IRIS METALS LIMITED onlyIRIS Metals Limited
ABN 61 646 787 135
useAnnual Report - 31 March 2022 personalFor
Chairman's Letter
It was very pleasing to the Board and shareholders that the Company listed on the ASX on 23 September 2021, having commenced the process at the start of 2021 and having raised $7.0M to support the IPO process. The listing marked a seminal point in the Company's development, providing capital for IRIS to commence exploration on its Kookynie and
onlyLeonora tenements as well as to start examining other development opportunities in the minerals industry.
On behalf of all shareholders I would like to thank my fellow directors, most specifically Tal Paneth and Peter Marks, who did most of the Prospectus work, together with Taurus Capital who acted as lead broker to the listing. We have also been fortunate to have Chris Connell, an experienced geologist, join the Board to assist the IPO process.
The Company was buoyed through its listing process by the significant activity in the Kookynie and Leonora regions, accompanied by some outstanding results and some consolidation activity. IRIS hit the ground running in a market difficult to access staff, drilling rigs and all other assets and equipment generally required for a successful exploration program. The
useCompany commenced an aeromagnetic survey, its interpretation and multiple drill programs.
The drill program did achieve some high grade results, which is typical of the Kookynie gold fields. The Company is assessing its next step forward with its tenement package and continues to assess results from within the region. We continue to believe in the prospectivity of this tenement package.
In parallel to exploring our Western Australian suite of assets, and as disclosed in our listing Prospectus, an objective of the
personalboard was its intent to assess and evaluate further resource based opportunities and to that end, we have considered a number of projects in different commodities and regions, settling on a hard rock lithium project in the Black Hills region of
South Dakota. The Black Hills can be described as a Tier One mining jurisdiction. The tenements acquired show an abundance of mapped pegmatites including historical lithium bearing mines with Lithium being high on the US's strategic metals index a d whose utility will be required for many years to come. We look forward to commencing our exploration program, led by fellow Director Chris Connell, who has already established key regional relationships to progress exploration efforts.
It is an exciting time to be involved in a fledgling exploration Company at the start of a regional exploration program where there is every reasonable expectation to achieve positive results. Consequently, I believe that the coming year holds much p omise and excitement for IRIS and its shareholders. We look forward to sharing this with you.
Yours sincerely,
Simon Lill
Non-Executive Chairman
For
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IRIS Metals Limited Directors' report 31 March 2022
The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of IRIS Metals Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 31 March 2022. The consolidated entity was incorporated on 23 December 2020 therefore, the comparative period is from incorporation date to 31 March 2021.
onlyDirectors
The following persons were directors of IRIS Metals Limited during the whole of the financial period and up to the date of this report, unless otherwise stated:
Peter Ashley Marks
Simon Richard Lill
Tal Paneth
Christopher Alan David Connell (appointed 2 April 2021)
usePrincipal activities
The principal activities during the year of entities within the consolidated entity were the exploration and evaluation of mining tenements that make up the Kookynie and Leonora projects in Western Australia, Australia.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial period.
Review of operations
The loss for the consolidated entity after providing for income tax amounted to $3,236,744 (31 March 2021: $1,800,023). personalOn 2 April 2021, Christopher Connell was appointed Director. Prior to 31 March 2021, Mr. Connell was granted 250,000
sh res that were issued on 27 April 2021 as a result of work performed prior to his appointment.
On 15 September 2021, the company issued 35,000,000 fully paid ordinary shares at $0.20 following the successful completion of a $7,000,000 Initial Public Offering ('IPO'). The company also issued 100,000 fully paid ordinary shares to vendor Jamie Douglas Jones pursuant to the Jones Sale and Purchase Agreement and 200,000 fully paid ordinary shares in aggregate to vendors Ryan James Curnow, Kelly Anne Moses and Craig Dixon pursuant to the Curnow, Moses and Dixon Sale and Purchase Agreement.
On 15 September 2021, the company issued 2,500,000 unlisted options with an exercisable price of $0.30 expiring 3 years from the issue date, to its Lead Manager.
On 23 September 2021, the company announced its listing on the Australian Securities Exchange ('ASX').
On 23 September 2021, the company announced the commencement of its maiden drill program at Kookynie and on 28 October 2021, the company announced the completion of this program.
On 15 October 2021, the company announced the appointment of Andrew Wood as Exploration Manager. Mr. Wood was issued 1,000,000 unlisted options exercisable at $0.30 with an expiry date of 15 October 2024. The options vest as follows:
For(a) 500,000 vesting after 6 months of service; and
(b) 500,000 vesting after 12 months of service.
On 22 October 2021 and 7 January 2022, the company announced results and analysis from its aeromagnetic surveys at Kookynie and Leonora respectively.
On 23 December 2021, the company announced the adoption of the Equity Incentive Plan after shareholders' approval in Extraordinary General Meeting held on the same date.
On 6 and 10 January 2022 respectively, the company requested a trading halt then voluntary suspension from Official Quotation in accordance with Listing Rule 17.2 due to a potential material acquisition. On 24 January 2022, the company announced the securities will remain suspended until it has either complied with Chapters 1 and 2 of the Listing Rules under Listing Rule 11.1.3, or provided the ASX with sufficient information to satisfy the ASX that it should not exercise its discretion under Listing Rule 11.1.2 to require the transaction to be conditional on approval by company's ordinary security holders, and under Listing Rule 11.1.3 to require the company to re-comply with Chapters 1 and 2 of the Listing Rules.
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IRIS Metals Limited Directors' report 31 March 2022
On 21 February 2022, the company announced high grade gold intercepts from the maiden drill program at Kookynie.
On 2 March 2022, the company announced the release from voluntary escrow of 9,350,001 fully paid ordinary shares that were classified as restricted up until 2 March 2022 on the basis of mandatory disposal restrictions imposed by the ASX.
onlySignificant changes in the state of affairs
On 21 September 2021, the company was admitted to the Official List of the ASX. The company raised $7,000,000 from the issue of 35,000,000 shares at an issue price of $0.20 per share in the IPO.
On 23 November 2021, IRIS Metals Limited incorporated a new company, BH Exploration Pty Ltd, in the State of Victoria, Australia.
There were no other significant changes in the state of affairs of the consolidated entity during the financial period.
useMatters subsequent to the end of the financial period
On 13 April 2022, IRIS Metals Limited incorporated a new company Lotus Minerals L.L.C. in the State of South Dakota, United States.
On 29 April 2022, the company announced that the potential material acquisition leading to the voluntary suspension as o tlined in the review of operations had been discontinued. The securities remained in suspension due to ongoing negotiations in respect of another material acquisition as outlined below.
On 23 May 2022, the company announced its intention to acquire a 100% interest in a Lithium Project in a strategically
personalocated, Tier-1, historical mining jurisdiction of South Dakota, USA (the 'South Dakota Project'). Key highlights announced were as follows:
●
●
●
●
On 23 May 2022, the ASX announced the reinstatement to quotation for the securities of IRIS Metals Limited, following the announcement of the South Dakota Project and associated capital raise. From 24 May 2022 the company had been reinstated for quotation on the ASX and is no longer in suspension.
On 15 June 2022, the company announced the issue of 4,000,000 fully paid ordinary shares as part of the final consideration for the vendor of White Rock, L.L.C. On the same date, the company announced the completion of the acquisition of White Rock, L.L.C. and associated 100% owned South Dakota Lithium Project (Dewy and Custer), positioning the company as the second ASX-listed US hard rock lithium explorer. The company also reported that based on a review of regional geology and the identification of additional areas of interest, that staking opportunities were underway.
ForNo other matter or circumstance has arisen since 31 March 2022 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.
Likely developments and expected results of operations
In 2022, the Company intends to continue to progress its Kookynie and Leonora mineral projects in Western Australia. This is planned to be funded through funds raised via the Company's initial public offering in 2021, where the company raised $7 million.
The Company will also continue to look for other complementary opportunities that will create value for its shareholders.
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IRIS Metals Limited Directors' report 31 March 2022
Environmental impact
The exploration undertaken on the consolidated entity's combined tenements in Western Australia to date has not created significant environment issues. However, environmental issues will arise as and when the project moves into development and production and these issues will be thoroughly assessed at the time any mining authority is sought. Measures are undertaken pre and post drilling to ensure that the environment impact is minimised. The work undertaken to date has produced minimal impact on the environment. No issues regarding compliance were encountered during the reporting period.
I formation on directors | ||
Name: | Peter Ashley Marks | |
Title: | Executive Director | |
Qualifications: | MBA, Bachelor of Economics, Bachelor of Law, and Grad Dip in Commercial Law | |
Experience and expertise: | Peter has over 35 years' experience in corporate advisory and investment banking. | |
only | Over the course of his long career, he has specialised in capital raisings, IPOs, cross | |
border, M&A transactions, corporate underwriting and venture capital transactions for | ||
companies in Australia, the United States and Israel. He has been involved in a broad | ||
range of transactions with a special focus in the life sciences, biotechnology, medical | ||
technology and high tech segments. Peter has served as both an Executive and Non- | ||
Executive Director of a number of different entities which have been listed on the ASX, | ||
NASDAQ, and AIM markets. | ||
Other current directorships: | Alterity Therapeutics Limited, Noxopharm Limited, Nyrada Inc | |
Former directorships (last 3 years): Fluence Corporation Limited, Elsight Limited | ||
use | 2,500,000 ordinary shares (of which 2,350,000 are escrowed 24 months from | |
Interests in shares: | ||
quotation) | ||
N me: | Simon Richard Lill | |
Title: | Non-Executive Chair | |
Experience and expertise: | Simon has extensive experience since the 1980's with ASX listed companies, spanning | |
small cap companies to larger concerns, involving restructuring, corporate, compliance, | ||
marketing, company secretarial and management activities. | ||
Current Chairman of De Grey Mining Ltd., an ASX 300 gold exploration/development | ||
company with 100% ownership of one of Western Australia's largest greenfields | ||
discoveries, Hemi, in the Pilbara region of Western Australia. | ||
Other current directorships: | De Grey Mining Ltd., Purifloh Limited, Nimy Resources Limited | |
Former directorships (last 3 years): Finexia Financial Group Limited | ||
Interests in shares: | 4,250,000 ordinary shares (of which 3,750,000 are escrowed 24 months from | |
quotation) | ||
Name: | Tal Paneth | |
Titl | : | Executive Director |
Ex | erience and expertise: | Tal has over a decade of multidisciplinary capital, debt and property market experience. |
personal | Tal was predominantly responsible for the identification, negotiation, strategising and | |
pegging of the IRIS tenement packages in Kookynie and Leonora. | ||
Other current directorships: | Nil | |
Former directorships (last 3 years): Nil | ||
Inte ests in shares: | 30,000,000 ordinary shares (of which 30,000,000 are escrowed 24 months from | |
quotation) | ||
Name: | Christopher Alan David Connell | |
Title: | Non-Executive Director (appointed 2 April 2021) | |
Experience and expertise: | Chris is Regional Exploration Manager of SolGold Plc and has a successful track record | |
For | in discovering economic deposits both in Australia and worldwide. He leads the | |
exploration team that recently discovered the large copper-gold Porvenir project in | ||
southern Ecuador. | ||
Other current directorships: | Nil | |
Former directorships (last 3 years): Nil | ||
Interests in shares: | 250,000 ordinary shares (of which 250,000 are escrowed 24 months from quotation) | |
Interests in options: | 1,250,000 options exercisable at $0.30 each, expiring 15 September 2024 |
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all other types of entities, unless otherwise stated.
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IRIS Metals Ltd. published this content on 16 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 June 2022 08:22:10 UTC.
