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.
On behalf of the Board
Alex Passmore
Managing Director
Perth, 24 September 2021
87
Rox Resources Annual ReportConsolidated Financial Statements2021
(cid:53)(cid:50)(cid:59)(cid:3)(cid:53)(cid:40)(cid:54)(cid:50)(cid:56)(cid:53)(cid:38)(cid:40)(cid:54)(cid:3)(cid:47)(cid:44)(cid:48)(cid:44)(cid:55)(cid:40)(cid:39)(cid:3)
(cid:36)(cid:37)(cid:49)(cid:3)(cid:24)(cid:22)(cid:3)(cid:20)(cid:19)(cid:26)(cid:3)(cid:21)(cid:19)(cid:21)(cid:3)(cid:25)(cid:19)(cid:21)(cid:3)
(cid:44)(cid:49)(cid:39)(cid:40)(cid:51)(cid:40)(cid:49)(cid:39)(cid:40)(cid:49)(cid:55)(cid:3)(cid:36)(cid:56)(cid:39)(cid:44)(cid:55)(cid:50)(cid:53)(cid:182)(cid:54)(cid:3)(cid:53)(cid:40)(cid:51)(cid:50)(cid:53)(cid:55)(cid:3)
(cid:55)(cid:50)(cid:3)(cid:55)(cid:43)(cid:40)(cid:3)(cid:48)(cid:40)(cid:48)(cid:37)(cid:40)(cid:53)(cid:54)(cid:3)(cid:50)(cid:41)
(cid:53)(cid:50)(cid:59)(cid:3)(cid:53)(cid:40)(cid:54)(cid:50)(cid:56)(cid:53)(cid:38)(cid:40)(cid:54)(cid:3)(cid:47)(cid:44)(cid:48)(cid:44)(cid:55)(cid:40)(cid:39)
(cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:81) (cid:87)(cid:75)(cid:72)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:41)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)
Opinion
(cid:58)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:72)(cid:71) (cid:87)(cid:75)(cid:72) (cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79) (cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:53)(cid:82)(cid:91)(cid:3)(cid:53)(cid:72)(cid:86)(cid:82)(cid:88)(cid:85)(cid:70)(cid:72)(cid:86)(cid:3)(cid:47)(cid:76)(cid:80)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:11)(cid:87)(cid:75)(cid:72)(cid:3)(cid:179)(cid:38)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:180)(cid:12)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:87)(cid:86)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:82)(cid:79)(cid:79)(cid:72)(cid:71)
(cid:72)(cid:81)(cid:87)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:11)(cid:87)(cid:75)(cid:72)(cid:3)(cid:179)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:180)(cid:12)(cid:15)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:85)(cid:76)(cid:86)(cid:72)(cid:86) (cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:82)(cid:79)(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73) (cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:87)(cid:3)(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)
(cid:21)(cid:19)(cid:21)(cid:20)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:82)(cid:79)(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:85)(cid:72)(cid:75)(cid:72)(cid:81)(cid:86)(cid:76)(cid:89)(cid:72)(cid:3)(cid:76)(cid:81)(cid:70)(cid:82)(cid:80)(cid:72)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:82)(cid:79)(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:70)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:86)
(cid:76)(cid:81)(cid:3)(cid:72)(cid:84)(cid:88)(cid:76)(cid:87)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:82)(cid:79)(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:70)(cid:68)(cid:86)(cid:75) (cid:73)(cid:79)(cid:82)(cid:90)(cid:86) (cid:73)(cid:82)(cid:85) (cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:81)(cid:3)(cid:72)(cid:81)(cid:71)(cid:72)(cid:71)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:81)(cid:82)(cid:87)(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)
(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:15) (cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:3)(cid:86)(cid:88)(cid:80)(cid:80)(cid:68)(cid:85)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:86)(cid:76)(cid:74)(cid:81)(cid:76)(cid:73)(cid:76)(cid:70)(cid:68)(cid:81)(cid:87)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:83)(cid:82)(cid:79)(cid:76)(cid:70)(cid:76)(cid:72)(cid:86)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:182)
(cid:71)(cid:72)(cid:70)(cid:79)(cid:68)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:17)
(cid:44)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:15) (cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79) (cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:73) (cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:76)(cid:86) (cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)Corporations
Act 2001(cid:15)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:76)(cid:81)(cid:74)(cid:29)
(cid:894)(cid:258)(cid:895)(cid:3)
(cid:894)(cid:271)(cid:895)(cid:3)
(cid:74)(cid:76)(cid:89)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:3)(cid:87)(cid:85)(cid:88)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:73)(cid:68)(cid:76)(cid:85)(cid:3)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3)(cid:82)(cid:73) (cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86) (cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:87)(cid:3)(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:21)(cid:20)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:73) (cid:76)(cid:87)(cid:86)
(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:73)(cid:82)(cid:85) (cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85) (cid:87)(cid:75)(cid:72)(cid:81)(cid:3)(cid:72)(cid:81)(cid:71)(cid:72)(cid:71)(cid:30)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:92)(cid:76)(cid:81)(cid:74)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:81)(cid:3)(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)Corporations Regulations 2001(cid:17)(cid:3)
Basis for Opinion
(cid:58)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:71)(cid:88)(cid:70)(cid:87)(cid:72)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87) (cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:81)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:17)(cid:3)(cid:50)(cid:88)(cid:85) (cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)
(cid:87)(cid:75)(cid:82)(cid:86)(cid:72)(cid:3)(cid:86)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72) (cid:73)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:71)(cid:72)(cid:86)(cid:70)(cid:85)(cid:76)(cid:69)(cid:72)(cid:71) (cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)Auditor’s Responsibilities for the Audit of the Financial
Report(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85) (cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:76)(cid:81)(cid:71)(cid:72)(cid:83)(cid:72)(cid:81)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73) (cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75) (cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)
(cid:76)(cid:81)(cid:71)(cid:72)(cid:83)(cid:72)(cid:81)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73) (cid:87)(cid:75)(cid:72)(cid:3)Corporations Act 2001(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:87)(cid:75)(cid:76)(cid:70)(cid:68)(cid:79) (cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73) (cid:87)(cid:75)(cid:72)(cid:3)
(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:51)(cid:85)(cid:82)(cid:73)(cid:72)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:40)(cid:87)(cid:75)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:182)(cid:86)(cid:3)(cid:36)(cid:51)(cid:40)(cid:54)(cid:3)(cid:20)(cid:20)(cid:19) Code of Ethics for Professional
Accountants (including Independence Standards) (cid:11)(cid:179)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:71)(cid:72)(cid:180)(cid:12)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:81)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)
(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79) (cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87) (cid:76)(cid:81)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82) (cid:73)(cid:88)(cid:79)(cid:73)(cid:76)(cid:79)(cid:79)(cid:72)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:72)(cid:87)(cid:75)(cid:76)(cid:70)(cid:68)(cid:79) (cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:71)(cid:72)(cid:17)(cid:3)(cid:3)
(cid:58)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:73)(cid:76)(cid:85)(cid:80)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72) (cid:76)(cid:81)(cid:71)(cid:72)(cid:83)(cid:72)(cid:81)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:71)(cid:72)(cid:70)(cid:79)(cid:68)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72) Corporations Act 2001(cid:15)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:75)(cid:68)(cid:86)(cid:3)(cid:69)(cid:72)(cid:72)(cid:81)(cid:3)
(cid:74)(cid:76)(cid:89)(cid:72)(cid:81)(cid:3)(cid:87)(cid:82) (cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:82)(cid:73) (cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:15)(cid:3)(cid:90)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)(cid:69)(cid:72) (cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:86)(cid:68)(cid:80)(cid:72)(cid:3)(cid:87)(cid:72)(cid:85)(cid:80)(cid:86)(cid:3)(cid:76)(cid:73)(cid:3)(cid:74)(cid:76)(cid:89)(cid:72)(cid:81)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)
(cid:87)(cid:76)(cid:80)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:182)(cid:86) (cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)
(cid:58)(cid:72)(cid:3)(cid:69)(cid:72)(cid:79)(cid:76)(cid:72)(cid:89)(cid:72) (cid:87)(cid:75)(cid:68)(cid:87) (cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:72)(cid:89)(cid:76)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:82)(cid:69)(cid:87)(cid:68)(cid:76)(cid:81)(cid:72)(cid:71) (cid:76)(cid:86)(cid:3)(cid:86)(cid:88)(cid:73)(cid:73)(cid:76)(cid:70)(cid:76)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72) (cid:87)(cid:82)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:3)(cid:68)(cid:3)(cid:69)(cid:68)(cid:86)(cid:76)(cid:86)
(cid:73)(cid:82)(cid:85)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:17)
(cid:80)(cid:101)(cid:113)(cid:94)(cid:100)(cid:96)(cid:111)(cid:3)(cid:80)(cid:91)(cid:111)(cid:113)(cid:107)(cid:96)(cid:111)(cid:112)(cid:3)(cid:65)(cid:64)(cid:1186)(cid:64)(cid:3)(cid:80)(cid:113)(cid:118)(cid:3)(cid:76)(cid:113)(cid:95)
(cid:64)(cid:107)(cid:3)(cid:101)(cid:107)(cid:95)(cid:96)(cid:109)(cid:96)(cid:107)(cid:95)(cid:96)(cid:107)(cid:113)(cid:3)(cid:87)(cid:96)(cid:112)(cid:113)(cid:96)(cid:111)(cid:107)(cid:3)(cid:64)(cid:114)(cid:112)(cid:113)(cid:111)(cid:91)(cid:104)(cid:101)(cid:91)(cid:107)(cid:3)(cid:66)(cid:108)(cid:106)(cid:109)(cid:91)(cid:107)(cid:118)(cid:3)(cid:64)(cid:65)(cid:78)(cid:3)(cid:25)(cid:24)(cid:3)(cid:24)(cid:16)(cid:18)(cid:3)(cid:21)(cid:24)(cid:18)(cid:3)(cid:16)(cid:27)(cid:23)(cid:1212)
(cid:76)(cid:96)(cid:115)(cid:96)(cid:104)(cid:3)(cid:18)(cid:18)(cid:1215)(cid:3)(cid:18)(cid:20)(cid:1251)(cid:18)(cid:22)(cid:3)(cid:84)(cid:100)(cid:96)(cid:3)(cid:68)(cid:112)(cid:109)(cid:104)(cid:91)(cid:107)(cid:91)(cid:95)(cid:96)(cid:1215)(cid:3)(cid:80)(cid:96)(cid:111)(cid:113)(cid:100)(cid:3)(cid:87)(cid:64)(cid:3)(cid:24)(cid:16)(cid:16)(cid:16)
(cid:82)(cid:96)(cid:99)(cid:101)(cid:112)(cid:113)(cid:96)(cid:111)(cid:96)(cid:95)(cid:3)(cid:64)(cid:114)(cid:95)(cid:101)(cid:113)(cid:3)(cid:66)(cid:108)(cid:106)(cid:109)(cid:91)(cid:107)(cid:118)(cid:3)(cid:78)(cid:114)(cid:106)(cid:93)(cid:96)(cid:111)(cid:3)(cid:22)(cid:24)(cid:25)(cid:22)(cid:21)(cid:23)(cid:1212)
(cid:76)(cid:101)(cid:91)(cid:93)(cid:101)(cid:104)(cid:101)(cid:113)(cid:118)(cid:3)(cid:104)(cid:101)(cid:106)(cid:101)(cid:113)(cid:96)(cid:95)(cid:3)(cid:93)(cid:118)(cid:3)(cid:91)(cid:3)(cid:112)(cid:94)(cid:100)(cid:96)(cid:106)(cid:96)(cid:3)(cid:114)(cid:107)(cid:95)(cid:96)(cid:111)(cid:3)(cid:80)(cid:111)(cid:108)(cid:97)(cid:96)(cid:112)(cid:112)(cid:101)(cid:108)(cid:107)(cid:91)(cid:104)(cid:3)(cid:83)(cid:113)(cid:91)(cid:107)(cid:95)(cid:91)(cid:111)(cid:95)(cid:112)(cid:3)(cid:76)(cid:96)(cid:99)(cid:101)(cid:112)(cid:104)(cid:91)(cid:113)(cid:101)(cid:108)(cid:107)(cid:1212)
(cid:64)(cid:95)(cid:96)(cid:104)(cid:91)(cid:101)(cid:95)(cid:96)(cid:3)(cid:3)(cid:3)(cid:3)(cid:65)(cid:111)(cid:101)(cid:112)(cid:93)(cid:91)(cid:107)(cid:96)(cid:3)(cid:3)(cid:3)(cid:3)(cid:77)(cid:96)(cid:104)(cid:93)(cid:108)(cid:114)(cid:111)(cid:107)(cid:96)(cid:3) (cid:3)(cid:78)(cid:96)(cid:116)(cid:94)(cid:91)(cid:112)(cid:113)(cid:104)(cid:96)(cid:3)(cid:3)(cid:3)(cid:3)(cid:80)(cid:96)(cid:111)(cid:113)(cid:100)(cid:3)(cid:3)(cid:3)(cid:3)(cid:83)(cid:118)(cid:95)(cid:107)(cid:96)(cid:118)
(cid:80)(cid:101)(cid:113)(cid:94)(cid:100)(cid:96)(cid:111)(cid:3)(cid:80)(cid:91)(cid:111)(cid:113)(cid:107)(cid:96)(cid:111)(cid:112)(cid:3)(cid:101)(cid:112)(cid:3)(cid:91)(cid:107)(cid:3)(cid:91)(cid:112)(cid:112)(cid:108)(cid:94)(cid:101)(cid:91)(cid:113)(cid:101)(cid:108)(cid:107)(cid:3)(cid:108)(cid:97)(cid:3)(cid:101)(cid:107)(cid:95)(cid:96)(cid:109)(cid:96)(cid:107)(cid:95)(cid:96)(cid:107)(cid:113)(cid:3)(cid:97)(cid:101)(cid:111)(cid:106)(cid:112)(cid:1212)(cid:3)
(cid:80)(cid:101)(cid:113)(cid:94)(cid:100)(cid:96)(cid:111)(cid:3)(cid:80)(cid:91)(cid:111)(cid:113)(cid:107)(cid:96)(cid:111)(cid:112)(cid:3)(cid:101)(cid:112)(cid:3)(cid:91)(cid:3)(cid:106)(cid:96)(cid:106)(cid:93)(cid:96)(cid:111)(cid:3)(cid:108)(cid:97)(cid:3)(cid:113)(cid:100)(cid:96)(cid:3)(cid:99)(cid:104)(cid:108)(cid:93)(cid:91)(cid:104)(cid:3)(cid:107)(cid:96)(cid:113)(cid:116)(cid:108)(cid:111)(cid:103)(cid:3)(cid:108)(cid:97)(cid:3)(cid:65)(cid:91)(cid:103)(cid:96)(cid:111)(cid:3)(cid:84)(cid:101)(cid:104)(cid:104)(cid:118)(cid:3)(cid:73)(cid:107)(cid:113)(cid:96)(cid:111)(cid:107)(cid:91)(cid:113)(cid:101)(cid:108)(cid:107)(cid:91)(cid:104)(cid:3)
(cid:76)(cid:101)(cid:106)(cid:101)(cid:113)(cid:96)(cid:95)(cid:1215)(cid:3)(cid:113)(cid:100)(cid:96)(cid:3)(cid:106)(cid:96)(cid:106)(cid:93)(cid:96)(cid:111)(cid:112)(cid:3)(cid:108)(cid:97)(cid:3)(cid:116)(cid:100)(cid:101)(cid:94)(cid:100)(cid:3)(cid:91)(cid:111)(cid:96)(cid:3)(cid:112)(cid:96)(cid:109)(cid:91)(cid:111)(cid:91)(cid:113)(cid:96)(cid:3)(cid:91)(cid:107)(cid:95)(cid:3)(cid:101)(cid:107)(cid:95)(cid:96)(cid:109)(cid:96)(cid:107)(cid:95)(cid:96)(cid:107)(cid:113)(cid:3)(cid:104)(cid:96)(cid:99)(cid:91)(cid:104)(cid:3)(cid:96)(cid:107)(cid:113)(cid:101)(cid:113)(cid:101)(cid:96)(cid:112)(cid:1212)
88
Rox Resources Annual ReportIndependent Audit Report2021
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:53)(cid:50)(cid:59)(cid:3)(cid:53)(cid:40)(cid:54)(cid:50)(cid:56)(cid:53)(cid:38)(cid:40)(cid:54)(cid:3)(cid:47)(cid:44)(cid:48)(cid:44)(cid:55)(cid:40)(cid:39)(cid:3)
(cid:36)(cid:37)(cid:49)(cid:3)(cid:24)(cid:22)(cid:3)(cid:20)(cid:19)(cid:26)(cid:3)(cid:21)(cid:19)(cid:21)(cid:3)(cid:25)(cid:19)(cid:21)(cid:3)
(cid:44)(cid:49)(cid:39)(cid:40)(cid:51)(cid:40)(cid:49)(cid:39)(cid:40)(cid:49)(cid:55)(cid:3)(cid:36)(cid:56)(cid:39)(cid:44)(cid:55)(cid:50)(cid:53)(cid:182)(cid:54)(cid:3)(cid:53)(cid:40)(cid:51)(cid:50)(cid:53)(cid:55)(cid:3)
(cid:55)(cid:50)(cid:3)(cid:55)(cid:43)(cid:40)(cid:3)(cid:48)(cid:40)(cid:48)(cid:37)(cid:40)(cid:53)(cid:54)(cid:3)(cid:50)(cid:41)(cid:3)
(cid:53)(cid:50)(cid:59)(cid:3)(cid:53)(cid:40)(cid:54)(cid:50)(cid:56)(cid:53)(cid:38)(cid:40)(cid:54)(cid:3)(cid:47)(cid:44)(cid:48)(cid:44)(cid:55)(cid:40)(cid:39)(cid:3)
(cid:3)
Key Audit Matters
(cid:46)(cid:72)(cid:92)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:87)(cid:75)(cid:82)(cid:86)(cid:72)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:15)(cid:3)(cid:76)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:83)(cid:85)(cid:82)(cid:73)(cid:72)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:77)(cid:88)(cid:71)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:15)(cid:3)(cid:90)(cid:72)(cid:85)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:80)(cid:82)(cid:86)(cid:87)(cid:3)(cid:86)(cid:76)(cid:74)(cid:81)(cid:76)(cid:73)(cid:76)(cid:70)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)
(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:88)(cid:85)(cid:85)(cid:72)(cid:81)(cid:87)(cid:3)(cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72)(cid:86)(cid:72)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:90)(cid:72)(cid:85)(cid:72)(cid:3)(cid:68)(cid:71)(cid:71)(cid:85)(cid:72)(cid:86)(cid:86)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:72)(cid:91)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:3)(cid:90)(cid:75)(cid:82)(cid:79)(cid:72)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:73)(cid:82)(cid:85)(cid:80)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:82)(cid:81)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:72)(cid:3)(cid:71)(cid:82)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:3)
(cid:68)(cid:3)(cid:86)(cid:72)(cid:83)(cid:68)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:86)(cid:72)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:17)(cid:3)(cid:3)
(cid:46)(cid:72)(cid:92)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:48)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:3)
(cid:43)(cid:82)(cid:90)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:68)(cid:71)(cid:71)(cid:85)(cid:72)(cid:86)(cid:86)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:3)
(cid:38)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:76)(cid:86)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:72)(cid:91)(cid:83)(cid:72)(cid:81)(cid:71)(cid:76)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:3)
(cid:53)(cid:72)(cid:73)(cid:72)(cid:85)(cid:3)(cid:87)(cid:82)(cid:3)(cid:49)(cid:82)(cid:87)(cid:72)(cid:3)(cid:21)(cid:11)(cid:71)(cid:12)(cid:11)(cid:76)(cid:76)(cid:12)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:20)(cid:25)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)
(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:17)(cid:3)
(cid:3)
(cid:36)(cid:86)(cid:3)(cid:68)(cid:87)(cid:3)(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:21)(cid:20)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:75)(cid:72)(cid:79)(cid:71)(cid:3)(cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:76)(cid:86)(cid:72)(cid:71)(cid:3)
(cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:81)(cid:71)(cid:76)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:7)(cid:20)(cid:19)(cid:15)(cid:27)(cid:27)(cid:24)(cid:15)(cid:19)(cid:19)(cid:19)(cid:17)(cid:3)
(cid:55)(cid:75)(cid:72)(cid:3)(cid:70)(cid:68)(cid:85)(cid:85)(cid:92)(cid:76)(cid:81)(cid:74)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:72)(cid:91)(cid:83)(cid:72)(cid:81)(cid:71)(cid:76)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:76)(cid:86)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:72)(cid:71)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:76)(cid:85)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:90)(cid:75)(cid:72)(cid:81)(cid:3)(cid:73)(cid:68)(cid:70)(cid:87)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:76)(cid:85)(cid:70)(cid:88)(cid:80)(cid:86)(cid:87)(cid:68)(cid:81)(cid:70)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:72)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:76)(cid:86)(cid:72)(cid:71)(cid:3)(cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:72)(cid:91)(cid:83)(cid:72)(cid:81)(cid:71)(cid:76)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:80)(cid:68)(cid:92)(cid:3)(cid:72)(cid:91)(cid:70)(cid:72)(cid:72)(cid:71)(cid:3)(cid:76)(cid:87)(cid:86)(cid:3)(cid:85)(cid:72)(cid:70)(cid:82)(cid:89)(cid:72)(cid:85)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:68)(cid:80)(cid:82)(cid:88)(cid:81)(cid:87)(cid:17)(cid:3)
(cid:55)(cid:75)(cid:72)(cid:3)(cid:71)(cid:72)(cid:87)(cid:72)(cid:85)(cid:80)(cid:76)(cid:81)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:90)(cid:75)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:68)(cid:81)(cid:92)(cid:3)
(cid:76)(cid:81)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:76)(cid:86)(cid:72)(cid:71)(cid:3)(cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:81)(cid:71)(cid:76)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:72)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:72)(cid:71)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)
(cid:76)(cid:80)(cid:83)(cid:68)(cid:76)(cid:85)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:76)(cid:81)(cid:89)(cid:82)(cid:79)(cid:89)(cid:72)(cid:86)(cid:3)(cid:68)(cid:3)(cid:81)(cid:88)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)(cid:82)(cid:73)(cid:3)(cid:77)(cid:88)(cid:71)(cid:74)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)
(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:69)(cid:88)(cid:87)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:79)(cid:76)(cid:80)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:29)(cid:3)
(cid:121)(cid:3) (cid:58)(cid:75)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:75)(cid:68)(cid:86)(cid:3)(cid:87)(cid:72)(cid:81)(cid:88)(cid:85)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:81)(cid:87)(cid:3)
(cid:68)(cid:85)(cid:72)(cid:68)(cid:3)(cid:82)(cid:73)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:72)(cid:86)(cid:87)(cid:30)(cid:3)
(cid:121)(cid:3) (cid:58)(cid:75)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:75)(cid:68)(cid:86)(cid:3)(cid:86)(cid:88)(cid:73)(cid:73)(cid:76)(cid:70)(cid:76)(cid:72)(cid:81)(cid:87)(cid:3)(cid:73)(cid:88)(cid:81)(cid:71)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:80)(cid:72)(cid:72)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:81)(cid:87)(cid:3)(cid:68)(cid:85)(cid:72)(cid:68)(cid:3)(cid:82)(cid:73)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:72)(cid:86)(cid:87)(cid:3)(cid:80)(cid:76)(cid:81)(cid:76)(cid:80)(cid:88)(cid:80)(cid:3)
(cid:72)(cid:91)(cid:83)(cid:72)(cid:81)(cid:71)(cid:76)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:30)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:3)
(cid:121)(cid:3) (cid:58)(cid:75)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:76)(cid:86)(cid:3)(cid:86)(cid:88)(cid:73)(cid:73)(cid:76)(cid:70)(cid:76)(cid:72)(cid:81)(cid:87)(cid:3)(cid:76)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:68)(cid:3)
(cid:71)(cid:72)(cid:70)(cid:76)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:72)(cid:3)(cid:80)(cid:68)(cid:71)(cid:72)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:81)(cid:87)(cid:3)(cid:68)(cid:85)(cid:72)(cid:68)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:72)(cid:86)(cid:87)(cid:3)(cid:76)(cid:86)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:72)(cid:85)(cid:70)(cid:76)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:89)(cid:76)(cid:68)(cid:69)(cid:79)(cid:72)(cid:17)(cid:3)
(cid:39)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:71)(cid:72)(cid:87)(cid:72)(cid:85)(cid:80)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)
(cid:75)(cid:68)(cid:71)(cid:3)(cid:69)(cid:72)(cid:72)(cid:81)(cid:3)(cid:81)(cid:82)(cid:3)(cid:76)(cid:81)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:76)(cid:85)(cid:80)(cid:72)(cid:81)(cid:87)(cid:17)(cid:3)(cid:3)
(cid:42)(cid:76)(cid:89)(cid:72)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:86)(cid:76)(cid:93)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:68)(cid:79)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:77)(cid:88)(cid:71)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:68)(cid:79)(cid:3)
(cid:81)(cid:68)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:76)(cid:85)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:76)(cid:81)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:82)(cid:85)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)
(cid:68)(cid:86)(cid:86)(cid:82)(cid:70)(cid:76)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:87)(cid:86)(cid:15)(cid:3)
(cid:90)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:76)(cid:86)(cid:3)(cid:68)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:17)(cid:3)
(cid:50)(cid:88)(cid:85)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:71)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:15)(cid:3)(cid:68)(cid:80)(cid:82)(cid:81)(cid:74)(cid:86)(cid:87)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:86)(cid:29)(cid:3)
(cid:50)(cid:69)(cid:87)(cid:68)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:86)(cid:87)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:72)(cid:86)(cid:76)(cid:74)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:80)(cid:83)(cid:79)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:86)(cid:86)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:82)(cid:79)(cid:86)(cid:3)(cid:68)(cid:86)(cid:86)(cid:82)(cid:70)(cid:76)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:76)(cid:86)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:72)(cid:91)(cid:83)(cid:72)(cid:81)(cid:71)(cid:76)(cid:87)(cid:88)(cid:85)(cid:72)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:82)(cid:86)(cid:72)(cid:3)(cid:68)(cid:86)(cid:86)(cid:82)(cid:70)(cid:76)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:76)(cid:85)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:76)(cid:81)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:82)(cid:85)(cid:86)(cid:17)(cid:3)
(cid:40)(cid:91)(cid:68)(cid:80)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)(cid:85)(cid:76)(cid:74)(cid:75)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:85)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:81)(cid:87)(cid:3)(cid:68)(cid:85)(cid:72)(cid:68)(cid:3)(cid:82)(cid:73)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:72)(cid:86)(cid:87)(cid:15)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:3)
(cid:82)(cid:69)(cid:87)(cid:68)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:71)(cid:82)(cid:70)(cid:88)(cid:80)(cid:72)(cid:81)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)(cid:3)(cid:58)(cid:72)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:86)(cid:87)(cid:68)(cid:87)(cid:88)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:79)(cid:76)(cid:70)(cid:72)(cid:81)(cid:70)(cid:72)(cid:86)(cid:3)(cid:68)(cid:86)(cid:3)(cid:76)(cid:87)(cid:3)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)
(cid:87)(cid:82)(cid:3)(cid:87)(cid:72)(cid:81)(cid:88)(cid:85)(cid:72)(cid:17)(cid:3)
(cid:38)(cid:82)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:81)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:68)(cid:85)(cid:85)(cid:92)(cid:3)(cid:82)(cid:88)(cid:87)(cid:3)
(cid:86)(cid:76)(cid:74)(cid:81)(cid:76)(cid:73)(cid:76)(cid:70)(cid:68)(cid:81)(cid:87)(cid:3)(cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:70)(cid:87)(cid:76)(cid:89)(cid:76)(cid:87)(cid:92)(cid:3)
(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:81)(cid:87)(cid:3)(cid:68)(cid:85)(cid:72)(cid:68)(cid:3)(cid:82)(cid:73)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:72)(cid:86)(cid:87)(cid:15)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:3)
(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)(cid:70)(cid:68)(cid:86)(cid:75)(cid:16)(cid:73)(cid:79)(cid:82)(cid:90)(cid:3)
(cid:73)(cid:82)(cid:85)(cid:72)(cid:70)(cid:68)(cid:86)(cid:87)(cid:3)(cid:80)(cid:82)(cid:71)(cid:72)(cid:79)(cid:86)(cid:15)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:88)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:86)(cid:72)(cid:81)(cid:76)(cid:82)(cid:85)(cid:3)
(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:68)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:76)(cid:81)(cid:87)(cid:72)(cid:81)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:17)(cid:3)
(cid:53)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:76)(cid:81)(cid:74)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:182)(cid:86)(cid:3)(cid:72)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:77)(cid:88)(cid:71)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:90)(cid:75)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:68)(cid:70)(cid:87)(cid:76)(cid:89)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:76)(cid:81)(cid:3)(cid:72)(cid:68)(cid:70)(cid:75)(cid:3)(cid:85)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:81)(cid:87)(cid:3)(cid:68)(cid:85)(cid:72)(cid:68)(cid:3)(cid:82)(cid:73)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:72)(cid:86)(cid:87)(cid:3)
(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:85)(cid:72)(cid:68)(cid:70)(cid:75)(cid:72)(cid:71)(cid:3)(cid:68)(cid:3)(cid:86)(cid:87)(cid:68)(cid:74)(cid:72)(cid:3)(cid:90)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:72)(cid:85)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)
(cid:89)(cid:76)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:72)(cid:91)(cid:87)(cid:85)(cid:68)(cid:70)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:86)(cid:82)(cid:88)(cid:85)(cid:70)(cid:72)(cid:3)(cid:70)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)(cid:69)(cid:72)(cid:3)
(cid:71)(cid:72)(cid:87)(cid:72)(cid:85)(cid:80)(cid:76)(cid:81)(cid:72)(cid:71)(cid:17)(cid:3)
(cid:36)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:71)(cid:72)(cid:84)(cid:88)(cid:68)(cid:70)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:79)(cid:82)(cid:86)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)
(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:17)(cid:3)
(cid:3)
(cid:3)
89
Rox Resources Annual ReportIndependent Audit Report2021
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:53)(cid:50)(cid:59)(cid:3)(cid:53)(cid:40)(cid:54)(cid:50)(cid:56)(cid:53)(cid:38)(cid:40)(cid:54)(cid:3)(cid:47)(cid:44)(cid:48)(cid:44)(cid:55)(cid:40)(cid:39)(cid:3)
(cid:36)(cid:37)(cid:49)(cid:3)(cid:24)(cid:22)(cid:3)(cid:20)(cid:19)(cid:26)(cid:3)(cid:21)(cid:19)(cid:21)(cid:3)(cid:25)(cid:19)(cid:21)(cid:3)
(cid:44)(cid:49)(cid:39)(cid:40)(cid:51)(cid:40)(cid:49)(cid:39)(cid:40)(cid:49)(cid:55)(cid:3)(cid:36)(cid:56)(cid:39)(cid:44)(cid:55)(cid:50)(cid:53)(cid:182)(cid:54)(cid:3)(cid:53)(cid:40)(cid:51)(cid:50)(cid:53)(cid:55)(cid:3)
(cid:55)(cid:50)(cid:3)(cid:55)(cid:43)(cid:40)(cid:3)(cid:48)(cid:40)(cid:48)(cid:37)(cid:40)(cid:53)(cid:54)(cid:3)(cid:50)(cid:41)(cid:3)
(cid:53)(cid:50)(cid:59)(cid:3)(cid:53)(cid:40)(cid:54)(cid:50)(cid:56)(cid:53)(cid:38)(cid:40)(cid:54)(cid:3)(cid:47)(cid:44)(cid:48)(cid:44)(cid:55)(cid:40)(cid:39)(cid:3)
(cid:54)(cid:75)(cid:68)(cid:85)(cid:72)(cid:16)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:83)(cid:68)(cid:92)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:3)
(cid:53)(cid:72)(cid:73)(cid:72)(cid:85)(cid:3)(cid:87)(cid:82)(cid:3)(cid:49)(cid:82)(cid:87)(cid:72)(cid:3)(cid:21)(cid:11)(cid:71)(cid:12)(cid:11)(cid:91)(cid:76)(cid:76)(cid:76)(cid:12)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:21)(cid:20)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)
(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:17)(cid:3)
(cid:3)
(cid:39)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:72)(cid:81)(cid:71)(cid:72)(cid:71)(cid:3)(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:21)(cid:20)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)
(cid:75)(cid:68)(cid:86)(cid:3)(cid:76)(cid:86)(cid:86)(cid:88)(cid:72)(cid:71)(cid:3)(cid:82)(cid:83)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:68)(cid:71)(cid:89)(cid:76)(cid:86)(cid:82)(cid:85)(cid:86)(cid:15)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:86)(cid:15)(cid:3)(cid:87)(cid:82)(cid:87)(cid:68)(cid:79)(cid:79)(cid:76)(cid:81)(cid:74)(cid:3)(cid:7)(cid:21)(cid:15)(cid:21)(cid:21)(cid:19)(cid:15)(cid:19)(cid:19)(cid:19)(cid:17)(cid:3)(cid:3)
(cid:56)(cid:81)(cid:71)(cid:72)(cid:85)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:81)(cid:3)(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:15)(cid:3)(cid:72)(cid:84)(cid:88)(cid:76)(cid:87)(cid:92)(cid:3)
(cid:86)(cid:72)(cid:87)(cid:87)(cid:79)(cid:72)(cid:71)(cid:3)(cid:68)(cid:90)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:80)(cid:72)(cid:68)(cid:86)(cid:88)(cid:85)(cid:72)(cid:71)(cid:3)(cid:68)(cid:87)(cid:3)(cid:73)(cid:68)(cid:76)(cid:85)(cid:3)
(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:72)(cid:68)(cid:86)(cid:88)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:11)(cid:74)(cid:85)(cid:68)(cid:81)(cid:87)(cid:12)(cid:3)(cid:71)(cid:68)(cid:87)(cid:72)(cid:3)(cid:87)(cid:68)(cid:78)(cid:76)(cid:81)(cid:74)(cid:3)(cid:76)(cid:81)(cid:87)(cid:82)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:69)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:89)(cid:72)(cid:86)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:71)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:11)(cid:76)(cid:73)(cid:3)(cid:68)(cid:81)(cid:92)(cid:12)(cid:3)(cid:68)(cid:87)(cid:87)(cid:68)(cid:70)(cid:75)(cid:72)(cid:71)(cid:17)(cid:3)(cid:55)(cid:75)(cid:76)(cid:86)(cid:3)(cid:68)(cid:80)(cid:82)(cid:88)(cid:81)(cid:87)(cid:3)(cid:76)(cid:86)(cid:3)
(cid:85)(cid:72)(cid:70)(cid:82)(cid:74)(cid:81)(cid:76)(cid:86)(cid:72)(cid:71)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:81)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:81)(cid:86)(cid:72)(cid:3)(cid:72)(cid:76)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:76)(cid:80)(cid:80)(cid:72)(cid:71)(cid:76)(cid:68)(cid:87)(cid:72)(cid:79)(cid:92)(cid:3)(cid:76)(cid:73)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:81)(cid:82)(cid:3)(cid:89)(cid:72)(cid:86)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:82)(cid:81)(cid:71)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:15)(cid:3)(cid:82)(cid:85)(cid:3)(cid:82)(cid:89)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:89)(cid:72)(cid:86)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:3)(cid:76)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:89)(cid:72)(cid:86)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:82)(cid:81)(cid:71)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:17)(cid:3)(cid:3)
(cid:44)(cid:81)(cid:3)(cid:70)(cid:68)(cid:79)(cid:70)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:68)(cid:76)(cid:85)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:68)(cid:3)(cid:81)(cid:88)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:77)(cid:88)(cid:71)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:80)(cid:88)(cid:86)(cid:87)(cid:3)(cid:80)(cid:68)(cid:78)(cid:72)(cid:15)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:69)(cid:88)(cid:87)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:79)(cid:76)(cid:80)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:29)(cid:3)
(cid:121)(cid:3) (cid:72)(cid:86)(cid:87)(cid:76)(cid:80)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:79)(cid:76)(cid:78)(cid:72)(cid:79)(cid:76)(cid:75)(cid:82)(cid:82)(cid:71)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:84)(cid:88)(cid:76)(cid:87)(cid:92)(cid:3)
(cid:76)(cid:81)(cid:86)(cid:87)(cid:85)(cid:88)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:89)(cid:72)(cid:86)(cid:87)(cid:30)(cid:3)
(cid:121)(cid:3) (cid:72)(cid:86)(cid:87)(cid:76)(cid:80)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:70)(cid:87)(cid:72)(cid:71)(cid:3)(cid:73)(cid:88)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:3)(cid:83)(cid:85)(cid:76)(cid:70)(cid:72)(cid:3)
(cid:89)(cid:82)(cid:79)(cid:68)(cid:87)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:30)(cid:3)
(cid:121)(cid:3) (cid:72)(cid:91)(cid:83)(cid:72)(cid:70)(cid:87)(cid:72)(cid:71)(cid:3)(cid:71)(cid:76)(cid:89)(cid:76)(cid:71)(cid:72)(cid:81)(cid:71)(cid:3)(cid:92)(cid:76)(cid:72)(cid:79)(cid:71)(cid:30)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:121)(cid:3)
(cid:85)(cid:76)(cid:86)(cid:78)(cid:16)(cid:73)(cid:85)(cid:72)(cid:72)(cid:3)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:72)(cid:86)(cid:87)(cid:17)(cid:3)
(cid:39)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:86)(cid:76)(cid:74)(cid:81)(cid:76)(cid:73)(cid:76)(cid:70)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)
(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:79)(cid:72)(cid:89)(cid:72)(cid:79)(cid:3)(cid:82)(cid:73)(cid:3)(cid:77)(cid:88)(cid:71)(cid:74)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:76)(cid:81)(cid:89)(cid:82)(cid:79)(cid:89)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)
(cid:71)(cid:72)(cid:87)(cid:72)(cid:85)(cid:80)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:16)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)
(cid:83)(cid:68)(cid:92)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)(cid:70)(cid:68)(cid:79)(cid:70)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:16)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:83)(cid:68)(cid:92)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:81)(cid:86)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:72)(cid:3)(cid:68)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)
(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:17)(cid:3)
(cid:50)(cid:88)(cid:85)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:71)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:15)(cid:3)(cid:68)(cid:80)(cid:82)(cid:81)(cid:74)(cid:86)(cid:87)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:86)(cid:29)(cid:3)
(cid:50)(cid:69)(cid:87)(cid:68)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:86)(cid:87)(cid:68)(cid:81)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:81)(cid:87)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:82)(cid:79)(cid:86)(cid:3)(cid:68)(cid:86)(cid:86)(cid:82)(cid:70)(cid:76)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:72)(cid:83)(cid:68)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:80)(cid:82)(cid:71)(cid:72)(cid:79)(cid:3)(cid:88)(cid:86)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:68)(cid:76)(cid:85)(cid:3)
(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:83)(cid:68)(cid:92)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:15)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:87)(cid:75)(cid:82)(cid:86)(cid:72)(cid:3)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:82)(cid:3)(cid:89)(cid:82)(cid:79)(cid:68)(cid:87)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:79)(cid:92)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:86)(cid:72)(cid:70)(cid:88)(cid:85)(cid:76)(cid:87)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:80)(cid:82)(cid:71)(cid:72)(cid:79)(cid:3)(cid:88)(cid:86)(cid:72)(cid:71)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)
(cid:38)(cid:85)(cid:76)(cid:87)(cid:76)(cid:70)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:72)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:75)(cid:68)(cid:79)(cid:79)(cid:72)(cid:81)(cid:74)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:80)(cid:72)(cid:87)(cid:75)(cid:82)(cid:71)(cid:82)(cid:79)(cid:82)(cid:74)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:86)(cid:86)(cid:88)(cid:80)(cid:83)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3)(cid:83)(cid:85)(cid:72)(cid:83)(cid:68)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:80)(cid:82)(cid:71)(cid:72)(cid:79)(cid:15)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:182)(cid:86)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)
(cid:82)(cid:73)(cid:3)(cid:79)(cid:76)(cid:78)(cid:72)(cid:79)(cid:76)(cid:75)(cid:82)(cid:82)(cid:71)(cid:3)(cid:82)(cid:73)(cid:3)(cid:89)(cid:72)(cid:86)(cid:87)(cid:76)(cid:81)(cid:74)(cid:15)(cid:3)(cid:68)(cid:74)(cid:85)(cid:72)(cid:72)(cid:76)(cid:81)(cid:74)(cid:3)(cid:76)(cid:81)(cid:83)(cid:88)(cid:87)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:91)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3)(cid:86)(cid:82)(cid:88)(cid:85)(cid:70)(cid:72)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:76)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:68)(cid:86)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72)(cid:17)(cid:3)
(cid:36)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:83)(cid:82)(cid:79)(cid:76)(cid:70)(cid:92)(cid:3)(cid:68)(cid:86)(cid:3)
(cid:86)(cid:72)(cid:87)(cid:3)(cid:82)(cid:88)(cid:87)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:76)(cid:81)(cid:3)(cid:49)(cid:82)(cid:87)(cid:72)(cid:3)(cid:21)(cid:11)(cid:71)(cid:12)(cid:11)(cid:91)(cid:76)(cid:76)(cid:76)(cid:12)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:76)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)
(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:36)(cid:36)(cid:54)(cid:37)(cid:3)(cid:21)(cid:3)Share-
based Payment(cid:17)(cid:3)
(cid:36)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:71)(cid:72)(cid:84)(cid:88)(cid:68)(cid:70)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:79)(cid:82)(cid:86)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)
(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:17)(cid:3)
(cid:3)
(cid:3)
(cid:3)
90
Rox Resources Annual ReportIndependent Audit Report2021
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:53)(cid:50)(cid:59)(cid:3)(cid:53)(cid:40)(cid:54)(cid:50)(cid:56)(cid:53)(cid:38)(cid:40)(cid:54)(cid:3)(cid:47)(cid:44)(cid:48)(cid:44)(cid:55)(cid:40)(cid:39)(cid:3)
(cid:36)(cid:37)(cid:49)(cid:3)(cid:24)(cid:22)(cid:3)(cid:20)(cid:19)(cid:26)(cid:3)(cid:21)(cid:19)(cid:21)(cid:3)(cid:25)(cid:19)(cid:21)(cid:3)
(cid:44)(cid:49)(cid:39)(cid:40)(cid:51)(cid:40)(cid:49)(cid:39)(cid:40)(cid:49)(cid:55)(cid:3)(cid:36)(cid:56)(cid:39)(cid:44)(cid:55)(cid:50)(cid:53)(cid:182)(cid:54)(cid:3)(cid:53)(cid:40)(cid:51)(cid:50)(cid:53)(cid:55)(cid:3)
(cid:55)(cid:50)(cid:3)(cid:55)(cid:43)(cid:40)(cid:3)(cid:48)(cid:40)(cid:48)(cid:37)(cid:40)(cid:53)(cid:54)(cid:3)(cid:50)(cid:41)(cid:3)
(cid:53)(cid:50)(cid:59)(cid:3)(cid:53)(cid:40)(cid:54)(cid:50)(cid:56)(cid:53)(cid:38)(cid:40)(cid:54)(cid:3)(cid:47)(cid:44)(cid:48)(cid:44)(cid:55)(cid:40)(cid:39)(cid:3)
(cid:3)
(cid:53)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:3)
(cid:53)(cid:72)(cid:73)(cid:72)(cid:85)(cid:3)(cid:87)(cid:82)(cid:3)(cid:49)(cid:82)(cid:87)(cid:72)(cid:3)(cid:21)(cid:11)(cid:71)(cid:12)(cid:11)(cid:91)(cid:76)(cid:89)(cid:12)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:20)(cid:27)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)
(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:17)(cid:3)
(cid:3)
(cid:36)(cid:86)(cid:3)(cid:68)(cid:3)(cid:85)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)(cid:77)(cid:82)(cid:76)(cid:81)(cid:87)(cid:79)(cid:92)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:82)(cid:79)(cid:79)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:72)(cid:86)(cid:87)(cid:3)
(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:50)(cid:60)(cid:42)(cid:3)(cid:45)(cid:82)(cid:76)(cid:81)(cid:87)(cid:3)(cid:57)(cid:72)(cid:81)(cid:87)(cid:88)(cid:85)(cid:72)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:76)(cid:86)(cid:3)(cid:77)(cid:82)(cid:76)(cid:81)(cid:87)(cid:79)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:86)(cid:72)(cid:89)(cid:72)(cid:85)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:79)(cid:76)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:85)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:81)(cid:89)(cid:76)(cid:85)(cid:82)(cid:81)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)
(cid:71)(cid:76)(cid:86)(cid:87)(cid:88)(cid:85)(cid:69)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:75)(cid:76)(cid:86)(cid:87)(cid:82)(cid:85)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:60)(cid:82)(cid:88)(cid:68)(cid:81)(cid:80)(cid:76)(cid:3)(cid:42)(cid:82)(cid:79)(cid:71)(cid:3)(cid:51)(cid:85)(cid:82)(cid:77)(cid:72)(cid:70)(cid:87)(cid:17)(cid:3)(cid:3)(cid:53)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:70)(cid:87)(cid:76)(cid:89)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)
(cid:68)(cid:85)(cid:72)(cid:3)(cid:74)(cid:82)(cid:89)(cid:72)(cid:85)(cid:81)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:68)(cid:3)(cid:70)(cid:82)(cid:80)(cid:69)(cid:76)(cid:81)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:79)(cid:72)(cid:74)(cid:76)(cid:86)(cid:79)(cid:68)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:79)(cid:76)(cid:70)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:17)(cid:3)(cid:3)(cid:3)(cid:3)
(cid:36)(cid:87)(cid:3)(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:21)(cid:20)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:82)(cid:79)(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:3)(cid:68)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:86)(cid:88)(cid:70)(cid:75)(cid:3)
(cid:82)(cid:69)(cid:79)(cid:76)(cid:74)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:7)(cid:23)(cid:15)(cid:22)(cid:23)(cid:24)(cid:15)(cid:19)(cid:19)(cid:19)(cid:17)(cid:3)
(cid:55)(cid:75)(cid:76)(cid:86)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)(cid:68)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:3)(cid:74)(cid:76)(cid:89)(cid:72)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:71)(cid:72)(cid:87)(cid:72)(cid:85)(cid:80)(cid:76)(cid:81)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:86)(cid:3)(cid:72)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)(cid:68)(cid:86)(cid:86)(cid:88)(cid:80)(cid:83)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:88)(cid:86)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:77)(cid:88)(cid:71)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:81)(cid:68)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:72)(cid:91)(cid:87)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:73)(cid:88)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:72)(cid:3)(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:72)(cid:71)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:88)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)
(cid:70)(cid:82)(cid:86)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:86)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:87)(cid:76)(cid:80)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:90)(cid:75)(cid:72)(cid:81)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:87)(cid:68)(cid:78)(cid:72)(cid:3)(cid:83)(cid:79)(cid:68)(cid:70)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:70)(cid:82)(cid:81)(cid:82)(cid:80)(cid:76)(cid:70)(cid:3)
(cid:68)(cid:86)(cid:86)(cid:88)(cid:80)(cid:83)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:86)(cid:88)(cid:70)(cid:75)(cid:3)(cid:68)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:73)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:85)(cid:68)(cid:87)(cid:72)(cid:86)(cid:3)(cid:68)(cid:83)(cid:83)(cid:79)(cid:76)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:73)(cid:88)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:70)(cid:68)(cid:86)(cid:75)(cid:3)(cid:82)(cid:88)(cid:87)(cid:73)(cid:79)(cid:82)(cid:90)(cid:86)(cid:3)(cid:68)(cid:86)(cid:86)(cid:82)(cid:70)(cid:76)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)
(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:85)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:70)(cid:87)(cid:76)(cid:89)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:80)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3)
(cid:83)(cid:85)(cid:72)(cid:86)(cid:72)(cid:81)(cid:87)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:17)(cid:3)(cid:3)
(cid:50)(cid:88)(cid:85)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:71)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:15)(cid:3)(cid:68)(cid:80)(cid:82)(cid:81)(cid:74)(cid:86)(cid:87)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:86)(cid:29)(cid:3)
(cid:50)(cid:69)(cid:87)(cid:68)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:76)(cid:87)(cid:86)(cid:3)
(cid:82)(cid:69)(cid:79)(cid:76)(cid:74)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:85)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:72)(cid:3)(cid:71)(cid:76)(cid:86)(cid:87)(cid:88)(cid:85)(cid:69)(cid:72)(cid:71)(cid:3)(cid:68)(cid:85)(cid:72)(cid:68)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:86)(cid:87)(cid:76)(cid:80)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:73)(cid:88)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:70)(cid:82)(cid:86)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:15)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)
(cid:73)(cid:82)(cid:85)(cid:80)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:68)(cid:86)(cid:76)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:70)(cid:68)(cid:79)(cid:70)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:60)(cid:82)(cid:88)(cid:68)(cid:81)(cid:80)(cid:76)(cid:3)(cid:42)(cid:82)(cid:79)(cid:71)(cid:3)(cid:51)(cid:85)(cid:82)(cid:77)(cid:72)(cid:70)(cid:87)(cid:17)(cid:3)(cid:3)(cid:3)
(cid:40)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:72)(cid:86)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)(cid:68)(cid:86)(cid:86)(cid:88)(cid:80)(cid:83)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)
(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:72)(cid:70)(cid:82)(cid:81)(cid:82)(cid:80)(cid:76)(cid:70)(cid:3)(cid:68)(cid:86)(cid:86)(cid:88)(cid:80)(cid:83)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:82)(cid:79)(cid:79)(cid:82)(cid:90)(cid:76)(cid:81)(cid:74)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:71)(cid:88)(cid:85)(cid:72)(cid:86)(cid:29)(cid:3)
(cid:121)(cid:3)
(cid:121)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:84)(cid:88)(cid:68)(cid:79)(cid:76)(cid:73)(cid:76)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:76)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:83)(cid:85)(cid:72)(cid:83)(cid:68)(cid:85)(cid:72)(cid:85)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:81)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:75)(cid:76)(cid:86)(cid:3)(cid:73)(cid:76)(cid:72)(cid:79)(cid:71)(cid:3)
(cid:121)(cid:3) (cid:72)(cid:91)(cid:68)(cid:80)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:76)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)
(cid:86)(cid:76)(cid:74)(cid:81)(cid:76)(cid:73)(cid:76)(cid:70)(cid:68)(cid:81)(cid:87)(cid:3)(cid:70)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:73)(cid:88)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:70)(cid:82)(cid:86)(cid:87)(cid:86)(cid:3)
(cid:72)(cid:86)(cid:87)(cid:76)(cid:80)(cid:68)(cid:87)(cid:72)(cid:86)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:76)(cid:82)(cid:85)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:71)(cid:76)(cid:86)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:3)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:73)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:85)(cid:68)(cid:87)(cid:72)(cid:86)(cid:3)(cid:68)(cid:83)(cid:83)(cid:79)(cid:76)(cid:72)(cid:71)(cid:3)
(cid:87)(cid:82)(cid:3)(cid:73)(cid:88)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:70)(cid:68)(cid:86)(cid:75)(cid:3)(cid:82)(cid:88)(cid:87)(cid:73)(cid:79)(cid:82)(cid:90)(cid:86)(cid:3)(cid:88)(cid:86)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)
(cid:70)(cid:68)(cid:79)(cid:70)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:3)
(cid:85)(cid:72)(cid:70)(cid:68)(cid:79)(cid:70)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)(cid:26)(cid:19)(cid:8)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:72)(cid:86)(cid:87)(cid:3)
(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:87)(cid:82)(cid:87)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:60)(cid:82)(cid:88)(cid:68)(cid:81)(cid:80)(cid:76)(cid:3)(cid:42)(cid:82)(cid:79)(cid:71)(cid:3)(cid:51)(cid:85)(cid:82)(cid:77)(cid:72)(cid:70)(cid:87)(cid:17)(cid:3)
(cid:121)(cid:3)
(cid:36)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:71)(cid:72)(cid:84)(cid:88)(cid:68)(cid:70)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:79)(cid:82)(cid:86)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)
(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:17)(cid:3)
Other Information(cid:3)
(cid:55)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:79)(cid:72)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:76)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:76)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:85)(cid:76)(cid:86)(cid:72)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:76)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)(cid:68)(cid:81)(cid:81)(cid:88)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:72)(cid:81)(cid:71)(cid:72)(cid:71)(cid:3)(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:21)(cid:20)(cid:15)(cid:3)(cid:69)(cid:88)(cid:87)(cid:3)(cid:71)(cid:82)(cid:72)(cid:86)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)
(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:182)(cid:86)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:82)(cid:81)(cid:17)(cid:3)(cid:3)
(cid:50)(cid:88)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:71)(cid:82)(cid:72)(cid:86)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:70)(cid:82)(cid:89)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:76)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:76)(cid:81)(cid:74)(cid:79)(cid:92)(cid:3)(cid:90)(cid:72)(cid:3)(cid:71)(cid:82)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)
(cid:72)(cid:91)(cid:83)(cid:85)(cid:72)(cid:86)(cid:86)(cid:3)(cid:68)(cid:81)(cid:92)(cid:3)(cid:73)(cid:82)(cid:85)(cid:80)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:86)(cid:86)(cid:88)(cid:85)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:70)(cid:79)(cid:88)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:82)(cid:81)(cid:17)(cid:3)(cid:3)
(cid:44)(cid:81)(cid:3)(cid:70)(cid:82)(cid:81)(cid:81)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:15)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:76)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:85)(cid:72)(cid:68)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:76)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:15)(cid:3)(cid:76)(cid:81)(cid:3)(cid:71)(cid:82)(cid:76)(cid:81)(cid:74)(cid:3)(cid:86)(cid:82)(cid:15)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:85)(cid:3)(cid:90)(cid:75)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:76)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:76)(cid:86)(cid:3)(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:76)(cid:81)(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:86)(cid:87)(cid:72)(cid:81)(cid:87)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)
(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:85)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:78)(cid:81)(cid:82)(cid:90)(cid:79)(cid:72)(cid:71)(cid:74)(cid:72)(cid:3)(cid:82)(cid:69)(cid:87)(cid:68)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:82)(cid:85)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:90)(cid:76)(cid:86)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:72)(cid:68)(cid:85)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:72)(cid:3)(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:80)(cid:76)(cid:86)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:71)(cid:17)(cid:3)(cid:3)
(cid:44)(cid:73)(cid:15)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:3)(cid:90)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:72)(cid:71)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:76)(cid:86)(cid:3)(cid:68)(cid:3)(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:80)(cid:76)(cid:86)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)
(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:76)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:73)(cid:68)(cid:70)(cid:87)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:81)(cid:82)(cid:87)(cid:75)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:82)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:85)(cid:72)(cid:74)(cid:68)(cid:85)(cid:71)(cid:17)(cid:3)(cid:3)
(cid:3)
(cid:3)
91
Rox Resources Annual ReportIndependent Audit Report2021
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:53)(cid:50)(cid:59)(cid:3)(cid:53)(cid:40)(cid:54)(cid:50)(cid:56)(cid:53)(cid:38)(cid:40)(cid:54)(cid:3)(cid:47)(cid:44)(cid:48)(cid:44)(cid:55)(cid:40)(cid:39)(cid:3)
(cid:36)(cid:37)(cid:49)(cid:3)(cid:24)(cid:22)(cid:3)(cid:20)(cid:19)(cid:26)(cid:3)(cid:21)(cid:19)(cid:21)(cid:3)(cid:25)(cid:19)(cid:21)(cid:3)
(cid:44)(cid:49)(cid:39)(cid:40)(cid:51)(cid:40)(cid:49)(cid:39)(cid:40)(cid:49)(cid:55)(cid:3)(cid:36)(cid:56)(cid:39)(cid:44)(cid:55)(cid:50)(cid:53)(cid:182)(cid:54)(cid:3)(cid:53)(cid:40)(cid:51)(cid:50)(cid:53)(cid:55)(cid:3)
(cid:55)(cid:50)(cid:3)(cid:55)(cid:43)(cid:40)(cid:3)(cid:48)(cid:40)(cid:48)(cid:37)(cid:40)(cid:53)(cid:54)(cid:3)(cid:50)(cid:41)(cid:3)
(cid:53)(cid:50)(cid:59)(cid:3)(cid:53)(cid:40)(cid:54)(cid:50)(cid:56)(cid:53)(cid:38)(cid:40)(cid:54)(cid:3)(cid:47)(cid:44)(cid:48)(cid:44)(cid:55)(cid:40)(cid:39)(cid:3)
(cid:3)
Responsibilities of the Directors for the Financial Report
(cid:55)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:79)(cid:72)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:72)(cid:83)(cid:68)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:74)(cid:76)(cid:89)(cid:72)(cid:86)(cid:3)(cid:68)(cid:3)
(cid:87)(cid:85)(cid:88)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:73)(cid:68)(cid:76)(cid:85)(cid:3)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:81)(cid:3)(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)Corporations Act 2001
(cid:68)(cid:81)(cid:71)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:86)(cid:88)(cid:70)(cid:75)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:82)(cid:79)(cid:3)(cid:68)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:71)(cid:72)(cid:87)(cid:72)(cid:85)(cid:80)(cid:76)(cid:81)(cid:72)(cid:3)(cid:76)(cid:86)(cid:3)(cid:81)(cid:72)(cid:70)(cid:72)(cid:86)(cid:86)(cid:68)(cid:85)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)(cid:72)(cid:81)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:72)(cid:83)(cid:68)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:74)(cid:76)(cid:89)(cid:72)(cid:86)(cid:3)(cid:68)(cid:3)(cid:87)(cid:85)(cid:88)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:73)(cid:68)(cid:76)(cid:85)(cid:3)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:86)(cid:3)(cid:73)(cid:85)(cid:72)(cid:72)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:80)(cid:76)(cid:86)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:15)(cid:3)(cid:90)(cid:75)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:71)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:73)(cid:85)(cid:68)(cid:88)(cid:71)(cid:3)(cid:82)(cid:85)(cid:3)(cid:72)(cid:85)(cid:85)(cid:82)(cid:85)(cid:17)(cid:3)(cid:3)
(cid:44)(cid:81)(cid:3)(cid:83)(cid:85)(cid:72)(cid:83)(cid:68)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:79)(cid:72)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:3)(cid:74)(cid:82)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:82)(cid:81)(cid:70)(cid:72)(cid:85)(cid:81)(cid:15)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:79)(cid:82)(cid:86)(cid:76)(cid:81)(cid:74)(cid:15)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:83)(cid:83)(cid:79)(cid:76)(cid:70)(cid:68)(cid:69)(cid:79)(cid:72)(cid:15)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:74)(cid:82)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:82)(cid:81)(cid:70)(cid:72)(cid:85)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:88)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:74)(cid:82)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:82)(cid:81)(cid:70)(cid:72)(cid:85)(cid:81)(cid:3)(cid:69)(cid:68)(cid:86)(cid:76)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:88)(cid:81)(cid:79)(cid:72)(cid:86)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:72)(cid:76)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:81)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:79)(cid:76)(cid:84)(cid:88)(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:82)(cid:85)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:72)(cid:68)(cid:86)(cid:72)(cid:3)
(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:15)(cid:3)(cid:82)(cid:85)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:81)(cid:82)(cid:3)(cid:85)(cid:72)(cid:68)(cid:79)(cid:76)(cid:86)(cid:87)(cid:76)(cid:70)(cid:3)(cid:68)(cid:79)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:69)(cid:88)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:71)(cid:82)(cid:3)(cid:86)(cid:82)(cid:17)(cid:3)(cid:3)
Auditor’s Responsibilities for the Audit of the Financial Report
(cid:50)(cid:88)(cid:85)(cid:3)(cid:82)(cid:69)(cid:77)(cid:72)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:82)(cid:69)(cid:87)(cid:68)(cid:76)(cid:81)(cid:3)(cid:85)(cid:72)(cid:68)(cid:86)(cid:82)(cid:81)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:68)(cid:86)(cid:86)(cid:88)(cid:85)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:68)(cid:69)(cid:82)(cid:88)(cid:87)(cid:3)(cid:90)(cid:75)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:3)(cid:90)(cid:75)(cid:82)(cid:79)(cid:72)(cid:3)(cid:76)(cid:86)(cid:3)
(cid:73)(cid:85)(cid:72)(cid:72)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:80)(cid:76)(cid:86)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:15)(cid:3)(cid:90)(cid:75)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:71)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:73)(cid:85)(cid:68)(cid:88)(cid:71)(cid:3)(cid:82)(cid:85)(cid:3)(cid:72)(cid:85)(cid:85)(cid:82)(cid:85)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:76)(cid:86)(cid:86)(cid:88)(cid:72)(cid:3)(cid:68)(cid:81)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:182)(cid:86)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)
(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:86)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)(cid:53)(cid:72)(cid:68)(cid:86)(cid:82)(cid:81)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:68)(cid:86)(cid:86)(cid:88)(cid:85)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:76)(cid:86)(cid:3)(cid:68)(cid:3)(cid:75)(cid:76)(cid:74)(cid:75)(cid:3)(cid:79)(cid:72)(cid:89)(cid:72)(cid:79)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:86)(cid:86)(cid:88)(cid:85)(cid:68)(cid:81)(cid:70)(cid:72)(cid:15)(cid:3)(cid:69)(cid:88)(cid:87)(cid:3)(cid:76)(cid:86)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:68)(cid:3)(cid:74)(cid:88)(cid:68)(cid:85)(cid:68)(cid:81)(cid:87)(cid:72)(cid:72)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)
(cid:68)(cid:81)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:70)(cid:82)(cid:81)(cid:71)(cid:88)(cid:70)(cid:87)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:81)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:68)(cid:79)(cid:90)(cid:68)(cid:92)(cid:86)(cid:3)(cid:71)(cid:72)(cid:87)(cid:72)(cid:70)(cid:87)(cid:3)(cid:68)(cid:3)(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)
(cid:80)(cid:76)(cid:86)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:90)(cid:75)(cid:72)(cid:81)(cid:3)(cid:76)(cid:87)(cid:3)(cid:72)(cid:91)(cid:76)(cid:86)(cid:87)(cid:86)(cid:17)(cid:3)(cid:48)(cid:76)(cid:86)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:70)(cid:68)(cid:81)(cid:3)(cid:68)(cid:85)(cid:76)(cid:86)(cid:72)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:73)(cid:85)(cid:68)(cid:88)(cid:71)(cid:3)(cid:82)(cid:85)(cid:3)(cid:72)(cid:85)(cid:85)(cid:82)(cid:85)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)
(cid:76)(cid:73)(cid:15)(cid:3)(cid:76)(cid:81)(cid:71)(cid:76)(cid:89)(cid:76)(cid:71)(cid:88)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:82)(cid:85)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:74)(cid:74)(cid:85)(cid:72)(cid:74)(cid:68)(cid:87)(cid:72)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:92)(cid:3)(cid:70)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)(cid:85)(cid:72)(cid:68)(cid:86)(cid:82)(cid:81)(cid:68)(cid:69)(cid:79)(cid:92)(cid:3)(cid:69)(cid:72)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:70)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:76)(cid:81)(cid:73)(cid:79)(cid:88)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:70)(cid:82)(cid:81)(cid:82)(cid:80)(cid:76)(cid:70)(cid:3)
(cid:71)(cid:72)(cid:70)(cid:76)(cid:86)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:88)(cid:86)(cid:72)(cid:85)(cid:86)(cid:3)(cid:87)(cid:68)(cid:78)(cid:72)(cid:81)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:68)(cid:86)(cid:76)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:17)(cid:3)
(cid:36)(cid:86)(cid:3)(cid:83)(cid:68)(cid:85)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:81)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:81)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:72)(cid:91)(cid:72)(cid:85)(cid:70)(cid:76)(cid:86)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:73)(cid:72)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)
(cid:77)(cid:88)(cid:71)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:80)(cid:68)(cid:76)(cid:81)(cid:87)(cid:68)(cid:76)(cid:81)(cid:3)(cid:83)(cid:85)(cid:82)(cid:73)(cid:72)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:86)(cid:70)(cid:72)(cid:83)(cid:87)(cid:76)(cid:70)(cid:76)(cid:86)(cid:80)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:82)(cid:88)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:29)(cid:3)(cid:3)
(cid:121)(cid:3)
(cid:44)(cid:71)(cid:72)(cid:81)(cid:87)(cid:76)(cid:73)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:80)(cid:76)(cid:86)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:15)(cid:3)(cid:90)(cid:75)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:71)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:73)(cid:85)(cid:68)(cid:88)(cid:71)(cid:3)
(cid:82)(cid:85)(cid:3)(cid:72)(cid:85)(cid:85)(cid:82)(cid:85)(cid:15)(cid:3)(cid:71)(cid:72)(cid:86)(cid:76)(cid:74)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:71)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:89)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:82)(cid:86)(cid:72)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:86)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:69)(cid:87)(cid:68)(cid:76)(cid:81)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)
(cid:72)(cid:89)(cid:76)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:76)(cid:86)(cid:3)(cid:86)(cid:88)(cid:73)(cid:73)(cid:76)(cid:70)(cid:76)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:3)(cid:68)(cid:3)(cid:69)(cid:68)(cid:86)(cid:76)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:82)(cid:73)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)
(cid:71)(cid:72)(cid:87)(cid:72)(cid:70)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:3)(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:80)(cid:76)(cid:86)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:85)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:73)(cid:85)(cid:68)(cid:88)(cid:71)(cid:3)(cid:76)(cid:86)(cid:3)(cid:75)(cid:76)(cid:74)(cid:75)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:68)(cid:81)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:82)(cid:81)(cid:72)(cid:3)(cid:85)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:72)(cid:85)(cid:85)(cid:82)(cid:85)(cid:15)(cid:3)
(cid:68)(cid:86)(cid:3)(cid:73)(cid:85)(cid:68)(cid:88)(cid:71)(cid:3)(cid:80)(cid:68)(cid:92)(cid:3)(cid:76)(cid:81)(cid:89)(cid:82)(cid:79)(cid:89)(cid:72)(cid:3)(cid:70)(cid:82)(cid:79)(cid:79)(cid:88)(cid:86)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:73)(cid:82)(cid:85)(cid:74)(cid:72)(cid:85)(cid:92)(cid:15)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:81)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:82)(cid:80)(cid:76)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:86)(cid:15)(cid:3)(cid:80)(cid:76)(cid:86)(cid:85)(cid:72)(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:86)(cid:15)(cid:3)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:82)(cid:89)(cid:72)(cid:85)(cid:85)(cid:76)(cid:71)(cid:72)(cid:3)
(cid:82)(cid:73)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:82)(cid:79)(cid:17)(cid:3)(cid:3)
(cid:121)(cid:3) (cid:50)(cid:69)(cid:87)(cid:68)(cid:76)(cid:81)(cid:3)(cid:68)(cid:81)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:86)(cid:87)(cid:68)(cid:81)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:82)(cid:79)(cid:3)(cid:85)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:81)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:82)(cid:85)(cid:71)(cid:72)(cid:85)(cid:3)(cid:87)(cid:82)(cid:3)(cid:71)(cid:72)(cid:86)(cid:76)(cid:74)(cid:81)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)
(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:71)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:76)(cid:85)(cid:70)(cid:88)(cid:80)(cid:86)(cid:87)(cid:68)(cid:81)(cid:70)(cid:72)(cid:86)(cid:15)(cid:3)(cid:69)(cid:88)(cid:87)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:88)(cid:85)(cid:83)(cid:82)(cid:86)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:72)(cid:91)(cid:83)(cid:85)(cid:72)(cid:86)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:3)
(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:73)(cid:73)(cid:72)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:82)(cid:79)(cid:17)(cid:3)(cid:3)
(cid:121)(cid:3) (cid:40)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:83)(cid:82)(cid:79)(cid:76)(cid:70)(cid:76)(cid:72)(cid:86)(cid:3)(cid:88)(cid:86)(cid:72)(cid:71)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:68)(cid:86)(cid:82)(cid:81)(cid:68)(cid:69)(cid:79)(cid:72)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:72)(cid:86)(cid:87)(cid:76)(cid:80)(cid:68)(cid:87)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:79)(cid:82)(cid:86)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)(cid:80)(cid:68)(cid:71)(cid:72)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:17)(cid:3)(cid:3)
(cid:121)(cid:3) (cid:38)(cid:82)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:182)(cid:3)(cid:88)(cid:86)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:74)(cid:82)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:82)(cid:81)(cid:70)(cid:72)(cid:85)(cid:81)(cid:3)(cid:69)(cid:68)(cid:86)(cid:76)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:15)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:72)(cid:89)(cid:76)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:82)(cid:69)(cid:87)(cid:68)(cid:76)(cid:81)(cid:72)(cid:71)(cid:15)(cid:3)(cid:90)(cid:75)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:68)(cid:3)(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:88)(cid:81)(cid:70)(cid:72)(cid:85)(cid:87)(cid:68)(cid:76)(cid:81)(cid:87)(cid:92)(cid:3)(cid:72)(cid:91)(cid:76)(cid:86)(cid:87)(cid:86)(cid:3)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:72)(cid:89)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)
(cid:82)(cid:85)(cid:3)(cid:70)(cid:82)(cid:81)(cid:71)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:80)(cid:68)(cid:92)(cid:3)(cid:70)(cid:68)(cid:86)(cid:87)(cid:3)(cid:86)(cid:76)(cid:74)(cid:81)(cid:76)(cid:73)(cid:76)(cid:70)(cid:68)(cid:81)(cid:87)(cid:3)(cid:71)(cid:82)(cid:88)(cid:69)(cid:87)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:3)(cid:74)(cid:82)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:82)(cid:81)(cid:70)(cid:72)(cid:85)(cid:81)(cid:17)(cid:3)
(cid:44)(cid:73)(cid:3)(cid:90)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:68)(cid:3)(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:88)(cid:81)(cid:70)(cid:72)(cid:85)(cid:87)(cid:68)(cid:76)(cid:81)(cid:87)(cid:92)(cid:3)(cid:72)(cid:91)(cid:76)(cid:86)(cid:87)(cid:86)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:71)(cid:85)(cid:68)(cid:90)(cid:3)(cid:68)(cid:87)(cid:87)(cid:72)(cid:81)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:76)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:182)(cid:86)(cid:3)
(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:79)(cid:82)(cid:86)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:85)(cid:15)(cid:3)(cid:76)(cid:73)(cid:3)(cid:86)(cid:88)(cid:70)(cid:75)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:79)(cid:82)(cid:86)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:76)(cid:81)(cid:68)(cid:71)(cid:72)(cid:84)(cid:88)(cid:68)(cid:87)(cid:72)(cid:15)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:80)(cid:82)(cid:71)(cid:76)(cid:73)(cid:92)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)(cid:50)(cid:88)(cid:85)(cid:3)(cid:70)(cid:82)(cid:81)(cid:70)(cid:79)(cid:88)(cid:86)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:72)(cid:89)(cid:76)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:82)(cid:69)(cid:87)(cid:68)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)(cid:88)(cid:83)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:68)(cid:87)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:182)(cid:86)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:17)(cid:3)(cid:43)(cid:82)(cid:90)(cid:72)(cid:89)(cid:72)(cid:85)(cid:15)(cid:3)(cid:73)(cid:88)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:72)(cid:89)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:85)(cid:3)(cid:70)(cid:82)(cid:81)(cid:71)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:80)(cid:68)(cid:92)(cid:3)(cid:70)(cid:68)(cid:88)(cid:86)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:72)(cid:68)(cid:86)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:3)(cid:74)(cid:82)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:82)(cid:81)(cid:70)(cid:72)(cid:85)(cid:81)(cid:17)(cid:3)(cid:3)
(cid:121)(cid:3) (cid:40)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:82)(cid:89)(cid:72)(cid:85)(cid:68)(cid:79)(cid:79)(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:15)(cid:3)(cid:86)(cid:87)(cid:85)(cid:88)(cid:70)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:15)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:71)(cid:76)(cid:86)(cid:70)(cid:79)(cid:82)(cid:86)(cid:88)(cid:85)(cid:72)(cid:86)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:75)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:85)(cid:72)(cid:83)(cid:85)(cid:72)(cid:86)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:79)(cid:92)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:85)(cid:68)(cid:81)(cid:86)(cid:68)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:89)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)
(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