County International : Half Yearly Accounts and Report

For personal use only

ABN 40 149 136 783

AND CONTROLLED ENTITIES

Appendix 4D and Half-Year Financial Report

31 December 2021

This half-year report is for the six months ended 31 December 2021. The previous corresponding period is the half-year ended 31 December 2020.

The information in this report should be read in conjunction with the most recent annual financial report.

Results for announcement to the market

Brief explanation of any of the figures reported above:

Refer to comments in the attached Directors' Report.

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For personal use only

County International Limited

(ABN 40 149 136 783)

Half Year Report

31 December 2021

For personal use only

Company Directory

Directors

Robert Cameron AO

Rodney Ruston

Nicholas Revell

Company Secretary

Terry Flitcroft

Principal and Registered Office

Suite 10.04, Level 10

56 Pitt Street

Sydney NSW 2000

Telephone: (02) 9251 3311

Facsimile: (02) 9521 6550

Auditors

Stirling International

Share Registrar

Boardroom Pty Limited

Sydney NSW 2000

(GPO Box 3993, Sydney NSW 2001)

Telephone: (02) 9290 9600

Facsimile: (02) 9279 0664

Stock Exchange Listing

Ordinary Shares: CCJ

Bankers

Westpac Banking Corporation

Website

www.countyinternational.com

For personal use only

Directors

The names of directors, who held office during or since the end of the half year and until the date of this report are as below. Directors were in office for this entire period unless otherwise stated.

Robert Cameron AO - Non-Executive Chairman

Rodney Ruston - Chief Executive Officer and Managing Director

Nicholas Revell - Non-Executive Director (appointed 5th August 2021)

David Miller - Non-Executive Director (resigned 5th August 2021)

REPORT ON OPERATIONS

In Wyoming County owns the Miller coal leases and the BAT/Piney Creek coal rights of the Shell Creek area. There is renewed interest for coal conversion projects in the Wyoming area and the Company, together with adjoining owners of the BAT/Piney property, are actively seeking a partner to commercialise our interests. There is interest from the Green Energy sector for projects that convert coal and coal fines to synthetic fuels and alternative products. County, together with neighbouring owners of its Wyoming coal assets, have continued discussions with a potential partner to commercialise the collective coal assets by converting the coal and coal fines to synthetic fuels or alternatively gasification.

Given the Company has achieved JORC status on its coal assets, the Company is continuing its efforts on securing commercialization partners.

No further work is planned on County International's coal projects in the PRB in the immediate future. County International has previously announced some 381 million tonnes of JORC coal resource in its exploration areas in Wyoming's PRB.

County's shares were suspended from trading at the end of January 2020 as the ASX took the view that the level of existing operations was not sufficient. County has continued to work on expanding its activities, actively undertaking due diligence on a number of projects during 2021.

As detailed in the Outlook section of this Directors' Report below, County announced in December 2021 that it has reached agreements to acquire two NSW based copper/gold exploration operations with key tenements in the Lachlan Fold Belt, a geologically significant minimised zone up to 700km wide that stretches from Cobar in the north into Victoria in the south. The acquisitions will be subject to meeting ASX and other regulatory requirements and both agreements will require shareholder approval at a meeting to be held in early 2022.

SUBSEQUENT EVENTS

The directors are not aware of any matter or circumstance that has arisen since the end of the half-year to the date of this report, other than outlined below, that has significantly affected or may affect:

1. The operations of the company and the entities it controls
2. The results of those operations
3. The state of affairs of the company in subsequent years

The agreement to acquire the Copper/Gold Group was amended in February 2022. Completion of this agreement and the agreement to acquire Polymet Resources Pty Limited remains subject to the Company complying with Listing Rules 11.1.2 and 11.1.3 and meeting the requirements of chapters 1 and 2 of the Listing Rules and shareholders' approving the transactions, which are also subject to meeting ASX requirements and other regulatory requirements at the date of these accounts.

An unsecured convertible note of $100,000 was issued to County International Limited by Far Northern Resources Limited on 17th February 2021. This convertible note bears interest at 6% pa. This convertible note was converted into fully paid ordinary shares in Far Northern Resources Limited at a conversion price of $0.20 per share in February 2022 and has been fully provided for in these accounts.