The directors of Pacific Bauxite Limited (Pacific Bauxite Where Society) submit their report for the six months ended December 31, 2021.
The directors who exercised their functions throughout the half-year (unless otherwise stated) and up to the date of this report are:
Peter Lewis – Non-Executive Chairman
Peter Michael – Non-Executive Director (appointed September 6, 2021)
John Traicos – Non-Executive Director (appointed September 6, 2021)
BALANCE SHEET AND RESULTS OF OPERATIONS
The Company is currently taking the necessary steps to allow for the completion of a DOCA subject to shareholder approval and the recapitalization of the Company and then, subject to ASX approval, the resumption of trading on the stock exchange.
The entity’s net loss for the six months after tax was $311,665 (2020: loss of $127,033) with total revenues
of nil (2020: $nil). Major costs were administration $267,739 (2020: $126,583), employment costs $39,900
(2020: $0) and the Group’s share of the losses of its associate $444 (2020: $00).
On December 31, 2021, the Company announced that it had entered into agreements to acquire 100% of the issued capital of Western Yilgarn PGM Pty Ltd (West Yilgarn) and AAM Resources Pty Ltd (AAM Resources), which have various projects located in the Eastern Goldfields and Pilbara regions of Western Australia (Figure 1) potential for platinum group metals, gold, nickel and other minerals (Proposed Acquisitions).
The set of properties to be acquired following the proposed acquisitions includes three exploration permits (E36/1010, E36/1011 and E70/5767) granted to Western Yilgarn, three exploration permits (E52/3861, E58/ 0562 and E59/2496) granted to AAM Resources and two exploration permit applications (E36/1025 and E70/5921) requested by Western Yilgarn (collectively, the EMP projects). EMP projects include the Mount Magnet (Challa & Boondanoo), Sylvania, Bulga and Melbourne prospects. An overview of the location of EMP projects is shown below.