Orange Minerals NL : Half Year Financial Statement

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For personal use only

Orange Minerals NL

Corporate directory

Board of Directors

Mr John Campbell Smyth	Chairman
Mr David Hugh Greenwood	Non-Executive Director
Mr Conrad George Manuel Karageorge	Non-Executive Director

Company Secretary

Mr Johnathon Busing

Registered and Principal Office

25 Colin Street

West Perth, Western Australia 6005

Tel:

[phone]

Postal Address

PO Box 369

Nedlands, Western Australia 6909

Website

www.orangeminerals.com.au

Auditors

BDO

Level 9, Mia Yellagonga Tower 2

5 Spring Street

Perth, Western Australia 6000

Share Registry

Automic Group

Level 5 191 St Georges Terrace

Perth, Western Australia 6000

Tel:

[phone]

Stock Exchange

Australian Securities Exchange

Level 40, Central Park

152- 158 St Georges Terrace

Perth, Western Australia 6000

ASX Code

OMX

Orange Minerals NL

For personal use only

Half year report for the half-year ended 31 December 2021

Contents

Directors' report………………………………………………..………………………………………………………………	1
Auditor's independence declaration…………………………………………………………………..……………..	4
Independent auditor's review report……………………………………….……………………………………….	5
Directors' declaration………………………………………………………………………………………………………..	7
Consolidated statement of profit or loss and other comprehensive income………………………	8
Consolidated statement of financial position…………………………………………………………………....	9
Consolidated statement of changes in equity………………………….………………………………………..	10
Consolidated statement of cash flows……………………………………………………………………………….	11
Condensed notes to the consolidated financial statements….……………………………………………	12

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Orange Minerals NL

Directors' report

The directors of Orange Minerals NL ("Orange" or "the Company") submit the financial report of Orange Minerals NL and its controlled entities ("the Group") for the half-year ended 31 December 2021. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:

Names of Directors

The names of the directors of the Company during or since the end of the half-year are:

Mr John Campbell Smyth (appointed on 24 August 2021)

Mr David Hugh Greenwood (appointed on 24 August 2021)

Mr Conrad George Manuel Karageorge (appointed on 24 May 2021)

Mr David Kenneth Wallace Michael (resigned on 24 August 2021)

Mr Peter Basil Wallace Michael (resigned on 24 August 2021)

Review of operations

The consolidated loss of the Group for the half-year ended 31 December 2021 amounted to $1,303,861.

Exploration

Calarie Project

During the first half of the financial year, the Company completed a Phase 1 drill program at the Calarie Gold Project (Calarie) in NSW. Ten RC holes were completed for a total of 1,044 metres drilled and the drilling was planned to validate historical drill holes and look to extend mineralised horizons intersected in previous drill programs.

Samples have been dispatched to the laboratory for assay with results expected in early 2022. Following the receipt of the assay results, the Company intends to undertake a resource review and commence planning Phase 2 of the Calarie drill program.

Wisemans Creek Project

During the December 2021 quarter, the Company completed a desktop review of the project area to determine the optimal areas for an initial drill programme. A Phase 1 RC drill program of at least 500m has been designed at the Black Bullock Mine Prospect. The goal of this drill campaign is to confirm existing gold mineralisation established by historic drilling and test for potential extensions at depth.

The Black Bullock mining area corresponds with a distinct geophysical anomaly. Paralleling the observed trends of mineralisation and historic workings, a distinct northwest/southeast trend is evident in regional geophysical datasets, extending for up to 6.5km. Several cross-structures appear to correspond to some of the workings.

An ESF4 Application for drilling has been submitted to the Department and drilling is planned to proceed once all approvals have been received.

Eastern Goldfields Projects, WA

During the December 2021 quarter, a desktop study was initiated to identify and prioritise drill targets in the Majestic Project tenements of the Eastern Goldfields. This work included a field visit in late November 2021.

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Orange Minerals NL

As a result of this work in addition to exciting drill results recently announced by both Black Cat Syndicate (ASX: BC8) and Miramar Resources Ltd (ASX:M2R) adjacent to a number of Orange tenements in the Majestic Project, a number of key drill targets have been identified and Program of Works (PoW) applications for drill programs have been submitted to the regulator for approval.

Corporate

Orange Minerals (OMX) was admitted to the official list of the Australian Stock Exchange "ASX" on 6 December 2021.

On 22 September 2021 the Company entered into an agreement to acquire Majestic Gold Mines Pty Ltd which completed on 28 September 2021. The consideration for this acquisition was the issue of five million ordinary shares at a deemed value of $0.20 each for a total of $1 million. Also Refer to note 8 Issued capital.

During the first half of the financial year, the Company acquired tenements in NSW for $416,500 which were payable by way of $246,500 in cash and $170,000 in equity, by way of the issue of 850,000 shares at an issue price of $0.20 each.

OMX raised $7 million pursuant to the offer under its prospectus dated 19 October 2021 and supplementary prospectus dated 22 November 2021 by the issue of 35 million shares at issue price of $0.20 per share.

At 31 December 2021, the Company had a cash balance of $6.58 million. The Company also incurred costs relating to the IPO including broker fees as part of the capital raising, replacement of bond and securities resulting from the transfer of title of the tenements, corporate costs to support active exploration work over the tenements including drilling at Calarie, and costs to maintain the tenements in good standing. The Company will actively support and maintain an exploration program that targets high value tenements with the potential discovery of significant orebodies in the Lachlan Fold Belt of NSW and Eastern Goldfields of WA.

Subsequent events

The Company announced the appointment of Phil Shields as Exploration Manager. Phil commenced employment in early January and is based in Orange, NSW. Phil has over 30 years of mining / exploration experience in base and precious metals, within Australia, Indonesia and Africa.

In January 2022, a soil survey commenced at the Kurnalpi Project (Eastern Goldfields Projects, WA) to identify follow up targets for drill testing.

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

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