Orexplore Technologies : 2021 annual report

Annual Report

OREXPLORE TECHNOLOGIES LIMITED ABN 98 645 505 406

TABLE OF CONTENTS

Corporate Directory ........................................................................................................................................................................ 2

Directors' Report ............................................................................................................................................................................ 3

Auditor's Independence Declaration ............................................................................................................................................ 16

Consolidated Statement of Profit or Loss and Other Comprehensive Income ............................................................................. 17

Consolidated Statement of Financial Position .............................................................................................................................. 18

Consolidated Statement of Changes in Equity ............................................................................................................................. 19

Consolidated Statement of Cash Flows ........................................................................................................................................ 20

Notes to the Financial Statements ............................................................................................................................................... 21

Directors Declaration .................................................................................................................................................................... 56

Independent Auditors Report ....................................................................................................................................................... 57

ASX Additional Information .......................................................................................................................................................... 63

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CORPORATE DIRECTORY
Directors
Alan Bye	Non-Executive Chairman
Brett Giroud	Managing Director
Kent Swick	Non-Executive Director
Stuart Carmichael	Non-Executive Director
Stefan Sädbom	Non-Executive Director
Company Secretary
Frank Campagna
Registered and Principal Office	Share Registry
75 McDonald Crescent	Automic Pty Ltd
Bassendean WA 6054	Level 5, 191 St Georges Terrace
Telephone: [phone]	Perth WA 6000
Website:www.orexplore.com	Telephone (within Australia): 1300 288 664
Email:[e-mail]	Telephone (outside Australia): [phone]
Email:[e-mail]
Website:www.automicgroup.com.au
Solicitors	Stock Exchange Listing
HWL Ebsworth Lawyers	Australian Securities Exchange (ASX: OXT)
Level 20, 240 St Georges Terrace
Perth WA 6000
Auditor	Banker
Ernst & Young	National Australia Bank Limited
11 Mounts Bay Road
Perth WA 6000

Your Directors present their report, together with the financial statements of Orexplore Technologies Limited ("Orexplore" the "Parent" or the "Company") and its controlled entities (collectively referred to as "Orexplore Group" or the "Group") for the financial year ended 31 December 2021. The names and particulars of the directors of the company during or since the end of the financial year are:

Information on directors

Alan Bye

Non-executive chairman

Qualifications

BSc, BSc Hons, PhD

Experience

Dr Bye has more than 20 years' experience in senior operational and strategic roles in the resources industry working in 15 countries covering 9 commodities. Dr Bye has a mining operational background and has a PhD in mining engineering and is a fellow of the Academy of Technology Science and Engineering (FTSE). He was most recently Vice President Technology at BHP and in his global role he was accountable for execution of major innovation programs across five commodity value chains covering both digital and extractive technologies. Dr Bye was appointed as a Director of the Company in October 2020.

Interest in shares and options at the date of this report

Directorships held in other listed entities during the three years prior to the current year

3,109,926 Performance Rights

Swick Mining Services Ltd (November 2019 - February 2022)

Brett Giroud

Managing director

Qualifications

B.Eng (Computer Systems) Hons, MBA

Experience

Mr Giroud is an engineering executive and technology industry leader with over 24 years of corporate leadership and engineering consulting experience. He was the former APAC head of Strategy and Transaction Services for Worley (Advisian), and former Chief Engineer for Jacobs Engineering (Information and Communications Technology), where he created and lead a group of over 100 systems engineering and technology professionals. Mr Giroud has initiated and led business units and large-scale teams and been directly responsible for safely delivering, more than $250m of complex disruptive technology projects for Tier-1 clients across a portfolio of more than $15B of major growth projects. Mr Giroud has worked across Australia, Europe, and the Middle East and has extensive experience across the entire engineering and technology lifecycle from concept and design, through studies and major project delivery, into construction and leadership positions across site commissioning activities. As a prior visiting guest lecturer at the University of Western Australia across functional safety and advanced systems, and an independent advisor to emerging technology companies, Mr Giroud is experienced at early-stage technology ventures and commercialisation. Mr Giroud was appointed as a director of the Company in July 2021.

Interest in shares and options at the date of this report

Directorships held in other listed entities during the three years prior to the current year

5,183,210 Performance Rights

Nil

Kent Swick

Non-executive director

Qualifications

B.Eng (Mech)

Experience

Mr Swick is a Mechanical Engineer with over 30 years experience in civil construction, mining maintenance and surface and underground mineral drilling. He was previously employed by Atlas Copco Australia as a Maintenance Engineer managing underground maintenance, where he developed a strong understanding of underground mining methods and equipment. Mr Swick founded Swick Mining Services initially as an underground longhole drilling contractor before moving into underground diamond drilling and RC drilling. Mr Swick was the driving technical force behind the design of the Company's innovative underground diamond drill rig and award winning surface reverse circulation drill rig. He graduated from the University of Western Australia holding a Bachelor of Engineering (majoring in Mechanical Engineering) and has completed the Owner/President Management program at Harvard Business School. Mr Swick was appointed as a Director of the Company in October 2020.

Interest in shares at the date of this report

Directorships held in other listed entities during the three years prior to the current year

12,350,873 Shares

Swick Mining Services Ltd (October 2006 - February 2022)

Stuart Carmichael

Non-executive director

Qualifications Experience

B.Com, CA

Mr Carmichael is a Chartered Accountant with over 20 years experience across various industry sectors and jurisdictions including Australia, USA, United Kingdom and the Middle East. Mr Carmichael is a principal and director of Ventnor Capital and Ventnor Securities which specialises in the provision of corporate finance and equity capital markets advice to small and mid cap ASX listed companies including initial public offerings, capital raisings, corporate restructures and mergers and acquisitions. Mr Carmichael was appointed as a Director of the Company in February 2021.

Interest in shares at the date of this report

Directorships held in other listed entities during the three years prior to the current year

Nil

Swick Mining Services Ltd (August 2019 - February 2022)

Harvest Technology Group Limited non-executive director - 8 July 2021 to present

ClearVue Technologies Limited non-executive director - 19 January 2018 to present

Schrole Group Limited non-executive chairman - 10 August 2017 to present K-TIG Limited non-executive chairman - 30 June 2017 to present

De.mem Limited non-executive director - 21 November 2016 to present Osteopore Limited non-executive director - 11 December 2018 to 8 October 2021