Codrus Minerals : Half Year Accounts - 31 December 2021

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I N T E R I M F I N A N C I A L

R E P O R T

31 DECEMBER 2021

ABN 17 600 818 157

ASX: CDR

For personal use only

Contents

Corporate Directory

Directors' Report

Auditor's Independence Declaration

Interim Financial Report

Directors' Declaration

Independent Auditor's Report

1

2

4

5

18

19

CODRUS MINERALS LIMITED Half Year Report |

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CORPORATE DIRECTORY

Directors	Share Registry
Andrew Radonjic	Automic Group
Shannan Bamforth	Level 5, 91 St Georges Terrace
Jamie Byrde	Perth WA 6000
Company Secretary	Auditors
Jamie Byrde
Principal & Registered Office	Stantons
Level 2
Level 3, 24 Outram Street	40 Kings Park Road
WEST PERTH WA 6005	WEST PERTH WA 6005
Telephone: [phone]
Facsimile: [phone]	Bankers
Lawyers	Australia and New Zealand Banking
Group
Steinepreis Paganin	464 Hay Street
Lawyers & Consultants	SUBIACO WA 6008
Level 4, 16 Milligan Street
Perth WA 6000 Australia	Stock Exchange Listing
	Australian Securities Exchange
	(Home Exchange: Perth, Western
	Australia)
	Code: CDR
	Website Address
	www.codrusminerals.com.au

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DIRECTORS' REPORT

FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

The Directors of Codrus Minerals Limited submit herewith the consolidated financial statements of the Company and its controlled entity ("Group" or "Consolidated Entity") for the half-year ended 31 December 2021.

1. DIRECTORS
   The following persons were Directors of Codrus Minerals Limited during the half-year and up to the date of this report, unless otherwise stated:
   Mr Andrew Radonjic Mr Shannan Bamforth Mr Jamie Byrde
2. PRINCIPAL ACTIVITIES
   The principal activities of the Group are mining and mineral exploration. No significant change in the nature of these activities occurred during the half-year.
3. REVIEW OF OPERATIONS During the half-yearthe Group:
4. • Completed the maiden 4 hole Diamond Drilling program at the Silver Swan South (W.A) Project totalling 1,464m. The program successfully delineated the prospective stratigraphy with trace gold mineralisation and some elevated multi- elements data identified.
   • Received outstanding results for the Red Gate Project (W.A) from the maiden 2,980m Reverse Circulation Drilling program. Results included an intercept of
     23m at 3.82g/t Au from 14m down-hole including 5m at 14.29g/t Au from 27m down-holein RGRC002.
   • At Middle Creek (W.A) infill soil sampling identified robust anomalous zones of gold mineralisation. Following this, the Group received Program of Work, and Cultural Heritage approvals for the commencement of exploration trenching to facilitate geological mapping and sampling to enable drill targeting at the project.
   • An additional 12 mineral claims were pegged at the Bull Run Project (U.S.A.) with soil sampling in this location identifying the new Koski mineralised zone. A 3D direct current induced polarization geophysical survey was commenced in the period.
5. FINANCIAL RESULTS
   The Group's net operation loss after tax for the half-year ended 31 December 2021 was $1,969,451 (2020: $397,922). The loss for the period includes $1,477,096 (2020: $397,922) in exploration and evaluation expenditure and share-based payment expenses of $135,542 (2020: $Nil) were also recognised during the half-year.
   Cash and cash equivalents amounted to $6,055,403 (30 June 2021: $7,440,779).

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DIRECTORS' REPORT

FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

1. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
   There were no significant changes in the state of affairs of the Group during the financial half year.
2. CORPORATE
3. • On 23 July 2021, the Company announced the issue of 2,600,000 Performance Rights under the Company's Employee Securities Incentive Plan to employees. In addition, the Company agreed to Issue 4,500,000 options to consultants, subject to shareholder approval.
   • On 3 December 2021, the Company announced the issue of 4,500,000 Performance Rights to corporate consultants, which were approved by shareholders at the Annual General Meeting on 29 November 2021.

MATTERS SUBSEQUENT TO THE END OF THE HALF-YEAR

There were no other matter or circumstance that have arisen since 31 December 2021 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.

7. AUDITOR'S INDEPENDENCE DECLARATION & NON-ASSURANCE SERVICES

A copy of the lead auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 4.

This report is made in accordance with a resolution of directors made pursuant to section 306(3) of the Corporations Act 2001.

Shannan Bamforth Managing Director

Perth, Western Australia, 1 March 2022

Competent Persons Statement

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr Shannan Bamforth who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Bamforth is a permanent employee of Codrus Minerals and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bamforth consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

No New Information or Data

This annual report contains references to Exploration Results and Exploration Targets, all of which have been cross referenced to previous market announcements made by the Company. The Company confirms that it is not aware of any new information or data that materially effects the information in the said announcement. In the case of estimates of Mineral Resources all assumptions and technical parameters underpinning the estimates have not materially changed.

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