Hampton Hill Mining NL : Financial Statements and Directors' Report for the year ended 30 June 2021
HHM.AX
S e c o n d F l o o r , 9 H a v e l o c k S t r e e t
W e s t P e r t h W A 6 0 0 5
P o s t a l A d d r e s s :
P O B o x 6 8 9 , W e s t P e r t h W A 6 8 7 2
ABN 60 060 628 524
T e l e p h o n e : ( 6 1 8 ) 9 4 8 1 8 4 4 4
E m a i l : i n f o @ h a m p t o n h i l l . c o m . a u
W e b : w w w . h a m p t o n h i l l . c o m . a u
14 September 2021
Company Announcements Office
ASX Limited
Level 4, 20 Bridge Street
SYDNEY NSW 2000
Statutory Financial Report
Attached is a copy of the statutory Financial Report for the company for the year ended 30 June 2021.
By authority of the Board
P C Ruttledge
Company Secretary
HAMPTON HILL MINING NL
ABN 60 060 628 524
FINANCIAL REPORT
FOR THE YEAR ENDED
30 JUNE 2021
HAMPTON HILL MINING NL
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2021
Hampton Hill Mining NL (Hampton Hill or the Company) is an Australian company listed on the Australian Securities Exchange (ASX). The registered office and principal place of business of the Company is Level 2, 9 Havelock Street, West Perth, Western Australia.
The Directors of the Company present their report on the Company for the year ended 30 June 2021.
DIRECTORS
The names of the Directors of the Company during the financial year and up to the date of this report are: Joshua Pitt
Wilson Forte
Will Robinson (appointed 1 February 2021)
Neil Tomkinson (ceased 30 October 2020)
PRINCIPAL ACTIVITIES
The principal activities of the Company are the continued management of its royalty interest and exploration for base metals. There has been no significant change in the Company's activities during the financial year.
DIVIDENDS
No dividends were paid during the year and the Directors do not recommend the payment of a dividend.
REVIEW OF OPERATIONS AND LIKELY DEVELOPMENTS
Hampton Hill remained suspended from trading on the ASX throughout the financial year. The ASX used their prerogative under Clause 12.1 of the Listing Rules in suspending the trading facility of the Company. Early representation by your board arguing that such a decision would be unfair to shareholders was unsuccessful and a further submission dated 19 May 2021, in which a program to increase the exploration activity of the Company was detailed, has to date been unsuccessful.
The primary assets of the Company remain a 5% gross overriding royalty over the Central Leases at the Apollo Hill Gold Project near Leonora WA, owned by Saturn Metals Limited (STN) and a holding of 10,800,000 shares in Peel Mining Limited (PEX), which is seeking to develop a base metal operation near Cobar, NSW.
The Company holds 100% of the non-ferrous rights on granted exploration licences at Glenview, north west of Cue township, WA, and has earned a 25% interest in granted exploration licences at Millennium in the Paterson province of the Pilbara, WA. The Company has applied for an exploration licence at Tyson's, south of Leonora, WA and has a 0.98% NSR over a group of Mining Leases at Northlander, north of Coolgardie WA.
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HAMPTON HILL MINING NL
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2021
REVIEW OF OPERATIONS AND LIKELY DEVELOPMENTS (continued)
At the Apollo Hill Gold Project , the primary asset of STN, a major drilling campaign is well advanced. A JORC compliant Ore Reserve is anticipated to be determined by January 2022 which will form the basis for the feasibility studies to follow. Hampton Hill will reference this anticipated Ore Reserve Statement to form the Company's first meaningful opinion as to the value of this asset.
The Company's PEX shareholding is a significant portion of the substantial shareholding of over 17% of that company, held by Hampton Hill and its associates. This holding has therefore considerable strategic value and, through this association, it seeks to benefit from PEX's continuing successes at Cobar.
Given the constraints imposed by the ongoing suspension of the Company, Hampton Hill does not expect to carry out field work at Glenview whilst its shares remain suspended, other than the minimum expenditure required to maintain the tenements in good standing.
During the year, a diamond drill hole to a depth of over 800 metres was completed at Millennium to test a promising copper target with assay results anticipated during October. The exploration licence application at Tyson's awaits approval before exploration can commence, which is not anticipated before November. At Northlander, the project owner, Evolution Mining Limited (EVN), has confirmed that a portion of the Rayjax prospect that lies within the Northlander tenements has a 26,000 ounce Mineral Resource calculated as part of EVN's Mineral Resource and Ore Reserves Statement announced on 17 February 2021. This may be expanded upon and may provide Hampton Hill with a modest cash return in the future should this resource be mined.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
Other than the operating results and the suspension of trading in the Company's shares, there were no significant changes in the state of affairs of the Company during the financial year.
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
Subsequent to the end of the financial year, the Company drew down a further $50,000 on the loan facility provided by a company associated with director Mr Pitt. This was to enable the Company to meet its ongoing working capital needs.
To the best of the Directors' knowledge and belief, there have been no other matters or circumstances that have arisen after balance date that have significantly affected, or may significantly affect, the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial periods.
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HAMPTON HILL MINING NL
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2021
ENVIRONMENTAL REGULATIONS
The mining leases, exploration licences and prospecting licences granted to the Company pursuant to the Mining Act (1978) (WA) are granted subject to various conditions which include standard environmental requirements. The Company adheres to these conditions and the Directors are not aware of any contraventions of these requirements. The Directors have considered compliance with the National Greenhouse and Energy Reporting Act 2007 which requires entities to report annual greenhouse gas emissions and energy use. For the period 1 July 2020 to 30 June 2021 the Directors have assessed that there are no current reporting requirements, but that the Company may be required to report in the future.
INFORMATION RELATING TO THE DIRECTORS
Executive Chairman
Joshua Pitt BSc, MAusIMM, MAIG
Mr Pitt is a geologist with extensive exploration experience who has, for more than forty years, been a director of exploration and mining companies in Australia. Mr Pitt is involved in private mineral exploration and also in substantial resource investments. Mr Pitt was appointed director of Hampton Hill Mining NL in January 1997 and executive chairman in April 2012. He is also the executive chairman of Red Hill Iron Limited (appointed a director on its formation in June 2005 and executive chairman in December 2019) and the non-executive chairman of Traka Resources Limited (appointed a director in January 2003 and chairman in December 2019). He is a non-executive director at Red Metal Limited (appointed July 2003). Mr Pitt has held no other directorships of ASX listed companies during the last three financial years.
Non-executive Directors
Wilson Forte BSc Hons (UWA), MAusIMM, MAIG
Mr Forte is a Western Australian geologist with more than forty years' experience in mineral exploration in Australia, Southern Africa and Iran. For the past thirty years he has mainly worked on the evaluation of gold and base metal projects in Western Australia. Mr Forte has held no other directorships of ASX listed companies during the last three financial years.
Will Robinson B.Comm, MAusIMM
Mr Robinson was appointed a non-executive director of the Company on 1 February 2021. He has worked in the resource industry for over 20 years and has held a senior management role at a large international resource company as well as executive roles in junior mining and exploration companies. He is a member of the Strategic Advisory Board at the Centre for Exploration Targeting of Western Australia, and previously a member of the Australian Federal Government's 'Resources 2030' taskforce. Mr Robinson is the managing director of Encounter Resources Limited (appointed 30 June 2014), and has held no other directorships of ASX listed companies during the last three financial years.
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Hampton Hill Mining NL 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 12:11:06 UTC.