Half Yearly Company Report
REVIEW OF OPERATIONS AND FINANCIAL RESULTS
Resolution Minerals holds exploration projects comprising tenements in highly prospective geology for copper and cobalt in the Northern Territory and gold, vanadium and magnetite prospective tenements in Alaska, USA.
In the half year to 31 December 2019, the Company acquired the right to earn into 64North Project in Alaska, USA following a successful due diligence program and completed preparations for drilling in Q1, 2020.
The net loss of the Company, from the six months to 31 December 2019 was $861,684 (2018: $901,328). The main factors contributing to the reduced loss are a reduction in impairment expenses of $77,177 resulting from reduced value of relinquished tenements in the Arunta and Wollogorang projects and a reduction in exploration expense of $69,311 due to reduced expenditure on exploration licence applications. The reduced loss was partly offset by an increase in employee benefit expense of $99,405 mainly due to payment of termination entitlements to the former Managing Director.
Resolution Minerals Ltd changed its name from Northern Cobalt Limited during the reporting period as approved by shareholders at the 2019 AGM.
A copy of the auditor’s independence declaration as required under s307C of the Corporations Act 2001 (Cth) is included onpage 3 of this financial report and forms part of this Directors’ Report.
Signed in accordance with a resolution of the directors.