KILLI RESOURCES LIMITED — Annual Report 2020

Feb 7, 2022

IRON BULL BANGEMALL LIMITED ABN 69 169 450 024

FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2020

IRON BULL BANGEMALL LIMITED ABN 69 169 450 024

Contents

Directors’ Report Auditor’s Independence Declaration Statement of Profit Or Loss & Other Comprehensive Income Statement of Financial Position Statement of Changes In Equity Statement of Cash Flows 10 Notes to the Financial Statements 11 Directors’ Declaration 19 Independent Auditor’s Report 20

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IRON BULL BANGEMALL LIMITED ABN 69 169 450 024

Directors’ Report

The directors present its report, together with the financial statements of Iron Bull Bangemall Limited (“the Company”), for the financial year ended 30 June 2020.

Director

The name of the directors in office at any time during or since the end of the year are:

Name, qualifications and	Age	Experience, special responsibilities and other
independence status		directorships
James Wallbank	54	James Wallbank has been a Director within the Iron Bull group
Director		of companies since its formation in 2013. He is an investment
(Appointed 8 May 2014)		specialist in the mining industry. He is Managing Partner at the
Company Secretary		Private Equity Investment Fund, Ibaera Capital; was the former
(Appointed 8 May 2014)		Manager of Business Development for Fortescue Metals Group,
Public directorships in last 5 years:		the 4thlargest iron ore producer in the world; and prior to that
Nil		was Manager of Iron Ore for WorleyParsons, an international
Shares in the Company: Nil		project management business. James has a Master of Business
		Administration from the Australian Graduate School of
		Management and a Bachelor of Mechanical Engineering (Hons),
		from the University of Adelaide, Australia.
Dmitry Usanov	42	Dmitry Usanov has been a Director within the Iron Bull group of
Director (Appointed 24 Oct 2018)		companies since its formation in 2013. He is a highly experienced
Public directorships in last 5 years:		international investment manager, and is Deputy CEO of ONEXIM
Nil		Group. Dmitry is currently a board member atIC
Shares in the Company: Nil		Soglassye Renaissance Credit and JSCB International Financial
		Club. He was a board member at RBC from 2015 up to 2017. Since
		2010 and prior to joining ONEXIM, Mr.Usanov headed strategy,
		business development and capital markets at MMK Group – one
		of the world’s largest steel producers. From 2008 to 2010, Dmitry
		served as CEO at a private investment and construction holding.
		From 2004 to 2008, Dmitry held a number of senior management
		positions at strategy, business development, investor relations
		and corporate governance at MMC Norilsk Nickel, the world’s
		largest nickel miner. From 2001 – 2004, he acted as Director of
		M&A Department at LV Finance, an investment fund specializing
		in consultancy services on corporate finance and venture
		investments.
		Dmitry graduated magna cum laude from the Institute of
		International Economics of the State University of Management
		with a degree in international economics.
Elizabeth Wallbank	49	Elizabeth Wallbank is a lawyer, with experience in London,
Director (Appointed 24 Oct 2018)		Sydney and Perth markets. She has been a Director and
Public directorships in last 5 years:		Company Secretary within the Iron Bull group of companies
Nil		since 2016.
Shares in the Company: Nil

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

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IRON BULL BANGEMALL LIMITED ABN 69 169 450 024

Directors’ Report

Directors’ Meeting

There were no meetings held by the Directors in the year.

Principal Activities

The Company’s principal activity during the year was mineral exploration. There were no significant changes in the nature of the activities of the Company during the year.

Operating Results, Review of Operations for the Year and Significant Changes in State of Affairs

The loss of the Company for the year ended 30 June 2020 after providing for income tax amounted to $110,058. No significant changes in the Company’s state of affairs occurred during the year.

Dividends and Options

No dividends were declared and paid during the year. No options over issued shares or interests in the Company were granted during or since the end of the financial year and there were no options outstanding at the date of this report.

Directors’ Interests

The directors do not hold any interest in the shares or options over such instruments issued by the Company and other related bodies corporate.

Events Subsequent to the End of the Reporting Year

No matters or circumstances have arisen since the end of the financial year 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 years.

Future Developments, Prospects and Business Strategies

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

Environmental Regulations

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

Indemnification of Officers and Auditors

No indemnities have been given or insurance premiums paid, during or since the end of the financial year, for any person who is or has been an officer or auditor of the Company.

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IRON BULL BANGEMALL LIMITED ABN 69 169 450 024

Directors’ Report

COVID-19

The outbreak of COVID-19 continues to impact global economic markets. The directors have reviewed all financial areas which could be impacted by COVID-19 and considered areas of judgement and if additional disclosures are required. The directors have assessed these areas and have determined that there has been no significant impact on the performance of the Company as at 30 June 2020.

Non-Audit Services

No services other than statutory audit are rendered by the auditor of the Company, Hall Chadwick (Audit) WA Pty Ltd during the year.

Proceedings on Behalf of the Company

No person has applied for leave of court to bring proceedings on behalf of the Company or 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 any part of those proceedings. The Company was not a party to any such proceedings during the year.

Auditor’s Independence Declaration

A copy of the auditor’s independence declaration as required under S307C of the Corporations Act 2001 is set out on page 5.

This directors’ report is signed in accordance with a resolution:

James Wallbank Director Date:

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AUDITOR’S INDEPENDENCE DECLARATION IRON BULL BANGEMALL LIMITED

In accordance with section 307C of the Corporations Act 2001 , I am pleased to provide the following declaration of independence to the directors of Iron Bull Bangemall Limited.

As audit partner of Iron Bull Bangemall Limited for the year ended 30 June 2020, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

• the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and

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

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Hall Chadwick Audit (WA) Pty Ltd ABN 42 163 529 682

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Nikki Shen Director

Dated 30 October 2020

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IRON BULL BANGEMALL LIMITED ABN 69 169 450 024

Statement of Profit or Loss & Other Comprehensive Income For the year ended 30 June 2020

or the year ended 30 June 2020
Note Revenue Other income 2 Less: Expenses Exploration expenditures Other expenses Loss before income tax Income tax 3 Loss for the year Other comprehensive income, net of income tax Total comprehensive loss for the year	2020 $ - 50,000 (129,892) (30,166) (110,058) - (110,058) - (110,058)	2019 $ - - (171,246) (9,339)
		(180,585) -
		(180,585) -
		(180,585)

The Statement of Profit or Loss and Other Comprehensive Income is to be read in conjunction with the notes to the financial statements.

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IRON BULL BANGEMALL LIMITED ABN 69 169 450 024

Statement of Financial Position As at 30 June 2020

tatement of Financial Position s at 30 June 2020
Note ASSETS CURRENT ASSETS Cash on hand and at bank Other receivables 4 Prepayments TOTAL CURRENT ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Other payables 5 TOTAL CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS/(LIABILITIES) EQUITY Issued capital 6 Accumulated losses TOTAL EQUITY	2020 $ 789 21,800 329 22,918 22,918 201,324 201,324 201,324 (178,406) 1,645,001 (1,823,407) (178,406)	2019 $ 41,830 11,598 1,119
		54,547
		54,547
		122,895
		122,895
		122,895
		(68,348)
		1,645,001 (1,713,349)
		(68,348)

The Statement of Financial Position is to be read in conjunction with the notes to the financial statements.

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IRON BULL BANGEMALL LIMITED ABN 69 169 450 024

Statement of Changes in Equity For the year ended 30 June 2020

tatement of Changes in Equity or the year ended 30 June 2020
Balance at 1 July 2018 Shares issued during the year Total comprehensive loss for the year Balance at 30 June 2019 Balance at 1 July 2019 Shares issued during the year Total comprehensive loss for the year Balance at 30 June 2020	Issued capital Accumulated losses Total $ $ $ 1,595,001 (1,532,764) 62,237 50,000 - 50,000 - (180,585) (180,585)
	1,645,001 (1,713,349) (68,348)
	1,645,001 (1,713,349) (68,348) - - - - (110,058) (110,058)
	1,645,001 (1,823,407) (178,406)

The Statement of Changes in Equity is to be read in conjunction with the notes to the financial statements.

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IRON BULL BANGEMALL LIMITED ABN 69 169 450 024

Statement of Cash Flows

For the year ended 30 June 2020

tatement of Cash Flows or the year ended 30 June 2020
Note CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers Net cash used in operating activities 7 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares Loan paid to related party Loan received from related party Net cash provided by financing activities 7 Net (decrease)/increase in cash on hand and at bank Cash on hand and at bank at beginning of the financial year Cash on hand and at bank at end of the financial year	2020 $ 50,000 (161,291) (111,291) - (11,800) 82,050 70,250 (41,041) 41,830 789	2019 $ - (163,951)
		(163,951)
		50,000 100,000 10,000
		160,000
		(3,951) 45,781
		41,830

The Statement of Cash Flows is to be read in conjunction with the notes to the financial statements.

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IRON BULL BANGEMALL LIMITED ABN 69 169 450 024

Notes to the Financial Statements For the year ended 30 June 2020

1 Summary of Significant Accounting Policies

Iron Bull Bangemall Limited is a company domiciled in Australia.

a. New, revised or amending Accounting Standards and Interpretations adopted

The Company has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are mandatory for the current reporting year, including AASB 16 Leases. Management has determined that there is no material impact on the financial statements as a result of AASB 16.

b. Statement of compliance

These financial statements are general purpose financial statements which have been prepared in accordance with Australian Accounting Standards (‘AASBs’) adopted by the Australian Accounting Standards Board (‘AASB’), other authoritative pronouncements adopted by the Australian Accounting Standards Board (AASB), Australian Accounting Interpretations and the Corporations Act 2001. International Financial Reporting Standards (‘IFRSs’) form the basis of Australian Accounting Standards (‘AASBs’) adopted by the AASB, and for the purpose of this report are called Australian equivalents to IFRS (‘AIFRS’). Compliance with AIFRS ensures that the financial statements of the Company comply with the International Financial Reporting Standards.

c. Basis of preparation

Iron Bull Bangemall Limited is a for profit entity for the purpose of preparing the financial statements.

The financial statements are presented in Australian dollars, which is the company’s presentation and functional currency.

The financial statements are prepared on the historical cost basis as modified by the revaluation of available for sale financial assets. Non-current assets held for sale are stated at the lower of carrying amount and fair value less costs to sell.

The preparation of financial statements in conformity with Australian Accounting Standards requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other 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. These accounting policies have been consistently applied by the company. Judgements made by management in the application of Australian Accounting Standards that have a significant effect on the financial statements and estimates with a significant risk of material adjustment are discussed in note 1(o).

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IRON BULL BANGEMALL LIMITED ABN 69 169 450 024

Notes to the Financial Statements For the year ended 30 June 2020

1 Summary of Significant Accounting Policies

d. Going Concern

The financial report has been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business. The Company incurred a loss for the year ended 30 June 2020 of $110,058 and as at that date had a net asset deficiency of $178,406. These conditions indicate a material uncertainty that may cast significant doubt about the ability of the Company to continue as a going concern.

The ability of the Company to continue as a going concern is principally dependent upon the continued financial support of one of the Company’s shareholder – Access Asia Mining Pte Ltd, of which a letter of support has been received stating that it has sufficient financial capability and will continue to provide financial support to the Company as and when required in order for the Company to continue as a going concern and pay its debts as and when they fall due.

The directors have prepared a cash flow forecast, which indicates that the Company will have sufficient cash flows to meet all commitments and working capital requirements for the 12 month period from the date of signing this financial report.

Should the Company be unable to continue as a going concern it may be required to realise its assets and extinguish its liabilities other than in the normal course of business and at amounts different to those stated in the financial statements.

The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or to the amount and classification of liabilities that might result should the Company be unable to continue as a going concern and meet its debts as and when they fall due.

e. Other receivables

Other receivables are recognised initially at fair value and subsequently stated at their amortised cost less impairment losses.

f. Impairment

The carrying amounts of the company’s assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. Impairment of receivables is not recognised until objective evidence is available that a loss event has occurred. Significant receivables are individually assessed for impairment. Impairment testing of significant receivables that are not assessed as impaired individually is performed by placing them into portfolios of significant receivables with similar risk profiles and undertaking a collective assessment of impairment. Non-significant receivables are not individually assessed. Receivables with a short duration are not discounted. The recoverable amount of other assets is the greater of their fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.

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IRON BULL BANGEMALL LIMITED ABN 69 169 450 024

Notes to the Financial Statements For the year ended 30 June 2020

g. Provisions

A provision is recognised in the Statement of Financial Position when the company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

h. Other payables

Other payables are recognised initially at fair value and subsequently at their amortised cost. Other payables are non-interest bearing and are normally settled on 30-day terms.

i. Revenue

Revenues are recognised at fair value of the consideration received or receivable net of the amount of goods and services tax (GST) payable to the taxation authority. Revenue is recognised to the extent that it is probable that the economic benefit will flow to the entity and the revenue can be reliably measured.

j. Income tax

The income tax expense for the year comprises current income tax expense. Current income tax expense charged to profit or loss is the tax payable on taxable income. Current tax liabilities are measured at the amounts expected to be paid to the relevant taxation authority. Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur.

k. Tenement acquisition and exploration expenditures

Tenement acquisition and exploration expenditures are written off as and when incurred.

l. Goods and services tax

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). In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the Statement of Financial Position. Cash flows are included in the statement of cash flows on a net basis. The GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows.

m. 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. Incremental costs directly attributable to the issue of new shares or options for the acquisition of a business are not included in the cost of the acquisition as part of the purchase consideration. Transaction costs of an equity transaction are accounted for as a deduction from equity, net of any related income tax benefit.

If the entity reacquires its own equity instruments, there is no gain or loss recognised in the Statement of Profit or Loss and Other Comprehensive Income, the instruments are cancelled and deducted from equity, and the consideration paid (net of income tax) is recognised directly in equity.

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IRON BULL BANGEMALL LIMITED ABN 69 169 450 024

Notes to the Financial Statements

For the year ended 30 June 2020

n. Comparatives

Where necessary, comparative figures have been adjusted to conform to changes in presentation in these financial statements.

o. Critical accounting judgements and key sources of estimation uncertainty

The directors evaluate estimates and judgements incorporated into the financial statements based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Company.

p. New Accounting Standards and Interpretations not yet effective nor early adopted A number of new standards, amendments to standards and interpretations issued by the AASB which are not yet mandatorily applicable to the company have not been applied in preparing these financial statements.

2 Other Income

Sale of tenement Loan forgiven	2020 $ 50,000 - 50,000	2019 $ - -
		-

3 Income Tax

The Company does not have any current nor deferred tax expense during the year (2018: nil). The prima facie tax benefit on loss from ordinary activities before income tax is reconciled to the income tax expense as follows:

Prima facie tax benefit on loss before income tax at 27.5% Less: Tax effect of immediate deductible expenses Add: Non-assessable income Unused tax losses for which no deferred tax asset has been recognised, that may be utilised to offset tax liabilities:	2020 $ 30,266 (30,266) - - 290,643	2019 $ 49,661 (53,391) 3,730
		-
		1,350,109

Potential deferred tax assets attributable to tax losses have not been brought to account at 30 June 2020 because the directors do not believe it is appropriate to regard realisation of the deferred tax assets as probable at this point in time. These benefits will only be obtained if:

• i. the Company derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the loss to be realised;

• ii. the Company continues to comply with conditions for deductibility imposed by law; and

• iii. no changes in tax legislation adversely affect the Company in realising the benefit from the deductions for the loss.

The carried forward unutilised tax losses pre 2018 were forgone due to not satisfying the continuity of ownership test.

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IRON BULL BANGEMALL LIMITED ABN 69 169 450 024

Notes to the Financial Statements For the year ended 30 June 2020

4 Other Receivables

Other Receivables
GST receivables Other receivables – related party	2020 $ - 21,800 21,800	2019 $ 1,598 10,000
		11,598

5 Other Payables 2020 $ Current GST Payable 1,120 Other payables 182,774 Accruals 17,430 201,324 6 Issued Capital 2020 2020 2019 No $ No Fully Paid Ordinary Shares 20,000,000 1,645,001 20,000,000 At beginning of the year 20,000,000 1,645,001 19,000,000 Shares issued during the year - - 1,000,000 At end of the year 20,000,000 1,645,001 20,000,000	5 Other Payables 2020 $ Current GST Payable 1,120 Other payables 182,774 Accruals 17,430 201,324 6 Issued Capital 2020 2020 2019 No $ No Fully Paid Ordinary Shares 20,000,000 1,645,001 20,000,000 At beginning of the year 20,000,000 1,645,001 19,000,000 Shares issued during the year - - 1,000,000 At end of the year 20,000,000 1,645,001 20,000,000	2019 $ - 117,395 5,500
		122,895
		2019 $ 1,645,001
	20,000,000 1,645,001 19,000,000 - - 1,000,000	1,595,001 50,000
	20,000,000 1,645,001 20,000,000	1,645,001

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 amount paid on the shares held.

Capital Risk Management

The Company considers capital to entail net assets and debt that can be used to further generate future returns for the company. The company’s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the company may adjust the return capital to shareholders, issue new shares or sell assets to reduce debt. Consistently with others in the industry, the company monitor capital on the basis of the gearing ratio.

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IRON BULL BANGEMALL LIMITED ABN 69 169 450 024

Notes to the Financial Statements For the year ended 30 June 2020

7 Cash Flow Information

7 Cash Flow Information	7 Cash Flow Information
2020 $ Reconciliation of Cash Flow from Operations with Loss after Income Tax Net loss for the year (110,058) Add: Loan forgiven Movements in assets and liabilities: - (Increase)/decrease in receivables 2,386 - Increase/(decrease) in other payables (3,621) Net cash used in operating activities (111,271) Changes in liabilities arising from financing activities Balance at 1 July 2019 Cashflows Non-cash changes $ $ $ Loan from related party (100,000) (82,050) - Net (100,000) (82,050) -		2019 $ (180,585) - 14,825 1,809
		(163,951)
		Balance at 30 June 2020 $ (182,050)
	(100,000) (82,050) -	(182,050)

8 Financial Risk Management

The Company’s management of financial risk is aimed at ensuring net cash flows are sufficient to:

• Meet all its financial commitments as and when they fall due

• Maintain the capacity to fund its forecast business development strategies

• Ensure a reasonable return to shareholders, and

• Maintain a strong long term credit rating

Liquidity and credit risk arise in the normal course of the Company’s business. These risks are managed under Board approved directives which underpin treasury policies and procedures. The Company’s principal financial instruments include cash, other receivables and other payables, which arise directly from operations.

CREDIT RISK

Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions.

Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount. The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates.

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IRON BULL BANGEMALL LIMITED ABN 69 169 450 024

Notes to the Financial Statements For the year ended 30 June 2020

The maximum exposure to credit risk is represented by the carrying amount of each financial asset, in the Statement of Financial Position. The maximum exposure to credit risk at the reporting date was as follows:

s follows:
	2020	2019
	$	$
Cash on hand and at bank	789	41,830
Other receivables	21,976	11,598

Credit ratings for institutions holding cash at bank are considered to be “AA-”. There is no change from prior year.

LIQUIDITY RISK

The Company adopts prudent liquidity risk management by maintaining sufficient cash and obtaining continuous funding from its shareholders, as and when necessary to enable the Company to pay its debts as and when they become due and payable.

The table below analyses the Company’s financial assets and liabilities into relevant maturity groupings based on the remaining period at the reporting period date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows. Balances due within 12 months approximate their carrying balances, as the impact of discounting is not significant.

30 June 2020 Cash at bank and on hand Other receivables Other payables Net outflow 30 June 2019 Cash at bank and on hand Other receivables Other payables Net (outflow)	Less than 1 year Total $ $ 789 789 22,129 22,129
	22,918 22,918 (201,324) (201,324)
	(178,406) (178,406)
	41,830 41,830 11,598 11,598
	53,428 53,428 (122,896) (122,896)
	(69,468) (69,468)

ESTIMATION OF FAIR VALUES

Due to the short-term nature of settlement, the carrying amounts of other receivables and other payables approximate their fair values as presented in the statement of financial position.

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IRON BULL BANGEMALL LIMITED ABN 69 169 450 024 Notes to the Financial Statements For the year ended 30 June 2020

9 Commitments and Contingencies

The Company has minimum annual exploration spend commitments amounting to $507,000 (2019: $227,500).

The Directors were not aware of any contingent liabilities to report as at the reporting date.

10 Key Management Personnel

The directors and company secretary of the Company are considered to be the key management personnel. During the year, nil (2019: nil) key management personnel compensation was paid.

11 Related Party

11 Related Party
	2020	2019
	$	$
Transactions between related parties are on normal commercial terms and conditions no more
favourable than those available to other parties unless otherwise stated.
Related party - Iron Bull Mining Pty Ltd
Accounting and consulting fees	9,180	13,120
Exploration expenditures	2,518	49,464

The following balances are outstanding at the reporting date in relation to transaction with related parties:

Receivable from related party – Access Australia Mining	21,800	-
Payable to related party – Access Asia Mining Pte Ltd	182,050	-

12 Events Subsequent to reporting date

The have been no material events subsequent to reporting date.

13 COVID-19

The impact of the Coronavirus (COVID-19) pandemic is ongoing. While the financial impact on the business up to 30 June 2020 has been negligible, it is not practicable to estimate the potential impact after the reporting date. The situation is dependent on measures imposed by governments at various jurisdictions in which the business is operating within. No other matter or circumstance has arisen since 30 June 2020 that has significantly affected or may significantly affect the businesses operations in future financial years.

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IRON BULL BANGEMALL LIMITED ABN 69 169 450 024

Directors’ Declaration

In the opinion of the directors of Iron Bull Bangemall Limited (‘the Company’):

• (a) the financial statements and notes as set out on pages 6 to 18, are in accordance with the Corporations Act 2001, including:

• (i) giving a true and fair view of the financial position of the Company as at 30 June 2020 and of their performance, as represented by the results of their operations and their cash flows, for the financial year ended on that date; and

• (ii) complying with Australian Accounting Standards, the Corporations Regulations 2001, and other mandatory professional reporting requirements; and

• (c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

• (d) the company has included in the notes to the financial statements an explicit and unreserved statement of compliance with International Financial Reporting Standards.

Signed in accordance with a resolution of the directors:

James Wallbank Director Date:

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INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF IRON BULL BANGEMALL LIMITED

Report on the Financial Report

Opinion

We have audited the accompanying financial report of Iron Bull Bangemall Limited (the company), which comprises the statement of financial position as at 30 June 2020, the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration of the company at the year’s end.

In our opinion, the financial report of Iron Bull Bangemall Limited is in accordance with the Corporations Act 2001, including:

• i) Giving a true and fair view of the entity’s financial position as at 30 June 2020 and of its performance for the year ended on that date; 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. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about whether the financial report is free from material misstatement. Our responsibilities under those standards are further described in the Auditor’s Responsibility section of our report.

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

Material Uncertainty Related to Going Concern

We draw attention to Note 1 (d) to the financial report which describes the events and/or conditions which give rise to the existence of a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern and therefore the Company may be unable to realise its assets and discharge its liabilities in the normal course of business.

Our opinion is not modified in respect of this matter.

Independence

We are independent of the entity in accordance with 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.

Directors’ Responsibilities 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

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fraud or error. In Note 1(b), the Directors also state, in accordance with Australian Accounting Standard AASB 101 Presentation of Financial Statements, that the financial report complies with International Financial Reporting Standards.

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

Auditor’s Responsibilities for the Audit of the Financial Report

Our responsibility is to express an opinion on the financial report based on our audit. 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 Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individual or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report.

The procedures selected depend on the auditor’s judgement, including assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report.

We conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the entity to cease to continue as a going concern.

We evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

We obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the entity to express an opinion on the financial report. We are responsible

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for the direction, supervision and performance of the audit. We remain solely responsible for our audit opinion.

We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements. We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

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Hall Chadwick Audit (WA) Pty Ltd ABN 42 163 529 682

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Nikki Shen Director

Dated 30 October 2020

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