Financial Performance - For the six months ended December 31, 2021, the company reported an operating loss of HKD 22,780,000, compared to an operating loss of HKD 11,318,000 for the same period in 2020, representing a 101.5% increase in losses year-over-year[10]. - The total comprehensive loss for the period was HKD 35,936,000, significantly higher than the comprehensive income of HKD 71,040,000 in the previous year, indicating a substantial decline in overall financial performance[10]. - The loss attributable to equity holders of the company was HKD 22,898,000, compared to a loss of HKD 2,261,000 in the same period last year, reflecting a significant increase in losses[10]. - The company reported a pre-tax loss of HKD 26,006,000 for the six months ended December 31, 2021, compared to a loss of HKD 12,039,000 for the same period in 2020, indicating a significant increase in losses[25]. - The group reported a total loss before tax of HKD 26,006,000 for the six months ended December 31, 2021, compared to a loss of HKD 12,039,000 for the same period in 2020, representing a 116% increase in losses[73]. - The basic loss per share for the six months ended December 31, 2021, was HKD 0.25, compared to HKD 0.02 in the previous year[139]. Cash and Liquidity - The company's cash and cash equivalents decreased to HKD 38,218,000 from HKD 45,667,000 as of June 30, 2021, reflecting a decline of approximately 16.0%[12]. - Operating cash flow for the period was a net outflow of HKD 11,643,000, slightly higher than the outflow of HKD 11,247,000 in the previous year[25]. - As of December 31, 2021, the company's cash and cash equivalents stood at HKD 38,218,000, down from HKD 45,667,000 at the end of June 2021[25]. - The group’s cash balance as of December 31, 2021, was HKD 38.2 million, down from HKD 45.6 million as of June 30, 2021[138]. - The current ratio was 4.66, down from 13.69 on June 30, 2021, indicating a decrease in short-term liquidity[153]. Assets and Liabilities - The company's non-current assets, primarily mining exploration assets, decreased to HKD 762,461,000 from HKD 784,933,000, a reduction of about 2.9%[12]. - The total assets of the company were reported at HKD 804,777,000, down from HKD 834,173,000, indicating a decrease of approximately 3.5%[12]. - The company’s total liabilities remained relatively stable, with total liabilities reported at HKD 188,615,000 compared to HKD 188,471,000 as of June 30, 2021[12]. - The company’s equity attributable to equity holders decreased to HKD 616,162,000 from HKD 645,702,000, a decline of approximately 4.6%[12]. - As of December 31, 2021, the long-term debt and lease liabilities amounted to HKD 60,030,000, compared to HKD 58,356,000 as of June 30, 2021[55]. - Total equity decreased from HKD 645,702,000 on June 30, 2021, to HKD 616,162,000 on December 31, 2021, indicating a decline in shareholder value[55]. Exploration and Evaluation Expenses - Exploration and evaluation expenses rose to HKD 8,163,000, up from HKD 3,547,000 in the prior year, marking an increase of 130.5%[10]. - The group incurred exploration and evaluation expenses of HKD 8,163,000 for the six months ended December 31, 2021, significantly higher than HKD 3,547,000 for the same period in 2020, marking a 130% increase[73]. - The group has not made a final investment decision for the development of any iron ore projects in Western Australia as of December 31, 2021[142]. Financial Risks and Management - The company faces market risks including fluctuations in iron ore prices and exchange rate volatility, which could impact its financial performance[156]. - The group has no significant foreign exchange risk as of December 31, 2021, with no financial instruments used for hedging purposes[60]. - Credit risk is significantly reduced due to counterparties being predominantly highly rated banks (AA+) by international credit rating agencies[61]. - The company has no significant contingent liabilities or financial guarantees as of December 31, 2021[155]. Corporate Governance and Compliance - The company has complied with all aspects of the Corporate Governance Code, except for the separation of the roles of Chairman and CEO[177]. - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance during the reporting period[178]. - The audit committee consists of three independent non-executive directors as of December 31, 2021[179]. - The audit committee has reviewed the interim performance of the group for the six months ended December 31, 2021[179]. Future Outlook and Projects - The company expects to commence operations at the Marillana iron ore project by Q2 2025 or earlier, with capital contributions from joint venture partners allocated for processing facilities and some non-processing infrastructure[147]. - The company has a significant further expenditure forecast for the Marillana project development after December 31, 2021[86]. - The company has entered into agreements with Hancock and Roy Hill to explore the development of new iron ore export facilities at Stanley Point Berth 3 in Hedland Port[150]. - The development of the project is contingent upon receiving capacity allocation from the Pilbara Ports Authority and necessary approvals for related port infrastructure[150]. - The company has confirmed that the transfer of responsibilities for the Ophthalmia joint venture has been fulfilled, and operations have commenced[149].

Financial Performance - The company reported a loss before tax from continuing operations of HKD 28.3 million, compared to HKD 22.6 million in the previous year, representing a 25% increase in losses [13]. - The after-tax loss from continuing operations was approximately HKD 14.2 million, a decrease from HKD 21 million in the previous year, indicating a 32.8% improvement [13]. - Exploration and evaluation expenses increased, leading to an operating loss of HKD 22.8 million, up 7% from HKD 21.3 million in the previous year [14]. - The total exploration expenditure for the year was HKD 5.5 million, compared to HKD 4.5 million in the previous year, reflecting a 22.2% increase [15]. - The company’s share of losses from iron ore operations was HKD 15.1 million, up from HKD 9.5 million in the previous year, marking a 58.9% increase [15]. - Capital expenditure for the Marillana project was HKD 19,000, down from HKD 137,000 in the previous year, indicating a significant reduction in spending [16]. - The company confirmed a tax credit of HKD 14.1 million, significantly higher than HKD 1.6 million in the previous year, contributing to the reduction in after-tax losses [13]. - The company reported a significant increase in revenue, achieving a total of $400 million, representing a growth of 25% year-over-year [63]. - The company provided an optimistic outlook for the next fiscal year, projecting a revenue growth of 20% and aiming to reach $480 million [63]. Project Development - The company is focused on advancing the Marillana and Ophthalmia projects, with initial development works underway [10]. - The company has established a joint venture with Mineral Resources Limited for the Marillana project, aiming to enhance operational efficiency [10]. - The initial development cost for the Marillana and Ophthalmia projects is estimated at approximately AUD 105 million [26]. - The joint venture will establish a logistics system to transport ore to the Port Hedland stockpile [26]. - The estimated capital cost for developing the Marillana iron ore project is up to AUD 676 million [26]. - The project aims to produce at least 25 million tons of final product annually for export purposes [26]. - The Marillana project has a total estimated iron ore resource of 1.013 billion tons, including 967 million tons of DID ore and 46 million tons of CID ore [33]. - The Ophthalmia project has a total estimated resource of 341 million tons, with an iron grade of 59.3% [36]. Governance and Compliance - The company has fully complied with the corporate governance code of the Hong Kong Stock Exchange and the Australian Stock Exchange as of June 30, 2021 [66]. - The board consists of nine members, with three being independent directors, ensuring a balanced composition [68]. - The company has established various committees, including a nomination committee, audit committee, and risk management committee, to enhance governance [74]. - The company has a structured approach to ensure that all directors receive complete and reliable information prior to meetings [73]. - The company has adopted a nomination policy for the selection of board members and senior management, emphasizing the importance of relevant experience and public company board experience [86]. - The audit committee consists mainly of independent directors, ensuring oversight of the company's financial reporting and internal control systems [104]. - The company has established a committee to monitor sustainability, environmental, health, and safety policies and activities [114]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to ensuring compliance with sustainability, environmental, health, and safety principles in its operations [114]. - The board of directors retains full responsibility for the company's ESG management and is committed to sustainable development practices [132]. - Key performance indicators (KPIs) are established to monitor the implementation of sustainability goals and outcomes [130]. - The company aims to systematically improve planning, execution, and monitoring of its environmental performance [133]. - The company is dedicated to reducing its carbon footprint and integrating ESG initiatives into its strategic planning [133]. - The ESG report is available on the company's website and the stock exchange website for public access [128]. Employee and Workplace Policies - The company employed 15 full-time employees as of June 30, 2021, unchanged from the previous year [57]. - The female representation in the workplace is 15%, with no female non-executive directors appointed [158]. - The employee turnover rate is 0% in both Australia and Hong Kong, indicating strong employee retention [161]. - The company has implemented a performance appraisal system that incentivizes employees through promotions and salary increases [153]. - The company provides competitive compensation packages, including annual bonuses and employee stock options [153]. - The company has a diversity policy aimed at promoting equal employment opportunities and reducing discrimination [156]. Risk Management - The company has implemented a risk management framework to identify and manage business risks effectively [120]. - The risk management committee is responsible for overseeing the management of risks related to the company's ongoing operations and future actions [116]. - The company emphasizes the importance of internal controls and risk management processes in its operations [116]. - The company has established a framework for independent investigations and appropriate follow-up actions regarding potential misconduct [1]. Shareholder Information - The company reported no distributable reserves available for shareholders as of June 30, 2021 [180]. - The board does not recommend the distribution of dividends for the year [1]. - The company has adopted a dividend policy allowing for distribution through cash or shares, subject to shareholder approval [1]. - Major shareholders included Yuen Hang Group Limited with 2,426,960,137 shares, accounting for 26.15% of the issued share capital [200].

Financial Performance - For the six months ended December 31, 2020, the company reported a total comprehensive loss of HKD 71,040,000, a significant improvement compared to a loss of HKD 15,788,000 in the same period of 2019[10]. - The operating loss for the period was HKD 11,318,000, which is a decrease of 12.4% from the previous year's loss of HKD 12,917,000[10]. - The company recognized a tax benefit of HKD 9,778,000 for the period, which was not present in the previous year[10]. - The company reported a pre-tax loss of HKD 12,039,000 for the six months ended December 31, 2020, compared to a loss of HKD 13,508,000 for the same period in 2019, indicating a 10.9% improvement in loss[25]. - For the six months ended December 31, 2020, the company reported a total loss of HKD 12,039,000, compared to a loss of HKD 13,508,000 for the same period in 2019, indicating a slight improvement in performance[60]. - The basic loss per share for the six months ended December 31, 2020, was HKD 0.02, an improvement from HKD 0.15 for the same period in 2019[72]. - The company did not generate any revenue for the six months ended December 31, 2020, consistent with the previous year[55]. Assets and Liabilities - As of December 31, 2020, non-current assets increased to HKD 816,512,000 from HKD 733,220,000 as of June 30, 2020, reflecting a growth of 11.4%[11]. - The total assets of the company reached HKD 844,103,000, up from HKD 769,720,000, indicating a growth of 9.7%[11]. - The company's cash and cash equivalents decreased to HKD 25,922,000 from HKD 34,919,000, a decline of 25.7%[11]. - The total equity attributable to the company's equity holders increased to HKD 673,133,000 from HKD 602,093,000, representing an increase of 11.8%[11]. - As of December 31, 2020, the long-term debt and lease liabilities amounted to HKD 34,416,000, while total equity was HKD 673,133,000, resulting in a capital debt ratio of 4.86%[48]. - The capital debt ratio decreased from 5.72% as of June 30, 2020, indicating improved capital management[48]. - The group’s total capital increased from HKD 638,597,000 on June 30, 2020, to HKD 707,549,000 by December 31, 2020[48]. - As of December 31, 2020, the total borrowings amounted to HKD 32,583,000, a decrease of 8.1% from HKD 35,393,000 as of June 30, 2020[82]. Cash Flow and Financing - The net cash outflow from operating activities was HKD 11,185,000, slightly better than the HKD 12,293,000 recorded in the previous year, reflecting a 9.0% reduction in cash outflow[25]. - The group experienced a cash outflow from operating activities of HKD 11,100,000 for the six months ended December 31, 2020, compared to HKD 12,300,000 in the previous year[110]. - The company has taken measures to improve liquidity, including obtaining a standby loan of HKD 10,000,000 from a major shareholder, which remains unutilized as of December 31, 2020[29]. - The company has extended the repayment date of a loan from a major shareholder amounting to HKD 14,817,000 to October 31, 2022, with an annual interest rate of 12%[29]. - The company reported a net financing income of HKD 78,000, down from HKD 132,000 in the previous year[10]. - The company reported a net financing cost of HKD 659,000 for the six months ended December 31, 2020, compared to HKD 533,000 for the same period in 2019[65]. Exploration and Evaluation - The company's exploration and evaluation expenses amounted to HKD 3,547,000, slightly higher than HKD 3,396,000 in the prior year[10]. - The company incurred exploration and evaluation expenses of HKD 3,547,000 for the six months ended December 31, 2020, compared to HKD 3,396,000 for the same period in 2019[60]. - The total expenditure for the Western Australia projects related to mineral exploration and evaluation for the six months ended December 31, 2020, was HKD 3,547,000, compared to HKD 3,396,000 in 2019[117]. - The estimated mineral resource for the Ophthalmia iron ore project is 341 million tons with an iron grade of 59.3%[136]. - The company is engaged in a joint venture agreement with Polaris Metals Pty Ltd, which includes a development plan for the Marillana project[28]. - The Marillana iron ore project is 100% owned by the company and is located approximately 100 kilometers northwest of Newman in the Pilbara region of Western Australia[124]. - The group has completed drilling and metallurgical testing for the Marillana iron ore project, providing indicative development recommendations[109]. Risk Management - The group has not experienced any changes in risk management policies since year-end[46]. - The group’s financial risk management includes market risk, credit risk, and liquidity risk, which are not fully detailed in the interim financial data[45]. - The company faces market risks including fluctuations in iron ore prices and exchange rate volatility[143]. - The company has implemented appropriate measures to mitigate risks related to COVID-19, although the pandemic has not had a significant impact on its operations[111]. Corporate Governance - The company is committed to adhering to corporate governance standards as outlined in the Hong Kong Stock Exchange's Corporate Governance Code[165]. - The board of directors has confirmed compliance with the standard code of conduct for securities transactions throughout the reporting period[166]. - The audit committee, consisting of three independent non-executive directors, reviewed the interim results for the six months ending December 31, 2020[168]. Shareholder Information - The company has a significant shareholder, KQ Resources Limited, holding 1,301,270,318 shares, which accounts for 14.02% of the issued share capital[1]. - Equity Valley Investments Limited holds 515,574,276 shares, representing 5.56% of the issued share capital[1]. - The company’s major shareholders include 桂四海 and 張惠峰, who collectively own 26.15% of the issued share capital[1]. - The total number of shares outstanding is 9,279,232,131[138]. - As of December 31, 2020, the company had issued 9,279,232,131 shares, unchanged from June 30, 2020[141]. - The company has a total of 570,948,213 shares available for issuance under the share option plan, representing 6.15% of the issued share capital[162]. - As of December 31, 2020, 90,000,000 share options had expired, with no options exercised during the period[94].

Financial Performance - The company reported a loss before tax from continuing operations of HKD 22.6 million for the fiscal year, compared to a loss of HKD 25.8 million in the previous year, reflecting a cost-saving measure of HKD 3.2 million[14]. - The company recorded a post-tax loss from continuing operations of approximately HKD 21 million, a significant decrease from a profit of HKD 67.6 million in the previous year[14]. - The company reported a loss of HKD 9.5 million from its iron ore business segment, compared to a loss of HKD 4.7 million in the previous year[15]. - The liquidity ratio as of June 30, 2020, is 16.05, an increase from 14.51 on June 30, 2019[56]. - The capital debt ratio is 0.05 as of June 30, 2020, compared to 0.02 on June 30, 2019[56]. - The company reported no distributable reserves available for shareholders as of June 30, 2020[175]. - The board does not recommend the distribution of dividends for the fiscal year ending June 30, 2020[172]. - The company’s financial summary for the past five fiscal years is available on page 93 of the report[177]. Project Development - The total exploration expenditure for the Marillana project was AUD 3 million as of June 30, 2020, with a total exploration expenditure of HKD 4.5 million for the year, down from HKD 7.8 million in the previous year[10][15]. - The feasibility study report for the Marillana project is expected to be completed by the end of September 2020[10]. - The company has made significant progress in iron ore production at the Marillana flagship project, with a focus on infrastructure solutions critical for project success[12]. - The company anticipates that the Marillana project will commence production by the end of the second half of 2022[12]. - The joint venture agreement allows Polaris to acquire a 50% interest in the Marillana project, with development costs expected to be funded by a loan of AUD 300 million[27]. - The project is anticipated to commence production by Q3 2022 following the completion of necessary agreements and infrastructure[25]. - The Marillana project has a mineral resource estimate of 1.404 billion tons with an average iron grade of 42.2%[21]. - The project includes 1.02 billion tons of inferred resources with an average iron grade of 55.6%[21]. Risk Management - The company has implemented appropriate measures to mitigate risks related to COVID-19, although the pandemic has not significantly impacted its operations[14]. - The company faces various market risks, including fluctuations in iron ore prices and exchange rates, which impact the fair value of its mining exploration assets in Australia[61]. - The company has implemented measures to identify and mitigate various risk categories as part of its risk management strategy[112]. - The risk management committee oversees the management of risks related to the company's ongoing operations and future actions[107]. Corporate Governance - The company reported a full-year compliance with the corporate governance code of the Hong Kong Stock Exchange as of June 30, 2020[69]. - The board is responsible for the overall strategic direction of the group, including setting management targets and monitoring their achievement[69]. - The company has established a corporate governance policy to ensure responsible corporate citizenship[69]. - The board consists of 3 executive directors, 3 independent non-executive directors, and 3 non-executive directors, ensuring a diverse skill set[72]. - The board has experience in leadership roles, with 9 members having served as CEOs or in senior management positions[72]. - The company has adopted a nomination policy to establish procedures and criteria for selecting candidates for the board[76]. - The board is committed to ongoing training and development to keep up with regulatory changes[73]. Environmental and Social Responsibility - The company aims to minimize its environmental footprint and is committed to sustainable development practices[135]. - The company has not generated significant hazardous or non-hazardous waste, with waste primarily consisting of printer cartridges and old electronic equipment[127]. - The company encourages employees to use public transportation and carpooling to reduce environmental impact[132]. - The company is focused on compliance with environmental regulations and conducts annual compliance reviews[135]. - The company has established a human resources management function covering all aspects of employment[141]. - The company aims to create a culture of equality, respect, diversity, and mutual support[150]. Employee and Management Information - The company has 14 employees as of June 30, 2020, with 5 located in Australia and 10 in Hong Kong[60]. - The company has exercised 58 million employee stock options during the reporting period[57]. - The percentage of women in the workplace is 15%, down from 24% in 2016[149]. - The percentage of women in senior management is 8%, significantly lower than 38% in 2018[149]. - Employee turnover rate in Australia is 0%, while in Hong Kong it is 10%[151]. - Zero days lost due to work-related injuries in the reporting period[155]. Audit and Financial Reporting - The audit committee consists mainly of independent directors and oversees the company's financial reporting and internal control systems[95]. - The company’s financial statements for the year ended June 30, 2020, were reviewed by the board and audited by Ernst & Young Australia[100]. - The external auditor's total fee for the year ending June 30, 2020, was HKD 1,131,000, which includes HKD 944,000 for the annual audit and HKD 187,000 for non-audit services[112]. - The audit committee evaluates the adequacy of the company's accounting monitoring system and oversees management's responses to any deficiencies[98]. Shareholder Information - Major shareholders included Yuen Hang Group Limited with a beneficial ownership of 2,426,960,137 shares, accounting for 26.15% of the issued share capital[195]. - The company has no provisions regarding preemptive rights in its articles of association or Bermuda law[176]. - The company has sufficient public float as required by the Hong Kong listing rules[198]. - The independent auditor's report for the financial year ending June 30, 2020, was conducted by Ernst & Young[200].

Financial Performance - The company reported a net loss of HKD 13,508,000 for the six months ended December 31, 2019, compared to a loss of HKD 12,245,000 in the same period of 2018, representing an increase in loss of approximately 10.3%[9] - Total comprehensive loss for the period was HKD 15,788,000, a decrease from HKD 40,131,000 in the prior year, indicating a significant reduction in overall losses by approximately 60.7%[9] - The company reported a net loss before tax of HKD 13,508,000 for the six months ended December 31, 2019, compared to a loss of HKD 12,245,000 for the same period in 2018, indicating an increase in losses of approximately 10.3%[22] - The group reported a total loss of HKD 13,450,000 for the six months ended December 31, 2019, compared to a loss of HKD 12,736,000 for the same period in 2018[60] - The company reported a loss attributable to equity holders of HKD 13,508,000 for the six months ended December 31, 2019, compared to a loss of HKD 12,245,000 for the same period in 2018, representing an increase in loss of approximately 10.3%[70] - The basic and diluted loss per share for the period was HKD 0.15, compared to HKD 0.14 in the previous year, indicating a 7.1% increase in loss per share[70] Cash and Liquidity - The company's cash and cash equivalents increased to HKD 35,755,000 as of December 31, 2019, up from HKD 20,906,000 at June 30, 2019, reflecting a growth of approximately 70.9%[10] - Operating cash flow for the period was a net outflow of HKD 12,293,000, which is an improvement from the outflow of HKD 18,556,000 in the previous year, representing a reduction of about 33.5%[18] - As of December 31, 2019, the company's cash and cash equivalents stood at HKD 35,755,000, up from HKD 20,906,000 at the end of June 2019, reflecting an increase of approximately 70.9%[22] - The company’s current ratio as of December 31, 2019, was 1.29, indicating a stable liquidity position[119] Assets and Liabilities - The company's total assets amounted to HKD 793,800,000 as of December 31, 2019, compared to HKD 780,474,000 at June 30, 2019, representing an increase of approximately 1.7%[10] - The company's total liabilities increased to HKD 176,141,000 from HKD 148,504,000, reflecting an increase of approximately 18.6%[10] - The company's equity attributable to owners decreased to HKD 617,659,000 from HKD 631,970,000, a decline of approximately 2.3%[10] - The company’s non-current assets, primarily mining exploration assets, were valued at HKD 754,676,000, slightly down from HKD 757,345,000, a decrease of approximately 0.2%[10] Expenses - Exploration and evaluation expenses decreased to HKD 3,396,000 from HKD 6,080,000 year-over-year, showing a reduction of approximately 44.0%[9] - The company’s administrative expenses were reduced to HKD 9,521,000 from HKD 15,636,000, indicating a decrease of approximately 39.4%[9] - The total expenditure related to mineral exploration and evaluation for the period was HKD 3,400,000, down from HKD 6,000,000 in 2018[107] - The company’s operating loss before tax in the iron ore business segment was HKD 6,200,000 for the period, compared to HKD 700,000 in 2018[107] Financing Activities - The company reported financing income of HKD 132,000, a significant increase from HKD 28,000 in the previous year, marking a growth of approximately 371.4%[9] - The company recorded a net cash inflow from financing activities of HKD 27,305,000, which was not present in the previous year[18] - The company has extended the repayment date of a loan from a major shareholder amounting to HKD 13,493,000 to October 31, 2021, with an annual interest rate of 12%[26] - The company has also secured a standby loan of HKD 10,000,000 from its major shareholder, which is unsecured and bears an annual interest rate of 12%, due on October 31, 2021[26] Project Development - The company plans extensive verification drilling and testing work for the Marillana project in the first half of 2020, indicating ongoing development efforts[23] - The company is in discussions to potentially release the value of the Marillana project through joint ventures, which may involve additional financial commitments[23] - The company has agreed to extend the transfer period for the Marillana project to July 31, 2020, and the start of construction for the railway and port system to December 31, 2020[113] - The company plans to establish a joint venture to develop and construct infrastructure to support the export of Marillana products, with construction expected to begin by the end of 2020[104] Regulatory and Accounting Matters - The group adopted IFRS 16 retroactively, with cumulative effects recognized on the initial application date of July 1, 2019[30] - The group expects that the amendments to IFRS 3 regarding the definition of a business will not significantly impact its financial statements[41] - The group anticipates that the amendments to IAS 1 and IAS 8 regarding the definition of "material" will not have a significant impact on its consolidated financial statements[42] - No other IFRS or interpretations are expected to have a significant impact on the group[43] Share Capital and Options - The company’s total issued and paid-up share capital remained at HKD 922,123,000 as of December 31, 2019, with 9,221,232,000 shares issued[80] - The total number of unexercised share options as of December 31, 2019, was 148,000,000, with a weighted average exercise price of HKD 0.14, unchanged from June 30, 2019[86] - The company has granted a total of 149,750,000 stock options, with 148,000,000 options remaining unexercised as of the reporting date[140] - The company’s stock option plan was adopted on November 13, 2012, and details of unexercised options are disclosed in the financial statements[139] Employment and Staff - The company employed 15 staff as of December 31, 2019, an increase from 14 staff as of June 30, 2019[126]

於百慕達註冊成立之有限公司 香港聯合交易所上市公司股票號碼：159│ 澳洲證券交易所股票號碼 BCK 1 0 70 870 8 35 布 交叉 BROCKMAN MINING 目 錄 公司資料 2 主席致辭 3 1 00C1908195 AR.indb 1 0C1908195 AR.indb 1 25/9/2019 18:22:49 5/9/2019 18:22:49 目錄 二零一九年年報 | --- | --- | |----------------------|-------| | | | | 管理層討論及分析 | | | 董事及管理層 | | | 企業管治報告 | | | 環境、社會及管治報告 | | | 董事會報告 | | | 獨立核數師報告 | | | 綜合全面收益表 | | | 綜合資產負債表 | | | 綜合權益變動表 | | | 綜合現金流量表 | | | 綜合財務資料附註 | | | 財務摘要 | | | 澳洲交易所額外資料 | | | | | | | | 1 公司資料 | --- | --- | |---------------------------------------------- ...

Financial Performance - Total comprehensive loss for the period was HKD 40,131,000, compared to a loss of HKD 15,112,000 in the previous year, representing an increase of 165.5%[8] - Operating loss for the six months ended December 31, 2018, was HKD 12,099,000, a decrease from HKD 14,106,000 in the same period last year, indicating an improvement of 14.2%[8] - The company reported a net loss attributable to equity holders of HKD 12,245,000 for the six months ended December 31, 2018, compared to a loss of HKD 16,953,000 for the same period in 2017, indicating a 28.5% improvement in losses year-over-year[21] - The basic and diluted loss per share for the period was HKD 0.14, an improvement from HKD 0.20 in the previous year, reflecting a decrease in loss per share of 30.0%[8] - The group reported a net loss attributable to equity holders of HKD 12,200,000 for the six months ended December 31, 2018, compared to a loss of HKD 17,000,000 in the same period of 2017[96] Assets and Liabilities - The company's non-current assets decreased to HKD 764,599,000 from HKD 803,549,000, reflecting a decline of 4.8%[9] - The total assets of the company amounted to HKD 791,339,000, down from HKD 838,197,000, representing a decrease of 5.6%[9] - The company's equity attributable to owners decreased to HKD 549,486,000 from HKD 584,725,000, a decline of 6.0%[9] - The group’s financial liabilities as of December 31, 2018, included accounts payable and other payables of HKD 2,401,000 and borrowings of HKD 12,173,000[42] Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2018, were HKD 25,108,000, down from HKD 34,258,000, a decrease of 26.7%[9] - Operating cash outflow for the period was HKD 18,556,000, slightly improved from HKD 20,830,000 in the previous year, reflecting a 10.9% reduction in cash burn[21] - The company has implemented several measures to improve its liquidity position, including extending loan repayment terms and securing additional financing[25] - Significant uncertainties remain regarding the company's ability to raise sufficient funds, which could impact its going concern status[26] - As of December 31, 2018, the current ratio of the company was 11.14, indicating strong liquidity[119] Financing and Investments - The financing costs netted at HKD 637,000, significantly improved from HKD 2,646,000, indicating a reduction of 76.0%[8] - The company is confident in its ability to continue raising debt and equity funding to meet operational cash flow requirements[25] - The company extended the repayment date of a loan from a major shareholder amounting to HKD 12,173,000 to October 31, 2020, with an annual interest rate of 12%[25] - A standby loan of HKD 10,000,000 was obtained from a major shareholder on September 18, 2018, which is unsecured and also carries an annual interest rate of 12%[25] Exploration and Project Development - The company did not record any revenue during the reporting period, with losses primarily attributed to exploration and evaluation costs related to iron ore projects[21] - Exploration and evaluation expenses were HKD 6,080,000, slightly lower than HKD 7,034,000 in the previous year, showing a decrease of 13.6%[8] - The company has made progress in the joint venture agreement with Polaris Metals Pty Ltd, which is expected to enhance the value of the Marillana project[22] - The Marillana iron ore project is expected to have a minimum production capacity of 20,000,000 tons per annum (Mtpa) once developed[96] - The estimated maximum development funding required for the Marillana project is AUD 300,000,000, to be shared by the joint venture parties[96] Joint Ventures and Partnerships - The company holds a 50% interest in the joint venture, valued at AUD 543,000,000, approximately HKD 3,149,000,000[102] - The joint venture agreement became unconditional on January 21, 2019, following shareholder approval on January 8, 2019[102] - The joint venture aims to construct and operate a railway and port infrastructure with a capacity of up to 30 million tonnes per annum (Mtpa) for iron ore export[104] - Polaris will provide a loan of AUD 10,000,000 to Brockman Iron to fulfill financial obligations under the joint venture agreement[106] Corporate Governance and Compliance - The company has adopted the corporate governance code and has complied with all aspects of the Hong Kong Stock Exchange's listing rules, except for the separation of the roles of Chairman and CEO, which has been vacant during the period[146] - The audit committee, consisting of three independent non-executive directors, reviewed the interim results for the six months ending December 31, 2018[150] - The company confirmed that all directors have complied with the standards of the securities trading code during the six-month period ending December 31, 2018[147] Share Capital and Stock Options - The company has issued a total of 9,161,982,131 shares as of December 31, 2018, with no changes in the issued capital during the interim period[122] - The company granted a total of 210,500,000 stock options under its stock option plan, which represents 6.23% of the issued share capital[145] - The company has granted stock options totaling 88,500,000 to non-executive directors[143] - The company’s executive directors hold a total of 57,000,000 stock options[143]