ANNUAL REPORT
2020
DIRECTORS
Ms Katina Law (Chair)
Mr David (Lorry) Hughes
Ms Kelly Ross
COMPANY SECRETARY
Mrs Bianca Taveira
PRINCIPAL PLACE OF BUSINESS
159 Stirling Highway
Nedlands WA 6009
Telephone +61 8 9389 9021
www.yandalresources.com.au
REGISTERED OFFICE
159 Stirling Highway
Nedlands WA 6009
SHARE REGISTRY
AUDITORS
STOCK EXCHANGE LISTING
Boardroom Pty Limited
Level 12
225 George Street
Sydney NSW 2000
Telephone 1300 737 760
Rothsay Auditing
Level 1
Lincoln House
4 Ventnor Avenue
West Perth WA 6005
Telephone + 61 8 9486 7094
Australian Securities Exchange
Home Exchange: Perth
Code: YRL
REVIEW OF OPERATIONS
The principal activities of the Company are mineral exploration and open pit mine development in the North-Eastern and Eastern
Goldfields of Western Australia. The Company is targeting the discovery of large structurally controlled Archaean Lode gold or
Orogenic gold mineralisation such as the economically significant Jundee, Bronzewing, Cockburn-Lotus, Centenary-Darlot and
Kanowna Belle gold deposits located nearby.
Regional map of the Company’s gold projects, greenstone belts, regional towns and significant gold deposits.
Yandal
Greenstone
Belt
Exploration programs during the year continued to focus on advancing the development of our flagship Flushing Meadows gold
deposit in the Yandal Greenstone Belt. Work has progressed rapidly at this prospect in preparation of a robust feasibility study and
oxide open pit mining approvals which are anticipated in 2021.
Within the broader exploration portfolio a number of early stage reverse circulation (“RC”) and Air-core (“AC”) drilling programs
returned promising results worthy of follow-up at the Barty, Flushing Meadows North and Flinders Park prospects within the Ironstone
Well and Barwidgee project.
Near Kalgoorlie the Gordons Dam prospect has increased in importance for the Company and a maiden shallow Mineral Resource
Estimate (“MRE”) is expected to be compiled in late 2020. Further aggressive exploration is warranted as the current mineralisation
is open in most directions.
Ironstone Well and Barwidgee Projects
The majority of exploration drilling was again completed at the Flushing Meadows prospect with smaller reconnaissance programs
completed at the Flushing Meadows North, Flushing Meadows South, Flinders Park, Barty and Woolshed Well prospects.
The Flushing Meadows exploration programs were completed to infill RC drill the 2019 MRE in order to convert Inferred Resources to
Indicated Resources, provide further quality assurance and quality control data and test a number of specific deeper targets. The
current MRE is summarised in the table below and the updated MRE is expected to be complete in the December Quarter 2020.
September 2019 Flushing Meadows Mineral Resource Estimate (0.5g/t Au Lower Grade Cut-off). For full details of the MRE (refer
Yandal Resources Ltd’s ASX announcement dated 24 September 2019).
Oz
Tonnes
Tonnes
10,353
710,322
147,552
Indicated
Au (g/t)
1.42
1.55
1.60
Material
Type
Oz
Laterite
2,203
Oxide
109,562
Transition
37,221
41,795
Fresh
Total
190,849
• The model is reported within a geological wireframe above an average depth of 130m below surface (maximum 210m) and a nominal 0.5g/t Au
lower cut-off grade for all material types. Classification is according to JORC Code Mineral Resource Categories. Totals may vary due to rounded
figures’
47,824
35,444 1,803,863
742,181
1,132,379
43,518 3,726,247
Inferred
Au (g/t)
1.13
1.28
1.24
1.15
1.23
Total
Au (g/t)
1.18
1.35
1.30
1.15
1.29
58,177
2,514,185
889,733
1,132,379
4,594,474
Oz
1,730
74,118
29,612
41,795
147,236
868,227
Tonnes
7,609
1.56
473
• Refer Competent Persons Statement at the end of the Operations Report.
The MRE contains a higher-grade component of 2.8Mt @ 1.63g/t Au for 147,000oz (> 1.0g/t Au lower cut-off grade) with numerous
mineralisation envelopes open at depth. The majority of the MRE reports to the Inferred Resource Category and it is likely that with
infill drilling to nominal spacing of 20-25m a large portion could be upgraded to the higher confidence Indicated Resource Category.
Diamond drilling was completed late in the year and has provided high quality data for geotechnical, geological and hydrogeological
monitoring. The data once fully assessed will be used to create a robust open pit mine design, Mining Proposal and Mine Closure Plan
as part of the approval process.
The Flushing Meadows prospect is located within the Kultju (Aboriginal Corporation) RNTBC (“Kultju”), Kultju Determination. The
Kultju Aboriginal Corporation is an incorporated body under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (Cth)
and is the Registered Native Title Body Corporate determined to hold native title rights and interests on trust for the Kultju Native
Title Holders. Central Desert Native Title Services Limited (“Central Desert”) has been authorised by Kultju Aboriginal Corporation to
act as its agent in regards to land access negotiations and agreements.
The Company is in the early stages of engagement with Central Desert, the Shire of Wiluna and the Department of Mines, Industry,
Regulation and Safety to work towards the completion of all statutory approvals to mine.
The Company’s strategy going forward at the project is to target further shallow mineralisation with potential for conversion to
Resources such as the known mineralisation at the Quarter Moon, Oblique and Sims Find prospects. Additional exploration funds for
auger and reconnaissance AC drilling will be also be directed towards new grass roots discoveries such as Barty.
Key exploration activities completed during the year at the Ironstone Well and Barwidgee project included;
•
Infill RC and diamond drilling at Flushing Meadows to improve geological confidence and assess potential at depth.
Metallurgical, geotechnical, hydrogeological, engineering and environmental studies for feasibility studies were also
commenced;
• New Mining and Miscellaneous Licences were applied for as part of the Flushing Meadows development;
• Reconnaissance AC and RC drilling at the Flushing Meadows North/South Flinders Park, Woolshed Well, Copan and Barty
prospects;
• Auger soil sampling at Barty.
Regional geology map of the Ironstone Well and Barwidgee gold projects showing mining tenements, the Barwidgee Shear Zone,
the Flushing Meadows deposit area and other priority prospects.
E53/1963
Plan view of the Flushing Meadows prospect showing the 2019 MRE outline and all historic and recent drill collars prior to a 2020
MRE Update. (Note the new Mining Lease Application M53/1108 to capture additional mineralisation with the potential to be
mined).
Completed
Diamond
Holes
Planned
Dewatering
Test Bore
Mt McClure Project
The Mt McClure project contains a number of historic prospects and open pit mines within a short haulage distance on existing haul
roads from the 2Mtpa Bronzewing processing facility owned by Northern Star Resources Ltd (ASX: NST). During the year, exploration
activities were focussed on updating the historic database, defining new exploration targets, Mining Lease applications, assessment
of the potential for the definition of Mineral Resources and preparation of drill sites.
Plan view of the Mt McClure project showing the regional geology, new Mining Leases, the location of historic open pits, waste
dumps and planned priority drill sites.
Success
Parmelia
Challenger
Group
There is potential to define new mineralisation capable of being included in a MRE upon all three Mining Leases and significant RC
drill programs are in the advanced planning stages. All the historic open pits were mined when gold prices were substantially lower
than price ranges seen in recent months. The Bronzewing processing facility is currently on care and maintenance however the project
should grow in importance should a decision to resume milling be made.
Gordons Gold Project
The Gordons Gold project comprises a number of priority prospects within close proximity to the City of Kalgoorlie-Boulder, ore
haulage infrastructure and operating mines. During the year the Company completed a number of very successful AC and RC drilling
programs at the Gordons Dam prospect as has defined significant mineralisation that remains open in most directions. A maiden MRE
is due for completion in 2020 in order to assess the economic importance of the discovery.
Regional geology map of part of the Gordons Gold project showing individual prospects with the location of planned AC drill holes
to follow up promising result returned in 2019.
20kms to Paddington Gold Mine (Norton Gold Fields)
Gordon-Sirdar
UG Gold Mine
(FMR Investments)
14kms to Kanowna Belle Mine
(ASX: NST)
Gordons Dam mineralisation is contained within clays and palaeochannel sediments over a 400m strike zone and within structurally
controlled felsic porphyry and mafic rocks at depth. Some important RC intercepts to be included in a maiden MRE include;
▪ 1m @ 5.27g/t Au within 9m @ 0.72g/t Au from 32m (YRLRC0301)
▪ 1m @ 22.29g/t Au within 23m @ 1.54g/t Au from 40m (YRLRC0307)
▪ 1m @ 5.99g/t Au within 19m @ 0.96g/t Au from 31m (YRLRC0311)
▪ 1m @ 47.96g/t Au within 8m @ 7.33g/t Au from 35m (YRLRC0019)
▪ 3m @ 18.31g/t Au within 8m @ 7.47g/t Au from 34m (YRLRC0024)
▪ 4m @ 13.16g/t Au from 35m (KESGR1321)
▪ 10m @ 3.98g/t Au from 32m (KESGR1323)
▪ 5m @ 4.79g/t Au from 36m (KESGR1340)
▪ 4m @ 11.80g/t Au within 10m @ 6.02g/t Au from 30m (KESGR1345)
(Refer to Yandal Resources Ltd announcement dated 6 May 2019).
Limited RC drilling to explore for the primary source of the sediment hosted mineralisation has returned some narrow high grade
intercepts and broader low grade intercepts related to haematite, pyrite, sericite and chlorite altered porphyry rocks which have a
similar alteration assemblage to known deposits in the area.
Substantial further exploration including diamond drilling is warranted at this prospect to understand the economic importance of
the discovery to the Company.
Competent Person Statement
The information in this document that relates to Exploration Results, geology and data compilation is based on information compiled by Mr Trevor
Saul, a Competent Person who is a Member of The Australian Institute of Mining and Metallurgy (AusIMM). Mr Saul is the Exploration Manager of
Yandal Resources. He is a full-time employee of Yandal Resources and holds shares and options in the Company.
Mr Saul has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he
is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves’. Mr Saul consents to the inclusion in this announcement of the matters based on this information in the form and context
in which it appears.
The information in this announcement that relates to the Flushing Meadows Mineral Resource Estimate is based on information compiled and
generated by Andrew Bewsher, an employee of BM Geological Services Pty Ltd (“BMGS”). Both Andrew Bewsher and BMGS hold shares in the
company. BMGS consents to the inclusion, form and context of the relevant information herein as derived from the original resource reports. Mr
Bewsher has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being
undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC ‘Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves’.
Your Directors present their report on Yandal Resources Limited for the financial year ended 30 June 2020.
DIRECTORS
The following persons held office as Directors of Yandal Resources Limited during the financial period and up to the date of this report
unless otherwise noted:
Ms Katina Law
Mr David (Lorry) Hughes
Ms Kelly Ross
Non-Executive Chair
Managing Director
Non-Executive Director
INFORMATION ON DIRECTORS AND OFFICERS
MS KATINA LAW BCom, FCPA, MBA, GAICD, NON-EXECUTIVE CHAIR (appointed 1 July 2018)
Katina Law has over 29 years’ experience in the mining industry covering corporate and site based roles across several continents.
She has worked with a number of ASX listed resources companies in strategic financial advisory and general management roles. Ms
Law has worked on several development and evaluation projects which were later subject to corporate transactions including the
Deflector gold and copper project and the King Vol polymetallic zinc project. Ms Law was Executive Director and CEO of East Africa
Resources Limited from 2012 to 2015, and also held senior positions at Newmont Mining Corporation’s Batu Hijau copper gold project
in Indonesia and their head office in Denver, USA and at LionOre International based in Perth.
Ms Law has a Bachelor of Commerce degree from UWA, is a Certified Practising Accountant and has an MBA from London Business
School. She is currently a non-executive Director of headspace National Youth Mental Health Foundation and DGO Gold Limited (ASX:
DGO).
Current and Former Directorships held in the past three years:
Ardea Resources Limited
DGO Gold Limited
Non-Executive Director/Chair
Non-Executive Director
Appointed 7 November 2016, Resigned 31 July 2020
Appointed 1 June 2020
Ms Law has no other public company directorships.
MR DAVID (LORRY) HUGHES BSc (Geol) MAusImm, MANAGING DIRECTOR (appointed 6 April 2018)
Mr Hughes is an Economic Geologist with over 25 years’ experience and was recently Executive Director of Horizon Minerals Limited
formerly Intermin Resources Ltd (ASX: HRZ formerly IRC) and Managing Director and CEO of South Boulder Mines Ltd (now ASX: DNK
and ASX: DKM) from 2008 – 2013. He has held executive and senior management positions on mining and development projects for
companies including Energy Metals Ltd, CSA Global, Rio Tinto and Barrick. Mr Hughes has comprehensive mining, exploration and
development experience from numerous gold mining projects in Western Australia.
Current and Former Directorships held in the past three years:
Horizon Minerals Limited
Executive Director
Appointed 1 June 2016, Resigned 31 January 2018
Mr Hughes has no other public company directorships.
MS KELLY ROSS BBus, CPA, ACS (CS, CGP) NON-EXECUTIVE DIRECTOR (appointed 6 April 2018)
Ms Ross is a qualified accountant holding a Bachelor of Business (Accounting) and has the designation CPA from the Australian Society
of Certified Practicing Accountants. Ms Ross is a Chartered Secretary and Chartered Governance Professional with over 30 years’
experience in accounting and administration in the mining industry.
Ms Ross was part of the team that floated Independence Group NL (“IGO”). IGO listed on the ASX in 2002 and Mrs Ross was Company
Secretary and CFO for 10 years. Ms Ross was a Director of IGO for 12 years from 2002 to 2014. Ms Ross retired from the Board of IGO
on 24 December 2014.
Prior to IGO, Ms Ross was a senior accountant at Resolute Ltd from 1987 to 2000 during which time Resolute became a gold producer
in Ghana, Tanzania and at several mines in Western Australia.
Current and Former Directorships held in the past three years:
Musgrave Minerals Ltd (ASX: MGV)
Non-Executive Director
Appointed 26 May 2010
Ms Ross has no other public company directorships.
MRS BIANCA TAVEIRA, COMPANY SECRETARY
Mrs Taveira is an experienced company administrator and manager who has acted as Company Secretary to a number of unlisted
public and ASX listed natural resource companies for over two decades. During this time Mrs Taveira has been involved in a number
of initial public offerings, reverse takeover transactions, corporate transactions and capital raisings. Mrs Taveira has a corporate and
compliance background and is experienced with administration of the shareholder registry, the ASX Listing Rules, mining tenement
management and the Department of Mines regulations. Mrs Taveira is currently the Company Secretary of Reward Minerals Ltd (ASX:
RWD) and Horizon Minerals Limited (ASX: HRZ).
CORPORATE INFORMATION
Yandal Resources Limited is a Company limited by shares that was incorporated on 16 April 2004 and is domiciled in Australia. The
Company was converted to a public company and changed its name from Orex Mining Pty Ltd to Yandal Resources Limited on 27
March 2018. The Company listed on the Australian Stock Exchange on 14 December 2018 (ASX: YRL).
PRINCIPAL ACTIVITIES
The principal continuing activity of the Company during the year was gold exploration.
RESULTS OF OPERATIONS
The results for the year ended 30 June 2020 was a loss after income tax benefit of $503,704 (2019: $670,115 loss).
EARNINGS/(LOSS) PER SHARE
Basic earnings/(loss) per share
Diluted earnings/(loss) per share
2020
¢
(0.77)
(0.77)
2019
¢
(1.69)
(1.69)
REVIEW OF OPERATIONS
Refer to the Operations Report for detailed information on the Company’s exploration activities over the past year.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
Other significant changes to the state of affairs during the year, other than outlined in the Operations Report, are as follows:
In June 2019, the Company announced a Non-renounceable pro-rata entitlement to 1 New Share for every 4 Shares held at an issue
price of 22 cents per New Share plus 1 free attaching New Option for every 2 New Shares issued with an exercise price of 27 cents
and an expiry date of 30 June 2021.
On 23 July 2019, the Company announced the results of its pro-rate issue, raising $2,941,319 before share issue costs with shares
issued as follows:
• On 29 July 2019, the Company issued 10,969,555 shares and 5,484,785 Unlisted Options.
• On 16 August 2019, the Company issued 2,400,172 shares and 1,200,036 Unlisted Options being the remaining shortfall
shares under the 1 for 4 Non-Renounceable Pro-Rata Rights Issue.
On 24 September 2019, the Company completed an initial Mineral Resource for the Flushing Meadows gold deposit.
EVENTS AFTER REPORTING DATE
In June 2020, the Company announced a Non-renounceable pro-rata entitlement to 1 New Share for every 5 Shares held at an issue
price of 25 cents per New Share.
In August 2020, the Company announced the results of its pro-rata issue, raising $3,342,408 before share issue costs with shares
issued as follows:
• On 20 July 2020, the Company issued 8,498,542 shares
• On 28 July 2020, the Company further allotted 3,551,093 shares
• On 3 August 2020, the Company issued 1,320,000 shares being the remaining shortfall shares under the 1 for 5 Non-
Renounceable Pro-Rata Rights Issue.
Total shares on hand as at the date of this report is 80,217,610.
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 Company, the results of those operations, or the state of affairs of the Company in future financial years.
FUTURE DEVELOPMENTS
In the opinion of the Directors it would prejudice the interests of the Company to provide additional information, beyond that reported
in this Annual Report, relating to likely developments in the operations and the expected results of those operations in financial years
ended subsequent to 30 June 2020.
COVID-19 IMPACT
The full impact of the COVID-19 pandemic continues to evolve at the date of this report. The Company is therefore uncertain as to
the full impact that the pandemic will have on its financial condition, liquidity and future results of operations during 2020 or 2021.
Management continues to actively monitor the global situation and its impact on the Company’s financial condition, liquidity,
operations, suppliers, industry and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb
its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition
or liquidity for the 2020/21 financial year.
The health and wellbeing of all Yandal employees remain a key focus in response to the ongoing COVID-19 pandemic. The work
practices and measures implemented to mitigate COVID-19 related risks have so far proven successful with no known COVID-19 cases
across our workforce and minimal disruption to our operations to date.
DIVIDENDS
No amount has been paid or declared by way of dividend. The Directors do not recommend that any dividend be paid.
MEETINGS OF DIRECTORS
The number of meetings held during the year ended 30 June 2020, and the number of meetings attended by each Director were:
Director
K Law
D Hughes
K Ross
Full Meetings of Directors
Audit & Risk Committee Meetings
Eligible to
Participate
Number
Attended
Eligible to
Participate
Number
Attended
5
5
5
5
5
5
2
2
2
2
2
2
In addition to the above meetings several matters were dealt with by circular resolution.
DIRECTOR SHARE AND OPTION HOLDINGS
As at the date of this report, the interests of the Directors in the shares of the Company were:
Ordinary Shares
Options
Exercise price 25 cents,
expiry 31 December 2021
Direct
Interest
-
-
Indirect
Interest
565,000
2,988,654
Direct
Interest
-
-
Indirect
Interest
1,000,000
1,950,000
Options
Exercise Price 27 cents,
expiry 30 June 2021
Direct
Interest
Indirect
Interest
-
-
32,500
90,909
-
156,251
-
500,000
-
15,626
Director
K Law
D Hughes
K Ross
SHARES UNDER OPTION
Unissued ordinary shares of Yandal Resources Limited under option as at the date of this report are as follows:
Nature
Expiry Date
Exercise Price of Options
Number under Option
Unlisted options
Unlisted options
31 December 2021
30 June 2021
25 cents
27 cents
6,450,000 *
6,684,821
* 5,950,000 options are subject to 24 months escrow, effective from the Company’s date of listing on the ASX, 14 December 2018.
SHARES UNDER OPTION (continued)
Option holders do not have any rights to participate in any issues of shares or other interests in the Company or any other entity.
There have been no unissued shares or interests under option of any controlled entity within the Company during or since the end of
the reporting period.
No person entitled to exercise the option had or has any right by virtue of the option to participate in any share issue of any other
body corporate.
Remuneration Report (Audited)
The information provided in this remuneration report has been audited as required by section 300A of the Corporations Act 2001.
A Principles Used to Determine Amount and Nature of Remuneration
All remuneration paid to Directors and Executives is valued at the cost to the Company and expensed. Shares given to Directors and
Executives are valued as the difference between the market price of those shares and the amount paid by the Director or Executive.
Options are valued using the Black-Scholes or Binomial methodologies.
The Board policy is to remunerate Non-Executive Directors at market rates for comparable companies for time, commitment and
responsibilities. The Board determines payments to the Non-Executive Directors and reviews their remuneration 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 (currently
$300,000). Fees for Non-Executive Directors are not linked to the performance of the Company. However, to align Directors’ interests
with shareholder interests, the Directors are encouraged to hold shares in the Company and are able to participate in employee option
plans.
The objective of the Company’s executive reward framework is set to attract and retain the most qualified and experienced Directors
and Senior Executives. The Board ensures that executive reward satisfies the following criteria for good reward governance practices:
•
•
•
•
competitiveness and reasonableness
acceptability to shareholders
transparency
capital management
Directors’ Fees
A Director may be paid fees or other amounts as the Directors determine where a Director performs special duties or otherwise
performs services outside the scope of the ordinary duties of a Director. A Director may also be reimbursed for out of pocket expenses
incurred as a result of their directorship or any special duties.
Performance Based Remuneration
The Company uses both short term and long term incentive programs to balance the short and long term aspects of business
performance, to reflect market practice, to attract and retain key talent and to ensure a strong alignment between the incentive
arrangements of Executives and the creation and delivery of shareholder return.
Executives are encouraged by the Board to hold shares in the Company and it is therefore the Company’s objective to provide
incentives for participants to partake in the future growth of the Company and, upon becoming shareholders in the Company, to
participate in the Company’s profits and dividends that may be realised in future years. The Board considers that this equity
performance linked remuneration structure is effective in aligning the long-term interests of Company executives and shareholders
as there exists a direct correlation between shareholder wealth and executive remuneration.
Company Performance, Shareholder Wealth and Directors’ and Executives’ Remuneration
The remuneration policy has been tailored to increase goal congruence between shareholders, Directors and Executives. This is
facilitated through the issue of options or performance rights to Directors and Executives to encourage the alignment of personal and
shareholder interests. The Company believes this policy will be effective in increasing shareholder wealth.
B Details of Remuneration of Key Management Personnel of the Company
Details of the nature and amount of each element of remuneration of each Director and key management personnel of the Company
for the financial year are as follows:-
Directors
Year
Consulting
Fees
$
Salary
$
Directors’
Fee
$
Post
Employment
Superannuation
$
Share Based
Payments
Expense
$
Total
$
Performance
Related
%
K Law
Non-Executive Chair
2020
2019
D Hughes Director
2020
2019
K Ross
Non- Executive Director
2020
2019
-
-
-
-
-
-
-
-
43,667
21,692
231,872
200,000
-
-
-
-
32,750
16,269
4,148
2,061
22,028
19,000
3,111
1,545
-
47,815
93,100
116,853
-
253,900
186,200
405,200
-
46,550
35,861
64,364
-
79.6
-
45.8
-
72.3
There were no termination benefits paid during the year to any Director or key management personnel.
C Share-Based Compensation
(i) Options
There were no options issued to the Board as remuneration during the year ended 30 June 2020.
During the year ended 30 June 2019, the Board were issued options by the Company as incentive to perform their role from the date
of ASX listing. The options are linked to future performance of the Company. The fair value of the incentive options issued to key
management personnel is $325,850 as determined using the Black-Scholes valuation methodology. This amount was recognised as a
share based payment, refer Note 21 to the financial statements.
The options were granted on 5 October 2018 with an expiry date of 31 December 2021 and an exercise price of $0.25 per option.
The Director’s option values are as follows:
Directors
Grant Date
No of
Options
Granted
Fair value
per option
at Grant
Date
Vested at
30 June
2020
Total value
of Options
$
No of
options
exercised
Options
exercised
$
K Law
5 Oct 2018
1,000,000
$0.0931
1,000,000
D Hughes
5 Oct 2018
1,950,000
$0.0931
1,950,000
K Ross
5 Oct 2018
500,000
$0.0931
500,000
93,100
186,200
46,550
-
-
-
Balance of
options at
year end
1,000,000
1,950,000
500,000
-
-
-
Fair values at grant date are independently determined using a 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.
D Service Contracts
Mr Hughes has entered into an executive service agreement with the Company under which he is engaged as Managing Director. The
engagement of Mr Hughes under the agreement commenced on 5 February 2018 and continues until terminated by either party. The
Company may terminate the employment without notice upon limited events akin to misconduct or incapacity. Additionally, the
Company may terminate the agreement without cause upon one month's written notice. Mr Hughes may terminate the agreement
without cause on 3 months written notice.
Non-Executive Directors are not employed under written contracts. Non-Executive Directors may be paid consulting fees at
commercial rates calculated according to the amount of time spent on the Company’s business. All Directors may receive consulting
fees on an hourly basis which are paid from time to time for specialist services beyond normal duties. No Directors have received
loans from the Company during the annual period.
E Key Management Personnel Disclosures
Key Management Personnel Interests in the Shares and Options of the Company
Director Shares
Interests of the Directors in the shares and options of the Company at 30 June 2020 and 30 June 2019 were:
2020
K Law
D Hughes
K Ross
2019
K Law (appointed 1 July 2018)
D Hughes
K Ross
Balance at
start of the
year
Shares issued
during the
year
Options
exercised
during the
year
Shares
disposed of
during the
year
Balance at the
end of the
year
500,000
2,633,336
125,000
3,258,336
-
2,333,336
-
65,000
355,318
31,251
451,569
500,000
250,000
125,000
-
-
-
-
-
-
50,000
-
-
-
-
-
-
-
-
-
-
-
565,000
2,988,654
156,251
3,709,905
500,000
2,633,336
125,000
-
3,258,336
M Ruane (resigned 1 July 2018)
11,800,010*
*Balance held at date of resignation
14,133,346
875,000
50,000
Director Options
The number of options over ordinary shares in the Company held during the financial year by each Key Management Personnel of
Yandal Resources Limited including their personally related parties are set out below:
2020
K Law
D Hughes
K Ross
2019
K Law
D Hughes
K Ross
Balance at
start of the
year
Options
issued/
acquired
1,000,000
1,950,000
500,000
32,500
90,909
15,626
3,450,000
139,035
-
-
-
-
1,000,000
2,000,000
500,000
3,500,000
[End of remuneration report]
Options
expired
during the
year
Exercised
during the
year
Options sold
-
-
-
-
-
-
-
-
-
-
-
-
-
(50,000)
-
(50,000)
-
-
-
-
-
-
-
-
Balance at
the end of
the year
Vested and
exercisable
at the end of
the year
1,032,500
1,032,500
2,040,909
2,040,909
515,626
515,626
3,589,035
3,589,035
1,000,000
1,000,000
1,950,000
1,950,000
500,000
500,000
3,450,000
3,450,000
NON-AUDIT SERVICES
The auditors have not provided any non-audit services to the Company in the current financial year.
INDEMNIFICATION AND INSURANCE OF OFFICERS OR AUDITOR
During the financial year, the Company maintained an insurance policy which indemnifies the Directors and Officers of Yandal
Resources Limited in respect of any liability incurred in connection with the performance of their duties as Directors or Officers of the
Company. The Company's insurers have prohibited disclosure of the amount of the premium payable and the level of indemnification
under the insurance contract.
AUDITOR’S INDEPENDENCE DECLARATION
In accordance with section 307C of the Corporations Act 2001, the Directors have obtained a Declaration of Independence from Rothsay
Auditing, the Company’s auditors, as presented on page 16 of this year’s financial report.
ENVIRONMENTAL REGULATION
The Company's Projects are subject to State and Federal laws and regulations regarding environmental matters. The Governments
and other authorities that administer and enforce environmental laws and regulations determine these requirements. As with all
exploration projects and mining operations, the Company's activities are expected to have an impact on the environment, particularly,
if the Company's activities result in mine development. The Company intends to conduct its activities in an environmentally
responsible manner and in accordance with applicable laws.
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.
This report is made in accordance with a resolution of the Directors and signed for on behalf of the Directors by:
MR LORRY HUGHES
Director
30 September 2020
Perth, WA
The Directors of the Company declare that:
(a)
The attached financial statements and notes thereto are in accordance with the Corporations Act 2001, including:
(i)
(ii)
giving a true and fair view of the financial position and performance of the Company; and
complying with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements.
The financial statements and notes thereto also comply with International Financial Reporting Standards, as disclosed in
Note 1 and other mandatory professional reporting requirements.
The Directors have been given the declarations required by s.295A of the Corporations Act 2001.
There are reasonable grounds to believe that Company will be able to pay its debts as and when they become due and
payable.
(b)
(c)
(d)
This Declaration is made in accordance with a resolution of the Board of Directors and is signed for on behalf of the Directors by:
MR LORRY HUGHES
Director
30 September 2020
Perth, WA
Revenue from continuing operations
Total
Exploration expenditure written off
Professional fees
Administration fees
Employee benefits expenses
Share based payments
Depreciation expenses
Travel expenses
Profit/(loss) before income tax
Income tax (expense)/benefit
Profit/(loss) after income tax for the year
Other comprehensive income/(loss) for the year
Total comprehensive income/(loss) attributable to Members of
Yandal Resources Limited
Basic profit/(loss) cents per share
Diluted profit/(loss) cents per share
Note
2
2
2020
$
166,425
166,425
2019
$
86,773
86,773
(83,551)
(110,012)
(35,614)
(91,026)
(153,427)
(112,391)
(305,054)
(75,344)
21(ii)(a)
-
(418,950)
(11,643)
(3,253)
(6,442)
(20,310)
(503,704)
(670,115)
3
-
-
(503,704)
(670,115)
-
-
(503,704)
(670,115)
12
12
(0.77)
(0.77)
(1.69)
(1.69)
The above Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Other
Total Current Assets
NON-CURRENT ASSETS
Capitalised exploration expenditure
Property, plant and equipment
Total Non-Current Assets
Total Assets
CURRENT LIABILITIES
Trade and other payables
Total Current Liabilities
Total Liabilities
Net Assets
EQUITY
Contributed equity
Reserves
Accumulated (losses)/profits
Total Equity
Note
2020
$
2019
$
4
5
6
7
8
9
3,384,990
3,545,670
145,891
5,255
65,589
5,968
3,536,136
3,617,227
4,506,326
2,207,224
18,255
24,340
4,524,581
2,231,564
8,060,717
5,848,791
119,473
119,473
277,162
277,162
119,473
277,162
7,941,244
5,571,629
10
8,567,958
5,694,639
11(b)
599,750
599,750
11(a)
(1,226,464)
(722,760)
7,941,244
5,571,629
The above Statement of Financial Position should be read in conjunction with the accompanying notes.
Balance at 1 July 2018
Total comprehensive income/ (loss) for the year
Transactions with owners in their capacity as owners:
Shares issued during the year
Share issue costs
Options issued during the year
Balance at 30 June 2019
Contributed
Equity
$
387,510
-
5,848,325
(541,196)
-
5,694,639
Share Based
Payments
Reserve
$
-
-
-
-
599,750
599,750
Accumulated
Losses
$
Total Equity
$
(52,645)
334,865
(670,115)
(670,115)
-
-
-
5,848,325
(541,196)
599,750
(722,760)
5,571,629
Balance at 1 July 2019
5,694,639
599,750
(722,760)
5,571,629
Total comprehensive income/ (loss) for the year
-
Transactions with owners in their capacity as owners:
Shares issued during the year
Share issue costs
Balance at 30 June 2020
2,941,319
(68,000)
8,567,958
-
-
-
(503,704)
(503,704)
-
-
2,941,319
(68,000)
599,750
(1,226,464)
7,941,244
The above Statement of Changes in Equity should be read in conjunction with the accompanying notes
CASH FLOWS FROM OPERATING ACTIVITIES
ATO cash flow boost
Payments to suppliers and employees
Interest received
Note
2020
$
2019
$
50,000
-
(702,054)
(308,009)
67,462
49,469
Net cash provided by/(used in) operating activities
18
(584,592)
(258,540)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for property, plant and equipment
Payments for acquisition of tenements
Capitalised exploration expenses
Net cash provided by/(used in) investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from share issues
Repayment of borrowings
Share issue costs
Net cash provided by financing activities
(5,558)
-
(27,273)
(60,000)
(2,443,849)
(1,156,260)
(2,449,407)
(1,243,533)
2,941,319
5,446,600
-
(164,000)
(68,000)
(286,921)
2,873,319
4,995,679
Net increase/(decrease) in cash held
Cash and cash equivalents at the beginning of the financial year
(160,680)
3,493,606
3,545,670
52,064
Cash and Cash Equivalents at the End of the Financial Year
18
3,384,990
3,545,670
The above Statement of Cash Flows should be read in conjunction with the accompanying notes.
1 GENERAL INFORMATION
These financial statements and notes represent those of Yandal Resources Limited (the “Company” or “Entity”). Yandal Resources
Limited is a Company limited by shares incorporated and domiciled in Australia.
(a) Significant accounting policies
Statement of compliance
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing
relevant and reliable information about transactions, events and conditions. The financial statements and notes also comply with
International Financial Reporting Standards.
Basis of preparation
The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards,
Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and
the Corporations Act 2001.
The financial report has been prepared on an accrual basis and is based on historical costs, modified, where applicable, by the
measurement at fair value of selected non-current assets, financial assets and financial liabilities. Material accounting policies adopted
in preparation of this financial report are presented below and have been consistently applied unless otherwise stated. The
presentation currency is Australian dollars.
New accounting standards and interpretations
The Company has adopted all of the new or amended Accounting Standards and Interpretations issued by the AASB that are
mandatory for the current reporting period. These Standards and Interpretations did not have any material impact on these financial
statements. Details of the impact of adoption of AASB 16 Leases are detailed in Note 1p and Note 22.
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 Company for the annual reporting period ended 30 June 2020.
The Company has reviewed the new Standards and Interpretations that have been issued but are not yet effective for the year ended
30 June 2020. As a result of this review the Directors have determined that there is no impact, material or otherwise, of the new and
revised Standards and Interpretations on its business and, therefore, no change is necessary to Company accounting policies.
Critical accounting judgements and key sources of estimation uncertainty
In the application of IFRS, management is required to make judgements, estimates and assumptions about carrying values of assets
and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable under the circumstance, the results of which form the basis
of making the judgements. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the
revision affects both current and future periods.
i) Significant accounting judgements
In the process of applying the Company’s accounting policies, management has made the following judgements, apart from those
involving estimations, which have the most significant effect on the amounts recognised in the financial statements:
Capitalisation of exploration and evaluation expenditure
The Company has capitalised significant exploration and evaluation expenditure on the basis either that this is expected to be
recouped through future successful developments (or alternatively sale) of the Areas of Interest concerned or on the basis that it
is not yet possible to assess whether it will be recouped. As at 30 June 2020, the carrying value of capitalised exploration
expenditure is $4,506,326.
ii) Significant accounting estimates and assumptions
The carrying amounts of certain assets and liabilities are often based on estimates and assumptions of future events. The key
estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of certain assets
and liabilities within the next annual reporting period are:
(a) Significant accounting policies (continued)
ii) Significant accounting estimates and assumptions (continued)
Impairment of capitalised exploration and evaluation expenditure
The future recoverability of capitalised exploration and evaluation expenditure is dependent on a number of factors, including
whether the Company decides to exploit the related lease itself or, if not, whether it successfully recovers the related exploration
and evaluation asset through sale.
Factors that could impact the future recoverability include the level of reserves and resources, future technological changes, costs
of drilling and production, production rates, future legal changes (including changes to environmental restoration obligations) and
changes to commodity prices.
(b) Income Tax
The income tax expense or revenue for the period is the tax payable on the current period’s taxable income based on the notional
income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences
between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are
recovered or liabilities are settled, based on those tax rates which are enacted or substantively enacted for each jurisdiction. The
relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary differences to measure the deferred
tax asset or liability. An exception is made for certain temporary differences arising from the initial recognition of an asset or a liability.
No deferred tax asset or liability is recognised in relation to these temporary differences if they arose in a transaction, other than a
business combination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable
amounts will be available to utilise those temporary differences and losses.
Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity.
The charge for current income tax expense is based on the profit for the year adjusted for any non-assessable or disallowed items. It
is calculated using the tax rates that have been enacted or are substantively enacted by the reporting date.
The amount of benefits brought to account or which may be realised in the future is based on the assumption that no adverse change
will occur in income taxation legislation and the anticipation that the Company will derive sufficient future assessable income to
enable the benefit to be realised and comply with the conditions of deductibility imposed by the law.
(c) Trade and Other Receivables
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost, less provision for
doubtful debts. Trade receivables are due for settlement no more than 30 days from the date of recognition.
Collectability of trade receivables is reviewed on an ongoing basis. Debts that are known to be uncollectible are written off. A provision
for bad debts is established when there is objective evidence that the Company will not be able to collect all amounts due according
to the original terms of receivables. The amount of the provision is recognised in the statement of comprehensive income.
(d) Trade and Other Payables
These amounts represent liabilities for goods and services provided to the Company prior to the end of the financial year and which
are unpaid, together with assets ordered before the end of the financial year. The amounts are unsecured and are usually paid within
30 days of recognition.
(e) Cash and Cash Equivalents
For statement of cash flows presentation purposes, cash and cash equivalents includes cash on hand, deposits held at call with
financial institutions and other short-term, highly liquid instruments with original maturities of three months or less that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
(f) Comparative Figures
Where necessary, comparative figures have been adjusted to conform to the presentation in the current year.
(g) Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised
cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the statement of
comprehensive income over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan
facilities, which are not incremental costs relating to the actual draw-down of the facility, are recognised as prepayments and
amortised on a straight-line basis over the term of the facility.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at
least 12 months after the reporting date.
(h) Goods and Services Tax
Revenues, expenses and assets are recognised net of the amount of associated goods and services tax (GST), unless the GST incurred
is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of
the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from,
or payable to, the taxation authority is included with other receivables or payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are
recoverable from, or payable to, the taxation authority, are presented as operating cash flows.
(i) Contributed Equity
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the proceeds.
Incremental costs directly attributable to the issue of new shares or options for the acquisition of a business are not included in the cost
of acquisition as part of the purchase consideration.
If the entity reacquires its own equity instruments, eg as the result of a share buy-back, those instruments are deducted from equity and
the associated shares are cancelled. No gain or loss is recognised in the statement of comprehensive income and the consideration paid
including any directly attributable incremental costs (net of income taxes) is recognised directly in equity.
(j) Impairment of Assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if
events or changes in circumstances indicate that they might be impaired. Assets are reviewed for impairment whenever events or
changes in circumstances indicate that they might be impaired. An impairment loss is recognised for the amount by which the asset’s
carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value
in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash
inflows which are largely independent of the cash flows from other assets or groups of assets (cash-generating units). Non-financial
assets that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
(k) Earnings per Share
(i) Basic earnings per share
Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Company by the
weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary
shares issued during the year.
(ii) 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.
(l) Exploration and Evaluation Expenditure
Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are only
carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities
in the area have not yet reached a stage which permits reasonable assessment of the economically recoverable reserves.
(l) Exploration and Evaluation Expenditure (continued)
Accumulated costs in relation to an abandoned area are written off in full against operating results in the year in which the decision
to abandon the area is made. When production commences the accumulated costs for the relevant area of interest are classified as
development costs and amortised over the life of the project area according to the rate of depletion of the economically recoverable
reserves.
Where independent valuations of areas of interest have been obtained, these are brought to account. Subsequent expenditure on re-
valued areas of interest is accounted for in accordance with the above principles. 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.
At 30 June 2020 the Directors considered that the carrying value of the mineral tenement interests of the consolidated entity was as
shown in the Statement of Financial Position and no further impairment arises other than that already recognised.
(m) Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns,
trade allowances and amounts collected on behalf of third parties. Revenue is recognised for major business activities as follows:
(i) Interest Income
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.
(ii) Other Services
Other debtors are recognised at the amount receivable and are due for settlement within 30 days from the end of the month
in which services were provided.
(n) Share-Based Payments
Share-based compensation benefits are provided to employees via the Company’s Employee Incentive Plans. The incentive plans
consist of the short term and long term incentive plans for Executive Directors and other Executives and the employee share scheme
for all other employees.
The fair value of rights granted under the short term and long term incentive plans is recognised as an employee benefits expense
with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the rights
granted, which includes any market performance conditions and the impact of any non-vesting conditions but excludes the impact of
any service and non-market performance vesting conditions.
Non-market vesting conditions and the impact of service conditions are included in assumptions about the number of rights that are
expected to vest. The total expense is recognised over the vesting period, which is the period over which all of the specified vesting
conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of rights that are expected to
vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in
the statement of comprehensive income, with a corresponding adjustment to equity.
The initial estimate of fair value for market based and non-vesting conditions is not subsequently adjusted for differences between
the number of rights granted and number of rights that vest.
When the rights are exercised, the appropriate amount of shares are transferred to the employee. The proceeds received net of any
directly attributable transaction costs are credited directly to equity.
The fair value of deferred shares granted to employees for nil consideration under the employee share scheme is recognised as an
expense over the relevant service period, being the year to which the incentive relates and the vesting period of the shares. The fair
value is measured at the grant date of the shares and is recognised in equity in the share-based payment reserve. The number of
shares expected to vest is estimated based on the non-market vesting conditions. The estimates are revised at the end of each
reporting period and adjustments are recognised in profit or loss and the share-based payment reserve.
(o) Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.
The chief operating decision maker has been identified as the steering committee that makes strategic decisions.
The standard requires a ‘management approach’, under which segment information is presented on the same basis as that used for
internal reporting purposes. The segments are reported in a manner that is consistent with the internal reporting provided to the chief
operating decision maker.
An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to transactions with any of the Company’s other components. All operating
segments’ operating results are regularly reviewed by the Company’s Managing Director to make decisions about resources to be
allocated to the segment and assess its performance, and for which discrete financial information is available.
Segment results that are reported to the Managing Director include items directly attributable to a segment as well as those that can
be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets (primarily the Company’s headquarters), head
office expenses, and income tax assets and liabilities.
Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible
assets other than goodwill.
(p) Leases
AASB 16 replaces AASB 117 Leases. AASB 16 removes the classification of leases as either operating leases or finance leases-for the
lessee – effectively treating all leases as finance leases. AASB 16 is applicable to annual reporting periods beginning on or after 1 July
2019.
Impact on operating leases
AASB 16 will change how the Company accounts for leases previously classified as operating leases under AASB 117, which were off-
balance sheet. On initial application of AASB 16, for all leases (except as noted below), the Company will:
• Recognise right-of-use assets and lease liabilities in the consolidated statement of financial position, initially measured at the
present value of the future lease payments.
• Recognise depreciation of right-of-use assets and interest on lease liabilities in the consolidated statement of profit or loss.
•
Separate the total amount of cash paid into a principal portion (presented within financing activities) and interest (presented
within operating activities) in the consolidated cash flow statement.
Lease incentives (e.g. rent-free period) will be recognised as part of the measurement of the right- of-use assets and lease liabilities
whereas under AASB 117 they resulted in the recognition of a lease liability incentive, amortised as a reduction of rental expenses on
a straight-line basis.
Under AASB 16, right-of-use assets will be tested for impairment in accordance with AASB 136 Impairment of Assets. This will replace
the previous requirement to recognise a provision for onerous lease contracts.
For short-term leases (lease term of 12 months or less) and leases of low-value assets (such as personal computers and office
furniture), the Company will opt to recognise a lease expense on a straight-line basis as permitted by AASB 16.
The Company has applied AASB 16 retrospectively with the effect of initially applying this standard recognised at the date of initial
application, being 1 July 2019.
There is no material impact to profit or loss or net assets on the adoption of this new standard in the current or comparative periods,
refer to Note 22 for further detail.
2
INCOME AND EXPENSES
Revenue from continuing operations:
ATO cash flow boost (Note 5(i))
Interest received
Other income
2020
$
2019
$
100,000
66,425
-
166,425
-
51,711
35,062
86,773
Loss before income tax is arrived at after charging the following items:
Capitalised exploration expenditure written off
83,551
35,614
3
INCOME TAX
Income tax expense
Current tax
Deferred tax
Numerical reconciliation of income tax expense to prima facie tax payable
Profit/(loss) before income tax
Tax at 27.5% (2019: 27.5%)
Tax effect of amounts which are not deductible (taxable) in calculating taxable income:
Tax effect of exploration expenditure claimed
Permanent differences
Other timing differences
Tax losses not recognised as an asset
Income Tax Expense
Tax losses and unrecognised temporary differences
The Directors estimate that the potential future income tax benefit at 30 June 2020 in
respect of tax losses not brought to account is as follows:
Potential future tax benefit – income tax losses
Potential future tax benefit – capital losses
Potential deferred tax liability – exploration expenditure
-
-
-
-
-
-
(503,704)
(670,115)
(138,519)
(184,290)
(632,253)
(367,546)
(22,286)
(24,116)
817,174
-
119,978
(44,639)
476,497
-
1,414,612
598,123
34,485
(1,062,231)
-
-
386,866
598,123
This benefit for tax losses will only be obtained if:
the Company derives income of a nature and amount sufficient to enable the benefit
from the deductions for the loss to be realised;
the Company continues to comply with the conditions for deductibility imposed by the
law; and
no changes in tax legislation adversely affect the Company in realising the benefit from
the deductions for the losses.
4 CURRENT ASSETS – CASH AND CASH EQUIVALENTS
Cash at bank
Cash at bank carries a floating interest rate of 1% (2019: 2%). The above figures are
reconciled to the cash at the end of the financial year as shown in the statement of cash
flows in Note 18.
5 CURRENT ASSETS – TRADE AND OTHER RECEIVABLES
ATO Cash flow boost (i)
GST assets
Other receivables
(i) The Company qualified as an eligible entity for the ATO cash flow boost and
accordingly will receive the second tranche subsequent to 30 June 2020.
6 CURRENT ASSETS - OTHER
Prepaid insurance
7 NON-CURRENT ASSETS – CAPITALISED EXPLORATION EXPENDITURE
Capitalised exploration and tenement acquisition costs:
Carrying amount at the beginning of the year
Acquisition of tenements
Acquisition of tenements by share based payments (refer Note 18b (i) and (ii))
Exploration expenditure capitalised
The ultimate recoupment of above expenditure relating to exploration is dependent on
successful development and commercial exploitation, or alternatively, sale of the
respective areas of interest.
8 PROPERTY, PLANT AND EQUIPMENT
Plant and equipment at cost
Less provision for depreciation
Reconciliations:
Plant and Equipment
Carrying amount at the beginning of the year
Additions
Depreciation
Carrying amount at the end of the year
2020
$
2019
$
3,384,990
3,545,670
3,384,990
3,545,670
50,000
94,686
1,205
145,891
-
63,347
2,242
65,589
5,255
5,255
5,968
5,968
2,207,224
-
-
436,743
60,000
373,950
2,299,102
1,336,531
4,506,326
2,207,224
27,593
(9,338)
18,255
24,340
5,558
(11,643)
18,255
27,593
(3,253)
24,340
-
27,593
(3,253)
24,340
9 CURRENT LIABILITIES – TRADE AND OTHER PAYABLES
Trade payables
Accrued expenses
Other expenses
All amounts are expected to be settled in less than 12 months.
10 CONTRIBUTED EQUITY
Issued capital 66,847,975 (2019: 53,478,348) ordinary shares fully paid (net of share
issue costs)
2020
$
2019
$
61,906
46,062
11,505
218,260
18,000
40,902
119,473
277,162
8,567,958
5,694,639
8,567,958
5,694,639
Number
2020
Number
2019
$
2020
$
2019
Movement in issued capital
Balance at the beginning of the financial year
53,478,348
17,500,010
5,694,639
387,510
Shares issued under the Public Offer
-
25,000,000
-
5,000,000
Shares issued under a non-renounceable pro-rata rights issue
13,369,627
-
2,941,319
-
Shares issued for acquisition of mining tenements
Shares issued from options exercised (refer Note 14d)
Share issue at $0.075
Share issue costs
-
-
-
-
4,770,000
50,000
6,158,338
-
-
-
373,950
12,500
461,875
-
(68,000)
(541,196)
Balance at the End of the Financial Year
66,847,975
53,478,348
8,567,958
5,694,639
Terms and condition of contributed equity
Ordinary Shares
Ordinary shares have no par value.
Ordinary shares have the right to receive dividends as declared and, in the event of winding up the Company, to participate in
the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held.
Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.
11 RESERVES AND ACCUMULATED LOSSES
(a) Accumulated Losses
Opening balance
Profit/(Loss) for the year
Closing Balance
(b) Reserves
Share based payment reserve (i)
(i) Share-Based Payments Reserve
The share-based payments reserve is used to recognise the fair value of shares, options
and performance rights issued.
Balance at beginning of the year
Fair value of options granted (refer Note 21)
Balance at the end of the year
12 EARNINGS/(LOSS) PER SHARE
Profit/(loss) after tax attributable to members of Yandal Resources Limited
Basic profit/( loss) per share
Diluted profit/(loss) per share
2020
$
2019
$
(722,760)
(52,645)
(503,704)
(670,115)
(1,226,464)
(722,760)
599,750
599,750
599,750
599,750
599,750
-
599,750
-
599,750
599,750
(503,704)
(670,115)
(0.77) cents
(1.69) cents
(0.77) cents
(1.69) cents
Number
Number
Weighted average number of ordinary shares outstanding during the year used in the
calculation of basic and diluted loss per share.
65,753,780
39,639,164
Basic Earnings/(Loss) Per Share
Basic earnings/(loss) per share is determined by dividing the loss after income tax
attributable to members of Yandal Resources Limited by the weighted average number
of ordinary shares outstanding during the financial year, adjusted for any bonus
elements in ordinary shares issued during the year.
Diluted Earnings/(Loss) Per Share
Diluted earnings/(loss) per share adjusts the figures used in the determination of basic
earnings per share by taking into account amounts unpaid on ordinary shares and any
change in earnings per share that will probably arise from the exercise of options
outstanding during the financial year.
Where options exercise prices are above market values (out of the money), no dilutive
impact arises as it increases the loss per share.
13 REMUNERATION OF AUDITORS
Remuneration for audit of financial reports by Rothsay Auditing
27,500
19,500
2020
$
2019
$
14 KEY MANAGEMENT PERSONNEL DISCLOSURES
The persons holding positions as Directors of the Company during the financial year were:
Appointed 1 July 2018
Non-Executive Chair
Managing Director
Appointed 6 April 2018
Non-Executive Director Appointed 6 April 2018
Ms Katina Law
Mr David (Lorry) Hughes
Ms Kelly Ross
(a) Details of remuneration
Refer to the Remuneration Report contained in the Directors’ Report for details of the
remuneration paid or payable to each member of the Company’s Key Management
Personnel for the year ended 30 June 2020.
The total remuneration paid to Key Management Personnel of the Company and the
Company during the year are as follows:
Short-term benefits
Post-employment benefits
Share based payments
308,289
29,287
-
337,576
237,961
22,606
325,850
586,417
Other Key Management Personnel
There were no other key management personnel in Yandal Resources Limited during the financial year.
See Note 19 for details of loans from key management personnel and any other transactions with key management personnel.
(b) Share and option holdings
All equity dealings with Directors have been entered into with terms and conditions no more favourable than those that the entity
would have adopted if dealing at arm’s length.
(c) Remuneration options: granted during the financial period ending 30 June 2020
There were no remuneration options granted during the year.
Details of share based payments during the year ended 30 June 2019 are contained in Note 21 to the financial statements.
(d) Exercise of options by Key Management Personnel
There were no options exercised by Key Management Personnel during the year.
There were no other transactions with Key Management Personnel during the year.
15 SEGMENT REPORTING
The entity has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors
(chief operating decision makers) in assessing performance and determining the allocation of resources. The entity operates
predominantly in one business segment which is gold exploration and predominantly in one geographical area which is Western
Australia.
The Company is domiciled in Australia. All revenue from external parties in generated from Australia only. All the assets are located
in Australia.
16 FINANCE FACILITIES
No credit standby facility arrangement or loan facilities existed at 30 June 2020 or 30 June 2019.
17 COMMITMENTS FOR EXPENDITURE
Commitments for minimum expenditure requirements on the mineral exploration assets it
has an interest in are payable as follows:
Within one year
Later than one year but not later than five years
Later than five years
2020
$
2019
$
706,000
1,003,000
1,003,000
821,000
850,000
850,000
2,712,000
2,521,000
18 NOTES TO THE STATEMENT OF CASH FLOWS
(a) Reconciliation of Cash
For the purposes of the statement of cash flows, cash includes cash on hand and in banks
and investments in money market instruments, net of outstanding bank overdrafts. Cash at
the end of the financial year as shown in the statement of cash flows is reconciled to the
related items in the statement of financial position as follows:
Cash at bank
3,384,990
3,545,670
Reconciliation of Net Cash Used In Operating Activities To Loss After Income Tax
Profit/(loss) after income tax
Depreciation
Share based payment
Movements in:
Receivables
Tax assets
Prepayments
Payables
Net Cash provided by/(used in) Operating Activities
(b) Non cash financing and investing activities
(i) Issue of 4,650,000 shares at $0.075 each to vendors as consideration under the
Tenement Sale Agreements.
(ii) Issue of 120,000 shares at $0.21 each to vendors as consideration for the acquisition
of an exploration and prospecting licence.
(503,704)
11,643
-
(670,115)
2,933
418,950
(48,963)
(31,339)
713
(12,942)
(2,242)
(51,789)
4,032
39,691
(584,592)
(258,540)
-
-
-
348,750
25,200
373,950
19 RELATED PARTIES
Directors
The Directors who held office at any time during the year are as follows:
Ms Katina Law, Mr David (Lorry) Hughes and Ms Kelly Ross.
(a) Loans payable to Director and Director Related Entities
Dr Michael Ruane, a former Director and his related entities of which he is a Director:
Opening balance
Loans received
Interest on loan
Repayments made
Debt forgiven
Closing balance
20 FINANCIAL RISK MANAGEMENT AND POLICIES
The Company’s exploration activities are being funded by equity and are not exposed to
significant financial risks. There are no speculative or financial derivative instruments. Funds
are invested for various short term periods to match forecast cash flow requirements.
The Company holds the following financial instruments:
Financial assets
Cash and cash equivalents
Receivables
Financial liabilities
Payables
2020
$
2019
$
-
-
-
-
-
-
164,000
-
-
(164,000)
-
-
3,384,990
3,545,670
145,891
65,589
3,530,881
3,611,259
119,473
119,473
277,162
277,162
The Company’s principal financial instruments comprise cash and short-term deposits. The Company does not have any borrowings.
The main purpose of these financial instruments is to fund the Company’s operations.
The main risks arising from the Company are credit risk, capital risk and liquidity risk. The Board of Directors reviews and agrees
policies for managing each of these risks and they are summarised below:
(a) Credit risk
Management does not actively manage credit risk.
The Company has no significant exposure to credit risk from external parties at year end. The maximum exposure to credit risk at the
reporting date is equal to the carrying value of financial assets at 30 June 2020.
Cash at bank is held with internationally regulated banks.
Other receivables are of a low value and all amounts are current.
20 FINANCIAL RISK MANAGEMENT AND POLICIES (continued)
(b) Capital risk
The Company’s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they can
continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to
reduce the cost of capital. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid
to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
(c) Liquidity risk
Maturity profile of financial instruments
Prudent liquidity risk management implies maintaining sufficient cash balances and access to equity funding.
The Company’s exposure to the risk of changes in market interest rates relate primarily to cash assets and floating interest rates. The
Company does not have significant interest-bearing assets and is not materially exposed to changes in market interest rates.
The Directors monitor the cash-burn rate of the Company on an on-going basis against budget and the maturity profiles of financial
assets and liabilities to manage its liquidity risk.
The following table sets out the carrying amount, by maturity, of the financial instruments including exposure to interest rate risk:
< 1 month
1 – 3
months
3 months
– 1 year
1 – 5 years
Over 5
years
Total
3,384,990
145,891
3,530,881
119,473
119,473
3,545,670
65,589
3,611,259
277,162
277,162
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,384,990
145,891
3,530,881
119,473
119,473
3,545,670
65,589
3,611,259
277,162
277,162
Weighted
average
effective
interest rate
%
1%
-
-
-
-
2%
-
-
-
-
As at 30 June 2020
Financial Assets:
Cash
Receivables
Financial Liabilities:
Payables
As at 30 June 2019
Financial Assets:
Cash
Receivables
Financial Liabilities:
Payables
Sensitivity analysis – interest rates
The sensitivity effect of possible interest rate movements have not been disclosed as they are immaterial.
(d) Net fair value of financial assets and liabilities
Unless otherwise stated, the carrying amount of financial instruments reflect their fair value.
21 SHARE BASED PAYMENTS
(i)
30 June 2020
There were no share based payments transactions during the year.
(ii) 30 June 2019
(a) In October 2018, 4,500,000 Series A unlisted options were issued to Directors, associates and unrelated parties, with an
exercise price of $0.25 and an expiry date of 31 December 2021.
Of the 4,500,000 Series A unlisted options that were issued, 4,000,000 options are escrowed for the period of 24 months
from the date of listing on the ASX.
During the year ended 30 June 2019, $418,950 was expensed as a share based payment.
The fair value of these options granted was calculated by using the Black-Scholes option valuation methodology and applying
the following inputs:
Weighted average exercise price (cents)
Weighted average life of the options (years)
Weighted average underlying share price (cents)
Expected share price volatility
Risk-free interest rate
Grant date
Expiry date
Value per option
Total value granted
25
3.24
20
75%
2.60%
5 October 2018
31 December 2021
$0.0931
$418,950
(b) In December 2018, 2,000,000 Series A unlisted options were issued to the Lead Manager to the Initial Public Offering,
pursuant to the Company’s prospectus dated 19 October 2018, with an exercise price of $0.25 and an expiry date of 31
December 2021.
The unlisted options issued are escrowed for a period of 24 months from the date of listing on the ASX.
During the year ended 30 June 2019, $180,800 was charged to share issue costs.
The fair value of these options granted was calculated by using the Black-Scholes option valuation methodology and applying
the following inputs:
Weighted average exercise price (cents)
Weighted average life of the options (years)
Weighted average underlying share price (cents)
Expected share price volatility
Risk-free interest rate
Grant date
Expiry date
Value per option
Total value granted
25
3.07
20
75%
2.60%
7 December 2018
31 December 2021
$0.0904
$180,800
22 LEASES
This note provides information for leases where the Company is a lessee.
The Company adopted AASB 16 from 1 July 2019.
The Company applied AASB 16 on its leases as follows:
Lease
Office space
Office equipment/photocopiers
Impact on the Company’s Financial Position or Performance
June 2020
Lease agreement is on a month by month basis, therefore eligible for short
term exemption, no impact.
Lease agreement is on a month by month basis, therefore eligible for short
term exemption, no impact.
23 CONTINGENCIES
There are no contingent assets or liabilities at reporting date.
24 EVENTS AFTER REPORTING DATE
In June 2020, the Company announced a Non-renounceable pro-rata entitlement to 1 New Share for every 5 Shares held at an issue
price of 25 cents per New Share.
In August 2020, the Company announced the results of its pro-rata issue, raising $3,342,408 before share issue costs with shares
issued as follows:
• On 20 July 2020, the Company issued 8,498,542 shares.
• On 28 July 2020, the Company further allotted 3,551,093 shares.
• On 3 August 2020, the Company issued 1,320,000 shares being the remaining shortfall shares under the 1 for 5 Non-
Renounceable Pro-Rata Rights Issue.
Total shares on hand as at the date of this report is 80,217,610.
At the date of the Directors’ Declaration no other matter or circumstance has arisen since 30 June 2020 that has significantly affected or
may significantly affect the operations, results of those operations, or state of affairs of the Company, subsequent to 30 June 2020.
Additional information required by the Australian Stock Exchange Limited Listing Rules, and not disclosed elsewhere in this report.
SHAREHOLDINGS
The names of ordinary shares held by the substantial shareholders as at 21 September 2020 were:
Au Xingao Investment Pty Ltd
Northern Star Resources
Kesli Chemicals Pty Ltd
BNP Paribas Nominees Pty Ltd
Mr Kenneth Joseph Hall
UNQUOTED SECURITIES OPTIONHOLDINGS
Nature
Expiry Date
Exercise Price of Options
Number under Option
Number of Holders
Unlisted options
30 June 2021
Unlisted options
31 December 2021
27 cents
25 cents
6,684,821
6,450,000*
69
6
* 5,950,000 options are subject to 24 months escrow.
The numbers of unlisted options with an exercise price $0.27, expiring 30 June 2021 held by the substantial optionholders as at 21
September 2020 were:
Abadi Investments Pty Ltd
AU Xingao Investment Pty Ltd
2,340,909
1,908,370
35.018%
28.548%
The numbers of unlisted options with an exercise price $0.25, expiring 31 December 2021 held by the substantial optionholders as at
21 September 2020 were:
Hera Investments Pty Ltd
Ms Renae Wainwright & Mr David Lawrence Hughes
2,000,000
1,950,000
33.613%
32.773%
ESCROWED SECURITIES
Nature
Escrowed to
Expiry Date
Exercise Price
Fully Paid Ordinary Shares
14 December 2020
-
-
Unlisted options
14 December 2020
31 December 2021
25 cents
Number under ASX
escrowed securities
14,648,970
5,950,000
CLASS OF SHARES AND VOTING RIGHTS
As at 21 September 2020, there were 548 holders of the ordinary shares and 72 holders of unlisted options of the Company. The
voting rights attached to the shares are:
•
•
at a meeting of members or classes of members each member entitled to vote may vote in person or by proxy or by attorney;
and
on a show of hands every person present who is a member has one vote, and on a poll every person present in person or by
proxy or attorney has one vote for each ordinary share held.
DISTRIBUTION OF SHAREHOLDERS (as at 21 September 2020)
Category
1
1,001
5,001
10,001
100,001
–
–
–
–
–
1,000
5,000
10,000
100,000
over
TOTAL HOLDERS
Number of Shareholders
13
63
112
298
62
548
The number of shareholders holding less than a marketable parcel as at 21 September 2020 was 23.
Twenty largest shareholders as at 21 September 2020
Name
1 AU XINGAO INVESTMENT PTY LTD
2 NORTHERN STAR RESOURCES LIMITED
Balance
%
12,700,088
15.832%
12,000,000
14.959%
3 KESLI CHEMICALS PTY LTD
11,260,010
14.037%
4 BNP PARIBAS NOMINEES PTY LTD
6,313,775
7.871%
5 MR KENNETH JOSEPH HALL
4,250,001
5.298%
6 MS RENAE WAINWRIGHT & MR DAVID L HUGHES
2,920,454
3.641%
7 BILL BROOKS PTY LTD
2,057,874
2.565%
8 ZINFANDEL EXPLORATION PTY LTD
9 MR RODERICK JAMES TRIGWELL
10 NATIONAL NOMINEES LIMITED
11 MRS MARISA MACKOW
12 POUNAMU CAPITAL PTY LIMITED
1,500,000
1.870%
1,397,177
1.742%
1,132,966
1.412%
864,638
1.078%
750,000
0.935%
13
JXB HOLDINGS PTY LTD
750,000
0.935%
14 TOPWEAL PTY LTD
15 BRUCE ROBERT LEGENDRE
16 MR SANDOR HELBY
17 VIVIEN ENTERPRISES PTE LTD
18 MR PETER PIOTR MACKOW
700,000
0.873%
600,000
0.748%
480,000
0.598%
400,000
0.499%
374,000
0.466%
19 MR BARRY D KELSEY & MRS HEATHER JL KELSEY
351,560
0.438%
20 MRS KATINA ME LAW & MR PETER S LAW
340,000
0.424%
Total Securities of Top 20 Holdings
61,142,543
76.221%
Total of Securities
80,217,610
Locality
Tenement ID
Holder
Ironstone Well Gold Project
Oblique/Quarter Moon
E53/1882
Yandal Resources Limited
Flushing Meadows
Flushing Meadows
Ironstone Well
Flushing Meadows
Flushing Meadows
Barwidgee Gold Project
New England
Tuscana/Corboys
New England
New England
Mazzucco
Mt McClure Gold Project
Success
Success
Success
Success
Parmelia
Parmelia
Parmelia
Challenger
Challenger
Challenger
Challenger
E53/1963
Yandal Resources Limited
E53/1964
Yandal Resources Limited
M53/1093
Yandal Resources Limited
MLA53/1108
Yandal Resources Limited
LA53/222
Yandal Resources Limited
E53/1843
Yandal Resources Limited
P53/1636
Yandal Resources Limited
P53/1638
Yandal Resources Limited
P53/1639
Yandal Resources Limited
P53/1704
Yandal Resources Limited
P36/1813
Yandal Resources Limited
P36/1814
Yandal Resources Limited
P36/1815
Yandal Resources Limited
P36/1816
Yandal Resources Limited
P36/1817
Yandal Resources Limited
P36/1818
Yandal Resources Limited
P36/1819
Yandal Resources Limited
P36/1820
Yandal Resources Limited
P36/1821
Yandal Resources Limited
P36/1822
Yandal Resources Limited
P36/1823
Yandal Resources Limited
Challenger Extended
P36/1853
Yandal Resources Limited
Success Extended
Parmelia Extended
Success
Parmelia
Challenger
P36/1854
Yandal Resources Limited
P36/1855
Yandal Resources Limited
MLA36/691
Yandal Resources Limited
MLA36/692
Yandal Resources Limited
MLA36/693
Yandal Resources Limited
Beneficial Ownership of
Yandal Resources Ltd
Notes
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Locality
Tenement ID
Holder
Beneficial Ownership of
Yandal Resources Ltd
Notes
Gordans Gold Project
Mt Jewell
King of the West
Mt Jewell
Gordons
Wild Dog
Mt Vetters
Mulgarrie
Gordons
King of the West
King of the West
King of the West
King of the West
King of the West
King of the West
Kanowna
Mt Jewell
E24/198
E24/214
E27/536
E27/601
E27/602
E27/605
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
M27/237
Yandal Resources Limited
MLA27/502
Yandal Resources Limited
P24/5266
Yandal Resources Limited
P24/5267
Yandal Resources Limited
P24/5268
Yandal Resources Limited
P24/5269
Yandal Resources Limited
P24/5270
Yandal Resources Limited
P24/5271
Yandal Resources Limited
P27/1911
Yandal Resources Limited
P27/2206
Yandal Resources Limited
Boomerang Dam
P27/2214
Yandal Resources Limited
Mt Eba
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
P27/2331
Yandal Resources Limited
P27/2338
P27/2339
P27/2340
P27/2341
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
P27/2342
Yandal Resources Limited
P27/2343
Yandal Resources Limited
P27/2344
Yandal Resources Limited
P27/2345
Yandal Resources Limited
P27/2346
Yandal Resources Limited
P27/2354
Yandal Resources Limited
P27/2355
Yandal Resources Limited
P27/2356
Yandal Resources Limited
P27/2357
Zinfandel Exploration Pty Ltd
P27/2358
Zinfandel Exploration Pty Ltd
P27/2359
Yandal Resources Limited
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
1
1
Locality
Tenement ID
Holder
Gordans Gold Project continued
Beneficial Ownership of
Yandal Resources Ltd
Notes
Gordons
Gordons
Gordons
Gordons
Gordons
Notes:
P27/2360
Yandal Resources Limited
P27/2361
Yandal Resources Limited
P27/2362
Yandal Resources Limited
P27/2363
Yandal Resources Limited
P27/2364
Yandal Resources Limited
100%
100%
100%
100%
100%
1.
These tenements are the subject of the Zinfandel Exploration Pty Ltd Tenement Sale Agreement dated 28 June 2018. Awaiting
finalisation of transfers.
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