Breaker Resources

Breaker Resources Financial Report For The Half Year Ended 31 December 2022

Breaker Resources NL (ASX:BRB, Breaker, or the Company) is pleased to present its Half Year Report.


The directors submit herewith the financial report of Breaker Resources NL and its subsidiaries (the Group) for the half-year ended 31 December 2022. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:

Names of Directors

The names of the directors of the Company during or since the end of the half year are:

⯍ Peter Cook

⯍ Thomas Sanders (resigned 5 October 2022)

⯍ Samuel Smith (appointed 1 January 2023)

⯍ Mark Edwards

⯍ Michael Kitney

⯍ Linton Putland

⯍ Eric Vincent

Directors have been in office since the beginning of the financial period to the date of this report unless otherwise stated above.

Principle Activities

The principal activity of the Company during the financial period was the acquisition, exploration and evaluation of resource projects.

Corporate

The Company’s Executive team underwent changes during the period with founding Executive Director Tom Sanders departing the Company as it moves toward development phase. Non- executive Chairman, Peter Cook stepped into the role as acting CEO on an interim basis whilst a replacement was settled and Sam Smith, previously Chief Operating Officer was appointed as an Executive Director and CEO, formally commencing that role as of 1 January 2023. Chief Financial Officer and Company Secretary, Sarah Sutcliffe resigned from this position and Lisa Wynne was appointed 1 July 2022.

The Company completed the divestment of its interest in the Manna Lithium prospect (refer: ASX Announcement 26 October, 2022) for a final payment of A$60M taking the total received from the sale to approximately $88M over the past 12 months. The Company still retains all gold rights over the Manna tenements and retains a 1.5% NSR over other metals including lithium in the tenure (excluding the original Manna JV area).

Other than as disclosed in this interim financial report and above, no significant changes in the state of affairs of the Company occurred during the financial period.

There have been a number of changes to the Company’s unlisted options with some being exercised, lapsing and others being issued to employees.

As at the date of this report, the Company’s capital structure comprises:

  • 325,840,929 fully paid ordinary shares (ASX: BRB); and
  • 17,475,000 unlisted options at various exercise prices and expiry dates.

Exploration

The Lake Roe Gold Project advanced with commercial studies based upon open-pit mining at Bombora and then underground mining of the Tura and Northern Flats lodes and diamond drilling was completed focused on the primary underground lodes beneath the proposed Bombora open pit.

The Company commenced drilling at its Ularring Project in the central wheatbelt of WA with an initial 4 diamond holes, jointly funded under the government’s Exploration Incentive Scheme (EIS).

Full details of the Company’s exploration are set out in the Company’s Quarterly reports released on ASX.

Breaker has no debt and had cash on hand at bank the end of the period of $77.3M. The Company continues to explore and evaluate its resource projects and its forward work programs and plans are fully funded.

Annual General Meeting

The Company’s Annual General Meeting was held on 25 November 2022 at which the requisite majority passed all resolutions presented to shareholders.

Subsequent Events

Sam Smith, previously Chief Operating Officer was appointed as an Executive Director and CEO, formally commencing that role as of 1 January 2023.

Subsequent to the end of the period the following changes occurred to the Company’s capital structure:

  • Issue of 696,324 new shares on exercise of unlisted options
  • Issue of 500,000 new options exercisable at $0.396, expiring 31 December 2025
  • Expiry of 1,128,676 unlisted options due to expiry without conversion

The Auditor’s Independence Declaration is included on page 6 and forms part of the Directors’ Report for the half year ending 31 December 2022.

Signed in accordance with a resolution of directors made pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the directors


Click here for the full ASX Release

This article includes content from Breaker Resources NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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