Revolver Resources : Half Yearly Report and Accounts

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Revolver Resources Holdings2021 Ltd and Controlled Entities

ABN 13 651 974 980

Financial Report

For personal use only

Contents

DIRECTORS' REPORT	1
AUDITOR'S INDEPENDENCE DECLARATION	3
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER	4
COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF FINANCIAL POSITION	5
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	6
CONSOLIDATED STATEMENT OF CASH FLOWS	7
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	8
DIRECTOR'S DECLARATION	26
INDEPENDENT REVIEW REPORT	27

Revolver Resources Holdings Ltd | ABN 13 651 974 980 | Financial Statements 31 December 2021

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DIRECTORS' REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2021

The directors present their report on the consolidated group consisting of Revolver Resources Holdings Ltd and the entities it controlled at the end of, or during the period ended 31 December 2021. Throughout the report, the consolidated entity is referred to as the Group.

Directors

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

• Paul McKenna
• Patrick Williams
• Brian MacDonald

Directors have been in office since the date of incorporation (14 July 2021) to the date of this report unless otherwise stated.

Principal Activities

The principal activity of the Group during the period was the exploration and evaluation of natural resource projects.

No significant change in the nature of these activities occurred during the period.

Review of Operations

In the period to 31 December 2021, the Group has undergone significant change. The key achievements and progress made during the period were as follows:

Corporate

Revolver Resources Holdings Ltd successfully completed an Initial Public Offering ("IPO") which raised $12.7 million.

The Group recorded a loss for the period to 31 December 2021 after providing for income tax is $2,499,592 which comprised one off costs associated with the IPO of $319,800. In addition non cash expenditure comprised share based payment expense of $1,260,650 and depreciation of $2,873.

The Group experienced net operating and investing cash outflows of $1,416,126 of which $1,577,847 related to exploration expenditure. As at 31 December 2021, the Group has net current assets of $10,556,249 including cash and cash equivalents of $10,515,605.

Exploration and Development

• The "Forensic" reconstruction of the historic drilling and geochemical database for the Dianne deposit was initiated with very good success including the retrieval and validation of a variety of original drill hole logging, assay, QA/QC, metallurgical data and relogged key sections of 16 historic drill holes stored at the Geological Survey of Queensland (GSQ) core storage facility. Over 270 samples of the core were submitted for confirmation assaying including potentially mineralized sections of core that had not been previously assayed. Samples were submitted for copper, zinc as well as cobalt and gold analysis - the latter which has not systematically been analysed at Dianne.
• The systematic approach to recovery and validation of the drill hole data for the Dianne project means that 60% to 70% of the historic 9,200 meters of drilling at Dianne will be usable in the calculation and reporting of the Initial JORC guided MRE for the project. The positive results from the re-assaying are an important supporting factor for the recovery validation and use of up to 57 historic drill holes, totalling 5912 m of drilling, in the

Revolver Resources Holdings Ltd | ABN 13 651 974 980 | Financial Statements 31 December 2021 1

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DIRECTORS' REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2021

calculation of the Dianne IMRE. This has allowed Revolver to substantially reduce the amount of redrilling needed for the IMRE and will allowed redeployment of these phase 1 drill metres into testing of exploration targets earlier than originally anticipated.

• An integrated district scale geology and geochemistry program was undertaken at the Dianne Project. Systematic rock channel and rock chip sampling progressed from the near pit to district scale with sample teams collecting over 280 samples for analysis. Geological mapping
• Revolver commenced a diamond drill program at Dianne using Rig 58 from DDH1 Drilling in late November 2021. The first 3 holes of the initial drill program at the high-grade Dianne Copper project with significant intervals of visible copper +/- zinc mineralization intersected in all 3 holes. These drill holes were targeted to confirm the copper grade and to deliver material for metallurgical testing from the Massive Sulphide Body and near surface Green Hill Zone of fracture veinlet copper oxide and supergene sulphide mineralization for the planned IMRE. Assay results are pending for all 3 holes, however the presence of abundant visible copper and zinc mineralization in these drill holes confirms that all holes have intersected potentially significant intervals of mineralization. Drilling activities paused from mid-December and weather permitting, will continue on from January 2022.
• A comprehensive IP survey at Dianne, conducted by Zonge Engineering and Research Organisation, totalled 12.6 line kms with 100 m line spacings perpendicular to the strike trend of the Massive Sulphide Body. The survey also included 2 test lines over the new Silica Ridge Target located 1 km NNW along strike for the Dianne pit. 2D processing of some IP section lines has been completed. Once all lines are finalised the combined 2D sections will be modelled in 3D to assist with drill target selection.

Significant After Balance Date Events

Other than the following, there were no matters or circumstances which have arisen since 31 December 2021, that would be likely to materially affect the operations of the Group, or its state of affairs, not otherwise disclosed in the Group's financial report. On 1 February 2022 Revolver Resources Holdings Ltd issued 2,900,000 fully paid ordinary shares to advisors and technical consultants in lieu of fees payable for services provided to Revolver Resources Holdings Ltd in 2022.

Auditor's Independence Declaration

A copy of the auditor's independence declaration as required under s 307C of the Corporations Act 2001 is set out on page 3.

This director's report is signed in accordance with a resolution of the Board of Directors:

Director		Dated this 3rd	Day of March	2022
	Patrick Williams

Revolver Resources Holdings Ltd | ABN 13 651 974 980 | Financial Statements 31 December 2021 2

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