. Windmills prospect - soil sample results over regional magnetics.
At Lady Janet, gold assays from soil
samples indicate a contiguous zone
extending 1,200 metres located to the
east of the Yandina Shear Zone within
which samples on 7 adjacent traverses
at 200 metre separations reported with
at least 5 ppb gold (refer Figures 6 & 8).
The gold assay values show a clear
drop to less than 1.2 ppb gold along the
eastern ends of the traverse lines
suggesting the results may be related to
underlying geology and lend support to
the exploration method in this
environment
Figure 8. Lady Janet prospect - soil sample results over
regional magnetics. Mapped trace of Yandina Fault
Zone is shown passing through the western side of the
sample traverses.
11
Reedy Lagoon Corporation Limited
Review of operations
30 June 2022
Additional exploratory traverses in the southern part of the project area, including the 2 traverses
1,000 metres apart shown in Figure 9, have recovered anomalous gold (refer also to Figure 6). Peak
gold anomalism on the two sample traverses in Figure 9 coincide with the mapped location of the
Yandina Shear Zone.
Infill sample-lines are needed to investigate if the line results are linked and sample traverses to the
north and south are warranted to investigate for extensions.
Figure 9. Exploratory traverses, Burracoppin Gold Project. Soil sample gold assay results over
regional magnetics in the southern part of the project area. The traverses are located within 6
kilometres distance from the southern boundary of the Project area
Additional assay, including multi-element, to investigate for path-finder elements and to assist in
interpreting the gold assay results recovered over the project to date, is under consideration.
Next steps include infill and extension sampling at identified anomalies, systematic soil sampling to
recover geochemical data to aid targeting gold-bearing mineralised systems for drill testing and
additional exploratory traverses in untested areas.
Results and activities described above are provided in more detail in ASX releases 27/05/2021,
27/06/2022 and 28/09/2022).
12
Reedy Lagoon Corporation Limited
Review of operations
30 June 2022
Iron
Burracoppin Iron
Western Australia
RLC 100%
MINING, BIOMASSING and SMELTING
to produce
GREEN HIGH PURITY PIG IRON.
Reedy Lagoon is pursuing a plan to produce and sell Green High Purity Pig Iron ("Green HPPI") by:
(cid:120) Mining mineral magnetite from the Burracoppin deposit to produce iron concentrate
(cid:120) Growing or otherwise acquiring biomass for processing to produce biochar
(cid:120) Smelting the iron concentrate with the biochar using HIsmelt technology to produce Green HPPI
(cid:120) Selling Green HPPI to steel makers in Australia, North America, Europe, UK and Asia.
Operating scenarios for processing Burracoppin magnetite to produce Green High Purity Pig Iron using
HIsmelt technology and biochar from locally grown biomass have been investigated in a study
undertaken for the Company by Dinsdale Consultants (refer to ASX release 19/03/2021). The scenarios
consider an initial 1 Mtpa rate of pig iron production which would require approximately 1.6 Mtpa
Burracoppin iron concentrate and extended research previously conducted which identified that the
HIsmelt technology could use biochar to smelt the coarse grained Burracoppin magnetite concentrate
to produce HPPI with zero net emissions of CO2 (refer to ASX release 20/08/2020).
Global developments over the last 12 months have brought sharp focus to the importance of locally
sourced inputs and dispersed markets that preferably include a base of local buyers.
The steps required to achieve annual production of 1Mtpa Green High Purity Pig Iron include
establishing the following:
(cid:120) Mining - Burracoppin Magnetite
(cid:120) Biomassing for Carbon Cycling
(cid:120) Smelting - HIsmelt
(cid:120) Production - High Purity Pig Iron
Burracoppin Magnetite Deposit
Western Australia
RLC 100%
E70/4941 (58 km2)
The Burracoppin magnetite deposit is located
in the central Wheatbelt of Western Australia
roughly midway between Perth and Kalgoorlie
on the Great Eastern Highway.
The deposit is well positioned with existing
open access infrastructure including, rail and
port facilities.
13
Reedy Lagoon Corporation Limited
Review of operations
30 June 2022
The Burracoppin magnetite deposit is evidenced in airborne magnetic data. Metallurgical studies
conducted between 2012 and 2014 using core samples from drilling in 2012 indicate a high grade iron
concentrate with low levels of impurities can be produced at a relatively coarse grind size (P80 -150
micron) (refer to ASX release 23/11/2012 and 17/11/2014).
Additional drilling and metallurgical testwork are planned to establish Indicated Resources which, if
achieved, will enable financials for the planned mining and production of iron concentrate for the
smelter to be estimated.
A model of the magnetite deposit was established by a study which aims to develop a method of
determining magnetite resources using petrophysically constrained magnetic modelling and involved
analysing sub-samples collected from our core from earlier drilling and analysing them to recover
magnetic, density, geochemical, mineralogical and structural data (MagResource method). These
data were used to constrain the modelling of the airborne magnetic data acquired in 2011 and
reprocessed by CSIRO.
Figure 10. CSIRO’s MagResource model of the Burracoppin magnetite deposit in plan view.
The study is the product of the Company’s engagement with Australia’s national science agency,
CSIRO, which commenced in May 2021 and delivered its final report in April 2022 (refer to ASX
release 26/05/2021 and 29/04/2022). The project was made possible through CSIRO Kick-Start, an
initiative that provides funding and support for innovative Australian start-ups and small businesses to
access CSIRO’s research expertise and capabilities. The study has contributed to the development of
a new method for quantifying the iron content of deposits of magnetite, referred to as the
“MagResource” method.
14
Reedy Lagoon Corporation Limited
Review of operations
30 June 2022
Figure 11. CSIRO’s MagResource model of the Burracoppin magnetite deposit shown beneath land
surface imaged from GoogleEarth.
The modelling of the airborne magnetic data has resulted in the generation of 3D shapes that
represent potential magnetite mineralisation both in space and in content of magnetite. The CSIRO
MagResource model has potential to significantly assist the Company’s planned drilling and in
understanding the geology of the deposit (refer ASX release 29/04/2022).
Current practice normally requires drilling hundreds of holes into a potential resource to determine
metal content which is extrapolated between holes using statistical methods. By developing methods
to quantify iron resources using 99% non-invasive technology we can minimise impacts for local
communities and reduce the costs for the early stages of exploration, leading to faster resource
definition and greater certainty for investors and stakeholders. This is the potential we see in the
MagResource method that our collaboration with CSIRO is developing.
Planned resource definition drilling has been modified to include initial holes directed to investigate
the CSIRO model so that if the model is proven, subsequent holes may be guided by that model.
Biomassing – Carbon Capture
The Company is investigating the potential for establishing a biomass business to produce biochar to
replace all coal used in the Burracoppin Iron Project's planned pig iron production. Studies have
identified the potential for locally grown biomass to produce all the carbon required for the planned
smelting of Burracoppin magnetite into pig iron (refer to ASX release 19/03/2021).
Biomass includes grass, wood, crops and certain "waste" products otherwise destined for landfill.
Biomass has been used as a fuel but we intend harvesting the carbon it contains by processing it into
biochar. The biochar will then be used to replace coal as the source of carbon required to smelt
magnetite into pig iron. Our net operation will be smelting magnetite into metal which will release carbon
dioxide into the air and cropping biomass to extract carbon dioxide from the air.
15
Reedy Lagoon Corporation Limited
Review of operations
30 June 2022
The project will have greenhouse (including carbon dioxide) emissions additional to those from the
smelting operation, including from harvesting and processing biomass, mining and transport. These
additional emissions in total will be significantly less than those from the smelting operation and it is
anticipated that they could be mitigated by biomass/biochar production in excess of the smelter
requirements and / or by purchasing carbon credits.
Our Iron Project will encompass carbon capture through agriculture and carbon release through
industry: a cycle - what is taken out is put back in.
It is intended that the biomass business will enable the project to produce pig iron with net zero carbon
dioxide emissions together with an alternative crop for farmers in the Western Australian Wheatbelt.
NOTE: It is expected that it may take 5 to 10 years to achieve the production rate of 0.8Mtpa biochar
required for the planned production of 1Mtpa HPPI (refer ASX 19/03/2021).
Smelting – Green High Purity Pig Iron
HIsmelt technology + Magnetite + Biochar = Green High Purity Pig Iron.
In the event that Steps 1 (Mining), and 2 (Biomassing) are achieved then the following objectives and
scenarios would be pursued:
HIsmelt is a proven technology that was initially developed in Australia before being purchased by
Molong Petroleum Machinery Ltd and developed commercially in China. HIsmelt smelts iron ore into
High Purity Pig Iron ("HPPI") with lower environmental emissions than the conventional blast furnace
technology and can produce "green" pig iron via using sustainably produced biochar as the reductant
instead of coal (refer to ASX releases 09/02/2021 and 19/03/2021).
HIsmelt is an innovative smelting process capable of using the coarse Burracoppin concentrate as direct
feed thus significantly reducing process costs at the mine site and adverse emissions at the smelter
site (as neither sintering or pelletising of the concentrate is required). HIsmelt is also capable of using
other feedstocks including industrial products that would otherwise go to landfill.
The HIsmelt smelt process produces a net excess of electricity, which will be "green" electricity when
using biochar as the reductant instead of coal. This green electricity may be able to be counted as
mitigating carbon emissions. The excess electricity (estimated at 20MW during smelting operations)
could potentially be used to produce green hydrogen for use in a first step in the smelt reaction in order
to further reduce carbon emissions (refer to ASX release 19/03/2021).
Geof Fethers
Managing Director
16
Reedy Lagoon Corporation Limited
Review of operations
30 June 2022
Competent Person’s Statements:
The information in this report other than information in the section headed “Lithium” as it relates to exploration
results and geology was compiled by Mr Geoffrey Fethers who is a Member of the Australasian Institute of Mining
and Metallurgy. Mr Fethers is a director of Reedy Lagoon Corporation Limited and a Competent Person. Mr
Fethers 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 as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr
Fethers consents to the inclusion in the report of the matters based on the information in the form and context
in which it appears.
The information in the Exploration section headed “Lithium” of this report as it relates to exploration results and
geology was compiled by Mr Geoff Balfe who is a Member of the Australasian Institute of Mining and Metallurgy.
Mr Balfe is a consultant to Reedy Lagoon Corporation Limited and a Competent Person. Mr Balfe 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 as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Balfe consents
to the inclusion in the report of the matters based on the information in the form and context in which it appears.
Where Exploration Results have been reported in earlier RLC ASX Releases referenced in this report, those releases
are available to view on https://www.reedylagoon.com.au/investors/asxannouncements/. The company
confirms that it is not aware of any new information or data that materially affects the information included in
those earlier releases. The company confirms that the form and context in which the Competent Person’s findings
are presented have not been materially modified from the original market announcement.
17
Reedy Lagoon Corporation Limited
Tenement Schedule
30 June 2022
Tenement Schedule
Tenements held at 28 September 2022:
Located in Australia
Tenement
E70/4941
Burracoppin (WA)
E70/5467
Burracoppin (WA)
E70/5544
Burracoppin (WA)
Date of grant
Status
Minimum Annual
Expenditure
Commitment
$
Company
Interest
(direct or
indirect)
Current
11 Feb 2019
20,000
100% 1, & 2
Current
22 Jan 2021
28,000
100% 1, & 2
Area
(km2)
58
81
102
Current
23 Mar 2021
35,000
100% 1, & 2
Located in USA
Tenements (all Placer Claims located in Nevada) 3 & 4
Claim Name
Claim Numbers
Alkali Lake North Project
WH Claims
WH-1 to WH-128
WH-129 to WH-334
Corresponding
BLM NMC Number
Total Claims
Total Area
to
NMC 1138328
NMC 1138455
NV 5 105269236 to
NV 5 105269441
128
206
1,042 ha
1,554 ha
Clayton Valley Project
CV Claims
CV-1 to CV-112
Notes to the tenement schedule:
NMC 1176204
NMC 1176315
to
112
906 ha
1. E70/4941, E70/5467 and E70/5544 are 100% owned by RLC through its wholly owned subsidiary,
Bullamine Magnetite Pty Ltd. The 3 tenements have each been granted for a 5 year term
commencing at date of grant.
2. The Statutory expenditure requirement for Australian tenements is subject to negotiation with the
relevant state department, and expenditure commitments may be varied between tenements, or
reduced subject to reduction of exploration area and/or relinquishment of non-prospective
tenements. Expenditure requirements commence at grant and apply for each 12 month period
following the grant date.
3. The Placer Claims in the lithium brine projects in Nevada are owned 100% by RLC through its
wholly owned subsidiary, Sierra Lithium LLC.
4. Annual Land Fees comprising maintenance fees payable to the BLM and Esmeralda County are
payable in respect of the Placer Claims. All Land Fees were paid up to 31 August 2023. There is
no minimum exploration expenditure requirement for Placer Claims located in Nevada, USA.
5. NV is the County serial number. The BLM NMC serial numbers are pending.
18
Reedy Lagoon Corporation Limited
Directors' report
30 June 2022
The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated
entity') consisting of Reedy Lagoon Corporation Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at
the end of, or during, the year ended 30 June 2022.
Directors
The following persons were directors of Reedy Lagoon Corporation Limited during the whole of the financial year and up to the date of this
report, unless otherwise stated:
Jonathan M. Hamer
Geoffrey H. Fethers
Adrian C. Griffin
Principal activities
During the financial year the principal continuing activities of the consolidated entity consisted of exploration for minerals in Australia and the
United States of America.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Review of operations
The loss for the consolidated entity after providing for income tax amounted to $1,387,442 (30 June 2021: $584,531 (Loss)).
Refer to the separate review of operations that comes before this directors' report.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the consolidated entity during the financial year.
Matters subsequent to the end of the financial year
On the 28 July 2022 the Company became aware that areas staked for lithium in Oregon, USA during May and June were not available for
mineral exploration. On 8 August 2022 the Company’s staking costs were refunded (US$34,801).
No other matter or circumstance has arisen since 30 June 2022 that has significantly affected, or may significantly affect the consolidated
entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.
Impact of COVID 19 Pandemic
Restrictions imposed by governments during the COVID pandemic retarded progress on the Company’s projects but otherwise the pandemic
had limited effect on the Company’s operations
At the date of annual report, an estimate of the future effects of the COVID-19 pandemic on the group cannot be made, as the impact will
depend on the magnitude and duration of the economic downturn, with the full range of possible effects unknown.
Likely developments and expected results of operations
Information on likely developments in the operations of the consolidated entity and the expected results of operations have not been included in
this report because the directors believe it would be likely to result in unreasonable prejudice to the consolidated entity.
At the date of this report, there are no future developments of the Company which warrant disclosure.
Environmental regulation
The consolidated entity's operations are subject to environmental regulations in relation to its exploration activities under State legislation in
Australia and Federal legislation in USA.
The directors are not aware of any breaches of environmental regulations during the period covered by this report.
The directors have considered compliance with the National Greenhouse and Energy Reporting Act 2007 which requires entities to report
annual greenhouse gas emissions and energy use. For the period 1 July 2021 to 30 June 2022 the directors have assessed that there are no
current reporting requirements.
Information on directors
Name:
Title:
Age:
Qualifications:
Experience and expertise:
Jonathan M. Hamer
Chairman – Non-Executive
67
BA, LLB.
Jonathan Hamer is a former partner of King & Wood Mallesons where he practised in the areas of
corporate and finance law. Jonathan was appointed as a non-executive director of Reedy Lagoon on
9 May 2007 and has served on the board as chairman since.
Other current directorships:
Former directorships (last 3 years):
Interests in shares:
Interests in options:
Nil
Nil
17,167,391 fully paid ordinary shares
300,000 options
19
Reedy Lagoon Corporation Limited
Directors' report
30 June 2022
Name:
Title:
Age:
Qualifications:
Experience and expertise:
Geoffrey H. Fethers
Managing Director
65
B.Sc.(Hons), M AusIMM
Geof Fethers is a geologist with more than 30 years exploration experience. He was employed by De
Beers Australia Exploration Limited (formerly Stockdale Prospecting Limited) from 1980 to 1985. Geof
founded Reedy Lagoon on 24 September 1986 and has managed operations since inception.
Other current directorships:
Former directorships (last 3 years):
Interests in shares:
Interests in options:
Nil
Nil
52,571,659 fully paid ordinary shares
None
Name:
Title:
Age:
Qualifications:
Experience and expertise:
Adrian C. Griffin
Director - Non-Executive
69
B.Sc.(Hons), M AusIMM
Adrian Griffin has accumulated over 40 years’ experience in the resource sector. During that time he
has held directorships of many private and listed resource companies and overseen the operation of
large, integrated mining and processing facilities. He is currently a technical advisor to Lithium
Australia Limited, a diversified battery materials company. Adrian was a director of Reedy Lagoon from
9 May 2007 until resigning on 27 November 2009 to act as technical director of Ferrum Crescent, an
iron-ore developer in South Africa. He re-joined Reedy Lagoon as a director on 30 June 2014.
Adrian was also a founding director of Northern Minerals Ltd and Parkway Corporate Limited, Battery
Future Acquisition Corporation and recently appointed a director of Charger Metals NL. He has been
involved in developing a number of lithium extraction technologies, high-performance cathode
materials for lithium ion batteries, and recycling of battery materials.
Other current directorships:
Former directorships (last 3 years):
Special responsibilities:
Interests in shares:
Interests in options:
Charger Metals NL (ASX:CHR) appointed 26 November 2021
Parkway Corporate Ltd (ASX:PWN) appointed 12 November 2010
Battery Future Acquisition Corporation (NYSE: BFAC.U) appointed 18 April 2021
Northern Minerals Ltd (ASX:NTU) 22 July 2006 to 24 November 2020
Lithium Australia Ltd (ASX:LIT) 31 January 2011 to 31 May 2022
Nil
34,791,730 fully paid ordinary shares
300,000 options
Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all other types of entities,
unless otherwise stated.
Former directorships (last 3 years) quoted above are directorships held in the last 3 years for listed entities only and excludes directorships of all
other types of entities, unless otherwise stated.
‘Interests in shares and options’ quoted above are as at the date of this report.
Company secretary
Geoffrey H. Fethers is the Company's secretary. Details of his qualifications and experience are disclosed in the information on directors
section above.
Meetings of directors
The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 2022, and the number of
meetings attended by each director were:
Jonathan M. Hamer
Geoffrey H. Fethers
Adrian C. Griffin
Full Board
Attended
11
11
11
Held
11
11
11
Held: represents the number of meetings held during the time the director held office.
Remuneration report (audited)
This remuneration report outlines the Director and Executive remuneration arrangements of the Company in accordance with the Corporations
Act 2001 and its Regulations. It also provides the remuneration disclosures required by paragraphs AUS25.4 and AUS 25.7.2 of AASB 124
Related Party Disclosures which have been transferred to the Remuneration Report in accordance with the Corporations Regulation 2M 6.04.
This report outlines the remuneration arrangements in place for the Directors (both Executive and Non-Executive) and Executives of the
Company.
This report is audited as the entity has transferred the disclosures from the financial statements.
For the purposes of this report the term ‘Senior Executive‘ encompasses the Managing Director, Executive Directors and Secretary of the
Company.
20
Reedy Lagoon Corporation Limited
Directors' report
30 June 2022
The remuneration report is set out under the following main headings:
●
●
●
●
●
Principles used to determine the nature and amount of remuneration
Details of remuneration
Service agreements
Share-based compensation
Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
Currently, the Company does not have a separate remuneration committee. Because of the size of the Board and the operations of the
Company, the Directors are of the view that there is no need for a separate remuneration committee.
The Board as a whole reviews the remuneration packages and policies applicable to the Chairman, Senior Executives and Non-Executive
Directors on an annual basis. Remuneration levels are set to attract or retain, as appropriate, qualified and experienced Directors and Senior
Executives. From time to time and as required, the Board will seek independent professional advice on the appropriateness of remuneration
packages.
The current nature and amount of remuneration payable to Chairman, Executives and Non-Executive Directors is not dependent upon the
satisfaction of a performance condition. Instead part of the remuneration takes the form of options which will have value if the Company’s share
price increases.
Use of remuneration consultants
The Company did not make use of remuneration consultants during the 2022 financial year
Voting and comments made at the Company's 30 November 2021 Annual General Meeting ('AGM')
At the 30 November 2021 AGM, 98.73% of the votes received supported the adoption of the remuneration report for the year ended 30 June
2021. The Company did not receive any specific feedback at the AGM regarding its remuneration practices.
Details of remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the consolidated entity are set out in the following tables and the sub-section:
Service Agreements below.
The key management personnel of the consolidated entity consisted of the following directors of Reedy Lagoon Corporation Limited:
●
●
●
J Hamer
G Fethers
A Griffin
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-based
payments
Cash
salary and
fees
Annual
Leave
Payment in
respect of
prior period *
Super-
annuation
Long service
leave
Equity-settled
Total
2022
$
$
$
$
$
$
$
Non-Executive Directors:
J Hamer
A Griffin
51,364
28,333
-
-
Executive Directors:
G Fethers
77,850
157,547
20,300
20,300
100,000
50,000
216,892
366,892
5,303
-
25,000
30,303
-
-
3,996
3,996
4,500
1,500
7,500
13,500
161,167
79,833
351,538
592,538
* There has been no increase in remuneration rates to directors in the report period. The payments totaling $366,892 to directors were in
respect of contracted amounts previously not paid and which arose as follows:
Directors agreed to not receive or be entitled to receive portions of their contracted remuneration for the periods 1 July 2019 to 30 September
2021 and commencing 1 March 2022 on the basis that amounts not receivable during the periods would become payable if and only if (1) the
board agreed to make payment; (2) the Company is solvent at the time of payment; and (3) the Company would remain solvent after payment.
This was agreed by the directors in order to reduce overheads, increase available funding for exploration and preserve cash pending raising
additional funds through issuing shares. At 30 September 2021 the amount not paid totaled $366,892.
The directors proposed at the annual general meeting held on 30 November 2021 ("AGM") that some or all of these conditional payments for the
period 1 July 2019 to 30 September 2021 become payable, but only on the further condition that any amounts paid (after allowing for tax on
such amounts which the director may request be paid free of this further condition) would be applied by the directors to subscribe for new fully
paid ordinary shares in the Company (“Shares”) at an issue price equal to the 5 day VWAP on the day prior to issue (“the Scheme”). Under the
Scheme any amount paid to a director (other than amounts in respect of tax requested by that director to be free of the subscription
requirement) would be returned to the Company as new share capital issued at market.
Shareholders approved the Scheme at the AGM, each of the directors elected to receive the payment under the Scheme and subscribed in
aggregate $215,375 for 5,331,064 fully paid shares in RLC at market ($0.0404 per share) on 3 December 2021.
21
Reedy Lagoon Corporation Limited
Directors' report
30 June 2022
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-based
payments
Cash
salary and
fees
Annual
Leave
Payment in
respect of
prior period *
Super-
annuation
Long service
leave
Equity-settled
Total
2021
$
$
$
$
$
$
$
Non-Executive Directors:
J Hamer
A Griffin
Executive Directors:
G Fethers
27,397
15,000
29,202
71,599
-
-
26,015
26,015
-
-
-
-
2,603
-
25,000
27,603
-
-
2,624
2,624
1,800
600
3,000
5,400
31,800
15,600
85,841
133,241
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Name
Non-Executive Directors:
J Hamer
A Griffin
Executive Directors:
G Fethers
Fixed remuneration
2022
2021
At risk - STI
At risk - LTI
2022
2021
2022
2021
97%
98%
94%
96%
98%
97%
-
-
-
-
-
-
3%
2%
2%
6%
4%
3%
Service agreements
Remuneration and other terms of employment for key management personnel are formalised in service agreements. Details of these
agreements are as follows:
Name:
Title:
Agreement commenced: 1 May 2007
Details:
G Fethers
Managing Director
Mr G Fethers is the Company’s Executive Managing Director under a contract of employment which commenced on 1
May 2007. Under the contract Mr Fethers is entitled to $132,000 per annum plus statutory superannuation and
options under the terms of the Directors Options Scheme. The contract does not have any fixed term and may be
terminated by the Company or Mr Fethers on reasonable notice. No payments or retirement benefits are payable on
termination.
Name:
Title:
Agreement commenced: 1 May 2007
Details:
J Hamer
Chairman - Non-Executive
Mr J Hamer is employed as the Company’s Non-executive Chairman. His appointment as a Director commenced on
9 May 2007 with agreed director fees payable at an annual rate of $40,000 plus options under the terms of the
Directors Options Scheme. His annual rate was increased from $40,000 to $80,000 commencing 1 January 2018.
There is no fixed term and no set retirement benefits are payable on termination.
Name:
Title:
Agreement commenced: 30 June 2014
Details:
Mr Adrian Griffin
Director
Mr A Griffin is employed as a Non-executive Director. His appointment as a Director commenced on 30 June 2014
with agreed director fees payable at an annual rate of $40,000 plus options under the terms of the Directors Options
Scheme. There is no fixed term and no set retirement benefits are payable on termination.
Key management personnel have no entitlement to termination payments, other than accrued leave balances, in the event of removal for
misconduct.
Share-based compensation
Issue of shares
There were no shares issued to directors and other key management personnel as part of compensation during the year ended 30 June
2022. No shares were issued to any director in lieu of cash payable for fees/salary/super during the year ended 30 June 2022.
22
Reedy Lagoon Corporation Limited
Directors' report
30 June 2022
Options
The terms and conditions of each grant of options over ordinary shares affecting remuneration of directors and other key management
personnel in this financial year or future reporting years are as follows:
Grant date
Vesting date and
exercisable date
Expiry date
Exercise price
Fair value
per option
at grant date
23 December 2021
23 December 2021
31 December 2024
$0.0546
$0.015
Options granted carry no dividend or voting rights.
The number of options over ordinary shares granted to and vested by directors and other key management personnel as part of compensation
during the year ended 30 June 2022 are set out below:
Name
J Hamer
G Fethers
A Griffin
Number of
options
granted
during the
year
2022
300,000
500,000
100,000
Number of
options
granted
during the
year
2021
300,000
500,000
100,000
Number of
options
vested
during the
year
2022
300,000
500,000
100,000
Number of
options
vested
during the
year
2021
300,000
500,000
100,000
Additional disclosures relating to key management personnel
Shareholding
The number of shares in the Company held during the financial year by each director and other members of key management personnel of the
consolidated entity, including their personally related parties, is set out below:
Ordinary shares
G Fethers
J Hamer
A Griffin
Option holding
Balance at
the start of
Received
in lieu of
Held on
Balance at
the end of
the year
remuneration
Additions
appointment
the year
41,876,733
14,661,946
34,011,037
90,549,716
-
-
-
-
10,694,926
2,505,445
780,693
13,981,064
-
-
-
-
52,571,659
17,167,391
34,791,730
104,530,780
The number of options over ordinary shares in the Company held during the financial year by each director and other members of key
management personnel of the consolidated entity, including their personally related parties, is set out below:
Options over ordinary shares
G Fethers
J Hamer
A Griffin
Balance at
the start of
the year
1,500,000
900,000
300,000
2,700,000
Granted
Exercised
Expired /
Forfeited
500,000
300,000
100,000
900,000
(2,000,000)
(900,000)
(100,000)
(3,000,000)
-
Balance at
the end of
the year
-
300,000
300,000
600,000
This concludes the remuneration report, which has been audited.
Shares under option
Unissued ordinary shares of Reedy Lagoon Corporation Limited under option at the date of this report are as follows:
Grant date
11 December 2019
23 December 2020
23 December 2021
Expiry date
31 December 2022
31 December 2023
31 December 2024
Exercise
price
$0.0049
$0.0147
$0.0546
Number
under option
100,000
100,000
400,000
600,000
No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the Company or of any
other body corporate.
23
AUDITOR’S INDEPENDENCE DECLARATION
UNDER SECTION 307C OF THE CORPORATIONS ACT 2001
As lead auditor for the audit of Reedy Lagoon Corporation Limited for the year ended
30 June 2022, I declare that, to the best of my knowledge and belief, there have
been:
(a)
(b)
no contraventions of the auditor independence requirements of the
Corporations Act 2001 in relation to the audit; and
no contraventions of any applicable code of professional conduct in
relation to the audit.
This declaration is in respect of Reedy Lagoon Corporation Limited and controlled
entities.
George Georgiou FCA
Managing Partner
Connect National Audit Pty Ltd
ASIC Authorised Audit Company No.: 521888
Melbourne, Victoria
Date: 30 September 2022
Connect National Audit Pty Ltd is an Authorised Audit Company
Head Office: Level 8, 350 Collins St, Melbourne VIC 3000
ABN 43 605 713 040
Gold Coast Office: Level 9, Wyndham Corporate Centre, 1 Corporate Court, BUNDALL,
QUEENSLAND, 4217
Sydney Office: Level 5, 20 Bond Street, Sydney NSW 2000
Liability limited by a scheme approved under Professional Standards Legislation
w: www.connectaudit.com.au
Reedy Lagoon Corporation Limited
Statement of profit or loss and other comprehensive income
For the year ended 30 June 2022
Revenue
Expenses
Administration expenses
Employee benefits expense
Exploration expenditure
Share based payments
Exchange gain and losses
Capital raising expenses
Impairment of goodwill on business combination
Other expenses
Loss before income tax expense
Income tax expense
Loss after income tax expense for the year attributable to the owners of Reedy
Lagoon Corporation Limited
Items that may be reclassified subsequently to profit or loss
Foreign Currency Translation
Other comprehensive income for the year, net of tax
Total comprehensive income for the year attributable to the owners of Reedy Lagoon
Corporation Limited
Note
Consolidated
2022
$
2021
$
99
160
5
(229,262)
(551,601)
(604,513)
(13,500)
41,583
-
-
(30,248)
(1,387,442)
-
(155,201)
(115,510)
(273,223)
(5,400)
4,078
-
-
(39,435)
(584,531)
-
(1,387,442)
(584,531)
-
-
-
-
(1,387,442)
(584,531)
Cents
Cents
Basic earnings per share
Diluted earnings per share
25
25
(0.261)
(0.261)
(0.127)
(0.127)
The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes
26
Reedy Lagoon Corporation Limited
Statement of financial position
As at 30 June 2022
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Other
Total current assets
Non-current assets
Deposits & bonds
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Employee benefits
Provision for site restoration
Provision for contingent liability
Total current liabilities
Non-current liabilities
Employee benefits
Total non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Accumulated losses
Total equity
Note
Consolidated
2022
$
2021
$
6
7
8
9
10
11
11
12
13
551,988
64,987
85,571
702,546
7,881
7,881
359,938
10,121
-
370,059
7,221
-
7,221
710,427
377,280
13,742
182,405
10,000
36,290
242,437
13,184
158,109
10,000
-
181,293
-
-
-
-
242,437
181,293
467,990
195,987
23,334,659
(18,376)
(22,848,293)
467,990
21,632,780
24,058
(21,460,851)
195,987
The above statement of financial position should be read in conjunction with the accompanying notes
27
674,621
23,390
5,400
-
(4,655)
-
195,988
Total
deficiency in
equity
$
195,988
Reedy Lagoon Corporation Limited
Statement of changes in equity
For the year ended 30 June 2022
Consolidated
Balance at 1 July 2020
Loss after income tax expense for the year
Other comprehensive income for the year,
net of tax
Total comprehensive income for the year
Issued
capital
$
20,928,910
Exchange
Reserves
$
16,145
Options
Reserves
$
Accumulated
losses
$
787,704
(21,650,996)
Total
deficiency in
equity
$
81,763
-
-
-
-
-
-
(584,531)
(584,531)
-
-
(584,531)
(584,531)
-
-
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs (note 12)
Excercise of options
Share-based payments
Lapse of Options
Foreign currency translation
674,621
29,249
-
-
-
-
-
-
-
(4,655)
-
(5,859)
5,400
(774,677)
-
-
-
-
774,677
-
Balance at 30 June 2021
21,632,780
11,490
12,568
(21,460,850)
Consolidated
Balance at 1 July 2021
Loss after income tax expense for theyear
Other comprehensive income for the year,
net of tax
Total comprehensive income for the year
Issued
capital
$
21,632,780
Exchange
Reserves
$
11,490
Options
Reserves
$
12,568
Accumulated
losses
$
(21,460,850)
-
-
-
-
-
-
(1,387,442)
(1,387,442)
-
-
(1,387,442)
(1,387,442)
-
-
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs (note 12)
Excercise of options
Share-based payments
Lapse of Options
Foreign currency translation
1,629,282
72,597
-
-
-
-
-
-
-
(36,757)
-
(19,177)
13,500
-
-
-
-
-
-
-
1,629,282
53,420
13,500
-
(36,757)
Balance at 30 June 2022
23,334,659
(25,267)
6,891
(22,848,292)
467,991
The above statement of changes in equity should be read in conjunction with the accompanying notes
28
Reedy Lagoon Corporation Limited
Statement of cash flows
For the year ended 30 June 2022
Cash flows from operating activities
Operating receipts
Payments to suppliers and employees
Payments for exploration activities
Interest received
Net cash used in operating activities
Cash flows from investing activities
Proceeds from deposits and bonds refunds
Net cash from investing activities
Cash flows from financing activities
Proceeds from issue of shares
Proceeds from exercise of share options
Net cash from financing activities
Net increase in cash and cash equivalents
Impact of exchange rates on foreign cash balances
Cash and cash equivalents at the beginning of the financial year
Cash and cash equivalents at the end of the financial year
Note
24
9
12
6
Consolidated
2022
$
-
(756,153)
(738,443)
99
2021
$
160
(285,090)
(273,223)
-
(1,494,497)
(558,153)
-
-
-
-
1,629,282
53,420
1,682,702
188,205
3,845
359,938
551,988
674,621
23,390
698,011
139,858
(43)
220,123
359,938
The above statement of cash flows should be read in conjunction with the accompanying notes
29
Reedy Lagoon Corporation Limited
Notes to the financial statements
30 June 2022
Note 1. General information
The financial statements cover Reedy Lagoon Corporation Limited as a consolidated entity consisting of Reedy Lagoon Corporation Limited and
the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Reedy Lagoon
Corporation Limited's functional and presentation currency.
Reedy Lagoon Corporation Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and
principal place of business is:
Level 44, 600 Bourke Street
Melbourne
Victoria 3000
A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part
of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors, on 30 September 2022. The directors have the
power to amend and reissue the financial statements.
Note 2. Significant accounting policies
The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period,
unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting
Standards Board ('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
Going concern
This financial report has been prepared on a going concern basis.
At the date of this report the Company has sufficient funds to meet all commitments as and when they fall due for at least 12 months.
As at 20 September 2022, the consolidated entity had cash and cash equivalents of $425,000. The Company estimates expenditure of
$362,930 for wages, fees and overheads including listing fees for the 12-month period following the date of this report.
The Company has sufficient funds to continue its current activities which include studies developing new lithium project opportunities in the US,
interpretation of the recent results from soil sampling at the Burracoppin gold project and planning for drilling at the Burracoppin magnetite
deposit.
The Company plans to fund additional exploration including drilling at its existing projects by raising capital by issuing securities or through joint
venture under project farm out agreements.
The Directors have assessed the Company’s current financial position and are of the view that application of the going concern basis of
accounting is appropriate.
Comparatives
The comparative figures have been classified in certain circumstances to provide a more meaningful representation of the financial statements.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued
by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These
financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board
('IASB').
Historical cost convention
The financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of financial
assets and liabilities at fair value through profit or loss, financial assets at fair value through other comprehensive income, investment
properties, certain classes of property, plant and equipment and derivative financial instruments.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its
judgement in the process of applying the consolidated entity's accounting policies. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.
30
Reedy Lagoon Corporation Limited
Notes to the financial statements
30 June 2022
Note 2. Significant accounting policies (continued)
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only. Supplementary
information about the parent entity is disclosed in note 21.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Reedy Lagoon Corporation Limited ('company'
or 'parent entity') as at 30 June 2022 and the results of all subsidiaries for the year then ended. Reedy Lagoon Corporation Limited and its
subsidiaries together are referred to in these financial statements as the 'consolidated entity'.
Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity when the
consolidated entity 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 to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the
consolidated entity. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are eliminated. Unrealised
losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of
subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the consolidated entity.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of
control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of
the non-controlling interest acquired is recognised directly in equity attributable to the parent.
Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling
interest in the subsidiary together with any cumulative translation differences recognised in equity. The consolidated entity recognises the fair
value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.
Operating segments
Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal
reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation of resources to operating
segments and assessing their performance.
Foreign currency translation
The financial statements are presented in Australian dollars, which is Reedy Lagoon Corporation Limited's functional and presentation currency.
Foreign currency transactions
Foreign currency transactions are translated into Australian dollars 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 financial year-end exchange rates of
monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
Foreign operations
The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date. The
revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates, which approximate the
rates at the dates of the transactions, for the period. All resulting foreign exchange differences are recognised in other comprehensive income
through the foreign currency reserve in equity.
The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.
Exploration, Evaluation and Development Expenditure
Expenditure incurred on the acquisition of exploration properties and exploration, evaluation and development costs, including acquisition of
Nevada Lithium Pty Ltd are written off as incurred where the activities in the areas of interest have not yet reached a stage that permits
reasonable assessment of the existence of economically recoverable reserves. At the date of this report insufficient data has been
recovered to permit an assessment of the existence of economically recoverable reserves at any of the Company’s projects. The Company has
accordingly expensed all its expenditure relating to exploration during the report period. Once it is determined that the costs can be recouped
through sale or successful development and exploitation of the area of interest then the on-going costs are accumulated and carried forward for
each area of interest.
Amortisation is not charged on costs carried forward in respect of areas of interest in the development phase until production commences.
When production commences, carried forward exploration, evaluation and development costs are amortised over the life of the area according
to the rate of depletion of the economically recoverable reserves.
Accumulated costs in relation to an abandoned area are written off in full against profit in the year in which the decision to abandon the area is
made. Each area of interest is also reviewed annually and accumulated costs written off to the extent that they will not be recoverable in the
future.
Restoration costs are provided for at the time of the activities that give rise to the need for restoration. If this occurs prior to commencement of
production, the costs are included in deferred exploration and development expenditure. If it occurs after commencement of production,
restoration costs are provided for and charged to the statement of financial performance as an expense.
31
Reedy Lagoon Corporation Limited
Notes to the financial statements
30 June 2022
Note 2. Significant accounting policies (continued)
Revenue recognition
The consolidated entity recognises revenue as follows:
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a
financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly
discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established, less allowance for doubtful receivables.
Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for
each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the
adjustment recognised for prior periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are
recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:
●
●
When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that
is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the
reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts
will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised
are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered.
Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to
recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax
liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or
different taxable entities which intend to settle simultaneously.
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the consolidated entity's normal
operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the
asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting
period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the consolidated entity's normal operating cycle; it is held primarily for
the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement
of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of
changes in value.
Trade and other receivables
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
32
Reedy Lagoon Corporation Limited
Notes to the financial statements
30 June 2022
Note 2. Significant accounting policies (continued)
Trade and other payables
These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial year and which are
unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually
paid within 30 days of recognition.
Provisions
Provisions are recognised when the consolidated entity has a present (legal or constructive) obligation as a result of a past event, it is probable
the consolidated entity will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount
recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into
account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current
pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognised as a finance cost.
Employee benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12
months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled.
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are measured at the
present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected
unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service.
Expected future payments are discounted using market yields at the reporting date on corporate bonds with terms to maturity and currency that
match, as closely as possible, the estimated future cash outflows.
Share-based payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of
services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of cash is determined by reference to
the share price.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using either the
Binomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share
price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of
the option, together with non-vesting conditions that do not determine whether the consolidated entity receives the services that entitle the
employees to receive payment. No account is taken of any other vesting conditions.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period. The
cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that
are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount
calculated at each reporting date less amounts already recognised in previous periods.
The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying either the Binomial or Black-
Scholes option pricing model, taking into consideration the terms and conditions on which the award was granted. The cumulative charge to
profit or loss until settlement of the liability is calculated as follows:
●
●
during the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by the expired portion of
the vesting period.
from the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at the reporting date.
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the cash paid to settle the liability.
Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions are considered to
vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense
is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit
as at the date of modification.
33
Reedy Lagoon Corporation Limited
Notes to the financial statements
30 June 2022
Note 2. Significant accounting policies (continued)
If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy the condition is treated as a
cancellation. If the condition is not within the control of the consolidated entity or employee and is not satisfied during the vesting period, any
remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised
immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as if they were a
modification.
Issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Reedy Lagoon Corporation Limited, excluding any costs
of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year,
adjusted for bonus elements in ordinary shares issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax
effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares
assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.
Goods and Services Tax ('GST')
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax
authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or
payable to, the tax authority is included in other receivables or other payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are
recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early
adopted by the consolidated entity for the annual reporting period ended 30 June 2022. The consolidated entity has not yet assessed the impact
of these new or amended Accounting Standards and Interpretations.
Note 3. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported
amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent
liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various
factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting
judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk
of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are
discussed below.
Share-based payment transactions
Equity-settled share-based payments are measured at fair value of the equity instrument at the grant date. Fair value is measured by the use of
either a Binomial or Black-Scholes model taking into account the terms and conditions upon which the instruments were granted. The expected
life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and
behavioural considerations.
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only if the consolidated entity considers it is probable that future taxable
amounts will be available to utilise those temporary differences and losses. Management has determined not to recognise the deferred tax
asset, given that the group has experienced losses, on a historical basis.
34
Reedy Lagoon Corporation Limited
Notes to the financial statements
30 June 2022
Note 3. Critical accounting judgements, estimates and assumptions (continued)
Employee benefits provision
As discussed in note 2, the liability for employee benefits expected to be settled more than 12 months from the reporting date are recognised
and measured at the present value of the estimated future cash flows to be made in respect of all employees at the reporting date. In
determining the present value of the liability, estimates of attrition rates and pay increases through promotion and inflation have been taken into
account.
Exploration expenditures
The consolidated entity expenses expenditures relating to exploration where the activities in the areas of interest have not yet reached a stage
that permits reasonable assessment of the existence of economically recoverable reserves. At the date of this report insufficient data has been
recovered to permit an assessment of the existence of economically recoverable reserves at any of the Company’s projects. The Company has
accordingly expensed all its expenditure relating to exploration during the report period.
Provision for restoration
Significant estimates and assumptions are made in determining this provision as there are a number of factors that will affect the ultimate
liability. These factors include estimates of the extent and costs of rehabilitation activities, technological changes, regulatory changes, cost
increases/decreases and changes in discount rates. These uncertainties may result in future actual expenditure differing from the amounts
currently provided. The provision at balance date represents management’s best estimate of the present value of the future restoration costs
required.
Note 4. Operating segments
Identification of reportable operating segments
The Company is organised into one operating segments: mineral exploration. This operating segment is based on the internal reports that are
reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance
and in determining the allocation of resources.
Note 5. Income tax expense
Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense
Tax at the statutory tax rate of 25% (2021: 25%)
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Capital allowances share issue costs
Non deductible equity settled benefits expense
Other non-deductible (deductible) expenses
Non deductible overseas exploration expenditure
Current year tax losses not recognised
Income tax expense
Tax losses not recognised
Unused tax losses for which no deferred tax asset has been recognised
Potential tax benefit @ 25%
Consolidated
2022
$
2021
$
(1,387,442)
(584,531)
(346,861)
(146,133)
(21,029)
3,375
(2,600)
102,068
(265,047)
265,047
(17,586)
1,350
7,660
15,325
(139,384)
139,384
-
-
9,805,374
8,745,186
2,451,344
2,186,297
The above potential tax benefit for tax losses has not been recognised in the statement of financial position. These tax losses can only be
utilised in the future if the continuity of ownership test is passed, or failing that, the same business test is passed.
The above potential tax benefit, which excludes tax losses, for deductible temporary differences has not been recognised in the statement of
financial position as the recovery of this benefit is uncertain.
The potential future income tax benefit will only be obtained if:
a) The Company derives future assessable income of a nature and amount sufficient to enable the benefit to be realised;
b) The Company continues to comply with the conditions for deductibility imposed by the law; and
c) No changes in tax legislation adversely affect the Company in realising the benefit.
35
Reedy Lagoon Corporation Limited
Notes to the financial statements
30 June 2022
Note 5. Income tax expense
Income Tax Rate
The tax rate used in the above reconciliation is the corporate tax rate of 25% payable by base rate entities for the 2022 and future income years.
The base rate entity tax rate applies where the aggregated turnover of the entity is less than $50 million and less than 80% of assessable
income is base rate entity passive income. The rate used is the one that is expected to apply when the deferred tax assets of the entity are
realised and the deferred tax liabilities of the entity are settled. The corporate tax rate has been reduced when compared with the previous year,
which also used a rate of 25%.
Note 6. Current assets - cash and cash equivalents
Cash at bank
Note 7. Current assets - trade and other receivables
GST receivable
Other Receivable
Note 8. Current assets - other
Prepayments
Note 9. Non-current assets - other
Security deposits
Consolidated
2022
$
2021
$
551,988
359,938
Consolidated
2022
$
2021
$
14,471
50,516
64,987
10,121
-
10,121
Consolidated
2022
$
2021
$
85,571
-
Consolidated
2022
$
2021
$
7,881
7,221
The security deposits are monies held in respect of rehabilitation works required on the Company’s tenements located in the USA.
Note 10. Current liabilities - trade and other payables
Other payables and accruals
Refer to note 15 for further information on financial instruments.
Note 11. Current liabilities - employee benefits
Annual leave
Long Service Leave
36
Consolidated
2022
$
2021
$
13,742
13,184
Consolidated
2022
$
2021
$
141,905
40,500
182,405
121,605
36,504
158,109
Reedy Lagoon Corporation Limited
Notes to the financial statements
30 June 2022
Note 12. Equity - issued capital
Ordinary shares - fully paid
557,426,912
470,026,166
23,334,659
21,632,780
2022
shares
2021
shares
2022
$
2021
$
Consolidated
Movements in ordinary share capital
Details
Balance
Issue of shares
Excercise of options
Balance
Issue of shares
Less Share issue costs
Director subscriptions
Excercise of options
Excercise of options
Excercise of options
Issue of shares
Balance
Date
Shares
Issue price
$
1 July 2020
26 August 2020
6 April 2021
30 June 2021
3 September 2021
3 September 2021
3 December 2021
3 December 2021
31 December 2021
11 March 2022
3 June 2022
30 June 2022
402,271,710
67,462,074
292,382
470,026,166
$0.0100
$0.0800
70,000,000
$0.0160
5,331,064
2,400,000
100,000
500,000
9,069,682
557,426,912
$0.0404
$0.0049 to $0.0147
$0.0116
$0.0546
$0.0400
20,928,910
674,621
29,249
21,632,780
1,120,000
(68,880)
215,375
36,132
1,665
34,800
362,787
23,334,659
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of
and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of
authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one
vote.
Share buy-back
There is no current on-market share buy-back.
Capital risk management
RLC’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern and exploit the mineral assets
under its control in order to provide future returns for shareholders and benefits for other stakeholders.
Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated as total borrowings
less cash and cash equivalents.
The Company continuously reviews the capital structure to ensure:-
• sufficient funds are available to implement its exploration expenditure programs in accordance with forecasted needs; and
• sufficient funds for the other operational needs of the Company is maintained.
The capital risk management policy remains unchanged from the 30 June 2021 annual report.
Note 13. Equity - reserves
Foreign currency reserve
Share-based payments reserve
Consolidated
2022
$
(25,267)
6,891
(18,376)
2021
$
11,490
12,568
24,058
Foreign currency reserve
The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign operations to Australian
dollars. It is also used to recognise gains and losses on hedges of the net investments in foreign operations.
Share-based payments reserve
The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration, and other
parties as part of their compensation for services.
37
Reedy Lagoon Corporation Limited
Notes to the financial statements
30 June 2022
Note 13. Equity - reserves (continued)
Movements in reserves
Movements in each class of reserve during the current and previous financial year are set out below:
Consolidated
Balance at 1 July 2020
Foreign currency translation
Lapse of options
Option excercise
Share based payments
Balance at 30 June 2021
Foreign currency translation
Lapse of options
Option excercise
Share based payment
Balance at 30 June 2022
Note 14. Equity - dividends
Share based
payments
$
Foreign
currency
$
787,704
-
(774,677)
(5,859)
5,400
12,568
-
-
(19,177)
13,500
6,891
16,145
(4,655)
-
11,490
(36,757)
-
-
-
(25,267)
Total
$
803,849
(4,655)
(774,677)
(5,859)
5,400
24,058
(36,757)
-
(19,177)
13,500
(18,376)
There were no dividends paid, recommended or declared during the current or previous financial year.
Note 15. Financial instruments
Financial risk management objectives
The consolidated entity's activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk and interest rate
risk), credit risk and liquidity risk. The consolidated entity's overall risk management program focuses on the unpredictability of financial markets
and seeks to minimise potential adverse effects on the financial performance of the consolidated entity. The consolidated entity uses different
methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate, foreign
exchange and other price risks, ageing analysis for credit risk and beta analysis in respect of investment portfolios to determine market risk.
Risk management is carried out by the managing director under policies approved by the Board of Directors ('the Board'). These policies include
identification and analysis of the risk exposure of the consolidated entity and appropriate procedures, controls and risk limits. The managing
director identifies, evaluates and hedges financial risks within the consolidated entity's operating units. The managing director reports to the
Board on a regular basis.
Market risk
Foreign currency risk
The consolidated entity undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk through foreign
exchange rate fluctuations.
Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities denominated in a
currency that is not the entity's functional currency.
Price risk
The consolidated entity is not exposed to any significant price risk.
Interest rate risk
The consolidated entity is not exposed to significant interest rate risk.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the consolidated entity. The
consolidated entity has a strict code of credit, including obtaining agency credit information, confirming references and setting appropriate credit
limits. The consolidated entity obtains guarantees where appropriate to mitigate credit risk. The maximum exposure to credit risk at the reporting
date to recognised financial assets is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of
financial position and notes to the financial statements. The consolidated entity does not hold any collateral.
The consolidated entity has adopted a lifetime expected loss allowance in estimating expected credit losses to trade receivables through the
use of a provisions matrix using fixed rates of credit loss provisioning. These provisions are considered representative across all customers of
the consolidated entity based on recent sales experience, historical collection rates and forward-looking information that is available.
The consolidated entity trade and other receivables consist of GST receivable and interest receivable. For this reason the consolidated entity is
not exposed to significant credit risk.
Generally, trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include the failure of a debtor
to engage in a repayment plan, no active enforcement activity and a failure to make contractual payments for a period greater than 1 year.
38
Reedy Lagoon Corporation Limited
Notes to the financial statements
30 June 2022
Note 15. Financial instruments (continued)
Liquidity risk
Vigilant liquidity risk management requires the consolidated entity to maintain sufficient liquid assets (mainly cash and cash equivalents) to pay
debts as and when they become due and payable.
The consolidated entity manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by continuously
monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities.
Remaining contractual maturities
The following tables detail the consolidated entity's remaining contractual maturity for its financial instrument liabilities. The tables have been
drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to
be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may
differ from their carrying amount in the statement of financial position.
Consolidated - 2022
Non-derivatives
Non-interest bearing
Trade other payables
Total non-derivatives
Consolidated - 2021
Non-derivatives
Non-interest bearing
Trade other payables
Total non-derivatives
Weighted
average
interest rate
%
1 year or less
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
$
$
$
$
-
13,742
13,742
Weighted
%
1 year or less
$
Between 1
$
-
13,184
13,184
-
-
-
-
-
-
Between 2
$
Over 5 years
$
-
-
Remaining
contractual
maturities
$
13,742
13,742
Remaining
$
13,184
13,184
-
-
-
-
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above.
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
Note 16. Key management personnel disclosures
Compensation
The aggregate compensation made to directors and other members of key management personnel of the consolidated entity is set out below:
Short-term employee benefits
Post-employment benefits
Long-term benefits
Share-based payments
Note 17. Remuneration of auditors
Consolidated
2022
$
2021
$
544,739
30,303
3,996
13,500
592,538
97,614
27,603
2,624
5,400
133,241
During the financial year the following fees were paid or payable for services provided by CNA Connect National Audit, the auditor of the
Company:
Audit services - CNA Connect National Audit
Audit or review of the financial statements
Other services - CNA Connect National Audit
Tax and compliance services
39
Consolidated
2022
$
2021
$
16,000
16,000
-
16,000
14,700
30,700
Reedy Lagoon Corporation Limited
Notes to the financial statements
30 June 2022
Note 17. Remuneration of auditors (continued)
It is the Company’s policy to engage the external auditor to provide services additional to their audit duties where the external auditor’s
experience and expertise with the Company are important and it is logical and efficient for them to provide those services. The provision of non-
audit services during the year by the external auditor is compatible with, and did not compromise, the auditor independence requirements of the
Corporations Act 2001.
Note 18. Contingent liabilities
Reedy Lagoon’s wholly-owned US subsidiary, Sierra Lithium LLC, has received a notice of intent from the US tax office that US $25,000 penalty
tax may be payable by Sierra Lithium for not having lodged a return for the 2020 financial year by its due date. While Sierra Lithium is seeking
abatement of the penalty due to difficulties the pandemic presented in timely filing, a provision for contingent liability for the tax penalty has been
recognised in the statement of comprehensive income for the current period.
The Company is not aware of any other contingent liabilities.
Note 19. Exploration expenditure commitments
Projects located in North America
The consolidated entity held 446 Placer Claims at 30 June 2022 in connection with its Alkali Lake North and Clayton Valley Lithium Brine
projects located in Nevada, USA. Annual Land Fees are payable to the Bureau of Land Management (“BLM”) and Esmeralda County for these
claims with payment required prior to 1 September each year. The Annual Land Fees payable in respect of the 446 Placer Claims amounted to
US$79,466. At the date of this report all Land Fees in respect of the 446 Placer Claims held at 30 June 2022 were paid up to 31 August 2023.
There is no minimum exploration expenditure requirement for Placer Claims located in Nevada, USA.
Projects located in Australia
The consolidated entity held three tenements: E70/4941, E70/5467 and E70/5544, located in Western Australia at the date of this report.
Ongoing annual exploration expenditure is required to maintain title to the tenements. Tenement expenditure will be determined by the Company
and is dependent upon exploration results and available cash resources. The statutory expenditure requirement is subject to negotiation with the
relevant state department, and expenditure commitments may be reduced subject to reduction of exploration area and/or relinquishment of non-
prospective tenements. Unless the Minister determines otherwise, if the minimum annual expenditure on a tenement is not satisfied the licence
may be forfeited. The combined minimum annual expenditures for the Australian tenements is $83,000.
No provision has been made in the accounts for exploration commitments.
Note 20. Related party transactions
Parent entity
Reedy Lagoon Corporation Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in note 22.
Key management personnel
Disclosures relating to key management personnel are set out in note 16 and the remuneration report included in the directors' report.
Transactions with related parties
There were no transactions with related parties during the current and previous financial year.
Receivable from and payable to related parties
There were no trade receivables from or trade payables to related parties at the current and previous reporting date.
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
Note 21. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Loss after income tax
Total comprehensive loss
40
Parent
2022
$
2021
$
(980,475)
(523,098)
(980,475)
(523,098)
Reedy Lagoon Corporation Limited
Notes to the financial statements
30 June 2022
Note 21. Parent entity information (continued)
Statement of financial position
Total current assets
Total assets
Total current liabilities
Total liabilities
Equity
Issued capital
Share-based payments reserve
Accumulated losses
Total equity
Parent
2022
$
2021
$
534,677
369,488
4,009,244
3,268,663
196,147
196,147
171,293
171,293
23,334,659
6,891
(19,528,453)
21,632,780
12,568
(18,547,978)
3,813,097
3,097,370
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2022 and 30 June 2021.
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2022 and 30 June 2021.
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2022 and 30 June 2021.
Significant accounting policies
The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed in note 2, except for the following:
●
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
Note 22. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the
accounting policy described in note 2:
Name
Bullamine Magnetite Pty Ltd
Nevada Lithium Pty Ltd
Sierra Lithium LLC
Note 23. Events after the reporting period
Principal place of business /
Country of incorporation
Australia
Australia
USA
Ownership interest
2022
%
100.00%
100.00%
100.00%
2021
%
100.00%
100.00%
100.00%
On the 28 July 2022 the Company became aware that areas staked for lithium in Oregon, USA during May and June were not available for
mineral exploration. On 8 August 2022 the Company’s staking costs were refunded (US$34,801).
No other matter or circumstance has arisen since 30 June 2022 that has significantly affected, or may significantly affect the consolidated
entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.
41
Reedy Lagoon Corporation Limited
Notes to the financial statements
30 June 2022
Note 24. Reconciliation of loss after income tax to net cash used in operating activities
Loss after income tax expense for the year
Adjustments for:
Realised FX (gains)/losses
Share-based payments
Change in operating assets and liabilities:
Decrease in trade and other receivables
Decrease/(increase) in other operating assets
Decrease in trade and other payables
Increase in employee benefits
Decrease in other provisions
Net cash used in operating activities
Note 25. Earnings per share
Loss after income tax attributable to the owners of Reedy Lagoon Corporation Limited
Consolidated
2022
$
2021
$
(1,387,442)
(584,531)
(41,906)
13,500
(140,437)
-
37,492
24,296
-
(4,078)
5,400
(7,767)
-
4,184
28,639
-
(1,494,497)
(558,153)
Consolidated
2022
$
2021
$
(1,387,442)
(584,531)
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings per share
532,095,770
459,311,277
Weighted average number of ordinary shares used in calculating diluted earnings per share
532,095,770
459,311,277
Basic earnings per share
Diluted earnings per share
Cents
Cents
(0.261)
(0.261)
(0.127)
(0.127)
The rights to options held by option holders have not been included in the weighted average number of ordinary shares for the purposes of
calculating diluted EPS as they do not meet the requirements for inclusion in AASB 133 ‘Earnings per Share’. The rights to options are non-
dilutive as the Company has generated a loss for the financial year.
42
Independent Auditor’s Report
To the Members of Reedy Lagoon Corporation Limited
Report on the Audit of the Financial Report
Opinion
We have audited the accompanying financial report of Reedy Lagoon Corporation Limited and its
controlled entities (the “Consolidated Entity”), which comprises the consolidated statement of financial
position as at 30 June 2022, the consolidated statement of profit or loss and other comprehensive
income, the consolidated statement of cash flows and the consolidated statement of changes in equity
for the financial year ended on that date, notes comprising a summary of significant accounting policies
and other explanatory information, and the directors’ declaration of the company as set out on page 43.
In our opinion, the financial report of Reedy Lagoon Corporation Limited and its controlled entities is in
accordance with the Corporations Act 2001, including:
(a) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2022 and
of its performance for the financial year ended on that date; and
(b) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Report section of our report. We are independent of the Consolidated Entity in accordance with the
auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also
fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Consolidated Entity, would be in the same terms if given to the directors as
at the time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Material Uncertainty Related to Going Concern
Without modifying the opinion expressed above, we draw attention to Note 2 “Significant Accounting
Policies – Going Concern” which indicates the company incurred a loss for the period ended 30 June
2022 of $1,387,442 and operating cash outflows of $1,494,497. Further, the company’s ability to
continue the exploration and development of its mining tenements, continue to assess new projects and
meet operational expenditure at current levels is dependent upon future capital raising. These conditions
along with other matters as set forth in Note 2, indicate the existence of a material uncertainty that may
cast significant doubt about the company’s ability to continue as a going concern and therefore, the
company may be unable to realise its assets and discharge its liabilities in the normal course of business.
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.
Connect National Audit Pty Ltd is an Authorised Audit Company
Head Office: Level 8, 350 Collins St, Melbourne VIC 3000
ABN 43 605 713 040
Gold Coast Office: Level 9, Wyndham Corporate Centre, 1 Corporate Court, BUNDALL,
QUEENSLAND, 4217
Sydney Office: Level 5, 20 Bond Street, Sydney NSW 2000
Liability limited by a scheme approved under Professional Standards Legislation
w: www.connectaudit.com.au
Key Audit Matter
How our audit addressed the key
audit matter
Accounting Treatment of Exploration
and Evaluation Expenses
We focus on the accounting treatment of
exploration and evaluation expenses as this
represents a significant expense of the
consolidated entity and that the recognition of
this amount is significantly affected by
management’s judgement.
We reviewed the consolidated entity’s
accounting policy specifying which expenditures
are recognised as exploration and evaluation
expenditures and its consistent application of
the relevant accounting standard and
accounting policy.
The consolidated entity has incurred significant
exploration and evaluation expenditures. The
accounting treatment of these expenditures
(whether as capital or expense) can have a
significant impact on the financial report. This is
particularly relevant as this consolidated entity is
in an exploration stage with no production
activities. As such it is necessary to assess
whether the facts and circumstances existed to
suggest that these expenditures were
recognised in accordance with AASB 6 para
Aus7.2b (ii) and the consolidated entity’s
accounting policy.
We tested samples of the expenditures to
ensure that these expenditures are associated
with finding specific mineral resources
We evaluated whether the exploration and
evaluation expenditures are expected to be
recouped, either through successful
development and exploitation or through sales.
We enquired with management and evaluated
where the activities in the areas of interest have
not yet reached a stage that permits reasonable
assessment of the existence of economically
recoverable reserves.
We also considered the appropriateness of the
related disclosure in Notes 2 and 3 to the
financial statements.
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 and have determined that the basis of preparation described in Note 1 to the financial
report is appropriate to meet the requirements of the Corporations Act 2001 and is appropriate to meet
the needs of the members. The directors’ responsibility also includes 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 the basis of
preparation, the directors also state, in accordance with Accounting Standard AASB 101 Presentation
of Financial Statements, that the consolidated financial statements comply with International Financial
Reporting Standards.
In preparing the financial report, the directors are responsible for assessing the Consolidated Entity’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend to liquidate the
Consolidated Entity or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit
conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing
and Assurance Standards Board website at: http://www.auasb.gov.au/Home.aspx. This description
forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 20 to 23 of the directors’ report for the
financial year ended 30 June 2022.
In our opinion the Remuneration Report of Reedy Lagoon Corporation Limited for the financial year
ended 30 June 2022, complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Consolidated Entity 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.
George Georgiou FCA
Managing Partner
Connect National Audit Pty Ltd
ASIC Authorised Audit Company No.: 521888
Melbourne, Victoria
Date: 30 September 2022
Reedy Lagoon Corporation Limited
Shareholder information
30 June 2022
The shareholder information set out below was applicable as at 27 September 2022.
Distribution of quoted equitable securities
Analysis of number of equitable security holders by size of holding:
1 to 1,000
1,001 to 5,000
5,001 to 10,000
10,001 to 100,000
100,001 and over
Holding less than a marketable parcel
Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest security holders of quoted equity securities are listed below:
Total shares issued:
557,426,912
Chromite Pty Ltd (Spinel A/C)
Needmore Investments Pty Ltd
Citycastle Pty Ltd
Mr Adrian C. Griffin
Jagen Pty Ltd
Sked Pty Ltd
Park Road SF Pty Ltd (Park Road Super Fund A/C)
Mr Jonathan M. Hamer
Pyrope Holdings Pty Ltd (Chromite Staff S/Fund A/C)
Citicorp Nominees Pty Limited
A C Griffin & J D Norman (Global Super A/C)
Wifam Investments Pty Ltd (Wischer Family S/F A/C)
Mr Geoffrey H. Fethers
Tromso Pty Limited
Mr Johnny Tai Kwong Yue & Mrs Chan Ying Yue
Megacube Pty Ltd
BNP Paribas Nominees Pty Ltd (IB AU Noms retailclient DRP)
Mr Hoang Huy Huynh
Superhero Securities Limited
Mr Weihao Chen
Top 20 shareholders
Other shareholders
TOTAL:
Number
of holders
of ordinary
shares
83
30
66
1168
631
1978
802
Ordinary shares
Number held
% of total
shares
Issued
34,242,740
33,000,000
31,877,460
27,131,364
20,038,623
18,500,735
16,718,750
16,128,039
10,423,292
8,694,304
7,660,366
7,425,000
7,326,936
5,000,000
4,792,297
3,095,213
2,832,534
2,721,641
2532437
2,500,000
6.14
5.92
5.72
4.87
3.59
3.32
3.00
2.89
1.87
1.56
1.37
1.33
1.31
0.90
0.86
0.56
0.51
0.49
0.45
0.45
262,641,731
294,785,181
47.12
52.88
557,426,912
100.00
48
Reedy Lagoon Corporation Limited
Shareholder information
30 June 2022
Substantial holders
Substantial holders in the Company as at 27 September 2022 are set out below:
Sked Pty Ltd
City Castle Pty Ltd
Sked Pty Ltd
Sked Pty Ltd
Traders Macquarie Pty Ltd
Chromite Pty Ltd
Chromite Pty Ltd
Geoffrey H. Fethers
Pyrope Holdings Pty Ltd
Ranview Pty Ltd
Mr Adrian C. Griffin
Mr Adrian C. Griffin
Mr A. C. Griffin & Ms J. D. Norman
Needmore Investments Pty Ltd
Voting rights
The voting rights attached to ordinary shares are set out below:
Ordinary shares
Number held
% of total
shares
issued
31,877,460
18,500,735
2,141,518
2,345,948
54,865,661
34,242,740
7,326,936
10,423,292
578,691
52,571,659
27,131,364
7,660,366
34,791,730
33,000,000
9.84
9.43
6.24
5.92
Ordinary shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one
vote.
There are no other classes of equity securities.
Options on issue
Unlisted
Unlisted
Unlisted
Expiry Date
Exercise Price
Number
31 December 2022
31 December 2023
31 December 2024
0.49 cents
1.47 cents
5.46 cents
100,000
100,000
400,000
49
Reedy Lagoon Corporation Limited
Corporate directory
30 June 2022
Directors
Contact details
Jonathan M. Hamer
Chairman, Non-Executive Director
Geoffrey H. Fethers
Managing Director and Company Secretary
Adrian C. Griffin
Non-Executive Director
Phone : 03 8420 6280
Fax : 03 8420 6299
Email : info@reedylagoon.com.au
Company secretary
Geoffrey H. Fethers
Share register
Auditor
Link Market Services Limited (ABN 54 063 214 537)
Tower 4, 727 Collins Street
Melbourne, Victoria 3008
Telephone : 1300 554 474
www.linkmarketservices.com.au
CNA Connect National Audit
Level 8, 350 Collins Street
Melbourne
Victoria 3000
www.connectaudit.com.au
Stock exchange listing
Reedy Lagoon Corporation Limited shares are listed on the Australian Securities Exchange
Website
www.reedylagoon.com.au
(ASX code: RLC)
Corporate Governance Statement
Refer to www.reedylagoon.com.au/about-us/corporate-governance/
50