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Prodigy Gold NL : Interim Financial Report for the Half-Year Ended 31 Dec 2021
Prodigy Gold NL : Interim Financial Report for the Half-Year Ended 31 Dec
About this update from Prodigy Gold Nl
For personal use only Prodigy Gold NL ABN 58 009 127 020 INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2021 For personal use only Contents ABN 58 009 127 020 ACN 009 127 020 Directors Mr Gerard McMahon (Chairman) Mr Brett Smith (Executive Director) Mr Neale Edwards Secretary Ms Jutta Zimmermann Alternate Secretary Ms Patricia Farr Auditors BDO Audit (WA) Pty Ltd Level 9, Mia Yellagonga Tower 2 5 Spring Street PERTH WA 6000 Bankers Australia and New Zealand Banking Group Limited Level 10, 77 St Georges Terrace PERTH WA 6000 Share Registry Automic Pty Ltd (Automic Group) Level 5, 191 St Georges Terrace PERTH WA 6000 Telephone: 1300 288 664 or +61 2 9698 5414 Solicitors Ward Keller Northern Territory House Level 7, 22 Mitchell Street DARWIN NT 0800 Piper Alderman Level 16, 70 Franklin Street ADELAIDE SA 5000 Stock Exchange Australian Securities Exchange Limited ASX Code: PRX Registered Office Level 1, 141 Broadway NEDLANDS WA 6009 Principal Place of Business Level 1, 141 Broadway NEDLANDS WA 6009 Telephone +61 8 9423 9777 Fax: + 61 8 9423 9733 Postal Address Level 1, 141 Broadway NEDLANDS WA 6009 Website www.prodigygold.com.au Email [email protected] For personal use only Contents Page Directors' Report 4 Auditor's Independence Declaration 6 Interim Financial Report Consolidated Statement of Profit or Loss and Other Comprehensive Income 7 Consolidated Statement of Financial Position 8 Consolidated Statement of Changes in Equity 9 Consolidated Statement of Cash Flows 10 Notes to the Consolidated Financial Statements 11 Directors' Declaration 16 Independent Auditor's Review Report to the Members 17 For personal use only DIRECTORS' REPORT The Directors of Prodigy Gold NL (Prodigy Gold) present their report on the consolidated entity (Group), consisting of Prodigy Gold NL and the entities it controlled at the end of, and during, the half-year ended 31 December 2021. Directors Mr Gerard McMahon Non-Executive Chairman Appointed 29 November 2021 Mr Brett Smith Executive Director Mr Neale Edwards Non-Executive Director Appointed 29 November 2021 Mr Thomas McKeith Non-Executive Chairman Resigned effective 27 September 2021 Mr Matthew Briggs Managing Director Resigned effective 7 January 2022 Mr Michael Stirzaker Non-Executive Director Resigned effective 1 December 2021 The Directors have been appointed for the whole period unless otherwise disclosed. Operating Results The consolidated loss of the Group for the half-year ended 31 December 2021 after providing for income tax amounted to $4,022,352 (2020: loss of $1,779,065). Review of Operations Since the start of the 2022 financial year Prodigy Gold: Continued exploration on the Company's under-explored and highly prospective tenement holdings in the Tanami region Received results from a RC drilling program completed during the June 2021 quarter at the Reynolds Range Project Undertook aircore and diamond drilling at the PHD gold target located within the Hyperion Project Completed a diamond drill hole at the Tregony Deposit Assayed select zones from historical diamond drill holes from the Golden Hind Deposit Undertook an aircore drilling campaign at the Buccaneer Resource Completed a program of geotechnical and metallurgical diamond drilling at Buccaneer to provide samples for metallurgical and comminution test work Received results of testing to estimate unconfined compressive strength, crushing work index (CWi) and bond abrasion index (Ai) for Buccaneer Progressed Buccaneer scoping study work Terminated the operator agreement with Davidson Gold over the Old Pirate Project Signed a binding Exploration Farm-In and Joint Venture Agreement with Newmont Exploration Pty Ltd to advance exploration at the Monza Project Divested 90% of five tenements located in the North Arunta region to Australasian Metals (ASX: A8G) Underwent a board renewal process with Tommy McKeith and Mike Stirzaker departing, Matt Briggs resigning and Gerard McMahon and Neale Edwards joining the board. Page | 4 For personal use only DIRECTORS' REPORT Planned 2022 Activities Subject to funding and strategy decisions a steady pipeline of exploration activity is planned for the coming months: Continue ongoing metallurgical test work to determine optimal crush size and column leach testing for a heap leach scenario at Buccaneer Further progression of the Buccaneer scoping study Follow up results at Lake Mackay, Tregony and Buccaneer Conduct a downhole electromagnetic survey at the Reynolds Range project Progress rehabilitation work of drill sites from historical programs Continue the Company's strategy to divest, and where appropriate keep an interest in, non-core assets by expediting discovery by third parties and reduce tenement holding cost. Subsequent Events Subsequent to the end of the reporting period Managing Director Matt Brigg's employment with the Group concluded and the Company cancelled 7,150,000 unlisted options. Prodigy Gold divested 90% of five tenements located in the North Arunta region to Australasian Metals (ASX: A8G). Appointment of Mark Edwards to the role of Managing Director effective 1 May 2022. Auditor's Independence Declaration A copy of the auditor's independence declaration as required under Section 307C of the Corporations Act 2001 is set out on page 6. This report is made in accordance with a resolution of Directors. BRETT SMITH Executive Director Dated this 10 th day of March 2022 Perth, Western Australia Page | 5 This is an excerpt of the original content. To continue reading it, access the original document here .