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H A W T H O R N R E S O U R C E S L I M I T E D T E N E M E N T A R E A S
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Hawthorn Resources Limited
Table of Contents
2021 ANNUAL REPORT
CORPORATE DIRECTORY
MANAGING DIRECTOR/CEO REPORT
TENEMENT LIST
ASX - ADDITIONAL SHAREHOLDER INFORMATION
FINANCIAL REPORT - YEAR ENDED 30 JUNE 2021
Directors' Report
Auditor's Independence Declaration
FINANCIAL STATEMENTS AND NOTES
Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated Statement of Financial Position
Consolidated Statement of Cash Flows Consolidated Statement of Changes in Equity Notes to the Consolidated Financial Statements Directors' Declaration
Auditor's Independent Report
Annual Report cover photography:
with sole reference to the inside front and inside back cover
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Inside Front Cover Hawthorn Resources Limited tenement areas; Inside Back Cover Hawthorn Resources Limited tenement areas;
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Hawthorn Resources Limited | |
Corporate Directory | |
Directors | |
Li, Yijie | Non-Executive Director/ Chairman |
Mark Kerr | Managing Director/CEO |
David Tyrwhitt | Non-Executive Director |
Brian Thornton | Non-Executive Director |
Liao, Yongzhong | Non-Executive Director |
Liu, Zhensheng | Non-Executive Director |
Company Secretary
Mourice Garbutt
Mine Manager
William Lloyd
Financial Officer
Tony Amato
Registered Office and Domicile
Level 2, 90 William Street, Melbourne, Victoria 3000, Australia
Telephone: | +61 3 9605 5901 |
E-mail: | info@hawthornresources.com |
Internet: | http://www.hawthornresources.com |
Legal Form
A public company - Liability Limited by shares
Country of Incorporation
Australia
Australian Securities Exchange Listing Code
HAW - Ordinary shares
Share Registry
Link Market Services Ltd
Tower 4, 727 Collins Street, Melbourne Victoria 3000, Australia
Telephone: | +61 1300 554 474 (toll free within Australia) |
Auditors
BDO Audit Pty Ltd
Collins Square, Tower 4, Level 18, 727 Collins Street, Melbourne, VIC 3008
Bankers
National Australia Bank Limited
Level 1, 99 Bell Street, Preston Victoria 3072, Australia
Solicitors
MinterEllison Lawyers
Rialto Towers, 525 Collins Street, Melbourne Victoria 3000, Australia
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Hawthorn Resources Limited
Managing Director/CEO Report
onlyDear Shareholders
Following the successes achieved in FY 2020 through the winning of gold from the Trousers Legs Mining Joint Venture's Anglo Saxon open-pit mining operations FY 2021 was a year of review and assessment, particularly in relation to the future development of:
1. The Mount Bevan Iron Ore Project; and
2. The Trouser Legs Joint Venture: Underground gold mine project at Anglo Saxon.
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The Mount Bevan Iron Ore Project
The Project is a joint venture with Legacy Iron Ore Limited (ASX Code: LCY') and Hawthorn (ASX Code: 'HAW') on tenement E 29/510 situated 250km north of Kalgoorlie and 100km west of Leonora in the Central Yilgarn region of Western Australia.
During FY 2021 both the Company and LCY reviewed the potential for the development of the established iron ore resource
(*) and exploration for nickel sulphides.
These considerations and subsequent negotiations lead to the announcement post 30 June 2021 on 15 November 2021 of an earn-in agreement between the co-venturers and Hancock Magnetite Holdings Pty Ltd (*)
- Refer LCY Joint ASX releases 17/12/2013 - Mt Bevan -Significant Resource Upgrade and 15/11/2021 - HANCOCK TO EARN IN TO THE MT BEVAN IRON ORE PROJECT.
As announced on 15 November 2021 the:
- Agreement executed with Hancock Magnetite Holdings Pty Ltd (HMPL), a wholly owned subsidiary of Hancock Prospect- ing Pty Ltd (HPPL) granting HMPL the exclusive right to earn-in to the Mt Bevan iron ore project and form a new joint venture agreement
- HMPL to fund Pre-feasibility Study (PFS)
- Atlas Iron Pty Ltd (Atlas) to be appointed Manager of the new Joint Venture
In terms of the earn-in by HPPL a new joint venture will be established with the principal terms of the earn-in being:
Initial Investment
- HMPL will make an initial investment of $9m to earn a 30% interest in the Project (Initial Investment) with $8m cash being paid to Legacy and Hawthorn in proportion to their interest in the project (Legacy $4.8m and Hawthorn $3.2m) and the remaining $1m as working capital for the new Joint Venture.
- Atlas will be appointed as Manager of the new Joint Venture.
- Upon completion of the Initial Investment, HMPL will hold a 30% interest, Legacy will hold a 42% interest and Hawthorn will hold a 28% interest in the Project.
Stage 1 Earn-in
- HMPL can earn an additional 21% interest in the Project by funding the completion of a PFS.
- Upon completion of the Stage 1 earn-in, HMPL will hold a 51% interest, Legacy will hold a 29.4% interest and Hawthorn will hold a 19.6% interest in the Project.
Joint Venture
- Upon completion of the Stage 1 earn-in, and subject to favourable outcomes from the work completed, additional work programs will be undertaken with the intention of further advancing the Project to a Bankable Feasibility Study.
As noted in the joint ASX release on 15 November 2021 the '…Earn-In Agreement remains subject to the parties reaching agreement on a new joint venture agreement between them within a defined time period and any standard regulatory ap- provals. Legacy and Hawthorn have granted Atlas exclusivity…'
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Hawthorn Resources Limited published this content on 15 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 December 2021 21:38:08 UTC.