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ORION METALS LIMITED
ANNUAL REPORT 2022
For personal use only
ORION METALS LIMITED
ACN 096 142 737
CONTENTS
PAGE | |
Corporate Directory | 2 |
Annual Review of Operations | 4 |
Corporate Governance Statement | 5 |
Shareholder Information | 11 |
Directors' Report & Financial Statements | 13 |
For personal use only
ORION METALS LIMITED
ACN 096 142 737
CORPORATE DIRECTORY
ORION METALS LIMITED
ABN: | 89 096 142 737 |
ASX Code: | ORM |
Board of Directors
Dr Yi Yang - Non-executive Chairman
Mr Yu Zhou - Non-executive Director
Dr Feng Wu - Executive Director
Mr Bin Cai - Executive Director & CFO
Company Secretary
Mr Bill Lyne
Registered & Administrative Office
221 Jesmond Road
Fig Tree Pocket
Queensland 4069
Contact Details
GPO Box 7115 Brisbane QLD 4001
Phone: +61 4 1397 6908
www.orionmetals.com.au
For personal use only
ORION METALS LIMITED
ACN 096 142 737
CORPORATE DIRECTORY
Shares Registrar
Link Market Services Limited
Level 21
10 Eagle Street
Brisbane, Queensland
Phone: +61 13 0055 4474
Facsimile: +61 2 9287 0309
Banker
Westpac Banking Corporation
240 Queen Street
Brisbane, Queensland
Phone: +61 7 3227 2110
Lawyer
Ashurst Australia
Level 38
123 Eagle Street
Brisbane, Queensland
Phone: +61 7 3259 7000
Facsimile: +61 7 3259 7111
Auditor
BDO Audit Pty Ltd
Level 10
12 Creek Street
Brisbane, Queensland
Phone: +61 7 3237 5999
Facsimile: +61 7 3221 9227
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ORION METALS LIMITED
ACN 096 142 737
ANNUAL REVIEW OF OPERATIONS
In 2021-22 the activities of Orion Metals Limited (Orion, ORM or the Company) were again restricted, with no field operations or exploration, due to the need to conserve funds, although the Company continued to comply with regulatory requirements to maintain its tenure in good standing.
In March 2021 Mr Bo Wang, who had been an independent Non-Executive Director since July 2016, resigned due to other commitments and pursue other activities and Mr Yu Zhou was appointed by the Board as his replacement, which was confirmed by shareholders at the Annual General Meeting (AGM) in July 2021.
During the year the Directors decided that it was in the best interests of the Company to dispose of the Top Camp Project and in July 2021 Orion entered into a Sale of Tenements Agreement with Mayfair Corporations Group Pty Ltd 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 Tenements was also approved by shareholders at the AGM and completion occurred in December 2021.
In September 2021 the Company's Registered Office and Principal Place of Business were relocated from Calamvale to Fig Tree Pocket in suburban Brisbane, and the Company's telephone number was changed.
The Company's on-going funding requirements were met from the sale proceeds received for the Tanami West Project (late in the previous financial year) and the Top Camp Project. In addition, they have been further supplemented by loans from major shareholder Excellence Holdings HK Limited (a related entity of Directors Yi Yang and Feng Wu), which at reporting date aggregated $125,000, and loans from shareholder Australia Cayenne Holdings Pty Ltd (a related entity of Director Bin Cai), which at reporting date aggregated $150,000. These loans are at zero interest rate, unsecured and for no fixed term.
Directors considered that the sale of the Top Camp Project was in the best interests of the Company and has allowed the Company to concentrate efforts towards acquiring alternative assets and new funding sources, designed to further increase value for the benefit of all shareholders.
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Orion Metals Limited published this content on 14 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 June 2022 05:12:01 UTC.