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Hawsons Iron : Half Yearly Accounts 31 Dec 2021
Hawsons Iron : Half Yearly Accounts 31 Dec
About this update from Hawsons Iron Ltd
onlyuse Interim Financial Report personal For the Half-Year Ended 31 December 2021 For Directors' report Your Directors present their report on Hawsons Iron Limited for the half-year ended 31 December 2021. Directors The names and details of the Directors of Hawsons Iron Limited (Hawsons) in office at the date of this report or at any time during the financial period are: only Name Position Period of directorship use Bryan Granzien Executive Chairman Appointed 29 December 2020 Paul Cholakos Non-executive Director Appointed 2 April 2012 Jon Parker Non-executive Director Appointed 11 February 2021 Operating results Commentary and comparison with prior year Cash Position personal Review of operations A total of $33,756,950 (after costs) was raised through share For the half-year ended 31 December 2021, the loss for the Consolidated Entity after providing for income tax was issues in the first quarter of the financial year. The $1,468,856 (December 2020: $238,694), as a result of Consolidated Entity's cash position as at the end of the i creased operational expenses necessary to work towards a reporting period was $31,389,029. c mpleted Bankable Feasibility Study (BFS) by the end of the year. The difference of $1,230,162 is primarily attributed to: • Increase in Employment Expenses ($371,083); • Increase in Finance Expenses ($80,879); • Increase in Consultant Expenses ($221,392); • Increase in Operating Expenses ($513,711) and; • Increase in Other Expenses ($43,097). Carpentaria Resources Limited (ASX: CAP) changed its name Resource Upgrade, including a 9% increase in Indicated to Hawsons Iron Limited (ASX: HIO), which took effect 23 Resources to 132 Mt and an 18% increase in Inferred August 2021. Resources to 268 Mt. The Mineral Resources have been reported in accordance with the 2012 JORC Code and The Company raised $35,596,890 (before costs) through a Guidelines. For fully underwritten private placement and an entitlements issue to shareholders. In addition $110,000 of shares were A pit optimisation study by KPS Innovation also confirmed issued on the exercise of share options. the total resource boundary had not been fully identified, As announced on 19 October 2021, a report commissioned recommended and validated a reduction of the commercial cut-off grade from 9.5% recovered magnetic from geological experts H&S Consultants, using revised fraction (DTR) to 6%, significantly improving mining commercial cut-off grades, triggered a material Mineral options. Hawsons Iron Interim Financial Report - as at December 2021 1 The report also determined the economic pit shell is The Company's interest in the Hawsons Iron Project Joint significantly larger than the one that was used in the Venture will increase beyond the 93.963% currently held Prefeasibility Study (2017) and is being confirmed through after JV partner Starlight Investment Company Pty Ltd the current Bankable Feasibility Study program (BFS). failed to meet its cash call for December 31, 2021. HIO will fund Starlight's share, so the BFS program remains The Company signed a A$200 million equity financing Put unaffected and on track for completion by the end of Option Agreement with United States investment group 2022. only LDA Capital Limited to access additional funding to develop its high-grade iron ore project. Despite heavy rains which hampered site works in November/December and COVID-19 travel and site The Company issued 71.5 million unlisted Options to LDA restrictions, the confirmatory drilling program remains on Capital pursuant to the terms of the A$200 million equity schedule and budget to further define the resource, provide funding agreement announced on 22 December 2021 with samples for metallurgical test work, groundwater and potential to deliver up to a further $50.05 million if geotechnical data. exercised. use Company Volume Market Formosa Plastics 2.6 Mtpa Concentrate/pellet feed personal Bahrain Steel 3.0 Mtpa Direct reduction (DR) pellet feed Shagang 2.5 Mtpa Pellet feed Mitsubishi Corporation RtM 1.0 Mtpa Pellet feed Gunvor 1.0 Mtpa Concentrate Kuwait Steel 1.0 Mtpa DR pellet feed Emirates Steel 0.9 Mtpa DR pellets Total 12.0 Mtpa The world's largest steelmaking countries, China, Japan, Korea and Germany have all stated that they target net zero carbon emissions by 2050 or 2060. To meet these targets, material improvement in carbon dioxide reduction from steelmaking is required. Steelmaking contributes 7% of global emissions and the use of highest iron content iron ore such as the 70% Hawsons Supergrade® product will reduce emissions and increase efficiency. The use of direct reduction iron (DRI) in steelmaking reduces carbon dioxide emissions by half compared to the use of blast furnaces and does so in part by relying on high grade ores. DRI is also the leading technology for the use of hydrogen in steelmaking. Competent Person Statement: The information in this report that relates to Exploration Results is based on information reviewed by Mr Justin Haines, who is a member of the Australian Institute of Geoscientists and Australasian Institute of Mining and Metallurgy. Mr Haines is a full-time employee of Hawsons Iron Ltd and has sufficient expertise which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting For of Exploration Results, Mineral Resources and Ore Reserves'. Mr Haines consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Hawsons Iron Interim Financial Report - as at December 2021 2 Events after reporting date There have been no other events since 31 December 2021 that impact upon the financial report. only Auditor's independence declaration The Auditor's Independence Declaration under s307c of the Corporations Act 2001 is set out on page and forms part of the Directors' report. Signed in accordance with a resolution of the Board of Directors. use Bryan Granzien Executive Chairman Dated 16 March 2022 personalFor Hawsons Iron Interim Financial Report - as at December 2021 3 Auditor's Independence Declaration For personal use only Tel: +61 7 3237 5999 Level 10, 12 Creek St Fax: +61 7 3221 9227 Brisbane QLD 4000 www.bdo.com.au GPO Box 457 Brisbane QLD 4001 Australia DECLARATION OF INDEPENDENCE BY K L COLYER TO THE DIRECTORS OF HAWSONS IRON LIMITED As lead auditor for the review of Hawsons Iron Limited for the half-year ended 31 December 2021, I declare that, to the best of my knowledge and belief, there have been: No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and No contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of Hawson Iron Limited and the entities it controlled during the period. K L Colyer Director BDO Audit Pty Ltd Brisbane, 16 March 2022 BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation. Hawsons Iron Interim Financial Report - as at December 2021 4 This is an excerpt of the original content. To continue reading it, access the original document here .