ANDEAN SILVER LIMITED — Annual Report 2021

Sep 27, 2021

Mitre Mining Corporation Ltd ABN 24 645 578 454

Financial Statements

For the Period From 2 November 2020 (Date of incorporation) to 30 June 2021

Mitre Mining Corporation Ltd

ABN 24 645 578 454

Contents

For the Period Ended 30 June 2021

	Page
Financial Statements
Directors' Report	3
Auditor's Independence Declaration under Section 307C of the Corporations Act 2001	6
Statement of Profit or Loss and Other Comprehensive Income	7
Statement of Financial Position	8
Statement of Changes in Equity	9
Statement of Cash Flows	10
Notes to the Financial Statements	11
Directors' Declaration	22
Independent Audit Report	23

General Information

Mitre Mining Corporation Ltd is an unlisted public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are :

Registered office

C/- Vision Tech Nominees Pty Ltd

Level 2 480 Collins Street Melbourne VIC 3000

Principal place of business

C/- Vision Tech Nominees Pty Ltd

Level 2 480 Collins Street Melbourne VIC 3000

ABN 24 645 578 454

Mitre Mining Corporation Ltd

Directors' Report 30 June 2021

The directors present their report on Mitre Mining Corporation Ltd for the financial period ended 30 June 2021.

1. General information

Information on directors

The names of each person who has been a director during the period and to the date of this report are:

Name:	Clinton Carey (appointed on 2 November 2020)
Title:	Managing Director
Experience and expertise	Clinton has over 20 years as a manager and director in a number of ASX listed companies
	operating across multiple jurisdictions within the resources, oil and gas, and technology
	sectors. Mr Carey has extensive experience providing management, capital raising and
	corporate advisory services in the resource sector to a range of listed mining and energy
	companies. Previous experience includes non-executive directorships of Challenger
	Exploration Limited (ASX: CEL) and Red Sky Energy Limited (ASX: ROG).
	Mr Carey is not considered to be an independent Director as he is employed in an executive
	capacity as Managing Director
Name:	Patrick Gowans (appointed on 1 April 202)
Title:	Non-Executive Chair
Experience and expertise	Patrick is a Partner of Melbourne law firm, Quinert Rodda & AssociatesQR Lawyers, with over
	130 years' experience in corporate and commercial law with a focus on equity capital markets,
	ASX compliance and corporate governance. Mr Gowans is the current non-executive chair of
	Alice Queen Limited.
Name:	Adrien Michele Wing (appointed on 21 May 2021)
Title:	Non-Executive Director and Company Secretary
Experience and expertise	Adrien is a Certified Practicing Accountant with significant experience working with ASX listed
	entities as a company secretary and director.
	Mr Wing is the company secretary and a non-executive director of Red Sky Energy Limited
	(ASX: ROG), High Grade Metals Limited (ASX: HGM) and New Age Exploration Limited (ASX:
	NAE). He is also company secretary of Kairos Minerals Ltd (ASX: KAI), Sparc Technologies
	Ltd (ASX: SPN) and Mithril Resources Ltd (ASX: MTH) and joint company secretary of
	Rhythm Biosciences Ltd (ASX: RHY).
Name:	Russell Henry Krause (appointed on 1 April 2021 and resigned on 21 May 2021)
	(appointed on 2 November 2020 and resigned on 3 November 2020)
Title:	Non-Executive Director
Experience and expertise	Mr Krause has over 25+ years of experience in the resource industry, focused financial
	services both in private and public companies in senior managerial and operational roles.
	Russell was the Executive Chairman of Specialty Metals International Limited, a company
	which redeveloped the Mt Carbine Tungsten Mine and developed gold projects in Broken Hill
	and Peel Fault regions of NSW.

Directors have been in office since the start of the financial period to the date of this report unless otherwise stated.

3

ABN 24 645 578 454

Mitre Mining Corporation Ltd

Directors' Report

30 June 2021

Principal activities

The principal activity of Mitre Mining Corporation Ltd during the financial period was mining exploration.

No significant changes in the nature of the Company's activity occurred during the financial period.

2. Operating results and review of operations for the period

Operating results

The loss of the Company after providing for income tax amounted to $ (98,535)

Review of operations

A review of the operations of the Company during the financial period and the results of those operations show initial costs of exploration.

3. Other items

Significant changes in state of affairs

There have been no significant changes in the state of affairs of the Company during the period.

Matters or circumstances arising after the end of the period

No matters or circumstances have arisen since the end of the financial period which significantly affected or could significantly affect the operations of the Company, the results of those operations or the state of affairs of the Company in future financial periods.

Future developments and results

Likely developments in the operations of the Company and the expected results of those operations in future financial periods have not been included in this report as the inclusion of such information is likely to result in unreasonable prejudice to the Company.

Environmental matters

The Company's operations are not regulated by any significant environmental regulations under a law of the Commonwealth or of a state or territory.

Company secretary

The following person held the position of Company secretary at the end of the financial period:

Clinton Carey has been the company secretary since 2/11/2020.

Meetings of directors

During the financial period, two meetings of directors (including committees of directors) were held. Attendances by each director during the period were as follows:

4

Mitre Mining Corporation Ltd

ABN 24 645 578 454

Directors' Report

30 June 2021

ors' Report 2021
	Directors'	Meetings
	Number eligible to
	attend	Number attended
Clinton Carey	2	2
Patrick Gowans	1	1
Adrien Michele Wing	-	-
Russell Henry Krause	2	2

Indemnification and insurance of officers and auditors

No indemnities have been given or insurance premiums paid, during or since the end of the financial period, for any person who is or has been an officer or auditor of Mitre Mining Corporation Ltd.

Proceedings on behalf of company

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the company, or to intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or part of those proceedings.

Auditor's independence declaration

The lead auditor's independence declaration in accordance with section 307C of the Corporations Act 2001, for the period ended 30 June 2021 has been received and can be found on page 4 of the financial report.

Signed in accordance with a resolution of the Board of Directors:

Director: ............................................................... Director: ................................................................ Clinton Carey Patrick Gowans Director: ............................................................... Adrien Michele Wing

Dated this .............................. day of .............................. 2021 5th August

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AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the audit of the financial report of Mitre Mining Corporation Limited for the period ended 30 June 2021, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

• (i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

• (ii) any applicable code of professional conduct in relation to the audit.

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RSM AUSTRALIA PARTNERS

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J S CROALL

Partner

Dated: 5 August 2021 Melbourne, Victoria

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6

Mitre Mining Corporation Ltd

ABN 24 645 578 454

Statement of Profit or Loss and Other Comprehensive Income

For the Period Ended 30 June 2021

Note Depreciation and amortisation expense 4 Consulting fees 4 Formation expenses 4 Rent 4 Other expenses Loss before income tax Income tax expense Loss from continuing operations Loss for the period Other comprehensive income, net of income tax Total comprehensive loss for the period	2021 $ (2,315) (29,732) (1,100) (3,010) (62,378)
	(98,535) -
	(98,535)
	(98,535)
	- (98,535)

The accompanying notes form part of these financial statements.

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ABN 24 645 578 454

Mitre Mining Corporation Ltd

Statement of Financial Position

As At 30 June 2021

Note ASSETS CURRENT ASSETS Cash and cash equivalents 6 Trade and other receivables 7 TOTAL CURRENT ASSETS NON-CURRENT ASSETS Property, plant and equipment 8 TOTAL NON CURRENT ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Trade and other payables 9 Borrowings 10 TOTAL CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Issued capital 11 Retained earnings TOTAL EQUITY	2021 $ 254,321 17,789
	272,110
	-
	-
	272,110
	18,505 70
	18,575
	18,575
	253,535
	352,070 (98,535)
	253,535
	253,535

The accompanying notes form part of these financial statements.

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ABN 24 645 578 454

Mitre Mining Corporation Ltd

Statement of Changes in Equity

For the Period Ended 30 June 2021

2021 Note Loss attributable to members of the parent entity Transactions with owners in their capacity as owners Issue of shares Balance at 30 June 2021	Ordinary Shares $ Retained Earnings $ Total $
	- (98,535) (98,535) 352,070 - 352,070
	352,070 (98,535) 253,535

The accompanying notes form part of these financial statements.

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ABN 24 645 578 454

Mitre Mining Corporation Ltd

Statement of Cash Flows

For the Period Ended 30 June 2021

Note CASH FLOWS FROM OPERATING ACTIVITIES: Payments to suppliers and employees Net cash used in operating activities 16 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issue of shares Proceeds from directors' loan accounts Net cash provided by financing activities Net increase in cash and cash equivalents held Cash and cash equivalents at end of financial period 6	2021 $ (95,504)
	(95,504)
	(2,315)
	(2,315)
	352,070 70
	352,140
	254,321
	254,321

The accompanying notes form part of these financial statements.

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ABN 24 645 578 454

Mitre Mining Corporation Ltd

Notes to the Financial Statements

For the Period Ended 30 June 2021

The financial report covers Mitre Mining Corporation Ltd as an individual entity. Mitre Mining Corporation Ltd is a for-profit Company limited by shares, incorporated and domiciled in Australia.

The functional and presentation currency of Mitre Mining Corporation Ltd is Australian dollars.

The financial report was authorised for issue by the Directors on ___ July 2021.

1 Basis of Preparation

These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB').

Historical cost convention

The financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through other comprehensive income, investment properties, certain classes of property, plant and equipment and derivative financial instruments.

2 Summary of Significant Accounting Policies

(a) Revenue from contracts with customers

The core principle of AASB 15 is that revenue is recognised on a basis that reflects the transfer of promised goods or services to customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. Revenue is recognised by applying a five-step model as follows:

1. Identify the contract with the customer

2. Identify the performance obligations

3. Determine the transaction price

4. Allocate the transaction price to the performance obligations

5. Recognise revenue as and when control of the performance obligations is transferred

Generally the timing of the payment for sale of goods and rendering of services corresponds closely to the timing of satisfaction of the performance obligations, however where there is a difference, it will result in the recognition of a receivable, contract asset or contract liability.

None of the revenue streams of the Company have any significant financing terms as there is less than 12 months between receipt of funds and satisfaction of performance obligations.

Other income

Other income is recognised on an accruals basis when the Company is entitled to it.

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Mitre Mining Corporation Ltd

ABN 24 645 578 454

Notes to the Financial Statements For the Period Ended 30 June 2021

(b) Income Tax

The tax expense recognised in the statement of profit or loss and other comprehensive income comprises current income tax expense plus deferred tax expense.

Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (loss) for the period and is measured at the amount expected to be paid to (recovered from) the taxation authorities, using the tax rates and laws that have been enacted or substantively enacted by the end of the reporting period. Current tax liabilities (assets) are measured at the amounts expected to be paid to (recovered from) the relevant taxation authority.

Deferred tax is not provided for the following:

• The initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).

• Taxable temporary differences arising on the initial recognition of goodwill.

• Temporary differences related to investment in subsidiaries, associates and jointly controlled entities to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax assets are recognised for all deductible temporary differences and unused tax losses to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and losses can be utilised.

Current and deferred tax is recognised as income or an expense and included in profit or loss for the period except where the tax arises from a transaction which is recognised in other comprehensive income or equity, in which case the tax is recognised in other comprehensive income or equity respectively.

(c) Borrowing costs

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset.

All other borrowing costs are recognised as an expense in the period in which they are incurred.

(d)

Goods and services tax (GST)

Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).

Receivables and payable are stated inclusive of GST.

Cash flows in the statement of cash flows are included on a gross basis and the GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is classified as operating cash flows.

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Mitre Mining Corporation Ltd

ABN 24 645 578 454

Notes to the Financial Statements For the Period Ended 30 June 2021

(e) Cash and cash equivalents

Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.

(f) Trade and other receivables

Other receivables are recognised at amortised cost, less any allowance for expected credit losses.

(g) Property, plant and equipment

Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful lives as follows:

Buildings	40 years
Leasehold improvements	3-10 years
Plant and equipment	3-7 years

The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.

An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits.

(h) Intangible Assets

Amortisation

Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, from the date that they are available for use.

Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

(i) Trade and other payables

These amounts represent liabilities for goods and services provided to the entity prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.

(j) Issued capital

Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

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ABN 24 645 578 454

Mitre Mining Corporation Ltd

Notes to the Financial Statements For the Period Ended 30 June 2021

(k) Current and non-current classification

Assets and liabilities are presented in the statement of financial position based on current and non-current classification.

An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the entity's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.

A liability is classified as current when: it is either expected to be settled in the entity's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.

Deferred tax assets and liabilities are always classified as non-current.

(l) Adoption of new and revised accounting standards

The Company has adopted all standards which became effective for the first time at 30 June 2021, the adoption of these standards has not caused any material adjustments to the reported financial position, performance or cash flow of the Company.

(m) New Accounting Standards and Interpretations not yet mandatory or early adopted

Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the entity for the annual reporting period ended 30 June 2021. The entity's assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the entity, are set out below.

Conceptual Framework for Financial Reporting (Conceptual Framework)

The revised Conceptual Framework is applicable to annual reporting periods beginning on or after 1 July 2021 and early adoption is permitted. The Conceptual Framework contains new definition and recognition criteria as well as new guidance on measurement that affects several Accounting Standards. Where the entity has relied on the existing framework in determining its accounting policies for transactions, events or conditions that are not otherwise dealt with under the Australian Accounting Standards, the entity may need to review such policies under the revised framework. At this time, the application of the Conceptual Framework is not expected to have a material impact on the entity's financial statements.

3 Critical Accounting Estimates and Judgments

Coronavirus (COVID-19) pandemic

Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has had, or may have, on the entity based on known information. This consideration extends to the nature of the products and services offered, customers, supply chain, staffing and geographic regions in which the entity operates. Other than as addressed in specific notes, there does not currently appear to be either any significant impact upon the financial statements or any significant uncertainties with respect to events or conditions which may impact the entity unfavourably as at the reporting date or subsequently as a result of the Coronavirus (COVID-19) pandemic.

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ABN 24 645 578 454

Mitre Mining Corporation Ltd

Notes to the Financial Statements

For the Period Ended 30 June 2021

4 Expenses

The result for the period includes the following specific expenses:

Other expenses: Depreciation: - Computer equipment Rental expense on operating leases: - Minimum lease payments Formation costs Consulting fees	2021 $ 2,315 3,010 1,100 29,732
	2021 $

5 Income Tax Expense

(a) The major components of tax expense (income) comprise: Income tax expense (b) Reconciliation of income tax to accounting profit: Prima facie tax payable on loss from ordinary activities before income tax at 30%) Less: Tax effect of: - Losses carried forward Income tax expense	-
	2021 $ (26,561)
	(26,561) (26,561)
	-

6 Cash and Cash Equivalents

Cash on hand Cash at bank and in hand	2021 $ 70 254,251
	254,321

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Mitre Mining Corporation Ltd

ABN 24 645 578 454

Notes to the Financial Statements

For the Period Ended 30 June 2021

7 Trade and Other Receivables

CURRENT Deposits GST receivable Total current trade and other receivables 8 Property, plant and equipment NON-CURRENT Computer equipment – at cost Less Accumulated depreciation Total property, plant and equipment 9 Trade and Other Payables CURRENT Trade payables Accruals Total current trade and other payables	2021 $ 10,000 7,789
	17,789
	2021 $ 2,315 (2,315) - 2021 $ 8,505 10,000 18,505

8 Property, plant and equipment

Trade and other payables are unsecured, non-interest bearing and are normally settled within 30 days. The carrying value of trade and other payables is considered a reasonable approximation of fair value due to the short-term nature of the balances.

10 Borrowings

CURRENT Unsecured liabilities: Related party payables Total current borrowings Total borrowings	2021 $ 70
	70
	70
	70

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ABN 24 645 578 454

Mitre Mining Corporation Ltd

Notes to the Financial Statements

For the Period Ended 30 June 2021

11 Issued Capital 9,201,000 Ordinary shares Total Movements in ordinary share capital Details Date Brought forward 2 November 2020 Issue of shares 2 November 2020 Share issue transaction costs, net of tax 31 January 2021 Balance 30 June 2021 Issue of shares on the exercise of options Issue of shares to key management personnel Balance 30 June 2021	2021 $ 352,070 352,070 Shares Issue price - 7,000,000 $0.0001 2,200,000 $0.16 9,200,000 - - 9,200,000	2021 $ 352,070
		352,070

Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital.

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

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Mitre Mining Corporation Ltd

ABN 24 645 578 454

Notes to the Financial Statements For the Period Ended 30 June 2021

(a) Capital Management

The key objectives of the Company when managing capital is to safeguard its ability to continue as a going concern and maintain optimal benefits to stakeholders. The Company defines capital as its equity and net debt.

There has been no change to capital risk management policies during the period.

The Company manages its capital structure and makes funding decisions based on the prevailing economic environment and has a number of tools available to manage capital risk. These include maintaining a diversified debt portfolio, the ability to adjust the size and timing of dividends paid to shareholders and the issue of new shares.

The Board monitors a range of financial metrics including return on capital employed and gearing ratios. A key objective of the Company's capital risk management is to maintain compliance with the covenants attached to the Company's debts. Throughout the period, the Company has complied with these covenants.

12 Financial Risk Management

The Company is exposed to a variety of financial risks through its use of financial instruments.

The Company‘s overall risk management plan seeks to minimise potential adverse effects due to the unpredictability of financial markets.

The most significant financial risks to which the Company is exposed to are described below:

Specific risks

• Liquidity risk

• Credit risk

• Market risk - currency risk, interest rate risk and price risk

Financial instruments used

The principal categories of financial instrument used by the Company are:

• Trade receivables

• Cash at bank

• Bank overdraft

• Trade and other payables

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Mitre Mining Corporation Ltd

ABN 24 645 578 454

Notes to the Financial Statements

For the Period Ended 30 June 2021

Objectives, policies and processes

The Board of Directors have overall responsibility for the establishment of Mitre Mining Corporation Ltd’s financial risk management framework. This includes the development of policies covering specific areas such as foreign exchange risk, interest rate risk, liquidity risk, credit risk and the use of derivatives.

Risk management policies and systems are reviewed regularly to reflect changes in market conditions and Mitre Mining Corporation Ltd’s activities.

The day-to-day risk management is carried out by Mitre Mining Corporation Ltd’s finance function under policies and objectives which have been approved by the Board of Directors. The Chief Financial Officer has been delegated the authority for designing and implementing processes which follow the objectives and policies. This includes monitoring the levels of exposure to interest rate and foreign exchange rate risk and assessment of market forecasts for interest rate and foreign exchange movements.

The Board of Directors receives monthly reports which provide details of the effectiveness of the processes and policies in place.

Mitigation strategies for specific risks faced are described below:

Liquidity risk

Liquidity risk arises from the Company’s management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that the Company will encounter difficulty in meeting its financial obligations as they fall due.

The Company’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities as and when they fall due. The Company maintains cash and marketable securities to meet its liquidity requirements for up to 30-day periods. Funding for long-term liquidity needs is additionally secured by an adequate amount of committed credit facilities and the ability to sell long-term financial assets.

The Company manages its liquidity needs by carefully monitoring scheduled debt servicing payments for long-term financial liabilities as well as cash-outflows due in day-to-day business.

Liquidity needs are monitored in various time bands, on a day-to-day and week-to-week basis, as well as on the basis of a rolling 30-day projection. Long-term liquidity needs for a 180-day and a 360-day period are identified monthly.

At the reporting date, these reports indicate that the Company expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances and will not need to draw down any of the financing facilities.

Financial guarantee liabilities are treated as payable on demand since Mitre Mining Corporation Ltd has no control over the timing of any potential settlement of the liabilities.

The timing of cash flows presented in the table to settle financial liabilities reflects the earliest contractual settlement dates and does not reflect management's expectations that banking facilities will be rolled forward. The amounts disclosed in the table are the undiscounted contracted cash flows and therefore the balances in the table may not equal the balances in the statement of financial position due to the effect of discounting.

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Mitre Mining Corporation Ltd

ABN 24 645 578 454

Notes to the Financial Statements

For the Period Ended 30 June 2021

13 Remuneration of auditors

During the financial year the following fees were paid or payable for services provided by RSM Australia Partners, the auditor of the company, its network firms and unrelated firms:

Audit services – RSM Australia Partners Audit or review of the financial statements Other services – RSM Australia Partners Preparation of the tax return	2021 $ 10,000 -
	10,000

14 Contingencies

In the opinion of the Directors, the Company did not have any contingencies at 30 June 2021.

15 Related Parties

(a) Transactions with related parties

Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.

The following transactions occurred with related parties:

The following transactions occurred with related parties:
		Balance
		outstanding
		Owed by the
	Other	company
	$	$
KMP related parties
Loan	-	70
Other related parties
Cyprus Investments Pty Ltd – Mr Clinton Carey controls this company. These payments
are consulting fees for services provided by Mr Clinton Carey)
	6,000	-

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Mitre Mining Corporation Ltd

ABN 24 645 578 454

Notes to the Financial Statements

For the Period Ended 30 June 2021

16 Cash Flow Information

(a) Reconciliation of result for the period to cashflows from operating activities

Reconciliation of net income to net cash provided by operating activities:

Loss for the period Cash flows excluded from profit attributable to operating activities Non-cash flows in profit: - depreciation Changes in assets and liabilities: - (increase)/decrease in trade and other receivables - increase/(decrease) in trade and other payables - increase/(decrease) in accruals Cashflows from operations	2021 $ (98,535) 2,315 (17,789) 8,505 10,000
	(95,504)

17 Events Occurring After the Reporting Date

The financial report was authorised for issue on by the board of directors.

No matters or circumstances have arisen since the end of the financial period which significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial periods.

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ABN 24 645 578 454

Mitre Mining Corporation Ltd

Directors' Declaration

The directors of the Company declare that:

1. the financial statements and notes for the period ended 30 June 2021 are in accordance with the Corporations Act 2001 and:

2. a. comply with Accounting Standards, which, as stated in basis of preparation Note 1 to the financial statements, constitutes explicit and unreserved compliance with International Financial Reporting Standards (IFRS); and

3. b. give a true and fair view of the financial position and performance of the Company;

4. In the directors' opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

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Director ..................................................................
Clinton Carey
Director ..................................................................
Adrien Michele Wing
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Director ..................................................................
Patrick Gowans
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Dated 5 August 2021

22

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INDEPENDENT AUDITOR’S REPORT To the Members of Mitre Mining Corporation Limited

Opinion

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We have audited the financial report of Mitre Mining Corporation Limited (the Company), which comprises the statement of financial position as at 30 June 2021, the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the period then ended, and notes to the financial statements, including a summary of significant accounting policies, and the directors' declaration.

In our opinion the accompanying financial report of the Company is in accordance with the Corporations Act 2001 , including:

• i. giving a true and fair view of the Company's financial position as at 30 June 2021 and of its financial performance for the period then ended; and

• ii. complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information

The directors are responsible for the other information. The other information comprises the information included in the Company's annual report for the period ended 30 June 2021, but does not include the financial report and the auditor's report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

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Other Information (continued)

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at:

https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf. This description forms part of our auditor's report.

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RSM AUSTRALIA PARTNERS

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J S CROALL Partner

Dated: 5 August 2021 Melbourne, Victoria

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