PNX Metals : Financial Report – 30 June 2021
PNX.AX
PNX Metals Limited
ABN 67 127 446 271
Financial Report - 30 June 2021
PNX Metals Limited (ASX: PNX) Financial Report for the year ended 30 June 2021
DIRECTORS' REPORT
The Directors of PNX Metals Limited ('PNX' or 'Company') present their report for the financial year ended 30 June 2021.
Directors
The names and details of directors in office during and since the end of the financial year, unless otherwise stated, are as follows:
Graham Ascough (Non-Executive Chairman)
Appointed 7 December 2012
Graham Ascough (BSc, PGeo, MAusIMM) is a senior resources executive with more than 30 years of industry experience evaluating mineral projects and resources in Australia and overseas.
Mr Ascough, a geophysicist by training, has had broad industry involvement playing a leading role in setting the strategic direction for companies, completing financing and in implementing successful exploration programmes. Mr Ascough was the Managing Director of Mithril Resources Ltd from October 2006 until June 2012. Prior to joining Mithril in 2006, he was the Australian Manager of Nickel and PGM Exploration at a major Canadian resources house, Falconbridge Limited, which was acquired by Xstrata Plc in 2006. He is a member of the Australian Institute of Mining and Metallurgy and is a Professional Geoscientist of Ontario, Canada.
In the 3 years immediately prior to 30 June 2021, Graham Ascough held the following directorships of other listed companies for the following periods:
Hans-Jörg Schmidt, Non-executive Director
Appointed 11 November 2019
Based in Monaco, Mr Schmidt has a Master of Business & Administration from the University of Mannheim (Germany) and has a strong track record of business start-up and investment management. He is an experienced Private Equity Investor, working and investing across a broad range of industries and has held senior positions in investment banking and investment research firms along with director roles for publicly listed Companies in Europe. He has advised boards and management teams on investment decisions, financings and transactions across a broad range of industries.
In the 3 years immediately prior to 30 June 2021, Hans-Jörg Schmidt held no directorships of other ASX listed companies.
Hansjoerg Plaggemars, Non-executive Director
Appointed 28 November 2020
Mr Hansjoerg Plaggemars was appointed to the board as Non-Executive Director with effect from 28 November 2020. He is an experienced company director with a strong background in corporate finance, corporate strategy, and governance. He has qualifications in Business Administration and has served on the Board of Directors of many listed and unlisted companies in a variety of industries including mining, agriculture, shipping, construction, and investments. Mr. Plaggemars has previously served on the Board of Delphi Unternehmensberatung AG, the Company's major shareholder.
In the 3 years immediately prior to 30 June 2021, Hansjoerg Plaggemars held the following directorships of other ASX listed companies for the following periods:
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PNX Metals Limited (ASX: PNX) Financial Report for the year ended 30 June 2021
Frank Bierlein, Non-executive Director
Appointed 18 June 2021
Dr Bierlein is a geologist with 30 years of experience as a consultant, researcher, lecturer and industry professional. Dr Bierlein has held exploration and generative geology management positions with QMSD Mining Co Ltd, Qatar Mining, Afmeco Australia and Areva NC, and consulted for, among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport-McMoRan, and the International Atomic Energy Agency. He was a non-executive director of Gold Australia Pty Ltd from 2015 to 2019, and chaired the Advisory Board of a Luxemburg-based private equity fund between 2014 and 2021. Dr Bierlein has worked on six continents spanning multiple commodities, and over the course of his career has published and co-authored more than 130 articles in peer-reviewed scientific journals. Dr Bierlein obtained a PhD (Geology) from the University of Melbourne, is a Fellow of the Australian Institute of Geoscientists (AIG), and a member of both the Society of Economic Geologists (SEG) and the Society of Geology Applied to Mineral Deposits.
In the 3 years immediately prior to 30 June 2021, Frank Bierlein held no directorships of other ASX listed companies.
Richard Willson, Non-executive Director
Appointed 18 June 2021
Mr Willson is an experienced, Non-Executive Director, Company Secretary and CFO with more than 20 years' experience with both publicly listed and private companies. Mr Willson holds a Bachelor of Accounting Degree from the University of South Australia, is a Fellow of CPA Australia, and a Fellow of the Australian Institute of Company Directors. He is a Non-Executive Director of Titomic Limited (ASX:TTT), AusTin Mining Limited (ASX:ANW), Thomson Resources Limited (ASX:TMZ), 8IP Emerging Companies Limited (ASX:8EC), Unity Housing Company Ltd and Variety SA; and Company Secretary of a number of ASX listed Companies. Mr Willson is the Chairman of the Audit Committee of Titomic Limited, AusTin Mining Limited, 8IP Emerging Companies Limited, and Unity Housing Company, and is the Chairman of the Remuneration & Nomination Committee of Titomic Limited.
In the 3 years immediately prior to 30 June 2021, Richard Willson held the following directorships of other listed companies for the following periods:
James Fox, Managing Director & Chief Executive Officer (MD & CEO)
Appointed 26 November 2014
James Fox has been CEO of the Company since May 2012. He has over 20 years' experience in the mining industry. Prior to joining PNX, he was responsible for the development and operation of the Nickel Laterite Heap Leach project at the Murrin Murrin operations in Western Australia. Mr Fox has held various senior processing positions including Process Manager at the Nifty Copper Operation in Western Australia. He has worked in the UK, Cyprus, Uganda and Australia in gold, lead, zinc, copper, nickel and cobalt mining and processing operations. In the 3 years immediately prior to 30 June 2021, James Fox held no directorships of other listed companies.
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PNX Metals Limited (ASX: PNX) Financial Report for the year ended 30 June 2021
The names and details of directors who resigned during the year are as follows:
Paul J Dowd, Non-Executive Director
Appointed 27 September 2007 and resigned on 5 March 2021
Paul Dowd has over 50 years' experience in the mining industry in Australia and many overseas countries. In April 2012 he retired as Managing Director of PNX, a position he assumed in September 2008. Mr Dowd's experience includes executive management roles including Vice President of Newmont Mining Corporation's Australian and New Zealand Operations and Managing Director of Newmont Australia Limited, and as a senior public servant - head of the resources and petroleum department in the Kennett Government of Victoria. In 2015, he retired as Chairman of the SA Mineral Resources & Heavy Engineering Skills Centre but remains on the Board. In 2017, Mr Dowd retired as a non-executive director of Oz Minerals Limited after 8 years of service. He is a non-executive director of Energy Resources of Australia Limited (ERA), a board member of the Sustainable Minerals Institute (University of Queensland) and retired as Chairman, but remains a Councillor of the Mineral Resources Sector Advisory Council of the CSIRO. In the 3 years immediately prior to 30 June 2021, Paul Dowd held the following directorship of other listed companies for the following period:
Peter Watson, Non-executive Director
Appointed 7 September 2007 and resigned on 5 March 2021
Peter Watson, a founder of PNX, studied Law at Melbourne University and graduated with honours. He has practiced law since 1970, specialising in commercial, corporate, resources and trade practices law. He is admitted to practice in South Australia, New South Wales, Victoria and Western Australia as well as the High Court of Australia. For over 20 years, Mr Watson was a partner in the national law firm now known as Norton Rose Fulbright. During that time he established, and for 4 years managed, its Perth office. He also managed its Melbourne office for 2 years. In 1996 Mr Watson joined Andersen Legal as its first Melbourne partner and in 1999 was recruited by Normandy Mining Limited as its group legal counsel and a group executive. Following the takeover of Normandy by Newmont Mining Corporation, he returned to private legal practice and founded the boutique law firm Watsons Lawyers in Adelaide which on 1 July 2016 merged with Piper Alderman (an Adelaide headquartered firm with Sydney, Melbourne and Brisbane offices). Mr Watson is a director of BGRF Company Ltd, the trustee of the Bethlehem Griffiths Research Foundation (a medical research charitable foundation), non-executive director of Felton Grimwade & Bosisto's Pty Ltd (a manufacturer and supplier of essential oil products and over-the-counter therapeutic products) and a trustee of a perpetual charitable trust. In the 3 years immediately prior to 30 June 2021, Peter Watson held no directorships of other listed companies.
David Hillier, Non-executive Director
Appointed 17 September 2010 and resigned on 26 November 2020
David Hillier is a Chartered Accountant and has more than 40 years' experience in commercial aspects of the resources industry. He has served as Chairman and as a director of a number of public companies in the mining and exploration fields, including Lawson Gold Limited and Buka Gold Limited. He was Chief Financial Officer and an executive director of AIM listed Minerals Securities Limited, based in London. Over a period of 14 years Mr Hillier held a range of senior executive positions in the Normandy Mining Limited Group of companies and was Chief Financial Officer of Normandy for six of these years. In the 3 years immediately prior to 30 June 2020, David Hillier held no directorships of other listed companies.
Company Secretary
Angelo Gaudio (Appointed 10 January 2019)
Angelo Gaudio has significant experience in senior financial positions within the resource sector. Previous roles include; the Chief Financial Officer and Company Secretary for Investigator Resources Limited, Renascor Resources Limited, as well as Vice President, Finance and Administration with Heathgate Resources.
Angelo is a qualified accountant with over forty years of finance, management and accounting experience. His expertise includes corporate finance, risk management, financial reporting and corporate development. Angelo is a Fellow of the Institute of Public Accountants and a certificated member of the Governance Institute of Australia.
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PNX Metals Limited (ASX: PNX) Financial Report for the year ended 30 June 2021
Interests in Shares and Performance Rights of the Company
As at the date of this report, the interests of the Directors in the shares, unlisted options and Performance Rights of PNX are as follows:
Graham Ascough, Non-Executive Chairman
Graham Ascough has an indirect interest in 13,833,166 Shares and 3,125,000 unquoted options with an exercise price of 1.464 cents each, expiring on 30 September 2021.
Paul Dowd, Non-Executive Director (Resigned on 5 March 2021).
Paul Dowd has a direct interest in 500,000 Shares, an indirect interest in 26,693,298 Shares and 6,250,000 unquoted options with an exercise price of 1.464 cents each, expiring on 30 September 2021.
Peter Watson, Non-Executive Director (Resigned on 5 March 2021).
Peter Watson has a direct interest in 3,534,464 Shares, an indirect interest in 16,857,143 Shares and related parties of Mr Watson hold 1,962,707 Shares.
David Hillier, Non-executive Director (Resigned on 26 November 2020).
David Hillier has an indirect interest in 12,000,001 Shares and 3,125,000 unquoted options with an exercise price of 1.464 cents each, expiring on 30 September 2021.
James Fox, Managing Director & CEO
James Fox holds 30,800,000 Performance Rights, and a related party of Mr Fox holds 11,000,000 Shares and 1,875,000 unquoted options with an exercise price of 1.464 cents each, expiring on 30 September 2021.
Dividends and Distributions
No dividends or distributions were paid to members during the financial year and none were recommended or declared for payment.
Principal Activities
The principal activity of the Company and its wholly owned subsidiary ('Group') during the financial year was advancement of the Fountain Head Gold Project and progression of Feasibility Studies over its Fountain Head Gold Project, situated in the Pine Creek region of the Northern Territory ('NT'). The Group continued to conduct near-mine and regional mineral exploration at its Fountain Head and other projects in the Pine Creek region of the NT.
Review of Operations
PNX continued to make significant progress during the year and released a Preliminary Feasibility Study (PFS) that supports the sequential development of its 100% owned Fountain Head and Hayes Creek Projects (Project), both of which are located approximately 170km south of Darwin in the Pine Creek region of the Northern Territory.
The PFS confirmed the technical and economic viability of a staged development approach, to construct a low capital and operating cost carbon-in-leach gold plant (Plant) and infrastructure capable of treating 750ktpa with a capacity potential of 900ktpa. Near-surface oxide and free-milling gold & silver ore from three open-pit mines at Fountain Head, Mt Bonnie and Glencoe and would be processed over an initial 5-year period (Stage 1).
Subsequent to the treatment of the currently defined oxide gold and silver resources in Stage 1, the Plant will be upgraded to incorporate a sulphide flotation circuit capable of processing the Hayes Creek high-grade gold- silver-zinc massive sulphide ores into two valuable product streams, a zinc concentrate and a precious metals concentrate (Stage 2).
In June 2021, the Company lodged the Environmental Impact Study (EIS) for the Fountain Head Gold Project with the Northern Territory Environmental Protection Authority (EPA). An 8-week Public Consultation period ended on 8 August 2021 and the Company is expecting feedback from this process during September 2021.
The Group's Exploration and Mineral Leases remain in good standing.
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Disclaimer
PNX Metals Limited published this content on 14 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2021 05:51:02 UTC.