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    MDI   AU000000MDI5

MIDDLE ISLAND RESOURCES LIMITED

(MDI)
End-of-day quote. End-of-day quote Australian Stock Exchange - 12/02
0.098 AUD   -2.00%
11/23MIDDLE ISLAND RESOURCES : 24 Nov 2021 - AGM Presentation - Complete PDF
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11/23MIDDLE ISLAND RESOURCES : AGM Presentation - Complete
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11/19MIDDLE ISLAND RESOURCES : Presentation to Shareholders
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Middle Island Resources : 30 Sep 2021 - Full Year Statutory Accounts PDF

09/30/2021 | 08:52am EST

ANNUAL FINANCIAL REPORT 2021

For the year ended 30 June 2021

ABN 70 142 361 608

Corporate Information

ABN 70 142 361 608

Directors

Peter Thomas (Non-Executive Chairman)

Brad Marwood (Executive Director)

Bruce Stewart (Non-Executive Director)

Company Secretary

Dennis Wilkins

Registered Office

Suite 2, 11 Ventnor Avenue

WEST PERTH WA 6005

Principal Place of Business

Suite 1, 2 Richardson Street

WEST PERTH WA 6005

Postal Address

PO Box 1017

WEST PERTH WA 6872

Solicitors

William and Hughes

28 Richardson Street

WEST PERTH WA 6005

Share Registry

Automic Pty Ltd

Level 2, 267 St Georges Terrace

PERTH WA 6000

Telephone: 1300 288 664

Web: www.automicgroup.com.au

Auditors

Elderton Audit Pty Ltd

Level 2, 267 St Georges Terrace

PERTH WA 6000

Email

info@middleisland.com.au

Internet Address

www.middleisland.com.au

Stock Exchange Listing

Middle Island Resources Limited shares are listed on the Australian Securities Exchange (ASX code: MDI)

Directors' Report

1

Auditor's Independence Declaration

11

Consolidated Statement of Profit or Loss and other Comprehensive Income

12

Consolidated Statement of Financial Position

13

Consolidated Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Consolidated Financial Statements

16

Directors' Declaration

43

Independent Auditor's Report

44

DIRECTORS' REPORT

Your directors submit their report on the consolidated entity (referred to hereafter as the Group) which consists of Middle Island Resources Limited and the entities it controlled at the end of, or during, the year ended 30 June 2021.

DIRECTORS

The names and details of the Company's directors in office during the year and until the date of this report follow. Each Director was in the office for this entire period unless otherwise stated.

Names, qualifications, experience and special responsibilities

Peter Thomas, (Non-Executive Chairman)

Mr Thomas was a practising solicitor from 1980 until June 2012 specialising in the provision of a wide range of corporate and commercial advice to explorers and miners. His exposure (variously as legal practitioner, corporate advisor and director - both oil & gas and hard rock) has extended to operations in the USA, UAE, NZ, Africa and South America. Since the mid-1980s, he has served on the boards of various listed companies. He was the founding chairman of both copper producer Sandfire Resources NL and mineral sands producer Image Resources NL. He is currently also non-executive director of ASX-listed Image Resources NL and Emu NL.

Bradley Marwood, (Temporary part-time Executive Director from 13 July 2021, Non-Executive Director during the financial year and thereafter until 13 July 2021)

Mr Marwood is a mining engineer and a highly experienced resources executive with more than 30 years of experience. He was instrumental in bringing into production the copper mines at Kipoi (DRC) and Rapu Rapu (Philippines); completing development of the Svartliden gold mine (Sweden) and has managed numerous Feasibility Studies and advanced stage resource projects in Australia, Africa, North America and Asia.

He has worked in senior roles for groups such as Normandy, Dragon Mining, Lafayette, Moto Goldmines and Perseus Mining before his most recent as Managing Director of Tiger Resources Limited. Mr Marwood's involvement has seen growth in several companies with a significant increase in their market capitalisation and by protecting investments through restarting suspended mine projects. He is currently the managing director of ASX-listed Consolidated Zinc Limited.

Bruce Stewart, (Non-Executive Director, appointed 13 July 2021)

Mr Stewart has been involved with global capital markets for 30 years, with an emphasis on mining and hard assets. His experience includes co-heading a global hard asset desk in New York City for Jefferies & Co, directorships on London listed mining companies, company reorganisation and sale, and various consultancy assignments from funds, investment banks and public and private companies.

Richard Yeates was managing director during the financial year and thereafter until the position was made redundant on 13 July 2021.

Beau Nicholls was a non-executive director from the beginning of the financial year until 31 January 2021.

Dennis Wilkins was an Alternate Director for Beau Nicholls from the beginning of the financial year until 31 January 2021.

Page 1

DIRECTORS' REPORT (CONTINUED)

COMPANY SECRETARY

Dennis Wilkins, B.Bus, AICD, ACIS

Mr Wilkins is the founder and principal of DWCorporate Pty Ltd, a private corporate advisory firm servicing the natural resources industry.

Since 1994, he has been a director of, and involved in the executive management of, several publicly listed resource companies with operations variously in Australia, PNG, Scandinavia and Africa. From 1995 to 2001, he was the Finance Director of Lynas Corporation Ltd during the period when the Mt Weld Rare Earths project was acquired by the group. He was also an advisor to Atlas Iron Limited at the time of Atlas' initial public offering in 2006.

Since July 2001, Mr Wilkins has been running DWCorporate Pty Ltd, where he advises on the formation of, and capital raising for, emerging companies in the Australian resources sector.

Mr Wilkins is currently a director of ASX-listed Key Petroleum Limited.

Interests in the shares and options of the Company and related bodies corporate

As at the date of this report, the relevant interests of the directors in the shares and options of Middle Island Resources Limited were:

Ordinary Shares

Options over Ordinary Shares

Peter Thomas

1,290,327

1,151,633

Brad Marwood

789,477

-

Bruce Stewart

-

-

PRINCIPAL ACTIVITIES

During the year, at Sandstone, the Group carried out exploration on its tenements and completed a feasibility study with a view to recommissioning the Company's 100% owned processing plant. To the same end, the Company pursued opportunities to amalgamate resources proximal to the plant.

At Barkley, the Company made applications for further tenure, carried out a field visit and undertook desktop studies whilst considering spinning that asset out via a demerger process but deferred the same in light of the disappointing FS result and certain negative shareholder feedback on the proposal.

The Group reserves the right to follow up leads on a commodity agonistic basis and globally where the Board considers that doing so may add value.

DIVIDENDS

No dividends were paid or declared during the year. No recommendation for payment of dividends has been made.

FINANCIAL REVIEW

Finance Review

During the year, the Company raised $825,000, before costs, from the issue of 44,345,000 (pre-consolidation) fully paid ordinary shares from placements, and a total $4,828,702 from the issue of 26,985,502 (post-consolidation equivalent) fully paid ordinary shares upon the exercise of unlisted options. Revenue from tribute production and gold sales of nil (2020: $14,756) was received, and other income was generated from the sale of mining interests, reimbursement of expenditure on mining interests, sale of property, plant and equipment and rental of accommodation of $366,252 (2020: $98,416). The Group also received government COVID-19 cashflow boost grants of $102,175 (2020: $67,811) during the year.

Page 2

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

Disclaimer

Middle Island Resources Limited published this content on 30 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 September 2021 12:51:01 UTC.


ę Publicnow 2021
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Financials
Sales 2021 - - -
Net income 2021 -6,82 M -4,82 M -4,82 M
Net cash 2021 3,49 M 2,47 M 2,47 M
P/E ratio 2021 -1,91x
Yield 2021 -
Capitalization 12,0 M 8,52 M 8,47 M
EV / Sales 2020 2 410x
EV / Sales 2021 -
Nbr of Employees 3
Free-Float 61,4%
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Managers and Directors
Bradley William James Marwood Chief Executive Officer, MD & Director
Peter Sisley Thomas Non-Executive Chairman
Kate Manning Administration Manager
Bruce Andrew Stewart Non-Executive Director
Rudolf Tieleman Secretary
Sector and Competitors