Cassini Resources : Annual Financial Statements

CASSINI RESOURCES LIMITED

ABN 50 149 789 337

Annual Financial Statements

For the year ended 30 June 2020

CONTENTS
Corporate Information .................................................................................................................................................	2
Chairman's Letter........................................................................................................................................................	3
Review of Operations..................................................................................................................................................	4
Directors' Report .......................................................................................................................................................	24
Auditor's Independence Declaration .........................................................................................................................	43
Independent Auditor's Report ...................................................................................................................................	44
Consolidated Statement of Profit or Loss and Other Comprehensive Income .........................................................	48
Consolidated Statement of Financial Position ..........................................................................................................	49
Consolidated Statement of Cash Flows....................................................................................................................	50
Consolidated Statement of Changes in Equity .........................................................................................................	51
Notes to the Consolidated Financial Statements ......................................................................................................	52
Directors' Declaration................................................................................................................................................	81

CASSINI RESOURCES LIMITED ANNUAL FINANCIAL STATEMENTS 2020

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Corporate Information

This financial report includes the consolidated financial statements and notes of Cassini Resources Limited and its

controlled entities ('the Group'). The Group's functional and presentation currency is AUD ($).

A description of the Group's operations and of its principal activities is included in the review of operations and activities in the Director's report. The Director's report is not part of the financial report.

Directors

Michael (Mike) Young	Non-Executive Chairman
Richard Bevan	Managing Director
Philip (Phil) Warren	Non-Executive Director
Jonathan (Jon) Hronsky	Non-Executive Director
Sze Man (Simone) Suen	Non-Executive Director
Company Secretary
Steven Wood

Registered Office & Principal Place of Business

Ground Floor, 16 Ord Street

West Perth WA 6005

Postal Address

PO Box 685

West Perth WA 6872

Telephone: [phone]

Facsimile: [phone]

E-mail: [e-mail]

Website: www.cassiniresources.com.au

Share Registry

Automic Registry Services

Level 2, 267 St Georges Terrace

Perth WA 6000

Telephone: [phone]

Auditors

BDO Audit (WA) Pty Ltd

38 Station Street

Subiaco WA 6008

Bankers

ANZ

Level 1, 1275 Hay Street

West Perth WA 6005

Solicitors

Steinepreis Paganin	Thomson Geer
Level 4, Next Building	Level 27, Exchange Tower
16 Milligan Street	2 The Esplanade
Perth WA 6000	Perth WA 6000

Stock Exchange

Australian Securities Exchange Limited

Level 40, Central Park

152-158 St George's Terrace

Perth WA 6000

ASX Code: CZI

Frankfurt Stock Exchange

FWB Code: ICR

CASSINI RESOURCES LIMITED ANNUAL FINANCIAL STATEMENTS 2020

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Chairman's Letter

An ASX listed junior mining company can achieve many outcomes, the majority of which involve a slow decline into obscurity or a pivot into the newest trend. A few make discoveries, become miners, or by aiming to become a miner, become a target for acquisition.

This is what has happened in 2020 to Cassini as its major project, the West Musgrave Project, demonstrated value and led to the company being acquired by our Joint Venture partner OZ Minerals Limited, in a transaction that has enjoyed the overwhelming support of our shareholders.

The bulk of the Cassini board and management has been in place since the listing of Cassini in January 2012. I joined Richard Bevan and Phil Warren on the Board prior to listing and we developed a plan to IPO on a package of quality exploration assets, one of which was located in the West Musgrave region of Western Australia. We recognised the need for high-quality geological expertise and so Greg Miles joined the team. The Board was rounded out by Dr Jon Hronsky, with Steven Wood as Company Secretary.

Post its IPO on the ASX, Cassini undertook early exploration work with some level of success, but in hindsight the biggest opportunity came from developing an operational capability to work in one of the remotest regions of Australia and the relationships that began to develop with the Ngaanyatjarra community that own and live in the Ngaanyatjarra Lands.

It was these attributes and the quality of our team that enabled us to acquire a large tenement package from BHP Billiton, which included the Nebo-BabelNi-Cu deposit, and the Succoth Cu deposit, as well as a large package of early stage, underexplored tenements in the West Musgrave. Following several years of exceptionally good geological work at the West Musgrave Project, led by Greg Miles, Jon Hronsky, Zoran Seat and others, Cassini was able to expand the mineral resource at Nebo-Babel as well as crack the metallurgical puzzle.

Cassini became a victim of its own success as Nebo-Babel become too big for a junior company to develop, and an alternative path was chosen. After a thorough search for development partners, OZ Minerals came to the table in 2016 with a very good offer to acquire 70% of the West Musgrave Project by funding $36m of exploration and development and carrying Cassini through to completion of a DFS and decision to mine. I would like to take this opportunity to thank OZ Minerals and their team who have been great JV partners during the past four years. Eventually OZ Minerals believed that going alone on Nebo-Babel was a better commercial outcome for their shareholders and they launched a friendly bid to acquire Cassini.

And the rest, as they say is history.

The result has been an excellent outcome for Cassini shareholders, and I would like to thank all shareholders for your support over the journey. Some early shareholders included GR Engineering and MACA, who subscribed to a placement in a time of very low commodity prices because they believed in the project and our team. More recently Tinci (HK) Limited, a 100% subsidiary of Guangzhou Tinci Materials Technology Co. Ltd (002709.SHE) and a leading battery materials company in China, recognised the value of the West Musgrave Project and invested as a cornerstone.

Cassini, in some part, will live on through the demerger of Caspin Resources Limited, which will shortly apply to list on the ASX. Caspin starts its life with two high-quality exploration projects being Yarawindah Brook, located in the New Norcia Nickel Province where the recent Julimar discovery has been attracting significant interest; and the Mt Squires Gold and Nickel Project in the West Musgrave region.

It is however the people who have made Cassini what it is and particularly Richard Bevan's and Greg Miles' leadership of a great team that established Cassini as a focused, professional, and open-minded company. The whole teams' relationships with the leadership and project teams at OZ Minerals is certainly the reason for our success.

It is with great pride that I finish this last Chairman's Letter for Cassini and thank you one and all.

Mike Young

Chairman

CASSINI RESOURCES LIMITED ANNUAL FINANCIAL STATEMENTS 2020

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