Octanex : Half Year Financial Report to 31 December 2021

For personal use only

ABN 61 005 632 315

HALF YEAR FINANCIAL REPORT

31 DECEMBER 2021

For personal use only

OCTANEX Limited

ABN 61 005 632 315

Contents

DIRECTORY..............................................................................................................................................................	2
DIRECTORS' REPORT ...............................................................................................................................................	3
DIRECTORS' DECLARATION.....................................................................................................................................	8
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME..................................	9
CONSOLIDATED STATEMENT OF FINANCIAL POSITION........................................................................................	10
CONSOLIDATED STATEMENT OF CASH FLOWS.....................................................................................................	11
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY.........................................................................................	12
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ...................................................................................	14
AUDITOR'S INDEPENDENCE DECLARATION..........................................................................................................	18
INDEPENDENT AUDITOR'S REVIEW REPORT ........................................................................................................	19

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For personal use only

OCTANEX Limited

ABN 61 005 632 315

DIRECTORY

BOARD OF DIRECTORS	STOCK EXCHANGE LISTING
E.G. Albers (Chairman)	ASX Ltd
R.L. Clark		Level 4, North Tower, Rialto
J.M.D. Willis		525 Collins Street
K. How Kow		Melbourne Victoria 3000
		ASX Code: OXX
COMPANY SECRETARY
R.J. Wright
		CURRENCY
		The company's functional and presentation
REGISTERED OFFICE	currency is Australian Dollars.
Level 1, 10 Yarra Street
South Yarra, Victoria 3141, Australia
Telephone:	[phone]	FORWARD LOOKING STATEMENTS
Facsimile:	[phone]	This report includes certain forward-looking
E-mail:	[e-mail]	statements that have been based on current
Website:	www.octanex.com.au	expectations about future acts, events and
		circumstances. These forward-looking statements
		are, however, subject to risks, uncertainties and
AUDITOR		assumptions that could cause those acts, events
Grant Thornton Audit Pty Ltd	and circumstances to differ materially from the
Tower 5, Collins Square	expectations described in such forward-looking
727 Collins Street	statements.
Melbourne, Victoria 3008 Australia	These factors include, among other things,
		commercial and other risks associated with the
SHARE REGISTRY	meeting of objectives and other investment
Automic Pty Ltd	considerations, as well as other matters not yet
Level 3		known to the company or not currently considered
50 Holt Street	material by the company.
Surry Hills, NSW 2010, Australia

Telephone: [phone] (within Australia)

Telephone: + 61(2) 9698 5414 (outside Australia)

Website: www.automic.com.au

INCORPORATED

Incorporated in Victoria on 13 March 1980

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For personal use only

OCTANEX Limited

ABN 61 005 632 315

DIRECTORS' REPORT

The directors of Octanex Limited (Octanex or the company) submit their report on the consolidated results of the company and its wholly-owned subsidiaries (controlled entities) or (the group) for the half year ended 31 December 2021.

Directors

The names of the company's directors in office during the half year and until the date of this report are as follows:

E Geoffrey Albers - Executive Chairman and Chief Executive Officer

Raewyn Clark - Executive Director and Chief Operating Officer

James Willis - Independent Non-Executive Director

Kevin How Kow - Non-Executive Director

Financial Results for the half year

The consolidated entity, being the company and its controlled entities, recorded a consolidated loss for the half year of $5,382,277 (2020: loss of $119,579).

Dividends

No dividend was declared or paid during the half year.

Share Capital

In July 2021 1,153,846 ordinary shares were issued to earn an additional 15% interest in the Sefton exploration project. No options were granted in the half year.

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For personal use only

OCTANEX Limited

ABN 61 005 632 315

ASSETS AND ACTIVITIES OVERVIEW

Eastern Goldfields Province Projects

Sefton Project - 80%

Octanex's 2,585km2 Sefton Project is located in the Burtville Terrane (between the Kurnalpi and Yamarna Terranes) and covers an area that has had little modern exploration (Figure 1).

Hope Campbell Project - 100%

The Hope Campbell Project covers an area of 1,356km2 immediately to the southeast of the Sefton Project (Figure 1). It is comprised of two exploration licences which were granted during the half year and one exploration licence application.

Many of the features, interpreted from the regional magnetics, that run through the Sefton Project area, appear to continue into the Hope Campbell Project area. Octanex holds a 100%. interest in these tenement areas.

Figure 1. Octanex's Eastern Goldfields Projects

The Eastern Goldfields is known for its gold endowment with substantial gold discoveries (including AngloGold Ashanti's Sunrise Dam mine, and Gold Field's Granny Smith mine) occurring in the adjacent NNE-SSW trending greenstone belts to the west of Octanex's Projects.

The Terrane to the east of Laverton has been underexplored for gold, with the majority of historical exploration concentrating on nickel in the 1960s and 1970s. The granitoid-hosted Gruyere deposit and granite-gneiss-hosted Tropicana deposit, further to the east, demonstrate the prospectivity of the far eastern terranes with potential for gold deposits to exist under cover

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