Forrestania Resources : Half Yearly Report and Financial Statements

For personal use only

ACN 647 899 698

Interim Financial Statements for the six months ended 31 December 2021

For personal use only

Corporate Directory

Directors
John Hannaford	Non-Executive Chairman
David Izzard	Non-Executive Director
William Higgins	Non-Executive Director
CEO
Angus Thomson
Company Secretary
Cecilia Tyndall
Registered and Principal Office
Suite 2, 38 Colin Street
West Perth WA 6005

Phone: [phone]

Email: [e-mail]

Website:www.forrestaniaresources.com.au

Auditor

Hall Chadwick WA Audit Pty Ltd

283 Rokeby Road

Subiaco WA 6008

Share Registry

Automic Group Pty Ltd

Level 2, 267 St Georges Terrace

Perth WA 6000

Phone (within Australia): 1300 288 664

Phone (outside Australia): [phone]

Stock Exchange Listing

Australian Securities Exchange (ASX)

ASX Code: FRS

Interim Financial Report 31 December 2021

2

Forrestania Resources Limited

For personal use only

Directors' Report

31 December 2021

The Directors of Forrestania Resources Limited (the "Company" or "Forrestania") present their report on the Company for the period ended 31 December 2021 ("Period").

Directors

John Hannaford - Chairman

David Izzard - Non-Executive Director

William Higgins - Non-Executive Director

Principal activities

The Company was established in February 2021 and principal activities of the Company during the financial period were the exploration of mineral tenements in Western Australia ("WA").

Significant changes in the state of affairs

In the opinion of the Directors, there were no significant changes in the state of affairs of the Company which have not been disclosed elsewhere in this report.

Review of Operations

The following is a summary of the activities Forrestania Resources Limited during the period 1 July 2021 to 31 December 2021.

Corporate

The Company completed a successful capital raising and was admitted to trading on the Australian Securities Exchange ("ASX") on the 30th of September 2021. The Company issued 25,000,000 shares under its initial public offer and completed the acquisition of the Forrestania Gold, Lithium and Nickel Project, the Southern Cross Gold Project, and Leonora Gold Project by the issue of a further 12,000,000 shares.

Projects

During the reporting period, the Company has been active with exploration, orientation and evaluation work.

The on-ground work has predominantly focussed on the Forrestania tenements, with some activity at the Leonora Project in the Eastern Goldfields.

Activities included several mapping trips and geochemical surveys at the Forrestania and Leonora projects (including soil sampling programmes at Bounty East and Gt Southern), a maiden RC drilling programme at Lady Lila, two Deep Ground Penetrating Radar (DGPR) surveys at Gemcutter and Crossroads, along with several environmental surveys completed at Gemcutter, Lady Lila, Black Prince and Bounty East.

Operating results

The Company's net loss from operations for the period was $1,150,733.

At 31 December 2021, the Company had net assets of $7,276,301 with cash reserves of $3,103,991. The Directors believe there are sufficient funds to meet the Company's working capital requirements and as at the date of this report the Company believes it can meet all liabilities as and when they fall due.

Matters subsequent to the end of the financial period

On 1 February the Company announced the granting of Leonora Project tenement E29/1103 (Goongarrie) and the new tenement application E29/1158 (Goongarrie North).

Mr Angus Thomson was appointed CEO, and Ms Melissa McClelland was appointed as Exploration Manager - Lithium on 2 February 2021. Mr Simon Adams resigned as Company Secretary and Mrs Cecilia Tyndall was appointed as Company Secretary on 2 February.

Subsequent to period end, on 17 February 2022, the Company issued 3,000,000 options under its Employee Securities Incentive Plan.

On 23 February 2022 the Company issued 48,804 fully paid shares to Mr Robbie Parr pursuant to an Exclusive Option Deed to acquire Exploration Licence E77/2637.

John Hannaford, Chairman

16 March 2022

Interim Financial Report 31 December 2021

3

Forrestania Resources Limited

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the Period Ended 31 December 2021

use only

Other income

Administration services

Exploration expenses

Interest

Employee expenses

Share based payments

Loss from continuing operations before income tax expense

Income tax expense

Loss from continuing operations

Loss for the year

Other comprehensive income

Comprehensive loss attributable to the shareholders of the Company

Basic and diluted loss per share (dollar per share) for continuing operations attributable to the shareholders of the Company

Basic and diluted loss per share (dollar per share) attributable to the shareholders of the Company

31-Dec-21

Note

1. 93,973
2. (525,602)
   (1,918)
   (2,940)
3. (33,450)
   (680,796)

(1,150,733)

-

(1,150,733)

(1,150,733)

-

(1,150,733)

(0.0350)

(0.0350)

For personal

The above Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.

Interim Financial Report 31 December 2021

4

Forrestania Resources Limited

Condensed Consolidated Statement of Financial Position As at 31 December 2021

For personal use only

			31-Dec-21		30-Jun-21
	Note		$		$
Assets
Current assets			3,103,991		22,310
Cash and cash equivalents
Trade and other receivables			81,001		57,803
Other current assets			129,010		-
Total current assets			3,314,002		80,113
Non-current assets			4,017,935		135,000
Exploration and evaluation expenditure	2.1
Property, plant and equipment	2.2		98,602		2,307
Total non-current assets			4,116,537		137,307
Total assets			7,430,539		217,420
Liabilities
Current liabilities			154,238		167,862
Trade & other payables
Borrowings			-		197,641
Total current liabilities			154,238		365,503
Total liabilities			154,238		365,503
Net assets			7,276,301		(148,083)
Equity
		7,209,244		57,500
Share capital	4.1
Accumulated loss			(1,356,316)		(205,583)
Reserves	5.3		1,423,373		-
Total equity attributable to shareholders of the Company			7,276,301		(148,083)

The above Condensed Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

Interim Financial Report 31 December 2021

5

Forrestania Resources Limited