Haoma Mining NL 2020 Annual Report to Shareholders

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HAOMA MINING NL

ANNUAL REPORT

JUNE 30, 2020

Figure 1: Location map of Haoma Mining NL Pilbara mining tenements

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Directors	Principal Bankers
Gary Cordell Morgan, B.Comm (Chairman)	Westpac Banking Corporation
Michele Levine, B.Sc (Hons), Env.St.
W. Timothy Carr Ingram	Share Registry
PrimaryLedger Pty Limited
Secretary	PO Box R697
James A Wallace, CA	Royal Exchange
Sydney NSW 1225
Registered Office and Head Office:
Melbourne	Auditors
Tonic House	BDO
386 Flinders Lane	Collins Square, Tower Four
Melbourne, Victoria 3000	Level 18
Tel: [phone]	727 Collins Street
Fax [phone]	Melbourne, Victoria 3008

Email:

[e-mail]

Postal Address GPO Box 2282 Melbourne, Victoria 3001 Website:www.haoma.com.au

Interstate Offices and Mine Sites:Bamboo Creek Mine Site:

PO Box 2791

South Hedland, WA, 6440

Ravenswood, Queensland: Burdekin Falls Dam Road Ravenswood, Queensland 4816

Comet Mine Site:

PO Box 89

Marble Bar, WA 6760

Solicitors William Murray

Level 11, 379 Collins Street Melbourne, Victoria 3000

HAOMA MINING NL AND ITS CONTROLLED ENTITIES CHAIRMAN'S REVIEW AND REPORT ON OPERATIONS

MISSION STATEMENT

The mission of Haoma Mining is to establish a highly profitable mining company with sustainable growth in shareholder value.

In pursuit of this mission, Haoma will acquire quality tenements, explore for gold and other minerals, utilise the most effective exploration and recovery techniques to extract minerals in the most efficient way with a strong commitment to health, safety and the environment.

Haoma's strategic approach can be characterised as both innovative and practical.

Haoma is dedicated to developing a leading edge gold mining province in the Pilbara (WA) and Ravenswood/ Charters Towers region (QLD) by linking research with modern technology and new ways of thinking.

Haoma operates with a flat management structure, which allows all company personnel to be hands-on, practical and single-minded about improving the bottom line performance.

CONTENTS	ANNUAL GENERAL MEETING
Section 1:	The Annual General Meeting of the members of
Chairman's Review & Report on Operations	Haoma Mining NL is to be held at:
Section 2:	Tonic House
Financial Statements & Reports	Basement
386 Flinders Lane
Director's Report	Melbourne, Australia.
Auditors Independence Declaration	Monday March 29, 2021
Corporate Governance Statement	Commencing at 10.00am.
Financial Statements and Reports
Directors Declaration	All shareholders are encouraged to attend. Light
Independent Auditors Report	refreshments will be available to members and
guests following the meeting. A Notice of
Meeting and proxy form will be mailed to
shareholders.

CHAIRMAN'S REVIEW & REPORT ON OPERATIONS

• 1. Financial results

  The financial statements for the Year to June 30, 2020 show that Haoma Mining recorded a consolidated loss of $4.96 million. The result is after expensing interest charges of $1.35 million and writing off $2.49 million of costs associated with research and test work.

  My family investment company has continued to provide the funding needed for Haoma to conduct its research and development activities. The Haoma financial reports show the costs to date have been extensive and the revenues limited which has resulted in the current deficiency in net assets. At June 30, 2020 my family's total cash commitment to Haoma was recorded at $43.4 million. That figure does not include my family's equity investment or any interest on the funds.

• 2. Haoma's activities in Western Australia

• 2.1 Test Work at Bamboo Creek

  Figure 1: Bamboo Creek Processing Plant, Pilbara WA

• 2.11 Bamboo Creek 'Kitchener' and 'Bamboo Queen Pit' ores processed

  Haoma shareholders were advised on November 26, 2021 in the Shareholder update approximately 500 tonnes of Bamboo Creek stockpiled 'Kitchener' low grade ore and 500 tonnes of stockpiled 'Bamboo Queen Pit' low grade ore was processed through the Bamboo Creek Plant.

  In total 13 tonnes of Concentrates were recovered by the Knelson concentrator, Spiral concentrator and Falcon concentrator and 187.96g (est) of free gold recovered.

  Initially 7.3 tonnes of Concentrates was processed and to date 514.66 g (est.) of gold in bullion has been produced (excluding the free gold.) Remaining is 1,060g of gold in cyanide solution (40 tonne of solution at 29ppm = 1,160g gold). Total gold so far recovered (estimated to be 1,674.66g in bullion and in cyanide solution) equates to 1.67g/t.

  In January and early February 2021 test work was then conducted on 2 samples (660.3g and 621.3g) from the above 7.3 tonnes of Concentrates less the free gold which had been recovered.

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