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Annual Report 2021

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Annual Report 2021 Corporate Directory Directors Mr Stephen Dennis Non-Executive Chairman Dr John Mair Non-Executive Director Mr Alex Passmore Managing Director Company Secretary Mr Christopher Hunt Banker Westpac Banking Corporation 40 St George’s Terrace Perth WA 6000 Auditor Pitcher Partners BA&A Pty Ltd Level 11 12-14 The Esplanade Perth WA 6000 Telephone: (08) 9322 2022 Facsimile: (08) 9322 1262 Solicitor K & L Gates Level 32 44 St George’s Terrace Perth WA 6000 Telephone: (08) 9216 0900 Facsimile: (08) 9216 0601 Thomson Geer Level 27, Exchange Tower 2 The Esplanade Perth WA 6000 Telephone: (08) 9404 9100 Facsimile: (08) 9300 1338 For shareholder information contact: Share Registry Computershare Limited Level 11 172 St George’s Terrace Perth WA 6000 Telephone: (08) 9323 2000 Facsimile: (08) 9323 2033 Stock Exchange ASX Limited Company Code: RXL (Fully Paid Shares) Capital Structure 157,607,614 Fully paid ordinary shares 1,333,333 4,466,668 1,333,333 1,333,333 1,333,333 660,000 $0.225, 31 January 2022 options $0.495, 30 November 2022 options $1.50, 31 December 2023 options $1.875, 31 December 2023 options $2.25, 31 December 2023 options $0.825, 25 May 2024 options 10,476,190 $1.05, 26 March 2025 options For information on the Company contact Principal & Registered Office Level 2, 87 Colin Street West Perth WA 6005 Telephone: (08) 9226 0044 Facsimile: (08) 9322 6254 Email: admin@roxresources.com.au Web: www.roxresources.com.au Contents CHAIRMAN’S REVIEW REVIEW OF OPERATIONS DIRECTORS’ REPORT AUDITOR’S INDEPENDENCE DECLARATION CORPORATE GOVERNANCE CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statement of Financial Position Consolidated Statement of Comprehensive Income Consolidated Statement of Cash Flows Consolidated Statement of Changes in Equity Notes to the Consolidated Financial Statements Directors’ Declaration Independent Audit Report SCHEDULE OF MINING TENEMENTS OTHER INFORMATION 3 4 18 38 41 50 50 51 52 53 54 87 88 94 95 1 22 Rox Resources Annual ReportChairman’s Review2021 Chairman’s Review The last 12 months have seen us undertake several initiatives Dear Shareholder, I am pleased to report on what has been a transformational year for Rox Resources Limited. The last 12 months have seen us undertake several initiatives to emerge with a strategy focussed almost exclusively on progressing the Youanmi Gold Project. As you are aware, Rox’s nickel and base metal assets were recently demerged into Cannon Resources Limited, with Rox shareholders being able to participate in the demerger via an in-specie distribution and a priority offer. This demerger to emerge with a allows us to dedicate our efforts on advancing Youanmi and our other gold interests, whilst at the same time ensuring our nickel assets are sufficiently funded to enable strategy focussed almost exclusively on progressing the Youanmi Gold their accelerated exploration and growth plans. At Youanmi, significant progress continues to be made and in June we announced a significant expansion in mineral resources from 1.2 million ounces to 1.7 million ounces, an increase of 39%. Rox has now drilled more than 50,000 metres since the acquisition of Youanmi, with the recent mineral resource increase coming at a discovery cost of $16 per ounce, well below industry averages. The larger resource base provides a strong platform to commence feasibility studies into a possible development of Youanmi. Recently announced high grade drill results for the Link and Junction near-mine prospects also highlight the potential for further significant Project. resource upgrades at Youanmi. Non-Executive Chairman appointed August 2015 Notwithstanding the COVID-19 pandemic, all of our exploration and related activities were able to be carried out on the ground without any significant interruption or injury to personnel, which is a credit to our exploration team. In March, highly regarded global asset manager Hawke’s Point joined Rox as a major 13.3% shareholder, with an initial investment of $11 million. Hawke’s Point were attracted to the potential of Youanmi, and invested after undertaking extensive due diligence on the project. This placement is just the third significant placement by Hawke’s Point in an Australian mining company and we welcome them as our largest shareholder. Rox will continue to progress Youanmi in the year ahead, with our priorities being to further expand our current resource base and to assess the potential for a start-up of mining activities. Finally, I take this opportunity to thank shareholders for their past and ongoing support and I also thank Alex Passmore and his team for their dedication and continued efforts. Stephen Dennis 3 Rox Resources Annual ReportChairman’s Review2021 Review of Operations Rox Resources Limited (“Rox”, the “Company”) and its consolidated entities (together the “Group”) is a West Australian focused gold exploration and development company. It is the 70 per cent owner and operator of the historic Youanmi Gold Project near Mt Magnet, approximately 480 kilometres northeast of Perth, and wholly-owns the Mt Fisher Gold Project approximately 140 kilometres southeast of Wiluna. All projects contain JORC resources and are located in Western Australia (Figure 1). Highlights • Quality high grade resource at Youanmi 1.7M oz at 2.85 g/t Au. • • • • • Strong potential for resource growth. Feasibility studies commenced into the restart of Youanmi. Existing infrastructure in place at Youanmi. Cornerstone investment by Hawke’s Point. Exploring for Penny West style deposits regionally. • High grade resource at Mt Fisher Gold 0.1M oz at 2.70 g/t Au. 4 4 Rox Resources Annual ReportReview of Operations2021 2021 Figure 1 - Project Location Map Meekatharra Mt Magnet Mt Fisher Project (Au) Leinster Youanmi Project (Au) Kalgoorlie Perth 5 Rox Resources Annual ReportReview of Operations2021 6 The Youanmi Gold Project The Youanmi Gold Project is located 480km to the northeast of Perth, Western Australia. 7 Projects Youanmi Gold Project The Youanmi Gold Project is located 480km to the northeast of Perth, Western Australia, accessed by the sealed Great Northern Highway for a distance of 418km from Perth to Paynes Find and then for 150km by the unsealed Paynes Find to Sandstone Road. The Youanmi Gold Project consist of four joint ventures (JV) with Venus Metals Corporation Limited (“VMC”) and tenements 100% owned by Rox (Figure 2). The joint ventures are outlined below: 1. OYG JV (all minerals) - covers 65km2, is circa 10km x 7km wide, and surrounds the Youanmi Gold Mine and nearby extensions (Rox 70%) 2. VMC JV (gold rights) - covers 302km2 (Rox 50%) 3. Youanmi JV (gold rights) - covers 270km2 (Rox 45%) 4. Currans Find JV (all minerals) - covers 4km2 (Rox 45%) The Youanmi Project has produced an estimated 667,000 oz of gold (at 5.47 g/t Au) since discovery in 1901 during three main periods: 1908 to 1921, 1937 to 1942, and 1987 to 1997. The last parcel of ore mined underground at Youanmi (November 1997) was at 14.6 g/t Au. The structure of the Youanmi Project is dominated by the north-trending Youanmi Fault Zone. The majority of the gold mineralisation found at the project is hosted within the north-northwest splays off the north-northeast trending Youanmi Fault. During the financial year, the Youanmi Gold Project was significantly advanced through exploration and study activities. More than 50,000 metres of drilling has been undertaken on the Youanmi Gold Project since acquisition by Rox in mid-2019. The drilling has resulted in a substantial 39% increase in the resource to 1.7m oz at 2.85 g/t Au (refer Mineral Resources section for further information). As a result of the increase in resources a feasibility study was commenced into the potential restart of the Youanmi Gold Project. The feasibility study is reviewing optimal production scenarios with the follow activities in progress: • Metallurgical test work • • Processing plant design Pit optimisation • Dewatering and geotechnical studies • Waste rock characterisation • Environmental baseline testing In conjunction with the studies, the Group continued to focus on growing the resource base with multiple drill rigs on site during the financial year, working on near mine extension drilling. The Youanmi Gold Project 480km Northeast of Perth, Western Australia 8 Rox Resources Annual ReportReview of Operations2021 Figure 2 – Youanmi Gold Project Rox Resources OYG Joint Venture Youanmi Joint Venture VMC Joint Venture Currans Find Joint Venture Youanmi Joint Venture • Rox 45% • VMC 45% • Prospector 10% Currans Find Joint Venture • Rox 45% • VMC 45% • Prospector 10% Rox Resources • Rox 100% OYG Joint Venture • Rox 70% • VMC 30% VMC Joint Venture • Rox 50% • VMC 50% 9 Rox Resources Annual ReportReview of Operations2021 Figure 3 - Oblique view of the Youanmi Mine Area looking NE. Furthermore, the Group commenced a 22,000m aircore drilling programme to explore for Penny West style deposits. The program is targeting an 18.5km long highly-prospective greenstone corridor between the Youanmi and Penny deposit. Four (4) high priority target areas were identified from a recently completed date review (See Figure 4). The targets are new and have not been properly tested by historic drilling. Figure 4 - Aircore drilling targets 10 Rox Resources Annual ReportReview of Operations2021 Mt Fisher Gold - Rox 100%; Mt Eureka - Rox earning to 75%, Cullen Resources Limited 25% Mt Fisher Gold/Mt Eureka Project The Mt Fisher Gold/Mt Eureka Project is located in the Northern Goldfields, roughly 500km north of Kalgoorlie (about 120km east of Wiluna). The Group holds 850km2 of the Mt Fisher greenstone belt and surrounding prospective zones, comprised 500km2 held wholly by the Group and 350km2 in a joint venture with Cullen Resources Limited (“Cullen”) which the Group is currently earning in to a 75% holding. The Mt Fisher greenstone belt hosts extensive orogenic gold mineralisation. More recently the belt has been recognised as containing significant komatiite hosted nickel deposits and showing potential for volcanogenic massive sulphide (VMS) Cu-Zn style deposits. Exploration at Mt Eureka is focused on the identification of orogenic gold mineralisation and VMS style mineralisation. A project scale review in 2020 of historic geochemical and geophysical datasets recognised the potential for VMS mineralisation in the Mt Fisher/Mt Eureka greenstone belt including, Cu, Zn & Au anomalous VMS style exhalative sulphide mineralisation in historical drilling. Additionally, zones of strong multi-element geochemical anomalism in regolith (including Au, Cu, Pb and Zn) were identified in several areas throughout the project. The direct evidence for VMS style mineralisation highlights the belt’s prospectivity for this style of mineralisation. Due to minimal previous VMS exploration across the belt, the entire Mt Fisher/Mt Eureka greenstone belt is considered prospective for VMS mineralisation. VMS targets are analogous to Teutonic Bore, Jaguar and Bentley, which lie within the same geological terrane as the Mt Fisher greenstone belt. During the financial year, Rox completed 387 aircore holes for 9,322m to test several under-explored target areas within the Mt Eureka area. Drilling was contained within 3 target areas: • • • Target Area 1: Red Bluff, VMS/Au; 271 holes for 2,811m (Rox tenements) Target Area 2: Mt Eureka, VMS/Au; 41 holes for 2,339m (Cullen tenements) Target Area 3: Mt Eureka, Au; 75 holes for 4,172m (Cullen tenements) 11 Rox Resources Annual ReportReview of Operations2021 Corporate On the Corporate front, the Company was very active during the financial year undertaking the following key activities: • Placed $11m in equity with the highly regarded asset manager, Hawke’s Point, which equated to a 13.3% shareholding in Rox. The investment decision of Hawke’s Point was after extensive due diligence on the Youanmi Gold Project and supports Rox’s strategy of acquiring and exploring the Youanmi Gold Project with a forward looking objective of bringing the project into production. • Strengthening of the Executive team with two key appointments: 1) Mr Chris Hunt as Chief Financial Officer and Company Secretary; and 2) Mr Matt Antill as General Manager Youanmi Operations. Both Mr Hunt and Mr Antill bring a wealth of relevant expertise to the Company and are key in bringing the Youanmi project into production. Mr Brett Dickson who has been employed by the Company for over 17 years in various capacities, including Finance Director, Chief Financial Officer and Company Secretary resigned during the year to focus on other business ventures. • The Company announced the demerger of its Fisher East and Collurabbie nickel and base metal assets to focus on the development of the Youanmi gold project. The Company structured the demerger as an in-specie distribution with a priority offer to Rox shareholders to raise $6m, in a new listed entity, Cannon Resources Limited. Subsequent to 30 June 2021 the demerger was successfully completed. Refer Matters Subsequent to the End of the Financial Year in the Directors’ Report and Subsequent Event Note (Note 25) for further details. • On 28 June 2021, the Company also completed a 15 to 1 share consolidation in order to simplify its share structure. 12 Rox Resources Annual ReportReview of Operations2021 Mineral Resources During the year, the Group announced a significant increase to the mineral resource estimate for the Youanmi Gold Project. Drilling and exploration work at the Youanmi Gold Project, predominantly in the OYG JV area, yielded substantial increases in known and defined tonnages and ounces since acquisition and commencement of drilling in mid-2019. The resources increased by 466k oz, or 39% at a discovery cost of approximately $16 per ounce and included a maiden resource for Grace of 109k oz at 7g/t Au with further upside potential remaining. Youanmi Gold Project, WA (Reported to the ASX on 23 June 2021) Deposit Classification Cut-off (g/t Au) Tonnes (dmt) Au Grade (g/t Au) Au Metal (oz) Near Surface Indicated Deeps Indicated Near Surface Inferred Deeps Inferred Near Surface Indicated + Inferred Deeps Total Indicated + Inferred Notes: (1) Grace 1.5 g/t cutoff. 0.51 4.0 0.51 4.0 0.51 4.0 7,470,000 1,097,000 8,567,000 7,240,000 2,279,000 9,519,000 14,710,000 3,377,000 18,087,000 1.81 8.23 2.63 1.57 7.73 3.05 1.69 7.89 2.85 434,000 290,200 724,200 366,000 566,200 932,200 800,000 856,300 1,656,300 Mt Fisher Gold, WA (Reported to the ASX on 11 July 2018, 0.8 g/tAu cut-off) Deposit Category Tonnes Uncut Cut Damsel Inferred Indicated Measured Mt Fisher Inferred Indicated Measured Moray Reef Inferred Total Indicated Measured Inferred Indicated Measured Total Grade (g/t Au) Metal (Ozs) Grade (g/t Au) Metal (Ozs) Value (g/t Au) 591,820 151,464 23,712 766,997 40,934 59,533 125,605 226,073 1,242 4,930 25,521 31,693 633,997 215,928 174,838 1,024,762 2.29 2.33 2.80 2.32 3.44 3.63 3.73 3.65 3.87 6.09 10.92 9.89 2.37 2.78 4.65 2.84 43,627 11,358 2,135 57,120 4,528 6,948 15,045 26,521 155 966 8,960 10,081 48,309 19,273 26,140 93,721 2.23 2.27 2.59 2.25 3.41 3.63 3.61 3.58 3.87 5.95 8.02 7.53 2.31 2.73 4.11 2.70 30 30 30 30 50 50 50 50 80 80 80 80 42,339 11,060 1,974 55,373 4,494 6,948 14,569 26,011 155 943 6,577 7,675 46,987 18,951 23,121 89,059 Figures in all tables may not add up exactly due to rounding. 13 Rox Resources Annual ReportReview of Operations2021                   Mineral Resources Estimation Governance Statement Governance of the Group’s mineral resources is a responsibility of the Key Management Personnel of the Group. The Group has ensured that its mineral resources estimates are subject to appropriate levels of governance and internal controls. The mineral resources reported for the Youanmi Gold Project have been estimated by independent external consultants who are experienced in best practices in modelling and estimation methods. The consultants have also undertaken reviews of the quality and suitability of the underlying information used to generate the resource estimations. Additionally, the Group carries out regular internal peer reviews of processes and contractors engaged. The Mt Fisher gold resource was estimated by Mr Ian Mulholland, the Group’s Managing Director at the time of the resources estimate. Mr Mulholland is experienced in best practices in modelling and estimation methods. The Group has reported its Youanmi Gold Project and Mt Fisher Gold Project mineral resources on an annual basis in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Resources (the JORC code) 2012 Edition. Competent Persons named by the Group are members of the Australian Institute of Mining and Metallurgy and/or the Australian Institute of Geoscientists and/or of a “Recognised Professional Organisation”, as included in a list on the JORC and ASX websites. 14 Rox Resources Annual ReportReview of Operations2021 Competent Person Statements Resource Statements The information in this report that relates to gold Mineral Resources for the Youanmi Gold Project was reported to the ASX on 23 June 2021 (JORC 2012). The Group confirms that it is not aware of any new information or data that materially affects the information included in the announcement on 23 June 2021 and that all material assumptions and technical parameters underpinning the estimates in the announcement of 23 June 2021 continue to apply and have not materially changed. The information in this report that relates to gold Mineral Resources for the Mt Fisher Gold Project was reported to the ASX on 11 July 2018 (JORC 2012). The Group confirms that it is not aware of any new information or data that materially affects the information included in the announcement on 11 July 2018 and that all material assumptions and technical parameters underpinning the estimates in the announcement of 11 July 2018 continue to apply and have not materially changed. Exploration Results The information in this report that relates to previous exploration results, was either prepared and first disclosed under the JORC Code 2004 or under the JORC Code 2012 and has been properly and extensively cross-referenced in the text to the date of original announcement to ASX. In the case of the 2004 JORC Code Exploration Results and Mineral Resources, they have not been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. 15 Rox Resources Annual ReportReview of Operations2021 1616 Rox Resources Annual ReportReview of Operations2021 During the financial year, the Youanmi Gold Project was significantly advanced through exploration and study activities. 17 17 Rox Resources Annual ReportReview of Operations2021 Directors’ Report The Directors present their report on the Group consisting of the Parent entity, Rox Resources Limited (“Rox” or the “Company”), and the entities it controlled at the end of, or during, the year ended 30 June 2021 (the “financial year”). Directors The names and details of the Directors of the Company in office during the financial year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated. Mr Stephen Dennis (Non-Executive Chairman, appointed 1 August 2015) BCom, BLLB, GradDipAppFin Mr Dennis has been actively involved in the mining industry for over 35 years. He has held senior executive roles in a number of Australian resources companies and was previously the Chief Executive Officer and Managing Director of CBH Resources Ltd, the Australian subsidiary of Toho Zinc Co Ltd of Japan. Mr Dennis is currently the Non-Executive Chairman of Kalium Lakes Limited, Marvel Gold Limited, Heron Resources Limited, and Burgundy Diamond Mines Ltd. In the past three years he was previously a director of Lead FX Inc. Mr Alex Passmore (Managing Director, appointed 1 May 2019) - B.Sc (Hons), GradDipAppFin, FIASIG, GAICD Mr Passmore is Rox’s Managing Director, a position he has held since 1 May 2019. He is a qualified geologist with extensive corporate experience. Mr Passmore holds a Bachelor of Science degree with First Class Honours in Geology from the University of Western Australia and a Graduate Diploma of Applied Finance from the Securities Institute of Australia. Mr Passmore is an experienced corporate executive and company director with recent appointments including Managing Director of Cockatoo Iron NL, Non-Executive Director of Aspire Mining Ltd, Non-Executive (and Executive) Director of Equator Resources Ltd/Cobalt One Ltd (which merged with TSX-listed First Cobalt Corp), and CEO of Draig Resources Ltd (now Bellevue Gold Ltd). Mr Passmore has also spent a considerable time in the finance sector, where he became well known over ten years at Patersons Securities Ltd in roles such as Director - Corporate Finance, Head of Research, Resources Analyst, and Institutional dealer. He was also Executive Director - Natural Resources & Institutional Banking for Commonwealth Bank of Australia for two years. In the last three years Mr Passmore has been a director of Pearl Gull Iron Limited, Cannon Resources Limited, and Blencowe Resources Limited (London listed). 18 Rox Resources Annual ReportDirector’s Report2021 Dr John Mair (Non-Executive Director, appointed 24 October 2019) PhD (Econ Geol), Member AusIMM Dr Mair is an economic geologist with extensive international experience across technical, managerial and corporate fields. He holds a PhD in Economic Geology (UWA) and held the position of post-doctoral research fellow at the Mineral Deposit Research Unit, UBC, Canada. Dr Mair brings a deep understanding of a range of gold deposits types from experience working in Western Australia, New South Wales, Alaska, Yukon and British Columbia amongst other places. He has authored numerous papers in leading scientific journals on the geology of gold deposits. Dr Mair is the Managing Director of Greenland Minerals Ltd which is developing the globally significant Kvanefjeld rare earths project in Greenland. He has been integral in the technical development of Kvanefjeld, the corporate evolution of Greenland Minerals Ltd, and the commercial and strategic alignment with international rare earths group Shenghe Resources Holding Co Ltd. Dr Mair has worked closely with the Greenland and Danish governments on matters pertaining to regulation. He has significant experience and connections in global capital markets. Dr Mair has not been a director of any other listed company in the last three years. Mr Christopher Hunt (Company Secretary, appointed 6 May 2021) - B.Bus, FCPA, GAICD Mr Hunt is an experienced finance executive with over 25 years’ experience predominately in the resources and construction industries. He has held senior finance roles for close to 15 years and has strong experience in feasibility studies, corporate financing, and mining operations. Mr Hunt’s most recent resources’ experiences were as the Chief Financial Officer for BC Iron Limited, Crossland Resources Limited, FerrAus Limited and Cliffs Natural Resources. Mr Hunt holds a Bachelor of Business, is a Fellow CPA, a graduate from the Australian Institute of Company Directors and has completed a Graduate Diploma of Applied Finance from the Securities Institute of Australia. Mr Hunt has not been a director of any other listed company in the last three years. Mr Brett Dickson (Company Secretary, appointed 22 November 2003, resigned 30 June 2021 : Executive Finance Director, appointed 31 March 2010, resigned 16 October 2020 ) - B.Bus, FCPA, FGIA, MAICD Mr Dickson is experienced in the financial management of companies, principally companies in early-stage development of its resource or production and offers broad financial management skills. He has been Company Secretary and Chief Financial Officer for a number of successful resource companies listed on the ASX and is currently the Company Secretary and Chief Financial Officer for Azure Minerals Limited. Mr Dickson is a director of Ionic Resources Limited and has not been a director of any other listed company in the last three years. 19 Rox Resources Annual ReportDirector’s Report2021 Interest in the Share and Options of the Company As at the date of this report, the interest of the Directors in the shares and options of Rox Resources Limited were as follows: Shareholder Stephen Dennis John Mair Alex Passmore Ordinary Shares Unlisted Options 808,483 107,878 2,195,150 666,667 666,667 4,000,000 (Loss)/Profit Per Share Basic and diluted (loss)/profit per share Dividends 2021 (8.30) cents 2020 (7.73) cents No amounts have been paid or declared by way of dividend of the Company since the date of incorporation and the Directors do not recommend the payment of any dividend. Rounding of Amounts The Group is of a kind referred to in ASIC Corporations (Rounding in Financials/Directors’ Reports) Instrument 2016/191, relating to the ‘rounding off’ of amounts in the Directors’ Report. Amounts in the Directors’ Report have been rounded off in accordance with that Class Order to the nearest thousand dollars, or in certain cases, to the nearest dollar. Operating and Financial Review Rox Resources Limited is a public company limited by shares which is incorporated and domiciled in Australia. Nature of Operations and Principal Activities The principal activity of the Group during the year was mineral exploration. Results from Operations and Financial Position The Group incurred a net loss after tax for the year ended 30 June 2021 of $11.8 million (2020: $7.5 million). The loss includes exploration expenditure charged directly to the consolidated statement of comprehensive income of $6.4 million (2020: $4.8 million). Net cash outflows from operating activities were $7.8 million (2020: $6.7 million). At 30 June 2021, the Group had cash on hand of $11.9 million (2020: $10.6 million). The Directors believe the Group maintains a prudent capital structure and is in a robust position to continue progressing its projects. Review of Operations During the financial year, the Group was principally focussed on the OYG joint venture and other regional joint ventures at the Youanmi Gold Project. Additionally, further exploration was undertaken on the Mt Fisher Gold/Mt Eureka Project. For further information on these projects please refer to the Review of Operations within this Annual Report. Employees At 30 June 2021, the Group had 11 full-time employees and 1 casual employee (2020: 5 full-time employees and 1 casual employee). 20 Rox Resources Annual ReportDirector’s Report2021 2121 Rox Resources Annual ReportDirector’s Report2021 Risk Management The Group takes a proactive approach to risk management. The Board is responsible for ensuring that risks, including emerging risks, and also opportunities, are identified on a timely basis and the Group’s objectives and activities are aligned with the risks and opportunities identified by the Board. The Group believes that it is important for all Board members to be part of this process, and as such the Board has not established a separate Audit and Risk committee. The Board has a number of mechanisms in place to ensure that management’s objectives and activities are aligned with the risks identified by the Board. These include the following: • Board approval of a strategic plan, which encompasses the Group’s vision, mission and strategy statements, designed to meet stakeholders needs and manage business risk; and • Implementation of Board approved budgets and Board monitoring of progress against those budgets. Directors’ Meetings The number of meetings of Directors (including meetings of committees of Directors) held during the financial year and the numbers of meetings attended by each Director were as follows: Directors’ Normal Meetings Directors’ Remuneration Meetings Directors’ Nomination Meetings Directors’ Audit and Risk Meetings No. Eligible No. Attended No. Eligible No. Attended No. Eligible No. Attended No. Eligible No. Attended Stephen Dennis John Mair Alex Passmore Brett Dickson 13 13 13 4 Committee Membership 13 13 13 4 2 2 - - 2 2 - - - - - - - - - - 1 - 1 - 1 - 1 - As at the date of this report, the Group does not have separately constituted Audit & Risk, Nomination or Remuneration Committees. The full Board acts as those committees under specific charters. 22 Rox Resources Annual ReportDirector’s Report2021 Significant Changes in State of Affairs During the financial year, the following significant changes in state of affairs occurred: • Issued 20,952,3811 shares at $0.5251 each to raise $11,000,000 (before costs) to Hawkes Point, plus one free attaching option in the Company for every two shares subscribed for. The investment from Hawke’s Point will underpin the Group’s exploration and development plans in the near term. • The Company announced a demerger of its nickel and base metals assets through its 100% owned subsidiary Cannon Resources Limited (“Cannon”) by way of an Initial Public Offering (IPO). The demerger was completed subsequent to 30 June 2021, with Cannon being admitted to the ASX on 10 August 2021 and commencing trading on 12 August 2021. • The Company completed a 15 to 1 share consolidation with an effective date of 28 June 2021, with the number of shares on issue decreasing from 2,364,114,177 to 157,607,614. There were no other significant changes in the state of affairs of the Group during the year. Note 1. Post 15 to 1 share consolidation Matters Subsequent to the End of the Financial Year Cannon Demerger Since the end of the financial year the Group has demerged its nickel and base metals assets through its newly incorporated 100% owned subsidiary Cannon Resources Limited by way of an IPO. Cannon was admitted to the ASX on 10 August 2021 and commenced trading on 12 August 2021. Teck Receivable The Company and Teck Australia Pty Ltd agreed to bring forward a deferred cash settlement due to the Company from the sale of Rox’s interest in the Reward Zinc-Lead Project. Rox completed the sale of its interest in Reward Zinc-Lead Project in February 2017 and as part of the consideration $3.75m was due to Rox at the earlier of the completion of a Bankable Feasibility Study or 6 years, being 16 February 2023. On 20 July 2021 Rox and Teck agreed to settle the deferred cash consideration for $3.1m, payable to Rox by 1 September 2021. Payment was subsequently received on 26 August 2021. No other matter or circumstance has arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent financial periods. Environmental Issues The Group carries out mineral exploration at its various projects which are subject to environmental regulations under both Commonwealth and State legislation. During the financial year, there has been no breach of these regulations. 23 Rox Resources Annual ReportDirector’s Report2021 Likely Developments and Expected Results of Operations The Group will continue to explore its mineral tenements, with particular focus on the Youanmi Gold Project. Indemnification and Insurance of Directors and Officers During the financial year, the Company paid an insurance premium to insure certain officers of the Company. The Director and Officers Liability insurance provides cover against all costs and expenses that may be incurred in defending civil or criminal proceedings that fall within the scope of the indemnity and that may be brought against the Directors and Officers in their capacity as officers of the Group. The total amount of insurance premium paid is confidential under the terms of the insurance policy. Indemnification of Auditors To the extent permitted by law, the Company has agreed to indemnify its auditors, Pitcher Partners BA & A Pty Ltd (“Pitcher Partners”), as part of the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount). No payment has been made to indemnify Pitcher Partners during or since the financial year. Share Options At the date of the Directors’ Report, the following unlisted options are exercisable: Options (Number) 1 Exercise Price 1,333,333 4,466,668 1,333,333 1,333,333 1,333,333 660,000 10,476,190 0.225 0.495 1.50 1.875 2.25 0.825 1.05 Expiry Date 31 January 2022 30 November 2022 31 December 2023 31 December 2023 31 December 2023 25 May 2024 26 March 2025 24 Rox Resources Annual ReportDirector’s Report2021 During the year the following options were issued: Options (Number) 1 860,000 Exercise Price 0.763 Expiry Date 25 May 2024 Subsequent to the end of the financial year, 200,000 of the options issued during the financial year lapsed due to the conditions becoming incapable of being satisfied. During the year the following options were exercised: Options (Number) 1 Exercise Price 616,667 1,066,666 0.360 0.495 No options have been exercised since the end of the financial year. Expiry Date 30 November 2020 30 November 2022 Option holders do not have any right, by virtue of the option, to participate in any share issue of the Company or any related body corporate or in the interest issue of any other registered scheme. Auditor Independence and Non-Audit Services Section 307C of the Corporations Act 2001 requires the Company’s Auditors to provide the Directors of Rox Resources Limited with an Independence Declaration in relation to the audit of the full-year financial report. This report has been received and is attached to the Directors’ Report at page 38. Non-Audit Services During the financial year the entity’s auditor, Pitcher Partners, provided the following non-audit services: Non-audit service Demerger accounting assistance in relation to Cannon Resources Limited Taxation assistance for Cannon Resources Limited Total Note1. Option numbers are post 15 to 1 share consolidation Fees ($) 24,000 5,000 29,000 25 Rox Resources Annual ReportDirector’s Report2021 2626 Rox Resources Annual ReportDirector’s Report2021 During the financial year, the Group was principally focussed on the OYG joint venture and other regional joint ventures at the Youanmi Gold Project. 27 27 Rox Resources Annual ReportDirector’s Report2021 Remuneration Report (Audited) This Remuneration Report outlines the Director and Executive remuneration arrangements of the Company in accordance with the requirements of the Corporations Act 2001 and its Regulations. For the purposes of this report, Key Management Personnel (KMP) are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Group, directly or indirectly, including all Directors of the Company. Details of Key Management Personnel Alex Passmore Managing Director (appointed CEO on 1 February 2019, appointed Managing Director 1 May 2019) Stephen Dennis Non-executive Chairman (appointed 1 August 2015) John Mair Chris Hunt Matt Antill Non-executive Director (appointed 24 October 2019) Chief Financial Officer (appointed 3 May 2021) and Company Secretary (appointed 6 May 2021) General Manager - Youanmi Operations (appointed 5 April 2021) Gregor Bennett Exploration Manager (appointed 1 July 2020) Brett Dickson Executive Director and Company Secretary (Company Secretary, appointed 22 November 2003, resigned 30 June 2021; Executive Finance Director, appointed 31 March 2010, resigned 16 October 2020) There were no changes of KMP after the reporting date and before the date the financial report was authorised for issue. Remuneration Committee The full Board acts as the Remuneration Committee and are responsible for determining and reviewing compensation arrangements for the Directors and the Managing Director. The Board assesses the appropriateness of the nature and amount of remuneration of Directors on a periodic basis by reference to relevant employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high-quality board and executive team. Remuneration Philosophy The performance of the Group depends upon the quality of its Directors and Executives. To prosper, the Group must attract, motivate and retain highly skilled Directors and Executives. To this end, the Group embodies the following principles in its remuneration framework: • • • Provide competitive rewards to attract high calibre Executives Establish appropriate hurdles for variable executive remuneration Encouragement for Directors to sacrifice a portion of their fees to acquire shares in the Company at market price Remuneration Structure In accordance with best practice corporate governance, the structure of Non-Executive Director and Executive Remuneration is separate and distinct. 28 Rox Resources Annual ReportDirector’s Report2021 Non-Executive Director Remuneration Objective The Board seeks to set aggregate remuneration at a level which provides the Company with the ability to attract and retain Directors of the highest calibre, whilst keeping costs acceptable to shareholders. Structure The Constitution and the ASX Listing Rules specify that the aggregate remuneration of Non-Executive Directors shall be determined from time to time by a general meeting. An amount not exceeding the amount determined is then divided between the Directors as agreed. The latest determination was in 2020 when shareholders approved an aggregate remuneration of $400,000 per year. The amount of aggregate remuneration sought to be approved by shareholders and the manner in which it is apportioned amongst Directors is reviewed annually. The Board considers the fees paid to Non-Executive Directors of comparable companies when undertaking the annual review process. Each Non-Executive Director receives a fee for serving as a Director of the Company. The remuneration of Non-Executive Directors for the years ended 30 June 2021 and 30 June 2020 is detailed later in this report. Non-Executive Directors have long been encouraged by the Board to hold shares in the Company (purchased by the Director on market). It is considered good governance for Directors to have a stake in the Company on whose Board they reside. In addition, long term incentives in the form of options may be awarded to Non-Executive Directors, subject to shareholder approval, in a manner which aligns this element of remuneration with the creation of shareholder wealth. Executive Remuneration Objective The Group aims to reward Executives with a level and mix of remuneration commensurate with their position and responsibilities within the Group and so as to: • Reward Executives for Company and individual performance against targets set by reference to appropriate benchmarks; • Align interests of Executives with those of shareholders; • • Link reward with strategic goals; and Ensure total remuneration is competitive by market standards. Structure In determining the level and make-up of Executive remuneration the Board considers market conditions and remuneration paid to Senior Executives of companies similar in nature to Rox Resources Limited. Remuneration consists of the following key elements: • • Fixed Remuneration Variable Remuneration: - short term incentive (“STI”) - long term incentive (“LTI”). 29 Rox Resources Annual ReportDirector’s Report2021 Fixed Remuneration Objective The level of fixed remuneration is set so as to provide a base level of remuneration which is both appropriate to the position and is competitive in the market. Fixed remuneration is reviewed annually by the Board and the process consists of a review of individual performance, relevant comparative remuneration in the market and, where appropriate, external advice on policies and practices. Structure Executives are given the opportunity to receive their fixed (primary) remuneration in a variety of forms. It is intended that the manner of payment chosen will be optimal for the recipient without creating undue cost for the Company. The fixed remuneration component of the Directors is detailed later in this report. Variable Remuneration - STI Objective The objective of the STI program is to link the achievement of the Group’s operational targets with the remuneration received by the Executives charged with meeting those targets. The total potential STI available is set at a level so as to provide sufficient incentive to the Executive to achieve those operational targets and such that the cost to the Company is reasonable in the circumstances. Structure Actual STI payments granted to Executives depend on the extent to which specific targets, set at the beginning of the review period, being a financial year (previously calendar year), are met. The targets generally consist of a number of Key Performance Indicators (KPI’s) covering both financial and non-financial, corporate and individual measures of performance. Typically included are measures such as contribution to exploration success, share price appreciation, risk management and cash flow sustainability. These measures were chosen as they represent the key drivers for the short-term success of the business and provide a framework for delivering long term value. The Board has predetermined benchmarks that must be achieved in order to trigger payments under the STI scheme. On an annual basis, after consideration of performance against KPI’s, the Board, acting as a Remuneration Committee, determines the amount, if any, of the STI to be paid to each Executive. This process usually occurs in the first quarter of the following financial year. STI bonus for 2021 and 2020 For the financial year ended 30 June 2021 no STIs were paid. For the 2020 financial year the maximum bonus available for Mr Passmore was $150,000. Mr Passmore was paid a bonus of $140,000 for the 2020 financial year. 30 Rox Resources Annual ReportDirector’s Report2021 Variable Remuneration – Long Term Incentive (“LTI”) Objective The objective of the LTI plan is to reward Executives in a manner which aligns this element of remuneration with the creation of shareholder wealth. As such LTI grants are only made to Executives who are able to influence the generation of shareholder wealth. The Company considers that shareholder wealth is measured by changes to the Company’s share price. Structure LTI grants to Executives are delivered in the form of options. The options, when issued to Executives, will not be exercisable for a price less than the then current market price of the Company’s shares. The grant of LTI’s is reviewed annually, although LTI’s may not be granted each year. Exercise price and performance hurdles, if any, are determined at the time the LTIs are granted. To date no performance hurdles have been set on options issued to Executives. The Company may, and at times has, imposed time-based service conditions. The Company believes that as options are issued at not less than the current market price of the Company’s shares there is an inherent performance hurdle on those options as the share price of the Company’s shares must increase significantly before there is any benefit to the Executive. Employment Contracts Name Terms/Notice Periods/Termination Payment Alex Passmore (Managing Director) Mr Passmore is paid an annual salary of $380,000 plus superannuation up to the maximum statutory concessional amount, currently $25,000 pa. Mr Passmore may resign from his position and terminate his contract by giving 3 months’ notice. The Company may terminate this employment agreement by providing 3 months’ written notice. If the employment is terminated by the Company the Company will make an additional payment of 6 months’ Base Salary, inclusive of any amount of notice paid in lieu upon termination of the employment. The amount paid will be adjusted if necessary, to ensure compliance with section 200F (2) of the Corporations Act 2001. The Company may terminate the contract at any time without notice if serious misconduct has occurred. Where termination with cause occurs, the Managing Director is only entitled to that portion of remuneration, which is fixed, and only up to the date of termination. On termination with cause any unvested options held will be immediately forfeited. Chris Hunt (Chief Financial Officer and Company Secretary) Mr Hunt is paid an annual salary of $300,000 plus superannuation up to the maximum statutory concessional amount, currently $25,000 pa. Employment can be terminated with 3 months’ notice by Mr Hunt or the Company. The Company may terminate the contract at any time without notice if serious misconduct has occurred. Matt Antill (General Manager) Mr Antill is paid an annual salary of $290,000 plus superannuation up to the maximum statutory concessional amount, currently $25,000 pa. Employment can be terminated with 3 months’ notice by Mr Antill or the Company. The Company may terminate the contract at any time without notice if serious misconduct has occurred. Gregor Bennett (Exploration Manager) Mr Bennett is paid an annual salary of $179,909 plus superannuation up to the maximum statutory concessional amount, currently $25,000 pa. Brett Dickson (Chief Financial Officer and Company Secretary) Resigned 30 June 2021 Employment can be terminated with 4 weeks’ notice by Mr Bennett or the Company. The Company may terminate the contract at any time without notice if serious misconduct has occurred. The Company Secretary, Mr Dickson is employed under a service contract through Coolform Investments Pty Ltd (“Coolform”). Under the terms of the present contact: • • • • Coolform is paid a fixed monthly fee of $15,125 per month Coolform may terminate the contract by giving 3 months written notice The Company may terminate the service contract agreement by providing 3 months written notice. On termination on notice by the Company, subject to ASX Listing Rule 10.19 and section 200F(3) of the Corporations Act 2001, will pay Coolform an amount equal to 6 months of the fixed component of his remuneration. The Company may terminate the contract at any time without notice if serious misconduct has occurred. Where termination with cause occurs, Coolform is only entitled to that portion of remuneration, which is fixed, and only up to the date of termination. On termination with cause any unvested options held will be immediately forfeited. 31 Rox Resources Annual ReportDirector’s Report2021 Remuneration of Key Management Personnel The remuneration tables below set out the remuneration information for the Directors and Executives, which includes the Managing Director, who are considered to be KMP of the Group. Short-term Long-term Post-employment Total Performance related Salary & fees $ STI bonus $ SBP Options $ Other $ Other $ Superannuation $ $ % 2021 Directors Stephen Dennis 80,000 John Mair 50,000 Alex Passmore 380,000 Brett Dickson3,4 - Total Directors 510,000 Executives Chris Hunt1 Matt Antill2 50,000 72,500 - - - - - - - Gregor Bennett5 179,909 55,000 Brett Dickson3,4 - - - - - - - 58,333 57,167 - - - - - 81,088 81,088 - - - 174,638 Total Executives 302,409 55,000 115,500 174,638 TOTAL KMP 812,409 55,000 115,500 255,726 - - - - - - - - - - - 7,600 4,750 87,600 54,750 25,000 405,000 - 81,088 37,350 628,438 4,167 6,250 112,500 135,917 25,000 259,909 - 174,638 35,417 682,964 72,767 1,311,402 - - - - - 51.9 42.1 21.7 - 25.0 13.0 Notes: 1. Mr Hunt was appointed as Chief Financial Officer 3 May 2021 and Company Secretary 6 May 2021. 2. Mr Antill was appointed 5 April 2021. 3. Mr Dickson resigned as a Director 16 October 2020, continued as Chief Financial Officer and Company Secretary until 30 June 2021. 4. Paid to Coolform Investments Pty Ltd for services, a related entity of Mr Dickson. 5. Mr Bennett considered a KMP from 1 July 2020. Short-term Long-term Post-employment Total Performance related Salary & fees $ STI bonus $ SBP Options $ Other $ Other $ Superannuation $ $ % 2020 Directors Stephen Dennis John Mair2 80,000 34,375 - - 83,000 83,000 Alex Passmore 306,666 140,000 332,000 - - - Brett Dickson1 - - 124,500 181,500 Total Directors 421,041 140,000 622,500 181,500 - - - - - 7,600 170,600 3,264 120,639 25,000 803,666 - 306,000 35,864 1,400,905 48.7 68.8 58.7 40.7 54.4 Notes: 1. Paid to Coolform Investments Pty Ltd for services, a related entity of Mr Dickson. 2. Mr Mair appointed 24 October 2019. 32 Rox Resources Annual ReportDirector’s Report2021 2021 Directors Stephen Dennis 80,000 John Mair 50,000 Alex Passmore 380,000 Brett Dickson3,4 Total Directors 510,000 - - - - - - - - - - - - - - - - - - - - - 81,088 81,088 174,638 - - 50,000 72,500 58,333 57,167 Gregor Bennett5 179,909 55,000 Executives Chris Hunt1 Matt Antill2 Brett Dickson3,4 Total Executives 7,600 4,750 87,600 54,750 25,000 405,000 - 81,088 37,350 628,438 4,167 6,250 112,500 135,917 25,000 259,909 - 174,638 302,409 55,000 115,500 174,638 35,417 682,964 TOTAL KMP 812,409 55,000 115,500 255,726 72,767 1,311,402 Short-term Long-term Post-employment Total Performance related Salary & fees $ STI bonus $ SBP Options $ Other $ Other $ Superannuation $ $ % 2020 Directors Stephen Dennis John Mair2 80,000 34,375 83,000 83,000 Alex Passmore 306,666 140,000 332,000 - - - Brett Dickson1 - 124,500 181,500 - - - 7,600 170,600 3,264 120,639 25,000 803,666 - 306,000 Total Directors 421,041 140,000 622,500 181,500 35,864 1,400,905 - - - - - 51.9 42.1 21.7 - 25.0 13.0 48.7 68.8 58.7 40.7 54.4 - - - - - - - - - - - - - - - - Short-term Long-term Post-employment Total Performance related Granted in 2021 Terms and conditions for each grant Vested 2021 Lapsed 2021 Salary & fees $ STI bonus $ SBP Options $ Other $ Other $ Superannuation $ $ % 2021 Number Date Fair value $ Total fair value Exercise price $ Expiry date First exercise date Last exercise date Number % Lapsed during the year Compensation Options: Granted and Vested during the year During the financial year 660,000 options were issued to the KMP of the Group (2020: 5,000,000). Executives Chris Hunt Matt Antill 333,333 18 Jun 21 0.175 58,333 0.825 25 May 24 18 Jun 21 25 May 24 326,667 18 Jun 21 0.175 57,167 0.825 25 May 24 18 Jun 21 25 May 24 Total 660,0001 115,500 100 100 333,333 326,667 660,000 - - - Granted in 2020 Terms and conditions for each grant Vested 2020 Lapsed 2020 20203 Number Date Fair value $ Total fair value Exercise price $ Expiry date First exercise date Last exercise date Number % Lapsed during the year Directors Alex Passmore Stephen Dennis John Mair 2,666,666 12 Dec 19 0.125 332,000 0.495 30 Nov 22 12 Dec 19 30 Nov 22 2,666,666 100 - 666,667 12 Dec 19 0.125 83,000 0.495 30 Nov 22 12 Dec 19 30 Nov 22 666,667 100 200,000 666,667 12 Dec 19 0.125 83,000 0.495 30 Nov 22 12 Dec 19 30 Nov 22 666,667 100 - Brett Dickson 1,000,000 12 Dec 19 0.125 124,500 0.495 30 Nov 22 12 Dec 19 30 Nov 22 1,000,000 100 333,333 Total 5,000,0001 622,500 5,000,0001 533,3332 Notes: 1. Issued pursuant to Employee Share Option Plan. 2. Options exercisable at $0.39 (post 15 for 1 share consolidation basis) lapsed on 30 November 2019. 3. Comparatives for the year ended 30 June 20 have been adjusted for the 15 to 1 share consolidation undertaken on 28 June 2021. For details of options granted and exercised during the 2021 and 2020 years refer to Note 21 of the Financial Statements. There were no alterations to the terms and conditions of options granted as remuneration since their grant. The Group’s remuneration policy prohibits Directors and Executives from entering into transactions or arrangements which limit the economic risk of participating in unvested entitlements. To ensure compliance with this policy Directors and Executives are required to disclose all dealings in company securities, whether vested or not. 33 Rox Resources Annual ReportDirector’s Report2021 Shareholdings of Key Management Personnel The interests of KMP of the Group in shares at the end of the financial year 2021 and financial year 2020 are as follows: Balance as at 1 July 2020 Granted as Remuneration Purchased Net Change/ Other Shares Issued on Exercise of Options Balance as at 30 June 2021 2021 Alex Passmore 2,195,150 Stephen Dennis John Mair Chris Hunt Matthew Antill Gregor Bennett4 Brett Dickson2 Total 608,483 107,878 - - 70,393 672,272 3,654,176 - - - - - - - - - - - 66,666 - - - - - - - 63,333 - 2,195,150 200,000 - - 808,483 107,878 66,666 63,333 - 66,667 137,060 (533,333) 946,670 1,085,609 66,666 (470,000) 1,213,337 4,464,179 Balance as at 1 July 2019 Granted as Remuneration Purchased Net Change/ Other Shares Issued on Exercise of Options Balance as at 30 June 2020 20203 Alex Passmore 2,133,333 Stephen Dennis 280,000 John Mair Brett Dickson Total Notes: - 651,667 3,065,000 1. Holding at the date of appointment. - - - - - 61,817 328,483 41,211 20,605 - - 66,667 - 452,116 66,667 - - - - - 2,195,150 608,483 107,878 672,272 3,583,783 2. Mr Dickson ceased providing services (as Coolform Investments Pty Ltd, a related entity of Mr Dickson) to Rox as at 30 June 2021. 3. Comparatives for the year ended 30 June 20 have been adjusted for the 15 to 1 share consolidation undertaken on 28 June 2021. 4. Mr Bennett appointed as a KMP 1 July 2020. 34 Rox Resources Annual ReportDirector’s Report2021 Options holdings of Key Management Personnel The options held by the KMP of the Group at the end of the financial year 2021 are as follows: Balance at 1 July 20202 Granted as Remuneration Options Exercised Options Expired Balance at 30 June 2021 Options Vested Not Yet Exercised1 2021 Alex Passmore 4,000,000 Stephen Dennis John Mair Chris Hunt Matthew Antill Gregor Bennett Brett Dickson Total Notes: 866,667 666,667 - - 533,333 1,333,333 7,400,000 - - - 333,333 326,667 - (200,000) - - - - - 66,667 (1,333,333) 660,000 (1,600,000) - - - - - - - - 4,000,000 4,000,000 666,667 666,667 333,333 326,667 466,666 - 666,667 666,667 333,333 326,667 466,666 - 6,460,000 6,460,000 1. All options which have vested are exercisable. 2. Opening values been adjusted for the 15 to 1 share consolidation undertaken in financial year 21. 35 Rox Resources Annual ReportDirector’s Report2021 Other Transactions with Key Management personnel During the year the Group had the following transactions with KMP: • An amount of $131,755 (2020: $111,905) was paid to Azure Minerals Limited, a company of which Mr Dickson is an officer, for the provision of office accommodation. The Company also received fees totalling $44,025 (2020) from Azure Minerals Limited being reimbursement for the provision of office staff support. An amount of $9,955 was receivable to Rox as at 30 June 2020. All transactions were on normal commercial terms and conditions. • An amount of $333,631 (2020: nil) was paid to LG Mining Pty Ltd, a company of which Mr Passmore is a Director, for the provision of labour hire services, specifically geologists and field assistants. An amount of $136,193 was payable to LG Mining Pty Ltd as at 30 June 2021 (2020: nil). The transactions were on an arms-length basis and utilised by the Company, on a discretionary basis, for recruitment and labour hire of predominantly field staff which are in high demand in the current tight labour market. Other recruitment and labour hire firms are also utilised by the Company as required and including when terms are offered on an equal basis. Mr Passmore does not receive any remuneration from LG Mining Pty Ltd. Refer to Note 26 for further detail on Related Party transactions. All the amounts quoted above are excluding GST. Company’s Performance The Company’s share price performance shown in the below graph is a reflection of the Company’s performance over the past 5 years. The variable components of the Executives’ remuneration including short-term and long-term incentives are indirectly linked to the Company’s share price performance. Rox Resources Limited - 5 Year Share Price Performance $ e c i r P e r a h S 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18 Jun 19 Dec 19 Jun 20 Dec 20 Jun 21 36 Rox Resources Annual ReportDirector’s Report2021 The table below sets out information about the Group’s earnings and movements in shareholder value for the past 5 years up to and including the current financial year. Net (loss)/profit after tax ($m)1 Basic (loss)/profit per share (cents)1,2 Share Price at year end (cents)2 Total dividends (cents per share) Notes: 2021 (11.8) (8.30) 43.50 - 2020 (7.5) (7.73) 126.00 - 2019 (2.8) (3.30) 16.8 - 2018 (3.2) (3.90) 16.50 - 2017 13.4 16.35 21.00 - 1. Historical results have not been assessed and adjusted for the impact of new accounting standards. 2. Historical results have been adjusted for the 15 to 1 share consolidation in financial year 21. End of Remuneration Report Signed in accordance with a resolution of the Directors. Alex Passmore Managing Director Perth, 24 September 2021 37 Rox Resources Annual ReportDirector’s Report2021 Auditor’s Independence Declaration to the Directors of Rox Resources Limited 38 38 Rox Resources Annual ReportAuditor’s Independence Declaration2021 AUDITOR’S INDEPENDENCE DECLARATION TO THE DIRECTORS OF ROX RESOURCES LIMITED In relation to the independent audit for the year ended 30 June 2021, to the best of my knowledge and belief there have been: (i) (ii) No contraventions of the auditor independence requirements of the Corporations Act 2001; and No contraventions of APES 110 Code of Ethics for Professional Accountants (including Independence Standards). This declaration is in respect of Rox Resources Limited and the entities it controlled during the year. PITCHER PARTNERS BA&A PTY LTD J C PALMER Executive Director Perth, 24 September 2021 Pitcher Partners BA&A Pty Ltd An independent Western Australian Company ABN 76 601 361 095. Level 11, 12-14 The Esplanade, Perth WA 6000 Registered Audit Company Number 467435. Liability limited by a scheme under Professional Standards Legislation. Adelaide Brisbane Melbourne Newcastle Perth Sydney Pitcher Partners is an association of independent firms. Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities. 39 Rox Resources Annual ReportAuditor’s Independence Declaration2021 4040 Rox Resources Annual ReportCorporate Governance2021 Corporate Governance Corporate Governance Statement Rox Resources Limited (“the Company”) has established a corporate governance framework, the key features of which are set out in this statement. In establishing its corporate governance framework, the Company has referred to the recommendations set out in the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations 4th edition. The Company has followed each recommendation where the Board has considered the recommendation to be an appropriate benchmark for its corporate governance practices. Where the Company’s corporate governance practices follow a recommendation, the Board has made appropriate statements reporting on the adoption of the recommendation. In compliance with the “if not, why not” reporting regime, where, after due consideration, the Company’s corporate governance practices do not follow a recommendation, the Board has explained the reasons for not following the recommendation and disclosed what, if any, alternative practices the Company has adopted instead of those in the recommendation. The following governance-related documents can be found on the Company’s website at https://www.roxresources.com.au/corporate/corporate-governance/. Charters • Board • Audit and Risk Committee • Nomination Committee • Remuneration Committee Policies and Procedures • • • • • • Policy and Procedure for the Selection and (Re)Appointment of Directors Process for Performance Evaluations Policy on Assessing the Independence of Directors Policy for Trading in Company Securities Shareholder Communication and Investor Relations Policy Code of Conduct • ASX Listing Rule Compliance • • • • • • Compliance Procedures Procedure for the Selection, Appointment and Rotation of External Auditor Corporate Governance Principles and Recommendations Risk Management Policy Policy on Whistleblower Policy on Continuous Disclosure • Diversity Policy • Induction Program • Anti-Bribery and Anti-Corruption Policy 41 Rox Resources Annual ReportCorporate Governance2021 The Company reports below on whether it has followed each of the recommendations during financial year 2021. The information in this statement is current at 24 September 2021. This statement was approved by a resolution of the Board on 24 September 2021. Principle 1 - Lay solid foundations for management and oversight Recommendation 1.1 The Company has established the respective roles and responsibilities of its Board and management, and those matters expressly reserved to the Board and those delegated to management and have documented this in its Board Charter, which is disclosed on the Company’s website at https://www.roxresources.com.au/corporate/corporate-governance/ Recommendation 1.2 The Company undertakes appropriate checks before appointing a person or recommending to shareholders a candidate for election as a Director and provides shareholders with all material information in its possession relevant to a decision on whether to elect or re-elect a Director. The Company appointed Dr John Mair to the board on 24 October 2019 and the checks referred to in the Company’s Policies and Procedures for the selection and (re)appointment of Directors were undertaken. The Company provided shareholders with all material information in relation to the re-election of Mr Stephen Dennis and the election of Dr John Mair as Directors at its 2019 Annual General Meeting. The Company also provided shareholders with all material information in relation to the re-election of Dr John Mair as a Director in its 2020 Annual General Meeting. Recommendation 1.3 The Company has a written agreement with each Director and Senior Executive setting out the terms of their appointment. The material terms of any employment, service or consultancy agreement the Company, or any of its subsidiaries, has entered into with its Managing Director, any of its Directors, and any other person or entity who is a related party of the Managing Director or any of its Directors has been disclosed in accordance with ASX Listing Rule 3.16.4 (taking into consideration the exclusions from disclosure outlined in that rule). Recommendation 1.4 The Company Secretary is accountable directly to the Board, through the Chair, on all matters to do with the proper functioning of the Board as outlined in the Company’s Board Charter. Recommendation 1.5 The Company has a Diversity Policy. However, the Diversity Policy does not include requirements for the Board to set measurable objectives for achieving gender diversity and to assess annually both the objectives and the Company’s progress in achieving them. Nor has the Board set measurable objectives for achieving gender diversity. Given the Company’s stage of development as an exploration company and the number of employees, the Board considers that it is not practical to set measurable objectives for achieving gender diversity at this time. 42 Rox Resources Annual ReportCorporate Governance2021 The respective proportions of men and women on the Board, in Senior Executive positions and across the whole organisation as at the date of this statement are set out in the following table. “Senior Executive” for these purposes means a person who makes, or participates in the making of, decisions that affect the whole or a substantial part of the business or has the capacity to affect significantly the Company’s financial standing. For the financial year, this included the Managing Director: Proportion of women Whole organisation (including the Board) Senior Executive positions Board Recommendation 1.6 1 out of 14 (7%) 0 out of 3 (0%) 0 out of 3 (0%) The Chair is responsible for evaluating the Board and, when deemed appropriate, Board committees and individual Directors. The evaluations are undertaken in accordance with the Company’s Process for Performance Evaluations, which is disclosed on the Company’s website. During the financial year an evaluation of the Board, its committees, and individual Directors took place in accordance with the process disclosed in the Company’s Process for Performance Evaluations. Recommendation 1.7 The Managing Director is responsible for evaluating the performance of Senior Executives in accordance with the process disclosed in the Company’s Process for Performance Evaluations. During the financial year, an evaluation of the former Chief Financial Officer and Company Secretary, General Manager - Youanmi Operations and Exploration Manager took place in accordance with the process disclosed in the Company’s Process for Performance Evaluations. The Chair is responsible for evaluating the Managing Director in accordance with the process disclosed in the Company’s Process for Performance Evaluations. During the financial year, an evaluation of the Managing Director took place in accordance with the process disclosed in the Company’s Process for Performance Evaluations. 43 Rox Resources Annual ReportCorporate Governance2021 Principle 2 - Structure the Board to be effective and add value Recommendation 2.1 The Board has not established a separate Nomination Committee. Given the current size and composition of the Board, the Board believes that there would be no efficiencies gained by establishing a separate Nomination Committee. Accordingly, the Board performs the role of the Nomination Committee. Although the Board has not established a separate Nomination Committee, it has adopted a Nomination Committee Charter, which describes the role, composition and responsibilities of the full Board in its capacity as the Nomination Committee. When the Board convenes as the Nomination Committee it carries out those functions which are delegated to it in the Company’s Nomination Committee Charter to address succession issues and to ensure the Board has the appropriate balance of skills, knowledge, experience and independence to enable it to discharge its duties and responsibilities effectively. Separate meetings of the full Board in its capacity as the Nomination Committee are held, and minutes of those meetings are taken. The Board deals with any conflicts of interest that may occur when convening in the capacity of the Nomination Committee by ensuring that the Director with conflicting interests is not party to the relevant discussions. Details of Director attendance at meetings of the full Board, in its capacity as the Nomination Committee, during the financial year, are set out in a table in the Directors’ Report on page 22. Recommendation 2.2 The mix of skills and diversity for which the Board is looking to achieve in its membership is represented by the Board’s current composition. Whilst the Company is at exploration stage, it does not wish to significantly increase the size of the Board and considers that the Board, which includes Directors with geological qualifications, exploration and mining industry experience, experience in the development and operation of mining projects in Australia and accounting and finance qualifications, is an appropriate mix of skills and expertise relevant to the Company. Notwithstanding the Board’s current view that the composition of the Board is appropriate, as project acquisitions and development opportunities occur a review of the Board size and composition will be undertaken. Recommendation 2.3 The Board considers the independence of Directors having regard to the relationships listed in Box 2.3 of the Principles & Recommendations and its Policy on Assessing the Independence of Directors. The independent Directors of the Company are Mr Stephen Dennis, Chairman of the Company and Dr John Mair a Non-Executive Director. None of the independent Directors of the Company have an interest, position or relationship of the type described in Box 2.3 The length of service of each Director is set out in the Directors’ Report on page 18. Recommendation 2.4 During the financial year, upon the resignation of Mr Brett Dickson as Finance Director on 16 October 2020 the Board had a majority of Directors who are independent. Prior to this, the Board did not have a majority of Directors who were independent. The Board considered that its composition was adequate for the Company’s size and operations and included an appropriate mix of skills and expertise relevant to the Company’s business. As noted above, a review of the Board’s size and composition, including the balance of independence on the Board may be undertaken in accordance with the Nomination Committee Charter. Recommendation 2.5 The independent Chair of the Board is Mr Stephen Dennis, who is not also the Managing Director. 44 Rox Resources Annual ReportCorporate Governance2021 Recommendation 2.6 The Company has an induction program that it uses when new Directors join the Board and when new Senior Executives are appointed. The goal of the program is to assist new Directors to participate fully and actively in Board decision-making at the earliest opportunity and to assist Senior Executives to participate fully and actively in management decision-making at the earliest opportunity. The Company’s Induction Program is disclosed on the Company’s website. The Board in its capacity as the Nomination Committee, regularly reviews whether the Directors as a group have the skills, knowledge and familiarity with the Company and its operating environment required to fulfil their role on the Board and the Board committees effectively using a Board skills matrix. Where any gaps are identified, the Board considers the training or development that should be undertaken to fill those gaps. In particular, the Board ensures that any Director who does not have specialist accounting skills or knowledge has a sufficient understanding of accounting matters to fulfil his or her responsibilities in relation to the Company’s financial statements. Directors also receive ongoing education on developments in accounting standards. Principle 3 - Install a culture of acting lawfully, ethically and responsibly Recommendation 3.1 The Company has articulated its values and disclosed them throughout its governance material, including its Code of Conduct which can be found on the Company website. The Company expects that its Board and Senior Executives will conduct themselves with integrity and honesty in accordance with the Code of Conduct. Directors, Executives and employees shall deal with the Company’s customers, suppliers, competitors, shareholders and each other with honesty, fairness and integrity and observe the rule and spirit of the legal and regulatory environment in which the Company operates. The Company aims to increase shareholder value within an appropriate framework which safeguards the rights and interests of the Company’s shareholders and the financial community and to comply with systems of control and accountability which the Company has in place as part of its corporate governance with openness and integrity. The Company complies with all legislative and common law requirements which affect its business wherever it operates. Currently the Company only operates in Australia, should it in the future have operations overseas, it shall comply with the relevant local laws as well as any applicable Australian laws. Any transgression from the applicable legal rules is to be reported to the Managing Director as soon as a person becomes aware of such a transgression. Recommendation 3.2 The Company has established a Code of Conduct for its Directors, Senior Executives and employees, which is disclosed on the Company’s website. Any breach of that code is reported to the Board at the next meeting of Directors. Recommendation 3.3 The Company has adopted a Whistleblower Policy to encourage the raising of any concerns or reporting of instances of any violations (or suspected violations) of the Code of Conduct (or any potential breach of law or any other legal or ethical concern) without the fear of intimidation or reprisal. Any material incidents may be reported to the Supervisors or Senior Managers, the Director, Company Secretary, the Whistleblower Protection Officer appointed by the Company as well as the other person and bodies outlined in the Company’s Whistleblower Policy. Recommendation 3.4 The Company has established an anti-bribery and corruption policy which is disclosed on the Company’s website. Any material breach of that policy is immediately reported to the Managing Director and Chairman of the Board of Directors. 45 Rox Resources Annual ReportCorporate Governance2021 Principle 4 – Safeguard the integrity of corporate reports Recommendation 4.1 The Board has not established a separate Audit & Risk Committee. Given the current size and composition of the Board, the Board believes that there would be no efficiencies gained by establishing a separate Audit and Risk Committee. Accordingly, the Board performs the role of Audit and Risk Committee. Although the Board has not established a separate Audit and Risk Committee, it has adopted an Audit and Risk Committee Charter. When the Board convenes as the Audit and Risk Committee it carries out those functions which are delegated to it in the Company’s Audit and Risk Committee Charter. Separate meetings of the full Board in its capacity as the Audit and Risk Committee are held, and minutes of those meetings are taken. The Board deals with any conflicts of interest that may occur when convening in the capacity of the Audit and Risk Committee by ensuring that the Director with conflicting interests is not party to the relevant discussions. The Company has also established a Procedure for the Selection, Appointment and Rotation of its External Auditor, which is disclosed on the Company’s website. The Board is responsible for the initial appointment of the external auditor and the appointment of a new external auditor when any vacancy arises. Candidates for the position of external auditor must demonstrate complete independence from the Company through the engagement period. The Board may otherwise select an external auditor based on criteria relevant to the Company’s business and circumstances. Pitcher Partners, the Company’s auditor, was appointed at the 2019 AGM. The performance of the external auditor is reviewed on an annual basis by the Board. Details of Director attendance at meetings of the full Board, in its capacity as the Audit and Risk Committee, held during the financial year, are set out in a table in the Directors’ Report on page 22. Recommendation 4.2 Before the Board approved the Company financial statements for the half year ended 31 December 2020 and the full-year ended 30 June 2021, it received from the Managing Director and the Chief Financial Officer a declaration that, in their opinion, the financial records of the Company for the relevant financial period have been properly maintained and that the Financial Statements for the relevant financial period comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the Company and the consolidated entity and that the opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively (“the Declaration”). The Board did not receive a Declaration for each of the quarters ending 30 September 2020, 31 December 2020, 31 March 2021 and 30 June 2021 because in the Board’s view its quarterly reports are not financial statements to which the Declaration can be appropriately given. Recommendation 4.3 Processes are in place to verify the integrity of the Company’s periodic corporate reports released to the market that are not audited or reviewed by the external auditor. Examples of periodic corporate reports released by the Company include quarterly cash flow reports. The process to verify is includes circulation to Senior Executives and the Board for review prior to finalising and releasing to the market. The Company has adopted a Continuous Disclosure Policy which sets out how market announcements are prepared and released and has appointed the Company Secretary as the Continuous Disclosure officer who oversees the drafting of and approves the final release of announcements. The Company Secretary is responsible for satisfying themself that the content of any announcement is accurate and not misleading and is supported by appropriate verification. 46 Rox Resources Annual ReportCorporate Governance2021 Principle 5 - Make timely and balanced disclosure Recommendation 5.1 The Company has established written policies and procedures for complying with its continuous disclosure obligations under the ASX Listing Rules, in particular Listing Rule 3.1. A summary of the Company’s Policy on Continuous Disclosure and Compliance Procedures are disclosed on the Company’s website. Recommendation 5.2 The Company Secretary circulates all material market announcements to the Board prior to release to the ASX. Recommendation 5.3 All new and substantive investor or analyst presentations are released to the ASX ahead of any presentation to investors. Principle 6 - Respect the rights of security holders Recommendation 6.1 The Company provides information about itself and its governance to investors via its website at www.roxresources.com.au as set out in its Shareholder Communication and Investor Relations Policy. Recommendation 6.2 The Company has designed and implemented an investor relations program to facilitate effective two-way communication with investors. The program is set out in the Company’s Shareholder Communication and Investor Relations Policy. Recommendation 6.3 The Company has in place, a Shareholder Communication and Investor Relations Policy, which outlines the policies and processes that it has in place to facilitate and encourage participation at meetings of shareholders. The Company encourages shareholder attendance and participation at its meetings. The Chair of the meeting allows a reasonable opportunity for members to ask questions or make comments on the management of the Company. Recommendation 6.4 All resolutions put to meetings of shareholders are decided by way of a poll. Recommendation 6.5 Shareholders are given the option to receive communications from, and send communications to, the Company and its share registry electronically. The Company engages its share registry to manage the majority of communications with shareholders. Shareholders are encouraged to receive correspondence from the Company electronically, thereby facilitating a more effective, efficient and environmentally friendly communication mechanism with shareholders, Shareholders not already receiving information electronically can elect to do so through the share registry, Computershare Limited, at www.computerhare.com.au. 47 Rox Resources Annual ReportCorporate Governance2021 Principle 7 - Recognise and manage risk Recommendation 7.1 The Board has not established a separate Risk Committee. Given the current size and composition of the Board, the Board believes that there would be no efficiencies gained by establishing a separate Risk Committee. As noted above, the Board performs the role of an Audit and Risk Committee. Please refer to the disclosure above under Recommendation 4.1 in relation to the Audit and Risk Committee. Recommendation 7.2 The Board reviews the Company’s risk management framework annually to satisfy itself that it continues to be sound, to determine whether there have been any changes in the material business risks that the Company faces and to ensure that the Company is operating within the risk appetite set by the Board. The Board carried out these reviews during the financial year. Recommendation 7.3 The Company does not have an internal audit function. To evaluate and continually improve the effectiveness of the Company’s governance risk management and internal control processes, the Board relies on ongoing reporting and discussion of the management of material business risks as outlined in the Company’s Risk Management Policy. The Board also reviews the effectiveness of its governance, risk management and internal control processes in accordance with its Audit and Risk Committee Charter and Board Charter. Recommendation 7.4 As with most exploration projects and mining operations, the Company’s operations and activities are expected to have an impact on the environment. This impact will likely increase once the Company is in production. The Company takes care to ensure that its operations comply with any environmental laws applicable to it, including the conditions attaching to any of its tenements. Except as identified above the Company has not identified any significant exposure to any environmental and/or social sustainability risks in this financial year. However, the Company does have a material exposure to the following economic risks: • Market risk - movements in commodity prices. The Company manages its exposure to market risk by monitoring market conditions and making decisions based on industry experience. • Future capital risk - cost and availability of funds to meet the Company’s business requirements. The Company manages this risk by maintaining adequate reserves by continuously monitoring forecast and actual cash flows. The Board has adopted a Risk Management Policy and Risk Management Procedures. Under the Risk Management Policy, the Board oversees the processes by which risks are managed. This includes defining the Company’s risk appetite, monitoring of risk performance and the risks that may have a material impact on the business. Management is responsible for the implementation of the risk management and internal control system to manage the Company’s risk and to report to the Board whether those risks are being effectively managed. The Company’s system to manage its material business risks includes the preparation of a risk register by management to identify the Company’s material business risks, analyse, evaluate, and treat those risks (including assigning a risk owner to each risk). Risks and their management are to be monitored and reviewed at least annually by senior management. The risk register is to be updated and a report submitted to the Managing Director. The Managing Director is to provide a risk report at least annually to the Board. 48 Rox Resources Annual ReportCorporate Governance2021 Principle 8 - Remunerate fairly and responsibly Recommendation 8.1 The Board has not established a separate Remuneration Committee. Given the current size and composition of the Company, the Board believes that there would be no efficiencies gained by establishing a separate Remuneration Committee. Accordingly, the Board performs the role of the Remuneration Committee. Although the Board has not established a separate Remuneration Committee, it has adopted a Remuneration Committee Charter, which describes the role, composition and responsibilities of the full Board in its capacity as the Remuneration Committee. When the Board convenes as the Remuneration Committee it carries out those functions which are delegated to it in the Company’s Remuneration Committee Charter. Separate meetings of the full Board in its capacity as the Remuneration Committee are held, and minutes of those meetings are taken. The Board deals with any conflicts of interest that may occur when convening in the capacity of the Remuneration Committee by ensuring that the Director with conflicting interests is not party to the relevant discussions. The Board in its capacity as the Remuneration Committee considers the level and composition of remuneration for Directors and Senior Executives and ensures that such remuneration is appropriate and not excessive, in accordance with the Remuneration Committee Charter. Details of Director attendance at meetings of the full Board, in its capacity as the Remuneration Committee, during the financial year, are set out in a table in the Directors’ Report on page 22. Recommendation 8.2 Details of remuneration, including details of the Company’s Non-Executive remuneration and Executive remuneration practices and the Company’s policy on “clawback policy” regarding the lapsing of performance-based remuneration in the event of fraud or serious misconduct and the clawback of the performance-based remuneration in the event of a material misstatement in the Company’s financial statements, are contained in the “Remuneration Report” which forms of part of the Directors’ Report and commences at page 28 of the Company’s Annual Report for year ended 30 June 2021. Recommendation 8.3 The Company’s Securities Trading Policy includes a statement of the Company’s policy that participants in the Company’s equity- based remuneration schemes are prohibited from entering into transactions (whether through the use of derivatives or otherwise) which limit the economic risk of participating in the scheme. 49 Rox Resources Annual ReportCorporate Governance2021 Consolidated Statement of Financial Position As at 30 June 2021 Assets Current assets Cash and cash equivalents Trade and other receivables Prepayments Other financial assets Total current assets Non-current assets Trade and other receivables Property, plant and equipment Capitalised exploration and evaluation expenditure Right of use assets Other financial assets Total non-current assets Total assets Liabilities Trade and other payables Provisions Other financial liabilities Total current liabilities Non-current liabilities Provisions Other financial liabilities Total non-current liabilities Total liabilities Net assets Equity Issued Capital Reserves Accumulated losses Total equity attributable to shareholders Notes 11 12 14 12 15 16 13 14 17 18 19 18 19 20 20 22 2021 ($000’s) 11,913 835 36 - 12,784 1,109 4,236 10,885 422 3,210 19,862 32,646 2,720 127 116 2,963 4,381 491 4,872 7,835 24,811 70,596 4,828 (50,613) 24,811 The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes. 50 2020 ($000’s) 10,568 206 14 68 10,856 119 3,880 10,736 - 2,919 17,654 28,510 698 66 1,000 1,764 4,367 - 4,367 6,131 22,379 57,783 3,445 (38,849) 22,379 Rox Resources Annual ReportConsolidated Financial Statements2021 Consolidated Statement of Comprehensive Income For the year ended 30 June 2021 Income Interest income Other income Expenses Corporate expenses Short-term lease and occupancy related expenses Salaries, wages and superannuation Demerger expenses Exploration expenditure Share based payments Finance expense Depreciation and amortisation Fair value movement on financial instruments at fair value through profit or loss Loss on property, plant and equipment sales Loss before income tax Income tax expense Net loss after income tax Other comprehensive income Other comprehensive income net of tax Total comprehensive loss for the year Loss per share for the year attributable to shareholders Basic loss per share Diluted loss per share Notes 6 6 20 7 8 8 2021 ($000’s) 3 67 (1,256) (122) (1,005) (284) (6,422) (2,220) (823) (81) 379 - (11,764) - (11,764) - (11,764) cents (8.30) (8.30) The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes. 2020 ($000’s) 5 65 (956) (112) (1,002) - (4,871) (689) - (19) 111 (1) (7,469) - (7,469) - (7,469) cents (7.73) (7.73) 51 Rox Resources Annual ReportConsolidated Financial Statements2021 Consolidated Statement of Cash Flows For the year ended 30 June 2021 Notes 2021 ($000’s) 2020 ($000’s) Cash flows from operating activities Interest received Government grants Payments to suppliers and employees Expenditure on mineral interests Other Net cash used in operating activities 11 Cash flows from investing activities Proceeds from sale of investments Purchase of mineral properties Advances to joint venture partners Expenditure on behalf of joint venture partner Purchase of property, plant and equipment Proceeds on sale of property, plant and equipment Net cash used in investing activities Cash flows from financing activities Proceeds from issue of ordinary shares Share issue costs Net cash provided by financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 11 The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes. 3 38 (2,169) (5,245) (412) (7,785) 156 - - (1,807) (197) 2 (1,846) 11,222 (246) 10,976 1,345 10,568 11,913 13 63 (1,946) (4,806) (10) (6,686) 10 (2,154) (124) (119) (14) - (2,401) 16,748 (1,006) 15,742 6,655 3,913 10,568 52 Rox Resources Annual ReportConsolidated Financial Statements2021 Consolidated Statement of Changes in Equity For the year ended 30 June 2021 Contributed equity Reserves Accumulated losses Balance as at 1 July 2019 Loss for the year Other comprehensive loss Total comprehensive loss for the year Transactions with shareholders Issue of share capital Share issue costs Share-based payments Balance as at 30 June 2020 Balance as at 1 July 2020 Loss for the year Other comprehensive loss Total comprehensive loss for the year Transactions with shareholders Issue of share capital Share issue costs Share-based payments Balance as at 30 June 2021 ($000’s) 42,042 ($000’s) 2,756 - - - 16,747 (1,006) - 57,783 57,783 - - - 13,059 (246) - 70,596 - - - - - 689 3,445 3,445 - - - - - 1,383 4,828 The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes. ($000’s) (31,380) (7,469) - (7,469) - - - (38,849) (38,849) (11,764) - Total ($000’s) 13,418 (7,469) - (7,469) 16,747 (1,006) 689 22,379 22,379 (11,764) - (11,764) (11,764) - - - (50,613) 13,059 (246) 1,383 24,811 53 Rox Resources Annual ReportConsolidated Financial Statements2021 Notes to the Consolidated Financial Statements For the year ended 30 June 2021 Note 1 – Corporate Information Rox Resources Limited is a for profit company incorporated in Australia whose shares are publicly traded on the Australian Stock Exchange (ASX). The consolidated financial statements of Rox Resources Limited incorporate Rox Resources Limited (the Parent) as well as its subsidiaries (collectively, the Group) as outlined in Note 29. The financial statements of the Group for the year ended 30 June 2021 were authorised for issue in accordance with a resolution of the Directors on 24 September 2021. The nature of the operations and principal activities of the Group are described in the Directors Report. Note 2 – Significant Accounting Policies Basis of preparation The financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board. The financial report has been prepared on a historical cost basis, except for certain financial investments that have been measured at fair value. The financial report is presented in Australian dollars. As a result of the uncertainties inherent in business and other activities, certain items in a financial report cannot be measured with precision but can only be estimated. The estimation process involves best estimates based on the latest information available, which are set out in Note 4. Comparatives Certain prior financial year amounts have been reclassified for consistency with the current financial year presentation. Rounding of Amounts The Company is of a kind referred to in ASIC Corporations (Rounding in Financials/Directors’ Reports) Instrument 2016/191, relating to the ‘rounding off’ of amounts in the Directors’ Report. Amounts in the Directors’ Report have been rounded off in accordance with that Class Order to the nearest thousand dollars, or in certain cases, to the nearest dollar. Share Consolidation During financial year 2021 the Company completed a 15 to 1 share consolidation in order to simply its capital structure. All issued capital amounts and share prices have been adjusted accordingly throughout the Financial Report, including prior year comparatives. Going concern This report has been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and settlement of liabilities in the normal course of business. The Group has incurred a net loss after tax for the year ended 30 June 2021 of $11.8m (2020: $7.5m) and experienced net cash outflows from operating activities of $7.8m (2020: $6.7m). As at 30 June 2021, the Group had net current assets of $9.8m (30 June 2020: $9.1m). The Directors believe that there are sufficient funds to meet the Group’s committed minimum expenditure requirements and as at the date of this report the Directors believe they can meet all liabilities as and when they fall due. However, the Directors recognise that additional funding either through the issue of further shares, or convertible notes, or the sale of assets, or a combination of these activities will be required for the Group to continue to actively explore its mineral properties. The Directors are also aware that the Group can relinquish certain projects in order to maintain its cash at appropriate levels. The Directors have reviewed the business outlook and the assets and liabilities of the Group and are of the opinion that the use of the going concern basis of accounting is appropriate. 54 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 2 – Significant Accounting Policies continued The financial report does not include any adjustments relating to the recoverability or classification of recorded asset amounts, nor the amounts or classification of liabilities that might be necessary should the Group not be able to continue as a going concern. (a) Compliance statement The financial report complies with Australian Accounting Standards and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. (b) Accounting standards issued but not yet effective The Australian Accounting Standards Board (AASB) has issued a number of new and amended Accounting Standards and Interpretations that have mandatory application dates for future reporting periods, some of which are relevant to the Group. The Group has decided not to early adopt any of these new and amended pronouncements. The Group’s assessment of the new and amended pronouncements that are relevant to the Group but applicable in future reporting periods is set out below. AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018 – 2020 and Other Amendments (i) AASB 1 – simplifies the application by a subsidiary that becomes a first-time adopter after its parent in relation to the measurement of cumulative translation differences; (ii) AASB 3 – updates references to the Conceptual Framework for Financial Reporting; (iii) AASB 9 – clarifies the fees an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability; (iv) AASB 116 – requires an entity to recognise the sales proceeds from selling items produced while preparing PP&E for its intended use and the related cost in profit or loss, instead of deducting the amounts received from the cost of the asset; (v) AASB 137 – specifies the costs that an entity includes when assessing whether a contract will be loss making; and (vi) AASB 141 – removes the requirement to exclude cash flows from taxation when measuring fair value, thereby aligning the fair value measurement requirements in AASB 141 with those in other Australian Accounting Standards. AASB 2020-3 mandatorily applies to annual reporting periods commencing on or after 1 January 2022 and will be first applied by the Group in the financial year commencing 1 July 2022. The likely impact of this accounting standard on the financial statements of the Group has not been determined. AASB 2014-10: Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture, AASB 2015-10: Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and AASB 2017-5: Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections. AASB 2014-10 amends AASB 10: Consolidated Financial Statements and AASB 128: Investments in Associates and Joint Ventures to clarify the accounting for the sale or contribution of assets between an investor and its associate or joint venture by requiring: (i) a full gain or loss to be recognised when a transaction involves a business, whether it is housed in a subsidiary or not; and (ii) a partial gain or loss to be recognised when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. These amending standards mandatorily apply to annual reporting periods commencing on or after 1 January 2022 and will be first applied by the Group in the financial year commencing 1 July 2022. The likely impact of this accounting standard on the financial statements of the Group has not been determined. AASB 2020-1: Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current, AASB 2020-6 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current – Deferral of Effective Date AASB 2020-1 amends AASB 101 Presentation of Financial Statements to clarify requirements for the presentation of liabilities in the statement of financial position as current or non-current. It requires a liability to be classified as current when entities do not have a substantive right to defer settlement at the end of the reporting period. 55 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 2 – Significant Accounting Policies continued AASB 2020-6 defers the mandatory effective date of amendments that were originally made in AASB 2020-1 so that the amendments are required to be applied for annual reporting periods beginning on or after 1 January 2023 instead of 1 January 2022. They will first be applied by the Group in the financial year commencing 1 July 2023. The likely impact of this accounting standard on the financial statements of the Group has not been determined. AASB 2021-2: Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates AASB 2020-1 amends AASB 7 Financial Instruments: Disclosures, AASB 101 Presentation of Financial Statements, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors, AASB 134 Interim Financial Reporting and AASB Practice Statement 2 Making Materiality Judgements. The main amendments relate to: (iii) AASB 7 – clarifies that information about measurement bases for financial instruments is expected to be material to an entity’s financial statements; (iv) AASB 101 – requires entities to disclose their material accounting policy information rather than their significant accounting policies; (v) AASB 108 – clarifies how entities should distinguish changes in accounting policies and changes in accounting estimates; (vi) AASB 134 – to identify material accounting policy information as a component of a complete set of financial statements; and (vii) AASB Practice Statement 2 – to provide guidance on how to apply the concept of materiality to accounting policy disclosures. AASB 2021-2 mandatorily applies to annual reporting periods commencing on or after 1 January 2023 and will be first applied by the Group in the financial year commencing 1 July 2023. The likely impact of this accounting standard on the financial statements of the Group has not been determined. (c) Basis of consolidation The consolidated financial statements comprise the financial statements of Rox Resources Limited and the subsidiaries it controls (as outlined in Note 29). Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption, and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. When necessary, adjustments are made to the financial statements of the subsidiary to bring their accounting policies in line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value. (d) Summary of significant accounting policies (i) Cash and cash equivalents Cash and cash equivalents in the Consolidated Statement of Financial Position and Consolidated Statement of Cash Flows comprise cash at bank and in hand and deposits that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 56 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 2 – Significant Accounting Policies continued (ii) Capitalised exploration and evaluation expenditure Exploration and evaluation costs are written off in the year they are incurred apart from acquisition costs which are carried forward where right of tenure of the area of interest is current and they are expected to be recouped through sale or successful development and exploitation of the area of interest or, where exploration and evaluation activities in the area of interest have not reached a stage that permits reasonable assessment of the existence of economically recoverable reserves. Where an area of interest is abandoned or the Directors decide that it is not commercial, any accumulated acquisition costs in respect of that area are written off in the financial period the decision is made. Each area of interest is also reviewed at the end of each accounting period and accumulated costs written off to the extent that they will not be recoverable in the future. Amortisation is not charged on costs carried forward in respect of areas of interest in the development phase until production commences. (iii) Trade and other payables Trade payables and other payables are initially recognised at fair value and are subsequently carried at amortised costs and represent liabilities for goods and services provided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future payments in respect of the purchase of these goods and services. Refer also to Note 2 (d)(xvi) Financial instruments. (iv) Issued capital Any transaction costs arising on the issue of ordinary shares are recognised directly in equity as a reduction, net of tax, of the share proceeds received. (v) Income tax Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and laws used to compute the amount are those that are enacted or substantially enacted by the balance sheet date. Deferred income tax is provided on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognised for all taxable temporary differences: • except where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss • in respect of taxable temporary differences associated with investments in subsidiaries, associates and interest in joint operations, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses can be utilised: • except where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; • in respect of deductible temporary differences associated with investments in subsidiaries, associates and interest in joint operations, deferred tax assets are only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. 57 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 2 – Significant Accounting Policies continued Unrecognised deferred income tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Income taxes relating to items recognised directly in equity are recognised in equity and not in the statement of comprehensive income. Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority. (vi) Trade and other receivables Trade receivables are initially recognised at fair value and subsequently carried at amortised cost less an allowance for impairment. Refer also to Note 2 (d)(xvi) Financial instruments. (vii) Property, plant and equipment All classes of equipment are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on a straight-line basis over the estimated useful life of the specific asset as follows: Asset Equipment 2021 2020 3-10 years 3-10 years Depreciation is not charged on plant until production commences. Impairment The carrying values of property, plant and equipment are reviewed for impairment at each balance date, with recoverable amount being estimated when events or changes in circumstances indicate the carrying value may not be recoverable. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash- generating unit to which the asset belongs, unless the asset’s value in use can be estimated to be close to its fair value. An impairment exists when the carrying values of an asset or cash generating unit exceeds its estimated recoverable amount. The asset or cash-generating unit is then written down to its recoverable amount. The recoverable amount of equipment is the greater of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Derecognition Property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the Statement of Comprehensive Income in the period the item is derecognised. 58 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 2 – Significant Accounting Policies continued (viii) Employee benefits Provision is made for the employee benefits accumulated as a result of employees rendering services up to the reporting date. These benefits include wages and salaries, annual leave, sick leave and long service leave. Liabilities arising in respect of wages and salaries, annual leave and other employee benefits expected to be settled within 12 months of the reporting date are measured at the nominal amounts based on remuneration rates which are expected to be paid when the liability is settled. All other employee benefit liabilities are measured at the present value of the estimated future cash outflow to be made in respect of services provided by employees up to the reporting date. In determining the present value of future cash outflows, the market yield as at the reporting date on national corporate bonds, which have terms to maturity approximating the terms of the related liability, are used. (ix) Revenue recognition Interest revenue Interest income is recognised as the interest accrues (using the effective interest method, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument) to the net carrying amount of the financial asset. Government Grants Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Sale of Assets Revenue from the sale of assets is recognised when the significant risks and rewards of ownership of the assets have passed to the buyer, usually on delivery of the asset. (x) Leases Leases of 12-months or less and leases of low value assets Lease payments made in relation to leases of 12-months or less and leases of low value assets (for which a lease asset and a lease liability has not been recognised) are recognised as an expense on a straight-line basis over the lease term. Expenses relating to these leases, recognised in the Statement of Comprehensive Income are as follows: Recognised expenditure Expenditure relating to short-term leases 2021 ($000’s) 101 2020 ($000’s) 110 During the 2020 financial year, the Group leased an office and storage premises with lease terms of 12 months or less which expired during the 2021 financial year. A lease with a 5-year term was executed by the Group in March 2021 and has been recognised on the Group’s balance sheet. 59 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 2 – Significant Accounting Policies continued Leases of 12-months or greater Lease Asset A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset. Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever the shorter. Where the Company expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over the estimated useful life. Right-of-use assets are subject to impairment or adjusted for any remeasurement of lease liabilities. Lease Liability A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do depend on an index or a rate are expensed in the period in which they are incurred. Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of-use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down. (xi) Goods and services tax (GST) Revenues, expenses and assets are recognised net of the amount of GST except: • where the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable • receivables and payables are stated with the amount of GST included The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the Statement of Financial Position. Cash flows are included in the Statement of Cash Flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority is classified as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority. (xii) Earnings/loss per share Basic earnings/loss per share is calculated by dividing the profit/loss from ordinary activities after related income tax expense by the weighted average number of ordinary shares outstanding during the financial year. Diluted earnings/loss per share is calculated as net profit/loss attributable to members, adjusted for: • • costs of servicing equity (other than dividends) the after-tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised as expenses • other discretionary changes in revenues or expenses during the period that would result from the dilution of potential ordinary shares • divided by the weighted average number of ordinary shares and dilutive potential ordinary shares adjusted for any bonus element 60 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 2 – Significant Accounting Policies continued (xiii) Share based payment transactions The Group provides benefits to employees (including Directors) of the Group in the form of share-based payments, whereby employees render services in exchange for shares or rights over shares (‘equity-settled transactions’). The cost of these equity-settled transactions with employees is measured by reference to the fair value of the shares at the grant date. In valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions linked to the price of the shares of Rox Resources Limited (‘market conditions’). The cost of equity-settled transactions is recognised in the Statement of Comprehensive Income, together with a corresponding increase in equity, over the period in which the performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (‘vesting date’). The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects the extent to which the vesting period has expired and the number of awards that, in the opinion of the Directors of the Company, will ultimately vest. This opinion is formed based on the best available information at balance sheet date. No adjustment is made for the likelihood of market performance conditions being met as the effect of these conditions is included in the determination of fair value at grant date. No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. Where the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the value of the transactions a result of the modification, as measured at the date of modification. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award and designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they were modification of the original award, as described in the previous paragraph. The dilutive effect, if any, of outstanding options is reflected as additional share dilution in the computation of earnings per share, unless the Group is loss making, then it is anti-dilutive as the inclusion of these options would reduce the loss per share. (xiv) Provisions Rehabilitation provision The Group makes full provision for the future cost of rehabilitating mine sites and related production facilities on a discounted basis at the time of acquiring, or developing, the mines and installing and using those facilities. The rehabilitation provision represents the present value of rehabilitation costs relating to the Group’s mine site. Further information on the assumptions used in the determining the rehabilitation provision is set out in Note 18. (xv) Interests in joint arrangements Joint arrangements represent the contractual sharing of control between parties in a business venture where unanimous decisions about relevant activities are required. Joint operations represent arrangements whereby joint operators maintain direct interests in each asset and exposures to each liability of the arrangement. The Group’s interests in the assets, liabilities, revenue and expenses of the joint operations are included in the respective line items of the financial statements. Information about the joint arrangements is set out in Note 27. (xvi) Financials instruments Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. For financial assets, this is the date that the Group commits itself to either purchase or sale of assets. 61 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 2 – Significant Accounting Policies continued Financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit and loss, loans and borrowings, payables or as derivatives designated as hedging instruments in an effective hedge, as appropriate. An instrument is a financial liability when an issuer is, or can be required, to deliver either cash or another financial asset (e.g. ordinary shares in the company) to the holder. Where the Group has the choice of settling a financial instrument in cash or otherwise is contingent on the outcome of circumstances beyond the control of both the Group and the holder, the Group accounts for the instrument as a financial liability. All financial liabilities are initially recognised at fair value. The Group’s financial liabilities include trade payables and contingent consideration (compound financial liability). In the prior financial year, the compound financial liability owed by the Group in relation to the Additional OYG Interest (see Note 19) was recorded initially at fair value, and subsequently at amortised cost, representing the value attributed to the liability component of the instrument. No value was attributed to the equity component. Financial assets Financial assets are initially recognised at fair value. The Group’s financial assets include cash and cash equivalents, receivables, financial investments and the deferred consideration and the amounts owing from VMC under the funding arrangement in conjunction with the joint arrangement held with VMC (see Note 12). The deferred consideration owed to the Group in relation to the Group’s sale of the Reward Zinc-Lead Project in 2017 to Teck Resources Limited (“Teck”) (see Note 14) is recognised at fair value on initial recognition and subsequent remeasurement, with the movement recorded as a fair value gain or loss on financial instruments in the Consolidated Statement of Comprehensive Income. The Group applies the AASB 9 Financial Instruments (“AASB 9”) simplified approach to measuring the expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Where the simplified approach to measuring the expected credit loss does not apply (i.e. the deferred consideration and the amounts owing to VMC under the funding arrangement), the Group recognises a loss allowance on initial recognition based on the 12 month expected credit losses. The Group thereafter continues to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in the credit risk since initial recognition of the financial asset. Specifically, AASB 9 requires the Group to measure the loss allowance at an amount equal to the lifetime expected credit loss. The Group’s financial investment in listed equity shares (see Note 14) has been designated as Fair Value through Profit and Loss. The Group has not made the irrevocable election to take changes in fair value, post initial recognition, to Other Comprehensive Income. 62 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 3 – Financial Risk Management and Policies Overview This note presents information about the Group’s exposure to each of the below risks, its objectives, policies and processes for measuring and managing risk, and the management of capital. The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework. Management monitors and manages the financial risks relating to the operations of the Group through regular reviews of the risks. The Group has exposure to the following risks from its use of financial instruments: • • credit risk liquidity risk • market risk • interest rate risk Credit Risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group’s credit risk exposure arises principally from the Group’s other financial assets, receivables, including receivables from related parties, security deposits and cash and cash equivalents. Cash and cash equivalents The Group’s cash and cash equivalents are maintained in banks with credit ratings of AA as per Standard & Poor’s as at year-end. Trade and other receivables As the Group operates in the mining exploration sector its receivables generally relate to GST receivable from the Australian Taxation Authority and the credit risk is assessed similar to other financial instruments under AASB 9 and the credit risk is low. Presently, the Group undertakes exploration and evaluation activities in Australia. At the balance sheet date there were no significant concentrations of credit risk and none of the Group’s receivables are past due or impaired (2020: Nil). Other financial assets At the end of the financial year, the Group had a non-current receivable of $3.2m in present value terms resulting from the sale of the Reward Zinc-Lead project in 2017 (Note 14) to Teck. Payment was received from Teck on 26 August 2021 as per the terms of the early settlement agreement, announced to the market on 20 July 2021, refer Note 25 - Subsequent Events. Exposure to credit risk The carrying amount of the Group’s financial assets represents the Group’s maximum credit exposure. None of the Group’s trade and other receivables are past due (2020: nil). As at 30 June 2021, the Group does not have any collective impairment on its other receivables (2020: nil). Guarantees At the date of this report there are no outstanding guarantees (2020: nil). 63 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 3 – Financial Risk Management and Policies continued Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. The Group manages liquidity risk by maintaining adequate cash reserves by continuously monitoring forecast and actual cash flows. The Group’s liquidity risk arises from other financial liabilities and trade and other payables, together comprising the Group’s financial liabilities. Financial liabilities maturing profiles as follows: Maturity profiles Less than 6 months 6 months to 1 year 1 year to 5 years Greater than 5 years Total Market risk 2021 ($000’s) 2,497 116 491 - 3,104 2020 ($000’s) 1,484 - - - 1,484 Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. Equity risk The Group considers its exposure to equity risk minimal and has not developed any policies or procedures to manage such risk. The Group does not have an equity interest in any other companies apart from its wholly owned subsidiaries, see Note 29. Currency risk The Group considers that its exposure to currency risk is minimal and has not developed any policies or procedures to manage such risk. The Group has not entered into any derivative financial instruments to hedge such transactions and anticipated future receipts or payments that are denominated in a foreign currency. Exposure to currency risk The Group’s exposure to foreign currency risk at reporting date was nil (2020: nil). Interest rate risk The Group is exposed to interest rate risk. The Group considers that its exposure to interest risk is minimal, however it has a policy of monitoring interest rates offered by competing financial institutions to ensure it is aware of market trends and it receives competitive interest rates. Profile At the reporting date the Group’s only exposure to interest rate risk is related to the balance of its cash and cash equivalents. The following table represents the Group’s exposure to interest rate risk: Variable rate instruments Cash and cash equivalents 2021 ($000’s) 11,913 2020 ($000’s) 10,568 A change of 1% (2020: 1%) in variable interest rates would have increased or decreased the Group’s equity and profit by $0.1m (2020: $0.1m) and would have had the same effect on cash. The 1% sensitivity is based on reasonable possible movements over a financial year, after observation of a range of actual historical rate movement over the past five years. 64 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 3 – Financial Risk Management and Policies continued Fair values Fair values versus carrying amounts The fair values of financial assets and liabilities, together with the carrying amounts shown in the Statement of Financial Position, are as follows: Financial assets and liabilities Cash and cash equivalents Trade and other receivables (current) Trade and other receivables (non-current) Other financial assets (current) Other financial assets (non-current) Trade payables Other financial liabilities (current) Other financial liabilities (non-current) Total 2021 2020 Note Carrying amount ($000’s) Fair value ($000’s) Carrying amount ($000’s) 11 12 12 14 14 17 19 19 11,913 835 1,109 - 3,210 (2,372) (116) (491) 14,088 11,913 835 1,109 - 3,210 (2,372) (116) (491) 14,088 10,568 206 119 68 2,919 (484) (1,000) - 12,396 Fair value ($000’s) 10,568 206 119 68 2,919 (484) (1,000) - 12,396 The Directors consider the carrying amount of the financial instruments to be a reasonable approximation of their fair value on account of their short to medium-term maturity cycle. Assets measured at fair value Financial assets 2021 Other financial assets (non-current) - Deferred consideration 2020 Other financial assets (current) - Shares in listed company Other financial assets (non-current) - Deferred consideration Note Date of Valuation Value ($000’s) Level 1a ($000’s) Level 2b ($000’s) Level 3c ($000’s) 14 30 Jun 2021 3,210 - 14 14 30 Jun 2020 68 30 Jun 2020 2,919 68 - - - - 3,210 - 2,919 aQuoted prices in active markets; bSignificant observable inputs; cSignificant unobservable inputs. Valuation techniques and significant unobservable inputs used in level 3 fair value measurements For the year ended 30 June 2021, the fair value of the deferred consideration totalling $3.2m was valued using the discounted cash flow method. The significant unobservable inputs used in this method were as follows: • Nominal amount due: $3.8m • Date payment due: 15 February 2023 (being the earlier of the acquirer completing a bankable feasibility study or 6 years from the contract date); and • Discount rate: 10% (pre-tax nominal). 65 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 3 – Financial Risk Management and Policies continued Reconciliation of recurring level 3 fair value movements Other financial assets - deferred consideration (non-current) (Level 3) Opening balance Total gains recognised in the profit or loss Closing balance Total gains or losses recognised in the profit or loss Remeasurement of financials instruments Value ($000’s) 2,919 291 3,210 291 Sensitivity analysis for recurring level 3 fair value measurements For fair values in level 3, if the events below were to vary from that used to determine fair value as at the reporting date, assuming all other variables that might impact on fair value remain constant, then the impact on profit for the 2021 financial year and equity is as follows: Other financial assets - deferred consideration (non-current) (level 3) Bankable feasibility study completed one year earlier Cost of debt decreases by 1% Impact on profit after ($000’s) Impact on equity ($000’s) 29 (23) 29 (23) The sensitivity analysis was calculated by adjusting the net present value workings for the changes in inputs. Each input was changed separately leaving all other variables constant. Capital management When managing capital, management’s objective is to ensure that the Group continues as a going concern as well as to maintain optimal returns to shareholders and benefits for other stakeholders. Management also aims to maintain a capital structure that ensures the lowest cost of capital available to the Group. The Group will raise equity through the issue of shares from time to time as the board sees fit to ensure it meets its objective of continuing as a going concern. The Group does not have any borrowings and has no current plans to obtain any debt facilities; as a result, the Group’s total capital is defined as shareholders’ equity, and at 30 June stood at: Equity The Group is not subject to any externally imposed capital requirements. 2021 ($000’s) 24,811 2020 ($000’s) 22,379 66 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 4 – Significant 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 and estimates on historical experience and on various factors it believes to be reasonable under the circumstances, the result of which form the basis of the carrying values of assets and liabilities that are not readily apparent from other sources. Management has identified the following critical accounting policies for which significant judgements, estimates and assumptions are made. Actual results may differ from these estimates under different assumptions and conditions and may materially affect financial results or the financial position reported in future periods. Further details of the nature of these assumptions and conditions may be found in the relevant notes to the financial statements. Exploration and evaluation The Group’s accounting policy for exploration and evaluation is set out in Note 2(d)(ii) to the accounts. The application of this policy necessarily requires management to make certain estimates and assumptions as to future events and circumstances, in particular, the assessment of whether economic quantities of reserves have been found. Any such estimates and assumptions may change as new information becomes available. If, after having capitalised expenditure under our policy, management conclude that they are unlikely to recover the expenditure by future exploitation or sale, then the relevant capitalised amount will be written off to the Consolidated Statement of Comprehensive Income. Share options The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined using the binominal formula. For options issued in this financial year, the assumptions detailed as per Note 21 were used. Fair value measurement The Group’s accounting policy for Financial Instruments is set out in Note 2(d)(xvi). Where the fair values of financial assets and liabilities recorded in the consolidated statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including discounted cashflows. The input into these models is taken from observable inputs where possible. In the prior financial year, judgements to determining the fair value of the compound financial instrument (see Note 19) included consideration of the timing and likelihood of shareholders approving the issue of shares to Venus Corporation. Changes in assumptions about these factors could affect the reported fair value of financial instruments, which also may differ from amounts at settlement. Joint control The Group’s accounting policy for Joint Arrangements is set out in Note 2(d)(xv). AASB 11 Joint Arrangements requires an investor to have contractually agreed the sharing of control when making decisions about the relevant activities (in other words requiring “the unanimous consent of the parties sharing control). However, what these activities are is a matter of judgement. Please see Note 27 for more information on the Group’s joint operations. Rehabilitation The Group made a full provision for its share of the future cost of rehabilitating the Youanmi Gold Project and related production facilities on a discounted basis at the time of acquiring its interest in mine and related facilities. The rehabilitation provision represents the present value of rehabilitation costs relating to Youanmi Gold Project under the OYG joint venture. Assumptions based on the current economic environment have been made, which management believes are a reasonable basis upon which to estimate the future liability. These estimates are reviewed regularly to take into account any material changes to the assumptions. However, actual rehabilitation costs will ultimately depend upon future market prices for the necessary rehabilitation works required that will reflect market conditions at the relevant time. 67 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 4 – Significant accounting judgements, estimates and assumptions continued Furthermore, the timing of rehabilitation (see Note 18) is likely to depend on when, or if, the Group and its joint venture partner make a decision to produce at economically viable rates. This, in turn, will depend upon future gold prices, which are inherently uncertain. Benefit from deferred tax losses The future recoverability of the carried forward tax losses are dependent upon Group’s ability to generate taxable profits in the future in the same tax jurisdiction in which the losses arise. This is also subject to determinations and assessments made by the taxation authorities. The recognition of a deferred tax asset on carried forward tax losses (in excess of taxable temporary differences) is dependent on management’s assessment of these two factors. The ultimate recoupment and the benefit of these tax losses could differ materially from management’s assessment. Potential future income tax benefits attributable to gross tax losses carried forward have not been brought to account at 30 June 2021 because the Directors do not believe it is appropriate to regard realisation of the future tax benefit as probable. These benefits will only be obtained if: (i) the Group derives future assessable income of a nature and of an amount sufficient to enable the benefit from the losses and deductions to be released; and (ii) the Group continues to comply with the conditions for deductibility imposed by the law; and (iii) no changes in tax legislation adversely affect the Group in realising the benefit from the deductions for the losses. Note 5 – Segment information Identification of Reportable Segments Operating segments that meet the quantitative criteria of AASB 8 are reported separately. However, an operating segment that does not meet the quantitative criteria is still reported separately where information about the segment would be useful to the users of the financial statements. The Group operates within the mineral exploration industry within Australia. The Group determines its operating segments by reference to internal reports that are reviewed and used by the Board of Directors (the chief operating decision maker) in assessing performance and in determining the allocation of resources. The Board of Directors currently receive Consolidated Statement of Financial Position and Consolidated Statement of Comprehensive Income information that is prepared in accordance with Australian Accounting Standards. The Consolidated Statement of Financial Position and Consolidated Statement of Comprehensive Income information received by the Board of Directors does not include any information by segment. The executive team manages each exploration activity of each exploration concession through review and approval of statutory expenditure requirements and other operational information. Based on this criterion, the Group has only one operating segment, being exploration, and the segment operations and results are the same as the Group results. 68 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 6 – Income Interest income Interest income Other income Government grants Gain on sale of investments Lease income Total other income Note 7 – Income tax expense The major components of income tax expenses are: Income statement Current income tax Current income tax charge/(benefit) Deferred income tax Relating to origination and reversal of temporary differences Income tax expense/(benefit) reported in the statement of comprehensive income 2021 ($000’s) 2020 ($000’s) 3 37 - 30 67 5 63 2 - 65 2021 ($000’s) 2020 ($000’s) - - - - - - - - - - Accounting (loss)/ profit before tax from continuing operations (11,764) (7,469) At the Group’s statutory income tax rate of 30% Other Tax gain on sale of tenements Share based payments Share registry costs Prior year adjustment to deferred tax balances Utilisation of tax losses not previously brought to account Deferred tax assets not brought to account (gross) Income tax expense/(benefit) reported in the Statement of Comprehensive Income (3,530) (83) 2,453 666 - (348) (1,346) 2,188 - (2,241) (47) - 207 (76) (305) - 2,462 - 69 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 7 – Income tax expense continued Deferred income tax Deferred income tax as at 30 June relates to the following: 2021 ($000’s) 2020 ($000’s) 2021 ($000’s) 2020 ($000’s) Statement of financial position Statement of comprehensive income Deferred tax liabilities Prepayments Property, plant & equipment Mining tenements ROU asset – office lease Deferred tax assets Accruals Provision for employee entitlements Provision for rehabilitation Lease liability – office lease Business-related costs Revenue tax losses Deferred tax assets not brought to account as realisation is not probable Net deferred tax assets/(liabilities) - (827) (796) (272) - 64 1,303 272 352 10,617 (10,713) - 14 (827) - - 35 26 1,303 - - (14) - (796) (272) (35) 38 - 272 352 9 - - - 26 8 - - - 9,368 1,249 2,462 (9,919) - (794) - (2,505) Potential future income tax benefits attributable to gross tax losses of $35.4m (2020: $31.2m) carried forward have not been brought to account at 30 June 2021 because the Directors do not believe it is appropriate to regard realisation of the future tax benefit as probable. These benefits will only be obtained if: (i) the Group derives future assessable income of a nature and of an amount sufficient to enable the benefit from the losses and deductions to be released (ii) the Group continues to comply with the conditions for deductibility imposed by the law (iii) no changes in tax legislation adversely affect the Group in realising the benefit from the deductions for the losses Tax losses carried forward have no expiry date. 70 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 8 – Earnings per share The following reflects the income and share data used in the calculation of basic and diluted earnings per share: Net loss Weighted average number of ordinary shares used in calculating basic earnings per share Effect of dilutive securities: Share optionsa 2021 ($000’s) 2020 ($000’s) (11,764) 141,810 - (7,469) 96,625 - Adjusted weighted average number of ordinary shares used in calculating diluted earnings per share 141,810 96,625 aShare options are not dilutive as their inclusion would give rise to a reduced loss per share. There was a total of 21,136,190 share options that were potentially dilutive to shares on issue at 30 June 2021 (2020: 8,350,001). The above weighted average number of shares incorporates an adjustment to the calculation to incorporate the effects of bonus elements (if any) in relation to rights issues in the current and previous financial year. Conversion, calls, subscriptions or issues after 30 June 2021 There have been no other options issued, conversions to, calls of, or subscriptions for ordinary shares since the reporting date and before the completion of this financial report. Note 9 – Director and Executive disclosures (a) Details of Key Management Personnel Alex Passmore Managing Director (appointed CEO 1 February 2019, appointed MD 1 May 2019) Stephen Dennis Non-executive Chairman (appointed 1 August 2015) John Mair Chris Hunt Matt Antill Managing Director (appointed 24 October 2019) Chief Financial Officer (appointed 3 May 2021) and Company Secretary (appointed 6 May 2021) General Manager – Youanmi Operations (appointed 5 April 2021) Gregor Bennett Exploration Manager (appointed 1 July 2020) Brett Dickson Executive Director and Company Secretary (Company Secretary, appointed 22 November 2003, resigned 30 June 2021; Executive Finance Director, appointed 31 March 2010, resigned 16 October 2020) There were no changes of Key Management Personnel after the reporting date and before the date that the financial report was authorised for issue. 71 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 9 – Director and Executive disclosures continued (b) Compensation of Key Management Personnel by category Incentive plan Short-term Post-employment Total Note 10 – Auditor’s remuneration Remuneration of the current auditor of the Group, Pitcher Partners, for: Audit and review of the financial report - Rox Resources Limited Audit and review of the financial report - Cannon Resources Limited Demerger accounting assistance Total Note 11 – Cash and cash equivalents Cash and cash equivalents Cash at bank earns interest at floating rates based on daily deposit rates 2021 ($000’s) 2020 ($000’s) 1,239 72 1,311 1,365 36 1,401 2021 ($000’s) 2020 ($000’s) 45 24 24 93 40 - - 40 2021 ($000’s) 11,913 2020 ($000’s) 10,568 Reconciliation of net loss after income tax to net cash flow from operations Net loss after income tax (11,764) (7,469) Adjustments to reconcile profit before tax to net operating cash flows Depreciation and amortisation Finance expense Share based payments Other income Short-term lease and occupancy related expenses Loss/(profit) on sale of property, plant and equipment Fair value movement on financial instruments at fair value through profit or loss Changes in assets and liabilities (Increase)/decrease in prepayments Increase/(decrease) in provisions Increase/(decrease) in trade payables/accruals (Increase)/decrease in receivables Cash out-flow from operations The Group does not have any credit standby arrangements, used or unused loan facilities. 81 823 2,220 (16) (47) (379) (22) 75 1,946 (702) (7,785) 19 - 689 - - (1) (111) (11) 20 215 (37) (6,686) 72 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 12 – Trade and other receivables Current Other receivables (i) Advances to JV partners (ii) Venus Joint Venture (RXL earn-in to 50%, VMC 100%) Youanmi Joint Venture (RXL earn-in to 45%, VMC 90%, 10% Legendre) Currans Find & Pincher Joint Venture (RXL 45%, VMC 45%, MER 10%a) Total advances to JV partners Cannon Resources Limited (i) Other related parties (i) Total Non-current Amounts owing from JV partner (iii) aMurchison Earthmoving & Rehabilitation Pty Ltd 2021 ($000’s) 2020 ($000’s) 293 - - - - 542 - 835 1,109 71 99 15 10 124 - 11 206 119 (i) Receivables, including from related parties (see Note 26), generally have 30-day terms and are unsecured. (ii) VMC was manager of the earn-in/joint ventures listed above during the 2020 financial year. During the 2021 financial year, Rox assumed the manager role for these projects. (iii) Receivable from the OYG JV Partner, VMC. In accordance with the draft joint arrangement with VMC, all approved expenditure (the “Expenditure”) incurred in accordance with the OYG JV must be borne and paid for by the Joint Venturers severally in proportion to their prospective interests (30 June 2021: RXL: 70%, VMC 30%). Under the draft OYG JV agreement, VMC may elect in writing (until a Decision to Mine is made) to not fund their percentage share of the expenditure but instead request the Group to fund such expenditure by way of a loan provided to VMC. Accordingly, the Group agrees to contribute to VMC’s share of costs on the following basis: (1) on receipt from VMC of an Election Notice within 2 business days of a billing statement (cash call) being receipted (2) evidence in writing demonstrating (to the Group’s satisfaction) of VMC’s inability to contribute to its percentage share of expenditure No interest is payable on outstanding amounts under this loan arrangement. Repayment Repayment of amounts loaned to VMC under this arrangement will be repayable solely from: (1) VMC’s percentage share of the sale proceeds from the sale of any OYG JV property, including gold produced. (2) the sale proceeds from any sale by VMC to a third party of all, or part, of its OYG JV interest and interest in the tenements. (3) the portion of the sale proceeds to which VMC is entitled from a sale arising from the event described in Note 27. The loan is secured over VMC’s interests in the OYG joint venture. 73 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 13 – Right of use assets Office lease Opening balance Addition of lease asset Accumulated amortisation on lease asset Closing balance Note 14 – Other financial assets Current Financial investments at fair value through profit and loss (i) Total Non-current Deferred consideration (ii) Total 2021 ($000’s) 2020 ($000’s) - 465 (43) 422 - - - - 2021 ($000’s) 2020 ($000’s) - - 3,210 3,210 68 68 2,919 2,919 (i) Financial investments at fair value through profit or loss include investments in listed equity shares. Fair values are classified as level 1, such that these equity shares are determined by reference to published price quotations in an active market. (ii) In 2017, the Group sold the Reward Zinc-Lead project which included a deferred consideration component of $3,750,000 to be received at the earlier of the acquirer completing a bankable feasibility study or 6 years. The non-current receivable represents the net present value of that deferred consideration using a pre-tax nominal discount rate of 10%. Payment was received from Teck on 26 August 2021 as per the terms of the early settlement agreement, announced to the market on 20 July 2021, refer Note 25 - Subsequent Events. 74 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 15 – Property, plant and equipment Plant at cost Vehicles and equipment at cost Leasehold improvements at cost Accumulated depreciation Total property, plant and equipment Movement in property plant and equipment Balance as at 1 July, net of accumulated depreciation Plant additions – at cost Vehicles and equipment additions – at cost Leasehold improvements – at cost Disposal – at cost Accumulated depreciation on disposals Depreciation 2021 ($000’s) 2020 ($000’s) 3,850 327 205 (146) 4,236 3,880 - 192 204 (3) 2 (39) 3,850 139 - (109) 3,880 2,787 1,100 14 - (60) 58 (19) Balance as at 30 June, net of accumulated depreciation 4,236 3,880 Note 16 – Capitalised exploration and evaluation expenditure Areas of interest in exploration and evaluation phases: Balance at the beginning of the year Acquisition of an additional 20% interest in the OYG JV Stamp duty on acquisitions Total 2021 ($000’s) 2020 ($000’s) 10,736 - 149 7,441 3,141 154 10,885 10,736 Ultimate recoupment of exploration and evaluation expenditure carried forward is dependent on successful development and commercial exploitation or, alternatively, sale of the respective areas. Note 17 – Trade and other payables Trade payables (i) Accruals Payroll liabilities and superannuation Total (i) Terms and Conditions Creditors, including related parties, are non-interest bearing and generally on 30-day terms. 2021 ($000’s) 2020 ($000’s) 2,372 223 125 2,720 484 214 - 698 75 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 18 – Provisions Current Employee benefits – annual leave Total Non-current Provision – rehabilitation Carrying amount at the beginning of the year Movement in provision Carrying amount at the end of the year Employee benefits – long service leave Total 2021 ($000’s) 2020 ($000’s) 127 127 4,345 - 4,345 36 4,381 66 66 3,104 1,241 4,345 22 4,367 The rehabilitation provision represents a provision for site rehabilitation of the area previously disturbed during mining activities up to the reporting date, but not yet rehabilitated at the OYG joint venture. For financial year 2020, the movement in the rehabilitation provision represents an increase in ownership of the OYG joint venture from 50% to 70% (Note 16). Note 19 – Other financial liabilities 2021 ($000’s) 2020 ($000’s) - 116 116 - 531 (40) 491 1,000 - 1,000 - - - - Current Compound financial liability (i) Lease liability – office lease Total Non-current Lease liability – office lease Opening balance Addition of lease liability Repayments Closing balance 76 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 19 – Other financial liabilities continued (i) Compound financial liability – Youanmi Gold Project On 8 June 2020, the parties agreed to amend the term sheet whereby the consideration for the additional 20% interest would be $2,000,000 with 2 business days of the Group delivering its Exercise Notice and either: (1) Issuing to VMC the number of Rox Shares equal to $1,000,000 divided by the deemed issue price of $0.024 (being 2,777,778 shares post 15:1 consolidation), with approval by shareholders at a meeting no later than 60 days following the Group delivering the Exercise Notice. (2) In the event that shareholder approval is not obtained, paying VMC $1,000,000 in cash within 2 business days of the date of the meeting, or expiry of the 60-day period. On 10 June 2020, the Group exercised its option to acquire the Additional OYG Interest (increased to 70%) and paid VMC $2,000,000 on 10 June 2020. As at this date, and 30 June 2020, the remaining consideration to acquire the additional OYG Interest represents a compound financial instrument with liability component and an equity component. On 28 July 2020, shareholders approved the issue of 2,777,778 shares to VMC, with $1,000,000 being recognised as equity. Note 20 – Contributed equity and reserves (a) Contributed Equity (i) Issued and paid-up capital Ordinary shares fully paid (ii) Movement in ordinary shares on issue Ordinary shares 2021 ($000’s) 2020 ($000’s) 70,596 57,783 Date 2021 (Number) 2021 ($000’s) 2020 (Number) 2020 ($000’s) Balance at beginning of year 1,989,100,903 57,783 1,291,280,571 42,042 Cash issue (net of costs) 26 Sep 2019 Cash issue (net of costs) Cash issue (net of costs) 2 Jun 2020 19 Jun 2020 - - - Cash issue (option exercise) 8 Jul 2020 Non-cash issue (option exercise) 8 Jul 2020 250,000 9,810,893 Non-cash issue see Note 19 30 Jul 2020 41,666,667 Cash issue (option exercise) 15 Sep 2020 Cash issue (option exercise) 27 Nov 2020 Cash issue (option exercise) 30 Nov 2020 5,000,000 1,000,000 3,000,000 Cash issue (net of costs) 26 Mar 2021 314,285,714 15:1 Share consolidation 28 Jun 2021 (2,206,506,563) - - - 6 837 1,000 120 24 72 10,754 - 166,666,667 364,486,792 166,666,873 3,736 8,239 3,766 - - - - - - - - - - - - - - - - Balance at end of year 157,607,614 70,596 1,989,100,903 57,783 (iii) Terms and conditions of contributed equity Ordinary shares have the right to receive dividends as declared and, in the event of winding up the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting on the Company. 77 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 20 – Contributed equity and reserves continued (b) Reserves (i) Share based payments reserve Balance at the beginning of the year Options issued to Directors and employees (Note 21(a)) Options exercised by Directors and employees (Note 21(a)) Options issued to unrelated parties (Note 21(b)) Balance at the end of the year 2021 ($000’s) 2020 ($000’s) 3,445 871 (837) 1,349 4,828 2,756 689 - - 3,445 This reserve is used to record the value of equity benefits provided to employees and unrelated parties for services and the acquisition of mineral exploration projects. (c) Share Options In March 2021, Rox issued 20,952,381 ordinary shares (post 15:1 share consolidation) to Hawke’s Point for an issue price of $0.525 per share, raising $11 million before issue costs. Hawke’s Point received 10,476,190 unlisted options (one option for every two shares issued) with an exercise price of $1.05. As at the balance date, Hawke’s Point had not exercised any of these options. Note 21(a) – Share based payments: Directors and Employees (i) Employee share incentive scheme – Rox Resources Limited An Employee Share Scheme (ESS) has been established where Rox Resources Limited may, at the discretion of Directors, grant options over the ordinary shares of Rox Resources Limited to Directors, Executives and employees of the Company. The plan is designed to provide long-term incentives for employees and to deliver long term shareholder returns. Participation in the plan is at the Board’s discretion and no individual has a contractual right to participate in the plan or to receive guaranteed benefits. In addition, under the Plan, the Board determines the terms of the options including exercise price, expiry date and vesting conditions, if any. Options granted under the plan are unlisted and carry no dividend or voting rights. When exercised, each option is convertible into an ordinary share of the Company with full dividend and voting rights. During the financial year 860,000 options (post 15:1 consolidation) were issued pursuant to the ESS (2020: 5,533,334) and there are no other options on issue that have been issued under the plan. Set out below is a summary of options issued. For the year ended 30 June 2021 Grant date Expiry date 15 Dec 17 30 Nov 20 12 Dec 19 30 Nov 22 18 Jun 21 25 May 24 Exercise price (cents) 36.0 49.5 82.5 Value per option at grant date (cents) Balance of options at the start of the year (000’s) 283,334 5,533,334 11.9 12.5 17.5 Options granted during the year (000’s) - - Options exercised during the year (000’s) (283,334) (1,066,666) - 860,000 - 5,816,668 860,000 (1,350,000) Weighted average exercise price (cents) 48.8 82.5 46.7 78 Options lapsed during the year (000’s) Balance of options at the end of the year (000’s) Options exercise-able at the end of the year (000’s) - - - - - - - 4,466,668 4,466,668 860,000 860,000 5,326,668 5,326,668 53.9 53.9 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 21(a) – Share based payments: Directors and Employees continued For the year ended 30 June 2020 Grant date Expiry date 15 Dec 16 30 Nov 19 15 Dec 17 30 Nov 20 12 Dec 19 30 Nov 22 Exercise price (cents) 39.0 36.0 49.5 Value per option at grant date (cents) Balance of options at the start of the year (000’s) Options granted during the year (000’s) Options exercised during the year (000’s) 12.0 11.9 12.5 250,000 283,334 - - - 5,533,334 533,334 5,533,334 Options lapsed during the year (000’s) (250,000) Balance of options at the end of the year (000’s) Options exercise-able at the end of the year (000’s) - - - - 283,334 283,334 5,533,334 5,533,334 (250,000) 5,816,668 5,816,668 39.0 48.8 48.8 - - - - - Weighted average exercise price (cents) 37.4 49.5 The weighted average remaining contractual life of share options outstanding at the end of the year was 1.4 years (2020: 1.3 years). Fair value of options granted under ESS For 2021 and 2020, the fair value for options issued under the ESS was calculated using the Binomial Option valuation methodology using the following parameters. Weighted average exercise price (cents) Weighted average life of the option Weighted average underlying share price (cents) Expected share price volatility Risk-free interest rate Number of options issued Fair value per option (cents) 2021 82.5 3 years 40.0 93.74% 0.14% 2020 49.5 3 years 30.0 100% 0.7% 860,000 5,533,334 17.5 12.5 Historical volatility has been the basis for determining expected share price volatility as it assumed that this is indicative of future trends, which may not eventuate. The life of the options is based on historical exercise patterns, which may not eventuate in the future. No other features of options granted were incorporated into the measurement of fair value. (ii) Employee share incentive scheme – Cannon Resources Limited An Employee Share Scheme (ESS) has been established where Cannon Resources Limited may, at the discretion of Directors, grant options over the ordinary shares of Cannon Resources Limited to Directors, Executives and employees of the Company. The plan is designed to provide long-term incentives for employees and to deliver long term shareholder returns. Participation in the plan is at the Board’s discretion and no individual has a contractual right to participate in the plan or to receive guaranteed benefits. In addition, under the Plan, the Board determines the terms of the options including exercise price, expiry date and vesting conditions, if any. Options granted under the plan are unlisted and carry no dividend or voting rights. When exercised, each option is convertible into an ordinary share of the Company with full dividend and voting rights. During the financial year 6,750,000 options were issued pursuant to the ESS (2020: nil – prior to incorporation) and there are no other options on issue that have been issued under the plan. Set out below is a summary of options issued. 79 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 21(a) – Share based payments: Directors and Employees continued For the year ended 30 June 2021 Exercise price (cents) Value per option at grant date (cents) Balance of options at the start of the year (000’s) Options granted during the year (000’s) Options exercised during the year (000’s) Options lapsed during the year (000’s) Balance of options at the end of the year (000’s) Options exercise-able at the end of the year (000’s) Grant date Expiry date 25 Jun 21 25 Jun 24 30.0 10.7 - 6,750,000 - 6,750,000 - - Weighted average exercise price (cents) - 30.0 30.0 - - - 6,750,000 6,750,000 6,750,000 6,750,000 30.0 30.0 The weighted average remaining contractual life of share options outstanding at the end of the year was 3.0 years. Fair value of options granted under ESS The fair value for options issued under the ESS was calculated using the Black-Scholes valuation methodology using the following parameters. Weighted average exercise price (cents) Weighted average life of the option Weighted average underlying share price (cents) Expected share price volatility Risk-free interest rate Number of options issued Fair value per option (cents) (iii) Other share options Options issued to Directors and employees other than through the ESS are set out below. 2021 30.0 3 years 20.0 100% 0.10% 6,750,000 10.7 For the year ended 30 June 2021 Grant date Expiry date 15 Dec 17 30 Nov 20 01 Feb 19 31 Jan 22 Exercise price (cents) 36.0 22.5 Weighted average exercise price (cents) For the year ended 30 June 2020 Value per option at grant date (cents) Balance of options at the start of the year (000’s) Options granted during the year (000’s) Options exercised during the year (000’s) Options lapsed during the year (000’s) Balance of options at the end of the year (000’s) Options exercise-able at the end of the year (000’s) 11.9 6.0 1,200,000 1,333,333 2,533,333 28.9 - - - - (333,333) (866,667) - - - - 1,333,333 1,333,333 (333,333) (866,667) 1,333,333 1,333,333 36.0 36.0 22.5 22.5 Grant date Expiry date 15 Dec 17 30 Nov 20 01 Feb 19 31 Jan 22 Exercise price (cents) 36.0 22.5 Weighted average exercise price (cents) Value per option at grant date (cents) Balance of options at the start of the year (000’s) Options granted during the year (000’s) Options exercised during the year (000’s) Options lapsed during the year (000’s) Balance of options at the end of the year (000’s) Options exercise-able at the end of the year (000’s) 11.9 6.0 1,200,000 1,333,333 2,533,333 28.9 - - - - - - - - - - - - 1,200,000 1,200,000 1,333,333 1,333,333 2,533,333 2,533,333 28.9 28.9 The weighted average remaining contractual life of share options outstanding at the end of the year was 0.6 years (2020: 1.0 year). 80 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 21(a) – Share based payments: Directors and Employees continued Fair value of other share options granted No options outside of the ESS were granted during the 2021 or 2020 financial years. Note 21(b) – Unrelated parties Options issued to unrelated parties for the year ended 30 June 2021 are set out below. No options were issued to unrelated parties during the year ended 30 June 2020. For the year ended 30 June 2021 Exercise price (cents) Value per option at grant date (cents) Balance of options at the start of the year (000’s) Options granted during the year (000’s) Options exercised during the year (000’s) Options lapsed during the year (000’s) Balance of options at the end of the year (000’s) Options exercise-able at the end of the year (000’s) Grant date Expiry date 16 Sep 20 31 Dec 23 150.0 16 Sep 20 31 Dec 23 187.5 16 Sep 20 31 Dec 23 225.0 37.3 33.6 30.3 Weighted average exercise price (cents) - 1,333,333 - 1,333,333 - 1,333,333 - 3,999,999 - 187.5 - - - - - - 1,333,333 1,333,333 - 1,333,333 1,333,333 - 1,333,333 1,333,333 - 3,999,999 3,999,999 - 187.5 187.5 The weighted average remaining contractual life of share options outstanding at the end of the year was 2.5 years (2020: nil). Fair value of options granted For 2021, the fair value for options issued to unrelated parties was calculated using the Binomial Option valuation methodology using the following parameters. Grant date Weighted average exercise price (cents) Weighted average life of the option Weighted average underlying share price (cents) Expected share price volatility Risk-free interest rate Number of options issued Fair value per option (cents) 16 Sep 2020 16 Sep 2020 16 Sep 2020 150.0 3.4 years 81.0 89.93% 0.27% 187.5 3.4 years 81.0 89.93% 0.27% 225.0 3.4 years 81.0 89.93% 0.27% 1,333,333 1,333,333 1,333,333 37.3 33.6 30.3 Historical volatility has been the basis for determining expected share price volatility as it assumed that this is indicative of future trends, which may not eventuate. The life of the options is based on historical exercise patterns, which may not eventuate in the future. No other features of options granted were incorporated into the measurement of fair value. 81 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 22 – Accumulated losses Balance at the beginning of the year Net loss attributable to members of Rox Resources Limited Balance at the end of the year 2021 ($000’s) 38,849 11,764 50,613 2020 ($000’s) 31,380 7,469 38,849 No dividends were paid during or since the financial year. There are no franking credits available (2020: nil). Note 23 – Expenditure commitments (a) Exploration commitments The Group has entered into certain obligations to perform minimum work on mineral tenements held. The Group is required to meet tenement minimum expenditure requirement which are set out below. These may be varied or deferred on application and are expenditures expected to be met in the normal course of business. No later than one year Later than one year and not later than five years Total (b) Remuneration commitments 2021 ($000’s) 2,404 - 2,404 2020 ($000’s) 2,214 - 2,214 Commitments for the payment of salaries and other remuneration under long-term employment contracts in existence at the reporting date but not recognised as liabilities: No later than one year Later than one year and not later than five years Total Note 24 – Contingent liabilities 2021 ($000’s) 2020 ($000’s) - - - 182 91 273 At the financial reporting date there are no contingent liabilities. Royalties exist over a number of tenements held by the company and become payable upon the receipt of revenue from mining activities. Note 25 – Events subsequent to the reporting date Cannon Demerger Since the end of the financial year the Group has demerged its nickel and base metals assets through its newly incorporated 100% owned subsidiary Cannon Resources Limited by way of an IPO. Cannon was admitted to the ASX on 10th August 2021 and commenced trading on 12th August 2021. 82 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 25 – Events subsequent to the reporting date continued Teck Receivable The Company and Teck Australia Pty Ltd agreed to bring forward a deferred cash settlement due to the Company from the sale of Rox’s interest in the Reward Zinc-Lead Project. Rox completed the sale of its interest in Reward Zinc-Lead Project in February 2017 and as part of the consideration $3.75m was due to Rox at the earlier of the completion of a Bankable Feasibility Study or 6 years, being 16 February 2023. On 20 July 2021 Rox and Teck agreed to settle the deferred cash consideration for A$3.1m, payable to Rox by 1 September 2021. Payment was subsequently received on 26 August 2021. No matter or circumstance has arisen since the end of the financial year, other than mentioned above, which significantly affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent financial periods. Note 26 – Related party transactions (a) Director related transactions Coolform Investments Pty Ltd, a company in which Mr Dickson is a Director and shareholder, received fees totalling $255,726 (2020: $181,500) for the provision of services. An amount of $101,356 (2020: $111,905) was paid to Azure Minerals Limited, a company of which Mr Dickson is an officer, for the provision of office accommodation. The Company also received fees totalling $44,025 in 2020 (2021: nil) from Azure Minerals Limited being reimbursement for the provision of office staff support. An amount of $9,955 was receivable at 30 June 2020. All transactions were on normal commercial terms and conditions. An amount of $469,823 (2020: nil) was paid to LG Mining Pty Ltd, a company of which Mr Passmore is a Director, for the provision of labour hire services, specifically geologists and field assistants. An amount of $136,193 was payable at 30 June 2021 (2020: nil). The transactions were on an arms-length basis and utilised by the Group, on a discretionary basis, for recruitment and labour hire of predominantly field staff which are in high demand in the current tight labour market. Other recruitment and labour hire firms are also utilised by the Company as required and including when terms are offered on an equal basis. Mr Passmore does not receive any remuneration from LG Mining Pty Ltd. (b) Subsidiary related transactions The Company announced the demerger of its Fisher East and Collurabbie nickel and base metal assets to focus on the development of the Youanmi gold project. The Company structured the demerger as an in-specie distribution and a priority offer to Rox shareholders to raise $6m, into a new listed vehicle, Cannon Resources Limited (“Cannon”). Subsequent to 30 June 2021, the demerger was successfully completed with Cannon listing on the ASX on 12 August 2021. Prior to the demerger Rox funded all direct initial public offering and operating expenditure incurred by Cannon on interest-free terms. As at 30 June 2021, Rox had funded $542,009 in expenditure, which was paid on 20 August 2021 following Cannon’s successful listing on the ASX. Note 27 – Joint operations Youanmi Gold Project In April 2019, the Group established four separate joint ventures with VMC whereby the Group has purchased or may earn between a 45% and 50% interest set out below. Joint control exists for all joint arrangements where the Group has purchased its rights, or met its earn-in requirements, with each being classified as joint operations under AASB 11 Joint Arrangements on the basis that the binding arrangements signed between the participants establish a contractually agreed sharing of control with decisions about the relevant activities require the unanimous consent of the parties sharing control. Further considerations on management’s assumptions in determining control of the OYG Joint Venture where the Group holds a majority percentage share interest is set out below. In the 2019 financial year, the Group acquired a 50% interest in all minerals by the payment of $2.8m and the issue of 1.7m fully paid shares at a deemed price of $0.12 (a deemed $0.2m). 83 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 27 – Joint operations continued The Group was required to meet exploration expenditure of $2m over the two years to June 2021 and to cover the costs of holding and managing the project. Failure to meet the exploration expenditure of $2m would give rise to a debt due and payable to VMC, on demand, for the amount of the expenditure commitment that has not been incurred as at 30 June 2021. Additionally, at any point up until 30 June 2021 and after the Group has contributed the $2m to exploration expenditure, the Group may elect to move to 70% ownership of the OYG Joint Venture (through delivery of an Exercise Notice) via, at VMC’s election, either: • • the payment of $3m cash to VMC; or the payment of $1.5m cash and issuing to VMC the number of Rox shares equal to $1.5m divided by the volume weighted average price of Rox’s ordinary shares on the ASX calculated over the 20 trading days immediately prior to the date the option is exercised. The payment of cash and issuing of shares occurred on 30 July 2020 following shareholder approval at a General Meeting on 28 July 2020. Joint Venture costs are then to be contributed in proportion to ownership, with VMC electing under the joint venture agreement for Rox to fund its 30% of costs by way of a joint venture loan secured over VMC’s interests in the Joint Venture (see Note 12). OYG Joint Venture (Rox 70%, VMC 30%) As outlined in the prior year, on 8 June 2020, the parties agreed to amend the term sheet whereby the consideration for the additional 20% interest would be $2m within 2 business days of the Group delivering its Exercise Notice and either: • issuing to VMC the number of Rox Shares equal to $1m divided by the deemed issue price of $0.36 (being 2.8m Rox Shares, post 15:1 share consolidation), with approval by shareholders at a meeting no later than 60 days following the Group delivering the Exercise Notice; or • in the event that shareholder approval is not obtained, paying VMC $1 million in cash within 2 business days of the date of the meeting, or expiry of the 60 day period. On 10 June 2020, the Group met its $2m expenditure commitment and delivered the Exercise Notice, whereby exercising its option to acquire the Additional OYG Interest (increasing the Group’s interest to 70%). The Group paid VMC $2m on 10 June 2020. As at this date, and 30 June 2020, the remaining consideration to acquire the Additional OYG Interest represented a compound financial instrument with liability component and an equity component. At 30 June 2020, with no influence over whether shareholders would approve the issue of shares, the Group valued the liability portion at $1 million with no value being attributed to the equity component. On 28 July 2020, shareholders approved the issue of $2.8m shares to VMC in final settlement of the Additional OYG Interest. Joint control Under the binding arrangement with VMC, unless the parties agree otherwise, if a Decision to Mine has not been made by 10 June 2025 (being 5 years after the Group exercised its option to acquire the Additional OYG Interest) then the parties must use their best endeavours to sell all of their interests in the OYG Tenements on terms acceptable to both parties to a third party purchaser, with both parties agreeing that such interests must be sold in full together. Neither the Group, or VMC, contractually under the agreement hold a pre-emption right to otherwise mitigate this event occurring. Despite the Group holding substantive rights over relevant activities in accordance with their 70% contributing interest held given the significance of the above event requiring unanimous consent, joint control is considered to exist until such time that: • A Decision to Mine is agreed by both participants (as defined in the binding agreement); or • VMC, for any reason, gives up its substantive right to force the sale of the project if a Decision to Mine is not reached by 10 June 2025. 84 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 27 – Joint operations continued Venus Joint Venture (Rox 50% and VMC 50%) On 5 April 2019, the Group entered into an agreement whereby it may earn a 50% interest in the gold rights of the Venus Joint Venture by contributing the first $0.8 million of exploration expenditure on the project area across the Joint Venture to June 2021. Following the earn-in the joint ventures are standard contribute or dilute arrangements. As at 30 June 2021, the Group has earnt into been appointed manager of the Joint Venture. Youanmi Joint Venture (Rox 45%, VMC 45% and 10% Legendre) On 5 April 2019, the Group entered into an agreement whereby it may earn a 45% interest in the gold rights of the Youanmi Joint Venture by contributing the first $0.2 million of exploration expenditure on the project area across the Joint Venture to June 2021. Following the earn-in the joint ventures are standard contribute or dilute arrangements. As at 30 June 2021, the Group has earnt into been appointed manager of the Joint Venture. Currans Find & Pincher Joint Venture (Rox 45%, VMC 45% and 10% MER) On 12 April 2019, the Group entered into an agreement whereby it acquired a 45% interest in all minerals by the payment of $75,000 and the issue of 500,000 fully paid shares (post 15:1 share consolidation) at a deemed price of $0.15 (a deemed $75,000). As at 30 June 2021, the Group has earnt into been appointed manager of the Joint Venture. Cullen Joint Venture (Rox earning-in to 51% and Cullen currently 100%) On 5 September 2019, the Group entered into an agreement with Cullen Resources Limited whereby it may earn up to a 75% interest in the Cullen joint venture. Key terms of the agreement are as follows: • Rox may earn a 51% interest by spending $1,000,000 on exploration expenditure within a three-year period from satisfaction of certain Conditions Precedent (Stage 1 Earn In). • • Cullen will receive $40,000 cash upon satisfaction of one of the Conditions Precedent. If Rox earns the 51% interest, it can elect to earn a further 24% interest by expending a further $1,000,000 on exploration expenditure over a three-year period, commencing at the end of the Stage 1 Earn In. • Rox must spend a minimum of $333,334 and ensure the Cullen tenements are in good standing on a daily pro rata basis before it may withdraw. • Upon Rox earning 51% or, if it earns the additional 24%, upon Rox earning 75%, the parties will be associated in an unincorporated Joint Venture in relation to the Joint Venture Tenements, which will include certain Rox tenements and applications. • • If Rox earns 75%, Cullen will be free-carried, with no liability for any Joint Venture costs, until completion of a Pre-Feasibility Study. If Rox only earns 51%, or earns 75% and completes a Pre-Feasibility Study, thereafter Cullen must contribute to Joint Venture costs pro-rata, or dilute under a standard dilution formula. • If a Participant’s interest falls to 10% or less, that Participant’s interest will be converted to a Net Smelter Return Royalty of 1% on those Cullen tenements already subject to a royalty and 2.5% on the balance of the Joint Venture Tenements. As at the date of this report, Rox has not earnt in to the 51% target interest in the joint venture. As at 30 June 2021, the Group has contributed $759,520 to this arrangement (2020: $285,980). 85 Rox Resources Annual ReportConsolidated Financial Statements2021 Note 28 – Information relating to Rox Resources Limited (the Parent) Current assets Total assets Current liabilities Total liabilities Contributed equity Reserves Accumulated losses Net assets Income/(loss) of the Parent entity Total comprehensive income/(loss) for the year 2021 (000’s) 12,591 45,730 (1,422) (1,948) 70,596 4,828 (31,642) 43,782 587 587 2020 (000’s) 10,640 29,431 (432) (432) 57,783 3,445 (32,229) 28,999 (3,346) (3,346) The Parent entity has contractual obligations for exploration commitments of $717,000 at balance date (2020: $861,000) and $nil remuneration commitments at the balance date (2020: $272,250). Note 29 – Group information Information about subsidiaries Entity Principal activities Country of incorporation Rox (Mt Fisher) Pty Ltd Mineral exploration Rox (Murchison) Pty Ltd Mineral exploration Cannon Resources Limited Mineral exploration Australia Australia Australia % Equity interest 2021 100 100 100 2020 100 100 - 86 Rox Resources Annual ReportConsolidated Financial Statements2021 Directors’ Declaration For the year ended 30 June 2021 In accordance with a resolution of the Directors of Rox Resources Limited, I state that: (1) In the opinion of the Directors’: (a) The financial statements and notes of the Company are in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the Company’s financial position as at 30 June 2021 and its performance for the year ended on that date; and (ii) complying with Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; and (b) The financial statements and notes also comply with International Financial Reporting Standards as disclosed in Note 2(a); and (c) Subject to the matters set out in Note 2, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. (d) This declaration is made after receiving the declarations required to be made to the Directors in accordance with section 295A of the Corporations Act 2001 for the financial year ending 30 June 2021. 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(cid:68)(cid:3)(cid:80)(cid:68)(cid:81)(cid:81)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:68)(cid:70)(cid:75)(cid:76)(cid:72)(cid:89)(cid:72)(cid:86)(cid:3)(cid:73)(cid:68)(cid:76)(cid:85)(cid:3)(cid:83)(cid:85)(cid:72)(cid:86)(cid:72)(cid:81)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3) (cid:3) 92 (cid:3) Rox Resources Annual ReportIndependent Audit Report2021 93 Rox Resources Annual ReportIndependent Audit Report2021 Schedule of Mining Tenements Mt Fisher, WA Fisher East, WA Youanmi Gold Project, WA Youanmi OYG JV, WA Youanmi Sandstone Youanmi JV Youanmi VMC JV, WA Youanmi Currans JV, WA Mt Eureka Cullen JV, WA Interest All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals Gold Rights All Minerals All Minerals Application All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals Gold Rights Gold Rights Gold Rights Gold Rights Gold Rights Gold Rights Gold Rights Gold Rights Gold Rights Gold Rights All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals All Minerals Tenement Number Interest held E53/1061 E53/1106 E53/1836 E53/1319 E53/1788 M53/0009 M53/0127 E36/948 E53/1218 E53/2002 E53/2075 E53/2062 E53/2095 E53/2102 E57/1121 E57/1122 E57/1123 M57/10 M57/51 M57/75 M57/97 M57/109 M57/135 M57/160A M57/164 M/57165 M57/166 M57167 E57/985 E57/986 E57/1011-I P57/1365 P57/1366 E57/982 E57/1018 E57/1019 E57/1023-I E57/1078 M57/641 M57/642 E53/1209 E53/1299 E53/1637 E53/1893 E53/1957 E53/1958 E53/1959 E53/1961 E53/2052 100% 100% 100% 100% 100% 100% 100% 100% 0% 100% 100% 0% 100% 100% 100% 100% 100% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 45% 45% 45% 45% 45% 50% 50% 50% 50% 50% 45% 45% Earning up to 75% Earning up to 75% Earning up to 75% Earning up to 75% Earning up to 75% Earning up to 75% Earning up to 75% Earning up to 75% Earning up to 75% Schedule of Mining Tenements as at 13 September 2021 94 Rox Resources Annual Report2021 Other Information as at 13 September 2021 Top 20 shareholders - Ordinary Shares No. Shareholder 1 2 3 4 5 6 7 8 9 Citicorp Nominees Pty Limited Venus Metals Corporation Limited Mr Alexander Ross Passmore Mr Daryl Kenneth Miller CS Third Nominees Pty Limited Mr Gabor Matoriz Mr Richard Arthur Lockwood Mr Mark John Bahen + Mrs Margaret Patricia Bahen Mrs Marisa Mackow 10 Crescent Nominees Limited 11 Mr Stephen Bruce Dennis + Mrs Alison Jill Dennis 12 Mr Gregory James Blight + Mr Stephen Maxwell Blight 12 Nalmor Pty Ltd John Chappell Super Fund A/C 14 Mr Peter Piotr Mackow 15 16 Ayers Capital Pty Ltd Longreach 52 Pty Ltd 17 Ms Kellie Jean Campbell 18 Mr Alistair Mark Cameron 20 Mr John William Fawcett 20 Mr Ram Shanker Kangatharan 20 Teck Australia Pty Ltd Total Shares held % of issued capital 22,969,179 14.57 2,777,778 2,195,150 1,600,000 1,527,778 1,200,000 933,333 900,000 846,000 816,667 808,483 733,333 733,333 724,032 720,000 716,667 688,333 674,006 666,667 666,667 666,667 1.76 1.39 1.02 0.97 0.76 0.59 0.57 0.54 0.52 0.51 0.47 0.47 0.46 0.46 0.45 0.44 0.43 0.42 0.42 0.42 43,564,073 27.64 95 Rox Resources Annual ReportOther Information2021 Other Information Continued Substantial Shareholders The names of substantial shareholders who have notified the Company in accordance with section 671B of the Corporations Act 2011 are: Shareholder Hawke’s Point Distribution of Shareholders Number Shares held 20,952,381 % of issued capital 13.29% Size of shareholding 1 – 1,000 1,001 – 5,000 5,001 – 10,000 10,001 – 100,000 100,001 Over Total Number of holders 1,004 2,095 1,153 1,732 228 6,212 Number of shares 554,661 5,528,908 8,525,097 52,874,767 90,124,181 157,607,614 % of issued capital 0.35 3.51 5.41 33.55 57.18 100.00 There is a total of 157,607,614 fully paid ordinary shares on issue, all of which are listed on the ASX. At shareholder meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of hands. Unmarketable Parcels There were 1,184 shareholders holding 757,279 shares, which is less than a marketable parcel of shares in the Company at $0.40 per share. Restricted Securities There are no restricted securities. 96 Rox Resources Annual ReportOther information2021 Rox Resources Annual ReportOther Information2021 Rox Resources Limited ABN 53 107 202 602 Level 2, 87 Colin Street West Perth WA 6005 T. (08) 9226 0044 F. (08) 9322 6254 E. admin@roxresources.com.au 

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