UIL LIMITED Panoramic Resources Limited
ABN: 47 095 792 288
ASX Code: PAN
Financial Report for the financial year ended 30 June 2022
This Financial Report is provided to the Australian Securities Exchange (ASX) under ASX
Listing Rule 4.3A.
Current Reporting Period: Financial Year Ending 30 June 2022
Previous Reporting Period: Financial Year Ending 30 June 2021
Panoramic Resources Limited
Appendix 4E
30 June 2022
Panoramic Resources Limited
Appendix 4E
For the financial year ended 30 June 2022
Results for announcement to the market (Final Report)
2022 | 2021 | Change | Change | |
$'000 | $'000 | $'000 | % | |
Revenue from ordinary activities | 90,394 | 139 | 90,256 | 100% |
Profit / (Loss) after tax from ordinary activities | 6,260 | 295 | 5,965 | 100% |
Profit / (Loss) after tax attributable to members | 6,260 | 295 | 5,965 | 100% |
Dividends
No final dividend to shareholders has been declared by the Company for the financial year ended 30 June 2022.For the full financial year ended 30 June 2022, no dividends were declared and paid to shareholders.
Net Tangible Assets Per Share
30 June 2022 | 30 June 2021 | |
Net tangible asset backing ($ per share) | 0.12 | 0.10 |
Number of ordinary shares on issue used in the calculation | ||
of net tangible assets per share (number) | 2,050,914,004 | 2,050,914,004 |
Entities over which control has been gained or lost during the period
- The Company did not gain control of any entity during the period; and
- The Company did not divest or loose control of any entity during the period.
Commentary on the result for the period
Factors contributing to the above variances and the results for the financial year are as follows:
Revenue and other income for ordinary activities
The Company's Savannah Nickel Project located in the East Kimberley of Western Australia restarted operations in the financial year having spent the prior year in care and maintenance.
Underground mining commenced in July 2021 with ore treatment and concentrate production commencing in October 2021. The first shipment of concentrate was despatched from the Port of Wyndham on 26 December 2021. In the period since the restart to 30 June 2022, 37,545dmt of concentrate was sold and shipped comprising contained metal totalling 2,716t of nickel, 1,745t of copper and 174t of cobalt. Concentrate and shipping revenue for the financial year totalled $90.4 million (2021: nil) from sales to the Company's offtake partner Sino Nickel PTY LTD and Jinchuan Group Co. LTD.
Profit / (Loss) after tax from ordinary activities and Profit / (Loss) after tax attributable to members
Factors contributing to the result for the financial year are detailed and discussed in the "Operating and Financial Review" section of the Directors' Report for the financial year ended 30 June 2022, which accompanies this Final Report.
The Group recorded a profit after tax for the year ended 30 June 2022 of $6,260,000 (2021: profit after tax of $295,000). The results for the year reflect the re-commencement of operations at the Savannah Nickel Project from July 2021 and the ongoing ramp up of operations. Prior year activities comprised care and maintenance work and capital development activities undertaken to de-risk the re-start of the Savannah Project.
The Savannah Nickel Project achieved commercial production from 1 April 2022, the financial results for the year ended 30 June 2022 reflect this transition.
Panoramic Resources Limited
Appendix 4E
30 June 2022
Emphasis of matter
This Final Report is based on accounts which have been audited by the consolidated entity's Independent Auditor and which contain an Independent Auditor's Report that is subject to an emphasis of matter about the consolidated entity's ability to continue as a going concern. Note 2(a) of the "Notes to the Consolidated Financial Statements" describes the conditions that indicate the existence of material uncertainty that may cast doubt on the consolidated entity's ability to realise its assets and discharge its liabilities in the normal course of business.
Other information required by Listing Rule 4.3A
All the disclosure requirements pursuant to ASX Listing Rule 4.3A are contained within Panoramic Resources Limited's Consolidated Financial Statements for the year ended 30 June 2022 which accompany this Final Report.
2022 FINANCIAL REPORT | |
CONTENTS | |
DIRECTORS' REPORT ................................................................................................................................................... | 2 |
CONSOLIDATED FINANCIAL STATEMENTS .............................................................................................................. | 33 |
DIRECTORS' DECLARATION ....................................................................................................................................... | 74 |
INDEPENDENT AUDITOR'S REPORT ......................................................................................................................... | 75 |
2022 FINANCIAL REPORT
CORPORATE INFORMATION
ABN 47 095 792 288 | ||
Directors | ||
Nicholas Cernotta | Independent Non-Executive Chair | |
Victor Rajasooriar | Managing Director and Chief Executive Officer | |
Peter Sullivan | Non-Executive Director | |
Rebecca Hayward | Independent Non-Executive Director | |
Gillian Swaby | Independent Non-Executive Director | |
Company Secretary | ||
Susan Park | Company Secretary | |
Registered Office and Principal Place of Business | ||
Level 9, 553 Hay Street | ||
Perth WA 6000 | ||
Tel: | +61 8 6374 1700 | |
Email: | info@panres.com | |
Web: | www.panoramicresources.com |
Share registry
Computershare Investor Services Pty Limited
Level 11, 172 St Georges Terrace
Perth WA 6000
Tel: | +61 8 9323 2000 |
Fax: | +61 8 9323 2033 |
Email: | cis-ar@computershare.com.au |
Auditors
Ernst & Young
11 Mounts Bay Road
Perth WA 6000
Australia
Home Exchange
Australian Securities Exchange
Limited
Level 40, Central Park
152-158 St George's Terrace
Perth WA 6000
ASX Code
Panoramic Resources Limited shares are listed on the Australian Stock Exchange (ASX).
The Company's ASX Code is: PAN
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UIL Limited published this content on 30 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 September 2022 14:39:03 UTC.
