Great Northern Minerals : Half Year Report and Accounts

For personal use only

ABN 22 000 002 111

Consolidated Financial Statements

For the Half Year Ended 31 December 2021

Great Northern Minerals Limited

ABN 22 000 002 111

Consolidated Financial Statements

For the Half Year Ended 31 December 2021

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use	CONTENTS
Financial Statements
	Corporate Directory
personal	Directors' Report
Auditor's Independence Declaration
	Consolidated Statement of Profit or Loss and Other Comprehensive Income
	Consolidated Statement of Financial Position
	Consolidated Statement of Changes in Equity
	Consolidated Statement of Cash Flows
	Notes to the Consolidated Financial Statements
For	Declaration by Directors
Independent Auditor's Review Report

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Great Northern Minerals Limited

ABN 22 000 002 111

Consolidated Financial Statements

For the Half Year Ended 31 December 2021

For personal use only

CORPORATE DIRECTORY

DIRECTORS

Mr Kim Robinson (Non-Executive Chairman)

Mr Cameron McLean (CEO & Managing Director) Mr Simon Coxhell (Technical Director)

Mr Simon Peters (Non-Executive Director)

COMPANY SECRETARY

Ms Aida Tabakovic

REGISTERED OFFICE

Level 1, 33 Colin Street

WEST PERTH WA 6005

AUSTRALIA

Website:www.greatnorthernminerals.com.au

SHARE REGISTRY

Computershare Investor Services Pty Ltd

Level 11, 172 St Georges Terrace

Perth WA 6000

Telephone:

1300 787 272

AUDITORS

William Buck Audit (WA) Pty Ltd

Level 3, 15 Labouchere Road

South Perth WA 6151

LEGAL ADVISORS

Nova Legal

Level 2, 50 Kings Park Road

West Perth WA 6005

STOCK EXCHANGE

Australian Securities Exchange Limited ASX Code: GNM, GNMOB, GNMOF

Great Northern Minerals Limited

ABN 22 000 002 111

Consolidated Financial Statements

For the Half Year Ended 31 December 2021

Directors Report

For personal use only

Your directors present their Report on Great Northern Minerals Limited ("the Company" or "GNM") and its subsidiaries ("the Group") for the half year ended 31 December 2021.

Directors

The names of the directors in office at any time during or since the end of the half year period are:

Mr Kim Robinson	Non-Executive Chairman
Mr Cameron McLean	CEO & Managing Director
Mr Simon Coxhell	Technical Director
Mr Simon Peters	Non-Executive Director
Company Secretary
Ms Aida Tabakovic

Review of operations

The principal activities of the Group during the half financial year were:

Corporate

The Company raised $3 million (before costs) which closed oversubscribed. The placement was completed in two Tranches of 300 million shares in Tranche 1, and 200 million shares and 40 million Lead Manager Options in Tranche 2. Subsequent to the half year the issue of Tranche 2 shares and options were approved by shareholders on 14 January 2022.

Funds raised will be used to continue the systematic drill testing of the Camel Creek Gold Project, Mikes Anomaly at Big Rush and testing at depth the high grade zones at Golden Cup. Funds will also be used for an initial resource estimate at Camel Creek to be followed by a mining and processing scoping study for the Golden Ant Project.

Projects

Golden Ant Project

The focus of Great Northern Minerals during the December half year 2021 was to complete systematic drill testing of the Camel Creek mineralised system, part of the Golden Ant Project.

A total of 64 RC holes for 9258 metres and 4 HQ diamond holes for 484 metres were drilled between April and December 2021 at Camel Creek with final results released on 28 June 2021, 18 October 2021 and 8 February 2022 respectively.

The drilling program initially tested approximately 2200 metres of strike of the Camel Creek known gold mineralisation on nominal 40 metre centres, with at least one hole drilled per section. This work defined two higher grade zones of gold (and antimony) mineralisation at the Hinge Zone and the North Pit area which were then subject to closer spaced infill and deeper drilling. Final diamond results for the Hinge Zone were released in February 2022. An initial resource estimate for Camel Creek is due to be completed by the end of the Mach 2022 quarter, based on all drilling completed.

The Golden Ant Project is located approximately 200km northwest of Townsville in Northern Queensland. The Project consists of the Amanda Bell Goldfield (Camel Creek and Golden Cup) and the Big Rush Goldfield which were mined from 1989 to 1998 producing approximately 150,000 oz Au. Great Northern Minerals owns a 100% interest in the project.

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Great Northern Minerals Limited

ABN 22 000 002 111

Consolidated Financial Statements

For the Half Year Ended 31 December 2021

For personal use only

Figure 1 Golden Ant Project Location

The Amanda Bell Goldfield was named in 1989 and covers an area of approx. 1,000 km2 and the major mining centres were Camel Creek and Golden Cup. Gold bearing oxide ore has been mined from open pits on eight deposits and these plus others all have material primary mineralisation remaining, many of them with significant antimony mineralisation in addition to the gold.

Total gold production from the Amanda Bell Goldfield was approximately 95,000 oz Au (57,000 oz fromCamel Creek and 14,000 oz from Camel Creek satellite deposits plus 18,000 oz from Golden Cup and 6,000 oz from Golden Cup satellite deposits). Mining activities commenced in 1989 and ceased in 1995 with the depletion of oxide gold mineralisation.

• At the Camel Creek deposit there were 28 pits mined over 5,000 metres of strike length for >1 million tonnes mined at an average grade of 1.7 g/t Au. The heap leach pads contain a significant amount of relic auriferous oxide & sulphide ores.
• At the Golden Cup deposit there were 9 pits mined over 1,700m of strike length for 200,000 tonnesmined at an average grade of 2.8 g/t Au. Similarly, the heap leach pads contain a significant component of relic auriferous oxide & to a lesser extent sulphide ores.

The Big Rush Goldfield covers an area of approximately 500km2. Approximately 60,000 oz Au was produced between 1995 and 1998 from 4 shallow open pits at the Big Rush Mine. The predominantly oxide ore was processed via heap leach cyanidation / carbon recovery. Operations ceased with depletion of oxide mineralisation.

Great Northern Minerals acquired the Golden Ant Project in 2019 and commenced exploration activities in December 2020. To date, Great Northern Minerals has drilled 143 RC holes for 18,552 metres and 8 HQ diamond holes at the projects and has successfully completed Mineral Resource Estimates for the Big Rush and Golden Cup deposits (refer to Table 1).

The Camel Creek Mineral Resource Estimate was released on 8 March 2022.

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