ZEUS RESOURCES LIMITED - Annual Report 2021

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Annual Report For the year ended 30 June 2021

The information contained in this report is to be read in conjunction with Zeus Resources Limited's 2021 half year report and announcements to the market Zeus Resources released during the period

WWW.ZEUSRESOURCES.COM ABN 70 139 183 190

CORPORATE DIRECTORY

Directors

Mr Dongfeng Zhang – Chairperson

Mr Jiangang Zhao - Acting CEO and Director

Mr Gregory Clifton Hall - Non-executive Director

Mr Yong Zhang - Non-executive Director

Mr Jian Liu – Director and General Manager Geology and Exploration (appointed 22 Dec 2020)

Company Secretary

Laura Newall (Appointed 1 December 2020)

Principal registered office

Suite 105 Level 1, 25-27 Berry Street

North Sydney

Telephone: +61 2 8488 3270

Email: [email protected]

Auditor

William Buck 29/66 Goulburn St Sydney NSW 2000

Share Registry

Boardroom Pty Ltd

Level 12/225 George St, The Rocks NSW 2000

Australian Securities Exchange

ASX Code – ZEU

Website: www.zeusresources.com

CONTENTS
CORPORATE DIRECTORY	2
CHAIRPERSON’S REPORT	4
REVIEW OF OPERATIONS REPORT	6
DIRECTORS’ REPORT	10
AUDITOR’S INDEPENDENCE DECLARATION	23
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME	24
STATEMENT OF FINANCIAL POSITION	25
STATEMENT OF CHANGES IN EQUITY	26
STATEMENT OF CASH FLOWS	27
NOTES TO THE FINANCIAL STATEMENTS	28
DIRECTORS’ DECLARATION	47
INDEPENDENT AUDITOR'S REPORT	48
TENEMENT SCHEDULE	52
GOVERNANCE STATEMENT	53
SHAREHOLDER INFORMATION	54

CHAIRPERSON’S REPORT

Dear Fellow Shareholders,

On Behalf of your Board of Directors, it is with great pleasure that I write to you and present the Zeus Resources Ltd (“Zeus” or “the Company”) Annual Report for the year ended 30 June 2021.

The last financial year was strongly dominated by the COVID-19 pandemic. Despite all challenges arisen from COVID-19 namely, global border closures and restrictions to travel and work, the Company has been actively seeking avenues to improving our financial position, keeping the existing tenements in good order whilst generating new projects.

Tenements Exploration

With regards to the continued legislative position of the Western Australian State Government, the Company is not able to actively explore for uranium in Western Australia without an exemption from the Minister for Mining, WA.

Exploration efforts during the year have remained focused on the planning of follow up exploration programs at the Company’s remaining Wiluna Project (E53/1603) and Mortimer Hills Project (E09/2147).

Due to the ongoing restrictions of the COVID-19 pandemic and as a Sydney based company, the Company has engaged with WA local contract geologists to carry out the field work.

New Project Exploration

The Company has signed a one-year agreement with Cloud Securities Pte. Ltd. (“Cloud Securities”). Cloud Securities is a Singapore based and agrees to locate and introduce to the Company, prospective mining tenements and/or projects both in Australia and/or internationally. The Company will keep investigating new mining projects in uranium, gold, copper, and other metals. The project locations will not be limited to Australia; countries located in South-East Asia and Africa will be also considered. However, there is no guarantee that the Company will identify a viable project and develop it successfully.

Financial Position

The Company successfully controlled operating costs within its budget during the relatively slow-moving mining market in the past few years.

The capital pressure faced by Zeus has been greatly eased by the placement in June 2021 and by exercising options in August. As the result, the Company had $1.85 million cash in its bank account at the end of August with no debt. Now Zeus has sufficient funds to carry out field work for the existing WA tenements; do investigation for new projects; and maintain the normal operation of the Company.

The recovery of the mining market has increased the confidence to develop the Company. The next step will be to adopt a more active strategy to grow the Company. Investors’ continued support would assist with investing on new projects.

CHAIRPERSON’S REPORT

We note that the ASX has suspended quotation of the Company’s securities under Listing Rule 17.3 with immediate effect, as ASX has determined that ZEU’s operations are not adequate to warrant the continued quotation of its securities for the purposes of Listing Rule 12.1.

As stated before, the Company has been actively planning to source fieldwork on tenements and introducing new exploration projects and has successfully completed a Placement to raise funds for the exploration of its WA projects for the next period and commence investigation of new projects. The Company will execute the planned exploration work and investigating new mining projects whilst continuing to work with the ASX to demonstrate compliance with Listing 12.1.

We are very delighted that investors have strongly supported our strategy and welcome new shareholders to join our company. I look forward to sharing with you the achievements of Zeus during the year ahead.

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Mr. Dongfeng Zhang Chairperson

Dated this 29[th] day of September 2021

REVIEW OF OPERATIONS

Tenement Status

No changes to Zeus’ granted tenement holdings occurred during the financial year ended 30 June 2021. Tenements are shown in Figure 1 and detailed in Table 1.

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Figure 1. Zeus Resources Tenement Location Map.

REVIEW OF OPERATIONS

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Region Project Tenement Status Holder Operator Comments
Zeus Zeus
Wiluna Lake Way E 53/1603 Granted 5 blocks held
Resources Ltd Resources Ltd
Narnoo Zeus Zeus
Narnoo E 28/2097 Granted 5 blocks held
South Resources Ltd Resources Ltd
Mortimer Zeus Zeus
Gascoyne E 09/2147 Granted 15 blocks held
Hills Resources Ltd Resources Ltd
Table 1. Zeus Resources Tenement Details
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Exploration Program

The Company’s exploration program for 2021-2022 as follows.

Mortimer Hills Project (E09/2147)

Exploration licence E09/2147 is situated in the Gascoyne Province at the western end of the Capricorn Orogen. The project area covers basement rocks of the Proterozoic Morrissey Metamorphic suite which hosts a late stage granitoid intrusive which extends along ~13km of strike extent. The Morrissey suite consists of metamorphosed pelitic sediments (quartz-muscovite-biotite+-garnet schist) and quartzite enclosed in large migmatitic areas, with limited amphibolites.

Zeus considers Lithium-Caesium-Tantalum (LCT) bearing pegmatites to be the main exploration target on its E09/2147 tenement.

A two-phase exploration program envisaged for the tenement is:

Phase 1 - Exploration Mapping & Rock Chip sampling to locate targets for RC drilling;
Phase 2 - RC drilling of 20-25 holes targeting identified lithium pegmatites and selected ironstone gossans. This would allow testing of 4-6 targets.

Despite COVID restrictions and lockdown, the Company commenced Phase 1 of exploration work of Mortimer Hills on 16 September 2021. Ground mapping is planned as a series of 1km spaced SW-NE traverses across the strike of the Morrisey Metamorphic Suite and Ti-Tree syncline and aims to identify LCT Pegmatites and ironstone/Base-metal gossans. Further infill traverses will be conducted as required. Approximately 40km of ground traversing is planned as part of Phase 1 Work.

The Company intends to submit a Program of Work for a program of RC drilling following the completion of the phase 1 field work. The phase 2 drilling will be subject to review based on the results obtained from mapping and sampling traverses. Drill planning at this stage is indicative.

Given that the Covid-19 restrictions are still in place, the Company has engaged a consultant geologist in WA for field work services on a contract basis, and the consultant geologist is on site at the tenement as at the date of this report.

REVIEW OF OPERATIONS

Wiluna Project (E53/1603)

Exploration licence E53/1603 is located within the Wiluna Mining District of the East Murchison Mineral Field within northern Goldfields region of Western Australia. The E53/1603 tenement covers portions of the southerly trending Kukububba Palaeo-channel which drains into Lake Way. The palaeo-channel overlies a mixture of greenstone and granite.

Past exploration has established that greenstone lithologies occur as basement highs within the project area and that these greenstones have not previously been assessed for gold mineralisation. As a result the exploration objective has been adjusted explore for Archaean lode gold mineralisation beneath the Tertiary sediments infilling the palaeo-channel.

A three-phase exploration program is planned for the tenement:

Phase 1 office compilation of 3D channel model plus aeromagnetic interpretation;
Phase 2 Gravity survey, interpretation of shallow greenstone and integration with Phase 1;
Phase 3 Drilling of targets to get coverage of entire tenement.

Recovery of basal sands from previous drilling should allow assaying of gold content to detect palaeo-alluvial gold from adjacent sides of the channel.

Drilling of greenstone targets and shear zones is intended to be completed to sample for trace elements associated with gold mineralisation which have much greater dispersion than gold mineralisation.

Depending on the results of Phase 1, the Company proposes to carry out the gravity survey and interpretation and integration with Phase 1. The Company intends to submit a Program of Work with drilling planned to commence in early 2022 which will be subject to review and having regard to results obtained from the earlier work. Drill planning at this stage is indicative.

Narnoo Project (E28/2097)

Based on the recommendations from the Company’s tenement manager with regards to changes in legislation, the Company is not able to actively explore for uranium within the Narnoo project due to the Government imposed restrictions relating to the COVID-19 pandemic. The Company expects to meet with the minimum required expenditure commitment by the renewal date of the tenement of 8 May 2022.

The exploration work on this project will not be carried out at this stage, however further evaluation of the tenement will occur as to what direction to take with exploration of this tenement in the future.

REVIEW OF OPERATIONS

Competent Person Statement:

Information in this release that relates to Exploration Results is based on information compiled by Mr Andrew Rust, who is a Member of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Rust is a full-time employee of Shearwater Australia Proprietary Limited. Mr Rust is engaged by Zeus Resources Limited as an independent consultant. Mr Rust has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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 Rust consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

DIRECTORS’ REPORT

Your directors present their report together with the financial statements of the Company for the financial year ended 30 June 2021.

Review of operations

During the past financial year, the Company focused on both geological exploration of current tenements and new project acquisitions.

Exploration efforts in WA have been much delayed due to restrictions on travel and on availability of geology contractors to carry out planned exploration.

The Company has drawn up a Program of Works, which includes drilling, for two of its tenements as detailed in the above Review of Operations section of this report. The Company plans to instigate the program from September to January 2022.

Results of Operations

For the year ended 30 June 2021 the Company recorded a loss of $243,359 (2020: Loss $834,620). There were no impairments made to tenement assets or other assets during the period (2020: $574,090). Total exploration expenditure for the year was $128,463 (2020: $144,882) of which $128,463 was capitalised to exploration assets (2020: $139,849).

For the year ended 30 June 2021 the share price of the Company increased from opening at $0.008 per share to close at $0.099 per share.

Shares Registry

For the year ended 30 June 2021 the Company issued 27,000,000 shares at a price of $0.03 raising $810,000 in cash for the Company (2020: Nil). Total number of shares on issue 30 June 2021 was 207,150,000 (2020: 180,150,000). The Company did not make any payments for shares in the Company at a discount or premium to the traded price. (2020: Nil)

Options

For the year ended 30 June 2021 the Company issued 12,000,000 options at a price of $0.03 with an expiry date of 9 February 2022 (‘Contractor Options’). As at the end of the financial year ended 30 June 2021, none of the options had been exercised.

As at the date of this report:

12,000,000 options were issued on 9 August 2021- expiry date 9 Feb 2022 - (‘Contractor Options’), at $0.03 options were exercised and raised $360,000 of capital for the Company and 12,000,000 ordinary shares issued.
9,000,000 options were issued on 9 August 2021 - expiry date 9 Aug 2022 (‘Attaching Options’), at $0.10. None of these options have been exercised.

Significant changes in state of affairs

During the financial year ended 30 June 2021, the Company appointed another director to the board, Mr Jian Liu.

No other significant changes were made to the structure and composition of board and management to 30 June 2021.

DIRECTORS’ REPORT

Principal activities

The principal activity of the Company during the year was the exploration for uranium and other metal resources and the assessment of options for investment in multi-commodity mining assets. The focus on exploration for uranium has changed to territories outside of Australia. The Company has implemented changes to its exploration program to meet with the changing legislative environment for mining uranium in Western Australia in the short term. (Mining uranium remains under a moratorium by the WA Government unless an exemption has been granted). The Company operates as a for profit entity. No change in the principal activity occurred during this period.

Likely developments and expected results of operations

The Company intends to continue its exploration activities on its existing projects and to acquire further suitable projects for exploration as opportunities arise.

DIRECTORS

The Directors in office during the year and as at the date of this report are:

Director	Appointment Date	Years Appointed
Mr. Gregory Clifton Hall	18 August 2010	11
Mr. Yong Zhang	25 February 2013	8
Mr. Jiangang Zhao	25 February 2013	8
Mr. Dongfeng Zhang	25 September 2019	2
Mr. Jian Liu	22 December 2020	<1

DIRECTORS’ PROFILES

Mr Dongfeng Zhang – Chairperson

Mr Zhang is currently the Chairperson of Zhengyuan International Mining Company Ltd (ZIMC). Prior to joining ZIMC, Mr Zhang worked for many years as a director and as an engineer including at the Institute of Geology of the Third Bureau (1993-1997); at the Shanxi Office of the China Metallurgical Geological

Bureau (1997-1998); as Vice President at the Geological Exploration Institute (1998-2002); as Deputy Manager at the Shanxi Metallurgical Geotechnical Corporation (2006-2010). Mr Zhang then went on to complete a PhD at Zhongnan University. Mr Zhang then return to serve as the Dean of the Third Geological Exploration Institute of China Metallurgical Geology Bureau (2014-2017) and then as the current Dean of Kunning Institute of China Metallurgical Geology Bureau.

Current other appointments: Director - Zhengyuan International Mining Company Ltd (ZIMC)

Mr Yong Zhang - Non-Executive Director

B. Engineering (Shandong Construction College)

Mr Yong Zhang has had an extensive career in property development, real estate sales and investment. Mr Zhang has extensive property interests in China with over 1,600 employees. Mr Zhang was instrumental in securing the cornerstone investment in Zeus by China Metallurgical Geological Bureau, via its subsidiary Zhengyuan International Mining Company Limited.

DIRECTORS’ REPORT

DIRECTORS’ PROFILES continued

Mr Gregory Clifton Hall - Non-Executive Director

B. App Sc. (University of New South Wales)

Mr Greg Hall is a seasoned geologist with over 35 years of international experience. From 1988-2005, he was employed by the Placer Dome group of companies, serving as Chief Geologist -World Wide during the last five years he was there. Placer Dome was acquired by Barrick Gold Corporation in early 2006.

Over the course of his illustrious career, Mr Hall had a senior role in the discoveries of both Barrick Gold's Granny Smith mine and Rio Tinto's Yandi iron ore mine. In addition, he took part in the discoveries of Keringal and Wallaby in Australia's Eastern Goldfields, as well as the definition of AngloGold Ashanti's Sunrise gold mine. Other current appointments:

Great Boulder Resources Ltd (ASX:GBR) – Non-Executive Chairman since 2016 Dateline Resources Ltd (ASX:DTR) – Non-Executive Director since 2015

Mr Jiangang Zhao – Acting CEO and Director

BA Northwest A&F University

MA Research Institute for Fiscal Science

Mr Jiangang Zhao holds a Bachelor of Accounting, a Master of Finance and a Master of Accounting. Presently, Mr Zhao is the Deputy Chief Financial Officer in the Department of Finance of Zhengyuan International Mining Company Limited.

Mr Jian Liu - Executive Director – MSc, BSc

Jian Liu has a Bachelor of Science in Geology from the Ocean University of China and a Master of Science in Project Management from Lancaster University, UK. He is a geologist who has been involved in the Chinese, Australian, African, and Southeast Asian exploration and mining industry for over 10 years. He has expertise in exploration and has experience in company management, strategic planning and investment.

Before joining Zeus, Mr Liu worked as Managing Director for Zhonghe Resources (Namibia) Development Pty Ltd, a subsidiary of China Uranium Corporation (CUC), and as Global Investment Project Manager for CUC, a subsidiary of China National Nuclear Corporation (CNNC). CNNC is one of the top state-owned enterprises in China and oversees all aspects of China’s nuclear industry.

Ms Laura Newall - Company Secretary (appointed 1 December 2020)

Ms Newell of Boardroom Pty Limited, is an experienced Chartered Company Secretary who has worked for a broad range of organisations, both in-house and for corporate secretarial service providers.

Ms Laura has over ten years of experience in company secretarial and governance management of ASX & NSX listed entities, unlisted public entities and FTSE100 entities. She has worked with Boards and executive management of listed and unlisted companies across a range of industry sectors.

Ms Laura is a Company Secretary of several ASX listed and unlisted public companies. She holds a degree with Honours in Law and Criminology and a Master’s degree in Law and Corporate Governance. She is an Associate of the Governance Institute of Australia (AGIA).

DIRECTORS’ REPORT

Environmental Regulations

The Company is subject to significant environmental regulations under legislation of the Commonwealth of Australia. The Company aims to ensure that it complies with the identified regulatory requirements in each jurisdiction in which it operates.

The Company is aware of its responsibility to impact as little as possible on the environment and, if/when there is any disturbance, to rehabilitate sites. During the period under review, there was no field and exploration work carried out in Western Australia. When the Company does complete field and exploration work, the work follows procedures and pursues objectives in line with guidelines published by the WA State Government and granting of exploration license application conditions.

These guidelines are quite detailed and encompass the impact on owners and land users, heritage, health and safety and proper restoration practices. The Company supports this approach and is confident that it properly monitors and adheres to these objectives and any local conditions applicable.

During the financial year ended 30 June 2021 there have been no known material breaches of the environmental obligations of the Company’s contracts or licenses. (2020: None).

Dividends

No dividends have been declared in respect of the year ended 30 June 2021 (2020: Nil)

DIRECTORS’ REPORT

Events subsequent to the end of the reporting period:

(a) Exploration and evaluation

Exploration and evaluation of potential tenements in Laos and other regions globally continue to be halted due to the COVID19 pandemic and subsequent the travel restrictions out of China and Australia.

Exploration and evaluation of tenements in Western Australia continue to be halted due to the COVID19 pandemic and subsequent the travel restrictions to WA and restrictions of movement of workers around the state. However, the company has brought forward it’s Program of Works for 2 tenements in WA to September 2021. As of the date of this report Geologists in WA have been engaged and have commenced their planned field work at tenement E09/2147 in the Gascoyne region.

(b) General Meeting 30 July 2021

The Company ratified the issuing of shares and options to shareholders at its general meeting held on 30 July 2021. The following options were approved:

In accordance with Listing Rule 3.13.2 and section 251AA of the Corporations Act 2001 (Cth), the Company has passed all three resolutions related to the Placement in the Company’s General Meeting held on 30 July 2021.

Ratification of prior issue of Placement Shares
Approval of future issue of Attaching Options
Approval of future issue of Contractor Options

‘Attaching Options’ (Item 2 Above) were issued on 9 August 2021. On valid exercise, the Attaching Options allowed the option holder to have issued to them one Share for every Attaching Option and have an exercise price of 10 cents per. The Attaching Options expire on 9 August 2022. If the Attaching Options are fully exercised in the next twelve months, the Company will receive $900,000.

Unquoted Non-transferable Options (Expiring on 9 February 2022) 12,000,000 ‘Contractor Options’ (Item 3 above), were fully exercised by entitled investors. The issue of 12,000,000 shares at 3 cents per share raised $360,000 in capital for the Company. The Ordinary Shares were issued on 9 August 2021. (These Options formed part of the previous capital raise of 9 June 2021).

(c) ASX Listing Suspension

The Company was suspended from the ASX on 3 September, due to a perceived breach of listing rule 12.1. The Company is endeavouring to work with the ASX to be re-instated by providing demonstrable compliance with listing rule 12.1.

The Directors are not aware of any other matter or circumstance not otherwise dealt with in the report or in the financial statements that has significantly or may significantly affect the operations of the Company, the results of those operations or the state of affairs of the Company in subsequent financial years.

DIRECTORS’ REPORT

Directors' interest

The Directors' beneficial interest in shares and options as at the date of this report are:

	Shares			Options
	Direct	Indirect	Total
Mr Dongfeng Zhang1Mr Jiangang Zhao2	-	57,650,000	57,650,000	-
Mr Yong Zhang3	-	57,534,500	57,534,500	-
Mr Gregory Clifton Hall4	10,000	10,000	20,000	-
Mr Jian Liu	-	-	-	-
Total	10,000	115,194,500	115,204,500	Nil

Mr Dongfeng Zhang is a director of Zhengyuan International Mining Company Ltd, which holds the relevant interest in Zeus Resources. Shares held jointly with Mr Jiangang Zhao.
Mr Jiangang Zhao is a nominee director appointed to Zhengyuan International Mining Company Ltd and has power to exercise or control the exercise of the voting rights attached to the securities in Zeus Resource. Shares held jointly with Mr Dongfeng Zhang.
Mr Yong Zhang is a director of and controls Vast Honour Global Limited, which holds a direct relevant interest in Zeus Resources.

Mr Gregory Clifton Hall controls Omaroo Pty Ltd ATF Hall Family Trust that owns shares in Zeus.

REMUNERATION REPORT (AUDITED)

This report details the nature and amount of remuneration for each key management personnel (KMP) of the Company which includes directors and senior executives. KMP are those individuals that have the authority and responsibility for planning, directing and controlling the activities of the Company.

Remuneration Policy

The board’s policy for determining the nature and amount of remuneration for board members and senior executives of the Company is as follows:

The remuneration policy, setting the terms and conditions for the executive directors and other senior executives, was developed and approved by the Board. All executives are to receive remuneration based on factors such as length of service and experience.

The board reviews executive packages annually by reference to the Company’s performance, executive performance and comparable information from industry sectors and other listed companies in similar industries. The objective of this policy is to secure and retain the services of suitable individuals capable of contributing to the entity’s strategic objectives.

The remuneration framework the board established has three components:

Fixed remuneration consisting of base pay and benefits, including superannuation,
Short-term performance incentives and bonuses,
Long-term incentives through issuances of share options.

The combination of these comprises the executive's total remuneration.

Fixed remuneration, consisting of base salary, superannuation and non-monetary benefits, are reviewed annually by the board, based on individual and business unit performance, the overall performance of the entity and comparable market remunerations. Executives may receive their fixed remuneration in the form of cash or other fringe benefits (for example motor vehicle benefits) where it does not create any additional costs to the entity and provides additional value to the executive.

DIRECTORS’ REPORT

Remuneration Policy continued

The short-term incentives ('STI') program is designed to align the targets of the business units with the targets of those executives responsible for meeting those targets. STI payments are granted to executives based on specific annual targets and key performance indicators ('KPI's') being achieved. KPI's include increasing shareholders’ value, completion of target projects, management of tenements and overall management of the operations of Company.

The long-term incentives ('LTI') program comprises of share-based payments. Shares are awarded to executives over a period of three years based on long-term incentive measures. These include increase in shareholders’ value relative to the entire market and the increase compared to the entity's direct competitors.

At issue date of this report there are no Key Management personnel have received “STI” or “LTI” benefits.

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. Board members are appointed at the General Meeting at which they nominated. Board members do not receive a specific service engagement contract. Executives are engaged using a service agreement contract which will specify annual targets and key performance indicators.

The Board does not currently link KMP or director’s remuneration to specific market-based goals or targets due to stage of development of the Company’s projects or overall Company performance. Individual performance-based goals are set by the Company to ensure that exploration, project evaluation and administration tasks are performed efficiently and to the benefit of stakeholders.

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. The maximum aggregate amount for the financial year ending 30 June 2021 was $20,000, with $15,000 per annum to be paid to Mr Greg Hall and $5,000 to be paid per annum to Mr Jian Liu. The other members of the Board have adopted a policy decision made by the Board not to receive remuneration during the financial year ended 30 June 2021. A review of the Board remuneration was not undertaken during the financial year end 2021, except for the remuneration to Mr Jian Liu and a continuation of the remuneration rate previously agreed to be paid to Mr Greg Hall.

Voting and comments made at the company's 2020 Annual General Meeting ('AGM')

At the 2020 AGM, adoption of the remuneration report for the year ended 30 June 2020 was approved by the shareholders.

Additional Benefits

There are no additional benefits provided to Key Management Personnel as at the date of issue of this report.

DIRECTORS’ REPORT

Key Management Personnel (KMP) Payments & Benefits

Your directors, company secretary and key management personnel received the following payments/ benefits for services for the year ended 30 June 2021 as indicated below:

Senior Officers	Short-term benefits	Short-term benefits				Post-Employment Benefits	Post-Employment Benefits	Post-Employment Benefits	Post-Employment Benefits	Post-Employment Benefits	Long-term	Long-term	Share option	Share option	Total
											benefits		benefits
	Cash Salary and Fees		Bonuses			Superannuation			Termination		Long service
									payments		leave
		$		$			$			$		$		$	$
Andrew Rust (Exploration Manager) 2021		3,280		-				-		-		-		-	3,280
2020		4,250		-				-		-		-		-	4,520
Total 2021		3,280		-				-		-		-		-	3,280
Total 2020		4,250		-				-		-		-		-	4,250
Non-Executive Directors		Short-term benefits					Post-Employment Benefits				Long-term benefits			Share option	Total
and Executive Directors														benefits
		Cash Salary and Fees		Bonuses			Superannuation			Termination		Long service leave
										payments
		$		$			$			$		$		$	$
Gregory Clifton Hall1(Non-Executive
Director)
2021			15,000		-			-		-			-	-	15,000
2020			15,000		-			-		-			-	-	15,000
Mr Dongfeng Zhang (Chairperson)
2021				-	-			-		-			-	-
2020				-	-			-		-			-	-
Mr Jiangang Zhao (Acting	CEO	&
Director)
2021
				-				-		-			-	-
2020
				-				-		-			-	-
Mr Yong Zhang (Non –Executive
Director)
2021				-	-			-		-			-	-
2020
				-	-			-		-			-	-
Mr Jian Liu (Executive Director)
20212			80,072		-		4,988			-		14,184		-	99,244
2020				-	-			-		-			-	-	-
Total 2021			95,072		-		4,988			-			-	-	114,244
Total 2020			15,000		-			-		-			-	-	15,000

1Relates to payments of invoices to Golden Phoenix International Pty Ltd ATF Golden Phoenix International Unit Trust

2.Mr Jian Liu’s Salary, Director fees and superannuation payments since appointed in December 2020.

DIRECTORS’ REPORT

The total of remuneration paid to the KMP of the Company during the year are as follows:

	Year Ended	Year Ended
	30-Jun-2021	30-Jun-2020
Short-term employee benefits/Fees Longt-term employee benefits/Fees Total KMP compensations	$ 100,060 14,184 117,524	$ 19,250 - 19,250

Remuneration and Earnings additional information

The Board does not currently link KMP or director’s remuneration to specific market-based goals or targets due to stage of development of the Company’s projects or overall Company performance.

However, to conserve cash the Company has reduced payments to Key Management Personnel (KMP) over the preceding five-year period. The Board did not review the remuneration of the CEO during the financial year due to the role currently being performed by Mr Jiangang Zhao. The Company has not awarded any short-term or long-term incentives to KMP as of the date of this report or over the preceding five-year period. The reduction of fixed remuneration payments made to KMP, instigated by the Board, is indicated in the table below:

Key Management Payments & Benefits and Company Results

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30-Jun-21 30-Jun-20 30-Jun-19 30-Jun-18 30-Jun-17
KMP
$ $ $ $ $
Mr Shouyin Wang -Non-Executive Director and Chairperson - - - 50,000 50,000
Mr Dongfeng Zhang - Non-Executive Director and Chairperson - - - - -
Mr Jiangang Zhao -Executive Director and Acting CEO - - - 30,000 57,000
Mr Yong Zhang -Non-Executive Director - - - 30,000 30,000
Gregory Clifton Hall - Non-Executive Director 15,000 15,000 15,000 30,000 30,000
Mr Warrick Client - Exploration Manager - - - - 26,983
Mr Andrew Rust - Exploration Manager 3,280 4,250 3,560 10,360
Mr Jian Liu [1] – Executive Director and General Manager Geology
99,244
and Exploration
Total 117,524 19,250 18,560 150,360 193,983
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Includes Mr Jian Liu’s salary and benefits as an employee of the Company in his role of General Manager Geology and Exploration

DIRECTORS’ REPORT

Additional Information

The earnings of the Company for the five years to 30 June 2021 are as follows

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Earnings of the 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-June-2018 30-June-2017
company $ $ $ $ $
Interest Income 2,843 15,866 36,572 44,012 81,209
EBITDA (198,379) (812,720) (257,214) (523,233) (1,329,120)
EBIT (241,214) (833,161) (257,214) (523,233) (1,329,120)
Loss after income tax (243,359) (834,620) (261,510) (528,593) (1,336,688)
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The factors that are considered to affect total shareholders return are as follows:

Factor	30-Jun-2021	30-Jun-2020	30-Jun-2019	30-June-2018	30-June2017
	$	$	$	$	$
Share Price at financial year end (cents)	9.9	0.8	0.8	1.4	1.3
Total Dividends Declared (cents)	-	-	-	-	-
Basic Earnings per share (cents)	(0.13)	(0.46)	(0.15)	(0.29)	(0.74)

DIRECTORS’ REPORT

Key Management Personnel Interests as at 30 June 2021:

The number of ordinary shares held by each KMP of the Company at the end of the reporting period is as follows:

Name	Shares held Balance at start of Year Received as part of Remuneration Additions Disposals Balance at end of Year
	Direct Indirect

Mr Dongfeng Zhang1 & Mr Jiangang Zhao2 Mr Yong Zhang3 Mr Gregory Clifton Hall4 Mir Jian Liu	- - 57,650,000 57,650,000 - - - 57,650,000 - 57,534,500 57,534,500 - - - 57,534,500 10,000 10,000 20,000 - - - 20,000 - - - - - - -
Total	10,000 115,194,500 115,204,500 - - - 115,204,500

Mr Zhang holds shares as a nominee director appointed by Zhangyuan International Mining Company and has power to exercise or control the voting rights attached to the securities in Zeus – shares are held jointly with Mr Jiangang Zhao.
Mr Jiangang Zhao as a nominee director appointed by Zhengyuan International Mining Company Ltd and has power to exercise or control the voting rights attached to the securities in Zeus – shares are held jointly with Mr Dongfeng Zhang.
Mr Zhang Yong is a director of and controls Vast Honour Global Limited, which holds a direct relevant interest in Zeus.
Mr Gregory Clifton Hall controls Omaroo Pty Ltd ATF Hall Family Trust that owns shares in Zeus.

Other transactions with key management personnel and their related parties:

During the financial year, no payments (2021: nil) were made to ZIMC in relation of fees appointed nominee directors, acting CEO and Chairperson. As at 30 June 2021 there was nil payable and due to ZIMC for the aforementioned fees (2020: nil).

During the financial year, payments amounting to $20,625 (2020: $16,500) were made to Golden Phoenix International Unit Trust in relation to the director’s fees of Mr Greg Hall. As at 30 June 2021 there was nil payable and due to Golden Phoenix International Unit Trust for the afore mentioned fees (2020: $5,750).

During the financial year, no payments (2020: nil) were made to Heng Ji Pty Ltd in relation to director’s fees of Mr Yong Zhang. As at 30 June 2021 there was nil was payable to Heng Ji Pty Ltd for the aforementioned fees (2020: nil).

During the financial year, Mr Jian Liu was paid $2,500 in relation to director’s fees. As at 30 June 2021 there was nil was payable to Mr Jian Liu for the aforementioned fees (2020: nil).

(This is the end of the audited remuneration report).

DIRECTORS’ REPORT

Directors’ meetings

The number of directors’ meetings of Zeus Resources Limited (including by way of circular resolution) held during the year ended the 30 June 2021 and the numbers of meetings attended by each director are as follows:

Director	Directors' Meetings
	Eligible to attend Attended
Mr Gregory Clifton Hall Mr Jiangang Zhao Mr Yong Zhang Mr Jian Liu Mr Dongfeng Zhang	2 2 2 2 2 2 1 1 2 2

Indemnity and insurance of officers

During the financial period the Company did not insure all directors and officers of the Company due to the cost of the policy.

Indemnity and insurance of auditors

The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor.

Non-audit services

Our appointed auditors, William Buck, did not provide any non-audit services during the year ended 30 June 2021 (2020: Nil).

Proceedings on behalf of The Company

No person has applied to the Court for leave 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 of those proceedings. The Company was not a party to any such proceedings during the year.

DIRECTORS’ REPORT

Auditor independence declaration

The lead auditor’s independence declaration as required under section 307C of the Corporations Act 2001 for the year ended 30 June 2021 has been received and can be found on page 23 of this annual report.

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

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Mr. Jiangang Zhao Director and Acting CEO

Dated this 29[th] day of September 2021

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STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2021

	Year ended	Year ended
Notes	30-Jun-21	30-Jun-20
	$	$

Interest Income	2,843	15,866

Less expenses:
Corporate and administration costs
Accounting and audit fees	65,075	64,671
Company secretarial and compliance	26,903	29,240
Computers and communications	13,449	7,684
Directors' fees and expenses	31,837	49,839
Employee salaries and benefits	5,680	22,501
Insurance	2,534	2,935
Legal and consultants' fees	13,000	4,000
Rent and utilities	4,963	25,771
Share registry maintenance and listing fees	27,455	33,345
Exploration and evaluation costs
Project expenditure (net of capitalised expenditure)	1,544	5,032
Impairment 5	-	574,090
Business development
Travel and accommodation	841	4,941
Other expenses from ordinary activities
Depreciation 4a, 6	42,835	20,442
Finance costs	2,145	1,458
Other expenses	7,941	4,537
Total Expenses	246,202	850,486

Loss before income tax	(243,359)	(834,620)
Income tax expense 2	-	-
Loss for the year attributable to the Company	(243,359)	(834,620)

Other comprehensive income	-	-

Total comprehensive loss for the year attributable to the Company	(243,359)	(834,620)

Loss per share
Basic - $ per share	(0.0013)	(0.0015)
Diluted - $ per share	(0.0013)	(0.0015)

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2021

	As at	As at
Notes	30-Jun-21	30-Jun-20
	$	$ 1,138,805 11,082 38,388 1,188,275 323,246 11,757 22,393 357,396 1,545,671 84,707 38,086 122,793 23,979 23,979 146,772 1,398,899 17,398,334 (15,999,435) 1,398,899
CURRENT ASSETS
Cash and cash equivalents 3	1,518,885
Other assets 4a	15,058
Right of Use Asset 4b	22,393
TOTAL CURRENT ASSETS	1,556,336
NON-CURRENT ASSETS
Exploration and evaluation assets 5	451,708
Property, plant and equipment 6	7,310
Right of Use Asset 4b	-
TOTAL NON-CURRENT ASSETS	459,018

TOTAL ASSETS	2,015,354

CURRENT LIABILITIES
Trade and other payables 7a	97,950
Lease Liability 7b	23,979
TOTAL CURRENT LIABILITIES	121,929
NON-CURRENT LIABILITIES
Lease Liability 7b	-
TOTAL NON-CURRENT LIABILITIES	-

TOTAL LIABILITIES	121,929

NET ASSETS	1,893,425

EQUITY
Contributed equity 9	18,136,219
Accumulated losses 10	(16,242,794)
TOTAL EQUITY	1,893,425

The above statement of financial position should be read in conjunction with the accompanying notes.

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2021

	Contributed	Accumulated Losses Total
	Equity
Balance at 1 July 2019 Comprehensive loss for the year Balance at 30 June 2020 Balance at 1 July 2020 Share issue 17 June 2021 (Net of Transaction costs) Comprehensive loss for the year Balance at 30 June 2021	$ $ $ 17,398,334 (15,164,815) 2,233,519 - (834,620) (834,620)
	17,398,334 (15,999,435) 1,398,899
	17,398,334 (15,999,435) 1,398,899 737,885 - 737,885 - (243,359) (243,359)
	18,136,219 (16,242,794) 1,893,425

The above statement of changes in equity should be read in conjunction with the accompanying notes.

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2021

	Year ended	Year ended
Notes	30-Jun-2021	30-Jun-2020
CASH FLOW FROM OPERATING ACTIVITIES Payments to suppliers and employees Payments for taxes Interest received Interest paid Net cash used in Operating Activities 10 CASH FLOW FROM INVESTING ACTIVITIES Payments for exploration and evaluation Payments for plant and equipment Net cash used in Investing Activities CASH FLOW FROM FINANCING ACTIVITIES Share Issue 22 June 2021 (Net of transaction costs) Payments for lease Net cash provided by financing activities Net decrease in cash and cash equivalents held Cash at beginning of financial year Cash and Cash Equivalents at end of financial year 10	$ (191,607) (645) 3,141 (2,145) (191,256) (128,463) - (128,463) 737,884 (38,086) 699,788 380,080 1,138,805 1,518,885	$ (231,812) 459 18,414 (1,458)
		(214,397) (144,880) -
		(144,880) - (14,602)
		(14,602) (373,879)
		1,512,684
		1,138,805

The above statement of cash flow should be read in conjunction with the accompanying notes.

NOTES TO THE FINANCIAL STATEMENTS

NOTE 1: SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements have been approved by the board on the date of signing.

The principal activity of the Company during the year was the exploration for uranium and other base metals. The Company operates as a for profit entity.

A. Basis of accounting

This general-purpose financial report has been prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standards and Interpretations issued by the Accounting Standards board.

(i) Compliance with IFRS:

The financial statements also comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB),

(ii) Historical Cost Convention:

These financial reports are prepared under the historical cost convention.

(iii) Critical Accounting Estimates:

The presentation of financial statements requires the use certain critical accounting estimates. The Company also requires management to exercise its judgement in the process of applying the accounting policies. The areas involving a high degree or judgement or complexity or areas where assumptions and estimates are significant to the financial statements is disclosed later. See part G.

(iv) Foreign currency transactions and balances:
Items included in the financial statements are measured using Australian Dollars (functional currency of Zeus Resources Ltd).

Changes in Accounting Policies

The Company has adopted all the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that were relevant to the Company’s operations and effective for the current year. The Company adopted:

AASB2018-6 amends AASB 3 to clarify the definition of a business, assisting entities to determine whether a transaction should be accounted for as a business combination or as an asset acquisition. The amendments:

clarify that to be considered a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs;
remove the assessment of whether market participants are capable of replacing any missing inputs or processes and continuing to produce outputs;
add guidance and illustrative examples to help entities assess whether a substantive process has been acquired;
narrow the definitions of a business and of outputs by focusing on goods and services provided to customers and by removing the reference to an ability to reduce costs; and
add an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business.

The Company has concluded that adopting this amendment for the year ended 30 June 2021 there were no material impacts on the financial statements.

AASB 2018-7 principally amends AASB 101 and AASB 108. The amendments refine the definition of material in AASB 101. The amendments clarify the definition of material and its application by improving the wording and aligning the definition across the Australian Accounting Standards and other publications. The amendment also includes some supporting requirements in AASB 101 in the definition to give it more prominence and clarifies the explanation accompanying the definition of material.

The Company has concluded that adopting this amendment for the year ended 30 June 2021 there were no material impacts on the financial statements.

NOTES TO THE FINANCIAL STATEMENTS

Changes in Accounting Policies continued:

AASB 2019-1 amends Australian Accounting Standards, Interpretations and other pronouncements to reflect the issuance of the revised Conceptual Framework for Financial Reporting (Conceptual Framework). The application of Conceptual Framework is limited to

For profit entities that have public accountability
Other for-profit entities that voluntarily elect to apply the Conceptual Framework

The Company has concluded that adopting this amendment for the year ended 30 June 2021 there were no material impacts on the financial statements.

AASB 2019-5 makes amendments to AASB 1054 Australian Additional Disclosures by adding a disclosure requirement for an entity intending to comply with IFRS standards to disclose the information specified in paragraphs 30 and 31 of AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors on the potential effect of an IFRS standard that has not yet been issued by the AASB. This ensures that for-profit publicly accountable entities complying with Australian Accounting Standards can assert compliance with IFRS standards.

The Company has concluded that additional disclosure may be necessary if there are any pronouncements made by the International Accounting Standards Board that have not yet been issued by the AASB at the date of the Company’s authorisation of its financial reports.

B. Income tax

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 tax rates that have been enacted or are substantively enacted at the end of the reporting period.

Deferred tax is accounted for using the liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No deferred income tax will be recognised from the initial recognition of an asset or liability where there is no effect on accounting or taxable profit or loss.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or liability is settled. Deferred tax is credited in the statement of statement of profit or loss and other comprehensive income except where it relates to items that may be credited directly to equity, in which case the deferred tax is adjusted directly against equity.

Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available against which deductible temporary differences can be utilised.

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. Financial instruments

Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

Payables

Payables represent liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. The amounts are unsecured and are generally settled between 7 days and 90 days terms.

NOTES TO THE FINANCIAL STATEMENTS

D. Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event and it is probable that the Company will be required to settle the obligation and a reliable estimate can be made of the amount. If the effect of time value of money is material, provisions are discounted at a rate that reflects the risks specific to the liability.

E. Goods and Services Tax (GST)

Income, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the item of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST.

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. Cash flows are presented in the statement of cash flows on a gross basis.

F. Exploration and evaluation expenditure policy

Exploration and evaluation expenditure comprise of costs that are directly attributable to:

researching and analysing existing exploration data;
conducting geological studies, exploratory drilling and sampling;
construction of access roads where necessary for exploration drilling;
examining and testing extraction and treatment methods; and
compiling pre-feasibility and feasibility studies.

Exploration and evaluation expenditure also include the costs incurred in acquiring mineral rights, the entry premiums paid to gain access to areas of interest and amounts payable to third parties to acquire interests in existing projects.

Capitalisation of exploration expenditure commences when there is a reasonable level of confidence in the project’s viability and hence it is probable that future economic benefits will flow to the Company. Capitalised exploration expenditure is reviewed for impairment at the end of the reporting period. Subsequent recovery of the resulting carrying value depends on successful development of the area of interest or sale of the project. If a project does not prove viable, all unrecoverable costs associated with the project and the related impairment provisions are written off.

Undeveloped properties are mineral concessions where the intention is to develop and go into production in due course. The carrying values of assets are reviewed annually by management and the results of these reviews are reported to the Board and is assessed based on a status report regarding Zeus Resources intentions for development of the undeveloped property. Reviews are performed using the fair value less costs of disposal method.

NOTES TO THE FINANCIAL STATEMENTS

G. Critical accounting judgements, estimates and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, income and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.

Recovery of deferred tax assets

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

Exploration and evaluation costs

Exploration and evaluation costs have been capitalised on the basis that the Company will commence commercial production in the future, from which time the costs will be amortised in proportion to the depletion of the mineral resources. Key judgements are applied in considering costs to be capitalised which includes determining expenditures directly related to these activities and allocating overheads between those that are expensed and capitalised. In addition, costs are only capitalised that are expected to be recovered either through successful development or sale of the relevant mining interest. Factors that could impact the future commercial production at the mine include the level of reserves and resources, future technology changes, which could impact the cost of mining, future legal changes and changes in commodity prices. To the extent that capitalised costs are determined not to be recoverable in the future, they will be written off in the period in which this determination is made.

H. Income Recognition

(i) Interest earned

Income from interest earned on investments is recognised on a time proportion using the effective interest rate method. (ii) Net gains on disposal of assets, which is recognised as at the date the control of the asset passes from the company.

I. Contributed equity

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in the equity division of the statement of financial position as a deduction net of any tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or options for the acquisition of a business are not included in the cost of acquisition as part of the purchase consideration and are expensed as incurred.

J. Property, plant and equipment

(i) Acquisition

Items of property, plant and equipment are recorded at historical cost and, are depreciated as outlined below. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. Repairs and maintenance are charged to the statement of profit or loss and other comprehensive income during the period in which they are incurred.

NOTES TO THE FINANCIAL STATEMENTS

Property, plant and equipment continued:

(ii) Depreciation and amortisation

The following indicates the depreciation method for plant and equipment on which the depreciation charges are based:

straight-line basis over their useful operating life
Plant and equipment other than computers – five years
Plant and equipment - computers – three years
Furniture & fittings – ten years
Leasehold Improvements – term of lease.

K. Earnings per share

(i) Basic earnings per share

Basic earnings per share is determined by dividing net loss after income tax attributable to members of the Company, excluding any costs of servicing equity other than ordinary shares, 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.

L. Impairment of Non-Financial Assets

At the end of each reporting period, the Company reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in uses, is compared to the asset’s carrying value. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risk specific to the asset for which the estimates of future cash flows have not been adjusted.

Any excess of the asset’s carrying value over its recoverable amount is expensed to the statement of profit and loss and other comprehensive income. Impairment testing is performed annually for goodwill and other intangible assets not yet available for use. Where it is not possible to estimate the recoverable amount of an individual asset the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

M. Employee Benefits

Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are recognised in current liabilities in respect of employees' services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.

The liability for annual leave and long service leave not expected to be settled wholly within 12 months of the reporting date, when it arises, will be recognised in non-current liabilities, provided there is an unconditional right to defer settlement of the liability. The liability is measured as the present value of expected future payments to be made in respect of services provided by employees.

NOTES TO THE FINANCIAL STATEMENTS

N. Farm-out arrangements

The Company does not record any expenditure made by the farmee on its account. It also does not recognise any gain or loss on its exploration and evaluation farm-out arrangements but designates any costs previously capitalised in relation to the whole interest as relating to the partial interest retained. Any cash consideration received from a farmee is credited directly against previously capitalised purchase values in relation to the whole interest previously and with any excess account for by the farmor as a gain on disposal.

O. Right-of-use Assets

Initial Measurement - A right-of-use asset is initially measured at cost comprising the initial measurement of the lease liability adjusted for any lease payments made before the commencement date (reduced by lease incentives received), plus initial direct costs incurred in obtaining the lease and an estimate of costs to be incurred in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. . Subsequent Measurement - A right-of-use asset is subsequently measured at cost less any accumulated depreciation and adjusted for any remeasurement of the corresponding lease liability. Depreciation: Rightof-use assets are depreciated over the shorter of the lease term and the useful life of the asset. The estimated useful lives are as follows:

Equipment Leases: Term of Lease
Premises Leases: Term of Lease

P. Lease Liabilities

Initial Measurement - A lease liability is initially recognised at the commencement day and measured at an amount equal to the present value of the lease payments during the lease term that are not yet paid. The provision for any restoration costs or make good is recognised as a separate liability.

Subsequent Measurement – A Lease liability is subsequently measured at initial measurement less any subsequent lease payments and adjusted for any remeasurement of the corresponding right-of-use asset. Payments: - lease payments are classified consistently with payments on other financial liabilities:

The part of the lease payment that represents cash payments for the principal portion of the lease liability is presented as a cash flow resulting from financing activities.
The part of the lease payment that represents interest portion of the lease liability is presented as an operating cash flow.

The duration of the lease liability shall be equivalent to the term of the lease at initial recognition.

NOTES TO THE FINANCIAL STATEMENTS

Q. Accounting Standards and Interpretations for application in future periods

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's assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the Company, are set out below.

AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The amendments clarify that a full gain or loss is recognised when a transfer to an associate or joint venture involves a business as defined in AASB 3 Business Combinations. Any gain or loss resulting from the sale or contribution of assets that does not constitute a business, however, is recognised only to the extent of unrelated investors’ interests in the associate or joint venture. Effective for periods beginning 1 January 2022

AASB 2017-5 Amendments to AASB 10 Consolidated Financial Statements (July 2015), AASB 128 Investments in Associates and Joint Ventures (August 2015) and the other Standards and Interpretation listed in paragraph 1 of the Standard. Effective for periods beginning 1 January 2022.

AASB 2020-1 makes amendments to AASB 101 Presentation of Financial Statements to clarify requirements for the presentation of liabilities in the statement of financial position as current or noncurrent. Effective for periods beginning 1 January 2023.

AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018– 2020 and Other Amendments. Effective for periods beginning 1 January 2022.

AASB 2020-8 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform – Phase 2 - September 2020. Effective for periods beginning 1 January 2021

AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates. Effective for periods beginning 1 January 2023.

The Company has reviewed the proposed amendments and does not expect the abovementioned amendment to significantly impact future or past financial statements.

R. Going Concern

For the financial year ended 30 June 2021 the Company recorded a loss of $243,359 (2021: $834,620). Net cash outflows from operating activities amounted to $191,256 (2020: $214,397) and maintained net assets of $1,893,425 (2020: $1,398,899) which was mainly representative of cash and tenement assets. Since listing the Company has not yet reported profitable operations. The board is closely monitoring the remaining tenements and controlling cash outflows on these tenements and operational activities. The Company successfully raised capital by way of share issue in June 2021, this share issue substantially increased the Net asset position and the viability of the Company to be able to continue to operate and explore investment opportunities.

The financial statements have been prepared on the basis that the Company is a going concern which predicates ongoing normal business activity, realisation of assets and settlements of liabilities in the normal course of business over the next 12 months’ period for the following reasons:

The Board performs continuous assessment on the recoverability of tenements held at each reporting period; and
The Board has prepared a detail cash flow for the next 24 months which reflects the Company’s ability to pay debts as and when the fall due; and
The Board is continuing to pursue the opportunity to establish a profitable gold exploration base in a South-East Asian venture or in Africa.

If the Company is unsuccessful in these endeavours, it may not be able to continue as a going concern and it would be required to realised it assets and discharge its liabilities other than in the course of ordinary business and the amounts realised may differ from those stated in these financial statements. This financial report does not include any adjustments relating to the recoverability and the classification of recorder asset amounts or liabilities that might be necessary should the Company not continue as a going concern.

NOTES TO THE FINANCIAL STATEMENTS

NOTE 2: INCOME TAX EXPENSE
	30-Jun-21	30-Jun-20
(a) Income Tax Benefit/(Expense) Current Income Tax Current Income tax benefit/(expense) (b) Deferred income tax Deferred tax assets not brought to account (gross) Tax losses Temporary differences Total deferred tax assets not brought to account (c) Amounts Charged or Credited Directly to Equity Share Issue Costs Share based payments expense Total deferred tax assets Charged or Credited Directly to Equity (d) Numerical Reconciliation of Income Tax Benefit to Prima Facie Tax Payable Loss Before Income Tax Prima facie income tax credit on loss at 26% Tax effect of: - Non-allowable expenditure for tax purposes - Provisions and prepayments brought to account - Share issue costs Current year tax losses not brought to account	$ - - (4,753,849) (67,019) - (4,817,218) - - (243,359) (63,273) - 3,871 (7,617) (67,019)	$ - - (4,695,273) (58,576) -
		(4,753,849) - - (834,620) (229,520) 163,496 7,449
		(58,576)

The tax losses and deferred tax assets do not expire under current tax legislation. Deferred tax assets have not been recognised in respect of these items because it is not yet probable that future taxable profit will be available against which the Company can utilise the benefits. The benefit of these tax losses will only be obtained if:

The company continues to comply with the conditions for deductibility imposed by tax legislation; and
The Company derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the losses to be realised.
No changes in tax legislation adversely affects the Company realising the benefit from the deductions for the losses.

NOTES TO THE FINANCIAL STATEMENTS

NOTE 3: CASH AND CASH EQUIVALENTS
	30-Jun-2021	30-Jun-2020
Cash Transaction Account Cash Management Account Term deposits 30-90 days Cash on hand Total See also Note 10: Cash Flow	$ 243,702 502,291 772,892 - 1,518,885	$ 91,686 277,079 770,040 -
		1,138,805

NOTE 4a: OTHER ASSETS
	30-Jun-2021	30-Jun-2020
Current Bond paid for lease Interest receivable Trade Debtors Total Other assets	$ 8,970 62 6,026 15,058	$ 8,970 359 1,753
		11,023

NOTE 4b: RIGHT OF USE ASSET		30-Jun-2020
	30-Jun-2021	30-Jun-2020

Current Right of use asset Accumulated depreciation Total Right of use assets	$ 76,776 (54,383) 22,393	$ 76,776 (15,995) 60,781

Lease of office premises in North Sydney executed February 2020 for a term of 1 year plus an option to extend for 1 year.

NOTES TO THE FINANCIAL STATEMENTS

NOTE 5: EXPLORATION AND EVALUATION ASSETS – NON-CURRENT	30-Jun-2021	30-Jun-2020
Area of Interest: Wiluna (Lakes Way) Opening Balance Capitalised Costs Impairment Closing Balance Gascoyne (Mortimer Hills) Opening Balance Capitalised Costs Impairment Closing Balance Narnoo (North and South) Opening Balance Capitalised Costs Impairment Closing Balance Total Exploration and Evaluation Assets	$ 87,928 43,420 - 131,348 108,498 26,052 - 134,550 126,820 58,991 - 185,811 451,709	$ 481,765 41,571 (435,408)
		87,928 172,941 23,911 (88,354)
		108,498 102,781 74,367 (50,328)
		126,820
		323,246

Valuation

The value of the Company interest in exploration expenditure is dependent upon:

the continuance of the Company’s rights to tenure of the areas of interest;
the results of future exploration; and
the recoupment of costs through successful development and exploitation of the areas of interest, or by their sale.

The Company’s exploration properties may be subjected to claim(s) under Native Title (or jurisdictional equivalent) or contain sacred sites, or sites of significance to the indigenous people of Australia.

As a result, exploration properties or areas within the tenements may be subject to exploration restrictions, mining restrictions and/or claims for compensation. As of the date of this Annual Report it was not possible to quantify whether such claims exist, or the quantum of such claims.

`Impairment Losses

There were no Impairment losses recognised for the year against tenements that the Company holds (2020: $574,090). The list of tenements in which the Company has an interest is disclosed on page 52.

NOTES TO THE FINANCIAL STATEMENTS

NOTE 6: PLANT, EQUIPMENT, FURNITURE & FITTINGS	30-Jun-2021	30-Jun-2020
Plant & Equipment – at cost Accumulated depreciation Total Plant and Equipment Movements during the year: Opening Balance Additions during the year Disposals during the year Closing Balance Depreciation Opening balance Charge during the year Charge Back during the year Closing depreciation Net book value Furniture & Fittings – at cost Accumulated depreciation Total Furniture and Fittings Movements during the year: Opening Balance Disposals during the year Closing Balance Depreciation Opening balance Charge during the year Closing depreciation Net Book Value Total Net Book Value	$ 55,100 (49,790) 5,310 55,110 - - 55,100 (46,929) (2,861) - (49,790) 5,310 15,821 (13,821) 2,000 15,821 - 15,821 (12,235) (1,586) (13,821) 2,000 7,310	$ 55,100 (46,929)
		8,171 54,627 2,563 (2,090)
		55,100
		(44,069) (2,860) - (46,929)
		8,171
		15,821 (12,235)
		3,586 15,821 -
		15,821
		(10,707) (1,528) (12,235)
		3,586
		11,757

NOTES TO THE FINANCIAL STATEMENTS

NOTE 7a: TRADE AND OTHER PAYABLES	30-Jun-2021	30-Jun-2020 $ 18,412 26,159 3,004 37,132 - 84,707 30-Jun-2020 $ 62,065 62,065
Trade creditors Other payables - Audit expenses - Salaries, employee benefits and PAYG payable - Annual and long service leave accruals - Meeting expenses Total trade and other payables	$ 19,790 15,250 791 41,756 20,364 97,950


	30-Jun-2021
NOTE 7b: OTHER CURRENT LIABILTIES
Lease Liability Total other current liabilities	$ 23,979 23,979
NOTE 8: CONTRIBUTED EQUITY


2021 (a) Ordinary Shares Number Balance at the beginning of the year Shares issued during the year Balance at the end of the financial year (b) Ordinary Shares Value Balance at the beginning of the year Shares issued during the year Share issue costs Balance at the end of the financial year 2020 (a) Ordinary Shares Number Balance at the beginning of the year Shares issued during the year Balance at the end of the financial year (b) Ordinary Shares Value Balance at the beginning of the year Shares issued during the year Balance at the end of the financial year		Number on Issue 180,150,000 27,000,000
		207,150,000 Value ($) 17,398,334 810,000 (72,115)
		18,136,219 Number on Issue 180,150,000 -
		180,150,000 Value ($) 17,398,334
		-
		17,398,334

Ordinary Shares entitle the holder to participate in dividends and to share in the proceeds of winding up the Company in proportion to the number of and amounts paid on the shares held. Ordinary shares have no par value and the Company does not have a limited amount of authorized Capital.

NOTES TO THE FINANCIAL STATEMENTS

		NOTE 9: ACCUMULATED LOSSES	30-Jun-2021	30-Jun-2020
		Accumulated losses at the beginning of the financial year Net loss attributable to members of the entity Accumulated losses at the end of the financial year	$ (15,999,435) (243,359) (16,242,794)	30-Jun-2020 $ (834,620) 20,442 18,927 25,186 574,090 638,644 2,548 (75,982) (9,265) 62,065 2,213 (18,421) (214,397) 30-Jun-2020 $ 25,250 25,250 $ (15,164,815) (834,620) (15,999,435)
		NOTE 10: STATEMENT OF CASH FLOW INFORMATION	30-Jun-2021

		Loss from ordinary activities after income tax Add: Adjustment for non-cash items - depreciation - leave entitlement accrual - investment expenses and provisions - impairment and losses on disposed assets Add: Changes in working capital (Increase)/decrease in trade and other receivables (Increase)/decrease in other assets (Decrease) /Increase in trade payables (Decrease) /Increase in other liabilities (Decrease) /Increase in other payables Cash outflow from operations	$ (243,359) 42,836 4,623 - - 47,459 (5,728) 38,388 1,378 (38,086) 8,692 4,644 (191,256)



	NOTE 11: AUDITORS REMUNERATION		30-Jun-2021
Auditing or reviewing the financial reports by William Buck NSW Total Auditors Remuneration			$ 26,500 26,500

NOTES TO THE FINANCIAL STATEMENTS

NOTE 12: SEGMENT INFORMATION

The Company’s operations are in one reportable business segment being the exploration of uranium, gold and metals and minerals.

The Company currently operates in one geographical segment being Australia.


NOTE 13: RELATED PARTY TRANSACTIONS 30-Jun-2021	30-Jun-2020

Key Management Personnel

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 (KMP) for the year ended 30 June 2021. The totals of remuneration paid to the KMP of the company during the year are as follows:

The total of remuneration paid to the KMP of the Company during the year are as follows:

Short-term employee benefits/Fees Longt-term employee benefits/Fees Total KMP compensations	$ 100,060 14,184 117,524	$ 19,250 - 19,250

Other transactions with related parties

During the financial year, Mr Jian Liu was paid $2,500 in relation to director’s fee. As at 30 June 2021 there was nil was payable to Mr Jian Liu for the aforementioned fees (2020: nil).

NOTES TO THE FINANCIAL STATEMENTS

NOTE 14: COMMITMENTS AND CONTINGENCIES	30-Jun-2021			30-Jun-2020
	$			$

a) Commitments

The Company is required to meet minimum committed expenditure requirements to maintain current rights of tenure to exploration licences. The minimum commitment of expenditure on each tenement is determined by the Department of Mining and Petroleum. These obligations may be subject to renegotiation, may be farmed-out or may be relinquished and have not been provided for in the statement of financial position. A summary of aggregate commitments is as follows:

Exploration Projects in Western Australia

Exploration Projects in Western Australia
Within 1 year More than 1 year but not later than five years More than five years Total	146,667 750,000 - 896,667	152,489 825,836 -
		978,325

b) Contingent assets and liabilities

Contingent liabilities

There are no contingent liabilities as at end of reporting period 30 June 2021 (2020: Nil).

Contingent assets

There are no contingent assets as at end of reporting period 30 June 2021 (2020: Nil).

NOTES TO THE FINANCIAL STATEMENTS

NOTE 15: FINANCIAL RISK MANAGEMENT

The below table summarises interest rate receivable or payable for the Company:

	Effective Interest Rate	Floating rate	interest amount	Non- Interest Bearing	Total
2021		$		$	$
Financial assets
Cash and cash equivalents	2.0%		1,518,885	-	1,518,885
Financial liabilities
Trade and otherpayables	5.0%		(23,979)	(97,950)	(121,929)
2020		$		$	$
Financial assets
Cash and cash equivalents	2.0%		1,138,805	-	1,138,805
Financial liabilities
Trade and otherpayables	5.0%		(62,065)	(84,707)	(146,772)

a) Credit risk

The Company has no significant concentrations of credit risk with debtors as the Company has not issued any sales for services or products during the period ending 30 June 2021, hence the Company does not insure any outstanding debts.

outstanding debts.
	30-Jun-2021	30-Jun-2020
(b) Interest rate risk	$	$
Potential impact on post-tax loss:
Effective Interest rate -1%	(15,189)	(11,388)
Effective Interest rate +1%	15,189	11,388

The Company places surplus cash with the bank in term deposit of up 90 days. This rate can vary from rollover period to rollover period. Exposure to variances in interest rates is not controlled by the Company and returns are subject to current interest rates on offer by the banks at the time of rollover of the term deposit(s).

(c) Liquidity risk

The Company’s principal financial assets are cash and short-term deposits. The Company has taken steps to reduce risk of significant exposure to its cash holdings. Excess cash funds have been invested in low risk Term Deposits with Bank of China (Australia) Ltd (account located in Australia and funds in Australian dollars). The Company at the end of the financial year held 1 Term Deposits with Bank of China for a total of $772,892. These funds are accessible without penalty with 30 days’ notice.

The Company’s principal financial liabilities comprise of accounts payable. The maximum risk for the period ending 30 June 2021 extended to Trade creditors, lease liability, other expenses and employee related expenses amounting to $56,195 due to be paid within the next 30 days at a maximum. The Company has sufficient funds to meet this requirement.

NOTES TO THE FINANCIAL STATEMENTS

NOTE 15: FINANCIAL RISK MANAGEMENT continued

(d) Management of Capital

The Company’s main objective when managing capital is to safeguard the Company’s ability to continue as a going concern with the ultimate goal of providing returns for shareholders. The Company’s capital consists of issued ordinary shares.

The Company currently has no loans or other borrowings that forms part of the capital structure and therefore is not exposed to any financial covenants.

This year the Company made changes to the capital structure by issuing an additional 27,000,000 shares.

(e) Fair values

The financial assets and liabilities of the Company are recognised in the statement of financial position at their carrying amount, which is a reasonable approximation of fair value in accordance with the accounting policies in note 1.

(f) Risk Exposures and responses

The Company manages its exposure to financial risks in accordance with its management policies. The Policy aims to protect the financial assets of the Company by ensuring that control of funds is not compromised. Senior management is responsible for reducing risk-taking activities by introducing and maintaining policies and risk management.

The Company seeks to have minimum exposure to market forces by maintaining low risk investment strategies of cash reserves. The Company currently has no foreign exchange exposure and does not foresee having any in the new future and therefore does not have a policy currently to address foreign exchange risk.

NOTE 16: EARNINGS PER SHARE 30-Jun-2021 30-Jun-2020	NOTE 16: EARNINGS PER SHARE 30-Jun-2021 30-Jun-2020
$	$
Total comprehensive (loss) for the year (243,359) (834,620) Number of shares on issue 207,150,000 180,150,000 Weighted average number of shares on issue 181,037,671 180,150,000 Earnings per share Basic – $ per share (0.0013) (0.0046) Diluted – $ per share (0.0013) (0.0046)

NOTES TO THE FINANCIAL STATEMENTS

NOTE 17: EVENTS AFTER THE END OF THE REPORTING PERIOD

(a) Exploration and evaluation

Exploration and evaluation of tenements in Western Australia continue to be halted due to the COVID19 pandemic and subsequent the travel restrictions to WA and restrictions of movement of workers around the state. However, the company has brought forward it’s Program of Works for 2 tenements in WA to September 2021. As of the date of this report Geologists in WA have been engaged and are undertaking field work at tenement E09/2147 in the Gascoyne region.

(b) General Meeting 30 July 2021

The Company ratified the issuing of shares and options to shareholders at its general meeting held on 30 July 2021. The following options were approved:

Ratification of prior issue of Placement Shares
Approval of future issue of Attaching Options
Approval of future issue of Contractor Options

(c) ASX Listing Suspension

NOTES TO THE FINANCIAL STATEMENTS

NOTE 18: COMPANY DETAILS

The registered office of the Company is: Level 1, Suite 105 25-27 Berry Street North Sydney NSW 2060

The principal place of business of the Company is:

Level 1, Suite 105 25-27 Berry Street North Sydney NSW 2060

DIRECTORS’ DECLARATION

In the Directors Opinion:

the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in Note 1 the financial statements;
the attached financial statements and notes give a true and fair view of the Company’s financial position as at 30 June 2021 and of its performance for the financial year ended on that date;
there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

The Directors have been given the declarations required by section 295A of the Corporations Act 2001.

Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the Corporations Act 2001.

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Mr. Jiangang Zhao Acting CEO and Director

Dated this 29[th] Day of September 2021

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TENEMENT SCHEDULE

Project	Sub Project	Licence Number	Stat e	Area (blocks)	Licence Expires	Comments
Wiluna	Lakes Way	E 53/1603	WA	5	14 Feb 23	100% owned and operated by Zeus Resources Ltd
Narnoo	Narnoo South	E 28/2097	WA	5	08 May 22	100% owned and operated by Zeus Resources Ltd Extension / Renewal of Term 621729 Lodged 4 May 2021
Gascoyne	Mortimer Hills extension	E 09/2147	WA	15	09 Sep 22	100% owned and operated by Zeus Resources Ltd

CORPORATE GOVERNANCE STATEMENT

The Board is committed to achieving and demonstrating the highest standards of corporate governance. As such, Zeus Resources Limited have adopted a corporate governance framework and practices to ensure they meet the interests of shareholders.

The ASX Corporate Governance Council has published the Corporate Governance Principles and Recommendations – 4th edition which takes effect for a listed entity’s first full financial year commencing on or after 1 January 2020.

The Company has chosen to publish its Corporate Governance Statement on its website rather than in this Annual Report. The Corporate Governance Statement and governance policies and practices can be found in - the corporate governance section of the Company’s website at https://www.zeusresources.com/wp content/uploads/2020/11/Corporate-Governance-Statement.pdf

SHAREHOLDER INFORMATION

The shareholder information set out below was applicable as at 30 June 2021: needs updating

(a) Distribution of Equity Securities

Analysis of numbers of equity security holders by size of holding:

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Analysis of Holdings as at 30-06-2021
Securities
Fully Paid Ordinary
Holdings Ranges Holders Total Units %
1-1,000 18 5,303 0.000
1,001-5,000 12 46,701 0.020
5,001-10,000 210 2,004,595 0.970
10,001-100,000 295 13,977,520 6.750
100,001-9,999,999,999 129 191,115,881 92.260
Totals 664 207,150,000 100.000
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(b) The names of the twenty largest holders of quoted securities are listed below:

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Top 20 Holdings as at 30-06-2021
Fully Paid Ordinary
Balance as at
Name 30-06-2021 % Rank
ZHENGYUAN INTERNATIONAL MINING COMPANY LIMITED 57,650,000 27.830% 1
VAST HONOUR GLOBAL LIMITED 57,534,500 27.774% 2
MRS ANLAN CHEN 13,268,000 6.405% 3
BARBARY COAST INVESTMENTS PTY LTD PER A/C> 4
MR COLIN MACKAY 5,966,666 2.880% 5
BNP PARIBAS NOMINEES PTY LTD 4,582,937 2.212% 6
5150 CAPITAL PTY LTD 3,266,667 1.577% 7
MR YONGLU YU 2,211,897 1.068% 8
CITICORP NOMINEES PTY LIMITED 1,876,269 0.906% 9
BNP PARIBAS NOMINEES PTY LTD SIX SIS LTD 1,364,679 0.659% 10
MISS DAN LI & MR JIANJUN LIU 1,333,334 0.644% 11
MR CLIVE ANTHONY KENNETH MCKEE 1,166,667 0.563% 12
FRANGIPANNI INVESTMENTS PTY LTD 1,001,000 0.483% 13
GREENSEA INVESTMENTS PTY LTD 1,000,000 0.483% 14
JEFFREY POLOVICK 996,116 0.481% 15
STEPHEN ROGER KING 979,437 0.473% 16
MR WILSON TED SIN CHEE & MISS PATTAMA KITTITHIRAPORNCHAI 800,000 0.386%
17
MRS JIE ZHANG 777,859 0.376% 18
MR MICHAEL GEBBIE 716,667 0.346% 19
DR ANDREW TUNKS & DR DEBRA CAMPBELL FUND A/C> 20
Total Securities of Top 20 Holdings 163,660,671 79.006%
Total of Securities 207,150,000
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SHAREHOLDER INFORMATION

(c) Substantial Shareholders

Substantial shareholders in the Company are:

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Balance as at
Name 30-06-2021 % Rank
ZHENGYUAN INTERNATIONAL MINING COMPANY LIMITED 57,650,000 27.830% 1
VAST HONOUR GLOBAL LIMITED 57,534,500 27.774% 2
MRS ANLAN CHEN 13,268,000 6.405% 3
Total Securities Held by Substantial Holders >5% of registry 128,452,500 62.009%
Total of Securities 207,150,000
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(d) Voting Rights

The voting rights attaching to each class of equity security are set out below:

Ordinary Shares

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

AI assistant

ZEUS RESOURCES LIMITED — Annual Report 2021

66116_rns_2021-09-29_fda9995d-acee-4234-afe9-8324f2dc5bba.pdf

Annual Report For the year ended 30 June 2021

CORPORATE DIRECTORY

Directors

Company Secretary

Principal registered office

Auditor

Share Registry

Australian Securities Exchange

CHAIRPERSON’S REPORT

Tenements Exploration

New Project Exploration

Financial Position

CHAIRPERSON’S REPORT

Tenement Status

Exploration Program

Mortimer Hills Project (E09/2147)

Wiluna Project (E53/1603)

Narnoo Project (E28/2097)

Competent Person Statement:

Review of operations

Results of Operations

Shares Registry

Options

Significant changes in state of affairs

Principal activities

Likely developments and expected results of operations

DIRECTORS

DIRECTORS’ PROFILES

Mr Dongfeng Zhang – Chairperson

Mr Yong Zhang - Non-Executive Director

DIRECTORS’ PROFILES continued

Mr Gregory Clifton Hall - Non-Executive Director

B. App Sc. (University of New South Wales)

Mr Jiangang Zhao – Acting CEO and Director

Mr Jian Liu - Executive Director – MSc, BSc

Ms Laura Newall - Company Secretary (appointed 1 December 2020)

Environmental Regulations

Dividends

Events subsequent to the end of the reporting period:

(a) Exploration and evaluation

(b) General Meeting 30 July 2021

(c) ASX Listing Suspension

Directors' interest

REMUNERATION REPORT (AUDITED)

Remuneration Policy

Remuneration Policy continued

Voting and comments made at the company's 2020 Annual General Meeting ('AGM')

Additional Benefits

Key Management Personnel (KMP) Payments & Benefits

Remuneration and Earnings additional information

Key Management Payments & Benefits and Company Results

Additional Information

Key Management Personnel Interests as at 30 June 2021:

Other transactions with key management personnel and their related parties:

Directors’ meetings

Indemnity and insurance of officers

Indemnity and insurance of auditors

Non-audit services

Proceedings on behalf of The Company

Auditor independence declaration

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2021

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2021

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2021

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2021

NOTE 1: SIGNIFICANT ACCOUNTING POLICIES

A. Basis of accounting

Changes in Accounting Policies

Changes in Accounting Policies continued:

B. Income tax

C. Financial instruments

Cash and cash equivalents

Payables

D. Provisions

E. Goods and Services Tax (GST)

F. Exploration and evaluation expenditure policy

G. Critical accounting judgements, estimates and assumptions

Recovery of deferred tax assets

ZEUS RESOURCES LIMITED Annual Report 2021