TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
ANNUAL REPORT
FOR THE YEAR ENDED
30 JUNE 2021
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
Contents
Corporate Directory
Letter from the Chair
Directors’ Report
Auditor's Independence Declaration
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Directors' Declaration
Independent Auditor's Report
Additional Information (ASX Listing Rules)
Page
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3
4
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25
26
47
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52
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TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
Corporate Directory
Directors
Maja McGuire (Non-Executive Chair)
Ashley Hood (Managing Director)
Andrew Jones (Executive Director)
Rick Govender (Non-Executive Director)
Company secretary
Rick Govender
Registered office
Level 28 AMP Tower
140 St George Terrace
Perth WA 6000
Principal place of business
683 Murray Street
West Perth WA 6005
Share register
Auditor
Solicitors
Automic Pty Ltd
Level 5 126 Philip St
Sydney NSW 2000
PKF Brisbane Audit
Level 6, 10 Eagle Street
Brisbane QLD 4000
Nova Legal Pty Ltd
Level 2 50 Kings Park Road
West Perth WA 6005
Website
www.techgenmetals.com.au
ASX ticker
TG1
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TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
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Letter from the Chair
Dear Shareholders
Welcome to TechGen Metals Limited’s Annual Report for the year ended 30 June 2021. It has been an extraordinary
start for our newly listed Company!
Exploration Focus – Ida Valley gold & Ashburton copper
Since listing on the ASX on 7 April 2021, we have continued to aggressively explore our portfolio of seven West
Australian gold and copper projects, delivering on all of our exploration commitments. Our focus continues on our
new fully owned greenfields gold discovery at Ida Valley. Encouragingly, the prospect had never been drilled before
and results from the maiden drill campaign are not only extremely encouraging, but also illustrate that mineralisation
appears to be open in all directions. A subsequent larger drill campaign in August 2021 focused on extending the
maiden discovery holes and new untested anomalies. We look forward to updating you on the results from this
exploration program. We were extremely encouraged by the results of our airborne VTEM Max survey completed
across each of our fully owned Ashburton projects, which validated the perspectivity of our flagship copper projects.
Importantly, the survey confirmed the presence of three strong and discrete bedrock conductors in areas of
favourable geological setting and magnetic and structural contact complexity. This has been followed up with
ground EM with view to drilling in the region at the end of Calendar Year 2021. Complementing our gold and
copper focus are global commodity drivers presenting a favourable big-picture backdrop to our exploration
activities. This on-going investment momentum presents exciting opportunities to our holders.
Diversified Project Pipeline – Determined to make a discovery
We are pleased with the systematic exploration approach and progress being made on our current projects and will
continue our generative strategy to new greenfield prospects that maintains a pipeline of discovery opportunities
that complement our current portfolio. The Board is determined to make a significant discovery which shows the
potential to be economic.
Capital Highlights – Leveraged to growth & capital management focus
TechGen Metals is well funded for its next exploration phase, having raised $6M (before costs) in our heavily
oversubscribed initial public offering. With 52.5M shares on issue and no debt, we have an attractive capital
structure that is leveraged to growth. The Board aims to maintain our strong financial position and exercise
discipline on capital management.
Team – Experienced & “skin in the game”
We have an experienced Board and Management team, continuing to have “skin in the game”. Project vendors,
substantial holders and Directors Ashley Hood and Andrew Jones are highly motivated to manage projects actively
and deliver value to their fellow shareholders. Their skills are complemented by high-calibre consultants. I would
like to thank our exploration team for their focus on developing our exploration strategy which we trust will deliver
significant value to our shareholders. The Board is also focused on continuing to build positive relationships with
our external team of stakeholders including investors, landowners and local communities.
I would like to thank our valued shareholders, my fellow Directors and the entire TechGen team for your continued
guidance and support. I am looking forward to the year ahead and to further exciting gold and copper discoveries!
Yours Sincerely
Maja McGuire
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TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
DIRECTORS REPORT
Your directors present their report on TechGen Metals Ltd (“the Company”) and its controlled entities (“the Group”)
for the financial year ended 30 June 2021. TechGen Metals Ltd was formerly known as International Cobalt
Resources Ltd.
The names of the directors in office at any time during, or since the end of, the year are:
Shaun Cartwright
Andrew Jones
Ashley Hood
Maja McGuire
Rick (Sathiaseelan) Govender
appointed: November 2018
appointed: February 2020
appointed: February 2018
re-appointed: February 2020
appointed: November 2020
appointed: December 2020
The Company Secretary is Rick Govender.
resigned: December 2020
resigned: March 2019
Directors have been in office since the start of the financial year to the date of this report, unless otherwise stated.
Principal Activities
During the financial year the principal continuing activities of the Company consisted of mineral exploration
activities in Western Australia.
Review of Operations
TechGen Metals Limited (“TechGen” or the “Company”) is pleased to provide an update on exploration activities
completed during the year ended 30 June 2021, following the Company's successful admission to the official list of
the Australian Securities Exchange (ASX) on 7 April 2021.
The Company is a highly active junior explorer with 100% ownership of seven gold and copper exploration projects
which are strategically located in the Yilgarn Craton, Ashburton Basin and Paterson Orogen regions of Western
Australia. The spread of projects across these three highly prospective geographical regions provides the Company
with geographical and operational diversification.
COMPANY PROJECTS
Yilgarn Craton Projects
The Archean-age Yilgarn Craton is Australia's premier gold and nickel province and is located in the southern half
of Western Australia. The Craton consists of oval shaped areas of granite rocks fringed by arcuate greenstone belts
and has been divided into several geological terranes which are separated by significant regional-scale faults. The
Company considers its Yilgarn Craton Projects to be prospective for gold mineralisation.
Ida Valley Project
The Ida Valley Project is located 90km northwest of Leonora in the Goldfields Region of Western Australia. The
project consists of three Exploration Licences, namely E29/1053, E36/979 and E36/1015, located within the
Kalgoorlie Terrane of the Yilgarn Craton.
During the year the Company completed an RC drilling program, soil sampling program and applied for a new
Exploration Licence to extend the project area.
A maiden RC drilling program of 11 RC drill holes for a total of 990m was completed to test areas of soil gold
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TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
DIRECTORS REPORT
anomalism and rock chip gold anomalism previously identified by the Company. The assay results from the
drilling program have confirmed a new gold discovery at Ida Valley with four out of eleven drill holes returning
assays of greater than 1g/t Au. Gold mineralisation is from surface, remains open at depth and along strike and is
associated with laminated quartz veining, arsenopyrite and pyrite within amphibolite and ultramafic rock units.
The best composite assay results returned included:
•
•
•
•
8m @ 2.30g/t Au from 36m which included 4m @ 4.02g/t Au from 40m (Hole IVRC003)
8m @ 1.25g/t Au from 20m (Hole IVRC001)
36m @ 0.95g/t Au from 52m (Hole IVRC002) which incl. 4m @ 1.41g/t Au from 60m, 4m @ 1.26g/t Au
from 72m & 4m @ 2.63g/t Au from 84m and
4m @ 1.63g/t Au from 52m (Hole IVRC011).
The geology, alteration and veining observed in the drilling program was significant enough for the Company to
apply for another Exploration Licence, E36/1015, covering an area of 85km2 to extend the existing Ida Valley
Project area. The new application area contains localised magnetic highs along fault structures that are similar in
appearance to the main area of soil and rock chip gold anomalism where RC drilling has confirmed the presence of
bedrock gold mineralisation.
The Company also completed a soil sampling program consisting of 1,220 samples taken along east-west
sample lines stepping out to the north and south of the central area where previous soil and rock chip sampling
identified gold anomalism and the RC drilling program was completed. At the end of the quarter these assay
results were still pending.
El Donna Project
The El Donna Project is located 50km northeast of Kalgoorlie in the Goldfields Region of Western Australia. The
project consists of a single Exploration Licence E27/610 located within the Kurnalpi Terrane of the Yilgarn Craton.
During the year the Company reported rock chip sampling assay results from the Star Prospect, completed an RC
drilling program and undertook a heritage survey.
A small rock chip sampling program (11 samples) was completed at the Star Prospect. The Star Prospect consists
of shallow historic gold workings oriented in a line extending over approximately 40m. Quartz vein and iron-rich
material was sampled. The assay results returned included a maximum high-grade result of 250g/t Au as well as
other anomalous results such as 23g/t Au, 4.62g/t Au and 0.95g/t Au.
A maiden RC drilling program of 11 drill holes for a total of 1,346m was completed. Eight drill holes were
completed at the El Donna 7 Prospect and three drill holes were completed at the Star Prospect. The best composite
assay results returned included:
•
•
8m @ 1.3g/t Au from 56m (Hole ELRC003) and
8m @ 1.0g/t Au from 84m (Hole ELRC004).
A heritage survey was completed at the project area with representatives of the Maduwongga People, the areas
native title claimants, in preparation for future exploration works across the project area.
Ashburton Basin Projects
The Ashburton Basin is a northwest trending arcuate belt of Proterozoic-age sedimentary and volcanic rocks which
forms the northern part of the Capricorn Orogen. The Capricorn Orogen is a major tectonic zone, 1,000km long and
500km wide located between the Archean Yilgarn and Pilbara Cratons of Western Australia. The Company
considers its Ashburton Basin Projects to be prospective for both gold and base metal mineralisation.
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TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
DIRECTORS REPORT
Blue Rock Valley Project
The Blue Rock Valley Project is located 175km west of Paraburdoo in northern Western Australia. The project
comprises two Exploration Licences, E08/3030 and E08/3276.
During the year the Company undertook a heliborne Versatile Time Domain Electro Magnetic (VTEM Max)
geophysical survey which consisted of 928-line kilometres of surveying with nominal 200m spacings between flight
lines. Preliminary data has been received and reviewed by Southern Geoscience Consultants, confirming the
successful identification of three quality strong, late time, bedrock conductors. Two of the conductors are localised,
late time, conductors present on a single flight line, in favourable structural and geological settings on or adjacent
to mapped structures/fold axial traces. The third conductor is larger and potentially more significant has been
identified over three flight lines adjacent to a structural flexure/bend within the regional Talga Fault. The Talga
Fault is believed to be the structural conduit responsible for historic copper oxide mineralisation at the Blue Rock
Prospect also located within the project area.
Station Creek Project
The Station Creek Project is located 70km southwest of Paraburdoo in northern Western Australia. The project
comprises Exploration Licence E08/2946.
During the year an airborne VTEM Max survey was completed consisting of 280-line kilometres of surveying with
nominal 200m spacings between flight lines and 100m spacings on infill flight lines. Preliminary data has identified
the presence of several areas of early channel anomalism transitioning to mid-channel induced polarisation (IP)
effects. In addition, at Station Creek the results of the airborne magnetics survey undertaken at the same time as the
VTEM survey indicates a magnetic high coincident with a northwest - southeast trending fault and an area of
previous high-grade copper, silver and gold rock chip anomalism.
Mt Boggola Project
The Mt Boggola Project is located 60km south of Paraburdoo in Western Australia. The project comprises two
Exploration Licences, E08/2996 and E08/3269.
An airborne VTEM Max survey was completed during the year at the Mt Boggola Project consisting of 317-line
kilometres of surveying with nominal 200m spacing between flight lines with 100m infill spaced flight lines. The
preliminary VTEM data has confirmed the presence of three strong and discrete late time bedrock conductors. The
conductors are present across all EM channel data (Early, Mid & Late time channels). The Company is highly
encouraged by the conductor’s location being in areas of favourable geological setting, magnetic and structural
complexity.
Paterson Orogen Projects
The Proterozoic-aged Paterson Orogen contains Telfer, one of Australia's largest gold deposits, the Kintyre Uranium
deposit, and the Nifty Copper Mine. The Orogen can be subdivided into two major packages of rocks. The older
package is the Rudall Complex, and the younger package is subdivided into the Lamil Group, Throssell Group and
Tarcunyah Group. The Paterson Orogen has seen a high level of recent exploration activity following the discovery
of the Havieron Au-Cu deposit in 2018 by Greatland Gold Plc and the discovery of the Winu Cu-Au deposit by Rio
Tinto Ltd in 2019. The Company considers its Paterson Orogen Projects to be prospective for intrusive related
copper-gold and sediment hosted base metal (copper-lead–zinc–silver) style mineralisation.
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TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
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DIRECTORS REPORT
Harbutt Range Project
The Harbutt Range Project is located 320km east of the town of Newman on the edge of the Great Sandy Desert in
Western Australia. The project comprises two granted Exploration Licences, namely E45/5294 and E45/5439.
The Harbutt Range Project lies within the Rudall Complex, the older portion of the Paterson Orogen. Several
untested geophysical targets, EM and IP, are known within the project area.
Activities during the year included field visits to target areas, modelling of historic geophysical data and planning
of ground EM surveys.
North Nifty Project
The North Nifty Project is located approximately 250km northeast of Newman in Western Australia. The project
comprises two Exploration Licences, E45/5506 and E45/5511, which were granted during June 2021.
The North Nifty Project lies within the Throssell Group, the younger portion of the Paterson Orogen. The Project
has experienced limited exploration with exploration to date focusing on the Hakea Prospect, a broad copper
anomaly identified initially by lag sampling.
No field activities were undertaken at the project during the year.
FORWARD WORK PLANS
Ida Valley Project
Exploration will include a second RC drilling program and interpretation of soil sampling results (1,220
samples) and 1m RC sample results (274 samples) once received from the laboratory.
El Donna Project
Exploration will include continued interpretation of the historic drilling database and a soil sampling program.
Blue Rock Valley Project
Exploration will include a ground EM survey to cover the recently identified airborne VTEM conductors,
potentially a Gradient Array Induced Polarisation (GAIP) survey over the Blue Rocks Copper Prospect along
with geological mapping.
Station Creek Project
Exploration will include a Gradient Array Induced Polarisation (GAIP) survey over previously identified areas
of high-grade copper-gold-silver rock chip anomalism along with geological mapping.
Mt Boggola Project
Exploration will include a ground EM survey to cover the recently identified airborne VTEM conductors,
potentially a Gradient Array Induced Polarisation (GAIP) survey over previously identified areas of high-grade
copper-gold-silver rock chip anomalism along with geological mapping.
Harbutt Range Project
Exploration is planned to involve ground EM surveys over several historical airborne EM targets.
North Nifty Project
Exploration will likely include a field reconnaissance visit to the project area and soil sampling.
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TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
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DIRECTORS REPORT
TENEMENT SCHEDULE
Table: List of exploration tenements held by the Company as at the end of June 2021.
Project
Tenement
Status
Ida Valley
Ida Valley
Ida Valley
El Donna
E29/1053
Granted
E36/979
Application
E36/1015
Application
E27/610
Granted
Granted
Harbutt Range
E45/5294
Area
(km2)
39
75
85
14
63
Grant Date
5/07/2019
5/02/2020
18/03/2019
Harbutt Range
E45/5439
Granted
313
25/02/2020
North Nifty
E45/5506
North Nifty
E45/5511
Station Creek
E08/2946
Blue Rock Valley
E08/3030
Granted
Granted
Granted
Granted
Blue Rock Valley
E08/3276
Application
Mt Boggola
E08/2996
Granted
Mt Boggola
E08/3269
Application
31
16
54
101
101
63
116
3/06/2021
3/06/2021
3/12/2018
24/02/2020
9/10/2019
Operating and Financial Review
Term
(Years)
Interest
5
5
5
5
5
5
5
5
5
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
The Group incurred a loss of $2,166,292 for the year (2020: $343,027), relating mainly to share based payments
and administration costs. The principal activity of the Group during the financial year was the exploration and
evaluation of mineral resources. There was no significant change in the Group’s state of affairs, other than those
listed below.
TechGen Metals Limited remains one of the most active junior explorers recently listing on the 7 April 2021 with
drilling and field activities already planned at the time of listing on the Australian Securities Exchange with a project
generation pipeline implemented and activated on 100% owned assets. The principal activity and focus of the
business is consistent of a junior exploration mining company and the Company has been active in the field
completing three airborne EM surveys, two RC drilling programs, a soil sampling program, heritage surveys, further
tenement applications and geological field work within our project areas.
Significant changes in the state of Affairs
The principal activities of the Group are Copper and Gold mineral exploration, and their potential future
development. There were no significant changes in the nature of the Group’s activities during the year.
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TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
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DIRECTORS REPORT
Events Subsequent to Balance Date
The impact of the Coronavirus (COVID-19) pandemic is ongoing and has become a significant matter around the
globe. Management is monitoring these developments and any potential future impact on the financial position and
performance of the Group. However, it is not practicable to estimate the potential impact, positive or negative, after
the reporting date. The situation is rapidly developing and is dependent on measures imposed by the Australian
Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions
and any economic stimulus that may be provided.
No other matters or circumstances have arisen since the end of the financial year which significantly affected or
may significantly affect the operations of the Group, the result of those operations, or the state of affairs of the
Group in future financial periods.
Environmental Issues
The Group’s operations are subject to environmental regulations in relation to its exploration activities. The Group
is compliant with all aspects of these requirements. The Directors are not aware of any environmental law that is
not being complied with.
Dividends
No dividends were paid during the year and no recommendation is made as to the dividends.
Shares under Option
At the date of this report, the unissued ordinary shares of TechGen Metals Ltd under option are as follows:
Grant date
26 Nov 2020
26 Nov 2020
7 Apr 2021
Number under option
500,000
3,333,334
10,000,000
Expiry date
07 Apr 2023
07 Apr 2024
07 Apr 2024
Issue price of shares
$0.60
$0.30
$0.30
The Company has also issued 4,750,000 Performance rights which convert into one (1) fully paid ordinary share,
subject to satisfaction of the milestones set out below applicable to the relevant tranche of Performance rights on
the date specified in the milestone applicable to the relevant Performance:
- Announcement by the Company of the definition of a JORC 2012 compliant resource in the Inferred
category (or higher) of not less than 100,000 ounces of gold or gold equivalent metals at a minimum of 1.0
g/t in respect of the area of the Project Tenements verified by an independent competent person.; and
(expiry 5 years from the date of listing)
- Announcement by the Company of the definition of a JORC 2012 compliant resource in the Inferred
category (or higher) of not less than 500,000 ounces of gold or gold equivalent metals at a minimum of 1.0
g/t in respect of the area of the Project Tenements (as at the Settlement Date) verified by an independent
competent person with not less than 20% of the resource in the Measured Category, and (expiry 5 years
from the date of listing)
For details of options issued to directors and executives as remuneration, refer to the remuneration report.
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DIRECTORS REPORT
Information on Directors
The following information on directors is presented as at date of signing this report.
Name:
Title:
Qualifications:
Experience and expertise:
Maja McGuire
Non-Executive Chair
B.Com, LLB
Ms McGuire was appointed to the Board as Non-Executive Chair on 24 November
2020. Ms McGuire is an Australian qualified lawyer with almost 15 years’ experience
providing corporate and compliance advice to ASX listed public companies. This
includes working with listed companies as a non-executive director, general counsel,
company secretary and in private practice. Ms McGuire commenced her career as a
corporate lawyer at top tier firm Clayton Utz, where she gained experience in a broad
range of corporate, commercial, and banking and finance matters, advising both
Australian and international companies and executives.
In 2014 Ms McGuire joined the Canadian Bankers Association, Toronto, where she
advocated on behalf of Canadian banks on issues pertaining to developments in
domestic and international banking regulation related primarily to capital adequacy
and funding. Between 2014 – 2018, Ms McGuire was both Company Secretary and
Legal Counsel of previously named Admedus Limited (now Anteris Technologies
Ltd ASX: AVR), a US based global healthcare company focused on developing,
commercialising, manufacturing and distributing next generation medical
technologies and devices.
Subsequently, between 2018 – 2020, Ms McGuire undertook the role of Company
Secretary and Legal Counsel at US based Alexium International Group Limited
(ASX: AJX), a company which holds proprietary patent applications for innovative
technologies. Ms McGuire continues her career as a corporate consultant and brings
extensive experience in ASX Listing Rule and Corporations Act compliance, capital
raisings, corporate governance, general commercial contracts, and dispute resolution.
Ms McGuire is considered an independent director.
Other current directorships: Non-Executive Director of Kuniko Limited (ASX: KNI)
OliveX Holdings Limited (NSX: OLX)
LTR Pharma Limited
Nakuru Hope Incorporated
None
Former directorships (last 3
years):
Special responsibilities:
Interests in shares:
Interests in options:
Contractual rights to shares: None
Chair of the Board of Directors, Chair of Nomination and Remuneration and member
of the Audit and Risk Committee
None
2,500,000
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DIRECTORS REPORT
Name:
Title:
Experience and expertise:
Mr Ashley Hood
Managing director
Mr Hood was originally appointed to the Board as Managing Director on 18 October
2018. Mr Hood later resigned and was reappointed as director on 10 February 2020.
Mr Hood has more than fifteen years’ experience in the mining industry working in
mine and exploration operations for junior and major mining companies based in
Australia, South Africa and New Zealand. Mr Hood has broad senior management
experience and has worked and managed field exploration and geological teams on
some of Australia’s major JORC resources. Mr Hood also specialises in project and
people management, native title negotiations, project due diligence, acquisitions and
has a portfolio of family held mineral and precious metals projects which are flagship
assets in a number of ASX listed companies today.
Mr Hood is not considered an independent director.
Other current directorships: Mr Hood is currently a non-executive director of Rafaella Resources Ltd (ASX: RFR).
Former directorships (last 3
years):
Special responsibilities:
Interests in shares:
Interests in options:
Contractual rights to shares: 2,350,000 Performance rights
Executive directorship in Mount Ridley Mines Limited (ASX: MRD) and Celsius
Resources (ASX: CLA).
Member of the Audit and Risk Committee
3,575,000
2,667,667
Name:
Title:
Qualifications:
Experience and expertise:
Andrew Jones
Executive Technical Director
B.App.Sci (RMIT) and MSc (UT)
Mr Jones was appointed as a Director the Company on the 10 February 2020. Mr
Jones has more than 20 years’ experience as a geologist in the resources sector and
has worked throughout Australia, in West Africa, Southern Africa and South
America. Mr Jones has experience in a range of mineral commodities and has been
involved in the discovery of new mineral deposits, extensions to known mineral
resources at operating mine sites and has been involved in several feasibility studies
for commodities including gold, copper and nickel-cobalt.
Mr Andrew Jones is not considered an independent director.
Other current directorships: None
None
Former directorships:
Member of the Nomination and Remuneration Committee
Special responsibilities:
2,975,000
Interests in shares:
Interests in options:
2,500,000
Contractual rights to shares: 2,350,000 Performance rights
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DIRECTORS REPORT
Name:
Title:
Qualifications:
Experience and expertise:
Rick S Govender
Chief Financial Officer and Company Secretary
B. Com, CPA, MBA (Qut) LLB, Member of Chartered Institute of Secretaries
Mr Govender was appointed as the Company Secretary on 29 June 2018 and is also
engaged as Chief Financial Officer. On 24 December 2020, Mr Govender was
appointed as a Director of the Company. Mr Govender is an experienced financial
professional with senior leadership experience in various resources and industrial
businesses. Mr Govender has held senior finance roles in several ASX listed
companies, including Meridian Minerals Limited, Consolidated Rutile Ltd and Cool
or Cosy Ltd. Mr Govender was the Australasian CFO for the Penske Automotive
Group (NYSE: PAG) and managed the financial resources of other tier 1 non listed
large enterprises.
Mr Rick Govender is considered an independent director.
Other current directorships: TransMissito Holdings Ltd
Former directorships (last 3
years):
Special responsibilities:
None
Interests in shares:
Interests in options:
Contractual rights to shares: None
Member of the Nomination and Remuneration Committee and Chair of the Audit and
Risk Committee
None
2,500,000
Meetings of directors
The number of meetings of the Company’s board of directors held during the year ended 30 June 2021, and the
number of meetings attended by each director were:
Directors’ Meetings
Number
eligible to
attend
4
Number
attended
4
4
4
4
4
4
4
Audit & Risk Committee
Meetings
Nomination and
Remuneration Committee
Meetings
Number
eligible to
attend
1
Number
attended
1
Number
eligible to
attend
1
Number
attended
1
1
1
1
1
1
1
1
1
1
1
1
1
Mrs Maja McGuire
Mr Ashley Hood
Mr Andrew Jones
Mr Rick Govender
Auditor’s Indemnification and Insurance
No indemnities have been given or insurance premiums paid, during or since the end of the financial year, for the
auditor of the Company, or any related entity.
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DIRECTORS REPORT
REMUNERATION REPORT (AUDITED)
This report provides information regarding the remuneration disclosures required under S300A
of the Corporations Act 2001 and has been audited.
a)
Principles used to determine nature and amount of remuneration
The Board of TechGen Metals Limited believes the remuneration policy to be appropriate and effective
in its ability to attract and retain the best key management personnel to run and manage the Group, as
well as create goal congruence between directors, executives, and shareholders. The Board reviews key
management personnel packages annually by reference to the Group’s performance, executive
performance, and comparable information from industry sectors. The remuneration policy of the
Company has been designed to align key management personnel objectives with shareholder and
business objectives by providing a fixed remuneration component and offering long-term incentives.
Compensation arrangements are determined after considering competitive rates in the marketplace for
similar sized exploration companies with similar risk profiles and comprise:
Fixed Compensation
Key management personnel receive a fixed amount of base compensation which is based on factors such
as length of service and experience. Any applicable statutory superannuation amounts will be paid based
on this fixed compensation.
Executive Service Agreement – Managing Director (Ashley Hood)
The Company has entered into an executive services agreement with Mr Ashley Hood on 10 February
2021 pursuant to which Mr Hood has been appointed as Managing Director responsible for the overall
management and supervision of the activities, operations and affairs of the Company, subject to the
overall control and direction of the Board. Pursuant to the agreement, Mr Hood is entitled to receive
$180,000 per annum (plus statutory superannuation) from the date on which the Company was admitted
to the Official List of the ASX. In addition, the Company has issued Mr Hood 2,500,000 Director
Options under the Company’s Incentive Plan in consideration for future services that the Managing
Director will provide to the Company. The Agreement is for an indefinite term commencing on 10
February 2020 and continuing until terminated by either the Company or Mr Hood. The Company or
Mr Hood may terminate the Hood Agreement without reason by providing not less than three (3)
months’ written notice.
Executive Service Agreement – Technical Director (Andrew Jones)
The Company has entered into an executive services agreement with Mr Andrew Jones on 10 February
2021 pursuant to which Mr Jones has been appointed as a Technical Director responsible for managing
the Company’s technical activities, operations and affairs of the Company, subject to the overall control
and direction of the Board. Pursuant to the agreement, Mr Jones is entitled to receive $120,000 per
annum (based on a 3 to 4 day working week) (plus statutory superannuation) from the Remuneration
13
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
DIRECTORS REPORT
Remuneration report (continued)
Commencement Date (being the date on which the Company was admitted to the Official List of the
ASX). In addition, the Company has issued Mr Jones 2,500,000 Director Options under the Company’s
Incentive Plan in consideration for future services that the Technical Director will provide to the
Company. The agreement is for an indefinite term commencing on 10 February 2020 and continuing
until terminated by either the Company or Mr Jones. The Company or Mr Jones may terminate the Jones
Agreement without reason by providing not less than three (3) months’ written notice.
Performance Related Compensation (short term)
At this point in time, the Company does not offer short-term incentives to senior management.
Long Term Incentives
The current Employee Incentive Plan was approved at a shareholder general meeting in November 2020.
Incentives are intended to align the interests of the Group with those of the Shareholders. During this
financial year, all Directors received 2,500,000 options pursuant to the Employee Incentive Plan as
reasonable remuneration for future services and to ensure that interests of all Directors are aligned with
those of shareholders.
Non-Executive Directors
The Group’s policy is to remunerate non-executive directors at market rates for time, commitment, and
responsibilities. The Board determines the level of individual fees payable to non-executive directors
which is then reviewed annually, based on market practice, duties, and accountability. Independent
external advice is sought when required. The maximum aggregate amount of fees that can be paid to
non-executive directors is subject to approval by shareholders at the Annual General Meeting. The total
fees for all non-executive directors, as approved at the 2020 Annual General Meeting, must not exceed
$350,000 per annum.
The Company has entered a letter of appointment with Mr Rick Govender dated 24 December 2020
with respect to Rick’s appointment as a Non-Executive Director. Mr Govender’s appointment will
automatically cease at the end of any meeting at which he is not re-elected as a director by the
shareholders of the Company or otherwise ceases in accordance with the Constitution or where Mr
Govender resigns as a director for any reason including disqualification or prohibition by law from
acting as a director. Upon the Company’s listing on the ASX, Mr Govender is entitled to a fee of $45,000
per annum (exclusive of superannuation). In addition to the above fees, the Company has issued to Mr
Govender 2,500,000 Director Options under the Company’s Incentive Plan, as consideration for the
future services that Mr Govender will provide to the Company.
The Company has entered a non-executive director letter of appointment with Ms Maja McGuire dated
10 February 2021 with respect to her appointment as Non-Executive Chair of the Company.
Ms McGuire’s appointment commenced on 24 November 2020 and will automatically cease at the end
of any meeting at which she is not re-elected as a director by the shareholders of the Company or
otherwise ceases in accordance with the Constitution or where Ms McGuire resigns as a director for any
reason including disqualification or prohibition by law from acting as a director.
14
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
DIRECTORS REPORT
Remuneration report (continued)
Upon the Company’s listing on the ASX, Ms McGuire is entitled to a fee of $55,000 per annum
(exclusive of superannuation).
In addition to the above fees, the Company has issued to Ms McGuire 2,500,000 Director Options under
the Company’s Incentive Plan, as consideration for the future services that Ms McGuire will provide to
the Company.
Engagement of Remuneration Consultants
During the year the Group did not engage remuneration consultants.
Relationship between Remuneration Policy and Company Performance
The remuneration policy has been tailored to increase congruence between shareholders, directors and
executives. The methods applied to achieve this objective include performance-based incentives and the
Employee Incentive Plan. The Company believes this policy is important in contributing to shareholder
value in the current difficult market conditions for junior explorers.
b) Directors and executive officers’ remuneration (KMP)
The following table of benefits and payments details, in respect to the financial year:
Short-term
Benefits
Post-
employment
Benefits
Share-based
Payments
Consultant
Total
Salary and
Fees
$
Superannuation Shares Options
Directors
M McGuire
A Hood
A Jones
R Govender
2021
2021
2021
2021
13,750
44,763
30,000
11,250
Key Management Personnel
R Govender (CFO and Co Sec) 2021
13,750
Total
2021
113,513
$
1,306
4,253
2,850
1,069
1,306
10,784
$
-
-
-
-
-
-
$
$
$
249,441
23,170
287,667
249,441
249,441
249,441
-
-
-
298,457
282,291
261,760
-
32,750
47,806
997,764
55,920
1,177,981
15
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
DIRECTORS REPORT
Remuneration report (continued)
c)
Employment Details of Members of Key Management Personnel (KMP)
The following table provides employment details of persons who were, during the financial year,
members of KMP of the Group and the proportion that was performance based.
KMP
Position held
A Hood
CEO/MD
A Jones
M McGuire
R Govender
Exec.Director
Exploration
Non-Exec Chair
Non-Exec
Dir/CFO/Co-Sec
Contract
details
Four wks
notice
Four wks
notice
Four wks
notice
Four wks
notice
Proportion of elements of remuneration not related to performance
Options
Fixed salary/fee
Total
58.0%
67.5%
81.9%
71.4%
42.0%
32.5%
18.1%
28.6%
100%
100%
100%
100%
d)
Share based compensation
Details of options over ordinary shares in the Company that were granted as compensation to directors
or key management personnel during the reporting periods and options that vested or were cancelled are
as follows:
Options
Granted
for year
Value of
Options
$
Note
Total
Options
vested for
year
Options
cancelled for
year
Options
available for
vesting in
future
periods
Directors
M McGuire
2021
2,500,000 249,441
A Hood
A Jones
R Govender
Total
2021
2021
2021
2021
-
-
-
-
-
-
-
-
-
-
2,500,000 249,441
2,500,000 249,441
2,500,000 249,441
(i)
(i)
(i)
(i)
2,500,000
2,500,000
2,500,000
2,500,000
10,000,000 997,764
10,000,000
16
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
DIRECTORS REPORT
Remuneration report (continued)
Details of options in above table:
Number
issued/to be
issued
Grant Date
Expiry date Exercise Price
10,000,000
7 April 21
7 April 24
-
Note
(i)
Vesting
see note
Fair value
$0.0998
The 10,000,000 Director Options have been issued to Directors, having an exercise price of $0.30c
and expiring on or before 3 years from the date on which the Company is admitted to the Official List
of the ASX. Directors have used an independent Black Scholes option pricing model to determine the
valuation of these options to be $997,764. Director Options are in exchange for future services and
there are no vesting conditions attached to the options. As a result, these options vest immediately.
e)
Equity instrument disclosures relating to key management personnel
(i) Share holdings
The number of ordinary shares in the company held during the financial year by directors and key
management personnel and their personally related entities is set out below:
Name
2021
A Hood
A Jones
Total
Balance at the
start of the
year
Vendor
Acquisition
issues
Rights Issue
/On Market
Purchase
Vesting of
Perf Options
Other changes
Balance at the
end of the year
-
-
-
3,500,000
2,975,000
6,475,500
75,000
-
75,000
-
-
-
-
-
-
3,575,000
2,975,000
6,550,000
(ii) Options
The numbers of options over ordinary shares in the Company held during the financial year by each
director of TechGen Metals Ltd and other key management personnel of the company, including
their personally related parties, are set out as follows:
Name
2021
M McGuire
A Hood
A Jones
R Govender
Balance at
the start of
the year
Granted
Forfeited/
Lapsed
Other
Changes
Balance at
the end of
the year
Vested and
exercisable
Unvested
2,500,000
-
2,500,000
-
2,500,000
-
2,500,000
-
10,000,000
-
-
-
-
-
17
2,500,000
2,500,000
2,500,000
2,500,000
2,500,000
-
2,500,000
-
2,500,000
-
2,500,000
-
- 10,000,000 10,000,000
-
-
-
-
-
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
DIRECTORS REPORT
Remuneration report (continued)
(iii) Performance rights held by Directors or related party entities
The numbers of performance rights in the Company as at the financial year by each director of TechGen
Metals Ltd and other key management personnel of the company, including their personally related
parties, are set out as follows:
Name
2021
A Hood
A Jones
Balance at
the start of
the year
Granted
Forfeited/
Lapsed
Other
Changes
Balance at
the end of
the year
Vested and
exercisable
Unvested
-
-
2,350,000
2,350,000
4,700,000
-
-
-
-
-
-
2,350,000
2,350,000
4,700,000
2,350,000
2,350,000
4,700,000
-
-
-
Other transactions with Key Management Personnel and their related parties
Transactions with key management personnel and their related parties were made on normal commercial
terms and conditions and at market rates.
During the period the Group entered into an agreement to acquire 100% of the share capital of Blue Bull
Gold Pty Ltd and Blue Rock Valley Pty Ltd, entities in which Ashley Hood has an interest as a director and
shareholder.
During the period the Group entered into an agreement to acquire tenements from Tasex Geological Services
Pty Ltd (“Tasex”) for a total of $297,500, which was settled by way of 2,975,000 shares issued at 10c. Tasex
is an entity which Andrew Jones has an interest as a director and shareholder.
During the period the Group entered into an agreement to acquire tenements from Blue Ribbon Mines Pty
Ltd (“Blue Ribbon”) for a total of $112,500, which was settled by way of 1,125,000 shares issued at 10c.
Blue Ribbon is an entity which Ashley Hood has an interest as a director and shareholder.
There were no other related party transactions in the financial year.
*** End of the Remuneration Report ***
18
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
DIRECTORS REPORT
Deeds of Indemnity, Insurance and Access
The Company has entered into Deeds of Indemnity, Insurance and Access with each of its directors. Under
these deeds, the Company agrees to indemnify each officer to the extent permitted by the Corporations Act
against any liability arising as a result of the officer acting as an officer of the Company. The Company is also
required to maintain insurance policies for the benefit of the relevant officer and must also allow the officers
to inspect board papers in certain circumstances.
Proceedings on Behalf of Company
No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company
for all or any part of those proceedings. The Company was not a party to any such proceedings during the year.
Corporate Governance
In recognising the need for the highest standards of behaviour and accountability, the Directors support, and
adhere to, good governance practices. Refer to the Company’s Corporate Governance Statement at
www.techgenmetals.com.au.
Non-audit Services
Details of the amounts paid or payable to the auditor for non-audit services provided during the financial
year by the auditor are detailed in note 16 to the financial statements.
The directors are satisfied that the provision of non-audit services during the financial year, by the auditor
(or by another person or firm on the auditor’s behalf) is compatible with the general standard of
independence for auditors imposed by the Corporations Act 2001.
The directors are of the opinion that the services as disclosed in note 16 of the financial statements do not
compromise the auditor’s independence requirements of the Corporations Act 2001 for the following
reasons:
a. All non-audit services have been reviewed and approved to ensure that they do not impact the
integrity and objectivity of the auditor; and
b. None of the services undermine the general principles relating to auditor independence as set out
in APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional
and Ethical Standards Board, including reviewing, or auditing the auditors own work, acting in a
management or decision-making capacity for the company, acting as advocate for the Company
or jointly sharing economic risks and rewards.
19
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
DIRECTORS REPORT
Auditor's Independence Declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001
is set out on page 21.
Signed in accordance with a resolution of the Board of Directors:
____________________________________________________
Director
Dated this 21 day of September 2021
20
AUDITOR’S INDEPENDENCE DECLARATION
UNDER SECTION 307C OF THE CORPORATIONS ACT 2001
TO THE DIRECTORS OF TECHGEN METALS LIMITED
I declare that, to the best of my knowledge and belief, during the year ended 30 June 2021, there have
been:
(a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
(b) no contraventions of any applicable code of professional conduct in relation to the audit.
PKF BRISBANE AUDIT
TIM FOLLETT
PARTNER
BRISBANE
21 SEPTEMBER 2021
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2021
Note
2021
$
2020
$
Revenue
Other income
Expenses
Administration costs
Tenement costs written off
Share-based payment expense
Profit / (loss) before income tax expense
Tax expense
Profit / (loss) for the year, attributable to members
Other comprehensive income
Total comprehensive income for the year, attributable to
members
Earnings per share
Basic earnings per share
Diluted earnings per share
-
-
(809,355)
-
(1,356,937)
(2,166,292)
-
(2,166,292)
-
(2,166,292)
(6,371)
(336,656)
-
(343,027)
-
(343,027)
-
(343,027)
Cents
(0.04)
(0.04)
Cents
(0.02)
(0.02)
4
13
6
5
5
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying
notes.
22
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
Note
2021
$
2020
$
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Financial assets - term deposits
Other receivables
Prepayments
TOTAL CURRENT ASSETS
NON CURRENT ASSETS
Property, plant and equipment
Exploration and evaluation assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
TOTAL NON CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS / (LIABILITIES)
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
7
7(a)
8
9
10
11
12
1,808,644
2,525,000
155,242
12,894
4,501,780
9,303
1,443,177
1,452,480
5,954,260
31,008
31,008
-
31,008
5,923,252
7,379,559
1,356,937
(2,813,244)
5,923,252
209
-
1,446
-
1,655
-
-
-
1,655
123,142
123,142
-
123,142
(121,487)
675,465
-
(796,952)
(121,487)
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
23
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
Note
Issued
capital
Reserves
Accumulated
losses
Total
Balance at 1 July 2019
Profit / (loss) for the year
Other comprehensive income for the year
Total comprehensive income
Transactions with owners, in their capacity
as owners
Balance at 30 June 2020
Balance at 1 July 2020
Profit / (loss) for the year
Other comprehensive income for the year
Total comprehensive income
Transactions with owners, in their capacity
as owners:
Shares issued, net of transaction costs
Share-based payment expenses
Share buyback
11
13
11
$
675,465
-
-
-
-
675,465
675,465
-
-
-
6,854,094
-
-
-
-
-
-
-
-
-
-
-
-
1,356,937
$
$
(453,925)
221,540
(343,027)
(343,027)
-
-
(343,027)
(343,027)
-
-
(796,952)
(121,487)
(796,952)
(121,487)
(2,166,292)
(2,166,292)
-
-
(2,166,292)
(2,166,292)
-
-
6,854,094
1,356,937
(150,000)
-
150,000
-
Balance at 30 June 2021
7,379,559
1,356,937
(2,813,244)
5,923,252
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
24
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
Payments to suppliers
Net cash provided by / (used in) operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration and evaluation assets
Payments for financial assets - term deposits
Payments for acquisition of tenements
Net cash provided by / (used in) investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of share (net of costs)
Net cash provided by / (used in) financing activities
Net increase / (decrease) in cash held
Cash and cash equivalents at the beginning of financial year
Cash and cash equivalents at the end of financial year
17
9
11
7
2021
$
2020
$
-
(1,088,110)
(1,088,110)
(766,632)
(2,525,000)
(18,417)
(3,310,049)
6,206,594
6,206,594
1,808,435
209
1,808,644
-
(6,853)
(6,853)
-
-
-
-
-
-
(6,853)
7,062
209
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
25
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 1 Statement of Significant Accounting Policies
These consolidated financial statements and notes represent those of TechGen Metals Limited (the
“Company”) and its Controlled Entities (the “Group”). The separate financial statements of the parent
entity, TechGen Metals Limited, have not been presented within this financial report as permitted by the
Corporations Act 2001. The financial statements were authorised for issue on 21 September 2021 by the
Directors of the Company. The Company is publicly listed and incorporated in Australia.
Basis of Preparation
The financial statements are general purpose financial statements that have been prepared in accordance
with the Corporations Act 2001, Australian Accounting Standards, other authoritative pronouncements
of the Australian Accounting Standards Interpretations of the Australian Accounting Standards Board
(AASB) and comply with International Financial Reporting Standards as issued by the International
Accounting Standards Board. The Group is a for-profit entity for financial reporting purposes under
Australian Accounting Standards. Material accounting policies adopted in the preparation of these
financial statements are presented below and have been consistently applied unless otherwise stated. The
financial statements are presented in Australian Dollars.
Except for cash flow information, the financial statements have been prepared on an accruals basis and
are based on historical costs, modified, where applicable, by the measurement at fair value of selected
non-current assets, financial assets and financial liabilities. The impacts that the Coronavirus (COVID-
19) pandemic has had, or may have, on the Group have been assessed based on known information and
adjustments to carrying values recorded, if any, or note disclosures made as applicable.
Principles of Consolidation
The consolidated financial statements incorporate the assets, liabilities and results of TechGen Metals
Ltd and all of the subsidiaries. TechGen Metals Ltd and its subsidiaries together are referred to in this
financial report as the Group. The Group controls an entity when the Group is exposed to or has rights
to variable returns from its involvement with the entity and has the ability to affect those returns through
its power over the entity. A list of controlled entities is contained in Note 19 to the financial statements.
All inter-company balances and transactions between entities in the Group, including any unrealised
profits or losses, have been eliminated on consolidation. Accounting policies of subsidiaries have been
changed where necessary to ensure consistencies with those policies applied by the Group.
Operating Segments
Operating segments are presented using the 'management approach', where the information presented is
on the same basis as the internal reports provided to the Chief Operating Decision Makers ('CODM').
The CODM is responsible for the allocation of resources to operating segments and assessing their
performance.
26
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 1 Statement of Significant Accounting Policies (cont’d)
Financial Instruments
Initial Recognition and Measurement
Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual
provisions to the instrument. For financial assets, this is equivalent to the date that the Company commits
itself to either purchase or sell the asset (i.e., trade date accounting adopted). Financial instruments are
initially measured at fair value plus transactions costs except where the instrument is classified 'at fair
value through profit or loss', in which case transaction costs are expensed to profit or loss immediately.
Classification and Subsequent Measurement
Financial instruments are subsequently measured at fair value, amortised cost using the effective interest
rate method, or cost. Fair value represents the amount for which an asset could be exchanged or a liability
settled, between knowledgeable, willing parties. Where available, prices quoted in an active market are
used to determine fair value. In other circumstances, valuation techniques are adopted.
Amortised cost is the amount at which the financial asset or financial liability is measured at initial
recognition less principal repayments and any reduction for impairment, and adjusted for any cumulative
amortisation of the difference between that initial amount and the maturity amount calculated using the
effective interest method.
The effective interest method is used to allocate interest income or interest expense over the relevant
period and is equivalent to the rate that exactly discounts estimated future cash payments or receipts
(including fees, transaction costs and other premiums or discounts) through the expected life (or when
this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying
amount of the financial asset or financial liability. Revisions to expected future net cash flows will
necessitate an adjustment to the carrying value with a consequential recognition of an income or expense
item in profit or loss.
Impairment of Assets
At the end of each reporting period, the Company assesses whether there is any indication that an asset
may be impaired. The assessment will include considering external and internal sources of information.
If such an indication exists, an impairment test is carried out on the asset by comparing the recoverable
amount of the asset, being the higher of the asset's fair value less costs to sell and value in use to the
asset's carrying amount. Any excess of the asset's carrying amount over its recoverable amount is
recognised immediately in profit or loss unless the asset is carried at a revalued amount in accordance
with another Standard. Any impairment loss of a revalued asset is treated as a revaluation decrease in
accordance with that Standard. Where it is not possible to estimate the recoverable amount of an
individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the
asset belongs.
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly
liquid investments with original maturities of three months or less, and bank overdrafts.
27
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 1 Statement of Significant Accounting Policies (cont’d)
Trade and Other Payables
Trade and other payables represent the liabilities for goods and services received by the Group that
remain unpaid at the end of the reporting period. The balance is recognised as a current liability with the
amounts normally paid within 30 days of recognition of liability.
Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of
GST incurred is not recoverable from the Australian Tax Office (ATO).
Income Tax
The income tax expense (revenue) for the year comprises current income tax expense (income) and
deferred tax expense (income). Current income tax expense charged to the profit or loss is the tax
payable on taxable income. Current tax liabilities (assets) are measured at the amounts expected to be
paid to (recovered from) the relevant taxation authority.
Deferred income tax expense reflects movements in deferred tax assets and deferred tax liability
balances during the year as well as unused tax losses. Current and deferred income tax expense (income)
is charged or credited outside profit or loss when the tax relates to items that are recognised outside
profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period
when the asset is realised or the liability is settled and their measurement also reflects the manner in
which management expects to recover or settle the carrying amount of the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the
extent that it is probable that future taxable profit will be available against which the benefits of the
deferred tax asset can be utilised.
28
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 1 Statement of Significant Accounting Policies (cont’d)
Exploration and Evaluation Expenditure
Exploration, evaluation and development expenditure incurred is accumulated in respect of each
separately identifiable area of interest. These costs are only carried forward where the right of tenure for
the area of interest is current and to the extent that they are expected to be recouped through the
successful development and commercial exploitation of the area, or alternatively sale of the area, or
where activities in the area have not yet reached a stage that permits reasonable assessment of the
existence of economically recoverable reserves.
Exploration and evaluation expenditure assets acquired in a business combination are recognised at their
fair value at the acquisition date.
Once the technical feasibility and commercial viability of the extraction of mineral resources in an area
of interest are demonstrable, the exploration and evaluation assets attributable to that area of interest are
first tested for impairment and then reclassified to mining development.
Accumulated costs in relation to an abandoned area are written off in full against the result in the year
in which the decision to abandon the area is made. A regular review is undertaken of each area of interest
to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-
current classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or
consumed in the Group's normal operating cycle; it is held primarily for the purpose of trading; it is
expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent
unless restricted from being exchanged or used to settle a liability for at least 12 months after the
reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the Group's normal operating
cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the
reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12
months after the reporting period. All other liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
Employee Benefits
Share-based payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees
in exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange
of services, where the amount of cash is determined by reference to the share price.
29
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 1 Statement of Significant Accounting Policies (cont’d)
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is
independently determined using either the Binomial or Black-Scholes option pricing model that takes
into account the exercise price, the term of the option, the impact of dilution, the share price at grant
date and expected price volatility of the underlying share, the expected dividend yield and the risk free
interest rate for the term of the option, together with non-vesting conditions that do not determine
whether the Group receives the services that entitle the employees to receive payment. No account is
taken of any other vesting conditions.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in
equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant
date fair value of the award, the best estimate of the number of awards that are likely to vest and the
expired portion of the vesting period. The amount recognised in profit or loss for the period is the
cumulative amount calculated at each reporting date less amounts already recognised in previous
periods.
The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by
applying either the Binomial or Black-Scholes option pricing model, taking into consideration the terms
and conditions on which the award was granted. The cumulative charge to profit or loss until settlement
of the liability is calculated as follows:
• during the vesting period, the liability at each reporting date is the fair value of the award at that
•
date multiplied by the expired portion of the vesting period; and
from the end of the vesting period until settlement of the award, the liability is the full fair value
of the liability at the reporting date.
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions
is the cash paid to settle the liability.
Market conditions are taken into consideration in determining fair value. Therefore, any awards subject
to market conditions are considered to vest irrespective of whether or not that market condition has been
met, provided all other conditions are satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has
not been made. An additional expense is recognised, over the remaining vesting period, for any
modification that increases the total fair value of the share-based compensation benefit as at the date of
modification.
If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the
condition is treated as a cancellation. If the condition is not within the control of the Group or employee
and is not satisfied during the vesting period, any remaining expense for the award is recognised over
the remaining vesting period, unless the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any
remaining expense is recognised immediately. If a new replacement award is substituted for the
cancelled award, the cancelled and new award is treated as if they were a modification.
30
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 1 Statement of Significant Accounting Policies (cont’d)
Issued Capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.
Business Combinations
The acquisition method of accounting is used to account for business combinations regardless of whether
equity instruments or other assets are acquired.
The consideration transferred is the sum of the acquisition-date fair values of the assets transferred,
equity instruments issued or liabilities incurred by the acquirer to former owners of the acquiree and the
amount of any non-controlling interest in the acquiree. For each business combination, the non-
controlling interest in the acquiree is measured at either fair value or at the proportionate share of the
acquiree's identifiable net assets. All acquisition costs are expensed as incurred to profit or loss.
On the acquisition of a business, the Group assesses the financial assets acquired and liabilities assumed
for appropriate classification and designation in accordance with the contractual terms, economic
conditions, the Group's operating or accounting policies and other pertinent conditions in existence at
the acquisition-date.
Where the business combination is achieved in stages, the Group remeasures its previously held equity
interest in the acquiree at the acquisition-date fair value and the difference between the fair value and
the previous carrying amount is recognised in profit or loss.
Contingent consideration to be transferred by the acquirer is recognised at the acquisition-date fair value.
Subsequent changes in the fair value of the contingent consideration classified as an asset or liability is
recognised in profit or loss. Contingent consideration classified as equity is not remeasured and its
subsequent settlement is accounted for within equity. The difference between the acquisition-date fair
value of assets acquired, liabilities assumed and any non-controlling interest in the acquiree and the fair
value of the consideration transferred and the fair value of any pre-existing investment in the acquiree
is recognised as goodwill. If the consideration transferred and the pre-existing fair value is less than the
fair value of the identifiable net assets acquired, being a bargain purchase to the acquirer, the difference
is recognised as a gain directly in profit or loss by the acquirer on the acquisition-date, but only after a
reassessment of the identification and measurement of the net assets acquired, the non-controlling
interest in the acquiree, if any, the consideration transferred and the acquirer's previously held equity
interest in the acquirer.
Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively
adjusts the provisional amounts recognised and also recognises additional assets or liabilities during the
measurement period, based on new information obtained about the facts and circumstances that existed
at the acquisition-date. The measurement period ends on either the earlier of (i) 12 months from the date
of the acquisition or (ii) when the acquirer receives all the information possible to determine fair value.
31
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 1 Statement of Significant Accounting Policies (cont’d)
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit/(loss) attributable to the owners of TechGen
Metals Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted
average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in
ordinary shares issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
take into account the after income tax effect of interest and other financing costs associated with dilutive
potential ordinary shares and the weighted average number of shares assumed to have been issued for no
consideration in relation to dilutive potential ordinary shares.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are
not yet mandatory, have not been early adopted by the Group for the annual reporting period ended 30
June 2021. The Group has not yet assessed the impact of these new or amended Accounting Standards
and Interpretations.
Note 2 Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial statements. Management continually
evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and
expenses. Management bases its judgements, estimates and assumptions on historical experience and on
other various factors, including expectations of future events, management believes to be reasonable
under the circumstances. The resulting accounting judgements and estimates will seldom equal the
related actual results. The judgements, estimates and assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
discussed below.
Coronavirus (COVID-19) pandemic
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic
has had, or may have, on the Group based on known information. This consideration extends to the
nature of the products and services offered, customers, supply chain, staffing and geographic regions in
which the Group operates. Other than as addressed in specific notes, there does not currently appear to
be either any significant impact upon the financial statements or any significant uncertainties with
respect to events or conditions which may impact the Group unfavourably as at the reporting date or
subsequently as a result of the Coronavirus (COVID-19) pandemic.
32
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 2 Critical accounting judgements, estimates and assumptions (cont’d)
Share-based payment transactions
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 by
using a Black-Scholes model taking into account the terms and conditions upon which the instruments
were granted. The accounting estimates and assumptions relating to equity-settled share-based
payments would have no impact on the carrying amounts of assets and liabilities within the next annual
reporting period but may impact profit or loss and equity. Refer to note 13 for further information.
Exploration and evaluation costs
Exploration and evaluation costs have been capitalised on the basis that the Group will commence
commercial production in the future, from which time the costs will be amortised in proportion to the
depletion of the mineral resources. Key judgements are applied in considering costs to be capitalised
which includes determining expenditures directly related to these activities and allocating overheads
between those that are expensed and capitalised. In addition, costs are only capitalised that are expected
to be recovered either through successful development or sale of the relevant mining interest. Factors
that could impact the future commercial production at the mine include the level of reserves and
resources, future technology changes, which could impact the cost of mining, future legal changes and
changes in commodity prices. To the extent that capitalised costs are determined not to be recoverable
in the future, they will be written off in the period in which this determination is made.
Note 3 Operating Segments
Identification of reportable operating segments
The Group is organised into one operating segment, being mining and exploration operations. This
operating segment is based on the internal reports that are reviewed and used by the Board of Directors
(who are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and
in determining the allocation of resources. The CODM reviews EBITDA (earnings before interest, tax,
depreciation and amortisation). The accounting policies adopted for internal reporting to the CODM
are consistent with those adopted in the financial statements. The information reported to the CODM
is on a monthly basis. The Group operates in one geographical segment being Australia, specifically
in the state of Western Australia.
Note 4 Administration costs
Consolidated
2021
$
2020
$
123,518
109,241
341,563
43,500
69,639
121,894
809,355
-
-
-
-
6,371
-
6,371
Consultancy fees
Director’s fees
Costs associated with the initial public offering
Accounting fees
Legal fees
Others
33
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 5 Earnings per share
The following reflects the income and share data used in the basic and diluted earnings per share
computations:
2021
$
2020
$
Net loss attributable to ordinary equity holders
(2,166,292)
(343,027)
Weighted number of ordinary shares for basic earnings per share
Number of shares
Earnings per share
Diluted earnings per share
Note 6
Income Tax Expense
(a) Numerical reconciliation of income tax expense/ (income)
to prima facie tax payable:
Total loss before income tax
Tax at the Australian tax rate of 26% (2020: 27.5%)
Tax effect of amounts which are not deducible (taxable) in
calculating taxable income:
Non-deductible expenses
Derecognition of current year tax losses arising
Income tax expense
(b) The components of income tax expense:
Current tax
Deferred tax
Adjustments to current and deferred tax
Total income tax expense
(c) Unrecognised deferred tax asset/ (liability) not probable to
recovery under AASB 112 is made up of:
Blackhole expenditure
Tax losses
34
Shares
Shares
52,536,452
15,750,000
Cents
Cents
(0.04)
(0.04)
(0.02)
(0.02)
Consolidated
2021
$
2020
$
(2,166,292)
(343,027)
(563,236)
(94,332)
352,804
92,580
210,432
-
1,752
-
(156,197)
(54,235)
210,432
-
(16,973)
15,221
1,752
-
97,409
216,236
313,645
43,173
60,039
103,213
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 7 Cash and Cash Equivalents
Cash at bank
Note 7a Financial Assets - Term Deposits
Term deposits
Note 8 Other Receivables
GST receivable
Note 9 Exploration and Evaluation Assets
Consolidated
2021
$
1,808,644
1,808,644
2020
$
209
209
2,525,000
2,525,000
-
-
155,242
155,242
1,446
1,446
Consolidated
2021
$
2020
$
Exploration and evaluation – at cost
1,443,177
-
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial
year are set out below:
Consolidated
Balance at 30 June 2020
Additions - business combinations (Note 23)
Additions - shares issued for tenements acquired (Note 15)
Other additions
Balance at 30 June 2021
Total
$
-
237,500
410,000
795,677
1,443,177
No impairment adjustment was required when performing the carrying value review for the year ended
30 June 2021.
Note 10 Trade and Other Payables
Trade payables
Related party payables
31,008
-
31,008
89,634
33,508
123,142
35
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 11 Issued Capital
Consolidated
2021
Shares
2020
Shares
2021
$
2020
$
Ordinary shares – fully paid
52,536,452
15,750,000
7,379,559
675,465
Movements in ordinary share capital
Details
Balance
Balance
Share issue1
Share buy back2
Share cancellation3
Share issue4
Share issue5
Share issue6
Less: share issue costs
Date
Shares
Issue price
$
1 July 2019
15,750,000
30 June 2020
15,750,000
10,623,952
(500,000)
(10,000,000)
187,500
6,475,000
30,000,000
-
$0.06
-
-
-
$0.10
$0.20
-
675,465
675,465
627,094
(150,000)
-
-
647,500
6,000,000
(420,500)
7,379,559
Balance
30 June 2021
52,536,452
Note:
1. During September 2020 a capital raising of 10,623,952 shares was undertaken, resulting in net
proceeds of $627,094. The purpose of the capital raising was to secure funds for the costs associated
with IPO listing.
2. During the period, 500,000 shares previously issued to historical Canadian vendors were bought back
by the Company for nil value, resulting in a decrease in capital and corresponding impact to retained
earnings.
3. On 26 November 2020, there was a further reconfiguration to share capital with 10,000,000 promoter
shares cancelled with 3,333,334 options issued in exchange.
4. Shares issued as part of the success fee when the successful listing on the ASX occurred.
5. Shares issued in relation to business combinations (Note 23) and tenement acquisitions (Note 9).
6. Under the IPO clause, this was the maximum raise of $6m, resulting in the issue of 30,000,000 shares
at an issue price of $0.20 each.
36
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 11 Issued Capital (cont’d)
Ordinary Shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the
Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary
shares have no par value and the Company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and
upon a poll each share shall have one vote.
Capital risk management
The Group's objectives when managing capital is to safeguard its ability to continue as a going concern,
so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an
optimum capital structure to reduce the cost of capital.
Note 12 Reserves
Share based payment reserve
The share based payment reserve records items recognised as expenses on valuation and issue of share
options and reversals for options that expired without being exercised.
Note 13 Share Based Payments
a. Share Options
On issue at beginning of financial year
Options issued during year -unlisted
Options issued during year -unlisted
Consolidated
2021
2020
Number
-
500,000
13,333,334
Exercise
Price
-
$0.60
$0.30
Number
Exercise
Price
-
-
-
-
-
-
37
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 13 Share Based Payments (cont’d)
At 30 June 2021 the Company had 13,833,334 (2020: nil) unlisted options on issue under the
following terms and conditions:
Number under option
500,000
3,333,334
10,000,000
Expiry date
7-Apr-23
7-Apr-24
7-Apr-24
Exercise price
$0.60
$0.30
$0.30
Options exercisable as at 30 June 2021
13,833,334
Options Valuations Summary
Number of instruments
Underlying share price ($)
Exercise Price ($)
Expected Volatility
Life of Options (years)
Expected dividends
Rick Free rate
Value per instrument ($)
Value per tranche ($)
Notes:
Restructure
Optiona
3,333,334
0.20
0.30
94%
3
nil
0.11%
0.0998
332,588
Historical
Optionb
500,000
0.20
0.60
100%
2
nil
0.09%
0.0532
26,585
Director
Optionc
10,000,000
0.20
0.30
94%
3
nil
0.11%
0.0998
997,764
a) The 3,333,334 Restructure Options are unlisted options on issue as at 31 December 2020.
Directors have used a Black Scholes option pricing model to determine the valuation of these
Restructure Options to be $332,588.
b) The 500,000 Historical Options (having an exercise price of $0.60) have been valued by Directors
using a Black Scholes option pricing model to be $26,585. These Historical Options vest
immediately.
c) The 10,000,000 Director Options have been issued to Directors, having an exercise price of
$0.30c and expiring on or before 3 years from the date on which the Company was admitted to
the Official List of the ASX. Directors have used the Black Scholes pricing model to determine
the valuation of these options to be $997,764. While these Director Options are in exchange for
future services, there are no vesting conditions attached to the options. As a result, these options
vest immediately.
38
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 13 Share Based Payments (cont’d)
b. Performance Rights
Performance Rights Valuations Summary
Number of instruments
Underlying share price ($)
Exercise Price ($)
Expected Volatility
Life of Options (years)
Expected dividends
Rick Free rate
Value per instrument ($)
Value per tranche ($)
Vendors Performance Rights
4,700,000
0.20
0.00
97%
5
nil
0.11%
0.2000
940,000
The performance rights outstanding at 30 June 2021 have vesting conditions as follows:
The 4,700,000 Performance Rights issued as part of the tenement Acquisition Agreements have been
determined by Directors to have a value of $940,000 in accordance with a Black Scholes pricing
model.
Subject to the terms and conditions below, each one (1) Performance Right is convertible into one
(1) Share in the capital of the Company, upon the following milestones being achieved collectively
(Conversion Milestone):
Name
Conversion Milestone
Expiry Date
Class A
Announcement by the Company of the definition of a
JORC 2012 compliant resource in the Inferred
category (or higher) of not less than 100,000 ounces
of gold or gold equivalent metals at a minimum of 1.0
g/t in respect of the area of the Project Tenements (as
at the Settlement Date) verified by an independent
competent person.
Class B Announcement by the Company of the definition of a
JORC 2012 compliant resource in the Inferred
category (or higher) of not less than 500,000 ounces
of gold or gold equivalent metals at a minimum of 1.0
g/t in respect of the area of the Project Tenements (as
at the Settlement Date) verified by an independent
competent person with not less than 20% of the
resource in the Measured Category.
5:00pm (AWST) on the date
that is 5 years from the date of
issue of
the Performance
Rights
5:00pm (AWST) on the date
that is 5 years from the date of
issue of
the Performance
Rights
Note 14 Dividends
There were no dividends paid, recommended, or declared during the current or previous financial year.
39
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 15 Key Management Personnel and Related Party Transactions
Shareholdings – Ordinary shares
The number of shares held by each director, including their personally related parties, in the Company
are set out below:
SAR Capital atf SAR Family Trust
Benjamin Cooper atf Cooper Family Trust
Andrew Jones
Ashley Hood atf Hood Family Trust
2021
Number
of shares
1,250,000
-
2,975,000
3,575,000
2020
Number
of shares
2,500,000
1,625,000
-
500,000
Transactions with related parties:
Transactions between related parties are on normal commercial terms and conditions no more favourable
than those available to other parties unless otherwise stated.
During the period the Group entered into an agreement to acquire 100% of the share capital of Blue Bull
Gold Pty Ltd and Blue Rock Valley Pty Ltd, entities in which Ashley Hood has an interest as a director
and shareholder. Refer Note 23 for further information.
During the period the Group entered into an agreement to acquire tenements from Tasex Geological
Services Pty Ltd (“Tasex”) for a total of $297,500, which was settled by way of 2,975,000 shares issued
at 10c. Tasex is an entity which Andrew Jones has an interest as a director and shareholder.
During the period the Group entered into an agreement to acquire tenements from Blue Ribbon Mines
Pty Ltd (“Blue Ribbon”) for a total of $112,500, which was settled by way of 1,125,000 shares issued
at 10c. Blue Ribbon is an entity which Ashley Hood has an interest as a director and shareholder.
There were no other related party transactions in the financial year.
Key Management Personnel:
Refer to the remuneration report contained in the directors’ report for details of the remuneration paid
or payable to each of member of the Group’s key management personnel (KMP) for the year ended 30
June 2021.
Short-term employee benefits
Share-based payments
2021
$
180,217
997,764
1,177,981
2020
$
-
-
-
Short-term employee benefits
These amounts include fees and benefits paid to the non-executive Chair and non-executive directors as
well as all salary, fringe benefits awarded to executive directors and other KMP.
40
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 15 Key Management Personnel and Related Party Transactions (cont’d)
Share-based payments
These amounts represent the expense related to the issuance of options to KMP’s in the period.
Further information in relation to KMP remuneration can be found in the Directors’ Report.
Note 16 Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by PKF Brisbane
Audit, the auditor of the Company:
Audit services – PKF Brisbane Audit
Audit or review of the financial statements
Investigating accountant services
Other services – PKF Brisbane
Tax services
Note 17 Cash Flow Information
Consolidated
2021
$
2020
$
27,000
10,000
37,000
3,860
-
3,860
3,000
-
40,000
3,860
Reconciliation of cash flow from operations with profit / (loss)
after income tax
Profit / (Loss) after income tax
Non-cash and non-operating items in profit:
Tenement costs written off
Share based payments
Changes in operating assets and liabilities:
(Increase) / Decrease in other receivables
Increase / (Decrease) in trade and other payables
Net cash inflow/(outflow) from operating activities
(2,166,292)
(343,027)
-
1,356,937
336,656
-
(166,690)
(112,065)
(1,088,110)
(482)
-
(6,853)
41
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 18 Financial Risk Management
The Group's financial instruments consist mainly of accounts with banks, other receivables and
payables.
The totals for each category of financial instruments, measured in accordance with accounting policies
in Note 1 to these financial statements are as follows:
Financial Assets
Cash and cash equivalents
Financial assets - term deposits
Other receivables
Total Financial Assets
Financial Liabilities
Trade payables
Related party payables
Total Financial Liabilities
Consolidated
2021
$
2020
$
1,808,644
2,525,000
168,136
4,501,780
209
-
1,446
1,655
31,008
-
31,008
89,634
33,508
123,142
Financial Risk Management Policies
The directors' overall risk management strategy seeks to assist the company in meeting its financial
targets, whilst minimising potential adverse effects on financial performance.
Risk management policies are approved and reviewed by the Board of Directors on a regular basis.
These included the credit risk policies and future cash flow requirements.
Specific Financial Risk Exposures and Management
The main risk the Group is exposed to through its financial instruments is liquidity risk. There have been
no substantive changes in the types of risks the Group is exposed to, how these risks arise, or the
objectives, policies and process for managing these risks from the prior period.
Liquidity Risk
Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts
or otherwise meeting its obligations related to financial liabilities. The Group manages this risk through
preparing forward-looking cash flow analyses in relation to its operational, investing and financing
activities and obtaining funding from a variety of sources. An undiscounted contractual maturity analysis
for financial liabilities is noted below. The timing of cash flows presented in the table to settle financial
liabilities reflects the earliest contractual settlement dates.
Trade and sundry payables are expected to be paid as follows:
Less than 6 months
31,008
31,008
123,142
123,142
42
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 18 Financial Risk Management (cont’d)
Net Fair Values
The fair values of financial assets and financial liabilities are presented in the following table and can
be compared to their carrying values as presented in the statement of financial position. Fair values are
those amounts at which an asset could be exchanged, or a liability settled, between knowledgeable,
willing parties in an arm's length transaction.
Fair values derived may be based on information that is estimated or subject to judgment, where changes
in assumptions may have a material impact on the amounts estimated. Areas of judgment and the
assumptions have been detailed below. Where possible, valuation information used to calculate fair
value is extracted from the market, with more reliable information available from markets that are
actively traded. In this regard, fair values for listed securities are obtained from quoted market bid prices.
Where securities are unlisted and no market quotes are available, fair value is obtained using discounted
cash flow analysis and other valuation techniques commonly used by market participants
Financial Assets
Cash and cash equivalents
Financial assets - term deposits
Other receivables
Total Financial Assets
Financial Liabilities
Trade payables
Related party payables
Total Financial Liabilities
Note 19 Controlled Entities
Name of Entity
Parent entity
TechGen Metals Ltd
Controlled entities
TechGen Metals Ontario Limited
Tech Gen Metals Operations Pty Ltd
Blue Bull Gold Pty Ltd
Blue Rock Valley Pty Ltd
Consolidated
2021
2020
Carrying
Amount
$
Net Fair
Value
$
Carrying
Amount
$
Net Fair
Value
$
1,808,644
2,525,000
168,136
4,501,780
1,808,644
2,525,000
168,136
4,501,780
209
-
1,446
1,655
209
-
1,446
1,655
31,008
-
31,008
31,008
-
31,008
89,634
33,508
123,142
89,634
33,508
123,142
Country of
incorporation
Class of
shares
2021
%
2020
%
Ownership
Australia
Canada
Canada
Australia
Australia
Ordinary
Ordinary
Ordinary
Ordinary
100
100
100
100
100
100
-
-
Note 20 Contingent Liabilities
The Group does not have any contingent liabilities at 30 June 2021 and 30 June 2020.
43
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 21 Commitments
Exploration commitments
So as to maintain current rights to tenure of various exploration and mining tenements, the Company
will be required to outlay amounts in respect of tenement rent to the relevant governing authorities and
to meet certain annual exploration expenditure commitments. These outlays (exploration expenditure
and rent), which arise in relation to granted tenements, inclusive of tenement applications granted
subsequent to 30 June 2021, are as follows:
Exploration expenditure commitments payable:
- Within one year
- Later than one year but not later than five years
Lease commitments
Office month to month lease rentals are as follows:
- Within one year
- Later than one year but not later than five years
Consolidated
2021
$
2020
$
286,885
2,943,331
3,230,216
23,640
-
23,640
-
-
-
-
-
-
In July 2021 the Company entered a monthly lease on an office in West Murray Street, Perth with an
option to renew, on a month-to-month basis. This short-term lease is excluded from the provisions of
AASB16.
44
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 22 Parent Entity Financial Information
a. Summary Financial Information
Balance Sheet
Current assets
Total assets
Current liabilities
Total liabilities
Issued capital
Reserves
Accumulated losses
Total equity
Loss for the year
Total comprehensive loss for the year
b. Guarantees entered into by the parent entity
The Parent Entity has provided no financial guarantees.
Consolidated
2021
$
2020
$
4,501,780
5,954,260
1,655
1,655
31,008
31,008
123,142
123,142
7,379,559
1,356,937
(2,813,244)
5,923,252
675,465
-
(796,952)
(121,487)
(2,166,292)
(2,166,292)
(343,027)
(343,027)
c. Contractual commitments
The Parent Entity had no contractual commitments as at 30 June 2021 $nil (2020: $nil), other than
those disclosed in Note 21.
Note 23 Business Combinations
On 7 April 2021, the Group acquired 100% of the share capital of Blue Bull Gold Pty Ltd and Blue
Rock Valley Pty Ltd. Details of the purchase consideration, the net assets acquired and goodwill are as
follows:
Blue Bull Gold
Pty Ltd
$
Blue Rock
Valley Pty Ltd
$
Total Fair
Value
$
Purchase consideration:
Issuance of shares
Less:
Exploration and evaluation assets
Identifiable assets acquired and
liabilities assumed
Goodwill – provisional
207,500
207,500
207,500
30,000
30,000
30,000
237,500
237,500
237,500
207,500
30,000
237,500
-
-
-
45
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Note 24 Events Subsequent to Balance Date
The impact of the Coronavirus (COVID-19) pandemic is ongoing and has become a significant matter
around the globe. Management is monitoring these developments and any potential future impact on the
financial position and performance of the Group. However, it is not practicable to estimate the potential
impact, positive or negative, after the reporting date. The situation is rapidly developing and is
dependent on measures imposed by the Australian Government and other countries, such as maintaining
social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be
provided.
No other matters or circumstances have arisen since the end of the financial year which significantly
affected or may significantly affect the operations of the Group, the result of those operations, or the
state of affairs of the Group in future financial periods.
Note 25 Company Details
The registered office of the Company is:
TechGen Metals Limited
Level 28 AMP Tower
140 St Georges Terrace
Perth WA 6000
The principal place of business is:
683 Murray Street
West Perth WA 6005
46
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
DIRECTORS' DECLARATION
In the directors’ opinion:
• the attached financial statements and notes comply with the Corporations Act 2001, the Accounting
Standards, the Corporations Regulations 2001 and other mandatory professional reporting
requirements;
• the attached financial statements and notes comply with International Financial Reporting Standards
as issued by the International Accounting Standards Board as described in Note 1 to the financial
statements;
• the attached financial statements and notes give a true and fair view of the Group’s financial position
as at 30 June 2021 and of its performance for the financial year ended on that date; and
• there are reasonable grounds to believe that the Company will be able to pay its debts as and when
they become due and payable.
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act
2001.
On behalf of the directors
Director: _________________________________________________________
Dated this 21 day of September 2021
47
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF TECHGEN METALS LIMITED
Report on the Financial Report
Opinion
We have audited the accompanying financial report of TechGen Metals Limited (the Company), which
comprises the consolidated statement of financial position as at 30 June 2021, the consolidated statement
of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended, notes comprising a summary of significant
accounting policies and other explanatory information, and the directors’ declaration of the Company and
the consolidated entity comprising the Company and the entities it controlled at the year’s end or from time
to time during the financial year.
In our opinion the financial report of TechGen Metals Limited is in accordance with the Corporations Act
2001, including:
i)
Giving a true and fair view of the consolidated entity’s financial position as at 30 June 2021
and of its performance for the year ended on that date; and
ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section
of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Independence
We are independent of the consolidated entity in accordance with the auditor independence requirements of
the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
Key Audit Matter
A key audit matter is a matter that, in our professional judgement, was of most significance in our audit of
the financial report of the current period. This matter was addressed in the context of our audit of the
financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
this matter. For the matter below, our description of how our audit addressed the matter is provided in that
context.
Carrying value of capitalised exploration expenditure
Why significant
How our audit addressed the key audit matter
As at 30 June 2021 the carrying value of
exploration
assets was
$1,443,177 (2020: $nil), as disclosed in Note 9.
evaluation
and
The consolidated entity’s accounting policy in
respect of exploration and evaluation expenditure
is outlined in Note 1.
Significant judgement is required:
whether
facts
determining
in
and
circumstances indicate that the exploration
and evaluation assets should be tested for
impairment in accordance with Australian
Accounting Standard AASB 6 Exploration for
and Evaluation of Mineral Resources (“AASB
6”); and
in determining the treatment of exploration
and evaluation expenditure in accordance
with AASB 6, and the consolidated entity’s
accounting policy. In particular:
o whether the particular areas of interest
meet the recognition conditions for an
asset; and
o which elements of exploration and
evaluation
for
expenditures
capitalisation for each area of interest.
qualify
Our work included, but was not limited to, the
following procedures:
impairment
Conducting a detailed review of management’s
trigger events
in accordance with AASB 6
assessment of
prepared
including:
o assessing whether the rights to tenure of
the areas of interest remained current at
reporting date as well as confirming that
rights
to be
renewed for tenements that will expire in
the near future;
tenure are expected
to
o holding discussions with the Directors and
management as to the status of ongoing
exploration programmes for the areas of
interest, as well as assessing if there was
evidence that a decision had been made to
discontinue activities in any specific areas
of interest; and
o obtaining and assessing evidence of the
consolidated entity’s future intention for the
areas of interest, including reviewing future
budgeted expenditure and related work
programme.
considering whether exploration activities for
the areas of interest had reached a stage
where
of
economically recoverable reserves existed;
assessment
reasonable
a
testing, on a sample basis, exploration and
evaluation expenditure incurred during the
year for compliance with AASB 6 and the
consolidated entity’s accounting policy; and
assessing the appropriateness of the related
disclosures in Notes 1 and 9.
Other Information
The Directors are responsible for the other information. The other information comprises the information
included in the consolidated entity’s annual report, but does not include the financial report and our auditor’s
report thereon.
Our opinion on the financial report does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we
have performed, we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
Directors’ Responsibilities for the Financial Report
The Directors of the company are responsible for the preparation of the financial report that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such
internal control as the Directors determine is necessary to enable the preparation of the financial report that
gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the Directors are responsible for assessing the consolidated entity’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Directors either intend to liquidate the consolidated entity or to
cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue and auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individual or in aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of this
financial report.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement
and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the consolidated entity’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and other related disclosures made by the Directors.
Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the consolidated entity’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the consolidated entity to cease to
continue as a going concern.
Evaluate the overall presentation, structure and content of the financial report, including the disclosures,
and whether the financial report represents the underlying transactions and events in a manner that
achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the consolidated entity to express an opinion on the group financial report. We are
responsible for the direction, supervision and performance of the group audit. We remain solely
responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate
threats or safeguards applied.
From the matters communicated with the Directors, we determine those matters that were of most
significance in the audit of the financial report of the current period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
Report on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 30 June
2021. The Directors of the company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to
express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
Opinion
In our opinion, the Remuneration Report of TechGen Metals Limited for the year ended 30 June 2021
complies with section 300A of the Corporations Act 2001.
PKF BRISBANE AUDIT
TIM FOLLETT
PARTNER
21 SEPTEMBER 2021
BRISBANE, AUSTRALIA
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
SHAREHOLDER INFORMATION
30 JUNE 2021
The shareholder information set out below was applicable as at 30 June 2021.
Distribution of equitable securities
Analysis of number of equitable security holders by size of holding:
1 to 1,000
1,001 to 5,000
5,001 to 10,000
10,001 to 100,000
100,001 and over
Ordinary Shares
Number of
holders
% of total
shares issued
16
465
271
486
87
1,325
1.21
35.09
20.45
36.68
6.57
100.00
52
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
SHAREHOLDER INFORMATION
30 JUNE 2021
Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest security holders of quoted equity securities are listed below:
Ordinary Shares
Mr Ashley Keith Hood & Mrs Charlotte Mary Hood
Tasex Geological Services Pty Ltd
S3 Consortium Holdings Pty Ltd
SAR Capital Pty Ltd
Mrs Win Win Htwe
Zero Nominees Pty Ltd
WRM Holdings Pty Ltd
Scott & Corina Harris
Mr Simon (Sui Hee) Lee
Diamond Pirates Pty Ltd
BNP Paribas Nominees Pty Ltd
Angkor Imperial Resources Pty Ltd
Dr Marcus John Matthews & Dr Chunyan Liao
Freestun Investments Pty Ltd
Blue Lake Partners Pty Ltd
JHB Super Investments Pty Ltd
Citicorp Nominees Pty Limited
Mrs Judy Barbara Watchman
PCAS (Australia) Pty Ltd
Mr Peter Howells
Simman Investments Pty Ltd
Mr Willi Rudin
Cairnglen Investments Pty Ltd
Rat Consulting Pty Ltd
Mr Trent Millar
53
Number held
3,575,000
2,975,000
1,250,000
1,250,000
1,200,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
821,172
566,665
550,000
500,000
500,000
471,242
428,430
420,000
408,332
361,952
350,000
345,835
333,334
306,667
300,000
21,913,629
% of total
shares issued
6.80
5.66
2.38
2.38
2.28
1.90
1.90
1.90
1.90
1.90
1.56
1.08
1.05
0.95
0.95
0.90
0.82
0.80
0.78
0.69
0.67
0.66
0.63
0.58
0.57
41.71
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
SHAREHOLDER INFORMATION
30 JUNE 2021
Options over ordinary shares issued
Substantial holders
Substantial holders in the company are set out below:
Mr Ashley Keith Hood & Mrs Charlotte Mary Hood
Tasex Geological Services Pty Ltd
S3 Consortium Holdings Pty Ltd
SAR Capital Pty Ltd
Mrs Win Win Htwe
Voting rights
Voting rights attached to ordinary shares are set out below:
Number on
issue
Number of
holders
13,833,334
10
Ordinary Shares
Number
held
3,575,000
% of total
shares issued
6.80
2,975,000
1,250,000
1,250,000
1,200,000
5.66
2.38
2.38
2.28
Ordinary shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll
each share shall have one vote.
There are no other classes of equity securities.
54
TECHGEN METALS LTD AND ITS CONTROLLED ENTITIES
A.B.N. 66 624 721 035
TENEMENTS INFORMATION
30 JUNE 2021
Tenements
List of exploration tenements held by the Company as at the end of June 2021.
Project
Ida Valley
Ida Valley
Ida Valley
El Donna
Harbutt Range
Harbutt Range
North Nifty
North Nifty
Station Creek
Blue Rock Valley
Blue Rock Valley
Mt Boggola
Mt Boggola
Tenement
Status
Area
(km2)
E29/1053
E36/979
E36/1015
E27/610
E45/5294
E45/5439
E45/5506
E45/5511
E08/2946
E08/3030
E08/3276
E08/2996
E08/3269
Granted
Application
Application
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Application
Granted
Application
39
75
85
14
63
313
31
16
54
101
101
63
116
Grant Date
5/07/2019
5/02/2020
18/03/2019
25/02/2020
3/06/2021
3/06/2021
3/12/2018
24/02/2020
9/10/2019
Term
(Years)
Interest
5
5
5
5
5
5
5
5
5
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
55