Buxton Resources : Half Yearly Accounts

For personal use only

BUXTON RESOURCES LIMITED

ABN 86 125 049 550

INTERIM FINANCIAL REPORT

FOR THE HALF YEAR ENDED

31 DECEMBER 2021

This interim financial report does not include all the notes of the type normally included in an annual financial report. This report is to be read in conjunction with the Annual Report for the year ended 30 June 2021 and any public announcements made by Buxton Resources Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

For personal use only

BUXTON RESOURCES LIMITED

Contents

Corporate information

Directors' report

Auditor's independence declaration

Condensed statement of profit or loss and other comprehensive income Condensed statement of financial position

Condensed statement of changes in equity

Condensed statement of cash flows

Notes to the condensed financial statements

Directors' declaration

Independent Auditor's review report to the members of Buxton Resources Limited

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For personal use only

BUXTON RESOURCES LIMITED

CORPORATE INFORMATION

Buxton Resources Limited

ABN: 86 125 049 550

Directors

Seamus Cornelius

Eamon Hannon

Anthony Maslin

Stuart Fogarty

Auditors

Rothsay Auditing

Level 1, Lincoln Building

4 Ventnor Avenue

West Perth WA 6005

Company Secretary

Sam Wright

Registered office and principal place of business

Suite 1, 1st Floor

14-16 Rowland Street

Subiaco WA 6008

PO Box 661

Nedlands WA 6909

Ph: 08 9380 6063

Fax: [phone]

Web:www.buxtonresources.com.au

Share Register

Computershare Investor Services Pty Limited

Level 2, 45 St Georges Terrace

Perth WA 6000

Home Exchange

Australian Securities Exchange

Level 40 Central Park

152-158 St Georges Terrace

Perth WA 6000

ASX Code: BUX

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BUXTON RESOURCES LIMITED

DIRECTORS' REPORT

For personal use only

Your directors are pleased to present their report on Buxton Resources Limited for the half-year ended 31 December 2021.

DIRECTORS

The names of the directors who held office during or since the end of the half-year are:

Seamus Cornelius
Eamon Hannon
Anthony Maslin
Stuart Fogarty
Feng (Frank) Xue	(resigned 25 November 2021)

Directors were in office for the entire period unless stated otherwise

REVIEW AND RESULTS OF OPERATIONS

Operating results

The Company recorded a loss for the period ended 31 December 2021 of $747,161 (2020; $669,422).

At 31 December 2021 the Company held cash and term deposit balances of $1,962,069 (30 June 2021; $2,675,691).

Figure 1: Buxton's WA exploration project portfolio overlaid on GSWA's 1:500k bedrock geology. Buxton has pegged

several new, 100% owned projects in WA as a direct result of ongoing generative work.

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BUXTON RESOURCES LIMITED

For personal use only

West Kimberley Project (BUX/IGO JV)

The West Kimberley Project is targeting Nova-style magmatic Ni-Cu sulphide mineralisation in Proterozoic belts of the West Kimberley Region of Western Australia.

During the half year, Buxton updated its shareholders with a summary of significant results from Joint Venture activities by IGO Limited in the West Kimberley for the 2021 field season.

Figure 2: Sentinel Project area showing a summary of significant recent exploration results

At the Gordon prospect, geochemical assaying confirms that orthomagmatic Ni-Cu-PGE outcropping mineralisation occurs in a locally thickened portion of the Ruins Dolerite where rock chip sampling has returned up to 226 ppb Pt + Pd with elevated Ni & Cu. Reconnaissance mapping with portable XRF demonstrates that this unit has a geochemical signature identical to the Ruins Dolerite surrounding mineralisation at the Merlin prospect (see Figure 2).

Two high priority Spectrem airborne EM anomalies which are coincident with the sulphide bearing Ruins Dolerite will be the focus of initial Ground EM surveying efforts in the 2022 field season.

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