Speciality Metals International Limited Annual Report 2020

20 Speciality Metals International Limited Annual Report 2020 Directors’ Report Page | 20 DIRECTORS’ REPORT The Directors of Speciality Metals present their report on the consolidated entity (Group), consisting of Speciality Metals and the entities it controlled at the end of, and during, the financial year ended 30 June 2020. D IRECTORS The following persons were Directors of Speciality Metals during the whole of the financial year and up to the date of this report, unless otherwise stated: Oliver Kleinhempel, Non-executive Director (appointed 12 August 2019 | Non-executive Chairman (appointed 24 April 2020) Stephen Layton, Independent Non-executive Director Zhui Pei Yeo, Non-executive Director (appointed 12 August 2019) Russell H. Krause, Executive Chairman (resigned 24 April 2020) Roland W. Nice, Independent Non-executive Director (resigned 12 August 2019) C OMPANY S ECRETARY Suzanne Irwin (appointed 1 September 2020) Adrien Wing (resigned 1 September 2020) P RINCIPAL A CTIVITIES The principal activities of the Group during the 2020 financial year were to: - maintain and where possible expand upon the existing Mt Carbine Quarrying operations acquired as part of the 100% acquisition of Mt Carbine Quarries Pty Ltd on 28 June 2019; - refurbish and commence production from the existing Mt Carbine Retreatment Plant as part of the Company’s unincorporated joint venture with CRONIMET Australia Pty Ltd for the development of the Mt Carbine Tungsten Tailings Retreatment and Stockpile Projects. Production from the stockpiled tailings commenced during the first half of 2020 with the first commercial concentrate shipment being despatched in June 2020; - undertake a detailed review of the Mt Carbine geology (including structural geology) to gain a better understanding of the wolframite/scheelite mineralisation zones within the deposit and define higher grade zones labelled as “King Veins”; and - maintain its tungsten exploration assets in Far North Queensland whilst continuing to evaluate the exploration potential of its gold exploration licences in New South Wales. The Group also continues to evaluate other corporate and exploration opportunities within the new economy and critical minerals sector. R ESULTS The net result of operations for the consolidated entity after applicable income tax expense was a loss of $3,015,680 (2019 profit of $3,808,863). D IVIDENDS No dividends were paid or proposed during the period. O PERATING & F INANCIAL REVIEW Information on the operations and financial position of the Group and its business strategies and prospects for future financial years is set out earlier in this Annual Report. The auditors have issued an unqualified opinion. C ORPORATE S TRUCTURE Speciality Metals International Limited is a limited company that is incorporated and domiciled in Australia.