NORTH077 Annual Report 2020 V5.2 DIGITAL

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52 NORTHERN MINERALS _ ANNUAL REPORT 2021 NORTHERN MINERALS LIMITED DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2021 6.4 Other transactions with key management personnel Northern Minerals had entered into agreements with companies associated with Non-executive Director Adrian Griffin for them to rent office accommodation at 675 Murray Street, West Perth. The rent has been set at a rate which is at arms-length commercial rate for comparable premises. These agreements terminated on 30 September 2020. 2021 2020 $ $ Rental Income 12,945 125,941 The following balances are outstanding at the end of the reporting period in relation to transactions with related parties: Current receivables - 20,767 *** End of Remuneration Report *** 20
53 NORTHERN MINERALS LIMITED DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2021 CORPORATE GOVERNANCE STATEMENT The Board of Northern Minerals Limited is committed to achieving and demonstrating the highest standards of corporate governance. The Board is responsible to its shareholders for the performance of the Company and seeks to communicate extensively with shareholders. The Board believes that sound corporate governance practices will assist in the creation of shareholder wealth and provide accountability. In accordance with ASX Listing Rule 4.10.3, the Company has elected to disclose its corporate governance policies and its compliance with them on its website, rather than in the Annual Report. Accordingly, information about the Company’s corporate governance practices is set out on the Company’s website at www.northernminerals.com.au. AUDITOR’S INDEPENDENCE DECLARATION A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 103. 71. NON-AUDIT SERVICES There were no non-audit services carried out in the year ended 30 June 2021. SIGNIFICANT EVENTS AFTER THE BALANCE DATE On 30 July 2021, the Company issued 51,020,408 unlisted options to subscribers with an exercise price of A$0.074 and an expiry date of 27 July 2024. This was the final tranche of the placement announced on 16 February 2021, raising A$20 million (before costs). The impact of the Coronavirus (COVID-19) pandemic is ongoing as at 30 June 2021 and it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is constantly changing and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided. Signed in accordance with a resolution of the directors. _____________________ Colin McCavana Director 10 September 2021 21 NORTHERN MINERALS _ ANNUAL REPORT 2021
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2021 ANNUAL REPORT
Page 3 and 4: 1 Chairman’s Report NORTHERN MINE
Page 5 and 6: 3 CEO’S Report NORTHERN MINERALS
Page 7 and 8: 5 Ore Sorter: The ore sorting syste
Page 9 and 10: 7 ENVIROMMENT, SOCIAL & GOVERNANCE
Page 11 and 12: 9 field team to conduct pre-clearan
Page 13 and 14: 11 Executive Team Our executive tea
Page 15 and 16: 13 COO Report NORTHERN MINERALS _ A
Page 17 and 18: 15 Commissioned: The ore sorter cir
Page 19 and 20: 17 rare earths into groups of produ
Page 21 and 22: 19 EXPLORATION & GEOLOGY REPORT The
Page 23 and 24: 21 The high-grade mineralisation oc
Page 25 and 26: 23 Figure 5: Banshee Prospect Drill
Page 27 and 28: 25 Browns Range Northern Territory
Page 29 and 30: 27 Ore Reserve and Mineral Resource
Page 31 and 32: 29 Mineral Resource The Mineral Res
Page 33 and 34: 31 Comparison with previous years O
Page 35 and 36: 33 NORTHERN MINERALS LIMITED DIRECT
Page 47 and 48: 45 4. Service agreements NORTHERN M
Page 53: 51 NORTHERN MINERALS LIMITED DIRECT
Page 57 and 58: 55 NORTHERN MINERALS LIMITED CONSOL
Page 59 and 60: 57 NORTHERN MINERALS LIMITED CONSOL
Page 61 and 62: 59 2. Basis of Preparation (continu
Page 63 and 64: 61 NORTHERN MINERALS LIMITED NOTES
Page 65 and 66: 63 7. Income Tax Expense NORTHERN M
Page 75 and 76: 73 9. Financial Risk Management (co
Page 79 and 80: 77 9. Financial Risk Management (co
Page 87 and 88: 85 11. Equity (continued) (i) Ordin
Page 95 and 96: 93 17. Share-based Payments (contin
Page 99 and 100: 97 19. Earnings per share NORTHERN
Page 101 and 102: 99 21. Segment Information NORTHERN
Page 105 and 106:
103 Auditor’s independence declar
Page 107 and 108:
105 Key audit matter How our audit
Page 109 and 110:
107 From the matters communicated w
Page 111 and 112:
109 Project Location Tenement ID St
Page 113 and 114:
111 b) Twenty largest shareholders
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113 CORPORATE DIRECTORY Northern Mi
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NORTH077 Annual Report 2020 V5.2 DIGITAL

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