Pegmont Mines : Half Yearly Financial Statements - 30 June 2021

Pegmont Mines Limited

ACN 003 331 682

Financial Report for the

Half-Year ended 30 June 2021

2021 Half Year Report	Pegmont Mines Limited
	ACN 003 331 682

Directors' Report

The Directors of Pegmont Mines Limited submit herewith the financial report for the half-year ended 30 June 2021. In order to comply with the provisions of the Corporations Act, the Directors report as follows: -

The names and particulars of Directors of the company in office during the year and on the day this report is made out are:

READ, Peter J. (Non-Executive Chairman) B Ec FAICD

Mr Read, aged 82, , is a corporate specialist with experience as a previous managing director with Drillsearch Energy Ltd and Queensland Resources NL. In addition he has extensive experience in marketing and business consulting.

MAYGER, Malcolm A. (Executive Managing Director) BCom, CA, FAICD

Mr Mayger, aged 81, has over 47 years experience in exploration, mining and investment. Malcolm Mayger founded the company in 1987 and has guided its subsequent development from an exploration concept to royalty holder and mining investment..

ORITI, Haydn G. (Non-Executive Director) LLB

Mr Oriti, aged 58, is a practicing solicitor in Port Macquarie with experience in commercial investments.

WOODS, Richard S. (Alternate for Mr M A Mayger) BBusCA

Mr Woods, aged 68, is a Chartered Accountant and former partner of Walker Wayland NSW Chartered Accountants for 27 years with extensive taxation experience.

ARMSTRONG, John M. (Non-Executive Chairman) BSc, MBA, FFin, FAICD

Mr Armstrong, aged 86, who retired on 27 May 2021is a professional company director with over 40 years experience in investment banking, resource finance and investment management at senior management and director levels. He will provide investment advice to the company

Review of Operations

The company's operations during the half year to 30 June 2021 resulted in a net loss of $207,625 a decrease on a loss of $256,460 to June 2020. This result is after expensing all administration and exploration and resource evaluation expenditure incurred during the six months and including share trading loss of $1,400 (2020- loss $7,250).

	Segment	Segment	Segment
	Revenue	Profit/(Loss)	Profit/(Loss)
	2021	2021	2020
	$	$	$
Share Trading	-	-	-
Dividend Received	-	-	-
Gross Revenue from share trading	-	-	-
Interest	6,185	6,185	17,327
Exploration expenditure-net of recoveries		(80,106)	(136,809)
Unallocated expenses		(132,307)	(129,728)
Profit/(loss) from ordinary activities before tax		(206,228)	(249,210)
Income Tax Expense		-	-
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2021 Half Year Report	Pegmont Mines Limited
	ACN 003 331 682

Provision for share trading profit (loss)	(1,400)	(7,250)
Profit/(loss) for half- year after income tax	(207,628)	(256,460)
Earnings/(loss) per share	(0.03)	(0.04)

The profit/loss has been subjected to an independent review by the company auditor.

Activities

Exploration activity was focused on designing the upcoming Canyon EPM 27345 drill program to test for mineralisation associated with the McNamara Fault and an intersecting cross NW-SE fault to replicate the mineralisation at Mount Kelly. This drill program of 8 RC holes for 800-1,200 metres was undertaken during mid August 2021.

A four year option deal was executed with South 32 Limited on 25 February 2021, who may withdraw at any time. However, the Company has since received a withdrawl notice from South32 on 16 August 2021, because initial soil sampling at Templeton was not encouraging

Changes In State Of Affairs

The Canyon drill program which was due to commence late May had to be deferred to August as a result of strong competition for drill services from other extended and larger drill programs combined with labour shortages. Various State Co-Vid lockdowns exacerbated the problem by inducing drill contractors to relocate scarce rigs and experienced labour to West Australia where a number of significant discoveries have been made during the the past twelve months.

Mr John Armstrong retired from the Board at the conclusion of the Annual General Meeting of the Company on 27 May 2021. Mr Hadyn Oriti a practicing lawyer in Port Macquarie was appointed Director of Pegmont Mines Limited and subsidiary companies at a Directors'meeting following the AGM on 27 May 2021. .

AUDITORS' INDEPENDENCE- SECTION 307C

Following this report is a letter received from the company's Auditors.

This report is made in accordance with a resolution of the directors.

Dated this 6 day of September 2021

On behalf of the Directors

MA Mayger

Director

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2021 Half Year Report	Pegmont Mines Limited
	ACN 003 331 682

Directors' Declaration

For The Half-Year Ended 30 June 2021

The directors declare that:

1. The attached financial statements and notes thereto comply with Accounting Standards;
2. The attached financial statements and notes thereto give a true and fair view of the financial position and performance;
3. In the directors' opinion, the attached financial statements and notes thereto are in accordance with the Corporations Act 2001; and
4. In the directors' opinion there are reasonable grounds to believe that Pegmont Mines Limited will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the directors.

MA Mayger

Director

Dated this 6 day of September 2021.

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2021 Half Year Report	Pegmont Mines Limited
	ACN 003 331 682

Consolidated Statement of Profit and Loss and Other

Comprehensive Income

For The Half-Year Ended 30 June 2021

		Half-year	Half-year
		Ended	ended
		30 June 2021	30 June 2020
	Note	$	$
Revenue from continuing operations
Gross revenue from share trading		-	-
Cost of sales		-	-
Gain/Loss on sale of shares		-	-
Write back (increase) of provision for shares		(1,400)	(7,250)
		(1,400)	(7,250)
Investment income		6,185	17,327
Option proceeds and extension fees
Recovery of Exploration Expenditure
Expenses from ordinary activities		(212,413)	(266,537)
Income tax credit/(expense)	5	-	-
Net Profit/(loss) from ordinary activities for half-year after		(207,628)	(256,460)
income tax
			-
Profit/(loss) for half year attributable to members of		(207,628)	(256,460)
Pegmont Mines Ltd and recognised directly in equity
Retained Profits brought forward		(4,538,613)	(4,008,207)
Dividend Paid		-	-
Retained Profits at end of half-year		(4,746,241)	(4,264,667)
Earnings (loss) per share - basic	4	(0.03)	(0.04)

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