Contango : Annual Report and Financial Statements for the year ended 31 May 2021

Registered number: 10186111

Contango Holdings Plc

Annual Report and Financial Statements

For the year ended 31 May 2021

Parent Company Information

Directors

Neal Griffith (resigned on 18 June 2020) Brian McMaster (resigned on 18 June 2020) Oliver Stansfield

Philip Richards (resigned 18 November 2021) Carl Esprey (appointed 18 June 2020)

Roy Pitchford (appointed 18 June 2020)

Company Secretary

Graham May

Registered Office

4th Floor, 36 Spital Square

London

E1 6DY

Company Registered No. 10186111 (England and Wales)

Auditors

Crowe U.K. LLP

55 Ludgate Hill

London

EC4M 7JW

Broker

Brandon Hill Capital Ltd

Kemp House

152-160 City Road

London

EC1V 2NX

Registrars

Avenir Registrars

5 St John's Lane

London

EC1M 4BH

Contango Holdings PLC
Table of Contents
For the year ended 31 May 2021
Chairman's Report ...................................................................................................................................	1
Strategic Report .......................................................................................................................................	4
Directors' Report ....................................................................................................................................	13
Directors' Remuneration Report ............................................................................................................	18
Independent auditor's report to the members………………………………………………………………..23
Statements of Comprehensive Income..................................................................................................	28
Statements of Financial Position ...........................................................................................................	29
Statements of Changes in Equity ..........................................................................................................	31
Statements of Cash Flows…………………………………………………………………………………….34
Notes to the Financial Statements .........................................................................................................	36

Contango Holdings plc

Board of Directors

For the year ended 31 May 2021

The only employees in the Parent Company are the Directors, who are all considered to be key management personnel.

Brian McMaster (resigned on 18 June 2020)

Brian qualified as a chartered accountant in Australia in 1994 and is a registered and official liquidator with over 20 years' experience in the areas of corporate reconstruction, turnaround and performance improvement. He worked in New York and Jakarta before returning to Australia to become a partner at Ernst & Young. From 2004, he was a partner at Korda Mentha, a leading investment and restructuring services firm in Australia. In 2010 he joined Garrison Capital to advise on the identification and development of natural resources projects globally. In this capacity, he has been a director of a number of companies across the sector.

Philip Richards (resigned on 18 November 2021)

Philip is Founder and President of RAB Capital, which he jointly founded in 1999. He was Chief Executive Officer and Chief Investment Officer until 2008. As manager of the RAB Special Situations Fund, he ran around US$2bn in the mining and energy sector. Prior to founding RAB Capital he was a Managing Director in equity research and then investment banking at Merrill Lynch. He is a graduate of Oxford University.

Neal Griffith (resigned on 18 June 2020)

Neal commenced his career in finance at SG Warburg before moving to Gow & Co, a commodities trading firm. He subsequently moved into a business career as both owner/manager and investor in the telecoms, property, farming and corporate restructuring services sectors. Neal is the former CEO of Optima Worldwide Group plc, a provider of capital to growth companies.

Oliver Stansfield

Oliver joined Fox-Davies Capital in 2004 where he held the role of Director Equity Sales. In January 2015 the company was renamed to Brandon Hill Capital and Oliver was appointed CEO. He continues to oversee and lead the equity sales team, having developed relationships with a broad range of investors including Natural Resources and Emerging Market Funds, Family Offices and High Net Worths (HNWs). During his career he has raised in excess of $1bn for junior resource companies in a variety of jurisdictions and across a multitude of commodities.

Carl Esprey (appointed on 18 June 2020)

Carl, who qualified as a Chartered Accountant and Chartered Financial Analyst, has built a career in the natural resource investment and development sector. After beginning his career at Deloitte in Johannesburg in 2001, Carl joined BHP Billiton in 2004 as an analyst focussed on mergers and acquisitions. After four years at BHP Billiton, Carl used his expertise in the resources industry to move into equity investment and joined GLG Partners in London in 2008, where he focussed on natural resources investments. In 2014 Carl joined the board of Atlas Development & Support Services Limited and guided the company through its dual listing on the Growth Enterprise Market Segment of the Nairobi Securities Exchange, whilst also managing operations across Kenya, Ethiopia and Tanzania. Most recently, Carl has separately founded Elatio Tech Limited, a southern-African revenue generating gaming business and Waraba Gold Limited, a west-African gold exploration company.

Contango Holdings plc

Board of Directors

For the year ended 31 May 2021

Roy Pitchford (appointed 18 June 2020)

Roy is a Zimbabwean national and qualified as a Chartered Accountant in Zimbabwe. He has a long history in the country's mining sector and was the President of the Chamber of Mines in Zimbabwe. He was the Chief Executive Officer at Cluff Resources, where he led the redevelopment of Freda Rebecca mine, the largest gold mine in the country, as well as several smaller mines in the portfolio. Also, he was Chief Executive Officer at Zimplats, where he oversaw the development of the Ngezi Opencast Platinum Mine into production, the re-commission of the Selous Metallurgical Complex in 2002 and created a company with a platinum-group metals resource base in excess of 300 million ounces. More recently, he was Chief Executive Officer at Vast Resources until December 2017, a company that has mines in both Romania and Zimbabwe and is currently non-executive director of LSE listed Mining, Minerals & Metals plc.