Diablo Resources : Annual Financial Report 30 June 2022

For personal use only

DIABLO RESOURCES

LIMITED

and its controlled entities

ACN: 649 177 677

Financial Report For The Year Ended

30 June 2022

For personal use only

CORPORATE DIRECTORY

BOARD OF DIRECTORS

Paul Lloyd (Non-Executive Chairman)

Barnaby Egerton-Warburton(Non-Executive Director)

Greg Smith (Non-Executive Director)

COMPANY SECRETARY

Shaun Menezes

REGISTERED OFFICE AND PRINCIPAL BUSINESS OFFICE

Level 2, 10 Outram Street

West Perth WA 6005

Telephone: [phone]

SHARE REGISTRY

Automic Registry Services

Level 2

267 St Georges Terrace

Perth WA 6000

Investor Enquiries: 1300 288 664

AUDITOR

HLB Mann Judd (WA Partnership)

Level 4

130 Stirling Street

Perth WA 6000

SECURITIES EXCHANGE

ASX Limited (Australian Securities Exchange)

ASX Code: DBO

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DIABLO RESOURCES LIMITED

only	ACN: 649 177 677
CONTENTS
use	Directors' Report
Auditor's Independence Declaration
	Consolidated Statement of Profit or Loss and Other
	Comprehensive Income
	Consolidated Statement of Financial Position
personalFor	Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
	Notes to the Financial Statements
	Directors' Declaration
	Independent Auditor's Report
	ASX Additional Information
	Corporate Governance Statement

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DIABLO RESOURCES LIMITED

AND ITS CONTROLLED ENTITIES

DIRECTORS' REPORT

Your directors present their report together with the financial statements on the consolidated entity, Diablo Resources Limited (the "Company") and its controlled entities (the "Group") for the year ended 30 June 2022.

Directors'

onlyThe names, qualifications and experience of the directors in office at any time during, or since the end of, the year are as follows. Directors have been in office since the start of the year to the date of this report unless otherwise stated.

Mr Paul Lloyd (Non-Executive Chairman) BBus, CA

Paul Lloyd is a Chartered Accountant with over 30 years' commercial experience. Mr Lloyd operates his own corporate consulting business, specialising in the area of corporate, financial and management advisory services. After commencing his career with an international accounting firm, he was employed for approximately 10 years as the General Manager of Finance for a Western Australian based international drilling contractor working extensively in Asia and Africa. Paul has been responsible for a number of IPOs, reverse takeovers, project acquisitions and capital raisings for ASX listed public companies.

useOther current directorships: Arizona Lithium Limited, BPM Minerals Limited (October 2020) and Lord Resources Limited (February 2021).

Former directorships (last 3 years): None

Mr Barnaby Egerton-Warburton(Non-Executive Director) BEcon

Barnaby Egerton-Warburton is an experienced investment banker and corporate advisor who has held managing director and non-executive director positions in the investment banking, technology, oil and gas and resource sectors. personalOther current directorships: Arizona Lithium Limited, Lord Resources Limited (March 2015), Southern Cross Payments Limited (April 2015), NSX Limited (April 2022), Locality Planning Energy Holdings Limited (March 2020),

and Pantera Minerals Limited (December 2020).

Former directorships (last 3 years): Invictus Energy Limited

Mr Greg Smith (Non-Executive Director) BSc Geology, Dalhousie University, Canada

Greg Smith commenced his career in 1975 and has worked over a wide cross section of minerals and countries including in North America, Australia, Asia, and throughout Africa. Mr Smith was the exploration manager for Moto Gold Mines Ltd, responsible for the discovery of 22.5 million ounces of gold in the Democratic Republic of Congo (Kibali Mine). As exploration manager with Hawkstone Mining Ltd, he led the drill out of the Big Sandy Lithium Deposit in Arizona, USA. He is a Member of the Australasian Institute of Mining and Metallurgy.

Other current directorships: BPM Minerals Limited (September 2020)

Former directorships (last 3 years): Arizona Lithium Limited

Company Secretary

Mr Shaun Menezes BCom, LLB

ForMr Menezes is an accounting and finance professional with over 20 years experience. He has worked in the capacity of Company Secretary and Chief Financial Officer of a number of ASX and SGX listed companies, held a senior management role within an ASX 200 listed company and was an executive director at a leading international accounting firm. He is a member of the Governance Institute of Australia and the Chartered Accountants Australia and New Zealand.

Directors Meetings

The following table sets out the number of meetings of the Company's directors held during the year ended 30 June

2022 attended by each director:

	Number	Number
	Eligible to Attend	Attended
Paul Lloyd	3	3
Barnaby Egerton-Warburton	3	3
Greg Smith	3	3

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Figure 1- Project Location Map

DIABLO RESOURCES LIMITED

AND ITS CONTROLLED ENTITIES

DIRECTORS' REPORT

Principal Activities

The principal activity of the Group during the year was the exploration for gold, focusing on the Devil's Canyon Gold Project, Lone Pine Gold Project and Western Desert Gold-Copper Project in the USA. No significant change in the nature of these activities occurred during the year.

onlyReview of Operations

The consolidated loss of the Group for the financial year after providing for income tax amounted to $806,272 (2021: $98,242).

Following successfully listing on the ASX in October 2021, Diablo commenced exploration activities at its three USA Projects, located within some of the most prospective gold and base-metal regions globally (Figure 1).

usepersonalWestern Desert Project

The project is considered prospective for Carlin-style gold mineralisation and skarn style gold-copper-silver in Palaeozoic carbonate and sedimentary rocks. Three targets were drilled at the Western Desert Copper-Gold Project; Copper blossom, A3 and A6. A total of 5 diamond drill holes (HQ3, WDD001-005) were completed for 1084.8m.

For

Figure 2 - Western Desert Project- Geology and Prospect Location Map

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