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ANNUAL REPORT 2021

Corporate Particulars ................................................................................ 1 Operations Report .................................................................................... 2 Directors’ Report ..................................................................................... 12 Auditor’s Independence Declaration ....................................................... 20 Independent Auditor’s Report ................................................................ 21 Directors’ Declaration ............................................................................. 25 Statement of Profit or Loss and Other Comprehensive Income ............... 26 Statement of Financial Position ............................................................... 27 Statement of Changes in Equity .............................................................. 28 Statement of Cash Flows ......................................................................... 29 Notes to and Forming Part of the Financial Statements ........................... 30 Shareholder Information ......................................................................... 45 Tenement Schedule ................................................................................ 47

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DIRECTORS Mr Tim Kennedy Non Executive Chair Ms Katina Law Non Executive Director Mr David (Lorry) Hughes Managing Director COMPANY SECRETARY Mrs Bianca Taveira PRINCIPAL PLACE OF BUSINESS 159 Stirling Highway Nedlands WA 6009 Telephone +61 8 9389 9021 www.yandalresources.com.au REGISTERED OFFICE 159 Stirling Highway Nedlands WA 6009 SHARE REGISTRY Boardroom Pty Limited Level 12 225 George Street Sydney NSW 2000 Telephone 1300 737 760 AUDITORS Rothsay Auditing Level 1 Lincoln House 4 Ventnor Avenue West Perth WA 6005 Telephone + 61 8 9486 7094 STOCK EXCHANGE LISTING Australian Securities Exchange Home Exchange: Perth Code: YRL

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REVIEW OF OPERATIONS

The principal activities of the Company are gold exploration and developments in the North-Eastern and Eastern Goldfields of Western Australia. The Company is targeting the discovery of large structurally controlled Archaean Lode or Orogenic gold deposits such as the very large Jundee, Bronzewing and Kanowna Belle gold mines located nearby.

Regional map of the Company’s gold projects, greenstone belts, regional towns and significant gold deposits

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YANDAL
GREENSTONE
BELT
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Exploration drilling during the year successfully intercepted new mineralisation at all projects within the Company’s portfolio and has substantially enhanced the potential for the delineation of a number of new gold deposits. Exploration targeting was also refined to narrow focus onto prospects evaluated to have potential to host large deposits.

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GORDONS GOLD PROJECT

The Gordons Gold project comprises a number of priority prospects within close proximity to the City of Kalgoorlie-Boulder, ore haulage infrastructure and operating mines. The main exploration focus has been to expand mineralisation along strike and at depth at the Gordons Dam, Malone and Star of Gordons prospects.

Regional geology map of part of the Gordons gold project showing tenure, individual prospects tested in 2020/21 with completed and planned drill holes[1]

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Inset map
refer to figure
on page 4
Alderman Contact
Malone Contact
14kms to the
Kanowna Belle
Gold Mine
(ASX: NST)
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1 Refer to YRL ASX Announcement dated 11 August 2021.

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GORDONS GOLD PROJECT continued

At the Gordons Dam prospect high grade oxide mineralisation was discovered in 2019 and has been defined over a strike length of ~400m occurring beneath ~30m of depleted surficial cover. During the year, substantial reverse circulation (“RC”) and diamond drilling was completed to explore for mineralisation in primary rocks and to understand the controls on mineralisation.

The highest gold grades at depth occur within sulphide accumulations and steeply dipping north-south striking narrow quartz veins within basalts and an intrusive granite porphyry unit. The primary mineralisation is structurally complex and a detailed study on the controls to high-grade mineralisation is underway. Compilation of an initial Mineral Resource Estimate and economic assessment is planned during 2021/22.

Regional geology plan showing drilling at the Gordons Dam and Malone prospects

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Gordon Dam
Prospect
Malone Contact
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1 Refer to YRL ASX Announcement dated 11 August 2021.

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GORDONS GOLD PROJECT continued

Some significant results returned from the Gordons Dam oxide zone include;

8m @ 11.0g/t Au from 36m including 1m @ 73.1 g/t Au (YRLRC0335)[1]
7m @ 3.5g/t Au from 38m including 1m @ 15.1g/t Au (YRLRC0337)[1]
7m @ 1.7g/t Au from 29m including 1m @ 10.3g/t Au (YRLRC0339)[1]
23m @ 1.5g/t Au from 40m including 1m @ 22.03g/t Au (YRLRC0307)[2]

Subsequent to the success at Gordons Dam, step-out Air-core (“AC”) drilling was conducted in along strike and adjacent areas which resulted in the discovery of the Malone prospect located ~500m to the west of Gordons Dam. Once it was recognised that the mineralisation is related to a major regional geological contact between mafic and felsic rocks units, exploration drilling was accelerated to include one AC, two RC and one diamond rig.

Significant oxide and primary gold intercepts were returned from AC and RC drilling over an interpreted strike length of at least 600m in the Malone Contact zone which is interpreted to extend for a total of ~4.5km within the Company’s tenure. Initial significant RC and AC intercepts from Malone have received follow-up diamond and RC drilling along ~4km of strike with numerous results due to be received in 2021/22. Some promising RC results include;

3m @ 8.2g/t Au from 130m including 1m @ 22.1 g/t Au (YRLRC0579)[3]
5m @ 3.6g/t Au from 47m including 1m @ 12.3g/t Au (YRLRC0584)[3]
18m @ 0.9g/t Au from 94m (YRLRC0583)[3]

In addition to prioritising exploration drilling along the Malone Contact, reconnaissance AC drilling commenced on another mafic/felsic contact located ~500m east of Gordons Dam. This contact is named the Alderman Contact and it is interpreted to occur for over 8km in strike length within the Company’s tenure. The geological setting of the Alderman Contact is interpreted to be very similar to the Malone Contact and some encouraging early stage intercepts have been returned that require follow-up in 2021/22.

A further 3.5km to the east from the Gordons Dam prospect is the Star of Gordons prospect where significant shallow historic mine workings occur less than 2km directly along strike from the Gordon Sirdar gold mine. The mine is owned by FMR Investments Pty Ltd and utilises conventional underground mining methods at vertical depths below 600m with ore haulage to Coolgardie for conventional processing.

A first pass reconnaissance RC program was completed in the March Quarter 2021 to test ~1.5km strike length of historic workings and surficial prospecting areas which returned some encouraging results. There were numerous +1g/t Au intercepts in multiple subparallel zones with the best results returned from the most northern part of the area tested. These include;

8m @ 4.7g/t Au from 15m including 6m @ 5.9g/t Au (YRLRC0513)[4]
10m @ 2.5g/t Au from 27m including 2m @ 6.9g/t Au (YRLRC0514)[4]

The above results are highly encouraging and a six hole follow-up RC program was completed subsequent to the end of the period to explore the mineralisation system at depth and immediately along strike.

Given the encouraging results returned from a number of prospects within the Gordons Dam project, aggressive exploration programs to establish deposit size potential are planned for 2021/22. Due to the excellent location of the project in terms of established mining infrastructure, the Company is likely to have a number of good options for mining, haulage and processing if economic Mineral Resources are established.

1 2 3 Refer to YRL ASX announcement dated 8 October 2020 , Refer to YRL ASX announcement dated 31 August 2020, Refer to YRL ASX announcement dated 11 August 2021[3] ,[4 ] Refer to YRL ASX announcement dated 1 July 2021 .

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IRONSTONE WELL AND BARWIDGEE PROJECTS

Exploration during the period included advanced targeting to determine the highest priority areas interpreted to have the potential to host very large gold deposits. Two large areas have been identified that contain recent and historically defined mineralisation which will become the Company’s focus of exploration in the near term.

Regional geology plan showing key prospects and tenure at the Ironstone Well and Barwidgee projects (refer to inset figures on pages 7 and 9)

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Inset Map refer to
figure on page 7
Inset Map
refer to figure
on page 9
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Within the Ironstone Well project the priority target zone is the area immediately surrounding the Flushing Meadows gold deposit. The area covers some 160km[2] extending north-west from the Flinders Park prospect for ~16km toward the Oblique prospect. The area up to ~10km wide centred on Flushing Meadows includes prospective mafic and felsic rock sequences that have received very little effective exploration.

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IRONSTONE WELL AND BARWIDGEE PROJECTS continued

The Company’s criteria for determining if areas are effectively tested includes if drill holes are angled and drilled to vertical depths greater than 50m. This is to allow for the particularly deep weathering profile noted within the Yandal Greenstone Belt. Once this criteria is applied to the drilling database it can be shown that extensive areas within the priority target zone are not effectively tested.

Regional geology plan showing the Flushing Meadows deposit, tenure and ineffectively tested areas along strike and adjacent to significant prospects (refer to figure on page 6 for location)

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At the Flushing Meadows prospect RC and diamond drilling was completed in order to update the 2019 Mineral Resource Estimate (“MRE”) and to provide sufficient data for inclusion in pit optimisation studies and mining approval activities. The 2020 MRE[1] contains a 40% increase in total Resource ounces compared to the 2019 MRE[2] .

The Flushing Meadows deposit is comprised of multiple sub-parallel lenses of predominantly oxide and transitional material to depths of ~100m below surface. The mineralisation is related to the regionally extensive Barwidgee Shear zone and is open at depth and down plunge.

Initial engineering studies indicate there is potential for a small open pit mine development utilising off-site third-party processing. Some preparatory works have commenced to support this including applications for Mining and Miscellaneous Licences however, further exploration to assess the potential for a large discovery nearby is the Company’s preferred strategy.

1 Refer to table below and YRL ASX announcement dated 4 November 2020 , 2 Refer to YRL ASX announcement dated 31 August 2020 .

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IRONSTONE WELL AND BARWIDGEE PROJECTS continued

November 2020 Flushing Meadows Mineral Resource Estimate (0.5g/t Au Lower Grade Cut-off). For full details of the MRE (refer YRL ASX announcement dated 4 November 2020)

Material	Indicated			Inferred			Total
Type	Tonnes	Au(g/t)	Oz	Tonnes	Au(g/t)	Oz	Tonnes	Au(g/t)	Oz
Laterite	89,853	1.26	3,631	86,671	1.23	3,422	176,524	1.24	7,054
Oxide	2,015,900	1.33	86,071	2,246,845	1.10	79,389	4,262,745	1.21	165,420
Transition	35,223	1.20	1,360	1,160,471	1.10	40,966	1,195,695	1.10	42,325
Fresh				1,751,484	0.95	53,440	1,751,484	0.95	53,440
Total	2,140,976	1.32	91,062	5,245,471	1.05	177,217	7,386,448	1.13	268,352

The model is reported within a geological wireframe above an average depth of 150m below surface (maximum 220m) and a nominal 0.5g/t Au lower cut-off grade for all material types. Classification is according to JORC Code Mineral Resource Categories. Totals may vary due to rounded figures.
Yandal Resources’ advise that there is no material depletion by mining within the model area.
Estimation was performed using Ordinary Kriging.
The block model was built with 6m north, 3m east and 3m elevation parent block cells.
The Mineral Resource Estimate has been reported based on utilising open pit mining methodologies. Open pit parameters of minimum 2m downhole mineralisation width, and a lower cut grade of 0.5 g/t has been used for interpretation.
Technically the models do not account for mining related edge dilution and ore loss. These parameters should be considered during the mining study as being dependent on grade control, equipment and mining configurations including drilling and blasting.

Elsewhere within the Ironstone Well priority target zone limited drilling programs confirmed significant mineralisation that requires substantial follow-up upon completion of heritage surveys and statutory approvals.

Assay results were returned from RC drilling at the Flinders Park, Quarter Moon and Oblique prospects, highlights included;

14m @ 4.4g/t Au from 45m including 1m @ 42.5g/t Au (YRLRC0474)[1 ] – Flinders Park
13m @ 2.9g/t Au from 36m including 1m @ 21.5g/t Au (YRLRC0473)[ 1 ] – Flinders Park
2m @ 11.7g/t Au from 80m (YRLRC0478)[ 1 ] – Quarter Moon
12m @ 2.1g/t Au from 5m including 1m @ 16.5g/t Au (YRLRC0479)[ 1 ] – Quarter Moon
2m @ 7.1g/t Au from 83m including 1m @ 14.0g/t Au (YRLRC0475)[1] – Quarter Moon
21m @ 0.9g/t Au from 51m including 4m @ 1.9g/t Au (YRLRC0481)[1] - Oblique

Within the contiguous Barwidgee project a priority target zone that has been identified covering ~40km[2] of tenure south of the Sims Find prospect. At Sims Find, RC drilling has intersected significant high-grade gold mineralisation beneath earlier shallow RC intercepts and historic workings.

The most recent program completed in the June Quarter 2021 comprised 14 angled RC holes for 2,992m at downhole depths between 136-300m[2] . The holes were designed to extend earlier high-grade gold intersected in shallow RC drilling completed in the December Quarter 2020[2] . The mineralisation is contained within multiple quartz veins, sulphides and shears hosted within and at the contacts of a coarse-grained dolerite unit including;

8m @ 24.3g/t Au from 9m including 1m @ 129g/t Au (YRLRC0457)[2]
3m @ 20.8g/t Au from 30m including 1m @ 62.2g/t Au (YRLRC0447)[2]
5m @ 6.5g/t Au from 17m including 1m @ 30.4g/t Au (YRLRC0445)[2]
9m @ 0.8g/t Au from 189m including 2m @ 2.6g/t Au from 195m (YRLRC1003)[3]
1m @ 4.1g/t Au from 58m, 6m @ 1.9g/t Au from 124m including 1m @ 4.4g/t Au from 124m and 1m @ 4.7g/t Au from 129m and 3m @ 1.7g/t Au from 176m including 1m @ 5.0g/t Au from 176m (YRLRC1007)[3]

1 2 3 Refer to YRL ASX announcement dated 9 March 2021 , Refer to YRL ASX announcements dated 22 December 2020 and 2 March 2021, Refer to YRL ASX announcements dated 1 July 2021.

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IRONSTONE WELL AND BARWIDGEE PROJECTS continued

Sims Find mineralisation has been confirmed for over 400m of strike and to at least 150m vertical depth with likely extensions over a 2km strike zone which is open at depth and to the south. Upon receipt of all assays from the program new programs will be designed to evaluate the potential for the mineralisation to be related to a large intrusive granite located immediately to the south.

The margins of the intrusive granite is a priority target for evaluation as there is mineralisation in limited historic drilling that requires systematic follow-up. This is planned upon completion of heritage surveys and statutory approvals.

Regional geology plan showing the Sims Find prospect, tenure and the location of the priority intrusive granite target (refer to figure on page 6 for location)

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Sims Find
Prospect
Strike
Extension
Targets
Granite Contact
Targets
Cash Prospect
Strike
Extension
Targets
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IRONSTONE WELL AND BARWIDGEE PROJECTS continued

The Ironstone Well and Barwidgee projects are located within the Kultju (Aboriginal Corporation) RNTBC (“Kultju”), Kultju Determination. The Kultju Aboriginal Corporation is an incorporated body under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (Cth) and is the Registered Native Title Body Corporate determined to hold native title rights and interests on trust for the Kultju Native Title Holders. Central Desert Native Title Services Limited (“Central Desert”) has been authorised by Kultju Aboriginal Corporation to act as its agent in regard to land access negotiations and agreements.

The Company made good progress this year with Central Desert and Kultju regarding heritage protection and land access agreements for ongoing exploration.

MT MCCLURE PROJECT

The Mt McClure project contains a number of historic prospects and open pit mines within a short haulage distance on existing haul roads from the 2Mtpa Bronzewing processing facility owned by Northern Star Resources Ltd (ASX: NST). The facility is on care and maintenance however the camp is being utilised by NST to support current mining operations at the nearby Orelia open pit mine.

Plan view of the Mt McClure project showing the regional geology, new Mining Leases and the location of key prospects

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MT MCCLURE PROJECT continued

During the year, RC drilling successfully intersected extensions to mineralisation at a number of known prospects and at a new prospect named HMS Sulphur which is situated in the footwall of the Success deposit. Subsequent to the end of the year, the Company commenced major RC drilling program to test a number of high priority targets to maximum depths of ~300m.

RC drilling highlights included;

11m @ 2.6g/t Au from 73m including 1m @ 12.2g/t Au (YRLRC0401)[1 ] – HMS Sulphur
6m @ 1.6g/t Au from 36m including 1m @ 5.4g/t Au (YRLRC0400)[ 1 ] – HMS Sulphur
2m @ 4.8g/t Au from 178m and 2m @ 5.2g/t Au from 206m (YRLRC0419)[ 1 ] – Parmelia Deeps
5m @ 3.6g/t Au from 84m including 1m @ 8.95g/t Au (YRLRC0410)[ 1 ] – Challenger
19m @ 1.3g/t Au from 39m including 1m @ 5.4g/t Au (YRLRC0418)[1] – Challenger
6m @ 2.8g/t Au from 54m including 1m @ 10.1g/t Au (YRLRC0424)[1] – Challenger

There is potential to define new mineralisation capable of being included in a MRE upon all three Mining Leases and significant RC and diamond drilling programs are in the advanced planning stages should the current program return further encouraging results. All the historic open pits were mined when gold prices were substantially lower than price ranges seen in recent months.

Competent Person Statement

The information in this document that relates to Exploration Results, geology and data compilation is based on information compiled by Mr Trevor Saul, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Saul is the Exploration Manager of Yandal Resources. He is a full-time employee of Yandal Resources and holds shares and options in the Company.

Mr Saul has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Saul consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

The information in this announcement that relates to the Flushing Meadows Mineral Resource Estimate is based on information compiled and generated by Andrew Bewsher, an employee of BM Geological Services Pty Ltd (“BMGS”). Both Andrew Bewsher and BMGS hold shares in the company. BMGS consents to the inclusion, form and context of the relevant information herein as derived from the original resource reports. Mr Bewsher has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

1 Refer to YRL ASX announcement dated 23 March 2021.

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Your Directors present their report on Yandal Resources Limited for the financial year ended 30 June 2021.

DIRECTORS

The following persons held office as Directors of Yandal Resources Limited during the financial period and up to the date of this report unless otherwise noted:

Mr Tim Kennedy Non-Executive Chair Appointed 17 February 2021, appointed Chair 1 July 2021 Ms Katina Law Non-Executive Director Resigned as Chair 1 July 2021 Mr David (Lorry) Hughes Managing Director Ms Kelly Ross Non-Executive Director Resigned 17 February 2021

INFORMATION ON DIRECTORS AND OFFICERS

MR TIMOTHY KENNEDY B.App Sc (Geology), MBA, MAusIMM, MGSA

NON-EXECUTIVE CHAIRMAN (appointed 17 February 2021, appointed Chair 1 July 2021)

Mr Kennedy is a geologist with a successful 30+ year career in the mining industry, including extensive involvement in the exploration, feasibility and development of gold, nickel, platinum group elements, base metals and uranium projects throughout Australia. His most recent executive role was as exploration manager with Independence Group NL (IGO), which during his 11 years IGO grew from being a junior explorer to a multi-commodity mining company. Mr Kennedy played a key role as part of the team that represented IGO on the exploration steering committee with AngloGold Ashanti during the multi-million ounce Tropicana, Havana and Boston Shaker discoveries and the discoveries by IGO of the Rosie magmatic nickel sulphide deposit; the Triumph VMS deposit and the Bibra orogenic gold deposit.

Prior to that Mr Kennedy held senior positions with global miner Anglo America, including as Exploration manager – Australia and Principal Geologist/Team Leader – Australia. He also held senior technical positions with Resolute Limited, Hunter Resources and PNC Exploration Pty Ltd.

Current and Former Directorships held in the past three years:

Helix Resources Limited Non-Executive Director Appointed 16 February 2018 Sipa Resources Limited Non-Executive Director/Chair Appointed 13 December 2016, Chair 28 August 2018 Millennium Minerals Limited Non-Executive Director Appointed 2 May 2016, Resigned February 2020

Mr Kennedy has no other public company directorships.

MS KATINA LAW BCom, FCPA, MBA, GAICD

NON-EXECUTIVE CHAIR (appointed 1 July 2018, resigned from Chair, 1 July 2021)

Katina Law has over 30 years’ experience in the mining industry covering corporate and site based roles across several continents. She has worked with a number of ASX listed resources companies in strategic financial advisory and general management roles. Ms Law has worked on several development and evaluation projects which were later subject to corporate transactions including the Deflector gold and copper project and the King Vol polymetallic zinc project. Ms Law was Executive Director and CEO of East Africa Resources Limited from 2012 to 2015, and also held senior positions at Newmont Mining Corporation’s Batu Hijau copper gold project in Indonesia and their head office in Denver, USA and at LionOre International based in Perth.

Ms Law has a Bachelor of Commerce degree from UWA, is a Certified Practising Accountant and has an MBA from London Business School. She is currently a non-executive Director of headspace National Youth Mental Health Foundation and DGO Gold Limited (ASX: DGO).

Current and Former Directorships held in the past three years:

Ardea Resources Limited Non-Executive Director/Chair Appointed 7 November 2016, Resigned 31 July 2020 DGO Gold Limited Non-Executive Director Appointed 1 June 2020

Ms Law has no other public company directorships.

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MR DAVID (LORRY) HUGHES BSc (Geol) MAusImm MANAGING DIRECTOR (appointed 6 April 2018)

Mr Hughes is an Economic Geologist with over 25 years’ experience and was recently Executive Director of Horizon Minerals Limited formerly Intermin Resources Ltd (ASX: HRZ formerly IRC ) and Managing Director and CEO of South Boulder Mines Ltd (now ASX: DNK and ASX: DKM) from 2008 – 2013. He has held executive and senior management positions on mining and development projects for companies including Energy Metals Ltd, CSA Global, Rio Tinto and Barrick. Mr Hughes has comprehensive mining, exploration and development experience from numerous gold mining projects in Western Australia.

Current and Former Directorships held in the past three years: None.

Mr Hughes has no other public company directorships.

MS KELLY ROSS BBus, CPA, ACS (CS, CGP)

NON-EXECUTIVE DIRECTOR (appointed 6 April 2018, resigned 17 February 2021)

Ms Ross is a qualified accountant holding a Bachelor of Business (Accounting) and has the designation CPA from the Australian Society of Certified Practicing Accountants. Ms Ross is a Chartered Secretary and Chartered Governance Professional with over 30 years’ experience in accounting and administration in the mining industry.

Ms Ross was part of the team that floated Independence Group NL (“IGO”). IGO listed on the ASX in 2002 and Ms Ross was Company Secretary and CFO for 10 years. Ms Ross was a Director of IGO for 12 years from 2002 to 2014. Ms Ross retired from the Board of IGO on 24 December 2014.

Prior to IGO, Ms Ross was a senior accountant at Resolute Ltd from 1987 to 2000 during which time Resolute became a gold producer in Ghana, Tanzania and at several mines in Western Australia.

Current and Former Directorships held in the past three years:

Musgrave Minerals Ltd (ASX: MGV)

Non-Executive Director

Appointed 26 May 2010

Ms Ross has no other public company directorships.

MRS BIANCA TAVEIRA, COMPANY SECRETARY

Mrs Taveira is an experienced company administrator and manager who has acted as Company Secretary to a number of unlisted public and ASX listed natural resource companies for over two decades. During this time Mrs Taveira has been involved in a number of initial public offerings, reverse takeover transactions, corporate transactions and capital raisings. Mrs Taveira has a corporate and compliance background and is experienced with administration of the shareholder registry, the ASX Listing Rules, mining tenement management and the Department of Mines regulations. Mrs Taveira is currently the Company Secretary of Reward Minerals Ltd (ASX: RWD).

CORPORATE INFORMATION

Yandal Resources Limited is a Company limited by shares that was incorporated on 16 April 2004 and is domiciled in Australia. The Company was converted to a public company and changed its name from Orex Mining Pty Ltd to Yandal Resources Limited on 27 March 2018. The Company listed on the Australian Stock Exchange on 14 December 2018 (ASX: YRL).

PRINCIPAL ACTIVITIES

The principal continuing activity of the Company during the year was gold exploration.

RESULTS OF OPERATIONS

The results for the year ended 30 June 2021 was a loss after income tax benefit of $599,542 (2020: $503,704 loss).

	2021	2020
EARNINGS/(LOSS) PER SHARE
	¢	¢


Basic earnings/(loss) per share	(0.67)	(0.77)

Diluted earnings/(loss) per share	(0.63)	(0.77)

REVIEW OF OPERATIONS

Refer to the Operations Report for detailed information on the Company’s exploration activities over the past year.

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SIGNIFICANT CHANGES IN STATE OF AFFAIRS

Other significant changes to the state of affairs during the year, other than outlined in the Operations Report, are as follows:

In June 2020, the Company announced a Non-renounceable pro-rata entitlement to 1 New Share for every 5 Shares held at an issue price of 25 cents per New Share.

In August 2020, the Company announced the results of its pro-rata issue, raising $3,342,408 before share issue costs with shares issued as follows:

On 20 July 2020, the Company issued 8,498,542 shares
On 28 July 2020, the Company further allotted 3,551,093 shares
On 3 August 2020, the Company issued 1,320,000 shares being the remaining shortfall shares under the 1 for 5 NonRenounceable Pro-Rata Rights Issue

In October 2020, the Company announced the successful raising of $6 million placement through the issue of 12 million shares.

During the year the Company’s option holders had exercised 6.6M 27 cent options raising approximately $1.798M and 1.56M options were exercised at 25 cents, raising approximately $390,000.

EVENTS AFTER REPORTING DATE

No other 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

In the opinion of the Directors it would prejudice the interests of the Company to provide additional information, beyond that reported in this Annual Report, relating to likely developments in the operations and the expected results of those operations in financial years ended subsequent to 30 June 2021.

COVID-19 IMPACT

The full impact of the COVID-19 pandemic continues to evolve at the date of this report. The Company is therefore uncertain as to the full impact that the pandemic will have on its financial condition, liquidity and future results of operations during 2021 or 2022. Management continues to actively monitor the global situation and its impact on the Company’s financial condition, liquidity, operations, suppliers, industry and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition or liquidity for the 2021/22 financial year.

The health and wellbeing of all Yandal employees remain a key focus in response to the ongoing COVID-19 pandemic. The work practices and measures implemented to mitigate COVID-19 related risks have so far proven successful with no known COVID-19 cases across our workforce and minimal disruption to our operations to date.

DIVIDENDS

No amount has been paid or declared by way of dividend. The Directors do not recommend that any dividend be paid.

MEETINGS OF DIRECTORS

The number of meetings held during the year ended 30 June 2021, and the number of meetings attended by each Director were:

	Full Meetings of Directors	Full Meetings of Directors	Audit & Risk Committee Meetings	Audit & Risk Committee Meetings	Remuneration Committee Meetings	Remuneration Committee Meetings

Director	Eligible to Participate	Number Attended	Eligible to Participate	Number Attended	Eligible to Participate	Number Attended

T Kennedy	2	2	1	1	1	1

K Law	5	5	2	2	1	1

D Hughes	5	5	2	2	1	1

K Ross*	3	3	1	1	1	1

*resigned 17 February 2021

In addition to the above meetings several matters were dealt with by circular resolution.

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DIRECTOR SHARE AND OPTION HOLDINGS

As at the date of this report, the interests of the Directors in the shares of the Company were:

	Ordinary Shares	Ordinary Shares	Unlisted Options Exercise price 25 cents, expiry 31 December 2021	Unlisted Options Exercise price 25 cents, expiry 31 December 2021

	Direct	Indirect	Direct	Indirect
Director	Interest	Interest	Interest	Interest

T Kennedy	-	-	-	-

K Law	-	597,500	-	1,000,000

D Hughes	-	4,141,381	-	1,088,182

SHARES UNDER OPTION

Unissued ordinary shares of Yandal Resources Limited under option as at the date of this report are as follows:

Nature	Expiry Date	Exercise Price of Options	Number under Option

Unlisted options	31 December 2021	25 cents	4,888,182

Option holders do not have any rights to participate in any issues of shares or other interests in the Company or any other entity.

There have been no unissued shares or interests under option of any controlled entity within the Company during or since the end of the reporting period.

No person entitled to exercise the option had or has any right by virtue of the option to participate in any share issue of any other body corporate.

REMUNERATION REPORT (AUDITED)

The information provided in this remuneration report has been audited as required by section 300A of the Corporations Act 2001 .

A PRINCIPLES USED TO DETERMINE AMOUNT AND NATURE OF REMUNERATION

All remuneration paid to Directors and Executives is valued at the cost to the Company and expensed. Shares given to Directors and Executives are valued as the difference between the market price of those shares and the amount paid by the Director or Executive. Options are valued using the Black-Scholes or Binomial methodologies.

The Board policy is to remunerate Non-Executive Directors at market rates for comparable companies for time, commitment and responsibilities. The Board determines payments to the Non-Executive Directors and reviews their remuneration annually based on market practice, duties and accountability. Independent external advice is sought when required. The maximum aggregate amount of fees that can be paid to Non-Executive Directors is subject to approval by shareholders at the annual general meeting (currently $300,000). Fees for Non-Executive Directors are not linked to the performance of the Company. However, to align Directors’ interests with shareholder interests, the Directors are encouraged to hold shares in the Company and are able to participate in employee option plans.

The objective of the Company’s executive reward framework is set to attract and retain the most qualified and experienced Directors and Senior Executives. The Board ensures that executive reward satisfies the following criteria for good reward governance practices:

competitiveness and reasonableness
acceptability to shareholders
transparency
capital management

DIRECTORS’ FEES

A Director may be paid fees or other amounts as the Directors determine where a Director performs special duties or otherwise performs services outside the scope of the ordinary duties of a Director. A Director may also be reimbursed for out-of-pocket expenses incurred as a result of their directorship or any special duties.

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PERFORMANCE BASED REMUNERATION

The Company uses both short term and long term incentive programs to balance the short and long term aspects of business performance, to reflect market practice, to attract and retain key talent and to ensure a strong alignment between the incentive arrangements of Executives and the creation and delivery of shareholder return.

Executives are encouraged by the Board to hold shares in the Company, and it is therefore the Company’s objective to provide incentives for participants to partake in the future growth of the Company and, upon becoming shareholders in the Company, to participate in the Company’s profits and dividends that may be realised in future years. The Board considers that this equity performance linked remuneration structure is effective in aligning the long-term interests of Company executives and shareholders as there exists a direct correlation between shareholder wealth and executive remuneration.

In the year ended 30 June 2021, the Company provided benefits to employees of the Company in the form of share-based payment transactions, whereby performance rights convertible to ordinary shares were granted at nil consideration as an employment incentive. The performance rights were issued with vesting conditions, see Note 21 for details.

The fair value of the rights was determined using a Hoadley’s Barrier 1 model. A total amount of $9,111 is included in the Statement of Financial Performance and Statement of Changes in Equity for the year ended 30 June 2021. There were no amounts related to KMP.

The assessed fair value at grant date of performance rights granted to the individuals is allocated equally over the period from grant date to vesting date. Fair values at grant date are independently determined using a Hoadley’s Barrier 1 model that takes into account the vesting condition of the rights, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the rights.

COMPANY PERFORMANCE, SHAREHOLDER WEALTH AND DIRECTORS’ AND EXECUTIVES’ REMUNERATION

The remuneration policy has been tailored to increase goal congruence between shareholders, Directors and Executives. This is facilitated through the issue of options or performance rights to Directors and Executives to encourage the alignment of personal and shareholder interests. The Company believes this policy will be effective in increasing shareholder wealth.

B DETAILS OF REMUNERATION OF KEY MANAGEMENT PERSONNEL OF THE COMPANY

Details of the nature and amount of each element of remuneration of each Director and key management personnel of the Company for the financial year are as follows:-

Directors	Year	Consulting Fees $	Salary $	Directors’ Fee $	Post Employment Superannuation $	Share Based Payments Expense $	Total $	Performance Related %
T Kennedy Non-Executive Chair (appointed 17 February 2021)
	2021	-	-	13,217	1,256	-	14,473	-
	2020	-	-	-	-	-	-	-

K Law Non-Executive Director

	2021	-	-	48,033	4,563	-	52,596	-
	2020	-	-	43,667	4,148	-	47,815	-

D Hughes Director

	2021	-	279,500	-	26,552	-	306,052	-
	2020	-	231,872	-	22,028	-	253,900	-

K Ross Non- Executive Director (resigned 17 February 2021)

	2021	-	-	22,715	2,158	-	24,873	-
	2020	-	-	32,750	3,111	-	35,861	-

There were no termination benefits paid during the year to any Director or key management personnel.

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C SHARE-BASED COMPENSATION

OPTIONS

There were no options issued to the Board as remuneration during the year ended 30 June 2021.

During the year ended 30 June 2019, the Board were issued options by the Company as incentive to perform their role from the date of ASX listing. The options are linked to future performance of the Company. The fair value of the incentive options issued to key management personnel is $325,850 as determined using the Black-Scholes valuation methodology.

The options were granted on 5 October 2018 with an expiry date of 31 December 2021 and an exercise price of $0.25 per option.

The Director’s option values are as follows:

Directors	Grant Date	No of Options Granted	Fair value per option at Grant Date	Vested at 30 June 2020	Total value of Options $	No of options exercised	Options exercised $	Balance of options at year end
T Kennedy	-	-	-	-	-	-	-	-
K Law	5 Oct 2018	1,000,000	$0.0931	1,000,000	93,100	-	-	1,000,000
D Hughes	5 Oct 2018	1,950,000	$0.0931	1,950,000	186,200	861,818	215,455	1,088,182
K Ross*	5 Oct 2018	500,000	$0.0931	500,000	46,550	500,000	125,000	-

*resigned 17 February 2021

Fair values at grant date are independently determined using a Black & Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option.

D SERVICE CONTRACTS

Mr Hughes has entered into an executive service agreement with the Company under which he is engaged as Managing Director. The engagement of Mr Hughes under the agreement commenced on 5 February 2018 and continues until terminated by either party. The Company may terminate the employment without notice upon limited events akin to misconduct or incapacity. Additionally, the Company may terminate the agreement without cause upon one month's written notice. Mr Hughes may terminate the agreement without cause on 3 months’ written notice.

Non-Executive Directors are not employed under written contracts. Non-Executive Directors may be paid consulting fees at commercial rates calculated according to the amount of time spent on the Company’s business. All Directors may receive consulting fees on an hourly basis which are paid from time to time for specialist services beyond normal duties. No Directors have received loans from the Company during the annual period.

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E KEY MANAGEMENT PERSONNEL DISCLOSURES

KEY MANAGEMENT PERSONNEL INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY

DIRECTOR SHARES

Interests of the Directors in the shares and options of the Company at 30 June 2021 and 30 June 2020 were:

2021	Balance at start of the year	Shares issued during the year	Options exercised during the year	Shares disposed of during the year	Balance at the end of the year

T Kennedy	-	-	-	-	-

K Law	565,000	-	32,500	-	597,500

D Hughes	2,988,654	200,000	952,727	-	4,141,381

K Ross (resigned 17 February 2021)	156,251	-	515,626	-	671,877

	3,709,905	200,000	1,500,853	-	5,410,758

2020

K Law	500,000	65,000	-	-	565,000

D Hughes	2,633,336	355,318	-	-	2,988,654

K Ross	125,000	31,251	-	-	156,251

	3,258,336	451,569	-	-	3,709,905

DIRECTOR OPTIONS

The number of options over ordinary shares in the Company held during the financial year by each Key Management Personnel of Yandal Resources Limited including their personally related parties are set out below:

2021	Balance at start of the year	Options issued/ acquired	Options expired during the year	Exercised during the year	Options sold	Balance at the end of the year	Vested and exercisable at the end of the year

T Kennedy	-	-	-	-	-	-	-

K Law	1,032,500	-	-	32,500	-	1,000,000	1,000,000

D Hughes	2,040,909	-	-	952,727	-	1,088,182	1,088,182

K Ross*	515,626	-	-	515,626	-	-	-

	3,589,035	-	-	-	-	2,088,182	2,088,182

*resigned 17 February 2021

2020

K Law	1,000,000	32,500	-	-	-	1,032,500	1,032,500

D Hughes	1,950,000	90,909	-	-	-	2,040,909	2,040,909

K Ross	500,000	15,626	-	-	-	515,626	515,626

	3,450,000	139,035	-	-	-	3,589,035	3,589,035

[End of remuneration report]

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NON-AUDIT SERVICES

The auditors have not provided any non-audit services to the Company in the current financial year.

INDEMNIFICATION AND INSURANCE OF OFFICERS OR AUDITOR

During the financial year, the Company maintained an insurance policy which indemnifies the Directors and Officers of Yandal Resources Limited in respect of any liability incurred in connection with the performance of their duties as Directors or Officers of the Company. The Company's insurers have prohibited disclosure of the amount of the premium payable and the level of indemnification under the insurance contract.

AUDITOR’S INDEPENDENCE DECLARATION

In accordance with section 307C of the Corporations Act 2001, the Directors have obtained a Declaration of Independence from Rothsay Auditing, the Company’s auditors, as presented on page 20 of this year’s financial report.

ENVIRONMENTAL REGULATION

The Company’s Projects are subject to State and Federal laws and regulations regarding environmental matters. The Governments and other authorities that administer and enforce environmental laws and regulations determine these requirements. As with all exploration projects and mining operations, the Company's activities are expected to have an impact on the environment, particularly, if the Company's activities result in mine development. The Company intends to conduct its activities in an environmentally responsible manner and in accordance with applicable laws.

PROCEEDINGS ON BEHALF OF 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.

This report is made in accordance with a resolution of the Directors and signed for on behalf of the Directors by:

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MR LORRY HUGHES Director

24 September 2021 Perth, WA

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The Directors of the Company declare that:

(a) The attached financial statements and notes thereto are in accordance with the Corporations Act 2001 , including:
(i) giving a true and fair view of the financial position and performance of the Company; and
(ii) complying with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements.
(b) The financial statements and notes thereto also comply with International Financial Reporting Standards, as disclosed in Note 1 and other mandatory professional reporting requirements.
(c) The Directors have been given the declarations required by s.295A of the Corporations Act 2001 .
(d) There are reasonable grounds to believe that 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 on behalf of the Directors by:

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MR LORRY HUGHES Director

24 September 2021 Perth, WA

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	Note	2021 $ 2020 $


Revenue from continuing operations	2	25,993 166,425
Total Exploration expenditure written off Professional fees Administration fees Occupancy expenses Employee benefits expenses Share based payments Depreciation expenses Travel expenses Profit/(loss) before income tax Income tax (expense)/benefit Profit/(loss) after income tax for the year Other comprehensive income/(loss) for the year Total comprehensive income/(loss) attributable to Members of Yandal Resources Limited Basic profit/(loss) cents per share	2 21(i) 3 12	25,993 166,425
		(5,594) (83,551) (148,291) (110,012) (183,824) (128,703) (23,698) (24,724) (219,035) (305,054) (9,111) - (21,960) (11,643) (14,022) (6,442)








		(599,542) (503,704)
		- -
		(599,542) (503,704)
		- - (599,542) (503,704)


		(0.67) (0.77) (0.63) (0.77)

Diluted profit/(loss) cents per share	12

The above Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.

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Note CURRENT ASSETS Cash and cash equivalents 4 Trade and other receivables 5 Other 6 Total Current Assets NON-CURRENT ASSETS Capitalised exploration expenditure 7 Property, plant and equipment 8 Total Non-Current Assets Total Assets CURRENT LIABILITIES Trade and other payables 9 Total Current Liabilities Total Liabilities Net Assets EQUITY Contributed equity 10 Reserves 11(b) Accumulated (losses)/profits 11(a) Total Equity	2021 2020
	$ $
	8,047,415 3,384,990 318,133 145,891 3,917 5,255
	8,369,465 3,536,136
	10,422,822 4,506,326 208,324 18,255
	10,631,146 4,524,581
	19,000,611 8,060,717
	511,186 119,473
	511,186 119,473

	511,186 119,473

	18,489,425 7,941,244
	19,706,570 8,567,958 608,861 599,750 (1,826,006) (1,226,464)
	18,489,425 7,941,244

The above Statement of Financial Position should be read in conjunction with the accompanying notes.

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	Share Based Payments Reserve	Accumulated Losses Total Equity
Contributed
Equity
$	$	$ $
5,694,639 - 2,941,319 (68,000)	599,750 - - -	(722,760) 5,571,629 (503,704) (503,704) - 2,941,319 - (68,000)
8,567,958	599,750	(1,226,464) 7,941,244
8,567,958 - 11,531,206 (392,594) -	599,750 - - - 9,111	(1,226,464) 7,941,244 (599,542) (599,542) - 11,531,206 - (392,594) - 9,111
19,706,570	608,861	(1,826,006) 18,489,425

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes

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Note CASH FLOWS FROM OPERATING ACTIVITIES ATO cash flow boost Payments to suppliers and employees Interest received Net cash provided by/(used in) operating activities 18(b) CASH FLOWS FROM INVESTING ACTIVITIES Payments for property, plant and equipment Payments for acquisition of tenements Capitalised exploration expenses Net cash provided by/(used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from share issues and exercise of options Funding of secured loan Share issue costs Net cash provided by financing activities Net increase/(decrease) in cash held Cash and cash equivalents at the beginning of the financial year Cash and Cash Equivalents at the End of the Financial Year 18(a)	Note CASH FLOWS FROM OPERATING ACTIVITIES ATO cash flow boost Payments to suppliers and employees Interest received Net cash provided by/(used in) operating activities 18(b) CASH FLOWS FROM INVESTING ACTIVITIES Payments for property, plant and equipment Payments for acquisition of tenements Capitalised exploration expenses Net cash provided by/(used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from share issues and exercise of options Funding of secured loan Share issue costs Net cash provided by financing activities Net increase/(decrease) in cash held Cash and cash equivalents at the beginning of the financial year Cash and Cash Equivalents at the End of the Financial Year 18(a)	2021 $ 2020 $


		50,000 50,000 (623,841) (702,054) 26,409 67,462



		(547,432) (584,592)
		(212,030) (5,558) (66,246) - (5,556,305) (2,443,849)




		(5,834,581) (2,449,407)
		11,530,032 2,941,319 (93,000) - (392,594) (68,000)




		11,044,438 2,873,319
		4,662,425 (160,680) 3,384,990 3,545,670



		8,047,415 3,384,990

The above Statement of Cash Flows should be read in conjunction with the accompanying notes.

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1 GENERAL INFORMATION

These financial statements and notes represent those of Yandal Resources Limited (the “Company” or “Entity”). Yandal Resources Limited is a Company limited by shares incorporated and domiciled in Australia.

(a) Significant accounting policies

Statement of compliance

Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions. The financial statements and notes also comply with International Financial Reporting Standards.

Basis of preparation

The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and the Corporations Act 2001.

The financial report has been prepared on an accrual basis and is based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. Material accounting policies adopted in preparation of this financial report are presented below and have been consistently applied unless otherwise stated. The presentation currency is Australian dollars.

New accounting standards and interpretations

The Company has adopted all of the new or amended Accounting Standards and Interpretations issued by the AASB that are mandatory for the current reporting period. These Standards and Interpretations did not have any material impact on these financial statements.

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 Company for the annual reporting period ended 30 June 2021.

The Company has reviewed the new Standards and Interpretations that have been issued but are not yet effective for the year ended 30 June 2021. As a result of this review the Directors have determined that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on its business and, therefore, no change is necessary to Company accounting policies.

Critical accounting judgements and key sources of estimation uncertainty

In the application of IFRS, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstance, the results of which form the basis of making the judgements. Actual results may differ from these estimates.

The 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 if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

i) Significant accounting judgements

In the process of applying the Company’s accounting policies, management has made the following judgements, apart from those involving estimations, which have the most significant effect on the amounts recognised in the financial statements:

Capitalisation of exploration and evaluation expenditure

The Company has capitalised significant exploration and evaluation expenditure on the basis either that this is expected to be recouped through future successful developments (or alternatively sale) of the Areas of Interest concerned or on the basis that it is not yet possible to assess whether it will be recouped. As at 30 June 2021, the carrying value of capitalised exploration expenditure is $10,422,822.

Share based payments - performance rights

The Company issued performance rights to their employees during the year ended 30 June 2021 and an amount of $9,111 was expensed as share based payment. Refer to Note 1(n) for the Share-Based Payments accounting policy and Note 21 for details of the performance rights issued.

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(a) Significant accounting policies (continued)

ii) Significant accounting estimates and assumptions

The carrying amounts of certain assets and liabilities are often based on estimates and assumptions of future events. The key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of certain assets and liabilities within the next annual reporting period are:

Impairment of capitalised exploration and evaluation expenditure

The future recoverability of capitalised exploration and evaluation expenditure is dependent on a number of factors, including whether the Company decides to exploit the related lease itself or, if not, whether it successfully recovers the related exploration and evaluation asset through sale.

Factors that could impact the future recoverability include the level of reserves and resources, future technological changes, costs of drilling and production, production rates, future legal changes (including changes to environmental restoration obligations) and changes to commodity prices.

(b) Income Tax

The income tax expense or revenue for the period is the tax payable on the current period’s taxable income based on the notional income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses.

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively enacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary differences to measure the deferred tax asset or liability. An exception is made for certain temporary differences arising from the initial recognition of an asset or a liability. No deferred tax asset or liability is recognised in relation to these temporary differences if they arose in a transaction, other than a business combination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss.

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity.

The charge for current income tax expense is based on the profit for the year adjusted for any non-assessable or disallowed items. It is calculated using the tax rates that have been enacted or are substantively enacted by the reporting date.

The amount of benefits brought to account or which may be realised in the future is based on the assumption that no adverse change will occur in income taxation legislation and the anticipation that the Company will derive sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the law.

(c) Trade and Other Receivables

Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost, less expected credit loss provision. Trade receivables are due for settlement no more than 30 days from the date of recognition.

Collectability of trade receivables is reviewed on an ongoing basis. Debts that are known to be uncollectible are written off. A provision for expected credit loss is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of receivables. The amount of the provision is recognised in the statement of comprehensive income.

(d) Trade and Other Payables

These amounts represent liabilities for goods and services provided to the Company prior to the end of the financial year and which are unpaid, together with assets ordered before the end of the financial year. The amounts are unsecured and are usually paid within 30 days of recognition.

(e) Cash and Cash Equivalents

For statement of cash flows presentation purposes, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions and other short-term, highly liquid instruments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

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(f) Comparative Figures

Where necessary, comparative figures have been adjusted to conform to the presentation in the current year.

(g) Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the statement of comprehensive income over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities, which are not incremental costs relating to the actual draw-down of the facility, are recognised as prepayments and amortised on a straight-line basis over the term of the facility.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

(h) Goods and Services Tax

Revenues, expenses and assets are recognised net of the amount of associated goods and services tax (GST), unless the GST incurred is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the statement of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to, the taxation authority, are presented as operating cash flows.

(i) Contributed Equity

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 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 acquisition as part of the purchase consideration.

If the entity reacquires its own equity instruments, eg as the result of a share buy-back, those instruments are deducted from equity and the associated shares are cancelled. No gain or loss is recognised in the statement of comprehensive income and the consideration paid including any directly attributable incremental costs (net of income taxes) is recognised directly in equity.

(j) Impairment of Assets

Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Assets are reviewed for impairment whenever events or changes in circumstances indicate that they might be impaired. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash flows from other assets or groups of assets (cash-generating units). Non-financial assets that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.

(k) Earnings per Share

i) Basic earnings per share

Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year.

ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.

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(l) Exploration and Evaluation Expenditure

Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage which permits reasonable assessment of the economically recoverable reserves.

Accumulated costs in relation to an abandoned area are written off in full against operating results in the year in which the decision to abandon the area is made. When production commences the accumulated costs for the relevant area of interest are classified as development costs and amortised over the life of the project area according to the rate of depletion of the economically recoverable reserves.

Where independent valuations of areas of interest have been obtained, these are brought to account. Subsequent expenditure on revalued areas of interest is accounted for in accordance with the above principles. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.

At 30 June 2021, the Directors considered that the carrying value of the mineral tenement interests of the consolidated entity was as shown in the Statement of Financial Position and no further impairment arises other than that already recognised.

(m) Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances and amounts collected on behalf of third parties. Revenue is recognised for major business activities as follows:

i) Interest Income

Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.

ii) Other Services

Other debtors are recognised at the amount receivable and are due for settlement within 30 days from the end of the month in which services were provided.

(n) Share-Based Payments

Share-based compensation benefits are provided to employees via the Company’s Employee Incentive Plans. The incentive plans consist of the short term and long term incentive plans for Executive Directors and other Executives and the employee share scheme for all other employees.

The fair value of rights granted under the short term and long term incentive plans is recognised as an employee benefits expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the rights granted, which includes any market performance conditions and the impact of any non-vesting conditions but excludes the impact of any service and non-market performance vesting conditions.

Non-market vesting conditions and the impact of service conditions are included in assumptions about the number of rights that are expected to vest. The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of rights that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in the statement of comprehensive income, with a corresponding adjustment to equity.

The initial estimate of fair value for market based and non-vesting conditions is not subsequently adjusted for differences between the number of rights granted and number of rights that vest.

When the rights are exercised, the appropriate amount of shares are transferred to the employee. The proceeds received net of any directly attributable transaction costs are credited directly to equity.

The fair value of deferred shares granted to employees for nil consideration under the employee share scheme is recognised as an expense over the relevant service period, being the year to which the incentive relates and the vesting period of the shares. The fair value is measured at the grant date of the shares and is recognised in equity in the share-based payment reserve. The number of shares expected to vest is estimated based on the non-market vesting conditions. The estimates are revised at the end of each reporting period and adjustments are recognised in profit or loss and the share-based payment reserve.

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(o) Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker has been identified as the steering committee that makes strategic decisions.

The standard requires a ‘management approach’, under which segment information is presented on the same basis as that used for internal reporting purposes. The segments are reported in a manner that is consistent with the internal reporting provided to the chief operating decision maker.

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company’s other components. All operating segments’ operating results are regularly reviewed by the Company’s Managing Director to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available.

Segment results that are reported to the Managing Director include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets (primarily the Company’s headquarters), head office expenses, and income tax assets and liabilities.

Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible assets other than goodwill.

(p) Leases

The Company assesses at the start of a contract whether or not it contains a lease, by deciding if the contract provides the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company currently uses a single recognition and measurement approach for all leases, except for short-term leases and leases of low value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use underlying assets.

i) Right-of-use assets

The Company recognises right-of-use assets at the start of the lease and are measured at costs, less accumulated depreciation and impairment losses and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.

ii) Lease liabilities

At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives received, variable lease payments that depend on an index or a rate and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such payments) or a change in the assessment of an option to purchase the underlying asset.

iii) Short-term leases and leases of low-value assets

The Company applies the short-term lease recognition exemption to its short-term leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of lowvalue assets are recognised as an expense on a straight-line basis over the lease term.

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2 INCOME AND EXPENSES Revenue from continuing operations: ATO cash flow boost (Note 5(i)) Interest received Loss before income tax is arrived at after charging the following items: Superannuation expenses Capitalised exploration expenditure written off 3 INCOME TAX Income tax expense Current tax Deferred tax Numerical reconciliation of income tax expense to prima facie tax payable Profit/(loss) before income tax Tax at 26% (2020: 27.5%) Tax effect of amounts which are not deductible (taxable) in calculating taxable income: Tax effect of exploration expenditure claimed Permanent differences Other timing differences Tax losses not recognised as an asset Income Tax Expense Tax losses and unrecognised temporary differences The Directors estimate that the potential future income tax benefit as at 30 June 2021 in respect of tax losses not brought to account is as follows: Potential future tax benefit – income tax losses Potential future tax benefit – capital losses Potential deferred tax liability – exploration expenditure This benefit for tax losses will only be obtained if:  the Company derives income of a nature and amount sufficient to enable the benefit from the deductions for the loss to be realised;  the Company continues to comply with the conditions for deductibility imposed by the law; and  no changes in tax legislation adversely affect the Company in realising the benefit from the deductions for the losses.
	2021 $	2020 $ 100,000 66,425



	-
	25,993
	25,993	166,425
		50,314 83,551

	76,567
	5,594
		- -


	-
	-
	-	-


	(599,542)	(503,704)
		(138,519) (632,253) (22,286) (24,116) 817,174
	(155,881)


	(1,521,065)
	6,092
	(83,964)
	1,754,818
	-	-
		1,414,612 34,485 (1,062,231)

	3,089,529
	32,604
	(2,525,356)
	596,777	386,866

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4 CURRENT ASSETS – CASH AND CASH EQUIVALENTS Cash at bank Cash at bank carries a floating interest rate of 1% (2019: 2%). The above figures are reconciled to the cash at the end of the financial year as shown in the statement of cash flows in Note 18. 5 CURRENT ASSETS – TRADE AND OTHER RECEIVABLES Trade receivables ATO Cash flow boost (i) GST assets Other receivables (ii) (i) The Company qualified as an eligible entity for the ATO cash flow boost and received the second tranche subsequent to 30 June 2020. (ii) Included in other receivables is $93,000, being funds loaned to a supplier to acquire an exploration asset in exchange for drilling services. The exploration asset will belong to the Company in the event of any alterations to the original agreement. 6 CURRENT ASSETS - OTHER Prepaid insurance 7 NON-CURRENT ASSETS – CAPITALISED EXPLORATION EXPENDITURE Capitalised exploration and tenement acquisition costs: Carrying amount at the beginning of the year Acquisition of tenements Exploration expenditure capitalised The ultimate recoupment of above expenditure relating to exploration is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. 8 NON-CURRENT ASSETS – PROPERTY, PLANT AND EQUIPMENT Plant and equipment at cost Less provision for depreciation Reconciliations: Plant and Equipment Carrying amount at the beginning of the year Additions Depreciation Carrying amount at the end of the year
	2021		2020 $ 3,384,990
	$


	8,047,415
	8,047,415		3,384,990
			- 50,000 94,686 1,205




	6,235
	-
	216,927
	94,971
	318,133		145,891
			5,255





	3,917
	3,917		5,255
			2,207,224 - 2,299,102



	4,506,326
	66,246
	5,850,250
	10,422,822		4,506,326
			27,593 (9,338)



	239,302
	(30,978)
	208,324		18,255
			24,340 5,558 (11,643)

	18,255
	212,029
	(21,960)
	208,324		18,255

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	2021	2020
	$	$
9 CURRENT LIABILITIES – TRADE AND OTHER PAYABLES
Trade payables	346,509	61,906
Accrued expenses	113,551	46,062
Other expenses	51,126	11,505
	511,186	119,473
All amounts are expected to be settled in less than 12 months.
10 CONTRIBUTED EQUITY
(a) Ordinary Shares
Issued capital 100,439,953 (2020: 66,847,975) ordinary shares fully paid (net of share
issue costs)	19,706,570	8,567,958
	19,706,570	8,567,958


	Number	Number	$	$
	2021	2020	2021	2020
Movement in issued capital
Balance at the beginning of the financial year	66,847,975	53,478,348	8,567,958	5,694,639
Shares issued under a Placement	12,000,000	-	6,000,000	-
Shares issued under a non-renounceable pro-rata rights issue	13,369,635	13,369,627	3,342,410	2,941,319
Shares issued from options exercised (refer Note 10b)	8,222,343	-	2,188,796	-
Share issue costs	-	-	(392,594)	(68,000)
Balance at the End of the Financial Year	100,439,953	66,847,975	19,706,570	8,567,958

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Terms and condition of contributed equity

Ordinary Shares Ordinary shares have no par value.

Ordinary shares have the right to receive dividends as declared and, in the event of winding up the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held.

Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.

(b) Options

During the year ended 30 June 2021, the following options were exercised:

1,561,818 options were exercised at $0.25 cents to raise $390,454 (refer Note 14d) 6,660,525 options were exercised at $0.27 cents to raise $1,798,342

As at 30 June 2021, the following unlisted options were on issue:

4,888,182 unlisted options – exercisable at 25 cents and expire on 31 December 2021

24,296 unlisted options – exercisable at 27 cents lapsed on 30 June 2021, unexercised

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11 RESERVES AND ACCUMULATED LOSSES (a) Accumulated Losses Opening balance Profit/(Loss) for the year Closing Balance (b) Reserves Share based payment reserve (i) (i) Share-Based Payments Reserve The share-based payments reserve is used to recognise the fair value of shares, options and performance rights issued. Balance at beginning of the year Fair value of performance rights granted (refer Note 21) Balance at the end of the year 12 EARNINGS/(LOSS) PER SHARE Profit/(loss) after tax attributable to members of Yandal Resources Limited Basic profit/( loss) per share Diluted profit/(loss) per share Weighted average number of ordinary shares outstanding during the year used in the calculation of basic and diluted loss per share. Basic Earnings/(Loss) Per Share Basic earnings/(loss) per share is determined by dividing the loss after income tax attributable to members of Yandal Resources Limited by the weighted average number of ordinary shares outstanding during the financial year, adjusted for any bonus elements in ordinary shares issued during the year. Diluted Earnings/(Loss) Per Share Diluted earnings/(loss) per share adjusts the figures used in the determination of basic earnings per share by taking into account amounts unpaid on ordinary shares and any change in earnings per share that will probably arise from the exercise of options outstanding during the financial year. Where options exercise prices are above market values (out of the money), no dilutive impact arises as it increases the loss per share.
	2021 $	2020 $
		(722,760) (503,704)


	(1,226,464)
	(599,542)
	(1,826,006)	(1,226,464)
		599,750

	608,861
	608,861	599,750
		599,750 -

	599,750
	9,111
	608,861	599,750
		(503,704) (0.77) cents (0.77) cents

	(599,542)
	(0.67) cents
	(0.63) cents


	Number	Number
		65,753,780
	88,864,154

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	2021	2020
	$	$

	27,500	27,500
	363,465	308,289
	34,529	29,287
	-	-
	397,994	337,576

13 REMUNERATION OF AUDITORS

Remuneration for audit of financial reports by Rothsay Auditing

14 KEY MANAGEMENT PERSONNEL DISCLOSURES

The persons holding positions as Directors of the Company during the financial year were: Mr Timothy Kennedy Non-Executive Chair Appointed 17 February 2021 Appointed Chair 1 July 2021 Ms Katina Law Non-Executive Director Appointed 1 July 2018 Mr David (Lorry) Hughes Managing Director Appointed 6 April 2018 Ms Kelly Ross Non-Executive Director Appointed 6 April 2018 Resigned 17 February 2021

(a) Details of remuneration

Refer to the Remuneration Report contained in the Directors’ Report for details of the remuneration paid or payable to each member of the Company’s Key Management Personnel for the year ended 30 June 2021.

The total remuneration paid to Key Management Personnel of the Company and the Company during the year are as follows:

total remuneration paid to Key Management Personnel of the Company and the mpany during the year are as follows:
Short-term benefits	363,465	308,289
Post-employment benefits	34,529	29,287
Share based payments	-	-
	397,994	337,576

Other Key Management Personnel

There were no other key management personnel in Yandal Resources Limited during the financial year.

See Note 19 for details of key management personnel and any other transactions with key management personnel.

(b) Share and option holdings

All equity dealings with Directors have been entered into with terms and conditions no more favourable than those that the entity would have adopted if dealing at arm’s length.

(c) Remuneration options: granted during the financial period ending 30 June 2021

There were no remuneration options granted during the year.

Details of share based payments during the year ended 30 June 2021 are contained in Note 21 to the financial statements.

(d) Exercise of options by Key Management Personnel

1,561,818 options were exercised at $0.25 cents to raise $390,454.

There were no other transactions with Key Management Personnel during the year.

15 SEGMENT REPORTING

The entity 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 entity operates predominantly in one business segment which is gold exploration and predominantly in one geographical area which is Western Australia.

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15 SEGMENT REPORTING continued

The Company is domiciled in Australia. All revenue from external parties in generated from Australia only. All the assets are located in Australia.

16 FINANCE FACILITIES

No credit standby facility arrangement or loan facilities existed at 30 June 2021 or 30 June 2020.

17 COMMITMENTS FOR EXPENDITURE Commitments for minimum expenditure requirements on the mineral exploration assets it has an interest in are payable as follows: Within one year Later than one year but not later than five years Later than five years 18 NOTES TO THE STATEMENT OF CASH FLOWS (a) Reconciliation of Cash For the purposes of the statement of cash flows, cash includes cash on hand and in banks and investments in money market instruments, net of outstanding bank overdrafts. Cash at the end of the financial year as shown in the statement of cash flows is reconciled to the related items in the statement of financial position as follows: Cash at bank Reconciliation of Net Cash Used In Operating Activities To Loss After Income Tax Profit/(loss) after income tax Depreciation Share based payment Movements in: Receivables Tax assets Prepayments Payables Net Cash provided by/(used in) Operating Activities (b) Non cash financing and investing activities There were no non-cash financing and investing activities during the year ended 30 June 2021.	2021 $		2020
			$

			706,000 1,003,000


	1,015,540
	3,747,440
	310,600		1,003,000
	5,073,580		2,712,000


	8,047,415		3,384,990

			(503,704) 11,643 - (48,963) (31,339) 713 (12,942)
	(599,542)
	21,960
	9,111



	44,181
	(122,241)
	1,338
	97,761
	(547,432)		(584,592)

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19 RELATED PARTIES

Directors

The Directors who held office at any time during the year are as follows:

Mr Timothy Kennedy, Ms Katina Law, Mr David (Lorry) Hughes and Ms Kelly Ross

Other transactions with Director related entities

Transactions with related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. Disclosures relating to Key Management Personnel are set out in Note 21 and the Remuneration Report.

20 FINANCIAL RISK MANAGEMENT AND POLICIES The Company’s exploration activities are being funded by equity and are not exposed to significant financial risks. There are no speculative or financial derivative instruments. Funds are invested for various short term periods to match forecast cash flow requirements. The Company holds the following financial instruments: Financial assets Cash and cash equivalents Receivables Financial liabilities Payables	2021 $		2020 $


			3,384,990 145,891







	8,047,415
	318,133
	8,365,548		3,530,881
			119,473

	511,186
	511,186		119,473

The Company’s principal financial instruments comprise cash and short-term deposits. The Company does not have any borrowings. The main purpose of these financial instruments is to fund the Company’s operations.

The main risks arising from the Company are credit risk, capital risk and liquidity risk. The Board of Directors reviews and agrees policies for managing each of these risks and they are summarised below:

(a) Credit risk

Management does not actively manage credit risk.

The Company has no significant exposure to credit risk from external parties at year end. The maximum exposure to credit risk at the reporting date is equal to the carrying value of financial assets at 30 June 2021.

Cash at bank is held with internationally regulated banks.

Other receivables are of a low value and all amounts are current.

(b) Capital risk

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 amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

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20 FINANCIAL RISK MANAGEMENT AND POLICIES continued

(c) Liquidity risk

Maturity profile of financial instruments

Prudent liquidity risk management implies maintaining sufficient cash balances and access to equity funding.

The Company’s exposure to the risk of changes in market interest rates relate primarily to cash assets and floating interest rates. The Company does not have significant interest-bearing assets and is not materially exposed to changes in market interest rates.

The Directors monitor the cash-burn rate of the Company on an on-going basis against budget and the maturity profiles of financial assets and liabilities to manage its liquidity risk.

The following table sets out the carrying amount, by maturity, of the financial instruments including exposure to interest rate risk:

	< 1 month	1 – 3 months	3 months – 1 year	1 – 5 years	Over 5 years	Total	Weighted average effective interest rate %

As at 30 June 2021
Financial Assets: Cash Receivables Financial Liabilities: Payables
	8,047,415	-	-	-	-	8,047,415	0.25%
	318,133	-	-	-	-	318,133	-
	8,365,548	-	-	-	-	8,365,548	-
	511,186	-	-	-	-	511,186	-
	511,186	-	-	-	-	511,186	-

As at 30 June 2020
Financial Assets: Cash Receivables Financial Liabilities: Payables
	3,384,990	-	-	-	-	3,384,990	1%
	145,891	-	-	-	-	145,891	-
	3,530,881	-	-	-	-	3,530,881	-

	119,473	-	-	-	-	119,473	-
	119,473	-	-	-	-	119,473	-

Sensitivity analysis – interest rates

The sensitivity effect of possible interest rate movements have not been disclosed as they are immaterial.

(d) Net fair value of financial assets and liabilities

Unless otherwise stated, the carrying amount of financial instruments reflect their fair value.

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21 SHARE BASED PAYMENTS

(i) 30 June 2021

600,000 performance rights were issued to employees of the Company.

The performance rights were granted at nil consideration, do not have an exercise price and will lapse if the vesting conditions are not met.

The Performance Rights are issued under the Company’s Employee Incentive Scheme (EIS), dated 19 October 2018.

Each performance right will convert to an ordinary share upon satisfaction of the below vesting criteria:

1. Prior to 1 July 2022, the volume weighted average price of the Company’s shares over 20 consecutive trading days on which the shares trade is $1.00 or more; and

2. Completing 12 months of continuous employment with the Company to 1 June 2022.

During the year ended 30 June 2021, $9,111 was expensed as a share based payment.

Set out below is a summary of the performance rights granted:

Set out below is a summary of the performance rights granted:

	Class A	Total

Number granted	600,000	600,000

Grant date	11 June 2021

Expiry date of milestone achievements	1 July 2022

Share price hurdle	$1.00

Fair value per right*	$0.3077

Total fair value that would be recognised over the vesting period if rights are vested	184,620	184,620

Number cancelled at 30 June 2021	0	0

Number vested at 30 June 2021	0	0

Number remaining at 30 June 2021	600,000	600,000

Amount expensed in 2021	9,111	9,111

The fair value of the rights was determined using Hoadley’s Barrier 1 model that takes into account the vesting condition of the rights, and was based on the following inputs:

	Rights
Assumptions	Class A
Spot price	$0.555
Vesting hurdle	$1.00
Exercise price	Nil
Expiry period (years)	1 July 2022
Expected future volatility	85%
Risk free rate	-0.01%
Dividend yield	Nil

(ii) 30 June 2020

There were no share based payments transactions during the year.

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22 LEASES

This note provides information for leases where the Company is a lessee.

The Company adopted AASB 16 from 1 July 2019.

The Company applied AASB 16 on its leases as follows:

Lease	Impact on the Company’s Financial Position or Performance
	June 2021
Office space	Lease agreement is on a month by month basis, therefore eligible for short term exemption, no impact.
Office equipment/photocopiers	Lease agreement is on a month by month basis, therefore eligible for short term exemption, no impact.

23 CONTINGENCIES

There are no contingent assets or liabilities at reporting date.

24 EVENTS AFTER REPORTING DATE

At the date of the Directors’ Declaration no other matter or circumstance has arisen since 30 June 2021 that has significantly affected or may significantly affect the operations, results of those operations, or state of affairs of the Company, subsequent to 30 June 2021.

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Additional information required by the Australian Stock Exchange Limited Listing Rules, and not disclosed elsewhere in this report.

SHAREHOLDINGS

The names of ordinary shares held by the substantial shareholders as at 21 September 2021 were:

DGO Gold Limited
Au Xingao Investment Pty Ltd
CS Third Nominees Pty Limited
Abadi Investments Pty Ltd

UNQUOTED SECURITIES OPTIONHOLDINGS

Nature	Expiry Date	Exercise Price of Options	Number under Option	Number of Holders

Unlisted options	31 December 2021	25 cents	4,888,182	7

The numbers of unlisted options with an exercise price $0.25, expiring 31 December 2021 held by the substantial option holders as at 21 September 2021 were:

	Hera Investments Pty Ltd	1,600,000	32.732%
	Ms Renae Wainwright & Mr David Lawrence Hughes	1,088,182	22.261%
	Mrs Katina Maria Ethel Law & Mr Peter Sigfred Law	1,000,000	20.458%
	Bald Superannuation Pty Ltd	400,000	8.183%
	JXB Holdings Pty Ltd	300,000	6.137%
	Mr Trevor James Saul	300,000	6.137%

CLASS OF SHARES AND VOTING RIGHTS

As at 21 September 2021, there were 690 holders of the ordinary shares and 7 holders of unlisted options of the Company. The voting rights attached to the shares are:

at a meeting of members or classes of members each member entitled to vote may vote in person or by proxy or by attorney; and
on a show of hands every person present who is a member has one vote, and on a poll every person present in person or by proxy or attorney has one vote for each ordinary share held.

DISTRIBUTION OF SHAREHOLDERS (as at 21 September 2021)


Category	Number of Shareholders

1 – 1,000	44

1,001 – 5,000	138

5,001 – 10,000	123

10,001 – 100,000	313

100,001 – over	72

TOTAL HOLDERS	690

The number of shareholders holding less than a marketable parcel as at 21 September 2021 was 35.

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Twenty largest shareholders as at 21 September 2021


	Name	Balance	%

1	DGO GOLD LIMITED	19,987,550	19.900%
2	AU XINGAO INVESTMENT PTY LTD	14,608,458	14.544%
3	CS THIRD NOMINEES PTY LIMITED	10,134,226	10.090%
4	ABADI INVESTMENTS PTY LTD	7,960,289	7.925%
5	MR KENNETH JOSEPH HALL	4,604,168	4.584%
6	AVENIRA GOLD PTY LTD	4,600,000	4.580%
7	MS RENAE WAINWRIGHT & MR DAVID LAWRENCE HUGHES	4,001,381	3.984%
8	KESLI CHEMICALS PTY LTD	1,423,820	1.418%
9	MRS MARISA MACKOW	1,284,638	1.279%
10	NATIONAL NOMINEES LIMITED	1,132,966	1.128%
11	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	1,089,653	1.085%
12	ZINFANDEL EXPLORATION PTY LTD	1,000,000	0.996%
13	CAROLINE HOUSE SUPERANNUATION FUND PTY LTD	953,664	0.949%
14	MR RODERICK JAMES TRIGWELL	877,261	0.873%
15	POUNAMU CAPITAL PTY LIMITED	812,500	0.809%
16	MR PETER PIOTR MACKOW	791,265	0.788%
17	JXB HOLDINGS PTY LTD	750,000	0.747%
18	GARRETT SMYTHE LTD	702,467	0.699%
19	B & M LAWS SUPER FUND PTY LTD	700,000	0.697%
20	BILL BROOKS PTY LTD	674,167	0.671%

	Total Securities of Top 20 Holdings	78,088,473	77.746%

	Total of Securities	100,439,953

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Locality	Tenement ID	Holder	Beneficial Ownership of Yandal Resources Ltd	Notes

Ironstone Well Gold Project

Oblique/Quarter Moon	E53/1882	Yandal Resources Limited	100%

Flushing Meadows	E53/1963	Yandal Resources Limited	100%

Flushing Meadows	E53/1964	Yandal Resources Limited	100%

Ironstone Well	M53/1093	Yandal Resources Limited	100%

Flushing Meadows	MLA53/1108	Yandal Resources Limited	100%

Flushing Meadows	LA53/222	Yandal Resources Limited	100%



Barwidgee Gold Project

New England	E53/1843	Yandal Resources Limited	100%

New England	P53/1638	Yandal Resources Limited	100%

New England	P53/1639	Yandal Resources Limited	100%

Mazzucco	P53/1704	Yandal Resources Limited	100%



Mt McClure Gold Project

Success	M36/691	Yandal Resources Limited	100%

Parmelia	M36/692	Yandal Resources Limited	100%

Challenger	M36/693	Yandal Resources Limited	100%

Mt McClure	P36/1892	Yandal Resources Limited	100%

Mt McClure	P36/1893	Yandal Resources Limited	100%

Mt McClure	P36/1894	Yandal Resources Limited	100%

Mt McClure	P36/1895	Yandal Resources Limited	100%

Mt McClure	P36/1896	Yandal Resources Limited	100%

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Locality	Tenement ID	Holder	Beneficial Ownership of Yandal Resources Ltd	Notes

Gordans Gold Project

Mt Jewell	E24/198	Yandal Resources Limited	100%

King of the West	E24/214	Yandal Resources Limited/PVW	100%	1

Mt Jewell	E27/536	Yandal Resources Limited	100%

Mulgarrie	E27/570	Yandal Resources Limited/PVW	100%	1

Gordons	E27/601	Yandal Resources Limited	100%

Wild Dog	E27/602	Yandal Resources Limited	100%

Mt Vetters	E27/605	Yandal Resources Limited	100%

Mulgarrie	M27/237	Yandal Resources Limited	100%

Gordons	M27/502	Yandal Resources Limited	100%

King of the West	P24/5266	Yandal Resources Limited/PVW	100%	1

King of the West	P24/5267	Yandal Resources Limited/PVW	100%	1

King of the West	P24/5268	Yandal Resources Limited/PVW	100%	1

King of the West	P24/5269	Yandal Resources Limited/PVW	100%	1

King of the West	P24/5270	Yandal Resources Limited/PVW	100%	1

King of the West	P24/5271	Yandal Resources Limited/PVW	100%	1

Gordons	P26/4577	Yandal Resources Limited	100%

Mt Jewell	P27/2206	Yandal Resources Limited	100%

Boomerang Dam	P27/2214	Yandal Resources Limited	100%

Kanowna	P27/2325	Yandal Resources Limited	100%

Mt Eba	P27/2331	Yandal Resources Limited	100%

Gordons	P27/2338	Yandal Resources Limited	100%

Gordons	P27/2339	Yandal Resources Limited	100%

Gordons	P27/2340	Yandal Resources Limited	100%

Gordons	P27/2341	Yandal Resources Limited	100%

Gordons	P27/2342	Yandal Resources Limited	100%

Gordons	P27/2343	Yandal Resources Limited	100%

Gordons	P27/2344	Yandal Resources Limited	100%

Gordons	P27/2345	Yandal Resources Limited	100%

Gordons	P27/2346	Yandal Resources Limited	100%

Gordons	P27/2354	Yandal Resources Limited	100%

Gordons	P27/2355	Yandal Resources Limited	100%

Gordons	P27/2356	Yandal Resources Limited	100%

Gordons	P27/2357	Yandal Resources Limited	100%

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Locality	Tenement ID	Holder	Beneficial Ownership of Yandal Resources Ltd	Notes

Gordans Gold Projectcontinued

Gordons	P27/2358	Yandal Resources Limited	100%

Gordons	P27/2359	Yandal Resources Limited	100%

Gordons	P27/2360	Yandal Resources Limited	100%

Gordons	P27/2361	Yandal Resources Limited	100%

Gordons	P27/2362	Yandal Resources Limited	100%

Gordons	P27/2363	Yandal Resources Limited	100%

Gordons	P27/2364	Yandal Resources Limited	100%

Gordons	P27/2461	Yandal Resources Limited	100%

Gordons	LA27/100	Yandal Resources Limited	100%

Gordons	LA27/101	Yandal Resources Limited	100%

Notes:

1. These tenements are the subject of the PVW Kalgoorlie Pty Ltd Deed of Agreement dated 22 July 2021. Awaiting finalisation of transfers.

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AI assistant

YANDAL RESOURCES LIMITED — Annual Report 2021

66112_rns_2021-09-23_81fb9cb8-b147-46c5-98f8-71a8f3123379.pdf

ANNUAL REPORT 2021

REVIEW OF OPERATIONS

GORDONS GOLD PROJECT

Regional geology map of part of the Gordons gold project showing tenure, individual prospects tested in 2020/21 with completed and planned drill holes[1]

GORDONS GOLD PROJECT continued

Regional geology plan showing drilling at the Gordons Dam and Malone prospects

GORDONS GOLD PROJECT continued

IRONSTONE WELL AND BARWIDGEE PROJECTS

Regional geology plan showing key prospects and tenure at the Ironstone Well and Barwidgee projects (refer to inset figures on pages 7 and 9)

IRONSTONE WELL AND BARWIDGEE PROJECTS continued

Regional geology plan showing the Flushing Meadows deposit, tenure and ineffectively tested areas along strike and adjacent to significant prospects (refer to figure on page 6 for location)

IRONSTONE WELL AND BARWIDGEE PROJECTS continued

IRONSTONE WELL AND BARWIDGEE PROJECTS continued

IRONSTONE WELL AND BARWIDGEE PROJECTS continued

MT MCCLURE PROJECT

Plan view of the Mt McClure project showing the regional geology, new Mining Leases and the location of key prospects

MT MCCLURE PROJECT continued

Competent Person Statement

DIRECTORS

INFORMATION ON DIRECTORS AND OFFICERS

MR TIMOTHY KENNEDY B.App Sc (Geology), MBA, MAusIMM, MGSA

NON-EXECUTIVE CHAIRMAN (appointed 17 February 2021, appointed Chair 1 July 2021)

MS KATINA LAW BCom, FCPA, MBA, GAICD

NON-EXECUTIVE CHAIR (appointed 1 July 2018, resigned from Chair, 1 July 2021)

MR DAVID (LORRY) HUGHES BSc (Geol) MAusImm MANAGING DIRECTOR (appointed 6 April 2018)

MS KELLY ROSS BBus, CPA, ACS (CS, CGP)

MRS BIANCA TAVEIRA, COMPANY SECRETARY

CORPORATE INFORMATION

PRINCIPAL ACTIVITIES

RESULTS OF OPERATIONS

REVIEW OF OPERATIONS

SIGNIFICANT CHANGES IN STATE OF AFFAIRS

EVENTS AFTER REPORTING DATE

FUTURE DEVELOPMENTS

COVID-19 IMPACT

DIVIDENDS

MEETINGS OF DIRECTORS

DIRECTOR SHARE AND OPTION HOLDINGS

SHARES UNDER OPTION

REMUNERATION REPORT (AUDITED)

A PRINCIPLES USED TO DETERMINE AMOUNT AND NATURE OF REMUNERATION

DIRECTORS’ FEES

PERFORMANCE BASED REMUNERATION

COMPANY PERFORMANCE, SHAREHOLDER WEALTH AND DIRECTORS’ AND EXECUTIVES’ REMUNERATION

B DETAILS OF REMUNERATION OF KEY MANAGEMENT PERSONNEL OF THE COMPANY

C SHARE-BASED COMPENSATION

OPTIONS

D SERVICE CONTRACTS

E KEY MANAGEMENT PERSONNEL DISCLOSURES

KEY MANAGEMENT PERSONNEL INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY

DIRECTOR SHARES

DIRECTOR OPTIONS

NON-AUDIT SERVICES

INDEMNIFICATION AND INSURANCE OF OFFICERS OR AUDITOR

AUDITOR’S INDEPENDENCE DECLARATION

ENVIRONMENTAL REGULATION

PROCEEDINGS ON BEHALF OF COMPANY

24 September 2021 Perth, WA

1 GENERAL INFORMATION

(a) Significant accounting policies

Statement of compliance

Basis of preparation

New accounting standards and interpretations

New Accounting Standards and Interpretations not yet mandatory or early adopted

Critical accounting judgements and key sources of estimation uncertainty

i) Significant accounting judgements

Capitalisation of exploration and evaluation expenditure

Share based payments - performance rights

(a) Significant accounting policies (continued)

ii) Significant accounting estimates and assumptions

Impairment of capitalised exploration and evaluation expenditure

(b) Income Tax

(c) Trade and Other Receivables

(d) Trade and Other Payables

(e) Cash and Cash Equivalents

(f) Comparative Figures

(g) Borrowings

YANDAL RESOURCES LIMITED Annual Report 2021