Admiralty Resources NL : Half Yearly Financial Report

For personal use only

Admiralty Resources NL

ABN: 74 010 195 972

FINANCIAL REPORT

FOR THE HALF -YEAR ENDED

31 DECEMBER 2021

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For personal use only

Table of Contents

	Page
Corporate Directory	3
Directors' Report	4
Auditor's Independence Declaration	6
Consolidated Statement of Profit or Loss and Other Comprehensive Income	7
Consolidated Statement of Financial Position	8
Consolidated Statement of Changes in Equity	9
Consolidated Statement of Cash Flows	10
Notes to the Financial Statements	11
Directors' Declaration	20
Independent Auditor's Review Report	21
ASX Additional Information	23

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For personal use only

Admiralty Resources NL - ABN 74 010 195 972

Interim Financial Report 31 December 2021

CORPORATE DIRECTORY

Admiralty Resources NL	Share Registry:
ABN: 74 010 195 972	Boardroom Limited
Level 12, 225 George St
Directors:	Sydney NSW 2000 Australia
Qing Zhong
Jian Barclay	Website:
Bin Li
www.ady.com.au
Company Secretary:	Admiralty Resources Group Structure
Jarrod White
Admiralty Resources NL (ACN 010 195 972) has the
Principal Place of Business:	following subsidiaries:
	• Admiralty Minerals Chile Pty Ltd
C/- Traverse Accountants
Suite 305, Level 3		• Admiralty Minerals Chile Pty Ltd Agencia en Chile
35 Lime Street		(Chilean branch of Admiralty Minerals Chile Pty
Sydney NSW 2000		Ltd, which owns mineral concessions in Chile)
[phone]		• Bulman Resources Pty Ltd (100% ownership of
		the Bulman lead/zinc project in the Northern
Registered Office:		Territory, Australia)
	• Pyke Hill Resources Pty Ltd (has a 50% ownership
C/- Traverse Accountants
	interest in the Pyke Hill Nickel/Cobalt resource in
Suite 305, Level 3
	Western Australia subject to an exploitation
35 Lime Street
	agreement with Cougar Metals NL)
Sydney NSW 2000
	• Admiralty Resources (Hong Kong) Limited
[phone]
	• ADY Investments Pty Ltd (currently inactive)
Securities Quoted:		• Fortune Global Holdings Corporation (currently
	inactive)
Australian Securities Exchange Ltd (ASX)
• Servicios Admiralty Resources Chile Limitada
Code: ADY (shares)
Auditors:
RSM Australia Partners
Level 13, 60 Castlereagh Street
Sydney NSW 2000
Bankers:
Westpac Banking Corporation	Scotiabank Azul	National Australia Bank
447 Bourke Street	Av. Costanera Sur 2710	Level 13, Tower B
Melbourne VIC 3000	Piso 21 Torre A. Las	799 Pacific Highway
Australia	Condes, Santiago	Chatswood NSW 2067
	Chile	Australia
Lawyers:
Addisons Lawyers	Noguera, Larraín &
Level 12	Dulanto Abogados
60 Carrington Street	El Golf 40, piso 11
Sydney NSW 2000	Las Condes, Santiago
Australia	Chile

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For personal use only

Admiralty Resources NL - ABN 74 010 195 972

Interim Financial Report 31 December 2021

DIRECTOR'S REPORT

The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity' or "Group") consisting of Admiralty Resources NL (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2021.

Directors

The names of the Directors of the Company during or since the end of the previous financial period and up to the date of this report are:

• Qing Zhong (Managing Director)
• Bin Li (Non-executive Director)
• Jian Barclay (Non-executive chairperson, Non-executive Director)

OPERATING AND FINANCIAL REVIEW

Principal Activities

The consolidated entity's principal activities during the course of the financial year were the exploration for and development of economic mineral deposits.

Operating Results

The results for the six-month period reflect a loss after tax of $1,714,028 (2020: profit of $866,416).

REVIEW OF OPERATIONS

HIGHLIGHTS:

Soberana Project

There was no activity during the period.

The Company is engaged with the liquidator of Rocterra. ADY will continue to keep the market informed as progress is made during this process.

Mariposa Project

The Company continued to pursue its indicative joint venture structure with Hainan pursuant to the Term Sheet and is now progressing to settling a final Joint Venture Agreement between the Company and Hainan.

A summary of the proposed terms can be found on the Company's announcement to the ASX on 8 November 2021.

Mariposa Project Update

In parallel with settling the Joint Venture Agreement with Hainan, ADY and Hainan have continued to progress towards commencement of construction activities at Mariposa - now expected to commence by the end of May 2022. The Company notes that delays in settling the Joint Venture Agreement and enabling commencement of activities at Mariposa were largely due to COVID-19 related travel disruption particularly given Hainan's operations team have previously been unable to apply for visas to enter Chile however this process is now underway.

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For personal use only

Admiralty Resources NL - ABN 74 010 195 972

Interim Financial Report 31 December 2021

Significant changes in the state of affairs

There were no significant changes in the state of affairs of the consolidated entity during the financial half- year.

Events Subsequent to Balance Date

There were no significant events subsequent to balance date.

Auditor's independence declaration

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is included within these financial statements on page 6. This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

Signed in accordance with a resolution of directors.

On behalf of the directors

Qing Zhong

Managing Director

16 March 2022

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