Business
Peako : Half Year Financial Report to 31 December 2021
Peako : Half Year Financial Report to 31 December
About this update from Peako Ltd
For personal use only ABN 79 131 843 868 Half Year Financial Report 31 December 2021 Contents Contents only CORPORATE DIRECTORY DIRECTORS' REPORT AUDITOR'S INDEPENDENCE DECLARATION CONSOLIDATED STATEMENT PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME use CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CASH FLOWS personalFor NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DIRECTORS' DECLARATION AUDITOR'S REVIEW REPORT 3 4 15 16 17 18 19 20 24 25 Page 2 CORPORATE DIRECTORY BOARD OF DIRECTORS E.G. Albers (Chairman) R.L. Clark P.A. Kitto COMPANY SECRETARY R.J. Wright Registered Office Level 1, 10 Yarra Street S uth Yarra, Victoria 3141, Australia Telephone: +61 (0)3 8610 4713 only +61 (0)3 8610 4799 Facsimile: Email: [email protected] W bsite: www.peako.com.au use Auditor Grant Thornton Audit Pty Ltd Tower 5, Collins Square 727 Collins Street Melbourne, Victoria 3008 Australia personal Share Registry Automic Pty Ltd Level 3 50 Holt Street Surry Hills, NSW 2010, Australia St ck Exchange Listing ASX Ltd Level 4, North Tower, Rialto 525 Collins Street Melbourne, Victoria 3000, Australia ASX Code: PKO Ordinary Shares Incorporated in Western Australia 25 June 2008 For Page 3 For personal use only Directors' Report The directors of Peako Limited ( Peako or the company ) submit their report on the consolidated results of the company and its wholly-owned subsidiaries ( controlled entities ) or ( the group ) for the half year ended 31 December 2021 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 noted below. Directors were in office for the entire period unless otherwise stated. Geoffrey Albers Non-Executive Chairman Raewyn Clark Executive Director Darryl Clark - resigned 20/9/21 Non-Executive Director Paul Kitto - appointed 20/9/21 Non-Executive Director Review of Operations The consolidated net loss after income tax for the six months to 31 December 2021 was $447,251 (six months to 31 December 2020: loss of $238,619). During the half-year the Group continued its activities as outlined below. PROJECTS East Kimberley Project Tenement Position Peako's exploration focus is its large ground-holding in the East Kimberley region of Western Australia totalling 4,029 km 2 (Figure 1). Figure 1 Peako's East Kimberley Tenement Package Page 4 Past Exploration For personal use only Systematic exploration across the East Kimberley has lagged behind many of Australia's Proterozoic provinces with historical exploration programs broadly characterised by sporadic campaigns over the past 50 years incorporating numerous explorers across multiple commodities and fragmented, non-contiguous tenement holdings. Historical exploration within the area of Peako's tenements, primarily guided by occurrences of surface gossan and geochemical anomalies, has provided consistent encouragement for the area's economic potential. At the same time, discovery efforts have been consistently hindered by a mix of cover, subcrop, poorly understood regolith, deep weathering and complex stratigraphy/structure, despite highly favourable host rocks, structure and known mineralisation across the area. Peako's exploration strategy is underpinned by the application of data-driven science to define and prioritise targets for efficient field testing programs necessary for economic discovery. Diverse Opportunities Peako's granted tenements, Eastman (E80/4990) and Wirana (E80/5182), host a diverse Paleoproterozoic succession that is widely intruded by multiple granitoid phases and deformed by multiple orogenic episodes. The area represents the western-most window of the Halls Creek Orogen where volcanic successions of the bimodal Koongie Park Formation Volcanic Belt (c. 1845 Ma) and the Lamboo Ultramafic Intrusive Belt (c. 1850-1835 Ma) are well developed. The geological diversity within Peako's tenement package has driven the search for a wide range of commodities, with the Koongie Park Formation having demonstrated prospectivity for base (Cu-Pb-Zn) and precious (Ag, Au) metals mineralisation, whilst the Lamboo Ultramafic belt has demonstrated prospectivity for base (Ni, Cu) and precious (Au, PGE and REE) mineralisation. 2021 Field Campaign Peako's 2021 field campaign was directed at evaluating a widely identified but often overlooked latent gold potential recorded in historical exploration data. For many past explorers, gold was peripheral to their base metal and PGE exploration focus at a time when many explorers did not analyse soil, rock or drill samples for gold. Aircore Geochemistry - Eastman Tenement An aircore geochemistry program was completed that incorporated 473 holes for a total of 3,017 metres across target areas defined from surface geochemistry, geology, geophysics and satellite imagery. Assay results defined two anomalous base metal corridors at Eastman East and Eastman No.2 (refer Figure 2 ). Page 5 This is an excerpt of the original content. To continue reading it, access the original document here .