For personal use only
ORION METALS LIMITED
ACN 096 142 737
INTERIM FINANCIAL REPORT
FOR THE HALF-YEAR ENDED
31 AUGUST 2021
only | Orion Metals Limited |
Contents | |
Corporate information | |
Directors' report | |
Auditor's independence declaration | |
Half-year interim financial report |
use | Consolidated Statement of Financial Position |
Consolidated Statement of Profit or Loss and Other Comprehensive Income | |
Consolidated Statement of Changes in Equity | |
Consolidated Statement of Cash Flows | |
Notes to the interim financial report | |
personalFor | Directors' declaration |
Independent auditor's review report | |
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Corporate information
Directors
onlyCompany Secretary
Registered Office
useContact Details
Share Registry
personalAuditor
Lawyers
ForStock Exchange Listing
Website
Dr Yi Yang (Chairman, Non-Executive Director)
Dr Feng Wu (Executive Director)
Mr Yu Zhou (Non-Executive Director)
Mr Bin Cai (Executive Director/CFO)
Bill Lyne
221 Jesmond Road
Fig Tree Pocket
Queensland 4069
GPO Box 7115
Brisbane Qld 4001
Phone: +61 413 976 908
Email: admin@orionmetals.com.au
Link Market Services Limited
Level 21
10 Eagle Street
Brisbane Qld 4000
Telephone: + 61 2 8280 7111
Facsimile: + 61 2 9287 0303
BDO Audit Pty Ltd
Level 10
12 Creek Street
Brisbane Qld 4000
Telephone: + 61 7 3237 5999
Facsimile: + 61 7 3221 9227
Ashurst Australia
Level 38,
Riverside Centre,
123 Eagle Street,
Brisbane QLD 4000
Telephone: +61 7 3259 7000
Facsimile: +61 7 3259 7111
Orion Metals Limited shares are quoted on the Australian Securities Exchange under the code 'ORM'
www.orionmetals.com.au
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Orion Metals Limited
Directors' report
For personal use only
The Directors of Orion Metals Limited ('Orion', 'ORM' or 'the Company') submit herewith the interim financial report of the Company for the half-year ended 31 August 2021.
Directors
The names and details of the Directors of the Company in office during the half-year and until the date of this report are:
Dr Yi Yang (Non-Executive Chairman, Non-Executive Director)
Dr Feng Wu (Executive Director)
Bo Wang (Non-Executive Director) - resigned 11 March 2021
Yu Zhou (Non-Executive Director) - appointed 11 March 2021
Bin Cai (Executive Director/CFO)
Principal activities
The principal activity of the Company during the period was exploration for rare earth metals and gold.
Review of operations
The Company recorded a loss after tax of $381,742 for the half-year ended 31 August 2021 (31 August 2020: $255,966).
Exploration and Evaluation expense during the half-year was $45,125 (2019: $28,830).
The Company's only exploration project is now Top Camp and no on-ground exploration activities were conducted there during the half-year period. The Company has continued to assess the project to maintain the tenements in good standing.
Exploration activities:
There was no on-ground exploration conducted this half-year by Orion.
Orion's exploration activities remain tightly constrained at the Top Camp project while the Company's Board of Directors decides on exploration objectives and strategy.
Top Camp Project
Gold and Copper
Located 40km south west of Cloncurry in Queensland, the Top Camp Project consists of 4 granted mining leases. All the leases are 100% ORM held. The Project is considered prospective for IOCG (iron oxide copper gold) type deposits and has alluvial gold potential.
During the current reporting period the Queensland Department of Resources ("QDoR") has accepted renewal applications for ML 2786, ML 2785 and ML 2792 for additional terms to expire 28 February 2026. ML 2764 is due to expire 31 January 2025.
Orion entered into a Sale of Tenements Agreement with Mayfair Corporations Group Pty Ltd ("Mayfair") on 13 July 2021 in respect of the sale and purchase of the 4 mining leases comprising the Top Camp Project for $500,000 purchase price.
Sale of the Top Camp tenements was approved by shareholders at the Company's Annual General Meeting ("AGM") held on 14 July 2021.
A transfer application for the tenements to Mayfair has been received by QDoR - and is currently being processed by them - with the mining lease renewals to proceed once the transfer application is approved.
Corporate
There have been no material corporate activities or changes during the half-year period ended 31 August 2021, or since that date, other than as stated in this report.
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Orion Metals Limited
On 11 March 2021 Mr Bo Wang, who was an independent Non-Executive Director since July 2016, resigned due to other commitments and to pursue other activities. In his place the Board has appointed Mr Yu Zhou as a Non-Executive Director.
The Company's Annual General Meeting was held on 14 July 2021 at which all resolutions were passed on a poll. The onlyresolutions included confirmation of Yu Zhou's appointment and approval for sale of the Top Camp Project.
During the period the Company's Registered Office and Principal Place of Business have been relocated from Calamvale to Fig Tree Pocket in suburban Brisbane, and the Company's telephone number has changed.
With the sale of the Top Camp Project the Directors have continued to concentrate on investigating the acquisition of new assets to further increase value for the benefit of all shareholders and to source alternative funding arrangements to the support currently being provided by major shareholder Excellence Holdings HK Limited ("EHHK") and other parties. To this end, the Company has mandated professional advisors to assist and advise the Company on investment opportunities in mining or exploration assets that are in a more advanced or developed stage as well as any further capital raising that
usemay be required by the Company to support its future activities.
Subsequent events
No matters or circumstances have arisen since the end of the half-year period which significantly affect the operations of the consolidated entity, the results of those operations or the state of affairs of the consolidated entity in the period
nder review other than as noted below.
EHHK has since period-end provided another loan of $60,000 to the Company, making a total of $125,000 in loans from personalthis shareholder. All loans are at zero interest rate, unsecured and for no fixed term.
Auditor's independence declaration
The auditor's independence declaration is included on page 5 of the interim financial report.
Signed in accordance with a resolution of directors.
Mr. Bin Cai
Director
Brisbane, 10 November 2021
For
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Orion Metals Limited published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 07:14:00 UTC.