Annual Report 2021

For personal use only

2021

ANNUAL

REPORT

CORPORATE DIRECTORY

Directors

Mr Andrew Woskett	Managing Director
Dr Antonio Belperio	Non-Executive Director
Mr George McKenzie	Non-Executive Director
only	Non-Executive Chairman
Dr Roger Higgins
Company Secretary
Mr Varis Lidums
Registered Office
C/- O'Loughlins Lawyers
use
L vel 2, 99 Frome Street
Adelaide SA 5000

Principal Place of Business

Minotaur Exploration Limited (ASX: MEP)

Level 1, 8 Beulah Road

Norwood SA 5067

Tel: [phone] personalFax: [phone]

minotaurexploration.com.au ACN 108 483 601

Share Register

C mputershare Investor Securities Pty Ltd

Level 5, 115 Grenfell Street

Adelaide SA 5000

Legal Advisers

O'Loughlins Lawyers

L vel 2, 99 Frome Street

Adelaide SA 5000

Bankers

National Australia Bank

For22-28 King William Street

Adelaide SA 5000

Auditors

Grant Thornton Audit Pty Ltd

Level 3, 170 Frome Street

Adelaide SA 5000

This annual report covers both Minotaur Exploration Ltd (ABN 35 108 483 601) as an individual entity and the consolidated group ('Group') comprising Minotaur Exploration Ltd and its subsidiaries. The Group's functional and presentational currency is Australian dollars

The description of the Group's operations and of its principal activities is included in the review of operations and activities in the Directors' Report on pages 7 to 19. The Directors' Report is not part of the financial report.

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CONTENTS

2020/2021 Highlights	3
Chairman's Review	4
Managing Director's Report	5
Directors' Report	7
Remuneration Report	13
Financial Report	20
Auditor's Independence Declaration	20
Consolidated Statement of Profit or Loss and Other	21
Comprehensive Income
Consolidated Statement of Financial Position	22
Consolidated Statement of Changes in Equity	23
Consolidated Statement of Cash Flows	25
Notes to the Consolidated Financial Statements	26
Directors' Declaration	61
Independent Auditor's Report	62
ASX Additional Information	65

Annual Report 2021 2

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Peake and Denison Project, SA, accessing area to conduct cultural heritage survey with Arabana traditional owners

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CHAIRMAN'S REVIEW

Continuing disruptions to cross border travel have affected the whole population but thankfully have been far less impactful on Minotaur than on families and many other businesses. Minotaur has been able to sustain a degree of momentum across its exploration portfolio and is seeing positive outcomes at Breena Plains, Pyramid and Peake and Denision projects.

The Company agreed to acquire Sandfire Resources' tenements in the Cloncurry-Cannington region which, once finalised, will place Minotaur in a strong land position in a prolific base metals belt and bring full ownership of the Altia mineral resource. Nearby, preparations are underway to resume drilling at Jericho in the new year, the motivation being management's strong view that the mineral resource can be expanded and upgraded through directed drilling.

We welcome the news that AIC Mines Limited (ASX: A1C) has purchased outright the Eloise mine operation. The juxtaposition of the mine and Minotaur's tenure highlights the base metal enrichment of the area and points to continuing prospectivity.

Minotaur, through 2022, will be well positioned to pursue organic growth through asset improvement. Applying well-honed skills and experience in the region Minotaur is perfectly capable of determining an investment case for resource expansion and advancing Jericho development scenarios.

Joint venture partner Andromeda Metals Ltd (ASX: ADN) continues to develop a definitive feasibility study (DFS) for the Great White kaolin deposits in South Australia, due by the end of 2021. Andromeda achieved its ultimate 75% interest through total investment of $6 million by late 2020 and Minotaur began contributing its 25% share of project expenses from that time. Andromeda, as marketing agent for the joint venture, secured significant binding off-take contracts for Great White refined products, those intrinsic to DFS assumptions and projections. Your Board will assess the DFS closely and determine the best course of action thereafter, in the Company's interests.

Directors appreciate the interactive engagement by shareholders and keen interest in MEP prospects.

The Company's financial position is sound with $5.1 million cash held as at 30 June 2021 enabling an active field program and continuing involvement in the Great White project.

Dr Roger Higgins

Chairman

Annual Report 2021 4