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BARYS RESOURCES LIMITED Interim / Quarterly Report 2021

Mar 10, 2021

64567_rns_2021-03-10_c1875f9b-67ee-4ed9-8ed1-43605e8ca835.pdf

Interim / Quarterly Report

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ABN 73 149 230 811

INTERIM FINANCIAL REPORT For the 6 months ended 31 December 2020

KOPORE METALS LIMITED ABN 73 149 230 811 INTERIM FINANCIAL REPORT 31 DECEMBER 2020

CORPORATE DIRECTORY

Directors

Peter Meagher Non-executive Chairman Simon Jackson Managing Director Grant Ferguson Non-executive Director

Company Secretaries

Sarah Wilson Shannon Coates

Head Office and Registered Office

Suite 5, 62 Ord Street WEST PERTH WA 6005 Telephone: +61 (0)8 9322 1587 Facsimile: +61 (0)8 9322 5230 Website: https://www.koporemetals.com

Securities Exchange Listing

Australian Securities Exchange Level 40, Central Park, 152-158 St Georges Terrace PERTH WA 6000 Telephone: 131 ASX (131 279) (within Australia) Telephone: +61 (0)2 9338 0000 Facsimile: +61 (0)2 9227 0885 Website: https://www.asx.com.au ASX Code: KMT

Share Registry

Automic Group Pty Ltd Level 2, 267 St Georges Terrace PERTH WA 6000 Telephone: 1300 288 664 Email: [email protected] Website: https://www.automicgroup.com.au

Auditor

RSM Australia Partners Level 32, Exchange Tower, 2 The Esplanade PERTH WA 6000

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KOPORE METALS LIMITED

ABN 73 149 230 811

INTERIM FINANCIAL REPORT 31 DECEMBER 2020

INTERIM FINANCIAL REPORT

31 DECEMBER 2020

CONTENTS

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Directors' Report ................................................................................................................................................................... 3 Auditor's Independence Declaration .................................................................................................................................... 6 Consolidated Statement of Profit or Loss and Other Comprehensive Income ..................................................................... 7 Consolidated Statement of Financial Position ...................................................................................................................... 8 Consolidated Statement of Changes in Equity ...................................................................................................................... 9 Consolidated Statement of Cash Flows ............................................................................................................................... 10 Notes to the Consolidated Financial Statements ................................................................................................................ 11 Directors' Declaration ......................................................................................................................................................... 25 Independent Auditor's Review Report ................................................................................................................................ 26

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KOPORE METALS LIMITED

ABN 73 149 230 811 INTERIM FINANCIAL REPORT 31 DECEMBER 2020 DIRECTORS' REPORT

Your Directors present their report together with the financial statements of the Group, being the Company and its controlled entities, for the half-year ended 31 December 2020.

1. DIRECTORS

The names of Directors in office at any time during or since the end of the half-year are as follows. Directors have been in office since the start of the half-year to the date of this report unless otherwise stated.

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  • PETER MEAGHER Non-executive Chairman

  • SIMON JACKSON Managing Director

  • GRANT FERGUSON Non-executive Director

2. COMPANY SECRETARY

The following persons held the position of Company Secretary at any time during or since the half-year end are:

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SARAH WILSON

SHANNON COATES

3. OPERATIONS AND FINANCIAL REVIEW

3.1. Operations review

The Company’s activities in Botswana have been severely hampered by the COVID-19 pandemic. With travel to Botswana from Australia impractical during the half-year and the ongoing COVID-19 protocols implemented by the Government of Botswana aimed at avoiding and containing the spread of COVID-19, the Company confirms that no further exploration activities were undertaken.

Botswana’s COVID-19 related state of emergency, introduced in early April 2020, has been extended until March 2021. During this time, Kopore has continued to focus on planning forward work programs on its 3,588km2 of exploration ground in the Kalahari Copper Belt and renewing licenses with mandated relinquishment, as required by law.

In January 2021, reprocessing of historical Airborne electromagnetic (EM) data commenced. In early 2018, Kopore flew an airborne EM survey at the Korong Domal prospect (ASX announcement: 27 February 2018). This data is now being reprocessed by Newexco Exploration geophysicists using the Geo Science Australia Layer Earth Inversion (GALEI) algorithms. These will provide improved noise handling, giving more accurate 3d inversions of any bedrock conductors at depth, which can then be utilized in targeting future exploration work. Korong sits on the south western extension of a major regional structure that hosts both of the copper mines now in development on the Kalahari Copper Belt.

On 28 January 2021, the Company announced that it has entered into an earn-in and joint venture agreement with Murchison Copper Mines Pty Ltd over the Horseshoe West exploration Project (HW) in Western Australia. HW is immediately west of the historical Horseshoe Lights mine.

The material terms of the Agreement are:

  • Upfront Payment: $50,000 has been paid.

  • Stage one: Earn in of $1.45 million expenditure to earn a 51% beneficial interest in the Agreement Area over a two-year period. Stage one includes a minimum expenditure amount of $250,000 to be spent in year 1 (Minimum Expenditure). Kopore must expend this minimum expenditure amount before it is able to withdraw from the earn-in.

  • Joint Venture: Upon completion of the stage, one earn-in, Kopore and MCM will form an unincorporated joint venture in relation to the exploration of the Agreement Area. The parties' initial respective interest in the Joint Venture will be Kopore 51% and MCM 49%.

  • Stage two: Kopore can elect to expend an additional $1.5 million within a further 2 years to earn into an additional 19% beneficial interest in the Agreement Area. If Kopore completes the stage 2 earn in, the parties' respective interest in the Joint Venture will be Kopore 70% and MCM 30%.

  • Joint Venture expenditure: Following the earn-in, the parties must each contribute to Joint Venture expenses in proportion to their respective percentage interest in the Joint Venture or their interest will be diluted in accordance with a prescribed formula.

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KOPORE METALS LIMITED

ABN 73 149 230 811

INTERIM FINANCIAL REPORT 31 DECEMBER 2020

DIRECTORS' REPORT

As part of the minimum expenditure, Kopore has completed a detailed geophysical review of historical data which has identified new copper-gold targets. Following completion of heritage surveys the Company is planning the following exploration activities at HW:

  • Geochemical survey to provide valuable lithology, alteration, and pathfinder information.

  • New generation detailed ground or airborne magnetics, aiming to provide detailed magnetic results and possible Narracoota Formation features at depth; and

  • An RC drilling program.

3.2. Financial Review

a. Operating results

For the half-year ended 31 December 2020 the Group delivered a loss before tax of $501,435 (31 December 2019: $1,398,661 loss), representing a decrease from the previous comparable period.

b. Financial position

The net assets of the Group have decreased from 30 June 2020 by $486,726 to $1,246,494 at 31 December 2020 (30 June 2020: $1,733,220).

As at 31 December 2020, the Group's cash and cash equivalents decreased from 30 June 2020 by $499,047 to $1,173,982 at 31 December 2020 (30 June 2020: $1,673,029) and had working capital of $1,168,690 (30 June 2020: $1,651,502.

The Directors believe the Group is in a satisfactorily stable financial position to continue its current operations.

4. EVENTS SUBSEQUENT TO REPORTING DATE

There were no events which occurred subsequent to the reporting date that are not covered in this Directors’ Report or within the financial statements at Note 9.

5. LIKELY DEVELOPMENTS AND EXPECTED RESULTS

Likely developments, future prospects and business strategies of the operations of the Group and the expected results of those operations have not been included in this report as the Company cannot provide forward looking statements and outcomes, however the Company has included its immediate business strategy within the Operations Report.

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KOPORE METALS LIMITED ABN 73 149 230 811 INTERIM FINANCIAL REPORT 31 DECEMBER 2020

DIRECTORS' REPORT

6. AUDITORS INDEPENDENCE DECLARATION

A copy of the auditor’s independence declaration as required under s.307C of the Corporations Act 2001 (Cth) is set out on page 6.

Signed in accordance with a resolution of Directors made pursuant to s306(3) of the Corporations Act 2001 (Cth).

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Simon Jackson Managing Director Dated this Wednesday, 10 March 2021

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KOPORE METALS LIMITED

ABN 73 149 230 811

INTERIM FINANCIAL REPORT 31 DECEMBER 2020

AUDITOR'S INDEPENDENCE DECLARATION

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KOPORE METALS LIMITED

ABN 73 149 230 811

INTERIM FINANCIAL REPORT 31 DECEMBER 2020

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

FOR THE HALF-YEAR ENDED 31 DECEMBER 2020
Note 6 months to
6 months to
31 Dec 2020
31 Dec 2019
$ $
Other income
1
Administration expense
Compliance and regulatory
Consulting and legal
Depreciation and amortisation
Employee benefit expense
2.1
Exploration expense
Travel and accommodation
Share based payments
12
Other expenses
Impairment of exploration asset
Unrealised (loss) / gain on foreign exchange
Loss before income tax
Income tax expense
Loss for the half-year
Other comprehensive income for the half-year:
Items that may be reclassified subsequently to profit or loss:
◼ Exchange differences on translation of foreign operations
Other comprehensive income for the half-year, net of tax
Total comprehensive loss for the half-year
Total Comprehensive Loss is attributable to:
Equity holders of the Company
Earnings per share:
Basic loss per share
11		 26,923
7,119
(23,270)
(75,509)
(94,583)
(98,841)
(124,116)
(61,759)
(2,592)
(2,862)
(187,238)
(301,469)
(53,649)
(646,922)
(1,047)
(74,730)
(17,856)
(39,497)
(23,509)
(66,439)
-
(38,371)
(498)
619
(501,435)
(1,398,661)
-
-
(501,435)
(1,398,661)
(3,147)
2,529
(3,147)
2,529
(504,582)
(1,396,132)
(504,582)
(1,396,132)
(504,582)
(1,396,132)
₵
₵
(0.08)
(0.22)

The consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the accompanying notes.

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KOPORE METALS LIMITED

ABN 73 149 230 811 INTERIM FINANCIAL REPORT 31 DECEMBER 2020

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
Note 31 Dec 2020
30 June 2020
$ $
Current assets
Cash and cash equivalents
3.1
Other receivables
3.2
Other current assets
3.3
Total current assets
Non-current assets
Plant and equipment
4.1
Mineral exploration and evaluation assets
4.2
Total non-current assets
Total assets
Current liabilities
Trade and other payables
3.4
Total current liabilities
Total liabilities
Net assets
Equity
Contributed equity
5.1.1
Reserves
5.3
Accumulated losses
Capital and reserves attributable to owners of Kopore Metals Limited
Total equity		 1,173,982
1,673,029
54,674
51,665
35,692
14,186
1,264,348
1,738,880
12,699
15,291
65,105
66,427
77,804
81,718
1,342,152
1,820,598
95,658
87,378
95,658
87,378
95,658
87,378
1,246,494
1,733,220
9,055,837
9,055,837
115,515
925,806
(7,924,858)
(8,248,423)
1,246,494
1,733,220
1,246,494
1,733,220

The consolidated statement of financial position is to be read in conjunction with the accompanying notes.

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ABN 73 149 230 811

INTERIM FINANCIAL REPORT 31 DECEMBER 2020

KOPORE METALS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

Note Contributed
Accumulated
equity
Reserve
Losses
Total Equity
$ $ $ $
Balance at 1 July 2019 8,976,274
998,144
(8,352,185)
1,622,233
Loss for the half-year -
-
(1,398,661)
(1,398,661)
Other comprehensive loss for the half-year -
2,529
-
2,529
Total comprehensive loss for the half-year -
2,529
(1,398,661)
(1,396,132)
Transactions with owners in their capacity as
owners:
Contributions of equity, net of transaction
costs
5.1.1
78,000
-
-
78,000
Share-based payments – Directors’ options
12		 -
39,497
-
39,497
Options expired during the half-year -
(100,521)
100,521
-
Balance at 31 December 2019 9,054,274
939,649
(9,650,325)
343,598
Balance at 1 July 2020 9,055,837
925,806
(8,248,423)
1,733,220
Loss for the half-year -
-
(501,435)
(501,435)
Other comprehensive loss for the half-year -
(3,147)
-
(3,147)
Total comprehensive loss for the half-year -
(3,147)
(501,435)
(504,582)
Transactions with owners in their capacity as
owners:
Share-based payments – Directors’ options
12		 -
17,856
-
17,856
Options expired during the half-year
5.2.1		 -
(825,000)
825,000
-
Balance at 31 December 2020 9,055,837
115,515
(7,924,858)
1,246,494

The consolidated statement of changes in equity is to be read in conjunction with the accompanying notes.

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KOPORE METALS LIMITED

ABN 73 149 230 811 INTERIM FINANCIAL REPORT 31 DECEMBER 2020

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2020
Note 6 months to
6 months to
31 Dec 2020
31 Dec 2019
$ $
Cash flow from operating activities
Payments to suppliers and employees
Interest received
Payments for exploration expenditure
Net cash outflow from operating activities
Cash flow from investing activities:
Net cash inflow from investing activities
Cash flow from financing activities:
Proceeds from issue of shares
Net cash inflow from financing activities
Net decrease in cash held
Effect of foreign exchange movement on cash
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of year
3.1		 (402,257)
(655,218)
3,535
7,119
(97,178)
(954,581)
(495,900)
(1,602,680)
-
-
-
10,000
-
10,000
(495,900)
(1,592,680)
(3,147)
2,529
1,673,029
1,898,150
1,173,982
307,999

The consolidated statement of cash flows is to be read in conjunction with the accompanying notes.

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ABN 73 149 230 811

KOPORE METALS LIMITED

INTERIM FINANCIAL REPORT 31 DECEMBER 2020

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

In preparing the 31 December 2020 financial statements, Kopore Metals Limited has grouped notes into sections under four key categories:

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Section A: How the numbers are calculated ......................................................................................................................... 12 Section B: Group structure ................................................................................................................................................... 17 Section C: Unrecognised items ............................................................................................................................................. 18 Section D: Other Information ............................................................................................................................................... 20

The presentation of the notes to the financial statements is supported by the IASB’s Disclosure Initiative. As part of this project, the AASB made amendments to AASB 101 Presentation of Financial Statements which have provided preparers with more flexibility in presenting the information in their financial reports.

The financial report is presented in Australian dollars, except where otherwise stated.

The registered office and principal place of business of the Company is: Address: Suite 5, 62 Ord Street WEST PERTH WA 6005 Telephone: +61 (0)8 9322 1587 Facsimile: +61 (0)8 9322 5230

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KOPORE METALS LIMITED

ABN 73 149 230 811 INTERIM FINANCIAL REPORT 31 DECEMBER 2020

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

SECTION A. HOW THE NUMBERS ARE CALCULATED

This section provides additional information about those individual line items in the financial statements that the Directors consider most relevant in the context of the operations of the entity, including:

  • (a) accounting policies that are relevant for an understanding of the items recognised in the financial statements. These cover situations where the accounting standards either allow a choice or do not deal with a particular type of transaction

  • (b) analysis and sub-totals, including segment information; and

  • (c) information about estimates and judgements made in relation to particular items.

NOTE
1
OTHER INCOME		 6 months to
6 months to
31 Dec 2020
31 Dec 2019
$ $
1.1
From continuing operations:
Interest – unrelated parties
Other income
Total revenue and other income		 3,535
7,119
23,388
-
26,923
7,119
NOTE
2
LOSS BEFORE INCOME TAX		 6 months to
6 months to
31 Dec 2020
31 Dec 2019
$ $
Loss before income tax has been determined after including the following
expenses:
2.1
Employment costs:
Directors fees (including Managing Director)
Superannuation expenses
Other employment related costs		 135,000
180,000
11,400
15,675
40,838
105,794
187,238
301,469

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KOPORE METALS LIMITED

ABN 73 149 230 811 INTERIM FINANCIAL REPORT 31 DECEMBER 2020 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

NOTE
3
FINANCIAL ASSETS AND FINANCIAL LIABILITIES
3.1
Cash and cash equivalents		 31 Dec 2020
30 June 2020
$ $
Cash at bank and on hand
Bank term deposits		 417,687
673,029
756,295
1,000,000
1,173,982
1,673,029
3.2
Other receivables		 31 Dec 2020
30 June 2020
$ $
3.2.1
Current
GST refundable
Other receivables		 18,642
15,633
36,032
36,032
54,674
51,665
3.3
Other Assets		 31 Dec 2020
30 June 2020
$ $
3.3.1
Current:
Prepayments		 35,692
14,186
35,692
14,186
3.4
Trade and other payables		 31 Dec 2020
30 June 2020
$ $
3.4.1
Current:
Unsecured
Trade payables
Other payables and accruals
Total unsecured liabilities		 18,442
38,631
77,216
48,747
95,658
87,378

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KOPORE METALS LIMITED

ABN 73 149 230 811 INTERIM FINANCIAL REPORT 31 DECEMBER 2020

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

NOTE
4
NON-FINANCIAL ASSETS AND FINANCIAL LIABILITIES
4.1
Plant and equipment		 31 Dec 2020
30 June 2020
$ $
4.1.1
Non-current:
Furniture, fittings and equipment at cost
Less accumulated depreciation
Motor vehicles at cost
Less accumulated depreciation
 594
594
(488)
(429)
106
165
27,775
27,775
(15,182)
(12,649)
12,593
15,126
12,699
15,291
4.2
Mineral Exploration and Evaluation Assets		 31 Dec 2020
30 June 2020
$ $
4.2.1
Non-current:
Balance at the beginning of the period/year
66,427
109,138
Written off during the period/year
-
(35,308)
Foreign exchange movements
(1,322)
(7,403)
Balance at the end of the financial period/year
65,105
66,427
4.2.2
Recoverability of the carrying amount of exploration assets is dependent on the successful exploration of the areas of
interest.
4.2.3
Key Estimate – Impairment		 66,427
109,138
-
(35,308)
(1,322)
(7,403)
65,105
66,427
The Group assesses impairment at each reporting date by evaluating conditions specific to the Group that may lead to
impairment of assets and in particular exploration assets. Where an impairment trigger exists, the recoverable amount
of the asset is determined and is dependent upon the ability of the Group to successfully continue exploration of all areas
of interest and satisfy the requirements under AASB 6.
Specifically, the Company has reviewed its exploration tenements with regard to AASB 6 and have determined that:
the period for which the Group has the right to explore in the exploration tenements has not expired during the
period or will not expire in the near future, and is expected to be renewed;
substantive expenditure on further exploration for and evaluation of mineral resources in the exploration tenements
is planned;
exploration will be ongoing for some time and as such it is far too early to state that a discovery of commercially
viable quantities of mineral resources has not occurred; and
as the exploration is still ongoing, there is no sufficient data to conclude that the carrying amount of the exploration
and evaluation asset is unlikely to be recovered.

The Group assesses impairment at each reporting date by evaluating conditions specific to the Group that may lead to impairment of assets and in particular exploration assets. Where an impairment trigger exists, the recoverable amount of the asset is determined and is dependent upon the ability of the Group to successfully continue exploration of all areas of interest and satisfy the requirements under AASB 6.

Specifically, the Company has reviewed its exploration tenements with regard to AASB 6 and have determined that:

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  • the period for which the Group has the right to explore in the exploration tenements has not expired during the period or will not expire in the near future, and is expected to be renewed;

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  • substantive expenditure on further exploration for and evaluation of mineral resources in the exploration tenements is planned;

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  • exploration will be ongoing for some time and as such it is far too early to state that a discovery of commercially viable quantities of mineral resources has not occurred; and

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  • as the exploration is still ongoing, there is no sufficient data to conclude that the carrying amount of the exploration and evaluation asset is unlikely to be recovered.

4.2.4 Key Judgments – Exploration and evaluation expenditure

Exploration and evaluation costs are carried forward where right of tenure of the area of interest is current. These costs are carried forward in respect of an area that has not at reporting date reached a stage that permits reasonable assessment of the existence of economically recoverable reserves, refer to the accounting policy stated below. The carrying value of capitalised expenditure at reporting date is $65,105 (30 June 2020: $66,427).

During the financial period, the Group undertook assessment of its tenement assets. As a result of this assessment, the Group decided that no impairment of its exploration assets was necessary.

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KOPORE METALS LIMITED

ABN 73 149 230 811

INTERIM FINANCIAL REPORT 31 DECEMBER 2020 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

NOTE
5
EQUITY
5.1
Issued capital
Note		 6 months to
12 months to		 6 months to
12 months to
31 Dec 2020
30 June 2020		 31 Dec 2020
30 June 2020
No.
No.		 $ $
Fully paid ordinary shares at no par
value
5.1.1
5.1.1
Ordinary shares
At the beginning of the period/year
Shares issued during the
period/year:
Placement @ $0.01 per share
Shares issued @ $0.005 per
share
Transaction costs relating to share
issues:
Share issue costs
At end of the period/year		 642,888,900
642,888,900		 9,055,837
9,055,837
642,888,900
634,776,400
-
7,800,000
-
312,500
-
-		 9,055,837
8,976,274
-
78,000
-
1,563
-
-
642,888,900
642,888,900		 9,055,837
9,055,837

5.2 Options

For information relating to the share-based payment plan, including details of options issued and/or lapsed during the financial period/year, and the options outstanding at balance date, refer to Note 12 Share-based Payments. The total number of options on issue are as follows:

6 months to
12 months to		 6 months to
12 months to
31 Dec 2020
30 June 2020		 31 Dec 2020
30 June 2020
No.
No.		 $ $
5.2.1
Unlisted options
At the beginning of the period/year
Options issued during the
period/year:
Expired unexercised – Ex. Date:
19.11.19 Ex. Price: $0.0363
Expired unexercised – Ex. Date:
8.11.20 Ex. Price: $0.06
Amortisation of options issued
to directors – Note 12
At end of the period/year		 80,000,000
110,000,000
-
(30,000,000)
(55,000,000)
-
-
-		 1,023,443
1,059,524
-
(100,521)
(825,000)
-
17,856
64,440
25,000,000
80,000,000		 216,299
1,023,443

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KOPORE METALS LIMITED

ABN 73 149 230 811 INTERIM FINANCIAL REPORT 31 DECEMBER 2020

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

NOTE
5
EQUITY (CONT.)
5.3
Reserves
Note		 31 Dec 2020
30 June 2020
$ $
Foreign currency translation reserve
5.3.1
Share-based payment reserve
5.3.2		 (100,785)
(97,638)
216,300
1,023,444
115,515
925,806

5.3.1 Foreign currency translation reserve

The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries.

financial statements of foreign subsidiaries.
31 Dec 2020
30 June 2020
$ $
Balance at beginning of the period/year
Change in reserve
Balance at end of the period/year		 (97,638)
(61,381)
(3,147)
(36,257)
(100,785)
(97,638)

5.3.2 Share-based payment reserve

The share-based payment reserve records the value of options issued to Directors, employees or consultants.

31 Dec 2020
30 June 2020
$ $
Balance at beginning of the period/year
Amortisation of options issued to directors in 30 June 2019 financial
year
Options expired
Balance at end of the period/year		 1,023,444
1,059,525
17,856
64,440
(825,000)
(100,521)
216,300
1,023,444

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KOPORE METALS LIMITED

ABN 73 149 230 811

INTERIM FINANCIAL REPORT 31 DECEMBER 2020

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

SECTION B. GROUP STRUCTURE

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This section provides information which will help users understand how the Group structure affects the financial position and performance of the Group as a whole. In particular, there is information about:

  • (a) changes to the structure that occurred during the year as a result of business combinations and the disposal of a discontinued operation

  • (b) transactions with non-controlling interests, and

  • (c) interests in joint operations.

A list of significant subsidiaries is provided in Note 6.

NOTE 6 INTEREST IN SUBSIDIARIES

Shares in controlled entities are unlisted and comprise:

Shares in controlled entities are unlisted and comprise:
Country of Incorporation
Alvis-Crest Holdings (Pty) Ltd
Botswana
Ashmead Holdings (Pty) Ltd
Botswana
Icon-Trading Company (Pty) Ltd
Botswana
Global Exploration Technologies Pty Ltd
Australia
Trans-Kalahari Copper Namibia (Pty) Ltd1
Namibia
Kopore (WA) Pty Ltd
Australia		 Percentage Owned
31 December 2020
30 June 2020
100
100
100
100
100
100
100
100
-
-
100
100

1 Trans-Kalahari Copper Namibia (Pty) Ltd ceased being subsidiary on 27 May 2020.

Investments in subsidiaries are accounted for at cost and have been written down to nil.

The Group has no equity accounted investments at 31 December 2020 (30 June 2020: Nil)

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KOPORE METALS LIMITED

ABN 73 149 230 811 INTERIM FINANCIAL REPORT 31 DECEMBER 2020

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

SECTION C. UNRECOGNISED ITEMS

This section of the notes includes other information that must be disclosed to comply with the accounting standards and other pronouncements, but that is not immediately related to individual line items in the financial statements.

NOTE
7
COMMITMENTS		 31 Dec 2020
30 June 2020
$ $
7.1
Operating expenditure commitments payable:
Within one year
After one year but not more than five years
After five years
Totalexploration tenement minimum expenditure requirements		 524,251
292,379
178,224
608,419
-
-
702,475
900,798

The commitments of the Group above are the same as those for Kopore Metals Limited.

The Group has reduced all exploration activities in Botswana due to significant lock down protocols as a result of the COVID-19 pandemic.

NOTE 8 CONTINGENT ASSETS AND LIABILITIES

8.1 Virgo Licence Acquisition

In accordance with the agreement between Kopore Metals Limited, Alvis Crest (Proprietary) Limited and Virgo Business Solutions CO ( Virgo ).

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  • To issue fully paid shares in the Company to Virgo with a deemed value of A$650,000 (with the deemed issue price being the higher of $0.04 or the 30-day VWAP of the shares at the date of the Announcement, as defined below upon satisfaction of the following performance-based milestones:

  • (i) First announcement by the Company of a JORC Code 2012 Compliant Measured or Indicated Mineral Resource, on any of the licences, of greater than 1 million tonnes of contained copper at a grade of greater than 1.2%.

  • 8.2 Contingent liabilities

The Directors are not aware of any other contingent liabilities that may have arisen from the Groups operations as at 31 December 2020 (30 June 2020: Nil).

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KOPORE METALS LIMITED

ABN 73 149 230 811 INTERIM FINANCIAL REPORT 31 DECEMBER 2020 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

NOTE 9 EVENTS SUBSEQUENT TO REPORTING DATE

On 28 January 2021, the Company announced that its wholly owned subsidiary, Kopore (WA) Pty Ltd has executed a binding earn in and joint venture agreement (Agreement) with Murchison Copper Mines Pty Ltd (MCM), a subsidiary of Horseshoe Metals Limited (ASX:HOR) (HML) providing for an earn in and joint venture in relation to the tenements surrounding the historical Horseshoe Lights Copper-Gold Mine (Horseshoe Lights Mine).

The material terms of the Agreement are:

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  • Upfront Payment: $50,000 is payable by Kopore upon satisfaction of certain conditions precedent by MCM.

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  • Stage one: Earn in of $1.45 million expenditure to earn a 51% beneficial interest in the Agreement Area over a two-year period. Stage one includes a minimum expenditure amount of $250,000 to be spent in year 1 (Minimum Expenditure). Kopore must expend this minimum expenditure amount before it is able to withdraw from the earn-in.

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  • Joint Venture: Upon completion of the stage, one earn-in, Kopore and MCM will form an unincorporated joint venture in relation to the exploration of the Agreement Area. The parties' initial respective interest in the Joint Venture will be Kopore 51% and MCM 49%.

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  • Stage two: Kopore can elect to expend an additional $1.5 million within a further 2 years to earn into an additional 19% beneficial interest in the Agreement Area. If Kopore completes the stage 2 earn in, the parties' respective interest in the Joint Venture will be Kopore 70% and MCM 30%.

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  • Joint Venture expenditure: Following the earn-in, the parties must each contribute to Joint Venture expenses in proportion to their respective percentage interest in the Joint Venture or their interest will be diluted in accordance with a prescribed formula.

On 29 January 2021, the Company issued 2,500,000 ordinary shares at $0.019 per share in accordance with the joint corporate advisory mandate with Merchant Capital and Ironside Capital (Advisors).

The material terms of the mandate are:

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  • Shares: 2.5 million shares in Kopore upon execution of the Agreement and 2.5 million shares upon Kopore meeting the Minimum Expenditure under the Agreement and Kopore electing to proceed with earn-in.

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  • Options - Tranche 1: 12.5 million unlisted options to acquire shares in Kopore, with an exercise price of 2 cents and expiring 4 years after the date of issue.

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  • The tranche 1 options will vest subject to:

  • Kopore earning a 51% interest in the Agreement Area under the Agreement; or

  • Kopore commencing exploration on the Agreement Area and the 20-day VWAP of Kopore's shares being greater than 3 cents.

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  • Options - Tranche 2: 12.5 million unlisted options to acquire shares in Kopore, with an exercise price of 2 cents and expiring 4 years after the date of issue.

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  • The tranche 2 options vest subject to:

  • Kopore earning a 70% interest in the Agreement Area under the Agreement; or

  • Kopore commencing an exploration drilling program on the Agreement Area and the 20-day VWAP of Kopore's shares being greater than 4 cents.

There were no other significant events after the end of the reporting period.

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P a g e | 19

KOPORE METALS LIMITED

ABN 73 149 230 811

INTERIM FINANCIAL REPORT 31 DECEMBER 2020

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

SECTION D. OTHER INFORMATION

This section of the notes includes other information that must be disclosed to comply with the accounting standards and other pronouncements, but that is not immediately related to individual line items in the financial statements.

NOTE 10
RELATED PARTY TRANSACTIONS		 6 months to 6 months to
31 Dec 2020 31 Dec 2019
$ $
10.1 KMP and related party transactions
Transactions between related parties are on normal commercial terms and
conditions no more favourable than those available to other parties unless
otherwise stated.
Evolution Corporate Services Pty Ltd
Evolution Corporate Services Pty Ltd, a company associated with Ms.
Shannon Coates (former director), provides company secretarial services - 27,000
in accordance with a service agreement.
The Steele Group
The Steele Group, a Company where Mr Grant Ferguson is a director,
provides consulting services in accordance with a service agreement.		 36,798 90,750
10.2 KMP and related party balances
a. Contained within other creditors and accruals are the following
accruals for fees payable to KMP:
The Steele Group, a Company where Mr Grant Ferguson is a
director		 8,140 -

There are no other related party transactions other than those payments to Directors as disclosed above.

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ABN 73 149 230 811

INTERIM FINANCIAL REPORT 31 DECEMBER 2020

KOPORE METALS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

NOTE
11
LOSS PER SHARE		 6 months to
6 months to
31 Dec 2020
31 Dec 2019
$ $
11.1
Reconciliation of loss to profit or loss
Loss for the half-year
Loss used in the calculation of basic and diluted loss per share
11.2
Reconciliation of loss to profit or loss from continuing operations
Loss for the half-year from continuing operations
Loss used in the calculation of basic and diluted EPS continuing operations		 (501,435)
(1,398,661)
(501,435)
(1,398,661)
(501,435)
(1,398,661)
(501,435)
(1,398,661)
6 months to
6 months to
31 Dec 2020
31 Dec 2019
No.
No.
11.3
Weighted average number of ordinary shares outstanding during the year
used in calculation of basic loss per share
642,888,900
642,576,400
11.4
The Group does not report diluted earnings per share where options would not result in the issue of ordinary shares for less
than the average market price during the period (out of the money). In addition, the Group does not report diluted earnings per
share on annual losses generated by the Group. At the end of the half- year, the Group had no unissued shares under options
that were out of the money which are anti-dilutive (31 December 2019: nil).		 642,888,900
642,576,400
NOTE
12
SHARE-BASED PAYMENTS		 6 months to
6 months to
31 Dec 2020
31 Dec 2019
$ $
The following share-based payment arrangements were entered into during the
period:
Amortisation of options issued to Directors in 30 June 2019 financial year
Total shares-based payments included in statement of profit or loss and other
comprehensive income.		 17,856
39,497
17,856
39,497

Total share-based payments recognised in reserves is $17,856 (31 December 2019: $39,497)

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KOPORE METALS LIMITED

ABN 73 149 230 811

INTERIM FINANCIAL REPORT 31 DECEMBER 2020

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

NOTE 13
SEGMENT REPORTING
13.1 Identification of reportable segments
The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of
Directors (chief operating decision makers) in assessing performance and determining the allocation of resources.
The Group is managed primarily on the basis of business category and geographical areas. Operating segments are therefore
determined on the same basis.
Reportable segments disclosed are based on aggregating operating segments where the segments are considered to have similar
economic characteristics. The Group considers that it has only operated in one segment, being the exploration business.
13.2 Basis of accounting for purposes of reporting by operating segments
13.2.1 Accounting policies adopted
The accounting policies used by the Group in reporting segments are in accordance with the measurement principles of
Australian Accounting Standards.
13.2.2 Inter-segment transactions
All such transactions are eliminated on consolidation of the Group's financial statements.
Inter-segment loans payable and receivable are initially recognised at the consideration received/to be received net of
transaction costs. If inter-segment loans receivable and payable are not on commercial terms, these are not adjusted to fair
value based on market interest rates. This policy represents a departure from that applied to the statutory financial statements.
13.2.3 Segment assets
During the half-year ended 31 December 2020 and the year ended 30 June 2020, all assets were in the same business segment,
which is the Group’s exploration business.
13.2.4 Segment liabilities
During the half-year ended 31 December 2020 and the year ended 30 June 2020, all liabilities were in the same business
segment, which is the Group’s exploration business.
13.3 Revenue by geographical region
There is no revenue attributable to external customers for the half-year ended 31 December 2020 and the half-year ended
31 December 2019.
13.4 Assets by geographical region
During the half-year ended 31 December 2020 and the year ended 30 June 2020, all reportable segment assets are located in
Africa, with the Group’s financial assets located in Africa and Australia.

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KOPORE METALS LIMITED

ABN 73 149 230 811

INTERIM FINANCIAL REPORT 31 DECEMBER 2020

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

NOTE 14 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial statements to the extent they have not already been disclosed in the other notes above. These policies have been consistently applied to all the years presented, unless otherwise stated.

14.1 Basis of preparation

14.1.1 Reporting Entity

Kopore Metals Limited is a listed public company limited by shares, domiciled and incorporated in Australia. The Company’s registered office is at Suite 5, 62 Ord Street, West Perth, Western Australia. These are the consolidated financial statements and notes of Kopore Metals Limited (the Company) and controlled entities (collectively the Group). The financial statements comprise the consolidated financial statements of the Group. For the purposes of preparing the consolidated financial statements, the Company is a for-profit entity. The Group is a for-profit entity and is primarily involved in the exploration, development and mining of minerals.

The separate financial statements of Kopore Metals Limited, as the parent entity, have not been presented with this financial report as permitted by the Corporations Act 2001 (Cth).

14.1.2 Basis of accounting

The half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting. The half-year report does not include notes of the type normally included in an annual financial report and shall be read in conjunction with the most recent annual financial report.

The financial statements were authorised for issue on 10 March 2021 by the Directors of the Company.

14.1.3 Comparative Figures

Where required by AASBs comparative figures have been adjusted to conform to changes in presentation for the current financial year.

Where the Group retrospectively applies an accounting policy, makes a retrospective restatement or reclassifies items in its financial statements, an additional (third) statement of financial position as at the beginning of the preceding period in addition to the minimum comparative financial statements is presented.

Where the Group retrospectively applies an accounting policy, makes a retrospective restatement or reclassifies items in its
financial statements, an additional (third) statement of financial position as at the beginning of the preceding period in
addition to the minimum comparative financial statements is presented.
14.2 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
Group'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 Group'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.
14.3 Use of estimates and judgments
The preparation of consolidated financial statements requires management to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
These estimates and associated assumptions are based on historical experience and various factors that are believed to
be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying
values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these
estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised and in any future periods affected.
Judgements made by management in the application of AASBs that have significant effect on the consolidated financial
statements and estimates with a significant risk of material adjustment in the next year are discussed in 14.3.1.

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P a g e | 23

KOPORE METALS LIMITED

ABN 73 149 230 811

INTERIM FINANCIAL REPORT 31 DECEMBER 2020

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

NOTE 14 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES 14.3.1 Critical Accounting Estimates and Judgements Judgements, estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes assumptions concerning the future. All judgements, estimates and assumptions made are believed to be reasonable based on the most current set of circumstances available to management. The resulting accounting estimates will, by definition, seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts and assets and liabilities within the next financial year are discussed further at Note 4.2.3. 14.3.2 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 consolidated entity based on known information. This consideration extends to the nature of the supply chain, staffing and geographic regions in which the consolidated 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 consolidated entity unfavourably as at the reporting date or subsequently as a result of the Coronavirus (COVID-19) pandemic. 14.4 New Accounting Standards and Interpretations not yet mandatory or early adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2020 reporting period have not been early adopted by the Group. These standards are not expected to have a material impact on the Group.

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KOPORE METALS LIMITED ABN 73 149 230 811 INTERIM FINANCIAL REPORT 31 DECEMBER 2020

DIRECTORS' DECLARATION

The Directors of the Company declare that:

  1. The financial statements and notes, are in accordance with the Corporations Act 2001 (Cth) and:

  2. (a) comply with Accounting Standard AASB 134: Interim Financial Reporting; and

  3. (b) give a true and fair view of the financial position as at 31 December 2020 and of the performance for the half-year ended on that date of the Group.

  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 and is signed for and on behalf of the Directors by:

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Simon Jackson Managing Director

Dated this Wednesday, 10 March 2021

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KOPORE METALS LIMITED ABN 73 149 230 811

INTERIM FINANCIAL REPORT 31 DECEMBER 2020

Independent Auditor's Review Report to the Members of Kopore Metals Limited

TO BE REPLACED BY AUDITOR’S REPORT

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KOPORE METALS LIMITED ABN 73 149 230 811 INTERIM FINANCIAL REPORT 31 DECEMBER 2020

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