Financial Review Operating Results For the year ended 31 December 2022 the Group reported a loss before tax of $1,705,966 (2021 loss: $1,319,748). Financial Position The net assets of the Group have increased from $13,647,358 at 31 December 2021 to $16,351,149 at 31 December 2022. As at 31 December 2022, the Group’s cash and cash equivalents were $353,634 (2021: $5,729,496) and it had surplus working capital of $215,836 (2021: $5,458,288). The financial report has been prepared on a going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business. The Group incurred a loss for the year of $1,705,966 (2021 loss: $1,319,748) and a net operating cash outflow of $1,607,556 (2021: $1,373,748). Events Subsequent to Reporting Date On 15 January 2023 5,000,000 unquoted options with an exercise price of $0.25 lapsed unexercised. On 13 February 2023 the Company issued 17,333,333 fully paid ordinary shares at an issue price of $0.15 per share, raising $2.6 million before costs. A further 1,200,000 fully paid ordinary shares are, subject to shareholder approval, to be issued to directors to raise $0.18 million. There are no other significant events that have arisen since the date of this report which have significantly affected or could significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future financial years. Future Developments, Prospects and Business Strategies Likely developments, future prospects and business strategies of the operations of the Group and the expected results of those operations have not been included in this report, as the Directors believe that the inclusion of such information would be likely to result in unreasonable prejudice to the Group. Environmental Regulations The Group’s operations are largely contained within land managed by the Department of Conservation (DoC) in New Zealand. The Company has to comply with all environmental regulations and the conditions of the DoC Access Agreements granted over the Alexander, Big River, Golden Point and Sams Creek projects that allow drilling, field camps and helicopter landing sites to be established. Information relating to the directors – Brian Rodan – Managing Director and Executive Chairman Qualifications – Fellow of the Australasian Institute of Mining andMetallurgy (FAusIMM) Experience – Managing Director and owner of Australian Contract Mining Pty Ltd (ACM), a mid-tier contracting company that successfully completed $1.5B worth of work over a 20-year period. ACMwas sold to an ASX listed gold mining company in 2017. F ounding Director of Dacian Gold Limited, who purchased the Mt Morgans Gold Mine from the Administrator of Range River Gold Ltd. After listing on the ASX in 2012 Mr Rodan was Dacian’s largest shareholder. E xecutive Director of Eltin Limited. 15 year tenure with Australia’s largest full service ASX listed contract mining company with annual turnover of $850M(+). Directorships held Iceni Gold Limited (current) in other listed entities (last 3 years) Directors’ Report for the year ended 31 December 2022 Annual Report 2022 39
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