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Odin Metals Limited
Interim Financial Report
31 December 2021
ABN 32 141 804 104
odinmetals.com.au
For personal use only
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 | 14 |
Independent Auditor's Review Report | 15 |
CORPORATE DIRECTORY
Directors and Officers | Auditors |
Jason Bontempo (Executive Chairman) | RSM Australia Partners |
Simon Mottram (Non-Executive Director) | Level 32, Exchange Tower, |
Ted Coupland (Non-Executive Director) | 2 The Esplanade |
Aaron Bertolatti (Company Secretary) | PERTH WA 6000 |
Telephone: +61 8 9261 9160 | |
Registered Office & Principal Place of Business | |
35 Richardson Street | Stock Exchange |
WEST PERTH WA 6005 | Australian Securities Exchange |
(Home Exchange: Perth, Western Australia) | |
Share Registry | ASX Code: ODM |
Computershare Investor Services Pty Ltd | |
Level 11, 172 St Georges Terrace | Website |
PERTH WA 6000 | odinmetals.com.au |
Directors' Report
The Directors present their report for Odin Metals Limited ("Odin Metals" or "the Company") and its subsidiaries ("the Group") for the half year ended 31 December 2021.
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DIRECTORS
The persons who were directors of Odin Metals during the half year and up to the date of this report are:
- Jason Bontempo (Executive Chairman)
- Simon Mottram (Non-Executive Director)
- Ted Coupland (Non-Executive Director)
REVIEW OF OPERATIONS
KOONENBERRY PROJECT
The Koonenberry Project (Figure 1) is an emerging, district scale, Copper and Base Metals exploration package located 80km east of Broken Hill, New South Wales. The Company considers the Koonenberry Belt to be highly prospective for a number of styles of mineralisation including VMS hosted Cu-Zn-Au-Ag deposits (which is substantiated by the presence of the Grasmere deposit), magmatic Ni-Cu-PGE, epithermal Ag-Pb-Cu and orogenic Au. The Koonenberry project comprising exploration licences EL8721, EL8722, EL8790, EL8791 and EL8909 (together, the "Koonenberry Project") covering 2,600km2.
Figure 1: Koonenberry Project Location Map
Grasmere - The largest copper rich massive sulphide zone identified to date in Western NSW. Grasmere contains an Indicated and Inferred Mineral Resource Estimate reported in accordance with JORC (2004) totalling 5.75 Mt @ 1.03% Cu, 0.35% Zn, 0.05 g/t Au and 2.3 g/t Ag1.
Grasmere is hosted in a semi continuous mineralised zone over a strike length of 4km and defined by 75 drill holes and is open at depth. EM results confirm higher magnitude anomalism along strike and in proximity to the Grasmere deposit, highlighting the potential association with increased sulphide mineralisation.
Odin Metals Limited | 2 | 31 December 2021 |
Directors' Report
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Cymbric Vale - Minimal modern exploration has identified significant copper prospectively at Cymbric Vale with a shear hosted Cu system and similar structural and geological setting to Grasmere. EM survey results confirm targets have been identified at Cymbric Vale over >7km of strike and incorporating known copper mineralisation that extends over >1.2km of strike.
Wertago - Historic mining trend, highly prospective for VMS along strike, a further untested anomalous "Western" trend has been identified that extends for over 12km and includes 2 high priority targets.
Figure 2: HeliTEM EM targets at the Koonenberry Cu Project (Airborne Magnetics Background, NE
Shaded TMI Image)
Odin Metals Limited | 3 | 31 December 2021 |
Directors' Report
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Completion of Acquisition
On 25 August 2021, the Company advised that it had completed the acquisition of 100% of the issued share capital of Great Western Minerals Pty Ltd (GWM) from Ausmon Resources Limited (ASX:AOA). The consideration paid by the Company for the acquisition of GWM was $97,360 cash and the issue of 15 million fully paid ordinary shares in the capital of the Company (to be escrowed for 12 months from the date of issue).
Performance Options
On 30 July 2021, the Company issued 30 million Director, Management & Advisor Performance Options exercisable at $0.00001 within 3 years of issue, subject to the satisfaction of certain vesting conditions (Options). 50% of the Options will vest subject to the Company's shares achieving a 5-day VWAP of $0.06 and the remaining 50% will vest subject to the Company's shares achieving a 5-day VWAP of $0.12. Shareholder approval for the issue of the Options was received at a general meeting held on 19 July 2021.
SIGNIFICANT EVENTS AFTER THE REPORTING DATE
There have been no other significant events subsequent to the end of the financial year to the date of this report which significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future financial years.
AUDITOR'S INDEPENDENCE DECLARATION
Section 307C of the Corporations Act 2001 requires our auditors, to provide the Directors of the Company with an Independence Declaration in relation to the review of the half-year financial report. This Independence Declaration is set out on page 5 and forms part of this Directors' report for the half-year ended 31 December 2021.
This report is signed in accordance with a resolution of the Board of Directors made pursuant to section 306(3) of the Corporations Act 2001.
Jason Bontempo
Executive Chairman
Perth, WA
11 March 2022
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Odin Metals Limited published this content on 11 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 March 2022 09:05:01 UTC.