ORION METALS LIMITED For personal use only
ORION METALS LIMITED
ACN 096 142 737
DIRECTORS' REPORT
AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
ORION METALS LIMITED | ||
ACN 096 142 737 | ||
DIRECTORS' REPORT | ||
Your Directors present their report on the consolidated entity consisting of Orion Metals Limited (the Company) and | ||
only | ||
its controlled entities at the end of, or during the year ended, 28 February 2022. | ||
1. | THE DIRECTORS | |
The following persons were directors of the Company during the financial year and up to the date of this report: | ||
Dr Yi Yang | Non-Executive Chairman | |
use | Appointed 22 July 2016 | |
PhD in Philosophy | ||
Qualifications | ||
Experience | Dr Yi Yang was previously a government officer in the Central China Government | |
and is now a director of numerous enterprises in China. He has many years' | ||
experience as a fund manager who managed up to RMB1 billion and AUD200 | ||
million. Dr Yang was the founder and Executive Chairman of Beijing Wayield | ||
Investment Co. Ltd in 2004 that has financially backed Excellence Holdings HK | ||
Limited in which he has a 50% interest and is a director. Wayield Investment is a | ||
personal | registered financial institution by the Asset Management Association of China. | |
Special responsibilities | Chairman | |
Interest in Shares and | 400,000,000 shares held by Excellence Holdings HK Limited | |
Options | ||
Directorships held in other | None | |
listed entities | ||
Dr Feng Wu | Executive Director (Compliance) | |
Appointed 22 July 2016 | ||
Qualifications | PhD in Law | |
Experience | Dr Feng Wu was previously a Prosecutor of the Supreme People's Procuratorate | |
of China. He founded a successful law practice in China in 2000 and provides | ||
services for state owned enterprises and large businesses. He is a director of | ||
several other companies in China and is also Executive Chairman of Beijing | ||
Electronics Technology Ruida Co., which is a subsidiary of China Electronics | ||
For | Corporation, the largest Chinese state owned IT enterprise and a global top 500 | |
IT company. Dr Wu also has a 50% interest in Excellence Holdings and is a | ||
director. | ||
Special responsibilities | Compliance | |
Interest in Shares and | 400,000,000 shares held by Excellence Holdings HK Limited | |
Options | ||
Directorships held in other | None |
listed entities | |
1
ORION METALS LIMITED | ||
ACN 096 142 737 | ||
only | DIRECTORS' REPORT | |
THE DIRECTORS (Cont'd) | ||
1. | ||
Mr Yu Zhou | Non-Executive Director | |
Appointed 11 March 2021 | ||
Qualifications | Bachelor of Economics (International Banking & Finance) Tianjin University of | |
Finance & Economics | ||
Experience | Mr Yu Zhou was appointed as a Non-Executive Director to replace Mr Bo Wang as | |
use | the second Australian resident director. After completing his degree Mr Zhou worked | |
for a number of securities and investments companies, initially in China - including | ||
Beijing Wayield Investment Co. Ltd (2006-2015) - then in Australia - including | ||
Australia Cayenne Holdings Pty Ltd (2015-2019) - after moving to Sydney. Over the | ||
last couple of years he has acted as a consultant to the Company, particularly | ||
assisting with efforts to find JV partners or dispose of Orion's minerals leases, | ||
investigate potential new assets, and source new capital and other funding for the | ||
Company. | ||
Special | ||
personal | None | |
responsibilities | ||
Interest in Shares and | None | |
Options | ||
Directorships held in | ||
other listed entities | None | |
Mr Bin Cai | Executive Director | |
Appointed 25 July 2012 (and previously Director 30 April 2012 ~ 31 May 2012) | ||
Qualifications | Master of Finance & IS | |
Experience | Mr Cai is the Managing Director of Conglin International Investment Group Pty Ltd | |
based in Brisbane. He has a record of successful strategic investments in emerging | ||
Australian resources companies based on his long experience in resources | ||
investment. Prior to joining the Conglin Group Mr. Cai had eight years' experience | ||
with The China Investment Bank. |
Special
Forresponsibilities Interest in Shares and Options
Directorships held in other listed entities
Chief Financial Officer
6,250 shares held by Australia Cayenne Holdings Pty Ltd.
Director of Carpentaria Resources Limited (previously Carpentaria Exploration Limited), 15 May 2011 ~ 16 May 2018
Director of Northern Minerals Limited, appointed 29 August 2013 ~ continuing
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ORION METALS LIMITED | ||
ACN 096 142 737 | ||
only | DIRECTORS' REPORT | |
THE DIRECTORS (Cont'd) | ||
1. | ||
Mr Bo Wang | Non-Executive Director | |
Appointed 22 July 2016; resigned 11 March 2021 | ||
Qualifications | B.Com. (Accounting) University of Canberra | |
M. Management University of NSW | ||
Experience | Mr Bo Wang has held several positions in Australian and Chinese companies and | |
is currently Executive Chairman of Boran (Tianjin) Financial Leasing Pty Ltd. He is | ||
studying for a Doctor of Psychology at Peking University. | ||
Special | None | |
responsibilities | ||
useInterest in Shares and | None | |
Options | ||
personal | ||
Directorships held in | ||
other listed entities | None | |
Company Secretary | ||
Bill Lyne | Appointed 19 January 2010 | |
Qualifications | BCom, CA, FGIA, FAICD, FFIN | |
Experience | Mr Lyne is the principal of Australian Company Secretary Service, providing |
company secretarial, compliance and governance services to public companies. He is secretary of another listed company and has a wealth of experience in corporate governance principles and practice.
Directorships held in | Director of Jumbo Interactive Limited appointed 30 October 2009 ~ 31 March 2021 |
other listed entities | |
2. PRINCIPAL ACTIVITIES OF THE CONSOLIDATED ENTITY
ForThe principal activity of the consolidated entity was the exploration for Rare Earth Elements (REE), including Heavy
Rare Earth Elements (HREE), and gold. However, in December 2021 the remaining mining tenement interests were sold and the Company is currently in negotiations to acquire new assets. The significant changes in the nature of the principal activities during the year are noted in other sections of this report.
3. OPERATING RESULTS
The net result of operations of the consolidated entity for the year ended 28 February 2022 was a loss of $274,916
(2021 - loss of $224,574) which included:
- exploration and evaluation expenses $57,181 (2021: $52,951),
- personnel expenses of $478,126 (2021: $340,346).
Exploration expenditure during the year focussed on the Top Camp Project and totalled $57,181 (2021: $52,951). All exploration expenditure incurred during the year was expensed.
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ORION METALS LIMITED
ACN 096 142 737
DIRECTORS' REPORT
For personal use only
The consolidated entity's strategy for future years remains under review following the Directors' previous assessment of the entity's portfolio of assets and sale of the remaining tenements in December 2021.
4. DIVIDENDS
The directors do not recommend the payment of a dividend and no amount has been paid or declared by way of a dividend since 28 February 2022 and to the date of this report.
5. REVIEW OF ACTIVITIES AND BUSINESS STRATEGIES
During the year 2021~2022 the consolidated entity continued to conserve funds through further reductions in costs and exploration activities, and the rationalisation of its tenements, culminating in the sale of its remaining project (Top Camp) as detailed below.
On 11 March 2021 Mr Bo Wang, who had been an independent Non-Executive Director since July 2016, resigned due to other commitments and pursue other activities and Mr Yu Zhou was appointed as his replacement.
The Company's Annual General Meeting was held on 14 July 2021 at which all resolutions were passed on a poll with the overwhelming support of shareholders. The resolutions included confirmation of Yu Zhou's appointment and approval for sale of the Top Camp Project on the understanding that this was the Company's sole remaining asset.
Also, during the year the Company's Registered Office and Principal Place of Business were relocated from Calamvale to Fig Tree Pocket in suburban Brisbane, and the Company's telephone number was changed.
The Company's on-going funding requirements were met from the sale proceeds received for the Tanami West (late in FY21) and Top Camp Projects. In addition, they have been further supplemented by loans from major shareholder Excellence Holdings HK Limited (a related entity of Directors Yi Yang and Feng Wu), which at reporting date aggregated $125,000, and loans from shareholder Australia Cayenne Holdings Pty Ltd (a related entity of Director Bin Cai), which at reporting date aggregated $150,000. These loans are at zero interest rate, unsecured and for no fixed term.
Project activities are summarised as follows:
Top Camp Project
Top Camp was the Company's remaining Project which is prospective in view of the untested historic alluvial gold fields, and high quality primary Iron Oxide-Copper-Gold (IOCG) targets, located on mining leases within the world class base metal province of Cloncurry, Queensland.
Funding issues severely constrained Orion's capacity to develop this Project, both in terms of exploration and mining. Despite the funding challenges, the Company continued to ensure all statutory approvals were in place to facilitate development of the Top Camp alluvial gold bulk sampling project.
During the year the Directors decided that it was in the best interests of the Company to dispose of the Top Camp Project and Orion entered into a Sale of Tenements Agreement with Mayfair Corporations Group Pty Ltd on 13 July 2021 in respect of the sale and purchase of the 4 mining leases comprising the Top Camp Project for $500,000 purchase price. The sale was completed on 15 December 2021.
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Orion Metals Limited published this content on 26 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2022 08:24:23 UTC.
