DiscovEx Resources : Half Year Accounts

For personal use only

ABN 61 115 768 986

FINANCIAL REPORT FOR THE HALF YEAR ENDED

31 DECEMBER 2021

DISCOVEX RESOURCES LIMITED

AND CONTROLLED ENTITIES

ABN 61 115 768 986

only
	CONTENTS
CORPORATE DIRECTORY....................................................................................................................................	3
DIRECTORS' REPORT ..........................................................................................................................................	4
AUDITOR'S INDEPENDENCE DECLARATION.....................................................................................................	18
use
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ..........................	19
CONSOLIDATED STATEMENT OF FINANCIAL POSITION ..................................................................................	20
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ...................................................................................	21
CONSOLIDATED STATEMENT OF CASH FLOWS ...............................................................................................	22
personalFor
CONDENSED NOTES TO AND FORMING PART OF THE ACCOUNTS .................................................................	23
DIRECTORS' DECLARATION..............................................................................................................................	31
INDEPENDENT AUDITOR'S REVIEW REPORT ...................................................................................................	32

2

DISCOVEX RESOURCES LIMITED

AND CONTROLLED ENTITIES

ABN 61 115 768 986

CORPORATE DIRECTORY

onlyDIRECTORS

Heath Hellewell (Non-executive Chairman) Toby Wellman (Managing Director)

David Morgan (Non-executive Director)

Kim Massey (Non-executive Director)

useREGISTERED OFFICE Unit 1, 72 Kings Park Road West Perth, WA 6005 Telephone: [phone]

SOLICITORS

Steinepreis Paganin

16 Milligan Street personalPerth, WA 6000

AUDITORS

PKF Perth

Level 4, 35 Havelock Street

West Perth, WA 6005

SHARE REGISTRY

Automic Pty Ltd

Level 5, 191 St Georges Terrace

Perth, WA 6000

Telephone: [phone]

Email: [e-mail]

STOCK EXCHANGE LISTING

Australian Securities Exchange

Home Exchange: Perth, Western Australia

ForCode: DCX

BANK

Westpac Banking Corporation

130 Rokeby Road

Subiaco, WA 6008

3

DISCOVEX RESOURCES LIMITED

AND CONTROLLED ENTITIES

ABN 61 115 768 986

DIRECTORS' REPORT

Your directors submit the financial accounts of DiscovEx Resources Limited and controlled entities (the Group) for onlythe half year ended 31 December 2021.

DIRECTORS

The following persons were directors of DiscovEx Resources Limited (the Company) during the whole of the half year and up to the date of this report unless otherwise stated:

Mr Heath Hellewell

Mr Toby Wellman useMr David Morgan

Mr Kim Massey

PRINCIPAL ACTIVITIES

The principal activity of the Group is mineral exploration and evaluation.

OPERATING RESULTS

The net loss of the Group for the financial period after provision for income tax was $268,708 (2020: $337,179).

personalDIVIDENDS PAID OR RECOMMENDED

No dividend has been paid or declared during the half year and up to the date of this report.

REVIEW OF OPERATIONS

Overview

During the reporting period, the Company continued its greenfield exploration strategy with the bulk of activities centred on the Sylvania Project near Newman in WA. Activities included broad scale (400 x 200m) soil sampling and infill soil sampling (100 x 100m), which defined several high priority gold targets across the Project.

Together with the regional soil sampling programs at Sylvania, exploration was progressed at the Edjudina Gold Project in the Laverton District of WA. Air core drilling at Octavia was completed together with soil sampling at Hornet East and Jaguar.

At the Newington Gold Project north of Southern Cross in WA, a program of auger drilling was completed which confirmed the continuation of both the Newfield Central and Dawsons structural trends.

ForIn August 2021 the Company divested the Monument Gold Project in WA to SI6 Metals Limited (ASX:SI6).

4

DISCOVEX RESOURCES LIMITED

AND CONTROLLED ENTITIES

ABN 61 115 768 986

REVIEW OF OPERATIONS (Continued)

onlyuse personal Figure 1: Project Locations within Western Australia

ForExploration and Evaluation

Sylvania Gold and Base Metal Projects - Newman, WA

The Sylvania and Billinooka Projects (collectively known as Sylvania) are a compilation of twelve granted exploration licences and six exploration licence applications (which includes 3 tenements subject to a 90/10 JV) that cover a total of 2,294km2 located in the Pilbara Region of Western Australia and are centred nearby the giant Iron Ore hub of Newman. Importantly, the Sylvania Project's proximity to Newman and having both a major bitumen highway and gas pipeline adjacent to and within the tenure, provide excellent baseline infrastructure options for future project development.

In addition, the Sylvania Project is situated immediately to the west (approximately 60km) of one of Western Australia's newest, large-scale gold mine developments operated by Capricorn Metals Ltd at Karlawinda. The Karlawinda Project contains a Mineral Resource estimate of 2.15Moz @ 0.8 g/t Au1 (67.2Mt@0.8g/t Au for 1.722koz - Indicated and 19.5Mt@0.7g/t Au for 422koz - Inferred) and poured its first gold in 2021.

1. ASX:CMM - Annual Report 2021 (29th September, 2021).

5