Fin Resources : Half Yearly Report and Accounts – 31 December 2020

CONTENTS	PAGE
Corporate Directory	1
Directors' Report	2
Auditor's Independence Declaration	5
Consolidated Statement of Profit or Loss and Other Comprehensive Income	6
Consolidated Statement of Financial Position	7
Consolidated Statement of Changes in Equity	8
Consolidated Statement of Cash Flows	9
Condensed Notes to the Consolidated Financial Statements	10
Directors' Declaration	13
Auditor's Independent Review Report	14
About Fin Resources Limited and Schedule of Tenements	16
CORPORATE DIRECTORY

Directors	Auditors
Jason Bontempo - Non-Executive Director	Stantons International Audit & Consulting Pty Ltd
Andrew Radonjic - Non-Executive Director	Level 2, 1 Walker Avenue
Simon Mottram - Non-Executive Director	WEST PERTH WA 6005
Company Secretary	Stock Exchange
Aaron Bertolatti	Australian Securities Exchange
(Home Exchange: Perth, Western Australia)
Registered Office	ASX Code: FIN
First Floor
35 Richardson Street	Website
WEST PERTH WA 6005	finresources.com.au
Share Registry
Advanced Share Registry Pty Ltd
110 Stirling Highway
NEDLANDS WA 6009

Fin Resources Limited

1

31 December 2020

The Directors present their report for Fin Resources Limited ("Fin Resources", "Fin" or "the Company") and its subsidiaries ("the Group") for the half-year ended 31 December 2020.

DIRECTORS

The persons who were directors of Fin Resources during the half-year and up to the date of this report are:

• ▪ Jason Bontempo - Non-Executive Director

• ▪ Andrew Radonjic - Non-Executive Director

• ▪ Simon Mottram - Non-Executive Director

REVIEW OF OPERATIONS

Fin Resources Limited is an Australian based resources company listed on the Australian Securities Exchange (ASX: FIN). The Company's projects comprise exploration licences covering ground located in Western Australia, which the Company intends to explore for gold, base metals and graphite (refer Figure 1).

Figure 1 | Location of the Company's Projects in Western Australia

McKenzie Springs Project

The McKenzie Springs Project is located 85km northeast of the township of Halls Creek in the Kimberley region of Western Australia. The Project comprises a single granted Exploration Licence, namely E80/4808. The Project hosts mafic and ultramafic intrusions that are prospective for magmatic Ni-Cu sulphide and Platinum Group Element (PGE) mineralisation. Additionally, the Tickalara Metamorphic geology within the project is prospective for graphite mineralisation. Nickel mineralisation within the McKenzie Springs Project is associated with the basal contact of mafic-ultramafic rocks in a similar geological setting to the Savannah Nickel Mine owned by Panoramic Resources Ltd (ASX: PAN) to the north.

The Company commenced its diamond drilling program at the McKenzie Springs Project, prospective for Nickel, Copper and Platinum Group Element (PGE) mineralisation during the reporting period. The program included three diamond drill holes (for a total of 947.9m) designed to intersect modelled strong high priority conductors defined from Fixed Loop Electromagnetic (FLEM) geophysical surveys.

Downhole electromagnetic (DHEM) surveying was completed on the drillholes post drilling. Results from the DHEM survey will be assessed in conjunction with pending assay and petrological results and, completed geological and structural logging to determine future exploration programs. Final assay results are due in February.

The source of the conductive anomaly targeted by FNDD001 was not intersected within the drillhole and is yet to be identified. FNDD002 intersected foliation disseminated to semi-massive sulphide mineralisation (pyrrhotite-chalcopyrite-pentlandite sulphides), brecciated quartz veining within sheared anorthosite and amphibolite from 277.25m. This intersection in FNDD002 corresponds to the electromagnetic (EM) conductor identified at this location.

A two-metre interval (from 75.9m) in FNDD003 which intercepted a foliated sedimentary granulite with 25% visual disseminated sulphides is considered to be the source of the conductive anomaly which was targeted by this drill hole.

Table 1| McKenzie Springs Project Drillhole Details

Hole ID	East (m)	North (m)	R(m)L	Depth (m)	Azimuth (°)	Dip (°)
FNDD001	383490	8066500	333	493.1	340	-60
FNDD002	383145	8066288	338	324.8	327.5	-54
FNDD003	384310	8066805	322	130.0	300	-60

Refer to the Company's announcement Semi-Massive Sulphides intersected at McKenzie Springs Nickel

Project dated 26 October 2020 for further details on the drilling program and results.

On 10 December 2020, the Company announced that it had completed its Farm-In right as per the Heads of Agreement ("Agreement") with Sammy Resources Pty Ltd (a wholly owned subsidiary of Cazaly Resources Limited ASX:CAZ), to earn an additional 19% in Exploration Licence 80/4808, the McKenzie Springs Project. This completed the Farm-In stage of the agreement whereby FIN now holds a 70% interest and CAZ a 30% interest with each party now required to contribute to future exploration expenditure according to their interest.

South Big Bell Project

The South Big Bell Project is located 25km west of the township of Cue in the Murchison Goldfields. The Project comprises a single granted Exploration Licence, namely E20/0900. The Project lies to the south of the Big Bell Gold Mine, currently held by Westgold Resources Ltd (ASX: WGX) which forms part of their Central Murchison Gold Project. The South Big Bell tenement covers the southern extension of the Mount Magnet-Meekatharra Greenstone Belt. Limited exploration work was completed on the Project during the period.

Sentinel Project

The Sentinel Project is located 130km east-northeast of the township of Kalgoorlie in the Eastern Goldfields. The Project comprises a single granted Exploration Licence, namely E28/2652. The Project lies within the southern Laverton Tectonic Zone, a regional scale shear/fault system that extends as a set of NNE and NNW trending structures from Laverton towards the Pinjin area.

The area has been explored for gold by a number of companies since the 1980s, exploration including predominantly reconnaissance and surface geochemical programs, and limited geochemical drill traverses through covered terrain. Limited exploration work was completed on the Project during the period.