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Annual Report and Accounts For the year ended 30 June 2019

AIM: POL www.poloresources.com

DiversifiedPortfolio

Polo Annual Report 2019 1.4.qxp_Layout 1 20/12/2019 12:41

Corporate Directory

Registered Number1406187

Registered OfficeCraigmuir ChambersRoad TownTortola VG 1110British Virgin Islands

Nominated Adviser and BrokerAllenby Capital Limited5 St. Helen’s PlaceLondon EC3A 6ABUnited Kingdom

Solicitors to the Company as to BVI LawHarney Westwood & Riegels LLPThird Floor7 Ludgate BroadwayLondon EC4V 6DXUnited Kingdom

Walkers Chambers171 Main Street PO Box 92, Road Town Tortola VG1110 British Virgin Islands

Solicitors to the Company as to UK Law Dentons UKMEA LLPOne Fleet PlaceLondon EC4M 7WSUnited Kingdom

Solicitors to the Company as to Australian Law Hunt & Humphry15 Colin StreetWest Perth Western Australia, 6005

AuditorsChapman Davis LLP2 Chapel CourtLondon SE1 1HHUnited Kingdom

Principal BankerBarclays Bank PLCBarclays HouseVictoria StreetDouglasIsle of Man, IM99 1AJ

Strategic Report03 Investing Policy04 Chairman’s Statement09 Investment Update19 Financial Review20 Management and Leadership21 Forward-looking Statements

Corporate Governance23 Directors’ Report26 Corporate Governance Statement

ContentsFinancial Statements32 Independent Auditors’ Report36 Group Statement of Comprehensive Income37 Company Statement of Comprehensive Income38 Group Statement of Financial Position39 Company Statement of Financial Position40 Group Statement of Cash Flows 41 Company Statement of Cash Flows 42 Group Statement of Changes in Equity43 Company Statement of Changes in Equity44 Notes to the Financial Statements


The Company's strategy will be to make direct andindirect investments in a portfolio of businesses andassets with at least the majority of their operations orearly stage companies that intend to have at least themajority of their operations in Asia Pacific.

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Investing Policy

03Polo Resources Annual Report and Accounts 2019

In addition, where the Company realisesvalue from its existing portfolio of direct andindirect investments in natural resources,businesses involved in supporting,processing, related and downstreamactivities, it may reinvest the proceeds ofthese realisations in direct and indirectinvestments in undertakings related tonatural resources and businesses involvedin supporting, processing, related anddownstream activities in any geographicaljurisdiction.

Investments may be made in companies,partnerships, joint ventures and all types ofassets including unlisted and listed equities,securities, commodities, bonds, debtinstruments, royalties, options, warrants,futures and derivatives. For the purposes ofefficient portfolio management, theCompany may enter into hedging andforeign currency transactions. Theinvestments may be funded wholly by cash,the issue of new shares, debt or othersecurities, or a mix thereof.

There will be no maximum or minimum limiton percentage of ownership or on the lengthof time that any investment may be held.The Company may take legal ormanagement control of a company,partnership or joint venture from time to timethough the Company does not intendthereby to become a trading entity. TheCompany may invest in other investmentfunds or vehicles, including any managed byDirectors or companies associated withthem, where such investment would becomplementary to the Company’s investing

policy. There will be no fixed limits on theallocation between unlisted and listedequities or other securities, cash and/ordebt. There is no limit on the number ofinvestments which the Company may make,nor the proportion of the Company’s grossassets that any investment may represent atany time. Cash held by the Companypending investment, reinvestment ordistribution will be managed by the Directorsas they deem appropriate.

The Directors may propose a specialdividend or implement share buy-backs fromtime to time but the objective will be toachieve returns to shareholders through theappreciation in the value of the Company’sshares rather than by means of distribution.There is no fixed term for the life of theCompany.

Any change in the investing policy will onlybe made in accordance with the AIM Rules.


04 Polo Resources Annual Report and Accounts 2019

Chairman’s Statement

Hibiscus Petroleum Berhad(“Hibiscus”)Hibiscus is Malaysia’s first listed independentoil and gas exploration and productioncompany. The company’s significantcashflow and profitability is based on 50%ownership of the Anasuria Cluster ofproducing wells in the U.K North Sea(“Anasuria”) and its 50% participating interestin the 2011 North Sabah Enhanced OilRecovery Production Sharing Contract(“North Sabah PSC”). It’s excellent trackrecord as operator for these production joint-ventures is reflected in it receiving safetyperformance awards for both Anasuria andNorth Sabah PSC. The company also

received the award for “Highest returns toshareholders over three years” at the EdgeBillion Ringgit Club Corporate Awards 2019.

Careful management of costs to maintain lowoperational expenditure and the delivery ofproduction enhancement projects have beenkey towards obtaining a low unit productioncost structure. In addition, the companycontinues to operate debt-free.

The company continues to operate debt-freewith its activities and acquisitions to-datefunded through a combination of equity andinternally generated funds. It has beenforeshadowed that in the near future it shall

undertake further fundraising activities toensure smooth execution of projects andopportunities aimed at further enhancingproduction and value.

Summary of ActivitiesSignificant activities in the 2018-19 periodincluded: i) Completion of the acquisition of a50% participating interest in North SabahPSC and assumption of operatingresponsibility; ii) Technical work at Anasuriaincreased the volume of reserves, and thecompany signed deals for a side‐track welland a water injection well both aimed atmaximising recovery; iii) The acquisition of50% participating interest in the Marigold and

Although several investment opportunities were examined during the periodunder review, the Polo Board has taken the decision to focus on supportingour current investee companies. This was deemed to be a prudent approachgiven the lack of suitable investment opportunities and the erratic behaviourof commodity prices driven by a world economy that was suffering the impactof the on-going US-China trade war. Whilst talks aimed at resolving the tradewar seem to have recently been successful and it now appears a tradeagreement between the US and China has been reached, the Polo Boardremains particularly cautious in assessing new investment opportunities, untilsuch time global markets have settled, the impact of the US and China tradedeal has stabilised and tariff rates on commodities become certain.

During our reporting period we have seen three of our investee companiesHibiscus Petroleum Berhad, GCM Resources Plc and Celamin HoldingsLimited make significant value accretive progress, which we consider will beable to make positive growth contributions to the net asset value of ourinvestment portfolio as we move forward. However, whilst we have seensuccess in one area of our portfolio, we have seen our portfolio impaired bythe falling into administration of Weatherly International Plc, difficulties inrecovering debt in regards to Nimini Holdings Limited and the difficultiesBlackham Resources Limited has been experiencing as it attempts toexpand its gold production and reduce its AISC (all-in sustaining cost).

Portfolio Overview



Sunflower Blocks also located in the U.KNorth Sea. These blocks are discoveredfields which the company aims to bring toFirst Oil by 2023 and describes as a “game-changer” and iv) Post the reporting period,the acquisition of 100% interest in Blocks15/18d and 15/19b also located in the NorthSea. The blocks include the CrownDiscovery which consists of 2C contingentresources that range between 4 to 8 millionbarrels of oil, subject to an independent 3rdparty expert assessment.

Exploration - Australia Hibiscus operates the VIC/L31 productionlicence and VIC/P57 exploration licence inAustralia’s Bass Strait. The company hasalso recently exercised an option to acquirenon-operated interests in the VIC/P74exploration licence in the same area. Withthe West Seahorse discovered oilfield withinthe VIC/L31 production licence and excitingexploration opportunities in these licences,Australia holds significant potential forHibiscus’ future development plans.

Financial PerformanceHibiscus’ financial performance wasbolstered by having its first full yearcontribution from the North Sabah PSC assetand higher overall production from Anasuria.For the financial year ended 30 June 2019(“FY2019”), revenue was RM988.3 million(USD236.86 million), representing anincrease of 151% compared to that achievedin FY2018. Net cash generated fromoperating activities in FY2019 was RM496.1million (USD118.9 million) and Profit aftertaxation (“PAT”) was RM230.0 million (USD55 million), up 13%.

Despite volatility in the price of crude oilwhich fluctuated between a high ofUSD86.29 per barrel to a low of USD50.47per barrel, Earnings Before Interest, Taxes,Depreciation and Amortisation (“EBITDA”) forFY2019 surged to RM549.4 million(USD142.45 million), an increase of 64%when compared to that for FY2018. This wasunderpinned by the sale of some 3.3 MMbblsof crude oil across both assets against aproduction target of between 2.7 and 3.0MMbbls. It is noted that recent capitalexpenditure projects not only successfully ledto increased production, but also improvedgeological and reservoir understanding.

Post the reporting period, the quarterlyfinancial results for the period ended 30September 2019 (“Q1 FY2020”), showed a

revenue and PAT of RM159.3 million(USD38.21 million) and RM16.2 million(USD3.89 million) respectively, from the saleof 0.6 MMbbls of oil. EBITDA for the periodwas RM77.1m (USD18.49 million) with astrong EBITDA margin of 48.4%. Overall,despite a softer oil market and the effects ofhigher maintenance activities in the quarter,Hibiscus remained profitable.

Hibiscus remains debt-free, and itsunrestricted cash balance was RM179.4m(USD43.03m) as at 30 September 2019.

GCM Resources Plc (“GCM”)GCM is on track to provide the cheapestlong-term large-scale coal-fired electricitysupply in Bangladesh and the country’sposition regarding coal-fired power wasreinforced recently by the BangladeshGovernment Power Secretary in an interviewwith the Thomson Reuters Foundation. Hestated that Bangladesh’s economy isgrowing fast and it needs energy and thatthey had no choice but to utilise coal forpower generation.

The Phulbari coal mine’s Scheme ofDevelopment remains a key driver, however,the ultimate deliverable requires the minebeing captive to 6,000 MW of state-of-the-arthighly energy efficient Ultra-Supercriticalpower plants (“the Project”). The mine’sviability would then become dependent oncoal supply agreements with these powerplants and vice-versa, the power plants’viability is linked to the success of the coalmining operation. GCM already has in placestrict environmental management plans forthe planned mining operation, and has statedit will ensure these power plants also operateto the highest possible environmentalstandards and in particular that they will availof leading-edge flue gas cleaning systems toprotect air quality and cooling systems thatminimise water consumption.

GCM had previously reported signing a JointDevelopment Framework Agreement andContract Framework Agreement with ChinaGezhouba Group International EngineeringCo Limited (“CGGC”) for constructing of oneof the required three power plant phases(each being 2,000MW mine-mouth powergeneration) to be implemented over a ten-year period matching the mine’s coalproduction ramp-up to 15 mtpa name-plateproduction.

During the reporting year GCM addressedthe shortfall in power generation necessaryto underpin the captive coal mine’s viabilityby entering into Joint Venture Agreements(“JVA’s”) with Power ConstructionCorporation of China Ltd (“PowerChina”),another China state-owned key enterprisethat is a world-renowned megacorporationspanning engineering construction andpower generation.

The JVA’s were the culmination of a Projectsite visit with senior PowerChina officials,their completion of a prefeasibility study anddue diligence for 4,000MW mine-mouthpower generation. Working under the JVA’sGCM and PowerChina have prepared thedetailed proposals for the 4,000MW Phases Iand II power plants, complete with acompetitive power tariff.

In order to complete its proposal for theGovernment of Bangladesh the company isalso seeking to bring in a strategic minedevelopment partner. To this end in July2019, post the reporting period, GCM signedan MOU with both China Nonferrous MetalIndustry's Foreign Engineering andConstruction Co., Ltd. ("NFC") andPowerChina focussed on the minedevelopment. NFC are in the process ofcompleting their due diligence studies. Oncethese studies are completed, the parties willmove to firm up the business relationshipand submit the comprehensive captive coalmine and power plants proposal to theGovernment.

The arrangements with PowerChina alsocarry an obligation to facilitate the inclusionof the Project in the One Belt, One RoadInitiative of the People’s Republic of China,and assist with financing the power plants.

Celamin Holdings Limited(“Celamin”) Formerly known as Celamin Holdings NLCelamin’s goal is development of ChaketmaPhosphate Project (“Chaketma”) in Tunisiaand exploration and evaluation work on thenewly granted Djebba and Zeflana zincpermits, also in Tunisia. However, thecompany’s principal activity this financial yearhas been legal action against joint venturepartner TMS to recover its shareholding inthe joint venture company CPSA and toestablish long-term ownership and control ofCPSA.

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On 5 April 2019 the Court of Appeal inTunisia made orders in favour of Celaminenforcing the International Arbitration FinalAward ordering TMS to return Celamin’s51% interest in CPSA and pay damages andcosts plus interest. TMS’ appeal against thisdecision was rejected by the Tunisian Courtof Cassation, refer to the company’sannouncement of 23 September 2019 whichalso noted damages amounted to circaUSD4.4 million.

There are no further legal avenues availableto TMS to otherwise delay the return of thecompany’s interest in Chaketma or paymentof damages. The company has initiatedmeasures to ensure compliance with thecourt orders, including a move to seize TMSassets, and is hopeful the process will alsoresult in it securing 100% of Chaketma.

The company has subsequentlyrecommenced discussions with contractorsaimed at completing the Chaketma DefinitiveFeasibility Study encompassing a Stage 1:Rock Phosphate Concentrate Productionand a Stage 2: IntegratedFertilizer/Phosphoric Acid Project.

PRISM Diversified Ltd (“PRISM”)PRISM Diversified Ltd. (“PRISM”), formerlyIronstone Resources Ltd., is a privateCanadian corporation positioning itself tobecome a leading, vertically integratedsupplier of specialty metals and metallicpowders used in many fast growing high-techand industrial manufacturing applications.PRISM is expected to enter the market byoffering competitive pricing due to very lowenergy costs in Alberta where the companyoperates – an unrivalled advantage.

PRISM’s initial range of products will includeatomised iron powders, carbonyl ironpowders, and vanadium pentoxide that allcommand high market value and strongglobal demand. These metal powders areused in a growing number of high-techapplications, such as additive manufacturing(3D printing), battery manufacturing, powdermetallurgy, water treatments, and as high-purity iron inputs in pharmaceutical and foodindustry,

The main asset of the company is its ClearHills Iron/Vanadium Project, located innorthwest Alberta and advantageously closeto major infrastructure and populationcentres. Clear Hills holds an indicated

resource of 557 million tonnes of iron, (withan average grade of 33% of iron) and 2.45million pounds of contained vanadium (asvanadium pentoxide), with a further inferredresource of 96 million tonnes of iron, with anaverage grade of 33% (Source: NI43-101Report, SRK Consulting, July 2012). Inaddition to iron and vanadium, the ore isknown to contain cobalt and gold. PRISM’spoly-metallic resource has the potential tosupply its industrial materials for manydecades.

PRISM’s land tenure, an asset in itself,exceeds 1.91 million acres (7,763 sq km) ofmineral permits and leases, the largestmetallic and mineral land holding in Alberta.

Funding arrangementsPRISM is currently looking to raiseapproximately CAD3.5 million (USD2.63million) to complete its PFS/BFS Studies in2020 BFS for Iron Carbonyl Powder (ICP)production with an aim of commercialproduction commencing early 2022.

Blackham Resources Limited(“Blackham”)The Wiluna Gold Operation (“Operation”) islocated in Australia’s largest gold belt whichstretches from Norseman in the souththrough Kalgoorlie and Leinster to Wiluna inthe north. The company is currentlytransitioning to a low capex, low risk sulphidemining and tailings treatment operationtargeting 100koz-120koz per annumproduction. It is also focused on a debtreduction and balance sheet enhancementprogram.

During the year, Blackham experienced anumber of challenges. Gold production in thesecond half of FY2019 was weak andimpacted by: lower than required total miningmovements and an inability to maintain highgrade stockpiles; lower metallurgicalrecoveries due to processing partiallyrefractory transitional ores; and significantconcurrent investment in Matilda and Wilunaopen pits.

Gold production during the year was65,406oz and gold sold was 64,919oz atAUD1,656/oz, however, the AISC wasAUD1,760/oz. There were forward gold salescontracts in place at 30 June 2019 for18,500oz of at an average price ofAUD1,805/oz, maturing by calendar year end.

During the year, the company faced a numberof funding challenges but received strongsupport from its key stakeholders.

On 12 September 2019, Blackhamannounced a capital raising of up to AUD7million (before costs) that will provide fundingfor key mine development work programs thatwill underpin Blackham’s FY2020 production.Blackham also received AUD2.8 million cashin January 2019 from the sale of 20% interestin the Wiluna Cobalt-Nickel Project.

On 8 October 2019, the Lake WayTransaction completed with Blackhamreceiving AUD7 million cash and up to afurther AUD10 million contribution to bereceived towards Williamson open pit pre-production mining activities, seeannouncement dated 8 October 2019. Aninitial non-refundable deposit of AUD3 millionwas received in July 2019.

ResultsAt the end of FY2019, the company hadAUD4.2 million in cash and bullion.

Net debt was AUD11.8 million comprised ofthe loan payable to MACA AUD10.3 million,Lind Convertible Security AUD5.3 million andleases AUD0.4 million.

The loss after tax was AUD73.161 million.The FY2019 result included asset impairmentcharges of AUD45 million, which also broadlybrings the book value of assets back into linewith Blackham’s market capitalisation.Blackham’s net assets at the end of FY2019were AUD62.177 million.

Blackham’s production guidance for FY2020is 70k-80koz at an AISC of AUD1,550-AUD1,750/oz and will be focused on freemilling ore bodies prior to Blackhamtransitioning to Stage 1 of its SulphideExpansion Project, which is planned tocommence production during FY2021. Basedon Blackham’s September 2019 Quarterlyand October 2019 results turnaround itseems the company is well on the way toachieving its FY2020 targets.

For the September 2019 Quarter, goldproduction was 17,565oz at ASICAUD1,519/oz with the September monthlyproduction being 7,220oz at ASICAUD1,025/oz and the October monthlyproduction 7,611oz at ASIC AUD1,266/oz.



Weatherly International Plc(“Weatherly”) (In Administration)Weatherly has a diverse portfolio of basemetal production and development assetswith multiple low capital spend growthopportunities. These include the TschudiMine, the Otjihase and Matchless mines(together, “Central Operations”) and the BergAukas project in Namibia.

In April 2018, Weatherly announced that ithad retained advisers to evaluate strategicoptions for the company following operationalchallenges at its key asset, the Tschudi openpit copper mine, in Namibia. Highgroundwater inflow rates encountered in theopen pit far exceeded the worst casescenarios foreseen within the BankableFeasibility Study.

On 26 April 2018, Weatherly announced thatit had engaged Numis Securities Limited("Numis") and Treadstone ResourcePartners ("Treadstone") as its financialadvisers to lead a review of strategicalternatives for the company and its assetswhere all opportunities for maximisingshareholder value would be considered (the"Strategic Review").

On 1 June 2018, Weatherly announced thatas a result of this material uncertainty, OrionMine Finance (Master) Fund I LP (“Orion”)had confirmed they were unlikely to permitfurther drawdowns under the existinguncommitted loan facility with Orion.Weatherly’s Directors considered that nofurther reliance could be placed on Orionsupporting the company financially andtherefore sought to temporarily suspend thecompany’s shares from trading on AIM andseek advice in relation to administration.Subsequently, on the same day, thecompany announced the appointment ofSimon Kirkhope and Andrew Johnson of FTIConsulting LLP as administrators to thecompany.

Following the appointment of theAdministrators and the subsidiary boardchanges, the position of the Tschudi minestabilised and the Administrators extendedthe Numis and Treadstone engagement toact as Merger and Acquisition Advisers(“M&A Advisers”) to recommence the salesprocess effective 24 September 2018.Despite over 90 parties being contacted anda number of indicative offers received, nosale was forthcoming and arrangements withNumis and Treadstone ceased in December2018.

It is understood further expressions ofinterest have been received for both sharesales and asset sales via direct third-partyintroductions. However, at this time it is notclear whether a potential transaction will bestructured as a business and assets sale orthe sale of the shares of OML – thesubsidiary that owns and operates theTschudi mine.

Nimini Holdings Limited(“Nimini”) (Gold, Sierra Leone)Polo’s Annual Report 2018 explained thatdespite the considerable lobbying efforts byour in-country representative who is aDirector of our local subsidiary Nimini MiningLimited, the Nimini Project’s mining licencewas cancelled at the end of August 2018.Polo remains disappointed by theGovernment of Sierra Leone’s action incancelling the mining licence and has writtento the President and the Minister of Minesand Mineral Resources (“MoM”) appealingfor the decision to be reversed. Polo has alsosuspended any further expenditure on theProject. Nimini Holdings Ltd and its SierraLeone subsidiaries have since beendissolved during 2018-19.

In the meantime, following the termination ofthe Operator Agreement with our jointventure partner Plinian and under the termsand conditions of this agreement and othersupplementary agreements Polo is pursuingrecovery of a loan amounting toUSD4,182,717.28 (with interest calculated to22 July 2019) from Plinian Guernsey Limited(“Plinian Guernsey”), a company owned byPlinian Capital Limited (“Plinian Capital”) andboth controlled by Bradford A. Mills.

Efforts by the Company to recover thisoutstanding loan including demand lettersfrom Polo and the Company’s lawyers to theprincipals of Plinian Capital and PlinianGuernsey have been futile.

Polo was notified that the “sole shareholder”of Plinian Guernsey had voluntarily putPlinian Guernsey in liquidation and that as anidentified “potential stakeholder”, Polo wasinvited to provide “proof of debt owed”. Polohas responded to the joint voluntaryliquidators as well as informed them that, asnoted in an RNS made by West AfricanMinerals Corporation on 11 February 2016,Plinian Guernsey had transferred its assetsto Plinian Capital, which in Polo's view mayotherwise have been used to repay sumsoutstanding under agreements with Polo.

The directors of Polo have, in the interest ofprudence, provided a full impairment againstthe recoverability of the outstanding loan.

Details of the agreements with Plinian werecontained in a Polo RNS on 22 March 2012entitled “Appointment of Plinian CapitalLimited as Operator of Nimini Gold Project -Plinian Acquires 10 per cent Interest forUSD2.5 million”. Amongst others, Poloannounced that it had provided PlinianGuernsey a loan amounting to USD2.5million, accruing interest at 3% above LIBORper annum, and that Plinian Capital wasappointed operator of the project.

While Polo views the actions of Plinian as anintentional manoeuvre to evade liability, thedoor remains open to negotiating asettlement pending the preparation tocommence court proceedings against PlinianGuernsey and its principals to pursue therecovery of the outstanding sums on behalfof its shareholders.

Universal Coal Resources Pte Ltd(“Universal”)In May 2016, Polo’s subsidiary, PIL, enteredinto a secured SGD5 million (USD3.79million) nominal value 15% redeemableconvertible note (“Note”) with Universal CoalResources Pte Ltd (“Universal”).

Universal is incorporated in Singapore anditself had entered into a conditionalagreement to acquire an indirect 75%interest in PT Transcoal Minergy Coal Project(“TCM”), a company incorporated inIndonesia, from a Pan Asia Corporation Ltd.(ASX: PZC) subsidiary.

The company failed to list on the SingaporeStock Exchange and is now consideringother areas of asset realisation, includingrepayment of the loan note by way of assettransfers. Efforts are continuing to resolvethe matter.

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Polo’s current portfolio includes:

Petroleum assets• Hibiscus Petroleum Limited (8.75%) • Regalis Petroleum Limited (12.66%)

Coal and power assets• GCM Resources Plc (17.74%) • Universal Coal Resources Pte Ltd (redeemable convertible note)

Phosphate asset• Celamin Holdings Limited (18.55%)

Lithium, iron and vanadium• PRISM Diversified Limited (19.13%)

Gold assets• Blackham Resources Limited (0.47%) (diluted following a rights issue)

Copper asset• Weatherly International Plc (5.2%)

Various liquid short-term investments.

Equity Market OutlookHeading into 2020, there will be both macroand micro value catalysts that will impact onPolo. Firstly, the conclusion of US-Chinatrade talks is likely to feature as a positivedevelopment by investors that should filterdown into creating positive market sentimentand thus lifting stock market valuationsacross the board. Polo hopes to benefit fromimproving investor sentiment trade talkagreements are set to deliver. However,being listed on the London market, Polo isalso exposed to the economic events relatedto the U.K departure from the EuropeanUnion and to date we are still unsure as tothe outcome of BREXIT and the impact goodor bad it is likely to have on both investmentin the U.K and across the U.K equity market.The combination of these two macro-economic events to date still remains unclearand only serves to fuel uncertainty. Duringthe reporting period we saw our equity pricerise to 4.8p in February 2019 as the marketpicked up on the significance of the jointventure news announced by GCM. Overall,we have seen a modest gain of 4.6% in ourequity price during the reporting period.

Commodity Exposure and Value Catalysts:

OilIn terms of commodity exposure, we nowconsider Polo’s net asset value to be largelydriven by the oil price and the impact that willhave on Hibiscus earnings moving forward.For the period under review the price of oil(Brent Crude) has averaged circa USD62 abarrel and we see known market factors thatcould serve to hinder this price stabilitymoving forward.

Lithium, Iron, Vanadium and PreciousMetalsWe hold a 19.5% interest in Prism whichgives Polo access to the electric vehiclesmetals market. Prism’s Clear Hills (NI 43-101compliant) and Peace River Arch projects,located in Alberta Canada, have highconcentrations of lithium in underlyingcarbonate reservoirs. Lithium hydroxide,battery grade, CIF China, Japan and Koreaprices have been dampened over the last 12months from highs of USD21.00 per kg toUSD12.00 per kg. Industry commentatorsbelieve the lithium market has now bottomedout and a recovery should begin to takeplace during 2020. Naturally the uptake ofelectric vehicles and off grid energy storageand electronics are key drivers for lithium.We see the desire by all governments tolower greenhouse gas emissions to be ageopolitical and policy factor that headinginto the next ten years should see atransformational level of demand for lithiumwhere Polo via our investment in Prism offersshareholders good exposure to this importantmetal.

Iron OreAlso, through our investment in Prism, Polohas investment exposure to iron ore. The ironore price hit USD120 a tonne in July 2019but has since come off to USD88 a tonne.Once again, we see the result of trade talksbetween the US and China as being acatalyst to global economic growth wheresteel production can be considered abarometer by which to measure the health ofthe global economy.

Gold, Zinc and PhosphateWe have through Blackham minor exposureto the gold price which during the periodtraded above USD1,500 an ounce. Polo alsohas through our investment in Celamin,exposure to the zinc market. There iswidespread consensus that we are in themidst of a tightening of the market for Zinc,which has seen the price rise to USD3,000 ametric tonne and moving into 2020 the priceof zinc is trading at over USD2,000 a metrictonne. Celamin also gives Polo access toPhosphate. Rock phosphate prices improvedduring the back end of 2018, with pricesreaching just over USD100 a metric tonnebut have since come off to circa USD77 ametric tonne in what has been a market thathas seen quite a steep decline in pricingduring 2019.

SummaryThe year under review is largely one that hasbeen characterised by the significantprogress Hibiscus, GCM and Celamin havemade on various operational and corporatefronts. The Polo board believes that the pastreporting period has been one where strongvalue creating foundations have been madewhich places the Company’s growth strongerfor 2020 where we see work undertakenacross our portfolio delivering a number ofpositive outcomes for value creation on amicro front and we hope that can be matchedand complimented by events on a macrofront.

To conclude, I would like to take thisopportunity to thank all our shareholders andpartners for their continued support.

Datuk Michael Tang, PJNExecutive Chairman19 December 2019



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Oil and Gas

Hibiscus Petroleum Berhad (HIBI: MK)• Oil and Gas, United Kingdom and

Australia • 8.75% equity interest

Hibiscus Petroleum has activities in thefollowing principal areas:

1. Anasuria Hibiscus: Hibiscus Petroleum’s investments and operations in the U.K, consisting of (i) the Anasuria Cluster, a producing asset, and (ii) Marigold and Sunflower fields, a development asset, both located offshore in the United Kingdom Continental Shelf (“UKCS”).

Anasuria Cluster: Hibiscus Petroleum’sinvestment in 50% interest in the LicenseNo. P013 containing the Guillemot A, Tealand Teal South producing fields, 19.3%participating interests in the License No.P185 containing the Cook producingfield, 50% interest in the AnasuriaFloating, Production, Storage andOffloading vessel (“FPSO”). and 50%interest in the Anasuria OperatingCompany Limited (“AOCL”). Thecompany jointly operates the producingfields under License No.P013 and theAnasuria FPSO via AOCL.

Marigold and Sunflower fields: HibiscusPetroleum’s investment in 50% interest intwo blocks under License No. P198; (i)Block 15/13a, containing the Marigolddiscovered oilfield, and (ii) Block 15/13b,containing the Sunflower discoveredoilfield. This includes the management ofoperations to develop these fieldstowards production.

Crown: Hibiscus Petroleum’s investmentin 100% interest in 100% interest inBlocks 15/18d and 15/19b (LicenceP2366), also in the North Sea, in close

proximity to the Marigold and Sunflower,and includes the Crown discovered field.

2. North Sabah: Hibiscus Petroleum’s investment in 50% participating interests in the 2011 North Sabah EOR PSC, which includes the management of operations relating to the production of petroleum from four existing oil fields, namely St Joseph, South Furious, SF30 and Barton and existing pipeline infrastructure, the Labuan Crude Oil Terminal (“LCOT”), and all other equipment and assets relating to the PSC.

3. VICL/31, VICP/57, 3D Oil: Hibiscus Petroleum’s operations in the production licence VIC/L31 for the West Seahorse field and other exploration prospects in Australia within exploration permit VIC/P57, and investment in 3D Oil.

Sales and CustomersIn FY2019, the fields operated or jointly-operated by Hibiscus produced a combinedtotal of approximately 20.2 MMbbl of grossliquids (oil and water). Of this, the totalamount of oil produced net to Hibiscus wasapproximately 2.9 MMbbl of oil. Thecompany’s goal in FY2019 was to sell 2.7 to3.0 MMbbl of oil from its two producingassets. The company exceeded this targetand have sold approximately 3.3 MMbbl ofcrude oil across both producing assets, withseven offtakes originating from the NorthSabah PSC, and a further five offtakescoming from the Anasuria Cluster.

For the Anasuria Cluster, Hibiscus sells itscrude oil in cargoes of approximately250,000 bbl net to Hibiscus from theAnasuria FPSO facility. AOCL has appointedBP Oil International Limited (“BPOI”) to lift itscargoes and to market them to refineries inthe region. The parent organisation of BPOIis BP, a global energy company. To date,BPOI has successfully marketed all the

company’s cargoes at competitive prices.

In the North Sabah PSC, oil is lifted from theLCOT, and is sold in parcels ofapproximately 300,000 bbl directly to theTrafigura Group, a large global commoditiestrader.

Hibiscus is pleased with both its oil tradingarrangements in the North Sabah PSC andAnasuria Cluster. The company’s counter-parties are reputable and have a large poolof clients. Working with major global playersalso ensures transparency and allows thecompany to gradually develop businessrelationships with some of the largest oiltrading organisations.

The company’s operated offshore fieldsdeliver oil, gas and water from offshorereservoirs, which are then separated using itson-site processing facilities. For Anasuria, thisis performed at the FPSO whilst this isperformed at the LCOT for North Sabah. Inthe Anasuria field, produced gas is used asfuel gas for the company’s machinerysupporting operations, for gas lift operations toenhance production and the remainingvolume is exported via pipelines to the U.Kmainland and sold as one of the cleanersources of primary energy. In Malaysia, mostof the produced gas from the North Sabahfields is reinjected back into the variousreservoirs as part of pressure maintenance orgas lift operations. The remaining volumes areused as fuel gas with minimal volumes flared.Water produced from these fields is treated toreduce the oil-in-water content. The treatedwater is subsequently released into the sea.

The company’s drilling programme on theAnasuria and North Sabah assets isproviding a firm foundation to increaseproduction momentum. Hibiscus is targetinga combined net production of 12,000 bbl/dayfor both assets by end of 2020 as it strivestowards its goal of achieving 20,000 bbl/day

Investment Update


as part of its 2021 Mission. Hibiscus has alsocommenced the evaluation of developmentoptions for the Marigold and Sunfloweroilfields which have the potential tosignificantly raise future production.

Hibiscus will consider entering into anappropriate hedging programme aftercarefully assessing prevailing marketconditions.

Anasuria ClusterThe Anasuria Cluster delivers production thatgenerates positive cashflow with future infielddevelopment opportunities and explorationupside.

The average uptime in FY2019 increased by12% compared to FY2018. This is primarilydue to a 30-day planned offshore turnaroundof the Anasuria FPSO conducted betweenSeptember and October 2017 (2017 OffshoreTurnaround). That activity directly contributedto a lower average uptime in FY2018 but mayhave also indirectly resulted in improvedperformance of the offshore facilities in thesubsequent months.

The average daily oil equivalent productionrate in FY2019 increased by 15% whencompared to FY2018. This is a result ofhigher average uptime as well as theincremental oil and gas production from theGUA-P2 Side-Track well that was completedin September 2018. As a result, the averageOPEX/boe reduced by 22% to USD18/boe inFY2019 compared to FY2018.

In FY2019, the Anasuria Hibiscus operatingsegment recorded an EBITDA of RM281.3million (USD67.42 million), or 71% marginover revenue, compared to EBITDA ofRM107.4 million (USD25.7 million) (52%margin over revenue) in FY2018. There werefive crude oil offtakes in FY2019, with a totalof 1,349,170 bbl sold at an average realised

oil price of USD66.60/bbl. Revenue attainedwas RM396.3 million (USD94.98 million). InFY2018, 791,822 bbl were sold in threeofftakes at an average oil price ofUSD60.11/bbl, resulting in a revenue ofRM207.4 million (USD49.71 million). Thehigher revenue and improved operationalperformance in FY2019 were the main driversfor the EBITDA level to improve by 162% inFY2019 compared to FY2018.

After acquiring the assets, the Anasuriatechnical team has been focusing onunderstanding the asset and have beenworking towards improving daily operationalperformance and identifying a portfolio ofviable production enhancement projects andgradually executing them safely in a mannerthat is disciplined from a capital allocationperspective.

Anasuria Reserves UpgradeHibiscus commissioned LEAP Energy toundertake an independent evaluation of in-place and recoverable hydrocarbons in theAnasuria Cluster attributable to AnasuriaHibiscus. In a report dated 23 August 2018,LEAP Energy stated that, based on theirevaluation, the 2P Reserves net to AHUK haveincreased to 24.4 MMbbls as of 1 July 2018.

This estimate by LEAP Energy represents anet 4.2 MMbbls or 20.8% increase in 2PReserves when compared to the 20.2MMbbls forecasted by RPS Energy as of 1March 2016. Given that Anasuria Hibiscus’production in the interim period between 1March 2016 and 1 July 2018 wasapproximately 2.5 MMbbls of oil, then the netaddition to the company’s 2P Reserves sincethe acquisition of its participating interest inthe Anasuria Cluster is 6.7 MMbbls. Thereserves upgrade by an independent expertdemonstrates that the company’s efforts toextend the life of the Anasuria Cluster andunlock value from its assets.

North Sabah PSC FY2019 represents the first full financial yearof the company’s operatorship of the NorthSabah PSC. As operator, SEA Hibiscus isresponsible for the day-to-day operations,maintenance, and conduct of productionenhancement activities carried out on theasset.

The average uptime and net oil productionrate in FY2019 reduced by 2% and 12%,respectively, when compared to FY2018. Akey operational activity in FY2019 was aplanned offshore maintenance campaign,which was mostly carried out from October toDecember 2018 (Q2 FY2019). During thisperiod, various facilities were required to beshut down for inspection and maintenancework, thus impacting the uptime andproduction metrics for the year.

Despite this decline, the average operatingexpenditure per bbl (OPEX/bbl), or unitproduction cost, for the North Sabah PSC ofUSD14.6/bbl in FY2019 is fairly consistentwith the USD13.5/bbl achieved in FY2018.

In FY2019, the segment recorded a revenueof RM586.8 million (USD140.63 million) fromseven crude oil offtakes. A total of 1,958,150bbl of crude oil were sold, at an averagerealised oil price of USD72.81/bbl. In FY2018,from the Completion Date (31 March 2018) to30 June 2018, two crude oil offtakes weresold at an average realised oil price ofUSD73.26/bbl, which contributed to arevenue of RM181.9 million (USD43.60million).

The sale of the seven cargoes at a relativelyhigh average realised oil price was the maindriver for the segment recording an EBITDAof RM294.6 million (USD70.60 million) andEBITDA margin over revenue of 50% inFY2019.


Figure 1: Production Enhancement Projects in Anasuria

Project Project Description Status Actual Completion

GUA-P2 Side-Track Re-enter the existing GUA-P2 well to Completed Sept 2018side-track the wellbore to unlock additional volumes of oil

GUA-P1 Side-Track Re-enter the existing GUA-P1 well to Completed Aug 2019side-track the wellbore to unlock additional volumes of oil

Cook Water Injection Drill 1 water injection well in the Completed Oct 2019Cook field for reservoir re-pressurisation and install water injection pipeline to theAnasuria FPSO


Reserves and Contingent ResourcesAssessmentThe North Sabah PSC constitutes Hibiscus’second producing asset, providing thecompany with another revenue stream afterthe Anasuria Cluster. It has enabled Hibiscusto strengthen its technical and operatingcapabilities, profitability and balance sheet.The acquisition of this asset is part of thecompany’s strategy to grow shareholdervalue by focusing on unlocking potential frommature, late-life oil and gas fields.

In January 2019, Hibiscus announced asummary of the reserves and contingentresources prepared by RISC in respect of theNorth Sabah Fields.

SEA Hibiscus had on 1 November 2018,appointed RISC to undertake an independentaudit and provide an assessment of thereserves and contingent resources within theNorth Sabah Fields.

As of 31 December 2018, the 2P Reservesand the gross 2C Resources of oil in theNorth Sabah Fields were estimated to be55.3 MMstb and 85.7 MMstb respectively.(On 12 October 2016, Hibiscus Petroleumhad disclosed gross 2P Reserves and gross2C Resources as of 1 January 2016 of 62MMstb and 79 MMstb respectively, derivedby independent technical valuer, RISCOperations Pty Ltd).

RISC is an independent oil and gasconsultancy specialising in reserve andresource evaluation, field development andvaluation, technical advice and due diligence.RISC has reviewed the reserves/ resourceswithin the North Sabah Fields in accordancewith the Society of Petroleum Engineers’internationally recognised PetroleumResource Management System (SPE-PRMS), and applied economic cut-offs.

Hibiscus has recently embarked on a seriesof production enhancement projects thathave been identified to realise theconsiderable potential within the North SabahPSC fields.

Marigold and Sunflower fields In October 2018 Hibiscus announced theacquisition of a 50% interest in Blocks15/13a (“Marigold”) and 15/13b(“Sunflower”), expanding its footprint in theUKCS. This acquisition of a developmentasset will allow the company to make a stepchange in scale as well as be a platform forHibiscus to build internal technical andproject management capability. Severalproject delivery milestones have beenimposed on Hibiscus by the regulatoryauthorities in the U.K and the company isdetermined to positively progress thisopportunity.

The gross resources for Blocks 15/13a and15/13b have been classified by AGR inaccordance with resource definitionspresented in the Society of PetroleumEngineer’s Petroleum ResourcesManagement System. Based on AGR’sgross estimates of the Blocks as ofSeptember 2018, the 2C oil resources of theBlocks net to Anasuria Hibiscus (50%participating interest) are 30.0 MMstb. Oncea development plan is approved andsuccessfully implemented, up to 30.0 MMstbof 2C may potentially be converted to 2P,which is expected to be added to Hibiscusportfolio, contributing to íts mission ofachieving its 2021 mission of 100 MMbbls inproven and probable reserves.

Thirty-four development scenarios werestudied to determine the optimum solution fordevelopment of the Marigold and Sunflowerresources and select the concept thatprovided the best balance of cost, value andrisk. The selected concept is to drill andcomplete subsea wells that are tied back to aFPSO via flexible flowlines and umbilicals.This concept provided the highest projectvalue with the lowest execution and

commercial risk. It will also facilitate aphased development approach to furthermitigate project risks. The project is expectedto proceed in two phases to mitigatesubsurface uncertainties and minimisecapital outlay required to achieve first oilproduction.

It is anticipated that in phase 1 of thedevelopment, three Marigold wells will bedrilled, completed and tied back to the FPSOvia a production manifold. Additional wells inMarigold, along with wells in the Sunflowerdiscovered field and the recently acquiredCrown discovered field (pending acquisitioncompletion), could be developed in a secondproject phase. It is envisaged that wells inthese fields will also be tied back to theFPSO.

In addition, there may be near fieldopportunities that could be monetisedthrough an area-wide development.

Crown Post the reporting period, on 12 December2019, pursuant to the earlier disclosuresmade by Hibiscus on 17 July 2019 and 7October 2019, the company announced thatAnasuria Hibiscus had completed theacquisition of North Sea Blocks 15/18d and15/19b (“License P2366” or “Blocks”), fromUnited Oil & Gas PLC (“United”) and SwiftExploration Limited (“Swift”) (collectivelyreferred to as “Sellers”) for a total cashconsideration of up to USD5 million.

Completion of the acquisition occurredpursuant to the receipt of approval from theUnited Kingdom’s Oil and Gas Authority(“OGA”) for the assignment of LicenseP2366 to Anasuria Hibiscus from the Sellersand the appointment of AHUK as ExplorationOperator on 4 December 2019. Inaccordance with the terms of the conditionalSale & Purchase Agreement executed on 7October 2019 (“SPA”), a further USD0.9million has been paid upon achievingcompletion of the acquisition.


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Figure 2: Production Enhancement Projects in the North Sabah PSC in 2019

Project Project Description Status Actual Completion

St Joseph Infill Drilling Drill 3 infill oil producing wells Completed Aug 2019SF30 Infill Drilling Drill 3 infill oil producing wells Execution commenced Nov 2019

in Aug 2019 SF30 Water Flood Phase 1 Drill 1 water injection well for Execution expected to Dec 2019

reservoir re-pressurisation start in Nov 2019



The Blocks are located offshore in the UnitedKingdom sector of the North Sea,approximately 250km northeast of Aberdeen.The Blocks include the Crown Discoverywhich consists of 2C contingent resourcesthat range between 4 to 8 million barrels ofoil, subject to an independent 3rd party expertassessment. The Blocks are located 12kmsouth-east of Marigold field, which togetherwith the Sunflower field was acquired byAnasuria Hibiscus in October 2018.

United and Swift were awarded LicenseP2366 as part of the OGA’s 30th LicencingRound, in August 2018, and they each hold95% and 5% participating interestrespectively.

VIC/L31, VIC/P57 and VIC/P74, AustraliaHibiscus has interests in two licences locatedin the prolific oil and gas producing provinceof the Bass Strait of Australia. The companyalso has a 11.68% interest in 3D Oil Limited(“3D Oil”), a company listed on ASX. Through3D Oil, Hibiscus has indirect exposure to twoadditional exploration licences.

A production license, VIC/L31, containing theWest Seahorse field, was granted by theAustralian authorities to Hibiscus for anindefinite period from 5 December 2013.Hibiscus is in the process of evaluating fielddevelopment options with a view torecommencing field development activitiesonce an economically viable developmentsolution is identified. VIC/P57 is a jointarrangement which is in the explorationstage.

Post the reporting period, on 26 July 2019,Hibiscus announced that its associatecompany, 3D Oil, was awarded the VIC/P74permit in the offshore Gippsland Basin by theNational Offshore Petroleum TitlesAdministrator. The 1,006km2 permit is locatedon the southern side of the Gippsland Basin.Hibiscus has exercised an option that wassecured prior to the permit award, to farm-into VIC/P74 by acquiring a 50% non-operatedinterest in the permit on a ground floor basis.The primary work programme (“FirstExploration Phase”), which consists of thefirst three years since permit award, is the1,006km2 of recently reprocessed 3D seismicand geophysical and geological studies. Thegross cost for the First Exploration Phase isestimated to be AUD1.2 million. During thisphase, 3D Oil will remain as the operator.

On 20 August 2019, Hibiscus announcedthat a Dividend Policy had been establishedthrough which Hibiscus may issue dividendpayments to reward shareholders for theircontinuous support. The Dividend Policy,which describes the company presentintention and the various considerations thatare required to declare any dividends, can befound on their website(https://www.hibiscuspetroleum.com/dividendpolicy/).

On 13 December 2019, Hibiscus’ share priceclosed at MYR0.94 with a marketcapitalisation of USD359.13 million(MYR/USD = 0.24055).

Regalis Petroleum Limited• Oil, Republic of Chad• 12.66% equity interest

Polo’s interest in the private and independentoil and gas company, Regalis PetroleumLimited (“Regalis”) increased to 13.67%following an in-specie distribution by Polo’s42% owned associate, Signet PetroleumNigeria Limited and transfers from otherSignet shareholders.

Regalis has interests in three highlyprospective onshore exploration blocks in theRepublic of Chad. Regalis completed a 5,349kilometre airborne gravity/magnetic surveyover Blocks DOA and WD2-2008 which areon trend with existing and recentGlencore/Caracal discoveries.

However, Polo has recorded an impairmentcharge of USD14.8 million in the previousfinancial year on the carrying value of itsinvestment in Regalis as no further progresshas been made by Regalis in pursuing itsexploration strategy.

Coal

GCM Resources Plc (AIM: GCM)• Coal and Power Project, Bangladesh• 17.74% equity interest

GCM Resources plc (“GCM”) is nowcommitted to a strategy of developing thePhulbari coal deposit as a captive large-scaleopen pit mining operation supporting6,000MW of highly energy efficient Ultra-Supercritical power generation developed inthree stages over a ten year period to suit thebuild-up in coal production to the nameplate15 mtpa (collectively defines “the Project”).GCM’s business model to deliver the Project

primarily involves forming Joint VentureAgreements with various internationallyrenowned companies to assist with thenecessary Government of Bangladeshapprovals and assist with both financing anddevelopment of the coal mine and powerplants. The business model also factors inconsultants in both China and Bangladesh toprovide crucial guidance and lobbyingsupport.

Although the Phulbari coal mine’s Scheme ofDevelopment submitted to the Governmentof Bangladesh in 2005 and still awaitsapproval, this document did not portray themine as “captive” with an ultimate deliverableto the Government being 6,000MW ofreliable, low-cost power. To this end thecompany’s business model now views theProject as being four integrated “BusinessUnits” being the captive coal mine and thethree 2,000MW power projects that will becommissioned in line with the ramp-up to thenameplate 15 mtpa coal production. Thecoal mine’s viability will be underpinned bythe coal supply agreements with the threepower projects. In turn the power projects’viability will be underpinned by thecompetitively priced and reliably suppliedcoal from the Phulbari coal mine.

While the Bangladesh Government remainscommitted to a rapid expansion of its energysector, including the increase of coal-basedpower generation, GCM equally remainscommitted to delivery of the country’s lowestcoal-based power tariff at a production ratethat will make a significant positive impact onBangladesh’s industrial development andcompetitiveness in international markets

While GCM began the last reporting yearstrengthening its relationship with CGGC andclosing out with a Joint DevelopmentFramework Agreement for the initial2,000MW Phase of mine-mouth powerplant(s), this reporting year began withbuilding a working relationship withPowerChina. GCM viewed PowerChina asthe logical partner for development of theremaining 4,000MW necessary for viability ofthe planned Phulbari coal mine.

The company recognised the assistance byDyani Corporation Limited and extended itsconsultancy agreement for the pursuit ofadditional international recognised partnersfor mine development and the additionalpower plants. These efforts resulted in GCMagreeing in September 2018 for PowerChinato undertake a prefeasibility study and other



due diligence for the remaining 4,000MWmine-mouth power plants.

The success of the prefeasibility study resultedin GCM entering into a Joint VentureAgreement (“JVA”) and a definitiveEngineering, Procurement and Construction(“EPC”) Contract with PowerChina in January2019 for the next 2,000MW mine-mouth powerplant (2x1,000MW units) phase. In March2019, GCM entered into a second JVA withPowerChina for the final 2,000MW mine-mouthpower plant phase, thus completing the4,000MW PowerChina package and shoringup the 6,000MW required ensure the Project’sviability.

Post the reporting year, GCM progressed withtwo further key success arrangements:

The first is an MOU signed in July 2019 withChina Nonferrous Metal Industry's ForeignEngineering and Construction Co., Ltd.("NFC") and PowerChina aimed at forming astrategic partnership to jointly develop thecompany's proposed Phulbari coal mine.Under the terms of this arrangement NFC isundertaking due diligence, including a reviewof the mine plan and financial model, and theparties will Jointly pursue the necessarygovernment approvals.

The second is a Consultancy Agreementsigned In September 2019 with DG InfratechPte Ltd, a Bangladeshi controlled company("DGI"), whereby DGI will provide thecompany with advisory, management,lobbying and consultancy services for theProject’s approval and development stages.DGI and its parent company have a solidrecord in developing large-scale engineeringconstruction and power sector related projectsin Bangladesh.

Funding arrangementsTo finance its operations during the year, on 30November 2018, GCM agreed an amendmentto the short-term loan facility with PoloResources Limited (“Polo”) (the “Polo LoanFacility”). The Polo Loan Facility wasincreased by £1,200,000 to £2,300,000 andprovides that the lender has the option toconvert all or part of the balance of the PoloLoan Facility at a conversion price of 11 penceper share, subject to Polo’s maximum holdingnot exceeding 30% of the company’s enlargedshare capital.

As at the date of this report, GCM had fullydrawn down on the increased Polo LoanFacility and the company currently has

approximately £315k in available cashresources. In addition the company hasreceived a non-binding commitment from Polo,whereby Polo has confirmed its willingness toenter into an agreement to increase the PoloLoan Facility by an additional £1,200,000 fromthe end of January 2020 should alternativefinancing not be secured by then (the “AgreedFacility Increase”) which, at the Group’s currentcash burn levels, would provide sufficientfinancing for at least the following 12 months.

On 13 December 2019, GCM’s share priceclosed at GBP0.125 with a marketcapitalisation of USD16.28 million (GBP/USD= 1.32005).

Universal Coal Resources Pte Ltd • Coal Project, Indonesia• Redeemable convertible note

In May 2016, Polo’s subsidiary, PIL, enteredinto a secured SGD5 million (USD3.79 million)nominal value 15% redeemable convertiblenote (“Note”) with Universal Coal ResourcesPte Ltd (“Universal”).

Universal is incorporated in Singapore anditself had entered into a conditional agreementto acquire an indirect 75% interest in PTTranscoal Minergy Coal Project (“TCM”), acompany incorporated in Indonesia, from aPan Asia Corporation Ltd. (ASX: PZC)subsidiary.

Universal was targeting a Singapore StockExchange Catalist Board listing and the Noteentitles Polo to convert the principaloutstanding plus any accrued interest into notless than 20% of the share capital of Universalas enlarged by such a conversion at any timeup to 18 months from draw-down, or earlierupon the receipt of approval in principle to list.The Note is repayable 18 months from draw-down unless previously converted.

Pursuant to the terms of the Note, a key actionfor Universal was to obtain approval from PanAsia’s shareholders for the disposal of TCM toUniversal within three months from the date ofthe Note. As at the date hereof, this approvalhas not been obtained and a default of theterms of the Note remains. PIL has servednotice on Universal and the parties whoprovided security, namely PZC and Mr. BoelioMuliadi, and is currently in discussions withthem on a without prejudice basis for anamicable resolution, in parallel with PZC’sendeavours to dispose TCM to an investor.PZC announced that it is progressing thepotential cash sale of its interests in TCM and

that Polo will be repaid from the proceeds ofsale. The transaction is still subject to certainconditions precedent including due diligence,approval from PZC shareholders and anyapprovals required from regulatory and otherbodies.

TCM Coal ProjectTCM is the owner of a Production OperationMining Business Licence for a miningconcession in South Kalimantan Province,Indonesia. Their focus is the development of atwo million tonnes per annum undergroundmine delivering a high-quality Bituminous Coalsaleable product of some 6,200 kcal/kgspecific energy (GAR – Gross as Received).The current JORC Resource of 129 Mt(measured, indicated and inferred) has beenderived from the southern area of theconcession and there is potential to upgradeand increase the resource base throughdrilling the northern area. TCM’s productionpermit extends to April 2028. Further drillingand a full final feasibility study are required tobe completed and forestry approval obtainedprior to commencement of mine development.The TCM Coal Project will utilise existing coaltransportation infrastructure including a 50kilometre haul road to the river port atBatulicin, a major coal shipping centre.

Phosphate

Celamin Holdings NL (ASX: CNL)• Phosphate, Tunisia• 18.55% equity interest

Chaketma Phosphate ProjectThe Chaketma Phosphate Permit, operated byCPSA, is a potential large-scale phosphatedevelopment asset, which comprises sixprospects over a total area of 56km2. It hosts atotal JORC compliant Inferred Resource of130Mt @ 20.5% P₂O₅, confirmed from drillingat only two of the project’s six prospects. It islocated 210km by road south-west of Tunisand is just 35km from the nearest railhead andclose to existing road and power infrastructure.

On 8 April 2019, Celamin published apresentation on ASX. The presentationincludes the legal matters in relation to thefraudulent transfer to TMS of Celamin’s 51%interest in CPSA. The presentation alsoincludes the potential application of excitingnew processing technology and also detailsregarding its Zinc and Lead prospects. The fulldetails of the presentation can be found at:https://www.asx.com.au/asxpdf/20190408/pdf/44446yzcr9kc2b.pdf.

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Following enforcement allowing Celamin torecover control of the Chaketma PhosphateProject Celamin plans to:

• Introduce an international partner to facilitate funding discussions;

• Commence a feasibility study to determine the viability of producing either rock phosphate or chemical fertiliser. Celamin is contemplating these development options all in the backdrop of a rising rock phosphate price.

Djebba Zinc-Lead Project, Tunisia –Historical Resource Estimate:In July 2018 Celamin was granted two newexploration permits in Tunisia prospective forZinc and Lead. The Djebba and Zeflanapermits cover 32kms in the Atlas Zinc-LeadProvince that runs through the north of thecountry.

Since the grant of the exploration permits,Celamin has acquired the report on themining study completed in 1989 by Montreal-based consultancy, Le GroupeSIDAM-Minorex, for the Office National desMines (“ONM”) in Tunisia and engaged CSAGlobal to review this study to enableannouncement of the historical resourceestimate.

The mining study, titled “Etude de faisabilitépreliminaire de l'exploitation du gite plomb-zincifere de Djebba” (Pre-feasibility study onmining the Djebba Zinc-Lead deposit)documents historical resource estimates andmining studies for the deposit completed inthe period 1986-89. The study was based ondrilling completed by ONM at the historicalDjebba mine site which was used to estimateand report the historical resource of 2.7 Mt at6.1% Zn and 3.3% Pb1.

Celamin cautions that this resource estimateis a historical estimate and was not reportedin accordance with the JORC Code. ACompetent Person has not done sufficientwork to classify the historical estimate as aMineral Resource and/or Ore Reserve inaccordance with the JORC Code and it isuncertain that following evaluation and/orfurther exploration work that the historicalestimate will be able to be reported as aMineral Resource or Ore Reserve inaccordance with the JORC Code.

Subsequent to the 1989 study, additionaldrilling and other exploration work wascompleted at Djebba by ONM (1992), ONM-Metallgesellschaft (1993-94), VSX-listedConsolidated Global Minerals Ltd (2001-04),and AIM-listed Maghreb Minerals (2002-2008). Celamin is in the process of acquiring,compiling, and assessing the available dataand reports for this subsequent work.

Celamin will now focus on validation of thehistorical resource based on confirmatorydrilling and target generation work to definenew targets for drill testing as this style ofmineralisation can be extensive and formlarge deposits.

As noted in Figure 3, Celamin has lodgedapplications for larger permits covering thegeological trends of both the Djebba andZeflana permits. The applications areas areexpected to improve the possibility ofdelineating extensions to the mineralisation atboth locations.

For further information on the Djebba andZeflana permits, including past ownership andhistorical data, please refer to ASX releases17 July 2018 and 31 October 2018 which canbe found at http://celaminnl.com.au/

Completion of Share Purchase Plan,Bonus Options Offer and Top UpPlacementOn 9 November 2018, Celamin announcedthat it had successfully raised AUD622,500from existing shareholders via the Sharepurchase plan, representing 92% of themaximum amount able to be raised by theSPP. Furthermore, pursuant to the Top-upPlacement as announced on 14 November2018, the company raised a total ofAUD311,639.

Better results from the historical ONM drilling include:

• S-30bis 16.6m at 8.36% Zn & 1.8% Pb from 66.1m• MDJ2 10.45m at 17.52% Zn & 1.57% Pb from 21.85m • MDJ78 .55m at 9.55% Zn & 0.81% Pb from 32.85m

Figure 3: Location of granted permits, Djebba and Zeflana andrecent applications

1 Celamin cautions that this resource estimate is a historical estimate and was not reported in accordance with theJORC Code. A competent person has not done sufficient work to classify the historical estimate as a mineral resourceand/or reserve in accordance with the JORC Code and it is uncertain that following evaluation and/or furtherexploration work that the historical estimate will be able to be reported as a mineral resource or ore reserve inaccordance with the JORC Code.



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On 20 November 2018, the company issueda total of 63,772,811 Options expiring 18May 2020 exercisable at AUD0.05 as a resultof the 1 for 2 Bonus Options Offer which wasannounced to the market on 8 October 2018.

On 20 December 2018 following shareholderapproval at the Celamin’s Annual GeneralMeeting held on 26 November 2018,pursuant to the Top-up Placement asannounced on 14 November 2018, thecompany raised an additional AUD24,863.

On 14 February 2019, Celamin raised a totalof AUD250,000 pursuant to the PlacementOffer as contemplated by the Prospectuslodged with ASIC and ASX on 15 October2018, the Supplementary Prospectus lodgedwith ASIC and ASX on 6 December 2018and the Second Supplementary Prospectuslodged with ASIC and ASX on 1 February2019 to sophisticated investors.

On 19 June 2019, the company announcedthat following an exercise of unlisted options,the company raised a total of AUD180,125.

On 13 December 2019, Celamin’s shareprice closed at AUD0.12 with a marketcapitalisation of USD12.35 million (AUD/USD= 0.68920).

Lithium, Iron, Vanadium andPrecious Metals

PRISM Diversified Ltd (formerly IronstoneResources)• Atomised Iron Powders, Carbonyl Iron

Powders, Vanadium, Canada • 19.13% equity interest

In early 2018, Ironstone Resources Ltd. wasrebranded and renamed to PRISMDiversified Ltd. to mark the company’stransition and focus on manufacturing ofmetallurgical powders rather than ironmetallics. PRISM is an acronym for PeaceRegion Innovative & SustainableManufacturing, which is also the company’smission and brand statement.

Looking for alternative ways to capitalize onits asset, it became apparent thatmanufacturing of highly sought metallurgicalpowders such as carbonyl iron powders,atomized iron powders and vanadiumpentoxide could provide faster route to cash-flow while reducing its CAPEX significantly.Technologies used to manufacture metalpowders are readily available and have

existed for decades – it is a matter of fine-tuning its process flow sheet and determiningits palette of products.

In order to facilitate theextraction/processing/production plan,PRISM sourced and engaged aninternationally recognized engineering firm –DRA Global which has experience in thissegment of the iron world and they will workin affiliation with a proven expert in advancedvapour metallurgy, who is credited withnumerous process patents – Dmitri Terekhov,PhD, President of Vapour MetallurgyInnovations Inc. (“VMI”). DRA Global inconjunction with VMI will be conducting aPre-Feasibility Study (“PFS”) and BankableFeasibility Study (“BFS”) (with an off-rampafter the PFS) to create an iron powders andvanadium production facility. The deposit isanticipated to produce 30,000 tonnes perannum of iron powder, although the modularoperation can be easily expanded to meetingthe growing global demand for metalpowders.

As a part of this restructuring and re-positioning of the company, PRISM hasimplemented certain changes to theManagement and Board of Directors. Dr.Elena Clarici has been appointed as a CEO,and former CEO Mr. Barry Caplan willcontinue to serve the company in aconsultant capacity as well as to remain onthe Board of Directors. Dr Elena Clarici is aseasoned mining professional with some 25years of mining investment and corporateexperience. During this time she held anumber of senior positions at variousfinancial institutions in the City of London,focusing principally on investmentmanagement in natural resources andemerging markets. Elena currently serves ona number of Boards of mining companies.Originally trained as a mining engineer shegained her PhD in Artificial Intelligence inMining from Royal School of Mines, ImperialCollege, London, U.K.

Additional management and Board changesinclude the resignation of Mr. James Masleckas CFO and from the Board of Directors. TheChairman, Carl Berdahl has assumed anActing CFO position, while the company’saccountant Ms Linda Warner has beenappointed as Corporate Secretary andFinancial Controller.

PRISM is currently looking to raiseapproximately C$3.5 million (USD2.63million) to complete its PFS/BFS Studies in

2020 for Iron Carbonyl Powder (“ICP”)production with an aim of commercialproduction commencing early 2022.

Gold

Blackham Resources Limited (ASX: BLK)• Gold, Western Australia• Coal, Southwest Australia• Combined direct and indirect 0.47%

equity interest (diluted following a rights issue and new share issue)

The Matilda-Wiluna Gold Operation islocated in Australia's largest gold belt. TheOperation encompasses four large goldsystems surrounding the township of Wilunathat has historically produced of 4.4Moz ofgold. In October 2016, Blackham producedfirst gold from the Operation.

HighlightsSince publishing the Blackham 2018 AnnualReport, the company has delivered thefollowing results:

• Consistent year-on-year throughput and processing plant performance.

• Extensive development and mining of free-milling Wiluna open pits with benefits delivered into FY2020.

• Continued replenishment and extensionsof high-grade ore from the Golden Age Underground.

• Commenced mining at the Williamson open pit mine with dedicated project funding secured via the sale of certain assets to Salt Lake Potash.

• Exploration success at Williamson, Lake Way and Golden Age North.

• Defined low cost capital pathway to deliver value as the company transitions to its sulphide operations.

• Re-structured Management and Board ofDirectors.

OperationsGold production during the year was65,406oz. Although gold production wasbelow expectations in the Mar’19 and Jun’19quarters, the significant investment in miningdevelopment during this period will deliverbenefits over the next six months.

Free milling gold is now being accessed fromseveral pits and the company remainsfocused on improving costs and production.The near-term operational focus is on miningthe company’s highest margin reserves, byproviding steady continuous feed of high-



grade ore though the process plant andimproving mill availability and utilisation,while also implementing appropriate costcutting initiatives and operationalimprovements.

Production, Cost and Capital Guidancefor FY2020Production guidance for FY2020 is 70k-80koz @ an AISC ofAUD1,550-AUD1,750/oz. Forecast FY2020AISC includes approximately AUD11 millionof sustaining capital expenditure, mostlycomprising the construction of a new tailingsstorage facility, which will provide storagecapacity for the ongoing operations. Non-sustaining capital expenditure outside of theStage 1 Sulphide Expansion Project, whichincludes refurbishment of the Rod Mill toincrease plant throughput, is forecast to beAUD5 million over the year.

MiningIn October 2018, Blackham advised it hascommenced open pit mining at Wiluna of itsrecently defined free milling ore. It has been10 years since open pit mining last tookplace at the Wiluna Mine. Recommencementof mining at the Wiluna Mine is expected toincrease plant feed grade, reduce haulagecosts and significantly reduces minesequencing risks due to more mining areas.Mining of the Wiluna free milling pits willsignificantly reduce both geological andmining risks associated with the largersulphide pits prior to recommissioning theWiluna plants sulphide circuit.

In line with the mine plan adopted at the startof the year, the remaining open pits atMatilda will be mined concurrently with theWiluna open. All the Wiluna open pits are

located within 3kms of the plant, significantlylowering haulage costs

Mining at Williamson open pit commenced inSeptember 2019 and total earth movementwill increase in the December 2019 quarter,commensurate with pre-stripping required toaccess the Williamson ore body (targeted forthe second half of FY20). Pre-strippingactivities will also occur in the December2019 quarter for a further cut-back at theWiluna Golden Age North open pit mine.Waste rock from this mining area will be usedin the construction of the new tailings storagefacility, and high-grade ore supply from thismining area will also become available in thesecond half of FY20.

Resource summaryThe Matilda-Wiluna Gold Operation’s goldResources of 93Mt @ 2.1g/t for 6.4Moz areto JORC 2012 standard and are all within a20km radius of the Wiluna Gold Plant. 66Mt@ 1.7g/t for 3.7Moz (57% of total resources)are in the Measured and Indicated Resourcecategory. For more information on theresource please refer to Blackham’s ASXannouncement dated 27 September 2019.

ReservesThe Matilda-Wiluna Gold Operation’s goldReserves of 25Mt @ 1.7g/t for 1.4Moz are toJORC 2012 standard and are all within a20km radius of the Wiluna Gold Plant. Free-milling Reserves total, whereas theremaining reserves are focussed on theSulphide Expansion Project. For moreinformation on the reserve please refer toBlackham’s ASX announcement dated 27September 2019.

Resource and Reserve Definition DrillingDuring the year, Blackham completedseveral projects aimed at strengthening andlengthening its gold reserves and ongoingexploration drilling targeted at new oxidedeposits, to extend the current free millingmine life. The company completed23,551.4m of resource definition drillingduring the period, comprising 181 RC holesfor 21,858m and 13 DD holes for 1,693.4m.

In the twelve months to 30 June 2019,Blackham’s exploration team concentratedon further delineating free-milling open pitreserves over the 4km strike at the Wilunamine. Revised mining and metallurgicalstudies confirmed that oxide and transitionalores at Wiluna are amenable to CILprocessing, leading to infill drilling targeted atWiluna free-milling pits that have been minedthrough FY2019.

Blackham remains focused on extending thelife of the Golden Age underground mine inline with recent exploration success. FromFebruary to May 2019, Blackham completedsurface RC and underground diamonddrilling programmes. Results released to themarket identified high grade extensions atGolden Age confirming that mineralisation isopen both down plunge and down dip andfuture mining is planned to increasingly targetthe extensions defined from this drilling.Please refer to Blackham’s ASX releasesdated 19 February 2019 “Excellent DrillResults Extend Both Open Pit andUnderground Mining at Golden Age”, 15 May2019 “High-Grade Extensions to GoldenAge”, and 19 September 2018 “AdditionalWiluna High Grade Free-MillingMineralisation”.

FY2019 Gold Production Statistics

Mining Units 30 June 2019 30 June 2018

Mining Open pit strip ratio Waste/ore 9.1 8.6Total ore mined (UG and open pit) t 1,938,606 1,696,842Total mined grade g/t 1.3 1.5Total mined contained ounces oz 79,785 81,283

Processing Tonnes processed t 1,807,931 1,835,057Grade processed g/t 1.3 1.4Plant recovery % 85 87Gold produced oz 65,406 70,565All-in sustaining costs A$/oz 1,760 1,629



Surface RC drilling above the undergroundGolden Age workings have confirmed thecontinuity of the mineralised structure over a600m strike and to a depth of 370m, withmineralisation remaining open, both laterallyand down-dip.

Metallurgical test work indicatesmineralisation at Golden Age North is alsofree-milling, consistent with the Golden Ageunderground. Mining of a further cutback onthe Golden Age North pit is scheduled tocommence in the latter half of 2019.

Wiluna Expansion StudiesThe Expansion PFS published on 30 August2017, confirmed the robust economics for a+200kozpa long mine life operation. Thisstudy confirmed the Wiluna Expansionopportunity is capital efficient with economiesof scale significantly reducing unit operatingcosts.

On 28 February 2019, Blackham provided anupdate on its Expansion Studies, detailing astaged approach that allows an initial lowcapital cost expansion to enable productionfrom its reserves. The Stage 1 Expansiontargets 100-120kozpa production with costswell below its current free milling operationand long mine life. The initial Stage 1 focuseson the production of a gold concentratepredominantly from the Wiluna undergroundwith flexibility to also process its free millingand tailings Reserves. The Stage 1Expansion will allow Blackham to focus on itshighest margin Reserves.

The overall target is to be in a position tocommit to the Stage 1 Expansion during theDecember 2019 quarter.

Wiluna Cobalt-Nickel Project (“Wilconi”)On 20 December 2018, A-Cap EnergyLimited (“ACB”) entered into a binding termsheet with Blackham to acquire up to 75% ofthe Wiluna Nickel-Cobalt project via a stagedFarm-in and Joint Venture Agreement (‘JVA’).The project covers 40km of strike of the“Perseverance Ultramafics” sequence, whichhosts world class nickel projects including MtKeith, Cosmos, Venus, Perseverance andHoneymoon Well. In January 2019, ACBacquired an initial interest of 20% for cashconsideration of AUD2.8 million (USD1.9million) to Blackham.

During the September 2019 quarter ACBcompleted a resource upgrade that confirmsa large Nickel – Cobalt Resource of 78.8million tonnes. Please refer to the ACB’s ASXannouncement dated 17 September 2019 forfurther details.

Salt Lake PotashOn 23 July 2019, Blackham announced thatit had agreed to sell its Lake Way tenements,cancel its brine royalty and provide certainwater rights to Salt Lake Potash Limited(ASX: SO4) (“Salt Lake Potash”) for AUD10million cash, whilst retaining certain goldmining rights for both those tenements andSalt Lake Potash’s neighbouring tenements(“Lake Way Transaction”). The Lake Waytransaction does not restrict Blackham’smining activities as it progresses towardsStage 1 of its Sulphide Expansion Project.

Salt Lake Potash and Blackham alsoidentified a mutual opportunity for Salt LakePotash to utilize part of the pre-strip materialfrom Blackham’s proposed Williamson Pitdevelopment for the construction of the SaltLake Potash’s on-lake evaporation ponds.Salt Lake Potash will contribute up to AUD10million to the pre-strip of the Williamson openpit mine, allowing Blackham to expedite themining of the Williamson open pit and alsoprovide Salt Lake Potash with suitableconstruction material for its Lake WaySulphate of Potash project.

Convertible Security Funding AgreementOn 25 September 2018, Blackhamannounced the execution of an agreementwith an entity managed by The LindPartners, a New York based institutional fundmanager, (“Lind”).

Lind’s AUD7.5 million investment wasprovided as a Secured Convertible Note, theproceeds of which were used, along withBlackham’s cash, to fully repay the shortterm secured debt owed to Orion Fund JVLimited. The convertible note was repaid on2 September 2019.

Controlled Placement AgreementDuring July 2018, Blackham entered into aControlled Placement Agreement (“CPA”)with Acuity Capital. The CPA providesBlackham with up to AUD10 million ofstandby equity capital over the coming 29-month period. Importantly, Blackham retainsfull control of all aspects of the placementprocess, having sole discretion as to whetheror not to utilise the CPA, the quantum of

shares issued, the minimum issue price ofshares and the timing of each placementtranche (if any). There are no requirementson Blackham to utilise the CPA andBlackham may terminate the CPA at anytime, without cost or penalty. If Blackhamdoes decide to utilise the CPA, Blackham isable to set a floor price (at its sole discretion)and the final issue price will be calculated asthe greater of that floor price set byBlackham and a 10% discount to a VolumeWeighted Average Price over a period ofBlackham's choosing (again at the solediscretion of Blackham).

Pursuant to the abovementioned ControlledPlacement Agreement, Blackham issued25,000,000 collateral shares to Acuity CapitalInvestment Management ATF Acuity CapitalHoldings Trust on 26 September 2018.

Debt financing and working capital facilityDuring the year and subsequent to reportingdate, the company entered into a workingcapital facility with MACA that will assistBlackham to progress towards its transitionto the Stage 1 Expansion SulphideDevelopment, targeting 120kozpa goldproduction and long mine life.

Pursuant to the working capital facility, MACAwill provide Blackham with working capital ofup to AUD19 million until 29 February 2020,which will be provided to Blackham in theform of extended payment terms for amountspayable to MACA under its mining servicescontract (“Working Capital Facility”). TheWorking Capital Facility has been providedwithin the company’s existing securityarrangements, but is separate to theAUD14.3 million secured loan previouslyprovided by MACA, against which Blackhamwill continue to make payments inaccordance with the agreed schedule, withthe balance having reduced to AUD10.3million as at 30 June 2019.

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Capital RaisingOn 11 April 2019, Blackham announced that ithad raised gross proceeds of AUD25.8 millionthrough a placement of 1.7 billion shares at aprice of AUD0.015 per share.

On 12 September 2019, Blackhamannounced a capital raising of up to AUD7million (before costs) that will provide fundingfor key mine development work programs thatwill underpin Blackham’s FY2020 production,including pre-production activities at theWilliamson open pit, a new tailings storagefacility, rod mill refurbishment, and for generalworking capital. The capital raising comprisesof a AUD4 million placement to a smallnumber of targeted international and domesticinstitutional and professional investors at aprice of AUD0.01 per share and a sharepurchase plan to existing shareholders for upto a further AUD3 million, at the same price asthe Placement.

On 13 December 2019, Blackham’s shareprice closed at AUD0.011 with a marketcapitalisation of USD33.41 million (AUD/USD= 0.68920).

Nimini Holdings Limited• Gold Project, Sierra Leone

Polo’s Annual Report 2018 explained thatdespite the considerable lobbying efforts byour in-country representative who is a Directorof our local subsidiary Nimini Mining Limited,the Nimini Project’s Mining Licence (“ML”) wascancelled at the end of August 2018. Thiscame a month after a blanket move by theGovernment of Sierra Leone (“GoSL”)cancelling over 30 mining licences at whichtime the GoSL cited it was facing seriousrevenue generation challenges.

Note that Nimini had earlier taken the decisionto suspend all payments to the GoSL(including the annual ML fee). Nimini wrote tothe GoSL explaining that it was forced to takethis drastic action because the GoSL was notacting in good faith with the MineDevelopment Agreement (“MDA”)negotiations. The MDA is crucial todevelopment of Nimini’s Komahun GoldProject as it defines the fiscal terms.

Polo remains disappointed by the GoSL’saction in cancelling the Nimini Project’s mininglicence and wrote directly to the President andthe Minister of Mines and Mineral Resourcesappealing for the decision to be reversed. Nimini Holdings Ltd and its Sierra Leone

subsidiaries have since been dissolved during2018-19.

In the meantime, following the termination ofthe Operator Agreement with our joint venturepartner Plinian and under the terms andconditions of this agreement and othersupplementary agreements Polo is pursuingrecovery of some USD4,182,717.28 (withinterest calculated to 22 July 2019)) fromPlinian.

Copper

Weatherly International Plc (AIM; WTI)• Copper, Namibia• 5.2% equity interest

Weatherly International is reviewing itsstrategic options following the appointment ofSimon Kirkhope and Andrew Johnson of FTIConsulting as joint administrators of thecompany in June 2018. This follows theimplementation of a recovery plan for itsTschudi copper mine in Namibia, followingsignificant water ingress in May 2018. Sincethe appointment of the joint administrators inJune, there have been material improvementsto the dewatering capabilities and a strategyenabling stable path to growth has beenimplemented.

Weatherly has a diverse portfolio of basemetal production and development assetswith multiple low capital spend growthopportunities. These include the Tschudi Mine,the Otjihase and Matchless mines (together,“Central Operations”) which were placed oncare and maintenance in September 2015and the Berg Aukas project in Namibia. Keyhighlights of Weatherly’s main assets areprovided below.

Tschudi• Producing copper mine located in

Tsumeb, northern Namibia• Currently running at 17ktpa (the SX-EW

plant’s minimum design capacity)• Ore Reserves1 of 15.6Mt at 0.89% Cu

for 138.2kt and Mineral Resources1 of 51.0Mt at 0.76% Cu for 387.7kt

• Materially improved dewatering capabilities and strategy enabling stable path to growth

• Strong Resource base could support further production enabling potential mine life extensions

• Underexplored project area• Modern processing facilities and robust

infrastructure base

Central Operations• Three underground mines and an

800ktpa copper concentrator, currently on care and maintenance

• The operations were in production until September 2015, producing high quality concentrate sought after for blending

• Mineral Resources2 of 4.40Mt at 2.27% Cu for 99.7kt (Otjihase) and 1.34Mt @ 2.40% for 31.8Kt (Matchless)

• Otjihase and Matchless mines represent a significant low capital intensity restart opportunity with substantial cash flow enhancing opportunities including:– Capital realisation through optimised design– Improvement of exploration target through expansion and access to neigbouring compartments recovery

Berg Aukas• Past-producing zinc-lead-vanadium

project located near Tsumeb, Namibia• Shafts and access development to 800m

depth• Ore Reserves3 of 1.69Mt at 11.16% Zn,

2.76% Pb and 0.23% V2O5 (Cut off 5% Zn) and Mineral

• Resources3 of 1.26Mt at 15.47% Zn, 3.84% Pb and 0.33% V2O5 (Cut off 3.0% Zn)

• Significant value enhancing opportunities including:– Shaft stripping/decline addition options allowing for larger equipment and mill expansion– Unlocking value from metal recovery from stock of historical tailings– Favourable vanadium pricing environmentNotes

1 Total as at 30 June 2017. 100% basis.2 100% basis. Mineral Resource statement for the Otjihase Mine is declared in terms of the JORC Code (2012 Edition) with an effective date of 31 March 2018. Matchless estimated tonnage based on Bara polygonal calculation.3 As at April 2013.



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For the year ended 30 June 2019, the Grouprecorded a loss on ordinary activities aftertaxation of USD4.19 million (2018: USD7.60million). The loss was largely due toprovision of a full impairment of USD4.18million against the recoverability of theoutstanding loan from Plinian Guernsey,impairment charge of USD2.45 millionagainst Prism Diversified Ltd (formallyIronstone Resources Ltd) and an impairmentreversal of USD2.4 million against thecarrying value of GCM Resources Plc.During the financial year the gain of fairvalue movement of the Group’s financialinvestments was USD4.83 million. The Group remained prudent in managingits administrative expenditure which stood atUSD2.26 million compared to USD2.29million in the previous financial year.

Basic loss per share for the year ended 30June 2019 was USD1.34 cents (2018:USD2.44 cents).

It should be noted that this figure is notnecessarily indicative of a weakeningfinancial performance as such variances arein the very nature of a natural resourceinvestment company whose strategic focusextends beyond a single reporting year.

Financial PositionThe Directors have reviewed the Group’sbudgets for 2019-2020, as well as longer-term financial cash flow projections andhave considered a range of differentscenarios together with their associatedrisks and uncertainties, and the impact ofthese scenarios on the Group’s cashbalances. Additionally, the Directors haveassessed the likelihood of future funding

requirements. Based on these activities, theDirectors are satisfied that the Groupmaintains a healthy financial position fromthe date of the signing of these financialstatements, enabling Polo to take a flexibleapproach to the acquisition and disposal ofinvestments.

As at 13 December 2019, the Group had anet position of cash, receivables and shortterm investments of USD11.97 million (30June 2019: USD11.71 million). Listed andunlisted investments at marked to marketvalue, cost and valuation amounted toUSD46.99 million (30 June 2019: USD52.62million). The combined total of cash,receivables, payables, listed and unlistedinvestments was USD53.80 million as of 13December 2019 (30 June 2019: USD60.16million) which is equivalent to a Net Assetvalue of approximately 13.07 pence per Poloshare (30 June 2019: 15.19 pence pershare).

OutlookPolo’s investment exposure is now primarilycentered around the energy sector and weare mindful of the growing importanceclimate change and the desire by allgovernments to reduce their CO2 emissionsis having on investors in terms of theirinvestment decision focus and policy when itcomes to investing in the hydrocarbonsector. Polo has always taken the view thatwe have to offer our shareholders abalanced investment portfolio. In the case ofboth Hibiscus and GCM we are mindful ofthe environmental footprint of both theseinvestee companies. Whilst there is a globaldesire to reduce CO2 and greenhousegasses and for the world to transit much

faster towards renewable energy, thetransition will naturally take some time. Inthe mean-time industries still demand thesupply of petroleum to support the day today workings of the global economy andwhere in the foreseeable future Polo willremain committed to supporting Hibiscuswhich is a best in class oil and gas companyrecognised by a number of externalverifications.

In the case of GCM we are confident thatthe development of Phulbari will see thelatest highly energy efficient coal fired powergeneration plants being designed and builtand that these will operate to the highestpossible environmental standards. Inparticular these power plants will useleading-edge flue gas cleaning systems toprotect air quality and cooling systems thatminimise water consumption. We alsoenvisage applicable CO2 recovery systemswill be incorporated as soon as thetechnology is available.

Polo remains focussed on supporting ourcurrent investee companies as our keypriority heading into 2019. I would like tothank all our shareholders, partners andadvisers for their continuous andunwavering support.

Datuk Michael Tang, PJNExecutive Chairman19 December 2019

Financial Review

The purpose of this review is to provide a further analysis of the Group’sconsolidated 2019 results and the main factors that affected this financialperformance. The Financial Review should be read in conjunction with thefinancial statements and associated notes.



Management and Leadership

Datuk Michael Tang, PJN (aged 46)Executive Chairman Datuk Michael is the founder of MettizCapital Limited, an investment company witha diversified portfolio comprising naturalresources, power generation, manufacturing,healthcare and real estate, and which has amajor shareholding in the Company. He isan investor and entrepreneur with significantcorporate, commercial and financialexperience. Datuk Michael holds a Bachelorof Laws degree from the London School ofEconomics and Political Science and wascalled to the Bar of the Honourable Societyof the Lincoln's Inn of England and Wales.On the community front, Datuk Michael wasthe founding trustee of the Gold CoastDharma Realm in Australia and 1MalaysiaCommunity Alliance Foundation. Inrecognition of his invaluable service andcontribution to the nation, he was conferredthe Distinguished Order for MeritoriousService (“Panglima Jasa Negara”) whichcarries the honorific title of “Datuk” by HisMajesty The King of Malaysia.

Kian Meng Cheah (aged 46)Senior Non-Executive DirectorMr. Kian Meng Cheah has more than 16years banking and investment managementexperience with financial institutions in SouthEast Asia including Standard CharteredBank and Merrill Lynch International. Heholds a number of private companydirectorships in Singapore and Malaysiainvolved in private equity and real estateinvestment. Mr. Cheah is also an ExecutiveDirector of the Select Equity Growth Ltd.fund with a focus across diversified sectorsin South East Asia, Hong Kong andAustralia. He holds a Bachelor of Commerce(Accounting) from Curtin University ofTechnology, Australia.

Gary Lye (aged 66)Non-Executive DirectorMr. Lye has over 40 years’ experience innatural resources having held seniorpositions with several leading miningcompanies. He is currently CEO of AsiaEnergy Corporation (Bangladesh) Pty Ltd,the operating subsidiary of GCM ResourcesPlc where he is COO. From 1994 - 2003 hewas with Kalgoorlie Consolidated GoldMines Pty Ltd as manager of strategic minedevelopment at their Super Pit operations inKalgoorlie, Western Australia. He haspreviously acted as Manager of MiningResearch for CRA in Perth, WesternAustralia and spent many years withBougainville Copper Ltd. in Papua NewGuinea. Gary has a Master's Degree (RockMechanics) from the Royal School of Minesand a Diploma from Imperial College inLondon, and an Honours Degree in Geologyspecialising in coal and petroleum geologyfrom the University of Queensland, Australia.He is a member of the Australian Institute ofMining and Metallurgy (AUSIMM).

Good governance ensures that the highest standards are maintained across allaspects of the Company’s operations. The commitment to responsible governancebegins at Board level and flows throughout the Polo Resources operation.


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Forward-looking statements involvesignificant known and unknown risks anduncertainties. A number of factors couldcause actual results to differ materially fromthe results discussed in the forward-lookingstatements including risks associated withvulnerability to general economic marketand business conditions, competition,environmental and other regulatorychanges, the results of exploration anddevelopment drilling and related activities,actions by governmental authorities, theavailability of capital markets, reliance onkey personnel, uninsured and underinsuredlosses and other factors, many of which arebeyond the control of the Company.Although the forward-looking statementscontained in this Document are based uponwhat management believes to bereasonable assumptions the Companycannot assure investors that actual resultswill be consistent with these forward-lookingstatements.

This Annual Report contains insideinformation as defined in Article 7 of the EUMarket Abuse Regulation No 596/2014 andhas been announced in accordance with theCompany's obligations under Article 17 ofthat Regulation.


Forward-looking Statements

Certain statements in this report are ‘‘Forward Looking statements’’. Thesestatements are not based on historical facts, but rather on the management’sexpectations regarding the Company’s future growth, results of operations,performance, future capital and other expenditures (including the amount, natureand sources of funding thereof), competitive advantages, planned exploration anddevelopment drilling activity and the results of such drilling activity, businessprospects and opportunities. Such Forward Looking statements reflectmanagement’s current beliefs and assumptions and are based on informationcurrently available to management.


Directors’ Report 23

Corporate Governance Statement 26

Independent Auditors’ Report to the Shareholders of Polo Resources Limited 32

Group Statement of Comprehensive Income for the year ended 30 June 2019 36

Company Statement of Comprehensive Income for the year ended 30 June 2019 37

Group Statement of Financial Position as at 30 June 2019 38

Company Statement of Financial Position as at 30 June 2019 39

Group Statement of Cash Flows for the year ended 30 June 2019 40

Company Statement of Cash Flows for the year ended 30 June 2019 41

Group Statement of Changes in Equity for the year ended 30 June 2019 42

Company Statement of Changes in Equity for the year ended 30 June 2019 43

Notes to the Financial Statements for the year ended 30 June 2019 44


Group Annual Financial StatementsFor the year ended 30 June 2019


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

-&,)$B4$,*><A%*;$%L3.$2*&.)%;"1$%"%.$")&,"@>$%$E/$2*"*3&,%*;"*%*;$%0.&4/%;")%"?$B4"*$%.$)&4.2$)%*&%2&,*3,4$%*&%&/$."*$%'&.%*;$%'&.$)$$"@>$%'4*4.$%",?%*;"*%3*%.$+"3,)%"//.&/.3"*$%'&.%*;$%'3,",23">%)*"*$+$,*)%*&%@$%/.$/".$?%&,%"%#&3,#%2&,2$.,%@")3)G

Directors’ Report (continued)For the year ended 30 June 2019



% % % !

- - - 5)6)'7'1)-*8-$%+(9*+2&'-*8-:18*&76)%*1-)*-;23%)*&+-()%"*%*+$%,"*$%&'%*+-)%.$/&.*%*+$%)$.0-1#%2-.$3*&.)%3&1'-.4%*+"*5%%•% 6&%'".%")%$"3+%2-.$3*&.%-)%"7".$8%*+$.$%-)%1&%.$9$0"1*%":,-*%-1'&.4"*-&1%&'%7+-3+%*+$%;&4/"1<=)%":,-*&.)%".$%

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"1<%.$9$0"1*%":,-*%-1'&.4"*-&1%"1,%*&%$)*"?9-)+%*+"*%*+$%;&4/"1<=)%":,-*&.)%".$%"7".$%&'%*+"*%-1'&.4"*-&1@- 5)6)'7'1)-*8-$%&'()*&+,-.'+/*1+%<%9%)%'+--A+$%2-.$3*&.)%/.$/".$%'-1"13-"9%)*"*$4$1*)%'&.%$"3+%'-1"13-"9%<$".%7+-3+%#-0$%"%*.:$%"1,%'"-.%0-$7%&'%*+$%)*"*$%&'%"''"-.)%&'%*+$%;&4/"1<%"1,%*+$%B.&:/%"1,%&'%*+$%/.&'-*%&.%9&))%&'%*+$%B.&:/%'&.%*+"*%<$".@%%C1%/.$/".-1#%*+&)$%'-1"13-"9%)*"*$4$1*)8%*+$%2-.$3*&.)%".$%.$D:-.$,%*&5%%•% )$9$3*%):-*"?9$%"33&:1*-1#%/&9-3-$)%"1,%*+$1%"//9<%*+$4%3&1)-)*$1*9<E%

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A+$%;&4/"1<=)%7$?)-*$%-)%4"-1*"-1$,%-1%"33&.,"13$%7-*+%(CI%H:9$%LM@%

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Strategic Report

Corporate G


ents



% % % !

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% %

Corporate Governance StatementFor the year ended 30 June 2019



% % % !

, , , ,,,849:,;)/)<+2+/*,()$%*&"+,%-&./0,$+/%+0/1%"//$//2$.3%3&%4$%025&+3".3%0.%"-)0$60.#%03/%/3+"3$#0-%&47$-306$/%".,%0/%".%$//$.30"8%5"+3%&'% 3)$%9+&:5;/%58"..0.#%".,%".% 025&+3".3%"/5$-3%&'% 3)$%9+&:5;/% 0.3$+."8%-&.3+&8%/</3$2=%()$+$% 0/%"%5+&-$//%&'%$6"8:"30&.%&'%5$+'&+2".-$%3"+#$3/%3)+&:#)%+$#:8"+%+$60$>/%4<%/$.0&+%2"."#$2$.3%3&%4:,#$3/%".,%'&+$-"/3/=%!+&7$-3%208$/3&.$/%".,%302$80.$/%"+$%+$#:8"+8<%+$60$>$,=%

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Strategic Report

Corporate G


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Corporate Governance Statement (continued)For the year ended 30 June 2019

! ! ! !

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Strategic Report

Corporate G


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Corporate Governance Statement (continued)For the year ended 30 June 2019



Strategic Report

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Independent auditor’s report to the membersof Polo Resources Ltd (continued)


Strategic Report

Corporate G


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AOPJBQ%LG+47I%>&,7=45+74&,% ;#* $8"D#;!* ()E8:.9%M$7"4,$C%$"=,4,#2% M:"!D#:#N* J-/)8-.;K%N@"46"56$%'&=%2"6$%4,@$27A$,7%=$2$=@$% C* .B8E:9%?&=$4#,%$O>D",#$%=$2$=@$% ;#D"F7* .:8-(9%PD"=$%5"2$C%H"IA$,72%=$2$=@$% ;E* !:<* -.E%

"8D8#$* E(8E-(%Q&,R>&,7=&664,#%4,7$=$27% E<* J(8(9-K%BHB@I*AOPJBQ* "8D;":* E)8-/.%

3D$2$% '4,",>4"6%27"7$A$,72%S$=$%"HH=&@$C%5I% 7D$%T&"=C%&'%U4=$>7&=2%&,%.B%U$>$A5$=%-).B%",C%24#,$C%&,% 472%5$D"6'%5IV%

R-,(S*T34U-.5*B-0V* W3-0*T.0V*GU.-U*LWLFX3<YL%FZN<M[NQ% Q\QRLWLFX3<YL%U<MLF3\M%

For the year ended 30 June 2019


Strategic Report

Corporate G


ents


Company Statement of Financial Position

% % % !

+ + + + ++ + + + +

%+ + +#6+78).+96:;+ %()%*+,$%-)./%+ <%-.5+ =+666>5+ =+666>5+ 0%)))12% 0%)))12%?,,@A,+ + + +

%%

<%)B28CC.)-+(55.-5+ + + +% %

3,4$256$,5%7,%2+82797":7$2% :9+ B+ + ;% %<:"9$%",9%&5=$:%:$>$74"8?$2% :D+ E:FDGG+ + @.A-@.% %

A%-(3+)%)B28CC.)-+(55.-5% + + E:FDGG+ % @.A-@.%+ + + + % %$8CC.)-+(55.-5+ + + + % %<:"9$%",9%&5=$:%:$>$74"8?$2% :D+ EF#E9+ + -A)B)% %

%C7,",>7"?%7,4$256$,52% :!+ ";"+ + @D@%

E"2=%",9%>"2=%$F+74"?$,52% + DD:+ + .A-B)% %A%-(3+$8CC.)-+?55.-5+ + + "F":6+ % GA)D@%

AHA?I+?,,@A,+ + + E;F9;G+ % @BA(H/%+ + + + % %IJ?KJIJAJ@,+ + + + % %$8CC.)-+I1(L131-1.5+ + + + % %

%<:"9$%",9%&5=$:%I"J"8?$2% :E+ M9G#N+ + K-/@L%

AHA?I+IJ?KJIJAJ@,+ + + M9G#N+ % K-/@L%

<@A+?,,@A,+ + + E;F6:D+ % @BA)/.%% + + + % %@OPJAQ+ + + + % %

%% + + + %MF+75J%>&,5:78+57&,% :"+ #6EF":!+ + ()[email protected]%N$5"7,$9%$":,7,#2% + M9!:FG:9N+ + K-(BAH./L%C&:$7#,%$O>=",#$%:$2$:4$% + #FEG!+ + (A@HD%P=":$%8"2$9%I"J6$,52%:$2$:4$% :G+ !9;+ + -.H% %

+ + + + % %

AHA?I+@OPJAQ+ + + E;F6:D+ % @BA)/.%

%%<=$2$%'7,",>7"?%25"5$6$,52%Q$:$%"II:&4$9%8J%5=$%R&":9%&'%S7:$>5&:2%&,%.D%S$>$68$:%-).D%",9%27#,$9%&,%752%8$="?'%8JT!!!!!!

!

R(-8S+T12U(.3+A()V+ % % W1()+T.)V+$U.(U%MUMEV<3WM%EXY3NZY[% + % [\[;MUMEV<3WM%S3NME<\N% %



Group Statement of Cash FlowsFor the year ended 30 June 2019


! ! ! !

! ! ! ! !! ! ! ! ! ! !

!

! ! h&5)!&>/&/!2[!^(>&!H[0X!

j(%+!(#-(-!34!5$#(!647>!

! 9#.&'! f![[[m'! p!444^/!35'I!<$#E'!<)#-!#4&)5.,>8!5*.,?,.,&'! ! ! !

\)(+%,A#:!c&*//d! ! LVSXO! cTW47Td!J(.+(%/(acA#.+(%/(d!A#!,+%-(!%#-!*,1(+!+(.(AK%C&(/! ! HP! cT73d!cJ(.+(%/(daA#.+(%/(!A#!,+%-(!%#-!*,1(+!)%2%C&(/! ! LV[O! 84!cI#.+(%/(d!A#!%K%A&%C&(!;*+!/%&(!A#K(/,B(#,/! ! L0]H[2O! c38d!0*+(A:#!(].1%#:(!c:%A#da&*//! ! LSO! 7!M1%+(!*),A*#/!(])(#/(-! ! H02! 67=!

IB)%A+B(#,!*;!"0M!A#K(/,B(#,/! ! H]PS[! 6W?<8!

9&.!*5'I!,><$#E_L#(.<$#EO!<)#-!#4&)5.,>8!5*.,?,.,&'! ! SP[! c6WT77d!

! ! ! !35'I!<$#E'!<)#-!,>?&'.,>8!5*.,?,.,&'! ! ! !0A#%#.(!+(K(#$(! ! T! 3?4!

N`$A,2!)$+.1%/(/!A#!%//*.A%,(/! ! L0H0O! cT34d!L*%#!c%-K%#.(-d!,*!,1A+-!)%+,2! ! L0]0STO! c7><d!

9&.!*5'I!L#(.<$#EO!<)#-!,>?&'.,>8!5*.,?,.,&'! ! L0]H10O! c3<<d!

! ! ! !35'I!<$#E'!<)#-!<,>5>*,>8!5*.,?,.,&'! ! ! !I//$(!*;!*+-A#%+2!/1%+(!.%)A,%&! ! c! b!

9&.!*5'I!,><$#E!<)#-!<,>5>*,>8!5*.,?,.,&'! ! c! b!

! ! ! !9&.!L/&*)&5'&O!,>!*5'I!5>/!*5'I!&Z(,?5$&>.'! ! L120O! c6W>TTd!@%/1!%#-!.%/1!(`$AK%&(#,/!%,!C(:A##A#:!*;!2(%+! ! 0]HT[! <W474!

N].1%#:(!:%A#!*#!.%/1!%#-!.%/1!(`$AK%&(#,/! ! H0! 74T!

35'I!5>/!*5'I!&Z(,?5$&>.'!5.!&>/!#<!7&5)! 0X! SS[! 7W6=4!


Strategic Report

Corporate G


ents

Company Statement of Cash FlowsFor the year ended 30 June 2019


! ! ! !

! ! ! ! !! ! ! ! ! ! !

!

! ! h&5)!&>/&/!2[!^(>&!H[0X!

!!!j(%+!(#-(-!34!5$#(!647>!

! 9#.&'! f![[[m'! p!444^/!35'I!<$#E'!<)#-!#4&)5.,>8!5*.,?,.,&'! ! ! !\)(+%,A#:!c&*//d! ! LH]P10O! c6WT4Td!cI#.+(%/(d!A#!,+%-(!%#-!*,1(+!+(.(AK%C&(/! ! L2O! cT76d!cJ(.+(%/(daA#.+(%/(!A#!,+%-(!%#-!*,1(+!)%2%C&(/! ! LPO! >?!M1%+(!*),A*#/!(])(#/(-! ! H02! 67=!

9+*KA/A*#!*#!&*%#!,*!/$C/A-A%+2! ! c! 6!

0*+(A:#!(].1%#:(!c:%A#da&*//! ! LSO! 7!

9&.!*5'I!L#(.<$#EO!<)#-!#4&)5.,>8!5*.,?,.,&'! ! LH]H1[O! c6W?77d!

! ! ! !35'I!<$#E'!<)#-!,>?&'.,>8!5*.,?,.,&'! ! ! !0A#%#.(!+(K(#$(! ! T! 3?4!

L*%#/!+()%A-ac%-K%#.(-d!;+*Ba,*!/$C/A-A%+A(/! ! H]1P[! c683d!L*%#!c%-K%#.(-d!,*!,1A+-!)%+,2! ! L0]0STO! c7><d!

9&.!*5'I!,><$#E_L#(.<$#EO!<)#-!,>?&'.,>8!5*.,?,.,&'! ! 0]SX[! c74?d!

! ! ! !35'I!<$#E'!<)#-!<,>5>*,>8!5*.,?,.,&'! ! ! !I//$(!*;!*+-A#%+2!/1%+(!.%)A,%&! ! c! b!

9&.!*5'I!,><$#E!<)#-!<,>5>*,>8!5*.,?,.,&'! ! c! b!

! ! ! !9&.!L/&*)&5'&O!,>!*5'I!5>/!*5'I!&Z(,?5$&>.'! ! LTV[O! c6W>7>d!@%/1!%#-!.%/1!(`$AK%&(#,/!%,!C(:A##A#:!*;!2(%+! ! 0]HS[! <W44<!

N].1%#:(!c&*//da:%A#!*#!.%/1!%#-!.%/1!(`$AK%&(#,/! ! L0XO! =<!

35'I!5>/!*5'I!&Z(,?5$&>.'!5.!&>/!#<!7&5)! 0X! SS0! 7W6T4!

! ! ! !! !



Group Statement of Changes in Equity

! ! ! !

! ! ! ! ! !!< ! ! ! ! ! ! !

!

!

YZ(,.7!*#>.),:(.,#>!

=?5,$5:$&!<#)!'5$&!

,>?&'.-&>.!)&'&)?&!

g#)&,8>!*())&>*7!.)5>'$5.,#>!)&'&)?&!

BI5)&!:5'&/!457-&>.!)&'&)?&!

%&.5,>&/!&5)>,>8'!

\#.5$! 9#>c*#>.)#$$,>8!,>.&)&'.!

\#.5$!&Z(,.7!

Q)#(4! f![[[m'! f![[[m'! f![[[m'! f![[[m'! f![[[m'! f![[[m'! f![[[m'! f![[[m'!

='!5.!0!^($7!H[01! 2[T]10P! LTVHO! 01]0H1! PSP! LH12][12O! S[]SP[! L2]2H[O! P1]HH[!

cL*//d!;*+!,1(!2(%+! b! b! b! b! c?WT8=d! L1]SXTO! c! L1]SXTO!G%A#!*#!B%+S(,!K%&$(!+(K%&$%,A*#!*;!%K%A&%C&(!;*+!/%&(!A#K(/,B(#,/!

b! 64W3T=! b! b! b! H[]2ST! LHHO! H[]22P!

@$++(#.2!,+%#/&%,A*#!-A;;(+(#.(/! b! b! 74?! b! b! 0[1! c! 0[1!

\#.5$!*#-4)&I&>',?&!,>*#-&! c! H[]2ST! 0[1! c! L1]SXTO! 0H]VT1! LHHO! 0H]VPS!

M1%+(!*),A*#/!(])A+(-! b! b! b! c<T<d! <T<! c! c! c!

M1%+(!*),A*#/!.1%+:(! b! b! b! 67=! b! H0T! c! H0T!

\#.5$!*#>.),:(.,#>'!:7!5>/!/,'.),:(.,#>'!.#!#E>&)'!#<!.I&!3#-45>7!

b! b! b! c63>d! <T<! H0T! c! H0T!

! ! ! ! ! ! ! ! !

='!5.!2[!^(>&!H[0V! 2[T]10P! 0X]T1P! 01]H2P! H0T! LHV[]H0SO! T2]TH2! L2]2PHO! T[]HV0!

! ! ! ! ! ! ! ! !

cL*//d!;*+!,1(!2(%+! b! b! b! b! c<W7>=d! LP]0VTO! LPO! LP]0X[O!@$++(#.2!,+%#/&%,A*#!-A;;(+(#.(/! b! b! <63! b! b! PH2! c! PH2!

\#.5$!*#-4)&I&>',?&!,>*#-&! c! c! PH2! c! LP]0VTO! L2]1T2O! LPO! L2]1T1O!

M1%+(!*),A*#/!.1%+:(! b! b! b! 673! b! H02! c! H02!

\#.5$!*#>.),:(.,#>'!:7!5>/!/,'.),:(.,#>'!.#!#E>&)'!#<!.I&!3#-45>7!

b! b! b! 673! b! H02! c! H02!

D+%#/;(+!,*!+(,%A#(-!(%+#A#:/! b! c78W=?<d! b! b! 78W=?<! c! c! c!N&ABA#%,(-!*#!-A/)*/%&!*;!/$C/A-A%+2! b! b! b! b! b! b! 3W<3T! 3W<3T!

! ! ! ! ! ! ! ! !

='!5.!2[!^(>&!H[0X! 2[T]10P! c! 01]TS1! PHX! LHTP]1H1O! T[][12! VX! T[]0TH!



Strategic Report

Corporate G


ents


Company Statement of Changes in Equity

! ! ! !

! ! ! ! ! !! ! ! ! ! ! !

!

!

YZ(,.7!*#>.),:(.,#>!

g#)&,8>!&i*I5>8&!)&'&)?&!

BI5)&!:5'&/!457-&>.!)&'&)?&!

%&.5,>&/!&5)>,>8'!

\#.5$!&Z(,.7!

3#-45>7! f![[[m'! f![[[m'! f![[[m'! f![[[m'! f![[[m'!

='!5.!0!^($7!H[01! 2[T]10P! 2]1[2! PSP! LH22][H0O! 11]VS[!

cL*//d!;*+!,1(!2(%+! b! b! b! c3W4T7d! L2][S0O!

@$++(#.2!,+%#/&%,A*#!-A;;(+(#.(/! b! ==! b! b! TT!

\#.5$!*#-4)&I&>',?&!,>*#-&! c! TT! c! L2][S0O! LH]XVSO!

! ! ! ! ! !

M1%+(!*),A*#/!(])A+(-! b! b! c<T<d! <T<! c!

M1%+(!*),A*#/!.1%+:(! b! b! 67=! b! H0T!

\#.5$!*#>.),:(.,#>'!:7!5>/!/,'.),:(.,#>'!.#!#E>&)'!#<!.I&!3#-45>7!

b! b! c63>d! <T<! H0T!

! ! ! ! ! !

='!5.!2[!^(>&!H[0V! 2[T]10P! 2]1TX! H0T! LH2S]T0VO! 1S][V0!

! ! ! ! ! !

cL*//d!;*+!,1(!2(%+! b! b! b! c=W78<d! LT]0XPO!@$++(#.2!,+%#/&%,A*#!-A;;(+(#.(/! b! c>Td! b! b! LVSO!

\#.5$!*#-4)&I&>',?&!,>*#-&! c! LVSO! c! LT]0XPO! LT]H1XO!

! ! ! ! ! !

M1%+(/!*),A*#/!.1%+:(! b! b! 673! b! H02!

\#.5$!*#>.),:(.,#>'!:7!5>/!/,'.),:(.,#>'!.#!#E>&)'!#<!.I&!3#-45>7!

c! c! H02! c! H02!

! ! ! ! ! !

='!5.!2[!^(>&!H[0X! 2[T]10P! 2]TVP! PHX! LHP0]V0HO! TX][0S!!

! !





Notes to the Financial Statements

% % % !

* * * * ** * * * * * *

!;* 2:33/56*&4*2-=.-4-0/.'*>00&:.'-.=*?&1-0-()*

@/A* >:'+&5-)/'-&.*&4*4-./.0-/1*)'/'(3(.')** ()$%*+&,-%'./"/0."1%23"3$4$/32%&'%!&1&%5$2&,+0$2%6.4.3$7%'&+%3)$%8$"+%$/7$7%9:%;,/$%<:=>%?$+$%",3)&+.2$7%

'&+% .22,$%@8% 3)$%A&"+7%&/%=>%B$0$4@$+%<:=>%"/7% 3)$%@"1"/0$%2)$$32%2.#/$7%&/% 3)$%A&"+7C2%@$)"1'%@8%D.0)"$1%("/#%"/7%E."/%D$/#%F)$")G%()$%F&4-"/8%.2%+$#.23$+$7%./%3)$%A+.3.2)%H.+#./%I21"/72%,/7$+%3)$%AHI%A,2./$22%F&4-"/.$2% J03% <::K%?.3)% +$#.23$+$7% /,4@$+% =K:L=MNG% ()$%F&4-"/8C2%O+7./"+8% P)"+$2% "+$%3+"7$7%&/%3)$%JIDQ%3)$%4"+R$3%&'%3)"3%/"4$%&-$+"3$7%@8%3)$%6&/7&/%P3&0R%ST0)"/#$G%%

@BA* 2'/'(3(.'*&4*0&3C1-/.0(*D-'+*E,F2** ()$%*+&,-U2%'./"/0."1%23"3$4$/32%)"V$%@$$/%-+$-"+$7%./%"00&+7"/0$%?.3)%I/3$+/"3.&/"1%W./"/0."1%5$-&+3./#%

P3"/7"+72% XIW5PYG% ()$% F&4-"/8U2% "/7% P,@2.7."+.$2U% './"/0."1% 23"3$4$/32% )"V$% @$$/% -+$-"+$7% ./%"00&+7"/0$%?.3)%IW5P%"2%.22,$7%@8%3)$%I/3$+/"3.&/"1%J00&,/3./#%P3"/7"+72%A&"+7%XIJPAYG%%,:':5(*0+/.=()*-.*/00&:.'-.=*C&1-0-()**IJPA% XI/3$+/"3.&/"1% J00&,/3./#% P3"/7"+72% A&"+7Y% "/7% IW5IF% XI/3$+/"3.&/"1% W./"/0."1% 5$-&+3./#%I/3$+-+$3"3.&/2%F&44.33$$Y%)"V$%.22,$7%3)$%'&11&?./#%23"/7"+72%"/7%./3$+-+$3"3.&/2%?.3)%"/%$''$03.V$%7"3$%"'3$+%3)$%7"3$%&'%3)$2$%'./"/0."1%23"3$4$/32G%()$.+%"7&-3.&/%.2%/&3%$T-$03$7%3&%)"V$%"%4"3$+."1%$''$03%&/%3)$%'./"/0."1%23"3$4$/32G%%

* %(DGF(H-)(7*E.'(5./'-&./1*,-./.0-/1*F(C&5'-.=*2'/.7/57)*@E>2GE,F2A*

I44(0'-H(*7/'(%X"00&,/3./#%-$+.&72%0&44$/0./#%&/%&+%"'3$+Y!

% IW5P%=L%6$"2$2% =%;"/,"+8%<:=>%

% IW5P%=N%I/2,+"/0$%0&/3+"032% =%;"/,"+8%<:<=%

@0A* J/)-)*&4*C5(C/5/'-&.*/.7*K&-.=*L&.0(5.*

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

* *


Strategic Report

Corporate G


ents


! ! ! !

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For the year ended 30 June 2019Notes to the Financial Statements


Strategic Report

Corporate G


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