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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Greenvale Mining Limited    GRV   AU000000GRV0

GREENVALE MINING LIMITED

(GRV)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 10/19
0.045 AUD   +4.65%
09/28GREENVALE MINING : Georgina IOCG Project Mineral Exploration Licences Granted
PU
09/28GREENVALE MINING : Appendix 4G
PU
09/28GREENVALE MINING : Annual Report to Shareholders
PU
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Greenvale Mining : Annual Report to Shareholders

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09/28/2020 | 01:55am EDT

GREENVALE MINING LIMITED

(PREVIOUSLY GREENVALE ENERGY LIMITED)

A.B.N. 54 000 743 555

2020

ANNUAL REPORT

GREENVALE MINING LIMITED

(PREVIOUSLY GREENVALE ENERGY LIMITED)

A.B.N. 54 000 743 555

TABLE OF CONTENTS

Corporate Directory

2

Chairman's Letter

3

Review of Operations

4

Governance Statement

14

Directors' Report

28

Auditor's Independence Declaration

39

Consolidated Statement of Comprehensive Income

40

Consolidated Statement of Financial Position

41

Consolidated Statement of Changes in Equity

42

Consolidated Statement of Cash Flows

43

Notes to the Consolidated Financial Statements

44

Directors' Declaration

64

Independent Auditor's Report

65

Tenement schedule

68

Additional Statutory Information

69

1 | GRV - Annual Report 2020

GREENVALE MINING LIMITED

(PREVIOUSLY GREENVALE ENERGY LIMITED)

A.B.N. 54 000 743 555

CORPORATE DIRECTORY

DIRECTORS

Tony Leibowitz (Chairman and Non-Executive Director) - appointed 7 September 2020 Neil Biddle (Executive Director) - appointed 7 September 2020

Elias (Leo) Khouri (Non-Executive Director) Vincent John Fayad (Executive Director)

COMPANY SECRETARY

Vincent John Fayad

REGISTERED OFFICE

Suite 6, Level 5, 189 Kent Street

Sydney, NSW, 2000

Ph: +61 (2) 8046 2799

SHARE REGISTRY

Link Market Services

Level 12, 680 George Street

Sydney NSW 2000

Ph: +61 (2) 8280 7111

Fax: +61 (2) 9287 0303

AUDITORS

RSM Australia Partners

Level 13, 60 Castlereagh Street

Sydney NSW 2000

STOCK EXCHANGE

Australian Securities Exchange

20 Bridge Street,

Sydney NSW 2000

ASX CODE

GRV

2| G R V - A n n u a l R e p o r t 2 0 2 0

GREENVALE MINING LIMITED

(PREVIOUSLY GREENVALE ENERGY LIMITED)

A.B.N. 54 000 743 555

CHAIRMAN'S LETTER

Dear Fellow Shareholders

I am pleased to write to you for the first time as Chairman of Greenvale Mining Limited ("Greenvale" or "the Company").

In accepting appointment to the Board of Greenvale, I am very excited about the Company's potential and am particularly pleased that Neil Biddle, with whom I have worked together with on a number of public company boards, has also joined the Greenvale board, bringing the benefit of his many years of mining, geological and corporate experience to the Company.

The 2020 financial year has seen a reset of the Company's activities and financial position. Undoubtedly limited funding and issues arising from the Gold Basin project slowed the Company's activities, however in the latter part of the year and since year-end, significant progress has been made in setting the future pathway for the Company. At a project level this is set out below:-

  • Alpha Resources - the Company has announced encouraging news concerning an open cut-mining type operation to produce a diversified range of products including bitumen and active carbons from its high-grade Torbanite product in Queensland. More importantly, there now appears to a clear way forward for progressing this asset and crystallising value for shareholders.
  • Gold Basin - having successfully established a maiden resource in October 2019 the Company, despite protracted negotiations, was unable to resolve ownership issues with this project and on 4th September 2020 settled on the sale of its interests in Gold Basin for $1 million and 2.5 million shares in a Canadian Securities listed entity. The sale has resulted in the Company achieving a significant surplus over book value on this disposal.
  • Georgina Basin - on the 19th June 2020, the Company announced an initial acquisition of 80% of Knox Resources Limited (Knox), which is the owner of the Georgina Basin Project. This project is an extensive package of Iron Oxide Copper-Gold (IOCG) exploration licences located in the Northern Territory. The Company's holding in Knox was increased to 100% on 11 August 2020. The acquisition of Knox was by way of scrip in the Company which has provided a low-cost entry into a highly prospective opportunity.

The Company lodged an Entitlement Offer Prospectus on the 29 June 2020 which raised some $2.1m after year end. An additional capital raising of a further $0.660 million was completed on the 10th August 2020, together with additional commitments of approximately $1.3 million which are due to settle in November 2020. These funds together with the proceeds of Gold Basin provide the Company with a solid financial foundation for the future.

I would like to take this opportunity to acknowledge former directors Julian Gosse and Stephen Gemell for their service to the Company. I would also particularly like to thank Leo Khouri for his leadership of the Company over the past ten years.

Finally, I would like to thank shareholders for their continued support of the Company and look forward to rapidly progressing the Company's exciting projects.

Yours sincerely

Tony Leibowitz

Chairman

3| G R V - A n n u a l R e p o r t 2 0 2 0

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Greenvale Energy Ltd. published this content on 28 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2020 05:54:02 UTC


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All news about GREENVALE MINING LIMITED
09/28GREENVALE MINING : Georgina IOCG Project Mineral Exploration Licences Granted
PU
09/28GREENVALE MINING : Appendix 4G
PU
09/28GREENVALE MINING : Annual Report to Shareholders
PU
08/17GREENVALE ENERGY : Clarification of appendix 3y
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08/16GREENVALE ENERGY : Change of Directors Interest Notice - Leo Khouri
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08/13GREENVALE ENERGY : Notice of change of interests of substantial holder
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08/11GREENVALE ENERGY : Acquisition of Knox Resources and Placement
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08/10GREENVALE ENERGY LIMITED : - Results General Meeting
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08/10GREENVALE ENERGY : Finalises terms to divest its interest in the gold basin proj..
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08/10GREENVALE ENERGY : Notice of Initial Substantial Shareholder
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Financials
Sales 2020 - - -
Net income 2020 -0,49 M -0,35 M -0,35 M
Net cash 2020 0,09 M 0,06 M 0,06 M
P/E ratio 2020 -6,08x
Yield 2020 -
Capitalization 12,2 M 8,64 M 8,59 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees 4
Free-Float 58,9%
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Income Statement Evolution
Managers
NameTitle
Anthony Howard Leibowitz Chairman
Alan H. Boys Chief Financial Officer & Secretary
Elias Khouri Non-Executive Director
Vincent John Paul Fayad Non-Executive Director
Neil Gregory Biddle Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
GREENVALE MINING LIMITED136.84%8
CNOOC LIMITED-42.82%41 939
CONOCOPHILLIPS-48.07%36 221
EOG RESOURCES, INC.-55.32%21 788
CANADIAN NATURAL RESOURCES LIMITED-44.69%20 809
ECOPETROL S.A.-42.68%20 097