Half Yearly Report and Accounts

For personal use only

ORION METALS LIMITED

ACN 096 142 737

INTERIM FINANCIAL REPORT

FOR THE HALF-YEAR ENDED

31 AUGUST 2021

only	Orion Metals Limited
Contents
	Corporate information
	Directors' report
	Auditor's independence declaration
	Half-year interim financial report

use	Consolidated Statement of Financial Position
	Consolidated Statement of Profit or Loss and Other Comprehensive Income
	Consolidated Statement of Changes in Equity
	Consolidated Statement of Cash Flows
	Notes to the interim financial report
personalFor	Directors' declaration
Independent auditor's review report

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Corporate information

Directors

onlyCompany Secretary

Registered Office

useContact Details

Share Registry

personalAuditor

Lawyers

ForStock Exchange Listing

Website

Dr Yi Yang (Chairman, Non-Executive Director)

Dr Feng Wu (Executive Director)

Mr Yu Zhou (Non-Executive Director)

Mr Bin Cai (Executive Director/CFO)

Bill Lyne

221 Jesmond Road

Fig Tree Pocket

Queensland 4069

GPO Box 7115

Brisbane Qld 4001

Phone: [phone]

Email: [e-mail]

Link Market Services Limited

Level 21

10 Eagle Street

Brisbane Qld 4000

Telephone: + 61 2 8280 7111

Facsimile: + 61 2 9287 0303

BDO Audit Pty Ltd

Level 10

12 Creek Street

Brisbane Qld 4000

Telephone: + 61 7 3237 5999

Facsimile: + 61 7 3221 9227

Ashurst Australia

Level 38,

Riverside Centre,

123 Eagle Street,

Brisbane QLD 4000

Telephone: [phone]

Facsimile: [phone]

Orion Metals Limited shares are quoted on the Australian Securities Exchange under the code 'ORM'

www.orionmetals.com.au

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Orion Metals Limited

Directors' report

For personal use only

The Directors of Orion Metals Limited ('Orion', 'ORM' or 'the Company') submit herewith the interim financial report of the Company for the half-year ended 31 August 2021.

Directors

The names and details of the Directors of the Company in office during the half-year and until the date of this report are:

Dr Yi Yang (Non-Executive Chairman, Non-Executive Director)

Dr Feng Wu (Executive Director)

Bo Wang (Non-Executive Director) - resigned 11 March 2021

Yu Zhou (Non-Executive Director) - appointed 11 March 2021

Bin Cai (Executive Director/CFO)

Principal activities

The principal activity of the Company during the period was exploration for rare earth metals and gold.

Review of operations

The Company recorded a loss after tax of $381,742 for the half-year ended 31 August 2021 (31 August 2020: $255,966).

Exploration and Evaluation expense during the half-year was $45,125 (2019: $28,830).

The Company's only exploration project is now Top Camp and no on-ground exploration activities were conducted there during the half-year period. The Company has continued to assess the project to maintain the tenements in good standing.

Exploration activities:

There was no on-ground exploration conducted this half-year by Orion.

Orion's exploration activities remain tightly constrained at the Top Camp project while the Company's Board of Directors decides on exploration objectives and strategy.

Top Camp Project

Gold and Copper

Located 40km south west of Cloncurry in Queensland, the Top Camp Project consists of 4 granted mining leases. All the leases are 100% ORM held. The Project is considered prospective for IOCG (iron oxide copper gold) type deposits and has alluvial gold potential.

During the current reporting period the Queensland Department of Resources ("QDoR") has accepted renewal applications for ML 2786, ML 2785 and ML 2792 for additional terms to expire 28 February 2026. ML 2764 is due to expire 31 January 2025.

Orion entered into a Sale of Tenements Agreement with Mayfair Corporations Group Pty Ltd ("Mayfair") on 13 July 2021 in respect of the sale and purchase of the 4 mining leases comprising the Top Camp Project for $500,000 purchase price.

Sale of the Top Camp tenements was approved by shareholders at the Company's Annual General Meeting ("AGM") held on 14 July 2021.

A transfer application for the tenements to Mayfair has been received by QDoR - and is currently being processed by them - with the mining lease renewals to proceed once the transfer application is approved.

Corporate

There have been no material corporate activities or changes during the half-year period ended 31 August 2021, or since that date, other than as stated in this report.

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Orion Metals Limited

On 11 March 2021 Mr Bo Wang, who was an independent Non-Executive Director since July 2016, resigned due to other commitments and to pursue other activities. In his place the Board has appointed Mr Yu Zhou as a Non-Executive Director.

The Company's Annual General Meeting was held on 14 July 2021 at which all resolutions were passed on a poll. The onlyresolutions included confirmation of Yu Zhou's appointment and approval for sale of the Top Camp Project.

During the period the Company's Registered Office and Principal Place of Business have been relocated from Calamvale to Fig Tree Pocket in suburban Brisbane, and the Company's telephone number has changed.

With the sale of the Top Camp Project the Directors have continued to concentrate on investigating the acquisition of new assets to further increase value for the benefit of all shareholders and to source alternative funding arrangements to the support currently being provided by major shareholder Excellence Holdings HK Limited ("EHHK") and other parties. To this end, the Company has mandated professional advisors to assist and advise the Company on investment opportunities in mining or exploration assets that are in a more advanced or developed stage as well as any further capital raising that

usemay be required by the Company to support its future activities.

Subsequent events

No matters or circumstances have arisen since the end of the half-year period which significantly affect the operations of the consolidated entity, the results of those operations or the state of affairs of the consolidated entity in the period

nder review other than as noted below.

EHHK has since period-end provided another loan of $60,000 to the Company, making a total of $125,000 in loans from personalthis shareholder. All loans are at zero interest rate, unsecured and for no fixed term.

Auditor's independence declaration

The auditor's independence declaration is included on page 5 of the interim financial report.

Signed in accordance with a resolution of directors.

Mr. Bin Cai

Director

Brisbane, 10 November 2021

For

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