Cape Lambert Resources : Annual Report

ANNUAL REPORT 2020

Advancing undervalued mineral assets

ANNUAL REPORT 2020

CONTENTS

Corporate Directory	1
Principal Activities and Review of Operations	2
Directors' Report	6
Auditor's Independence Declaration	18
Corporate Governance Statement	19
Consolidated Statement of Profit or Loss and Other Comprehensive Income	20
Consolidated Statement of Financial Position	21
Consolidated Statement of Changes in Equity	22
Consolidated Statement of Cash Flows	23
Notes to the Consolidated Financial Statements	24
Directors' Declaration	67
Independent Auditor's Report	68
Additional Stock Exchange Information	73

ANNUAL REPORT 2020

CORPORATE DIRECTORY

Directors	Bankers
Mr Terry Donnelly - Non-Executive Chairman	National Australia Bank
Mr Tony Sage - Executive Director	100 St George's Terrace
Mr Tim Turner - Non-Executive Director	Perth, WA 6000

Company Secretary	Auditors
Ms Melissa Chapman	BDO Audit (WA) Pty Ltd
	38 Station Street
Stock Exchange Listing	Subiaco, WA 6008
Australian Securities Exchange	Tel: [phone],4600
ASX code: CFE	Fax: [phone]

Website	Share Registry
www.capelam.com.au	Computershare Investor Services Pty Limited
	Level 11
Country of Incorporation	172 St Georges Terrace
Australia	Perth, WA 6000
	AUSTRALIA
Registered Address	Tel: [phone] (Australia)
32 Harrogate Street	[phone] (Overseas)
West Leederville, WA 6007
Australia
Tel: [phone]

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ANNUAL REPORT 2020

PRINCIPAL ACTIVITIES AND REVIEW OF OPERATIONS

Marampa Project

Marampa is an iron ore project at the development stage, and is located 90 km northeast of Freetown, Sierra Leone, West Africa (Marampa or Marampa Project) (Figure 1). The Marampa Project comprised one mining licence (ML05/2014) comprising 97.40km2 and one exploration licence (EL46A/2011) comprising 145.86km2.

Figure 1: Regional Map showing the Company's Assets in Sierra Leone

ML05/2014

In 2014, Marampa Iron Ore (SL) Limited (Marampa SL), a wholly owned subsidiary of Cape Lambert was granted the mining and environmental licences for ML05/2014 (together the Mining Licence). The Company has spent circa US$62.7m on exploration and development to date on the Marampa Project.

In September 2018, Marampa SL received a letter from the Sierra Leone Ministry of Mines (SLMOM) cancelling the Mining Licence. In 2018, Marampa SL commenced legal action in Sierra Leone to challenge SLMOM's decision to cancel the Mining Licence ML05/2014, however, the Board has agreed to place legal action against the SLMOM on hold.

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