HEXAGON ENERGY MATERIALS LIMITED For personal use only
HEXAGON ENERGY MATERIALS LIMITED
ABN 27 099 098 192
INTERIM FINANCIAL REPORT
FOR THE HALF-YEAR ENDED
31 DECEMBER 2021
For personal use only
Hexagon Energy Materials Limited Interim Financial Report
For the half-year ended 31 December 2021
CONTENTS
Corporate Directory
Directors' Report
Auditors Independence Declaration
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to Financial Statements
Directors' Declaration
Independent Review Report
For personal use only
Hexagon Energy Materials Limited Interim Financial Report
For the half-year ended 31 December 2021
CORPORATE DIRECTORY
Board of Directors
Merrill Gray - Managing Director
Charles Whitfield - Non-Executive Chairman
Garry Plowright - Non-Executive Director
Officers of the Company
Ian Gregory - Company Secretary
Registered Office & Principal Place of Business
Suite 3, 7 Kintail Road
Applecross, WA 6153
PO Box 825
Canning Bridge, Applecross WA 6153
- +61 (08) 6244 0349
-
+61 (08) 6314 6673
E-mail: info@hxgenergymaterials.com.au
Website: www.hxgenergymaterials.com.au
Domicile and Country of Incorporation
Australia
Australian Business Number
27 099 098 192
Auditors
BDO Audit (WA) Pty Ltd
Level 9, Mia Yellagonga Tower 2 5 Spring Street
Perth, WA 6000
Website: www.bdo.com.au
Share Registry
Automic Group
Level 5, 191 St Georges Terrace
Perth, WA 6000
Website: www.automicgroup.com.au
Securities Exchange
Australian Securities Exchange Limited (ASX)
Home Exchange - Perth
ASX Code - HXG (Ordinary Shares)
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For personal use only
Hexagon Energy Materials Limited
Interim Financial Report
For the half-year ended 31 December 2021
DIRECTORS' REPORT
Your Directors present their half-year report on Hexagon Energy Materials Limited ('Hexagon' or 'Company') and its controlled entities ('Consolidated Entity' or 'Group') for the half-year ended 31 December 2021.
1. BOARD OF DIRECTORS
The Directors of the Company in office at the date of this report or at any time during the period are:
Name | Position | Period of Directorship | |
Merrill Gray | Managing Director | Appointed 18 | October 2021 |
Charles Whitfield | Non-Executive Director | Appointed 22 | August 2016 |
Non-Executive Chairman | Appointed 5 May 2017 | ||
Garry Plowright | Non-Executive Director | Appointed 10 June 2015 | |
Justyn Stedwell | Non-Executive Director | Appointed 1 December 2020, Resigned 18 October 2021 |
2. CORPORATE INFORMATION
Hexagon is a company limited by shares, incorporated and domiciled in Australia whose shares are publicly traded on the Australian Securities Exchange (ASX). Hexagon has prepared a consolidated interim financial report encompassing the entities that it controlled during the period.
3. NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
Hexagon is an Australian-listed company focused on future energy project development and future energy materials exploration and project development. Hexagon's corporate strategy is shown in Figure 1 below.
Figure 1 - Hexagon Strategy
Figure 2 provides locational maps showing all of Hexagon's projects/assets.
Over the reporting period Hexagon's focus was progression of its core future energy project, the Pedirka Blue Hydrogen project located in the Northern Territory. On 28 February 2022 the Pedirka Pre-Feasibility (PFS) was completed and announced on ASX.
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Hexagon Energy Materials Limited Interim Financial Report
For the half-year ended 31 December 2021
DIRECTORS' REPORT
For personal use only
Figure 2 - Hexagon Project Locations
Hexagon's core future energy materials project, the McIntosh project, which is prospective for Nickel-Copper-PGE (Ni- Cu-PGEs) and Graphite, was progressed over the period with a number of ASX announcements made (HXG ASX Announcement (19 August 2021 / 12 October 2021 / 11 November 2021 / 16 December 2021 / 2 February 2022).
Hexagon's historic Halls Creek Gold and Base metals project was also progressed during the period with announcements made on (HXG ASX Announcement (22 July 2021 / 7 December 2021 / 7 February 2022).
In the USA, Hexagon holds an 80 per cent controlling interest of the Ceylon Graphite project located in Alabama, over which South Star Battery Metals Corp. (TSXV: STS, OTCQB:STSBF) signed a 75% Earn-In option agreement on 7 December 2021.
Subsequent to period end, on 7 March 2022, Hexagon introduced its Western Australian blue Ammonia project (WAH2) which, leveraging the findings from the Pedirka PFS, is considered to be a more commercially attractive clean Hydrogen project for Hexagon to progress.
Hexagon's plan is to transition its projects from blue to green hydrogen production on a commercial basis, by using renewable energy to the greatest extent possible from the outset, in clean hydrogen production. Supporting this strategy on 2 February 2022 Hexagon signed a Memorandum of Understanding (MoU) with renewable energy company FRV Services Australia Pty Ltd (FRV Australia) which is 51% owned by Fotowatio Renewable Ventures S.L and 49% owned by OMERS Infrastructure, part of OMERS Canadian defined benefit pension plan fund. FRV Australia has almost 800MWdc of Australian PV Assets built or under construction in Australia.
Hexagon's overarching goal moving forward is to progress core Northern Australian Future Energy Materials (McIntosh) and Future Energy project developments (WAH2) projects in-house while also securing and leveraging technical and commercial alliances by commodity across its project portfolio.
4. FINANCIAL REVIEW
For the half-year ended 31 December 2021, the loss for the Consolidated Entity after providing for income tax was $13,522,663 (2020: $665,210).
The Consolidated Entity's main expenses were as follows: | 31-Dec-21 | 31-Dec-20 |
$ | $ | |
Impairment of exploration and evaluation expenditure | 11,893,061 | - |
Business development | - | 304,813 |
Corporate and administration expenses | 450,811 | 308,365 |
Exploration and evaluation expenditure | 999,894 | 303,529 |
Personnel expenses and director fees | 219,448 | 148,480 |
Net reversal of share-based payments | - | (37,400) |
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Hexagon Resources Limited published this content on 14 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2022 08:53:04 UTC.
