ABN 90 141 196 545
al
ABN 81 149 126 858
Annual Report
2019
A L I C A N T OM I N E R A L S L I M I T E D
2019 Annual Report
2
Contents
Corporate Directory
Chairman’s Letter to Shareholders
Directors’ Report
Auditor’s Independence Declaration
Financial Statements
Directors’ Declaration
Independent Auditor’s Report
Additional Shareholder Information
Schedule of Mineral Tenements
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3
4
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Corporate Directory
Non-Executive Chairman
Didier Murcia AM
Chief Executive Officer
Peter George
Non-Executive Directors
Hamish Halliday
Travis Schwertfeger
Company Secretary
Jamie Byrde
Principal and Registered Office
Suite 3, Level 3, 24 Outram Street
WEST PERTH WA 6005
Telephone: (08) 6279 9425
Facsimile: (08) 6500 9989
Share Registry
Security Transfer Registrars Pty Ltd
770 Canning Highway
APPLECROSS WA 6153
Auditors
Stantons International
Level 2, 1 Walker Avenue
WEST PERTH WA 6005
Bankers
National Australia Bank
50 St Georges Terrace
PERTH WA 6000
Solicitors
Murcia Pestell Hillard
580 Hay Street
PERTH WA 6000
Stock Exchange Listing
Australian Securities Exchange
(Home Exchange: Perth, Western Australia)
Code: AQI
Website Address
www.alicantominerals.com.au
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Chairman’s Letter to Shareholders
Dear fellow shareholders,
I am pleased to present the 2019 Annual Report for Alicanto Minerals Limited (ASX: AQI), as we reflect on a year in
which our Company has found a new focus for its exploration efforts.
In May, we announced plans to acquire two high-grade VMS (Volcanogenic Massive Sulphide) projects in Sweden.
This was an exciting development for Alicanto as the Oxberg and Naverberg project areas are in the historic
Bergslagen mining district, which hosts several significant high-grade VMS deposits. In fact, the project areas are
adjacent to the historic Falun mine that produced 500,000t of zinc, 400,000t copper, 160,000t lead, 380t silver and
55t of gold and operated for at least 700 years before its closure in 1992.
Nearby deposits include Garpenberg, which has a resource estimate of 168.5 million tonnes at 3.4% zinc, 1.6% lead,
0.3g/t gold and 98g/t silver, while the Zinkgruvan deposit has a resource estimate of 46.9Mt at 9% zinc, 2% copper,
3.6% lead and 78.7g/t silver. We believe Oxberg and Naverberg have potential to be part of the same system as
Falun,and we selected these projects after detailed assessment and input from consultant geologists with more than
25 years’ experience working in the region.
Our assessment of these projects includes the definition of significant prospects and multiple walk-up drill targets.
Modern geophysics has been used in some areas, but there has only been limited follow-up drilling. Alicanto is
excited to start exploration of these projects in FY2020.
During the year, we also continued to progress exploration on our two gold projects in Guyana, South America –
Arakana and Ianna. However, just prior to year-end, it was pleasing to announce the signing of an agreement with
Nord Gold SE in which Nordgold has the exclusive right to earn 100% interest in the Arakaka Gold Project. Under this
agreement, Nordgold will sole fund US$3 million in exploration expenditure within a one-year earn-in period, and at
completion of the earn-in period, pay an additional US$5 million to Alicanto if it elects to proceed and acquire the
project. Alicanto will continue to operate the project during the first 12 months with the drilling campaign
commencing as soon as practicable.
This is an exciting development for Alicanto as it enables us to focus on exploring our Swedish projects over the next
year while continuing to extract value for our shareholders from Arakaka, where our own exploration has been
slowed over the past year due to tough market conditions.
Alicanto finished FY19 in a much stronger position thanks to the work of our Board and Management team in
executing these agreements. I thank them for their efforts and support over the past year, particularly while
undertaking the various cost-saving measures needed to preserve cash. I thank our staff who have continued to
perform admirably during a difficult time for our Company, and our Shareholders for continued belief in our
Company as one which can deliver on its goals.
Didier Murcia AM
Non-Executive Chairman
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Directors’ Report
The Directors of Alicanto Minerals Limited submit herewith the consolidated financial statements of the Company and its
controlled entities (“Group”) or (“Consolidated Entity”) for the year ended 30 June 2019 in order to comply with the provisions
of the Corporations Act 2001.
1.
Directors
The following persons were Directors of Alicanto Minerals Limited during the whole of the financial year and up to the date of
this report, unless otherwise stated:
Mr Didier Murcia
Non-Executive Chairman
Mr Travis Schwertfeger Non-Executive Director
Non-Executive Director
Mr Hamish Halliday
Mr Peter George was appointed as Chief Executive Officer on 6 August 2018.
2.
Principal Activities
The principal activity of the entity during the financial year was mineral exploration. There were no significant changes in the
nature of the entity’s principal activities during the financial year.
3. Operating Results
The loss attributable to owners of the entity after providing for income tax amounted to $3,700,020 (2018: $2,866,787).
4. Dividends Paid or Recommended
The directors do not recommend the payment of a dividend and no amount has been paid or declared by way of a dividend to
the date of this report.
5.
Financial Position
The entity has $869,558 in cash and cash equivalents as at 30 June 2019 (2018: $2,008,823). Post year end a further $910,000
before costs was raised through a capital raising. The Directors believe the cash at year end, subsequent capital raisings and the
Nord Gold investment has put the entity in a strong financial position to maintain and explore its current landholdings.
6.
Business Strategies and Prospects for the Forthcoming Year
Alicanto Minerals Limited will commence its maiden drilling program and advance exploration on its Naverberg and Oxberg
projects in Sweden.
Alicanto Minerals Limited will continue its exploration activities through the Earn-In Agreement with Nord Gold Se on its
Arakaka Project in Guyana.
Alicanto Minerals Limited will also continue to consider and evaluate new mineral exploration opportunities within Sweden,
Guyana and throughout the rest of the world for further potential acquisitions which may offer value enhancing opportunities for
shareholders.
Material business risks that may impact the results of future operations include further exploration results, future commodity
prices and funding.
7.
Significant Changes in the State of Affairs
The following significant changes in the state of affairs of the entity occurred during the financial year:
6 August 2018, Mr Peter George was appointed Chief Executive Officer.
9 November 2018, a placement to Sophisticated Investors was completed raising $450,000 through the issue of 15,000,000
shares at an offer price of $0.03.
On 6 May 2019, Tranche 1 of a placement to Sophisticated Investors was completed raising $250,000 through the issue of
10,000,000 shares at an offer price of $0.025.
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Directors’ Report
7.
Significant Changes in the State of Affairs (continued)
On 7 June 2019, Tranche 2 of a placement to Sophisticated Investors was completed raising $750,000 through the issue of
30,000,000 shares at an offer price of $0.025.
On 19 June 2019, the Company signed an Earn-In Agreement with Nord Gold SE based on the following key terms:
•
If Nordgold funds US$3.0m in aggregate expenditures prior to 18 June 2020, Nordgold can elect to make a payment
to Alicanto of US$5.0m to exercise the option under the Funding and Option Agreement (Earnin Agreement) and
acquire a 100% interest in the Arakaka Gold Project for a total contribution of US$8.0m. Nordgold may exercise its
option over Arakaka at any time during the exercise period. Should the option be exercised Alicanto Minerals will
transfer 100% of the shares held in its wholly owned subsidiary Stratagold Guyana Inc.
• Nordgold may only withdraw from the Earn-in after contributing a minimum of US$1.5m by the end of the contract
year, being 18th June 2020. Either party can terminate the agreement pending an unsuccessful remedy of a Material
Breach.
•
If Nordgold terminates the agreement and ceases to make contributions at any time during the earn-in period
Nordgold will forfeit all rights and interest to the Arakaka Gold Project.
8.
Post Balance Date Events
• On 5 July 2019, Mr Peter George exercised 500,000 unlisted options at $0.001 upon satisfaction of the vesting
conditions.
• On 29 July 2019, 13,356,158 listed options exercisable at $0.28 expiring 28 July 2019 lapsed and were subsequently
cancelled. At the same date 873 listed options were exercised at $0.28 and converted to ordinary shares.
• On 29 July 2019, 7,060,000 options with an exercise price of $0.23 expiring 28 July 2019 were cancelled and 348,0000
options with an exercise price of $0.13 expiring 31 July 2019 were cancelled.
• On 6 September 2019, A placement to sophisticated and professional investors was completed, issuing 17,500,004
ordinary shares with an issue price of $0.052 raising a total of $910,000 before costs.
There were no further events occurring after 30 June 2019.
9.
Review of Operations
Introduction
Alicanto Minerals Limited (‘Alicanto’ or ‘the Company’) (ASX: AQI) is an emerging mineral exploration company which has
existing interests in two projects in Guyana, South America and during the year, acquired two high-grade VMS projects in
Sweden. It entered an earn-in agreement with Nord Gold SE over one of its projects in Guyana, Arakaka whereby Nord may
earn up to a 100% interest in the Arakaka Project by spending US$3M on exploration within one year and paying an additional
US$5M to Alicanto.
Financial Performance and Position
The net operating loss after tax for the year ended 30 June 2019 was $3,700,020 (2018: $2,866,787). The loss for the period
includes $1,721,005 (2018: $2,123,413) in exploration and evaluation expenditure and impairment expenses of $884,186 and
share based payment expenses of $638,864 (2018: $187,866) were also recognised during the financial year. As at 30 June 2019
the Company had cash of $869,558.
Oxberg and Naverberg Projects, Sweden
In May 2019, Alicanto announced its proposed Option Agreement to acquire 100% of the Oxberg and Naverberg Projects,
located within the prolific Bergslagen Mining District of southern Sweden (Figure 1). Bergslagen hosts the world-class Garpenberg
(operated by Boliden 168.5Mt @ 3.4% Zn, 1.6% Pb, 0.3 g/t Au and 98g/t Ag) and Zinkgruvan (operated by Lundin, 46.9Mt @
9.0% Zn, 2.0% Cu, 3.6% Pb, 78.7g/t Ag) deposits.
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Directors’ Report
9.
Review of Operations (continued)
Figure 1- Oxberg-Naverberg Project Locations and key regional deposits, southern Sweden
The Naverberg project is immediately along strike from the Falun Mine, closed in 1992, which produced 28Mt of ore including
500kt of Zn @ 5.0% Zn, 400kt of Cu @ 4.0% Cu, 160kt Pb @ 2.0% Pb, 380t of Ag @ 35g/t Ag and 5t of Au @ 4.0g/t Au. The
Oxberg project lies within the same geological setting 15km to the north-west. The tenements are logistically well serviced by
the town of Falun and existing infrastructure. The tenements occupy a portion of the northern parts of the Bergslagen Volcanic
belt within the Fennoscandian shield. Paleoproterozoic belts of dominantly rhyolitic metavolcanic and metasedimentary rocks
enclosed by synvolcanic granitoid intrusions. More than 6,000 mineral deposits and prospects are known within the region with
most are hosted by marble units within the succession. The tenements cover more than 45km of strike on this prospective
marble horizon, with coincident large-scale hydrothermal alteration, similar to that seen at the major deposits in the region.
The Oxberg tenements are interpreted to overlie the stratigraphically repeated stratigraphy from Falun, folded around a large-
scale anticline.
World class strata-bound Zn-Pb-Ag (Cu-Au) and stratiform Zn-Pb-Ag-(Cu) massive sulphide deposits are the dominant economic
mineralisation style within the district. Locally the largest deposit was the Falun Mine which closed in the 1990s.
Naverberg Project Area
Alicanto has identified multiple drill-ready targets within the Naverberg project area <2km along strike west of the historic, high-
grade, Falun Mine.
Drill targets A to E are undrilled gravity anomalies defined by Golden Rim Resources (TSX) of a similar tenor to the Falun Mine
area. Targets A, B and C lie within Alicanto tenure within the 5km of untested target stratigraphy between Falun and Skyttgruvan
mine (12.3Kt Zn produced @ 38% Zn and 1.3Kt Cu, closed in 1908).
In addition to multiple undrilled mineral occurrences with surface grab samples of up to 26.1% Zn and 2.4% Cu, the Skyttgruvan
Mine, closed in 1908, represents an immediate high-grade, walk-up drill target (Target F) with no drilling conducted to test the
down plunge potential of the deposit
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Directors’ Report
9.
Review of Operations (continued)
Oxberg Project Area
Located within 15km of the Naverberg project areas, the Oxberg project represents an underexplored, folded repeat of the
prospective Falun stratigraphy. Large-scale hydrothermal alteration, similar to that found at significant deposits in the region has
been identified as well as multiple untested mineral occurrences with multiple rock chip samples up to 9.4% Zn, 11.9% Cu and
16g/t Ag collected within the project area - refer to figure 4 below. Further deposits have been discovered locally within the
mineralised trend (outside of Alicanto tenure) by previous explorers.
Alicanto geologists have identified an immediate, walk-up drill target, Target “Drill Hole #46” in the southwest of the property.
Historical drilling intersected:
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3.4m @ 2.49% Zn, 1% Pb and 11g/t Ag in OX-44
2.8m @ 4.7% Zn, 2.2% Pb and 89g/t Ag in OX-46
Down-hole electromagnetic (“EM”) surveying indicated a significant off-hole conductor at depth below significant drill intervals. If
this conductor is connected to significant drill intervals, there is sufficient scope for a significant orebody to be found in the drill
area.
Exploration Plan
Alicanto intends to explore the Oxberg and Naverberg Project Area in the next 12 months.It plans to undertake data
compilation, field mapping, and surface geochemical sampling ahead of proposed drilling in the second half of the year.
Alicanto Shareholders approved the Option Agreement to acquire 100% of the Naverberg and Oxberg projects at a general
meeting on 31 July 2019. More detail on the acquisition terms is in the Corporate section of this report.
Arakaka Gold Project, Guyana
Alicanto’s Arakaka gold project comprises more than 300km2 of permits in Guyana’s under-explored Northwest Mining District
(Figure 2), host to the Barama-Mazaruni supergroup, within one of the last and among the least explored greenstone belts across
the Guiana and West African Shields that is not yet host to substantial gold resources.
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9.
Review of Operations (continued)
Figure 2 - Summary and location of the Arakaka Gold Project and location of the Ianna Gold Project.
The Arakaka Gold Project itself has been the source of more the 1Moz of alluvial and near surface gold production within
Guyana, with a mining history that extends more than 100 years. The Project boasts good infrastructure, with an all-season road
network, daily flights to within 10km of the property boundary, and deep-water port facilities to within 15km of the property
boundary.
Through previous exploration, Alicanto identified four high-grade targets within the Arakaka Project area, which the Company
believes has the potential to host significant gold resources. Drill targeting across several prospects was enhanced with a
US$7.1m investment by Barrick Gold Corp. over the past 2 ½ years. Barrick’s investment in regional reconnaissance programs
highlighted multiple targets throughout the Arakaka Project.
Arakaka Project targets include:
Xenopsaris Target
In 2018, 1,802 metres of reconnaissance diamond drilling in 13 holes was completed at the Xenopsaris project area.
The area targeted by drilling comprised 1.2km strike length within a >17.5km long gold anomaly defined by >100ppb Au in soils.
The targeted mineralised corridor is associated with the northwest trending Gomes-Ianna structural corridor, aligning with
mineralisation drilled approximately 25km to the southeast of the Arakaka Gold Project in the Company’s 100% held Ianna Gold
Project. Better assay results include:
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6m @ 1.53g/t gold from 30m - XDD013
8.3m @ 1.15g/t gold from 9.7m - XDD023
The drilling targeted the fold closure of a high-strain, regional scale antiformal fold hinge. This structural setting is similar to
those observed at other regionally significant gold deposits within the Guiana Shield, including the 13.7Moz gold Rosebel deposit
(IAMGOLD) and 6Moz gold Merian deposit (Newmont) in neighbouring Suriname.
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9.
Review of Operations (continued)
The results are located 200m away to the SE of significant surface trench results including 22m @ 2.02g/t gold.
Previous reconnaissance drilling identified a regional scale alteration system around mineralisation with a wide zone of sericite-
ankerite-pyrite alteration proximal to mineralised intercepts. The mineralisation remains open in all directions with potential for
substantial volume and tenor increases with improved definition and refined targeting of structural controls where intersecting
preferential lithologic horizons in the fold complex at Xenopsaris.
Gomes Prospect
Trenching at Xenopsaris extended up towards the Gomes Prospect includes trenching up to 1.1km to the southeast of the
Gomes prospect. Two trenches intersected significant gold mineralisation along strike from the Gomes Prospect, where
extensions to mineralisation south of Gomes have been constrained by the lack of surface geochemical anomalism. Results of
trenching reported in June 2018 included:
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6m @ 2g/t gold within 33m @ 0.5g/t gold
6m @ 1.2g/t gold at the end of the trench – XETR031
15m @ 0.5g/t gold – XETR030
Importantly, the results of both trenches are limited by a layer of colluvium shedding off the hill to the SW that obscures surface
geochemical responses. Therefore, any further bodes of significant mineralisation are likely to be obscured in the area.
Mineralisation at Gomes and along the Xenopsaris area is associated with rheological contrasts in the vicinity of the Temberlin
Structure, so mapping of the structure and lithology through trenching and drilling will be important factors in the growth of the
Gomes prospect resource potential.
There has been limited work between the trench area and the Gomes drilling area, however drilling approximately 1km along
strike from the trench results included intercepts of:
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19.19m @ 3.4g/t gold from 65m, including, 6m @ 6.25g/t gold
17m @ 2.11g/t gold from 46m, including, 4.25m @ 6.12g/t gold
11.0m @ 3.43g/t gold from 62m
Alicanto planned further trenching to reduce the spacing of trenches were possible in context of landform and regolith setting in
the local area and refine drill targeting to identify extensions to the known mineralisation.
Arakaka Main Trend
Alicanto completed 1,265m of diamond drilling for nine holes in the Purple Heart to Concorde Prospects, reducing drill spacing
on the prospective Purple Heart Structure to approximately 750m x 200m spacing over >1.4km of strike length within the 3.2km
long mineralised corridor.
Assays from ARDD278 in the Purple Heart Area returned 48m @ 1.8g/t gold 20.5m @ 1.4g/t gold. This was 750m northeast
along strike from 13.5m @ 7.36g/t gold in historical drilling, and more recent assays included results of up to 11.95m @ 1.2g/t
gold. Mineralisation remains open to the NE along strike for >1km.
Mineralisation appears to be shallowly dipping (20o) to the NW and consists of three to four sub-parallel mineralised bodies.
At the Concorde Prospect, reconnaissance drilling on 300m spaced section lines intersected:
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18m @ 1.63g/t gold from 3m in ARDD267 including 9.35m @ 2.71g/t gold
9.72m @ 1.44g/t gold from 159m 5.1m @ 3.97g/t gold from 71m in ARDD015
2.1m @ 1.48g/t gold from 50.1m in ARDD257 with visible gold
1.7m @ 1.7g/t gold from 77.5m in ARDD256 with visible gold 7m @ 0.55g/t gold from 116m in ARDD254
Alicanto’s work on the Arakaka Main Trend prospects in 2019 focused on integrating datasets ahead of a target ranking exercise
to plan future drilling targeting high-grade shoots within the identified >3.2km of mineralised structure.
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Directors’ Report
9.
Review of Operations (continued)
Eyelash Prospect
The highly prospective Eyelash prospect has generated some of the highest-grade samples from high density veining at surface,
and from numerous underground artisanal workings in the area. It generated surface and underground adit samples of 2m @
33.4g/t gold, 0.6m @ 68.4g/t gold, 10m @ 2.6g/t gold, and 26.5g/t gold in rock chipping.
In 2019, Alicanto planned low cost exploration at Eyelash to focus on the relogging of diamond drill core and the 3D integration
of geological datasets.
Nord Gold Earn-in Agreement
In June 2019, Alicanto announced Nord Gold SE had entered into an Earn-in Agreement whereby Alicanto granted Nordgold the
exclusive right to acquire a 100% interest in the Arakaka Gold Project by:
(i) Sole funding US$3,000,000 in exploration expenditure within a one year earn-in period, and
(ii) At completion of the earn-in period, paying an additional US$5,000,000 to Alicanto (“Earn-in Right”).
Alicanto is to remain operator during the first 12 months of the agreement, overseeing anticipated exploration expenditure of up
to US$3.0m, with Nordgold required to spend a minimum of US$1.5m. This exploration commenced in August 2019.
If Nordgold terminates the agreement and ceases to make contributions at any time during the earn-in period Nordgold will
forfeit all rights and interest to the Arakaka Gold Project. See Corporate section for terms of the agreement.
Ianna Gold Project, Guyana
The Ianna Gold Project is in Guyana Northwest Mining District (Figure 2), less than 25km southeast from the Arakaka Main
Trend and Xenopsaris targets located within the Arakaka Gold Project.
At Ianna, acquisition and expansion of the project pulled together three discrete corridors of mineralisation, each with strong
evidence for a system potentially capable of multi-million-ounce gold resources. Completion of maiden drill tests at Ianna
identified high-grade vein gold mineralisation within the extensive hydrothermal alteration associated with significant gold assays
in previously reported assays at each of four drilled target areas representing over 12km of strike extent potential across three
mineralised structural trends within the 114km2 Ianna Project Area.
Two of the mineralised trends are host to historical drilling associated with extensive surface geochemical survey work, including
over 12,400m of Reverse Circulation and 926m of Diamond drilling. The historical drilling covers limited strike extent to shallow
depth, with ~95% of drilling testing less than 50m below surface and a significant proportion of holes ending in mineralisation.
During the year, Alicanto received assay results for the final four holes totalling 780m of diamond drilling. This completed 2,600m
of initial drill tests across several targets at Ianna.
The results identified high-grade vein gold mineralisation within the extensive hydrothermal alteration associated with significant
gold assays in previously reported assays. The high-grade vein intercepts occur at both the Eastern Extension target, and at the
southern extent of the Ianna Main intrusion. Results suggested potential for high-grade shoots of mineralisation associated with
the broad zones of bulk tonnage style mineralisation identified at each of the target areas assessed. Results from these areas
included:
Ianna Main Intrusion
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50m @ 2.47g/t gold at End of Hole
14m @ 4.27g/t gold
12m @ 3.84g/t gold
1.8m @ 10.7g/t gold from 43.3m
Eastern Extension Trend
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16.1m @ 1.4g/t gold at end of hole
26.5g/t gold over 0.5m
6m @ 6.9g/t gold in trenching
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Directors’ Report
9.
Review of Operations (continued)
Kings Ransom Trend
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12m @ 3.99g/t gold in RC
20m @ 6.75g/t gold and 22m @ 1.9g/t gold in trenching.
Results of Alicanto’s initial drilling across five target areas confirmed extensive and pervasive alteration encountered that are
typical of a large-scale mineralised system, and the occurrence of visible gold and high-grade niche grades within the mineralised
zones indicate potential for increasing volumes of higher grade material with further definition of the geometry of the intrusive
body and structural complexities associated with that favourable lithologic feature.
The broad zones of mineralisation identified provide considerable support to aggressively expand exploration activities into other
prospects within the Project area with the potential to add further tenements within the Project perimeter in accordance with
the option and acquisition arrangement announced 8 November 2016.
The Project has excellent infrastructure, including existing camp facilities, an existing airstrip and river port landing on the
property, and can be accessed by road from the Arakaka Project area.
Corporate
Terms of Agreement for Swedish Projects Acquisition.
The Company entered into an Option and Share Sale Agreement with the vendors of Zaffer (Australia) Pty Ltd (Zaffer), a private
Australian company holds 100% of the Oxberg and Naverberg Projects.
From shareholder approval on 31 July 2019, the Company has up to six months to spend up to A$500,000 on the Oxberg and
Naverberg Projects and determine whether it will exercise the option. The Company will control the exploration programs to be
undertaken during the six-month option period.
If the Company elects to exercise the option, the consideration to be paid to Zaffer vendors by Alicanto is:
1. The issue by the Company of 30,000,000 fully paid ordinary Company shares (subject to shareholder approval) to be
distributed to Zaffer vendors equally (all to be escrowed for a period of 12 months following the date of issue, whether
voluntarily or under the Listing Rules) (Consideration Shares); and
2. a 2.5% net smelter return royalty payable by the Company to the Zaffer vendors (to be distributed to Zaffer vendors
equally) on the sale of all metal recovered from the tenements, which is the subject of a separate royalty agreement.
Two of the five vendors of Zaffer are parties to whom Listing Rule 10.1 applies – Hamish Halliday (Non-Executive Director) and
Mr Peter George (Chief Executive Officer).
Alicanto convened a meeting of shareholders on 31 July 2019 whereby shareholders approved the acquisition.
Terms of Agreement with Nord Gold over Arakaka Project
If Nordgold funds US$3.0m in aggregate expenditures prior to 18 June 2020, Nordgold can elect to make a payment to Alicanto
of US$5.0m to exercise the option under the Funding and Option Agreement (Earn in Agreement) and acquire a 100% interest in
the Arakaka Gold Project for a total contribution of US$8.0m. Nordgold may exercise its option over Arakaka at any time during
the exercise period. Should the option be exercised Alicanto Minerals will transfer 100% of the shares held in its wholly owned
subsidiary Stratagold Guyana Inc.
Nordgold may only withdraw from the Earn-in after contributing a minimum of US$1.5m by the end of the contract year, being
18th June 2020. Either party can terminate the agreement pending an unsuccessful remedy of a Material Breach.
If Nordgold terminates the agreement and ceases to make contributions at any time during the earn-in period Nordgold will
forfeit all rights and interest to the Arakaka Gold Project.
While Alicanto is the operator, it will receive 5% of the approved annual exploration expenditure towards overheads while
utilising the Company’s highly experienced technical team to manage exploration.
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9.
Review of Operations (continued)
Capital Raising
On 5 November 2018, a placement to Sophisticated Investors was completed raising $450,000 through the issue of 15,000,000
shares at an offer price of $0.03 pursuant to ASX Listing Rule 7.1.
In May, the Company received commitments to raise $1 million fully underwritten by Patersons Securities Limited to fund its
acquisition of the Swedish projects and ongoing exploration and working capital via a two-tranche placement:
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Tranche 1, the issue of 10,000,000 ordinary shares at $0.025 per share to raise total gross proceeds of $250,000 was
completed on 6 May 2019, made under the Company’s 10% capacity, pursuant to ASX Listing Rule 7.1A.
Tranche 2, the issue of 30,000,000 ordinary shares at $0.025 per share to raise total gross proceeds of up to $750,000,
was completed on 7 June 2019 after shareholders approved it at a General Meeting on 4 June 2019.
Cost Saving Measures
Alicanto’s Board of Directors agreed to a 50% reduction on Board Fees commencing 1 October 2018, later increased to up to a
75% reduction, in its ongoing efforts to reduce cash burn. In addition, the CEO agreed to a 20% salary reduction from 1 April
2019.
Alicanto implemented other cost saving initiatives in Guyana and Australia.
Mineral Resource Estimation
As at 30 June 2019, Alicanto has not completed sufficient work to warrant mineral resource estimation and has no Mineral
Resource holdings for its project areas located in Guyana, resulting in a 0% increase over the previous years reported resource
holdings.
Alicanto has adopted the following governance arrangements and internal controls for the preparation of mineral resource
estimations for the Company to ensure any Mineral Resource or Ore Reserve estimations prepared by Alicanto are reported in
accordance with the principles of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves, 2012 edition (JORC Code) and ASX Listing Rules.
Exploration activity and material results acquired in support of Mineral Resource estimation is subject to regular internal review
to confirm and compile exploration results on a continuous basis for disclosure to shareholders in accordance with ASX listing
rule 5.7 and in accordance with requirements of the JORC Code. Compilation of exploration results is completed or overseen
by Alicanto personnel that meet the requirements of a Competent Person in accordance with the principles of the JORC Code.
Any documentation for the estimation of Mineral Resources or Ore Reserve must be prepared or overseen by a Competent
Person in accordance with the principles of the JORC Code involving either Company personnel or an Independent Competent
Person as deemed appropriate by Company management, with reporting of final documentation prepared in accordance with
ASX listing rule(s) 5.8 and/or 5.9 as relevant to the consideration of modifying factors used in the estimation process.
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Directors’ Report
10.
Likely Developments and Expected Results of Operations
The Consolidated Entity will continue its mineral exploration activity at and around its exploration projects with the object of
identifying commercial resources. Material business risks that may impact the results of future operations include further
exploration results, future commodity prices and funding.
Further information on likely developments in the operations of the Company and the expected results of operations have not
been included in the Annual Report because the Directors believe it would be likely to result in unreasonable prejudice to the
Group.
11. Environmental Regulation
The Company is aware of its environmental obligations with regards to its exploration activities and ensures that it complies with
all appropriate regulations when carrying out any exploration work.
12.
Information on Directors, Officers and Company Secretary
Didier Murcia AM Non-Executive Chairman- appointed 30 May 2012
Qualifications
Experience
LLB, BJuris
Mr Murcia holds a Bachelor of Jurisprudence and Bachelor of Laws from the University of Western
Australia, and has over thirty years’ experience in corporate, commercial and resource law. Mr Murcia
is Non-Executive Chairman of Strandline Resources Limited and Non-Executive Chairman of
Centaurus Metals Limited, both of which are listed on the Australian Securities Exchange. He is also
Chairman of Perth law firm Murcia Pestell Hillard and the Honorary Consul for the United Republic of
Tanzania.
Interest in Securities
In January 2014, Mr Murcia was made a Member of the Order of Australia in recognition of his
significant service to the international community.
Fully Paid Ordinary Shares
0.1 cent Options expiring 30 April 2021
522,500
750,000
Other Directorships Centaurus Metals Limited (since 16 April 2009)
Strandline Resources Limited (since 23 October 2014)
Peter George
Qualifications
Experience
Interest in Securities
Travis
Schwertfeger
Qualifications
Experience
Interest in Securities
Chief Executive Officer – appointed 6 August 2018
BEng (Mining)(WASM)
Mr George has a background in company, project and operations management with over 20 years
experience in gold, iron-ore, lithium, nickel, zinc, copper and other base metals projects across
Australia and Europe, having worked with major resources companies, mining contractors/consultants
and small to mid-cap miners. Most recently, Mr George held the role of Project Resident Manager at
Mineral Resources Limited, where he was responsible for bringing the 200Mt+ Wodgina Lithium DSO
operation into production within 49 days.
Prior to Mineral Resources Limited, Mr George was Chief Operations Officer at Keras Resources
(AIM) and was responsible for all operational aspects of the company including the rapid progress
of multiple gold projects through the feasibility and approvals process and then into production. Mr
George is a member of the Australasian Institute of Mining and Metallurgy, Graduate of the Australian
Institute of Company Directors and holds a WA First Class Mine Managers Certificate of Competency.
500,000 ordinary shares
500,000 0.1 cent Options expiring 6 August 2021
Non-Executive Director – appointed 26 June 2018 (previously Managing Director since
September 2014 )
BSc Geological Engineering, MSc Ore Deposit Geology and Evaluation, MAIG
Mr Schwertfeger has over 20 years global industry experience as a geologist with positions in
exploration, production, geology, business development and project valuation. He previously held
senior technical roles with Newmont Mining Corporation and has worked on projects located in South
America, West Africa and Australia with similar deposit style Alicanto’s Guyanese Projects. Mr
Schwertfeger also has extensive corporate and management experience in both ASX and TSX-V listed
mineral resource companies through previous Managing Director/CEO and corporate VP roles.
Fully Paid Ordinary Shares
2,400,000
Other Directorships
Exore Resources Limited (since 19 August 2019)
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Directors’ Report
12.
Information on Directors, Officers and Company Secretary (continued)
Hamish Halliday
Qualifications
Experience
Interest in Securities
Other Directorships
Non-Executive Director - appointed 17 March 2016
BSc (Geology), MAusIMM
Mr Halliday is a Geologist with a Bachelor of Science from the University of Canterbury and has over
20 years of corporate and technical experience in the mining industry. Mr Halliday has been involved in
the discovery and acquisition of numerous projects over a range of commodities throughout four
continents. Mr Halliday has founded and held executive and non-executive directorships with a
number of successful listed exploration companies including Venture Minerals Limited and Adamus
Resources Limited (‘Adamus’). He was CEO of Adamus from its inception through to successful
completion of a feasibility study on its gold project in Ghana which is now in production.
Fully Paid Ordinary Shares
0.1 cent Options expiring 30 April 2021
Venture Minerals Limited (since 30 January 2008)
Comet Resources Limited (since 16 December 2014)
Blackstone Minerals Limited (since 30 August 2016)
5,825,000
1,000,000
Company Secretary and Chief Financial Officer
Jamie Byrde BCom CA
Appointed - 16 March 2017
Mr Byrde is a Chartered Accountant with over 15 years’ experience in corporate, capital raisings, acquisitions and company
secretarial matters. Previously Mr Byrde has held positions providing corporate advisory services, financial accounting/reporting
and ASX/ASIC compliance management. Mr Byrde is also currently Company Secretary for Blackstone Minerals Limited and
Venture Minerals Limited.
13. Audited Remuneration Report
The Directors are pleased to present your Company’s 2019 remuneration report which sets out remuneration information for
Alicanto Minerals Limited’s non-executive directors, executive directors and other key management personnel.
The remuneration report is set out under the following headings:
A. Directors and key management personnel disclosed in this report;
B. Remuneration governance;
C. Use of remuneration consultants;
D. Executive remuneration policy and framework;
E. Group Performance, Shareholder Wealth and Executive Remuneration
F. Non-Executive Director remuneration policy;
G. Voting and comments made at the Company’s 2018 Annual General Meeting;
H. Details of remuneration;
I. Details of share based compensation and bonuses;
J.
K. Equity instruments held by key management personnel;
L. Loans to key management personnel;
M. Other transaction with key management personnel.
Service agreements;
A. Directors and key management personnel disclosed in this report
This report details the nature and amount of remuneration for all key management personnel of Alicanto Minerals Limited and its
subsidiaries. The information provided within this remuneration report has been audited as required by section 308(C) of the
Corporations Act 2001. The Individuals included in this report are:
Non-Executive Directors
Mr D Murcia
Mr H Halliday
Mr T Schwertfeger
Non-Executive Chairman
Non-Executive Director
Non-Executive Director
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Directors’ Report
13. Audited Remuneration Report (continued)
A. Directors and key management personnel disclosed in this report (continued)
Other Key Management Personnel
Mr P George
Mr J Byrde
Chief Executive Officer (appointed 6 August 2018)
Company Secretary and Chief Financial Officer
B.
Remuneration Governance
The role of a Remuneration Committee is to assist the Board in fulfilling its responsibilities in respect of establishing appropriate
remuneration levels and incentive policies for employees.
As the whole Board only consists of three (3) members, the Company does not have a remuneration committee and therefore
the full board acts as the remuneration committee. The Board has established a broad remuneration policy which is consistent
with the Company’s business objectives and designed to attract and retain high calibre individuals, align key management
personnel remuneration with the creation of shareholder value and motivate executives to achieve challenging performance
levels.
The business and operational environment of the Company is dynamic and ever changing and so too is the remuneration policies.
As such the broader remuneration policies, whilst currently under specific and detailed review, are by nature, always under
consideration by the Board.
Further information relating to the role of the Board and its responsibilities in relation to remuneration policies can be found
the Company’s website
within
http://www.alicantominerals.com.au/index.php/corporate-profile/corporate-governance.
the Corporate Governance Statement which
inspection on
is available
for
C. Use of remuneration consultants
The Company has not engaged or contracted remuneration consultants during the financial year.
D. Executive remuneration policy and framework
Remuneration Policy
The remuneration policy of Alicanto Minerals Limited has been designed to align executives’ objectives with shareholder and
business objectives by providing both fixed and discretionary remuneration components which are assessed on an annual basis in
line with market rates. By providing components of remuneration that are indirectly linked to share price appreciation (in the
form of options), executive, business and shareholder objectives are indirectly aligned. The board of Alicanto Minerals Limited
believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best directors to run and
manage the Company, as well as create goal congruence between Directors and Shareholders.
In determining competitive remuneration rates, the Board review local and international trends among comparative companies
and industry generally. It examines terms and conditions for employee incentive schemes, benefit plans and share plans.
Independent data is sourced to ensure that the company’s remuneration levels fall within the 50th to 75th percentile of
companies in a similar industry group and with a similar market capitalisation. These ongoing reviews are performed to confirm
that executive remuneration is in line with market practice and is reasonable in the context of Australian executive reward
practices.
The Board also ensures that the mix of executive compensation between fixed, variable, long-term, short-term and cash versus
equity is appropriate. The Company endeavours to reduce cash expenditure by providing a greater proportion of compensation
in the form of equity instruments. This allows cash-flows to be directed towards exploration programs with a view to improving
the quality of our projects.
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Directors’ Report
13. Audited Remuneration Report (continued)
D.
Executive remuneration policy and framework (continued)
Fixed Remuneration
All executives receive a base cash salary which is based on factors such as length of service and experience as well as other fringe
benefits. All applicable executives also receive a superannuation guarantee contribution required by the government, which is
currently 9.5% and do not receive any other retirement benefits.
Short-term Incentives (STI)
Under the Company’s current remuneration policy, executives can from time to time receive short-term incentives in the form
of cash bonuses. The Board can use its discretion when paying bonuses, however they have currently determined relevant
industry key performance targets such as, definition and growth of existing resources, targets and on-going Executive loyalty to
the Company. The Board believes that the criteria of eligibility for short-term incentives appropriately aligns shareholder wealth
and executive remuneration as the completion of key performance targets have the potential to increase share price growth.
There were no cash bonuses paid out in the current financial year.
Long-term Incentives (LTI)
Executives are encouraged by the Board to hold shares in the Company and it is therefore the objective of the Company’s option
scheme to provide an incentive for participants to partake in the future growth of the company and, upon becoming shareholders
in the Company, to participate in the Company’s profits and dividends that may be realised in future years.
The Board considers that this equity performance linked remuneration structure is effective in aligning the long-term interests of
group executives and shareholders as there exists a direct correlation between shareholder wealth and executive remuneration.
E. Group Performance, Shareholder Wealth and Executive Remuneration
The remuneration policy has been tailored to increase goal congruence between shareholders directors and executives. This has
been achieved by the issue of performance options to directors, executives and other key management personnel, at the
discretion of the Board of Directors. The performance options are issued under the Employee Incentive Scheme and based on a
mixture of short, medium and long-term incentive options. This structure rewards executives for both short-term and long-term
shareholder wealth development.
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Directors’ Report
13. Audited Remuneration Report (continued)
F. Non-Executive Director remuneration policy
The Boards policy is to remunerate non-executive directors at market rates for comparable companies for time, commitment
and responsibilities. Fees for non-executive directors are not linked to the performance of the group.
Typically, the Company will compare non-executive remuneration to companies with similar market capitalisations in the
exploration and resource development business group. These ongoing reviews are performed to confirm that non-executive
remuneration is in line with market practice and is reasonable in the context of Australian executive reward practices.
Further to ongoing reviews, the maximum aggregate amount of fees that can be paid to non-executive directors is currently
$500,000 as per the Company’s constitution. No change is being requested for approval by shareholders at the Annual General
Meeting. In addition to director fees, the Directors were issued options during the current financial year, which were approved
by shareholders at the shareholder meetings held during the period. Options were issued to non-executives as they provide an
indirect mechanism of aligning shareholder wealth and non-executive director remuneration.
The remuneration policy, setting the terms and conditions for the non-executive directors was developed and approved by the
Board. In determining competitive remuneration rates, the Board reviews local and international trends among comparative
companies and industry generally. Reviews are performed to confirm that executive remuneration is in line with market practice
and is reasonable in the context of Australian non-executive reward practices.
G. Voting and comments made at the Company’s 2018 Annual General Meeting
The Company received 91% of “Yes” votes on its remuneration report for the 2018 financial year (2017: 100%). The Company
did not receive any specific feedback at the AGM or throughout the year on its remuneration practices.
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Directors’ Report
13. Audited Remuneration Report (continued)
H. Details of Remuneration
The Key Management Personnel of Alicanto Minerals Limited for the year ending 30 June 2019 are set out in the table below.
There have been no changes to the below named key management personnel since the end of the reporting period unless noted.
Mr Peter George was appointed as Chief Executive Officer of the Company on 6 August 2018.
Short-Term Employee Benefits
Post
Employment
Securities
Total
2019
Non-Executive Directors
Mr D Murcia
Mr H Halliday
Mr T Schwertfeger1
Other Key Management
Personnel
Mr P George2
Mr J Byrde
Total Remuneration
Cash
Salary &
Fees
$
36,135
20,000
81,685
204,273
57,137
399,230
Incentives
$
-
-
-
-
-
-
Consulting
fees
$
Other
Amounts
$
Super-
annuation
$
Options3
$
-
-
-
$
38,793
54,824
93,243
-
19,406
-
23,064
18,493
249,401
78,288
32,166
8,900
-
-
2,658
2,658
2,658
2,658
2,658
41,066
13,290
19,406
41,557
514,549
1: Mr Schwertfeger resigned 26 June 2018 as Managing Director and appointed as Non-Executive Director. Includes Annual Leave entitlements for period as
Managing Director.
2: Mr George was appointed as Chief Executive Officer on 6 August 2018.
3: The fair value of the options is calculated at the date of grant using a Black-Scholes model, refer to Section I for further details of options issued in the June
2018 and 2019 financial year
Short-Term Employee Benefits
Post
Employment
Securities
Total
2018
Non-Executive Directors
Mr D Murcia
Mr H Halliday
Executive Directors
Mr T Schwertfeger1
Other Key Management
Personnel
Mr M Harden2
Mr J Byrde
Cash
Salary &
Fees
$
64,331
20,000
265,765
238,776
50,000
Incentives
$
-
-
-
-
-
-
-
-
Consulting
fees
$
Other
Amounts
$
Super-
annuation
$
-
79,651
2,691
2,691
-
-
2,691
25,248
Options3
$
-
-
-
$
67,022
102,342
293,704
-
2,691
-
4,750
130,904
22,377
369,680
79,818
Total Remuneration
10,764
1: Mr Schwertfeger resigned 26 June 2018 as Managing Director and appointed as Non-Executive Director.
2: Mr Harden resigned as Chief Geologist on 15 June 2018 and was engaged as a Geological Consultant. Remuneration is inclusive of annual leave paid on
638,872
153,281
29,998
912,566
-
79,651
resignation.
3: The fair value of the options is calculated at the date of grant using a Black-Scholes model, refer to Section I for further details of options issued in the June
2018 and 2019 financial year
I. Details of share-based compensation and bonuses
Options are issued to directors and executives as part of their remuneration. The options are not always issued based on
performance criteria and in the instances, they are not, they are issued to the majority of directors and executives of Alicanto
Minerals Limited to increase goal congruence between executives, directors and shareholders.
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Directors’ Report
13.
Audited Remuneration Report (continued)
I.
Details of share-based compensation and bonuses (continued)
Options issued – 30 June 2019
There were 1,000,000 unlisted options issued to Other Key Management Personnel for incentive options issued under the
Employee Incentive Scheme. The options vest upon achievement of performance-based milestones as follows:
i) 50% of the options shall vest upon achieving an earn-in, joint venture or similar transaction in relation to it’s Guyana
Projects.
ii) 50% subject to the employee remaining with the company for 24 months.
Further details of options issued to Directors and key management personnel are as follows:
Granted No.
Fair Value at Gant
Date
$
Total
Remuneration
Represented by
Options
Exercised No.
Other changes
No.
Lapsed
No.
2019
Non-Executive Directors
Mr D Murcia
Mr H Halliday
Mr T Schwertfeger1
Other Key Management Personnel
-
-
-
-
-
-
-
-
-
-
-
-
Mr P George2
Mr J Byrde
1,000,000
-
23,064
18,493
9%
24%
-
(300,000)
2018
Non-Executive Directors
Mr D Murcia
Mr H Halliday
Executive Director
Mr T Schwertfeger1
-
-
-
-
-
-
-
-
-
-
-
-
Other Key Management Personnel
Mr M Harden
Mr J Byrde
-
600,000
-
40,871
35%
28%
(900,000)
-
1: Mr Schwertfeger resigned as Managing Director 26 June 2018 and appointed Non-Executive Director.
2: Mr George was appointed as Chief Executive Officer on 6 August 2018.
3: The options exercised of 300,000 were part of the 600,000 options granted in prior year.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(300,000)
-
-
-
-
-
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Directors’ Report
13. Audited Remuneration Report (continued)
I.
Details of share-based compensation and bonuses (continued)
Grant Date
Expiry Date
% Vested in Year
Exercise Price Number of Options
2019
Non-Executive Directors
Mr D Murcia
Mr H Halliday
Mr T Schwertfeger
-
-
-
-
Other Key Management Personnel
Mr P George
Mr J Byrde
19 Oct 18
20 Dec 17
6 Aug 21
30 Apr 21
2018
Non-Executive Directors
Mr D Murcia
Mr H Halliday
Executive Director
Mr T Schwertfeger
-
-
-
-
-
-
Other Key Management Personnel
Mr M Harden
Mr J Byrde
Mr J Byrde
-
20 Dec 17
20 Dec 17
-
30 Apr 21
28 Jul 19
-
-
50%
100%
-
-
-
-
0%
100%
-
-
-
-
$0.001
$0.001
1,000,000
300,000
-
-
-
-
-
-
-
$0.001
$0.23
-
300,000
300,000
The value at grant date is calculated in accordance with AASB2 Share Based Payments utilising the Black Scholes Methodology.
The following factors and assumptions were used in determining the fair value of options issued to key management personnel on
grant date:
Grant
Date
Expiry
Date
Exercise
Price
Fair Value
Per Option
Price of
Shares on
Grant Date
Estimated
Volatility
Risk Free
Interest Rate
Dividend
Yield
2019
19 Oct 18
6 Aug 21
$0.001
$0.0341
$0.035
85%
2.08%
0%
2018
20 Dec 17
20 Dec 17
28 Jul 19
30 Apr 21
$0.23
$0.001
$0.029
$0.107
$0.135
$0.135
85%
85%
1.94%
2.17%
0%
0%
Historical volatility has been the basis for determining expected share price volatility as it assumed that this is indicative of future
tender, which may not eventuate. The life of the options is based on historical exercise patterns, which may not eventuate in the
future.
J.
Services Agreements
Remuneration and other key terms of employment for the Executives, Non-Executives and Other Executives of Alicanto
Minerals Limited are formalised in executive service agreements. Major provisions of the agreements relating to remuneration
are set out below:
Mr D Murcia, Non-executive Chairman
Term of Agreement – unspecified.
Normal Base fee of $60,000 exclusive of superannuation.
From 1 July 2018 a voluntary fee reduction of 30% to 31 October 2018 reduced to $45,990
From 1 November 2018 to 30 June 2018 reduced to $32,850.
Eligible to participate in the Company’s Employee Incentive Scheme.
No termination benefit under any circumstances.
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Directors’ Report
13. Audited Remuneration Report (continued)
J.
Services Agreements (continued)
Mr P George, Chief Executive Officer (appointed 6 August 2018)
Term of Agreement – unspecified
Base salary of $262,800 inclusive of superannuation. From 1 June 2019, Mr George accepted a voluntary reduction to a
Base salary of $219,000 inclusive of superannuation.
Payment of a termination benefit on early termination by the company, other than for gross misconduct, equal to 12
weeks base fee, being payment in lieu of the specified termination notice period.
Eligible to participate in the Company’s Employee Incentive Scheme.
Mr H Halliday, Non-executive Director
Term of Agreement – unspecified.
Base fee of $20,000 Non-Executive Director and $80,000 Management Consultant inclusive of superannuation.
From 1 July 2018, a voluntary reduction of 30% is in place for a total base fee of $70,000.
From 1 November 2018, this reduced to $50,000
From 1 May 2019 this reduced down to $24,000.
Eligible to participate in the Company’s Employee Incentive Scheme.
No termination benefit under any circumstances.
Mr T Schwertfeger, Non Executive Director
Non-Executive Director is on a base fee of $36,000 per annum inclusive of superannuation is payable
From 1 October 2018, a voluntary reduction was accepted for a total fee of $30,000.
Consulting fee of $500 per day as required.
Eligible to participate in the Company’s Employee Incentive Scheme.
No termination benefit under any circumstances.
Mr J Byrde, Company Secretary
Term of Agreement – Agreement is held with related entity and charged on an even proportion across three related
entities.
Base fee of $65,700 inclusive of Superannuation from 15 June 2019 (previously $54,750)
Payment of a termination benefit on early termination by the company, other than for gross misconduct, equal to 3
months base fee, being payment in lieu of the specified termination notice period.
Eligible to participate in the Company’s Employee Incentive Scheme.
K.
Equity instruments held by key management personnel
The tables on following page show the number of:
(i) Shares in the company; and
(ii) Options over ordinary shares in the Company
That were held during the financial year by key management personnel of the group, including their close family members and
entities that relate to them. During the period, no shares were issued to employees. There were no further shares granted
during the reporting period as compensation.
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Directors’ Report
13. Audited Remuneration Report (continued)
K.
Equity instruments held by key management personal (continued)
Shares
Balance
at the start of the year
Received on exercise
of options
Other changes
Balance at the end of
the year
2019
Directors of Alicanto Minerals Limited
Mr D Murcia
Mr T Schwertfeger
Mr H Halliday
Other key management personnel
Mr P George1
Mr J Byrde
2018
Directors of Alicanto Minerals Limited
Mr D Murcia
Mr T Schwertfeger
Mr H Halliday
Other key management personnel
Mr M Harden2
Mr J Byrde
1: Mr P George appointed 6 August 2018
2. Mr M Harden resigned 15 June 2018.
522,500
300,000
5,825,000
-
-
520,000
200,000
5,665,000
766,650
-
-
2,000,000
-
-
300,000
-
-
-
-
-
-
-
-
2,500
100,000
160,000
1,500,000
-
(2,266,650)
-
522,500
2,300,000
5,825,000
-
300,000
522,500
300,000
5,825,000
-
-
Unlisted options
Balance
at start of
the year
Granted as
remuneration
Exercised
Other
changes
Balance at
end of the
year
Vested and
exercisable
2019
Directors of Alicanto Minerals Limited
Mr D Murcia
Mr T Schwertfeger
Mr H Halliday
1,500,000
3,500,000
3,500,000
Other key management personnel
-
-
-
-
(2,000,000)
-
(750,000)
(1,500,000)
(2,500,000)
750,000
-
1,000,000
750,000
-
1,000,000
Mr P George
Mr J Byrde
-
700,000
1,000,000
-
-
(300,000)
-
(100,000)
1,000,000
300,000
500,000
300,000
2018
Directors of Alicanto Minerals Limited
Mr D Murcia
Mr T Schwertfeger
Mr H Halliday
Other key management personnel
Mr M Harden1
Mr J Byrde
1. Mr M Harden resigned 15 June 2018.
1,500,000
3,500,000
3,500,000
2,250,000
100,000
-
-
-
-
600,000
-
-
-
-
-
-
-
-
1,500,000
3,500,000
3,500,000
1,500,000
3,500,000
3,500,000
(1,500,000)
-
750,000
700,000
750,000
400,000
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Directors’ Report
13. Audited Remuneration Report (continued)
K.
Equity instruments held by key management personal (continued)
Listed Options ($0.28,
28 July 2018)
Balance
at start of
the year
2019
Directors of Alicanto Minerals Limited
Mr D Murcia
Mr T Schwertfeger
Mr H Halliday
Other key management personnel
Mr P George
Mr M Harden
Mr J Byrde
1,250
50,000
75,000
-
62,500
-
2018
Directors of Alicanto Minerals Limited
Mr D Murcia
Mr T Schwertfeger
Mr H Halliday
Other key management personnel
Mr M Harden
Mr J Byrde
-
-
-
-
-
Granted as
remuneration
Exercised
Other
changes
Balance at
end of the
year
Vested and
exercisable
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(62,500)
-
1,250
50,000
75,000
62,500
-
1,250
50,000
75,000
-
-
-
1,250
50,000
75,000
62,500
-
1,250
50,000
75,000
-
-
-
1,250
50,000
75,000
62,500
-
L.
Loans to key management personnel
There were no loans made to directors of Alicanto Minerals Limited and other key management personnel of the group,
including their close family members or entities related to them
M. Other transactions with key management personnel
Mr D Murcia is a Director of Murcia Pestell Hillard a company which provides legal services on normal commercial terms and
conditions. Mr H Halliday is a Non-Executive Director of Venture Minerals Limited and Blackstone Minerals which shares office
and administration service costs on normal commercial terms and conditions.
Recharges from Director related entities:
Recharge of costs by Venture Minerals Limited
Recharge of costs by Blackstone Minerals Limited
Purchases from Director related entities
Purchases for legal services from Murcia Pestell Hilliard Lawyers
Consolidated
2019
$
41,500
127,500
2018
$
50,805
155,481
19,071
33,173
Outstanding balances arising from recharges/purchases with Director Related Parties:
Current payables
23,058
22,410
End of Remuneration Report.
14. Shares under Option
Unissued ordinary shares of Alicanto Minerals Limited under option at the date of this report are as follows:
Date Options Granted
25 May 16
19 Oct 18
15 Mar 19
17 Jun 19
Expiry Date
30 Apr 21
6 Aug 21
14 Mar 24
23 Jun 23
Exercise Price
$0.001
$0.001
$0.03
$0.065
Number under Option
1,750,000
500,000
5,000,000
24,000,000
No option holder has any right under the options to participate in any other share issue of the Company or any other entity.
Alicanto Minerals Limited | 23
A L I C A N T OM I N E R A L S L I M I T E D
Directors’ Report
15. Proceedings on behalf of the Company
No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to
which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of these
proceedings. The Company was not a party to any such proceedings during the year.
16. Meetings of Directors
The number of Directors' meetings held during the financial year that each Director who held office during the financial year was
eligible to attend and the number of meetings attended by each Director were:
Director
Mr D Murcia
Mr T Schwertfeger
Mr H Halliday
17.
Insurance of Officers
Directors Meetings
Number Eligible
to Attend
6
6
6
Meetings
Attended
6
6
6
Alicanto Minerals Limited has paid a premium of $13,290 (2018: $10,764) to insure the directors and secretary of the Company
and its controlled entities. The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings
that may be brought against the officers in their capacity as officers of entities in the group, and any other payments arising from
liabilities incurred by the officers in connection with such proceedings. This does not include such liabilities that arise from
conduct involving a wilful breach of duty by the officers or the improper use by the officers of their position or of information to
gain advantage for themselves or someone else or to cause detriment to the company.
18. Auditors Independent Declaration and Non-Audit Services
The lead auditor’s independence declaration for the year ended 30 June 2019 has been received and can be found on page 26 of
the Directors’ report.
The Company engaged Stanton International Securities a related practice to provide an Independent Experts Report relating to
the acquisition of Zaffer (Australia) Pty Ltd for a fee of $24,000 (2018: Nil). The Board of Directors has considered the position
and are satisfied that the provision of the non-audit services is compatible with the general standard of independence for auditors
imposed by the Corporations Act 2001. The Directors are satisfied that the provision of non-audit services by the auditor, as set
out below, did not compromise the auditor independence requirements of the Corporations Act 2001 for the following reasons:
a. all non-audit services have been reviewed by the Board to ensure they do not impact the impartiality and objectivity of the
auditor
b. none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of
Ethics for Professional Accountants.
The Auditor’s audit remuneration is disclosed in Note 5.
Alicanto Minerals Limited | 24
A L I C A N T OM I N E R A L S L I M I T E D
Directors’ Report
Signed in accordance with a resolution of the Board of Directors.
Didier Murcia
Non-Executive Chairman
Perth Western Australia, 25 September 2019
Competent Persons Statement
The information in this report that relates to Exploration Results is based on information compiled by Mr Marcus Harden, a Competent Person who is a Member of The Australian
Institute of Geoscientists. Mr Harden is a consultant for the company. Mr Harden has sufficient experience that is relevant to the style of mineralisation and type of deposits under
consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves’. Mr Harden consents to their inclusion in the report of the matters based on his information in the form and context in which it appears.
No New Information or Data
This annual report contains references to Exploration Results and Exploration Targets, all of which have been cross referenced to previous market announcements made by the
Company. The Company confirms that it is not aware of any new information or data that materially effects the information in the said announcement. In the case of estimates of
Mineral Resources all assumptions and technical parameters underpinning the estimates have not materially changed.
Alicanto Minerals Limited | 25
A L I C A N T OM I N E R A L S L I M I T E D
PO Box 1908
West Perth WA 6872
Australia
Level 2, 1 Walker Avenue
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
Stantons International Audit and Consulting Pty Ltd
trading as
Chartered Accountants and Consultants
25 September 2019
The Directors
Alicanto Minerals Limited
Suite 3, Level 3
24 Outram Street
West Perth, WA 6005
Dear Sirs
RE:
ALICANTO MINERALS LIMITED
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following
declaration of independence to the directors of Alicanto Minerals Limited.
As Audit Director for the audit of the financial statements of Alicanto Minerals Limited for the year ended 30
June 2019, I declare that to the best of my knowledge and belief, there have been no contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
Yours sincerely
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LIMITED
Martin Michalik
Director
Liability limited by a scheme approved
under Professional Standards Legislation
Financial Statements
Contents
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to Consolidated Financial Statements
Directors’ Declaration
Independent Auditor’s Report
28
29
30
31
32
52
53
These financial statements are the consolidated financial statements of the consolidated entity consisting of Alicanto
Minerals Limited and its subsidiaries. The financial statements are presented in the Australian currency.
Alicanto Minerals Limited is a Company limited by shares, incorporated and domiciled in Australia. Its registered office
and principal place of business is:
Alicanto Minerals Limited
Suite 3, Level 3,
24 Outram Street
WEST PERTH WA 6005
A description of the nature of the consolidated entity's operations and its principal activities is included in the review of
operations and activities on pages 5 to 12 in the Directors’ report, both of which is not part of these financial statements.
The financial statements were authorised for issue by the directors on 25 September 2019. The Company has the power
to amend and reissue the financial statements.
Through the use of the internet, the Company has ensured that its corporate reporting is timely, complete, and available
globally at minimum cost to the Company. All press releases, financial statements and other information are available on
our website: www.alicantominerals.com.au.
Alicanto Minerals Limited | 27
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 30 June 2019
Revenue from continuing operations
Other income
Administrative costs
Consultancy expense
Employee benefits expense
Share based payment expenses
Occupancy expense
Compliance and regulatory expenses
Insurance expenses
Depreciation expense
Finance costs
Impairment of Exploration and Evaluation Expenditure
Exploration expenditure
(Loss) before income tax
Income tax (expense)/benefit
Note
3(a)
3(b)
4(a)
23
4(b)
4(c)
10
10
6(a)
Consolidated
2019
$
11,880
553,045
(177,236)
(204,918)
(418,730)
(638,864)
(34,883)
(73,298)
(32,215)
(74,303)
(5,307)
(884,186)
(1,721,005)
2018
$
194,208
358,908
(326,928)
(74,651)
(437,894)
(187,866)
(51,114)
(71,715)
(38,953)
(99,225)
(8,144)
-
(2,123,413)
(3,700,020)
(2,866,787)
-
-
(Loss) attributable to owners
(3,700,020)
(2,866,787)
Other comprehensive income:
Items that may be reclassified to profit or loss
-
Items that will not be classified to profit or loss
Exchange differences on translation of foreign operations
15(b)
(5,290)
(105,870)
Total comprehensive (loss) attributable to owners
(3,705,310)
(2,972,657)
)
Basic and Diluted earnings/(loss) per share (cents per share)
17
(2.9)
(2.6)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying
notes.
Alicanto Minerals Limited | 28
Consolidated Statement of Financial Position
As at 30 June 2019
Current Assets
Cash and cash equivalents
Trade and other receivables
Total Current Assets
Non-Current Assets
Trade and Other Receivables
Property, plant and equipment
Exploration and evaluation expenditure
Total Non-Current Assets
Total Assets
Current Liabilities
Trade and other payables
Provisions
Total Current Liabilities
Total Liabilities
Net Assets
Equity
Contributed equity
Reserves
Accumulated losses
Total Equity
Note
7
8(a)
8(b)
9
10
Consolidated
2019
$
2018
$
869,558
47,815
2,008,823
48,463
917,373
2,057,286
20,000
372,477
-
20,000
453,842
884,186
392,477
1,358,028
1,309,850
3,415,314
11
12
161,604
11,273
538,245
51,685
172,877
589,930
172,877
589,930
1,136,973
2,825,384
13(a)
15(c)
14,496,233
2,011,155
(15,370,415)
12,800,082
1,695,697
(11,670,395)
1,136,973
2,825,384
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Alicanto Minerals Limited | 29
Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2019
Consolidated
Balance at 1 July 2017
Total comprehensive income for the year:
Loss for the year
Foreign exchange differences
Transactions with owners in their capacity as
owners:
Contributions of equity (net of transaction
costs)
Share based payment transactions
Contributed
Equity
Accumulated
Losses
$
$
Foreign
Currency
Translation
Reserve
$
Option
Reserve
Total
$
$
9,117,041
(8,803,608)
75,485
1,840,415
2,229,333
-
-
-
(2,866,787)
-
(2,866,787)
-
(105,870)
(105,870)
-
-
-
(2,866,787)
(105,870)
(2,972,657)
3,379,092
303,949
3,683,041
-
-
-
-
-
-
-
3,379,092
(114,333)
(114,333)
189,616
3,568,708
Balance at 30 June 2018
12,800,082
(11,670,395)
(30,385)
1,726,082
2,825,384
Balance at 1 July 2018
Total comprehensive income for the year:
Loss for the year
Foreign exchange differences
12,800,082
(11,670,395)
(30,385)
1,726,082
2,825,384
-
-
-
(3,700,020)
-
- (5,290)
(3,700,020) (5,290)
-
-
-
(3,700,020)
(5,290)
(3,705,310)
Transactions with owners in their capacity as
owners:
Contributions of equity (net of transaction
costs)
Share based payment transactions
1,372,335
323,816
1,696,151
-
-
-
-
-
-
-
320,748
320,748
1,372,335
644,564
2,016,899
Balance at 30 June 2019
14,496,233
(15,370,415)
(35,675)
2,046,830
1,136,973
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Alicanto Minerals Limited | 30
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2019
Cash Flows from Operating Activities
Receipts from customers (inclusive of goods and services tax)
Payments to suppliers and employees
Interest received
Payments for exploration and evaluation
Contributions received from farm-in partners
Net cash (outflow) from operating activities
Cash Flows from Investing Activities
Purchase of property, plant and equipment
Acquisition of mineral tenements
Net cash (outflow) from investing activities
Cash Flows from Financing Activities
Proceeds from issue of shares
Share issue transaction costs
Net cash inflow from financing activities
Note
10
18
9
10
Consolidated
2019
$
2018
$
33,942
(919,205)
11,947
(2,156,447)
519,103
276,067
(927,161)
57,467
(5,568,674)
3,523,829
(2,510,660)
(2,638,472)
(5,622)
-
(297,602)
(272,898)
(5,622)
(570,500)
1,454,682
(77,665)
3,741,720
(360,878)
1,377,017
3,380,842
Net (decrease)/ increase in cash and cash equivalents
(1,139,265)
171,870
Cash and cash equivalents at the start of the year
2,008,823
1,836,953
Cash and cash equivalents at the end of the year
7
869,558
2,008,823
Amounts relating to payments to suppliers and employees as set out above are inclusive of goods and services tax. The above consolidated
statement of cash flows should be read in conjunction with the accompanying notes.
Alicanto Minerals Limited | 31
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
1.
Summary of Significant Accounting Policies
The principal accounting policies adopted in the preparation of these consolidated financial statements are set out below. These
policies have been consistently applied to the financial years presented, unless otherwise stated. These financial statements cover
Alicanto Minerals Limited as a consolidated entity consisting of Alicanto Minerals Limited and its subsidiaries (‘the consolidated
entity’ or ‘the group’).
Basis of preparation
(a)
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards, other
authoritative pronouncements and the Corporations Act 2001.
(i)
(ii)
Compliance with IFRS
The financial statements of Alicanto Minerals Limited also comply with Australian Equivalents to International Financial
Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial statements and notes as presented comply
with International Financial Reporting Standards (IFRS).
Historical cost convention
These financial statements have been prepared under the historical cost convention, as modified by the revaluation of
available for sale financial assets.
(iii) Going Concern
The financial report has been prepared on a going concern basis. The directors believe there are sufficient grounds to
believe that the business will be able to continue to pay its debts as and when they fall due. For the year ended 30 June
2019, the Group incurred a loss before tax of $3,700,020 (2018: $2,866,787) and incurred net cash outflows of $1,139,265
(net cash inflows of $171,870 for 2018). At 30 June 2019, the Group had total current assets of $917,373 (2018:
$2,057,286) and total liabilities of $172,877 (2018: $589,930).
The Group’s ability to continue as a going concern basis is dependent upon maintain sufficient funds for its operations and
commitments. The Directors continue to be focused on meeting the Group’s business objectives and is mindful of the
funding requirements to meet these objectives. The Directors consider the basis of going concern to be appropriate based
on future cash forecasts, existing cash reserves and the ability to significantly reduce activity and preserve cash if necessary.
Furthermore, the Directors are also of the opinion that a capital raising could be achieved to raise additional funds if
required.
Should the Group be unable to undertake the initiatives disclosed above, there is uncertainty which may cast doubt as to
whether or not the Group will be able to continue as a going concern and whether it will realise its assets and extinguish
its liabilities in the normal course of business and at the amounts stated in the financial statements.
The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset
amounts nor to the amounts and classification of liabilities that might be necessary should the Group not continue as a
going concern.
(b)
Principles of consolidation
(i)
Subsidiaries
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Alicanto Minerals Limited as
at 30 June 2019 and the results of all subsidiaries for the year then ended.
Subsidiaries are entities the parent controls. The parent controls an entity when it is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. A
list of subsidiaries is provided in Note 25.
The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statement of the Group from the
date on which control is obtained by the Group. The consolidation of a subsidiary is discontinued from the date that
control ceases. Intercompany transactions, balances and unrealised gains or losses on transactions between group entities
are eliminated on consolidation. Accounting policies of subsidiaries have been changed and adjustments made where
necessary to ensure uniformity of the accounting policies adopted by the Group.
Equity interests in a subsidiary not attributable, directly or indirectly, to the Group are presented as “non-controlling
interests”. The Group initially recognises non-controlling interests that are present ownership interests in subsidiaries and
are entitled to a proportionate share of the subsidiary’s net assets on liquidation at either fair value or at the non-
controlling interests’ proportionate share of the subsidiary’s net assets. Subsequent to initial recognition, non-controlling
interests are attributed their share of profit or loss and each component of other comprehensive income. Non-controlling
interests are shown separately within the equity section of the statement of financial position and statement of profit or
loss.
Alicanto Minerals Limited | 32
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
1.
(b)
(ii)
(iii)
Summary of Significant Accounting Policies (continued)
Principles of consolidation (continued)
Joint arrangements
Under AASB 11 Joint Arrangements investments in joint arrangements are classified as either joint operations or joint
ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal
structure of the joint arrangement. Alicanto Minerals Limited is not involved in any joint arrangements.
Jointly operations
Alicanto Minerals Limited recognises its direct right to the assets, liabilities, revenues and expenses of joint operations and
its share of any jointly held or incurred assets, liabilities, revenues and expenses.
Alicanto Minerals Limited is not involved in any joint operations.
Segment reporting
(c)
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating
segments, has been identified as the board of directors.
(d) Revenue recognition
The Group has applied AASB 15 Revenue from Contracts with Customers effective from 1 July 2018 using the cumulative effective
method. Therefore, the comparative information has not been restated and continues to be presented under AASB 118: Revenue.
The adoption of AASB 15 does not have a significant impact on the Group as the Group does not currently have any significant
revenues from customers.
(i)
Interest income
Interest income is recognised as the interest accrues (using the effective interest method, which is the rate that exactly
discounts estimated future cash receipts through the expected life of the financial instrument) to the net carrying amount of
the financial asset.
(ii) Other income
Revenue from other income, rendering goods and services is measured at the fair value of consideration received or
receivable for the sale of goods and services in the ordinary course of the Group’s activities when control of the asset is
transferred to the customer or services rendered.
Income tax
(e)
The income tax expense or revenue for the year is the tax payable on the current year’s taxable income based on the national
income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences
between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are
recovered or liabilities are settled, based on those tax rates which are enacted or substantively enacted for each jurisdiction. The
relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary differences to measure the deferred
tax asset or liability. An exception is made for certain temporary differences arising from the initial recognition of an asset or a
liability. No deferred tax asset or liability is recognised in relation to these temporary differences if they arose in a transaction,
other than a business combination, that at the time of the transaction did not affect either accounting profit or taxable profit or
loss.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future
taxable amounts will be available to utilise those temporary differences and losses. Deferred tax assets and liabilities are offset
when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the
same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset
and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Current and deferred tax
balances attributable to amounts recognised directly in equity are also recognised directly in equity.
Leases
(f)
Leases of property, plant and equipment where the group has substantially all the risks and rewards of ownership are classified as
finance leases. Finance leases are capitalised at the lease’s inception at the lower of the fair value of the leased property and the
present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, are included in other
long-term payables. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the
statement of profit or loss and other comprehensive income over the lease period so as to produce a constant periodic rate of
interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases
is depreciated over the shorter of the asset’s useful life and the lease term.
Alicanto Minerals Limited | 33
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
1.
(f)
Summary of Significant Accounting Policies (continued)
Leases (continued)
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating
leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the statement of
profit or loss and other comprehensive income on a straight-line basis over the period of the lease.
Impairment of assets
(g)
At each reporting date, the Board assesses whether there is any indication that an asset may be impaired. An impairment loss is
recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at
the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from
other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are
reviewed for possible reversal of the impairment at each reporting date.
(h) Cash and cash equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at
call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are
readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank
overdrafts.
Trade and other receivables
(i)
Trade and other receivables include amounts due from customers for goods and services performed in the ordinary course of
business. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets.
All other receivables are classified as non-current assets. Trade and other receivables are initially recognised at fair value and
subsequently measured at amortised cost using the effective interest method, less any provision for impairment.
Exploration and evaluation expenditure
(j)
Exploration, evaluation and development expenditure is expensed as incurred other than for the capitalisation of acquisition costs.
Property, plant and equipment
(k)
All property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly
attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the
company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of
profit or loss and other comprehensive income during the financial year in which they are incurred.
Depreciation on assets is calculated using the reducing balance method to allocate their cost, net of their residual values, over
their estimated useful lives, as follows:
Plant and equipment - office
Furniture and equipment - office
Plant and equipment - field
Motor vehicles
40.0%
20.0%
20.0%
22.5%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset’s
carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated
recoverable amount (note 1(g)). Gains and losses on disposals are determined by comparing proceeds received with the carrying
amount. These are included in the statement of profit or loss and other comprehensive income.
(l)
Intangibles
Acquired minerals rights
Acquired minerals rights comprise exploration and evaluation assets including ore reserves and minerals resources which are
acquired as part of:
-
-
business combinations recognised at fair value at the date of acquisition; and
asset acquisitions recognised at cost.
Acquired minerals rights are carried forward only if they relate to an area of interest for which rights of tenure are current and in
respect of which:
-
-
such costs are expected to be recouped through successful development and exploitation or from sale of the area: or
exploration and evaluation activities in the area have not, at balance date, reached a stage which permits a reasonable
assessment of the existence or otherwise of economically recoverable reserves, and active operations in, or relating to,
the area are continuing.
Alicanto Minerals Limited | 34
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
1.
(l)
Summary of Significant Accounting Policies (continued)
Intangibles (continued)
Acquired minerals rights in respect of areas of interest which are abandoned are written off in full against profit or loss in the year
in which the decision to abandon the area is made. For acquired minerals rights in an area of interest that are developed, costs are
classified as mine property and development from commencement of development and amortised when commercial production
commences on a unit of production basis over the estimated economic reserves of the mine.
(m)
Financial Instruments
Recognition, initial measurement and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the
financial instrument. Financial instruments (except for trade receivables) are measured initially at fair value adjusted by transactions
costs, except for those carried “at fair value through profit or loss”, in which case transaction costs are expensed to profit or loss.
Where available, quoted prices in an active market are used to determine the fair value. In other circumstances, valuation
techniques are adopted. Subsequent measurement of financial assets and financial liabilities are described below.
Trade receivables are initially measured at the transaction price if the receivables do not contain a significant financing component
in accordance with AASB 15.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the
financial asset and all substantial risks and rewards are transferred. A financial liability is derecognised when it is extinguished,
discharged, cancelled or expires.
Classification and subsequent measurement
Financial assets
Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price
in accordance with AASB 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable).
For the purpose of subsequent measurement, financial assets other than those designated and effective as hedging instruments, are
classified into the following categories upon initial recognition:
▪
▪
▪
amortised cost;
fair value through other comprehensive income (FVOCI); and
fair value through profit or loss (FVPL).
Classifications are determined by both:
▪ The contractual cash flow characteristics of the financial assets; and
▪ The entities business model for managing the financial asset.
Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVPL):
▪
▪
they are held within a business model whose objective is to hold the financial assets and collect its contractual cash
flows; and
the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where
the effect of discounting is immaterial. The Group’s cash and cash equivalents, trade and most other receivables fall into this
category of financial instruments.
Alicanto Minerals Limited | 35
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
1.
Summary of Significant Accounting Policies (continued)
(m) Financial Instruments (continued)
Financial assets at fair value through other comprehensive income (Equity instruments)
The Group measures debt instruments at fair value through OCI if both of the following conditions are met:
▪ The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding; and
▪ The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and
selling the financial asset.
For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals
are recognised in the statement of profit or loss and computed in the same manner as for financial assets measured at amortised
cost. The remaining fair value changes are recognised in OCI.
Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair
value through OCI when they meet the definition of equity under AASB 132Financial Instruments: Presentation and are not held for
trading.
Financial assets at fair value through profit or loss (FVPL)
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial
recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial
assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term.
Financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings,
payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group
designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost
using the effective interest method except for derivatives and financial liabilities designated at FVPL, which are carried subsequently
at fair value with gains or losses recognised in profit or loss.
All interest-related charges and, if applicable, gains and losses arising on changes in fair value are recognised in profit or loss.
Impairment
From 1 July 2018, the Group assesses on a forward looking basis the expected credit losses associated with its debt instruments
carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant
increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by AASB, which requires
expected lifetime losses to be recognised from initial recognition of the receivables.
Comparative information
The Group has applied AASB 9 Financial Instruments retrospectively, but has elected not to restate comparative information. As a
result, the comparative information provided continues to be accounted for in accordance with the Group’s previous accounting
policy.
Classification
Until 30 June 2018, the group classified its financial assets in the following categories:
▪
▪
▪
▪
financial assets at fair value through profit or loss;
loans and receivables;
held-to-maturity investments; and
available-for-sale financial assets.
The classification depended on the purpose for which the investments were acquired. Management determined the classification of
its investments at initial recognition and, in the case of assets classified as held-to-maturity, re-evaluated this designation at the end
of each reporting period.
Alicanto Minerals Limited | 36
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
1.
Summary of Significant Accounting Policies (continued)
(n) Trade and other payables
These amounts represent liabilities for goods and services provided to the company prior to the end of financial year which are
unpaid. The amounts are unsecured and are usually paid within 30 days of recognition.
Provisions
(o)
Provisions are recognised when; the company has a present legal or constructive obligation as a result of past events; it is probable
that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are
not recognised for future operating losses. Provisions are measured at the present value of management’s best estimate of the
expenditure required to settle the present obligation at the balance sheet date. The discount rate used to determine the present
value reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the
provision due to the passage of time is recognised as interest expense.
(p)
(i)
Employee benefits
Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits and annual leave expected to be settled within 12 months
after the end of the period in which the employees render the related service are recognised in respect of employees’
services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are
settled. The liability for annual leave is recognised in the provision for employee benefits. All other short-term employee
benefit obligations are presented in payables.
(ii) Other long-term employee benefit obligations
The liability for long service leave and annual which is not expected to be settled within 12 months after the end of the
period in which the employees render the related service is recognised in the provision for employee benefits and
measured as present value of expected future wage payments to be made. Consideration is given to expected future wage
and salary levels, experience of employee departures and periods of service. Expected future payments are discounted
using market yields at the end of the reporting period. The obligations are presented as current liabilities in the balance
sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting
regardless of when the actual settlement is expected to occur.
(iii)
Share-based payments
The company provides benefits to employees (including directors) of the company in the form of share-based payment
transactions, whereby employees render services in exchange for shares or rights over shares (‘equity-settled
transactions’). The cost of these equity-settled transactions with employees is measured by reference to the fair value at
the date at which they are granted. The fair value is determined using a Black-Scholes option pricing model that takes into
account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected
volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option. In
valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions linked to the
price of shares of Alicanto Minerals Limited (‘market conditions’).
(q) Contributed equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a
deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares for the acquisition of a
business are not included in the cost of the acquisition as part of the purchase consideration.
(r)
(i)
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the company excluding any
costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during
the financial year, adjusted for bonus elements in ordinary shares issued during the year.
(ii) Diluted earnings per share
Diluted earnings per share adjusts the Figures used in the determination of basic earnings per share to take into account
the after-tax effect of interest and other financing costs associated with the dilutive potential ordinary shares and the
weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential
ordinary shares.
Alicanto Minerals Limited | 37
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
1.
Summary of Significant Accounting Policies (continued)
Goods and services tax (‘GST’)
(s)
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable
from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable
from, or payable to, the taxation authority is included with other receivables or payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which
are recoverable from, or payable to the taxation authority, are presented as operating cash flow.
(t)
(i)
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the group’s entities are measured using the currency of the primary
economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are
presented in Australian dollars, which is Alicanto Minerals Limited’s functional and presentation currency.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of
the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the
translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally
recognised in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges, qualifying net
investment hedges or are attributable to part of the net investment in a foreign operation.
Translation differences on financial assets and liabilities carried at fair value are reported as part of the fair value gain or
loss. Translation differences on non-monetary financial assets and liabilities such as equities held at fair value through profit
or loss are recognised in profit or loss as part of the fair value gain or loss. Translation differences on non-monetary
financial assets such as equities classified as available for sale financial assets are included in the fair value reserve in equity.
(iii) Group companies
The results and financial position of foreign operations that have a functional currency different from the presentation
currency are translated into the presentation currency as follows:
▪ Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
▪ Income and expenses for the statement of profit or loss and other comprehensive income are translated at average
exchange rates, and
▪ All resulting exchange differences are recognised in other comprehensive income.
(u) New accounting standards and interpretations adopted by the Group
The Group has adopted AASB 15 Revenue from Contracts with Customers and AASB 9 Financial Instruments which became
effective for financial reporting periods commencing on or after 1 January 2018.
(i)
AASB 15 Revenue from contracts with customers
AASB 15 replaces AASB 118 Revenue, AASB 111 Construction Contracts and several revenues related interpretations.
AASB 15 establishes a five-step model to account for revenue arising from contracts with customers and requires that
revenue to be recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange
for transferring goods or services to a customer.
The adoption of AASB 15 does not have a significant impact on the Group as the Group does not currently have any
revenue from customers.
(ii)
AASB 9 Financial Instruments
AASB 9 Financial Instruments replaces AASB 139 Financial Instruments: Recognition and Measurement for annual periods
beginning on or after 1 January 2018, bringing together all three aspects of the accounting for financial instruments:
classification and measurement, impairment, and hedge accounting.
As a result of adopting AASB 9 Financial Instruments, the Group has amended its financial instruments accounting policies
to align with AASB 9. AASB 9 makes major changes to the previous guidance on the classification and measurement of
financial assets and introduces an ‘expected credit loss’ model for impairment of financial assets.
Alicanto Minerals Limited | 38
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
1.
Summary of Significant Accounting Policies (continued)
(u) New accounting standards and interpretations adopted by the Group (continued)
There were no financial instruments which the Group designated at fair value through profit or loss under AASB 139 that were
subject to reclassification. The Board assessed the Group’s financial assets and determined the application of AASB 9 does not
result in a change in the classification of the financial instruments.
The adoption of AASB 9 does not have a significant impact on the financial report.
New and revised Accounting Standards for Application in Future Periods
(iii) AASB 16: Leases applies to annual reporting periods beginning on or after 1 January 2019.
This Standard supersedes AASB 117 Leases, Interpretation 4 Determining whether an Arrangement contains a Lease, AASB
interpretation 115 Operating Leases-Incentives and AASDB interpretation 127 Evaluating the Substance of Transactions Involving
the Legal Form of lease. AASB 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases
and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance leases
under AASB 117.
The key features of AASB 16 are as follows:
•
Lessees are required to recognise assets and liabilities for all leases with a term of more than 12 months, unless the
underlying asset is of low value.
• A lessee measures right of use assets similarly to other non-financial assets and lease liabilities similarly to other financial
liabilities.
• Assets and Liabilities arising from the lease are initially measured on a present value basis.
The measurement includes non-cancellable lease payments (including inflation-linked payments), and also includes payments to be
made in optional periods if the lessee is reasonably certain to exercise an option to extend to lease, or not to exercise an option
to terminate the lease.
• AASB 16 contains disclosure requirements for leases.
Lessor accounting
• AASB 16 substantially carries forward the lessor accounting requirements in AASB 117. Accordingly, a lessor continues
to classify its leases as operating leases or finance leases, and to account for those two types of leases differently.
• AASB 16 also requires enhanced disclosures to be provided by lessors that will improve information disclosed about a
lessor’s risk exposure, particularly to residual value risk.
Estimated impact of AASB 16 on the Group when the standard is applied
There will be no material impact on the Group’s operating profit as a result of the adoption of AASB 16 as the group does not
currently have any lease agreements.
(iv)
New amended standards adopted by the Group
None of the new standards and amendments to standards that are mandatory for the first time for the financial year
beginning 1 January 2017 affected any of the amounts recognised in the current period or any prior period, although it
caused minor changes to the Group’s disclosures.
2. Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including
expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the
circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates and
judgements may differ from the related actual results and may have a significant effect on the carrying amount of assets and
liabilities within the next financial year and on the amounts recognised in the financial statements. The estimates and assumptions
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial
year are discussed below.
Alicanto Minerals Limited | 39
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
2. Critical accounting estimates and judgements (continued)
(a)
(b)
Impairment of acquisition costs on exploration projects
The acquisition costs in relation to the exploration and evaluation assets were impaired at the half year 31 December 2018,
and whilst the Board have budgeted expenditure on the Guyana projects, they have elected not to reverse the impairment.
Share based payment transactions
The group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity
instruments at the date at which they are granted. The fair value is determined by an internal valuation using a Black-
Scholes option pricing model, using the assumptions detailed in note 23.
(c)
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences when management considers that it is probable
that future taxable profits will be available to utilise those temporary differences.
Consolidated
3. Revenue
(a)
Revenue from continuing operations
Equipment rental
Interest received
Total revenue from continuing operations
(b) Other income
Management fees from farm-in partners
Other income – reimbursement of exploration
Other Income
Total other income
4. Expenses
(a)
Employee benefits expense
Salaries and wages expense
Defined contribution superannuation expense
Total employee benefits expense
(b) Depreciation expense
Leasehold Improvements
Plant and equipment – office
Plant and equipment – field
Plant and equipment – motor vehicle
Total depreciation expense,
(c)
Finance costs
Interest and finance charges paid or payable
Total finance costs
5. Auditor’s Remuneration
2019
$
6,801
5,079
11,880
493,606
25,497
33,942
553,045
398,659
20,071
418,730
7,105
7,630
27,922
31,646
74,303
5,307
5,307
2018
$
140,657
53,551
194,208
135,410
223,498
-
358,908
412,646
25,248
437,894
9,854
7,970
38,877
42,524
99,225
8,144
8,144
Remuneration of the auditor of the group
Auditing or reviewing the financial statements
Other assurance services
Non-assurance servicesA
Total auditor remuneration
31,070
-
-
31,070
Note A: The Company engaged Stanton International Securities a related practice to provide an Independent Experts
Report relating to the acquisition of Zaffer (Australia) Pty Ltd.
35,037
-
24,000
59,037
Alicanto Minerals Limited | 40
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
6.
(a)
Income Tax Expense
Income tax expense
Current tax
Deferred tax
Total income tax expense
Deferred income tax expense included in income tax expense comprises:
- (Increase) in deferred tax assets (note 6(c))
- Increase in deferred tax liabilities (note 6(d))
Consolidated
2019
$
2018
$
-
-
-
-
-
-
-
-
-
-
-
-
(b) Numerical reconciliation of income tax expense to prima facie tax payable
Profit from continuing operations before income tax expense
Tax (tax benefit) at the tax rate of 27.5% (2018: 27.5%)
(3,700,020)
(1,017,505)
(2,866,787)
(788,366)
Tax effect of amounts which are not deductible (taxable) in calculating taxable income:
- Share based payments
- Other non-deductible amounts
- Unrecognised tax losses
175,688
736,841
104,976
51,663
610,082
126,621
Income tax benefit
(c) Deferred tax assets
Tax lossesA
Employee benefits
Other accruals
Set-off deferred tax liabilities (note 6(d))
Net deferred tax assets
(d) Deferred tax liabilities
Exploration expenditure
Other
Set-off deferred tax assets (note 6(c))
Net deferred tax liabilities
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(e)
(f)
Tax losses
Unused tax losses for which no deferred tax asset has been recognized
Potential tax benefit at 27.5% (2018: 27.5%)
8,406,095
2,311,676
8,024,361
2,206,699
Unrecognised temporary differences
Unrecognised future deductions relating to capital raising costs
Unrecognised deferred tax asset on capital raising costs at 27.5% (2018: 27.5%)
112,701
30,993
140,587
38,661
A:
The deferred tax asset attributable to tax losses does not exceed taxable amounts arising from the reversal of existing assessable temporary differences.
Alicanto Minerals Limited | 41
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
7. Cash and Cash Equivalents
Total cash and cash equivalents
(a)
Cash at bank and in hand
Deposits at call
Total cash and cash equivalents
Consolidated
2019
$
2018
$
869,558
-
869,558
808,823
1,200,000
2,008,823
Note that cash includes nil (2018: $407,855) in funds received from farm-in partners and held on trust for current
exploration programs.
Cash at bank and on hand
Cash on hand is non-interest bearing. Cash at bank bears interest rates between 0.00% and 0.75% (2018: 0.00% and
1.00%).
Deposits at call
Deposits at call is nil as at June 2019. In 2018 deposits at call earned interest at between 2.05% and 2.10%.
Trade and Other Receivables
Current
Other receivables
Prepayments
Total current trade and other receivables
Non-Current
Deposits
Total non-current trade and other receivables
41,482
6,333
47,815
20,000
20,000
48,463
-
48,463
20,000
20,000
(b)
(c)
8.
(a)
(b)
(c)
Past due and impaired receivables
As at 30 June 2019, there were no other receivables that were past due or impaired (2018: nil).
Leasehold
Improvements
9. Property, Plant and Equipment
Year ended 30 June 2018
Opening net book amount
Additions
Depreciation charge
Effect of exchange rates
Closing net book amount
At 30 June 2018
Cost or fair value
Accumulated depreciation
Net book amount
Year ended 30 June 2019
Opening net book amount
Additions
Depreciation charge
Effect of exchange rates
Closing net book amount
At 30 June 2019
Cost or fair value
Accumulated depreciation
Net book amount
$
-
27,615
(9,854)
-
17,761
27,615
(9,854)
17,761
17,761
-
(7,105)
-
10,656
27,615
(16,959)
10,656
Consolidated
Plant and
Equipment
Office
$
Plant and
Equipment
Field
$
Motor
Vehicles
Total
$
$
11,940
15,070
(7,970)
1,163
20,203
41,033
(20,830)
20,203
20,203
3,963
(7,630)
-
16,536
44,996
(28,460)
16,536
77,554
185,759
(38,877)
(19,817)
204,619
260,104
(55,485)
204,619
204,619
1,659
(27,922)
(6,365)
171,991
255,398
(83,407)
171,991
150,056
69,158
(42,524)
34,569
211,259
287,676
(76,417)
211,259
211,259
-
(31,646)
(6,319)
173,294
281,357
(108,063)
173,294
239,550
297,602
(99,225)
15,915
453,842
616,428
(162,586)
453,842
453,842
5,622
(74,303)
(12,684)
372,477
609,366
(236,889)
372,477
Alicanto Minerals Limited | 42
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
10. Exploration and Evaluation Expenditure
(a) Non-current
Opening balance
Exploration and evaluation costs
Acquired Minerals Rights – Ianna Project
Contributions received from farm-in partners
Exploration written off
Exploration expensed
Total non-current exploration and evaluation expenditure
Recoverability of capitalised costs
(b)
Exploration expenditure is expensed as incurred.
Consolidated
2019
$
2018
$
884,186
2,240,108
-
(519,103)
(884,186)
(1,721,005)
-
611,288
5,647,242
272,898
(3,523,829)
-
(2,123,413)
884,186
-
-
Acquired minerals rights are carried forward only if they relate to an area of interest for which rights of tenure are current
and in respect of which:
Such costs are expected to be recouped through successful development and exploitation or from sale of the area; or
Exploration and evaluation activities in the area have not, at balance date, reached a stage which permits a reasonable
assessment of the existence or otherwise of economically recoverable reserves, and active operations in, or relating to, the
area are continuing.
The Acquired minerals rights in respect of areas of interest were written down in 31 December 2018 as a result of the
termination of the previous earn in agreement. Since this decision, Alicanto have since entered into an another earn-in
agreement with Nordgold Se. Board and management have not reversed the provision at year end 30 June 2019.
Consolidated
2019
$
122,499
39,105
-
161,604
2018
$
167,283
-
370,962
538,245
11,273
11,273
51,685
51,685
11. Trade and Other Payables
Current
Trade payables
Other payables
Contributions received from farm-in partners held on trust
Total current trade and other payables
No trade or other payables are considered past due.
12. Provisions
Current
Employee entitlements
Total current provisions
13. Contributed Equity
Issued capital
(a)
Ordinary shares (fully paid)
Total contributed equity
(b) Ordinary Shares
Consolidated
Consolidated
2019
Shares
2018
Shares
2019
$
$
2018
$
$
172,020,313
172,020,313
113,720,313
113,720,313
14,496,233
14,496,233
12,800,082
12,800,082
Ordinary shares participate in dividends and the proceeds on winding up of the Company in proportion to the number
of shares held and in proportion to the amount paid up on the shares held. At shareholders meetings, each ordinary
share is entitled to one vote in proportion to the paid up amount of the share when a poll is called, otherwise each
shareholder has one vote on a show of hands.
(c) Options
Information relating to options including details of options issued, exercised and lapsed during the financial year and
options outstanding at the end of the financial year, is set out in note 14.
Alicanto Minerals Limited | 43
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
Date
Shares
Issue Price
Total $
13. Contributed Equity (continued)
(d) Movements in issued capital
Opening Balance 1 July 2017
Share issue
Exercise of Options
Share Issue
Exercise of Options
Less: Transaction costs
Closing Balance at 30 June 2018
26 Jul 17
-
26 Jul 17
18 Aug 17
30 Apr 18
17
Opening Balance 1 July 2018
Exercise of options
Placement
Placement – Tranche 1
Placement – Tranche 2
Exercise of Options
Less: Transaction costs
Closing Balance at 30 June 2019
-
13 July 18
9 Nov 18
6 May 19
7 June 19
11 June 19
85,256,251
18,214,062
250,000
8,500,000
1,500,000
113,720,313
113,720,313
2,000,000
15,000,000
10,000,000
30,000,000
1,300,000
172,020,313
$0.14
$0.0971
$0.14
$0.1864
$0.0961
$0.0300
$0.025
$0.025
$0.0997
9,117,041
2,549,969
24,278
1,190,000
279,671
(360,877)
12,800,082
12,800,082
194,226
450,000
250,000
750,000
129,590
(77,665)
14,496,233
Expiry date
Exercise
price
Balance at
start of year
14. Share Options
(a)
2019 unlisted share option details
Granted
during the
year
Exercised
during the
year
Cancelled/
lapsed during
the year
Balance at
end of the
year
07 Sept 18
25 Mar 19
28 July 19
31 July 19
30 Apr 21
6 Aug 21
14 Mar 24
17 Jun 23
$0.230
$0.065
$0.23
$0.13
$0.001
$0.001
$0.03
$0.065
Weighted average exercise price
(b)
2018 unlisted share option details
21 Nov 17
07 Sept 18
25 Mar 19
28 July 19
31 July 19
30 Apr 21
$0.320
$0.230
$0.065
$0.23
$0.13
$0.001
Weighted average exercise price
14(c) 2019 Listed Options
8,050,000
2,000,000
7,060,000
348,000
5,300,000
-
-
-
22,758,000
$0.15
1,250,000
8,050,000
2,000,000
5,960,000
348,000
6,500,000
24,108,000
$0.16
-
-
1,000,000
5,000,000
24,000,000
30,000,000
$0.057
-
-
-
1,100,000
-
550,000
1,650,000
$0.035
-
-
(3,300,000)
-
-
-
(3,300,000)
$0.001
-
-
-
-
-
(1,750,000)
(1,750,000)
$0.001
(8,050,000)
(2,000,000)
-
-
(250,000)
-
-
-
(10,300,000)
$0.192
(1,250,000)
-
-
-
-
-
(1,250,000)
$0.23
-
-
7,060,000
348,000
1,750,000
1,000,000
5,000,000
24,000,000
39,158,000
$0.09
-
8,050,000
2,000,000
7,060,000
348,000
5,300,000
22,758,000
$0.15
At 30 June 2019, there were 13,357,031 listed shares on issue with an exercise price of $0.28 and a expiry date of 28 July 2019.
Subsequent to year end on 29 July 2019, 873 listed options were converted to ordinary shares with the remaining 13,356,158
listed options were unexercised and cancelled by the company.
Alicanto Minerals Limited | 44
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
15. Reserves
(a) Unlisted option reserve
Opening balance
Unlisted options issued
Exercise of options
Closing balance
2019
$
1,726,082
641,263
(320,515)
2,046,830
Consolidated
2018
$
1,840,415
187,866
(302,199)
1,726,082
2017
The unlisted option reserve records items recognised on valuation of director, employee and contractor share
options. Information relating to options issued, exercised and lapsed during the financial year and options outstanding
at the end of the financial year, is set out in note 14.
(b) Functional currency translation reserve
Opening balance
Exchange differences arising on translation of foreign operations
Closing balance
(30,385)
(5,290)
(35,675)
75,485
(105,870)
(30,385)
Exchange differences arising on translation of the foreign controlled entity are taken to the foreign currency
translation reserve. The reserve is recognised in the statement of profit or loss when the net investment is disposed
of.
(c) Total reserves
Unlisted option reserve
Exchange differences arising on translation of foreign operations
Closing balance
2,046,830
(35,675)
2,011,155
1,726,082
(30,385)
1,695,697
16. Financial Instruments, Risk Management Objectives and Policies
The Consolidated Entity’s principal financial instruments comprise cash and cash equivalents. The main purpose of the financial
instruments is to earn the maximum amount of interest at a low risk to the group. The Consolidated Entity also has other
financial instruments such as trade and other receivables and trade and other payables which arise directly from its operations.
For the year under review, it has been the Consolidated Entity’s policy not to trade in financial instruments.
The main risks arising from the Consolidated Entity’s financial instruments are interest rate risk and credit risk. The board
reviews and agrees policies for managing each of these risks and they are summarised below:
(a)
Interest Rate Risk
The Groups exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result of
changes in market interest rates and the effective weighted average interest rate for each class of financial assets and
financial liabilities comprises:
Consolidated
2019
Financial assets
Cash and cash equivalents
Trade and other receivables (current)
Trade and other receivables (non-
current)
Financial Liabilities
Trade and other payables (current)
Weighted
Average
Interest Rate
%
Floating
Interest
Rate
$
0.03%
0.00%
2.10%
3,958
-
-
3,958
Fixed
Interest
$
-
-
20,000
Non-
interest
Bearing
$
865,600
47,815
-
2019 Total
$
869,558
47,815
20,000
20,000
913,082
937,373
0.00%
-
-
161,604
161,604
Alicanto Minerals Limited | 45
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
16. Financial Instruments, Risk Management Objectives and Policies (continued)
(a)
Interest Rate Risk (continued)
Consolidated
2018
Financial assets
Cash and cash equivalents
Trade and other receivables (current)
Trade and other receivables (non-
current)
Weighted
Average
Interest Rate
%
Floating
Interest
Rate
$
Fixed
Interest
$
Non-
interest
Bearing
$
2018 Total
$
1.24%
0.00%
2.05%
4,458
-
-
1,200,000
-
20,000
804,365
48,463
-
2,008,823
48,463
20,000
4,458
1,220,000
852,828
2,077,286
Financial Liabilities
Trade and other payables (current)
0.00%
-
-
-
-
538,245
538,245
538,245
538,245
The maturity date for all cash, trade and other receivable and trade and payable financial instruments included in the above
tables is one year or less from balance date. The maturity for the non-current trade and other receivables is between 1
and 3 years from balance date.
(b) Group Sensitivity analysis
The Consolidated Entity’s main interest rate risk arises from cash and cash equivalents with variable and fixed interest
rates. At 30 June 2019, the group’s exposure to interest rate risk is not considered material.
(c)
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
group. The group has adopted the policy of only dealing with credit worthy counterparties and obtaining sufficient
collateral or other security where appropriate, as a means of mitigating the risk of financial loss from defaults.
(d)
(d)
The group does not have any significant credit risk exposure to any single counterparty or any company of counterparties
having similar characteristics. The carrying amount of financial assets recorded in the financial statements, net of any
provisions for losses, represents the company’s maximum exposure to credit risk.
Liquidity risk
The group manages liquidity risk by continuously monitoring forecast and actual cash flows and matching the maturity
profiles of financial assets and liabilities. Due to the dynamic nature of the underlying businesses, the group aims at ensuring
flexibility in its liquidity profile by maintaining the ability to undertake capital raisings. Funds in excess of short term
operational cash requirements are generally only invested in short term bank bills.
Foreign Currency Risk
The Group is exposed to currency risk arising from exchange rate fluctuations on purchases that are denominated in
currency other than the respective functional currencies of the Group entities, primarily the Australian Dollar (AUD) and
Guyanese Dollars (GUD). The currencies in which these transactions are primarily denominated in are AUD, GUY and the
USD.
The Group’s investments in its Guyanese subsidiaries are denominated in AUD and are not hedged as those currency
positions are considered long term in nature. The Group does not have a hedging policy in place.
Alicanto Minerals Limited | 46
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
17. Earnings per Share
Earnings/(Loss)
(a)
Earnings/(loss) used in the calculation of basic EPS
(b) Weighted average number of ordinary shares (‘WANOS’)
WANOS used in the calculation of basic earnings per share:
(c) Diluted Loss Per Share
Diluted loss per share is considered to be the same as the basic loss per
share, as the potential ordinary shares on issue are anti-dilutive and have
not been applied inf calculating dilutive loss per share.
Consolidated
2019
$
2018
$
(3,700,020)
(2,866,787)
128,758,369
110,003,464
Consolidated
2019
$
2018
$
18. Cash Flow Information
a)
Reconciliation of cash flows from operating activities with loss from ordinary activities after tax:
(3,700,020)
(Loss) from ordinary activities after income tax
74,303
Depreciation
638,864
Share based payments
884,186
Provision for impairment – exploration and evaluation expenditure
Net exchange differences
7,393
Changes in assets and liabilities:
- Decrease in operating receivables and prepayments
- (Decrease)/ increase in operating trade and other payables
Net cash (outflows) from Operating Activities
1,667
(417,053)
(2,510,660)
(2,866,787)
99,225
187,866
-
(121,783)
36,375
26,632
(2,638,472)
b)
Non-cash investing and financing activities
There were no non-cash investing and financing activities during the year.
19. Commitments
Exploration/tenure commitments
Not longer than one year
Longer than one year, but not longer than five years
Longer than five years
Total exploration commitments
Consolidated
2019
$
2018
$
1,107,589
2,253,521
-
3,361,110
1,234,484
2,133,333
-
3,367,817
In order to maintain rights of tenure to exploration/mining tenements subject to these agreements, the group would
have the above discretionary exploration and tenure expenditure requirements up until expiry of leases. These
obligations, which are subject to renegotiation upon expiry of the leases, are not provided for in the financial
statements and are payable per the above maturities. If the group decides to relinquish certain leases and/or does not
meet these obligations, assets recognised in the balance sheet may require review to determine the appropriateness of
carrying values. The sale, transfer or farm-out of exploration rights to third parties will reduce or extinguish these
obligations.
20. Segment Information
(a) Description of segments
Management has determined the operating segments based on the reports reviewed by the chief operating decision maker
that are used to make strategic decisions. For the purposes of segment reporting the chief operating decision maker has
been determined as the board of directors. The board monitors the entity primarily from a geographical perspective, and
has identified three operating segments, being exploration for mineral reserves and the corporate/head office function in
Australia.
Alicanto Minerals Limited | 47
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
20. Segment Information (continued)
(b)
Segment information provided to the board of directors
The segment information provided to the board of directors for the reportable segments for the year ended 30 June 2019
is as follows:
Exploration
Guyana
$
Australia
$
2019
Total segment revenue
Equipment rental
Interest revenue
Depreciation and amortisation expense
6,801
6,801
-
(61,137)
Total segment (loss) before income tax
(2,658,025)
Total segment assets
Total segment liabilities
2018
Total segment revenue
Equipment rental
Interest revenue
Depreciation and amortisation expense
369,038
9,207
140,657
140,657
-
(82,182)
Total segment (loss) before income tax
(1,611,530)
Total segment assets
Total segment liabilities
1,357,535
384,644
-
-
-
-
-
-
-
-
-
-
-
-
-
Corporate
$
5,079
-
5,079
(13,166)
Total
$
11,880
6,801
5,079
(74,303)
(1,041,995)
(3,700,020)
940,812
1,309,850
163,670
172,877
53,551
-
53,551
(17,043)
194,208
140,657
53,551
(99,225)
(1,255,257)
(2,866,787)
2,057,779
3,415,314
205,286
589,930
(c) Measurement of segment information
All information presented in part (b) above is measured in a manner consistent with that in the financial statements.
(d)
Segment revenue
No inter-segment sales occurred during the current financial year. The entity is domiciled in Australia. A detailed
breakdown of other revenue is as follows;
Equipment rental - Guyana
Interest received - Australia
Total revenue from continuing operations (Note 3a)
Consolidated
2019
$
6,801
5,079
11,880
2018
$
140,657
53,551
194,208
(e) Reconciliation of segment information
Total segment revenue, total segment profit/(loss) before income tax, total segment assets and total segment liabilities as
presented in part (b) above, equal total entity revenue, total entity profit/(loss) before income tax, total entity assets and
total entity liabilities respectively, as reported within the financial statements.
Alicanto Minerals Limited | 48
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
21. Events Occurring After the Balance Sheet Date
• On 5 July 2019, Mr Peter George exercised 500,000 unlisted options at $0.001 upon satisfaction of the vesting conditions.
• On 29 July 2019, 13,356,158 listed options exercisable at $0.28 expiring 28 July 2019 lapsed and were subsequently
cancelled. At the same date 873 listed options were exercised at $0.28 and converted to ordinary shares.
• On 29 July 2019, 7,060,000 options with an exercise price of $0.23 expiring 28 July 2019 were cancelled and 348,000
options with an exercise price of $0.13 expiring 31 July 2019 were cancelled.
• On 6 September 2019, A placement to sophisticated and professional investors was completed, issuing 17,500,004
ordinary shares with an issue price of $0.052 raising a total of $910,000 before costs.
There were no further events occurring after 30 June 2019.
22. Related Party Transactions
(a)
Parent entity
The ultimate parent entity within the group is Alicanto Minerals Limited.
(b)
Subsidiaries
Interests in subsidiaries are set out in note 25.
(c) Key management personnel compensation
Short-term employee benefits
Post-employment benefits
Share-based payments
Total key management personnel compensation
Consolidated
2019
$
453,586
19,406
41,557
514,549
Details of remuneration disclosures are provided in the remuneration report on pages 14 to 23.
(d)
Transactions with Director Related Parties
The following transactions occurred with related parties:
Recharges from director related entities:
Recharge of costs by Venture Minerals Limited
Recharge of costs by Blackstone Minerals Limited
Consolidated
2019
$
41,500
127,500
2018
$
729,287
29,998
153,281
912,566
2018
$
50,805
155,481
Purchases from director related entities
Purchases for legal services from Murcia Pestell Hilliard Lawyers
19,071
33,173
Outstanding balances arising from recharges/purchases with Director Related Parties:
Current payables
23,058
22,410
(e)
Terms and conditions of related party transactions
Transactions between related parties are on commercial terms and conditions, no more favourable than those available to
other parties unless otherwise stated.
23. Share Based Payments
(a)
(b)
Fair value of listed options granted
The fair value of listed options granted is calculated as the market value prevailing at the date on which the options are
authorised for issue.
Fair value of unlisted options granted
During the year 30,000,000 unlisted options were issued, with the weighted average fair value of the options granted during
the year being $0.021 (2018: $0.0551). The price was calculated by using the Black-Scholes European Option Pricing Model
applying the following inputs:
Alicanto Minerals Limited | 49
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
23. Share Based Payments (continued)
2019
$0.057
Weighted average exercise price:
4.9 Years
Weighted average life of the option:
$0.037
Weighted average underlying share price:
Expected share price volatility:
80.0%
Risk free interest rate between: 1.19%
Discount factor for lack of marketability
Nil
(2018: $0.154)
(2018: 2.2Years)
(2018: $0.135)
(2018: 85.0%)
(2018: 2.02%)
(2018: 20%)
(b)
Fair value of unlisted options granted
Peer volatility has been the basis for determining expected share price volatility as it assumed that this is indicative of future
tender, which may not eventuate. The life of the options is based on historical exercise patterns, which may not eventuate
in the future. Total share-based payment transactions recognised during the year are as set out in (d) below. Details of
other options movements and balances are set out in note 14.
(c)
Fair value of ordinary shares issued
During the year, there were no fully paid ordinary shares issued during the year as share based payments. Total fair value
of the shares issued was nil (2018: $Nil).
(d)
Reconciliation of share based payments
Options issued to directors, employees and consultants
Consolidated
2019
$
638,864
638,864
2018
$
187,866
187,866
24. Contingent Liabilities
Alicanto, through its subsidiaries has entered into a number of agreements on the exploration tenure at the Arakaka
Project and there are contingent liabilities that exist as follows;
i)
Purchase of alluvial rights should the company wish to progress to development which is to a maximum of
US$2.2 million in cash.
ii) Net smelter royalties of up to 2.5%.
As per the Ianna Project Acquisition as finalised and announced on the ASX on 8 November 2016, the company has a
contingent liability that exists as follows:
Can elect to acquire the property for a lump sum of US$3.0m or;
i)
ii) A lump sum payment of US$1.35m and a net smelter royalty of up to 2.0%; and
iii)
If an NSR is issued as consideration upon completion of the Project Acquisition (“completion”), the Company
will retain a Right of Re-purchase of the NSR for 24 months after completion, and at Alicanto’s election can
acquire either a 50% portion of the NSR by paying US$2.0m or a 100% portion of the NSR by paying $US$3m.
As announced on the ASX on 1 September 2017, the Company entered into several option agreements granting the
Company exclusive rights to explore and acquire a 100% beneficial interest in mining permits doubling the Ianna Project
Landholding. The various agreements with ongoing payments at the Company’s elections total approximately A$150,000
over the next 12 months.
There are no further contingent liabilities outstanding at the end of the year.
Alicanto Minerals Limited | 50
Notes to the Consolidated Financial Statements
For the year ended 30 June 2019
25. Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 1(b):
Name of entity
Equity HoldingA
Country of
incorporation
Alicanto Minerals WA Pty Ltd B
StrataGold Guyana Inc.
Calrissian (Guyana) Resources Inc.
Manticore Resources (Guyana) Inc.
Banner (Guyana) Inc.B
Australia
Guyana
Guyana
Guyana
Guyana
Class
of shares
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
2019
%
100
100
100
80
100
2018
%
100
100
100
80
100
A: The proportion of ownership interest is equal to the proportion of voting power held.
B: Alicanto Minerals WA Pty Ltd and Banner (Guyana) Inc. were dormant during the financial year.
26. Parent Entity Information
(a) Assets
Current assets
Non-current assets
Total assets
(b) Liabilities
Current liabilities
Non-current liabilities
Total liabilities
(c) Equity
Contributed equity
Reserves
Accumulated losses
Total equity
(d) Total comprehensive income/(loss) for the year
(Loss) for the year
Other comprehensive income for the year
Total comprehensive (loss) for the year
(e) Capital commitments
Not longer than one year
Longer than one year, but not longer than five years
Longer than five years
Total capital commitments
(f) Guarantees
The parent entity has not guaranteed any loans for any entity during the year.
(g) Contingent Liabilities
The parent entity has no contingent liabilities at the end of the financial year.
2019
$
900,655
40,157
940,812
163,670
-
163,670
Company
2018
$
2,008,165
622,468
2,630,633
576,248
-
576,248
14,496,233
2,046,830
(15,765,921)
777,142
12,800,082
1,726,082
(12,471,779)
2,054,385
(3,294,142)
(3,427,512)
(3,294,142)
(3,427,512)
-
-
-
-
-
-
-
-
Alicanto Minerals Limited | 51
Director’s Declaration
In the Directors’ opinion:
(a)
the financial statements and notes set out on pages 27 to 51 are in accordance with the Corporations Act 2001, including:
(i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting
requirements; and
(ii) giving a true and fair view of the financial position as at 30 June 2019 and of its performance for the financial year
ended on that date; and
the audited remuneration disclosures set out on pages 14 to 23 of the Directors’ report comply with section 300A of
the Corporations Act 2001; and
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due
and payable; and
the financial statements and notes thereto are in accordance with International Financial Reporting Standards issued by
the International Accounting Standards Board.
(b)
(c)
(d)
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Board of Directors.
Didier Murcia
Non-Executive Chairman
Perth, Western Australia, 25 September 2019
Alicanto Minerals Limited | 52
Stantons International Audit and Consulting Pty Ltd
trading as
Chartered Accountants and Consultants
PO Box 1908
West Perth WA 6872
Australia
Level 2, 1 Walker Avenue
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
ALICANTO MINERALS LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Alicanto Minerals Limited (the Company) and its subsidiaries (the Group),
which comprises the consolidated statement of financial position as at 30 June 2019, the consolidated statement
of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the
statement of cash flows for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies, and the directors' declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i)
giving a true and fair view of the Group's financial position as at 30 June 2019 and of its financial
performance for the year then ended; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our
report. We are independent of the Company in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110: Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Emphasis of Matter - Going Concern
Without modification to the audit opinion expressed above, attention is drawn to the following matter.
As referred to in note 1 to the financial report, the financial report has been prepared on a going concern basis. At
30 June 2019, the Group had net assets of $1,136,973, cash and cash equivalents of $869,558 and net working
capital surplus of $744,496. The Group incurred a loss for the year ended 30 June 2019 of $3,700,020.
The ability of the Group to continue as a going concern and meet its administration, exploration and other
commitments is dependent upon the Group raising further working capital or commercialisation of its exploration
assets. In the event the Group is unable to raise further working capital and/or commercialise its exploration
assets, the company may not be able to meet its liabilities as they fall due, or realise its assets at their stated
values.
Liability limited by a scheme approved
under Professional Standards Legislation
Key Audit Matters
We have defined the matter described below to be key audit matter to be communicated in our report. Key audit
matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial report of the current period. This matter was addressed in the context of our audit of the financial report
as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter.
Key Audit Matter
How the matter was addressed in the audit
Valuation of Share Options
The company issued a number of share options to
advisors and employees of the company and
recognised share-based payments
for options
issued in the prior year during the year.
The company prepared a valuation of the options
and the non-recourse loan in accordance with its
accounting policy and the accounting standard
Share-based Payment AASB 2 (“AASB 2”).
The valuation of the options and the loan is a key
audit matter as it involved judgement in assessing
the fair value of the options and loan.
Inter alia, our audit procedures
the following:
included
i. We reviewed the inputs used in the models; the
underlying assumptions used and discussed
with management the justification for inputs;
ii. We assessed the accounting treatment and its
application in accordance with AASB 2; and
iii. We assessed whether the Group’s disclosures
met the requirements of various accounting
standards.
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the Company’s annual report for the year ended 30 June 2019, but does not include the financial report and our
auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance opinion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed,
we conclude that there is a material misstatement of this other information, we are required to report that fact. We
have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal
control as the directors determine is necessary to enable the preparation of the financial report that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Company to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit. An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the financial report.
The procedures selected depend on the auditor's judgement, including the assessment of the risks of material
misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation of the financial report that gives a true and fair view in
order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the entity's internal control.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report.
We conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the
financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
We evaluate the overall presentation, structure and content of the financial report, including the disclosures, and
whether the financial report represents the underlying transactions and events in a manner that achieves fair
presentation.
We obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Company to express an opinion on the financial report.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in Internal control that we identify during our
audit.
The Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements.
We also provide the Directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Directors, we determine those matters that were of most significance in
the audit of the financial report of the current period and are therefore key audit matters. We describe these
matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on the Remuneration Report
We have audited the Remuneration Report included in pages 14 to 23 of the directors’ report for the year ended
30 June 2019. The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to
express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian
Auditing Standards
Opinion on the Remuneration Report
In our opinion, the Remuneration Report of Alicanto Minerals Limited for the year ended 30 June 2019 complies
with section 300A of the Corporations Act 2001.
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(Trading as Stantons International)
(An Authorised Audit Company)
Martin Michalik
Director
West Perth, Western Australia
25 September 2019
Additional Shareholder Information
Corporate Governance Statement
In accordance with ASX Listing Rule 4.10.3 the company’s Corporate Governance Statement can be found on the company’s
website, refer to http://www.alicantominerals.com.au/site/About-Us/corporate-governance.
Shareholding
The distribution of members and their holdings of equity securities in the holding company as at 17 September 2019 were as
follows:
Number Held as at 17 September 2019
1- 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and above
Holders of less than a marketable parcel: 149
Substantial Shareholders
Class of Equity Securities
Fully Paid Ordinary Shares
34
67
160
332
204
797
The names of the substantial shareholders listed on the company’s register as at 17 September 2019
Shareholder
Symorgh Investments Pty Ltd
Sprott Inc.
Voting Rights - Ordinary Shares
Number
13,689,137
10,092,694
In accordance with the holding company's Constitution, on a show of hands every member present in person or by proxy or
attorney or duly authorised representative has one vote. On a poll, every member present in person or by proxy or attorney
or duly authorised representative has one vote for every fully paid ordinary share held.
Options
Unlisted options
Unlisted options
Unlisted options
Unlisted options
Exercise price
Expiry date
Number of
options
Number of
holders
$0.001
$0.001
$0.03
$0.065
30 April 2021
6 August 2021
14 March 2024
17 June 2023
1,750,000
500,000
5,000,000
24,000,000
2
1
1
3
Alicanto Minerals Limited | 57
Additional Shareholder Information (continued)
Twenty Largest Shareholders
The names of the twenty largest ordinary fully paid shareholders as at 17 September 2019 are as follows:
Shareholder
Number
SYMORGH INV PL
HARMANIS HLDGS PL
CITICORP NOM PL
HSBC CUSTODY NOM AUST LTD
GEORGE KENNETH A + R J
DE NICOLA ANTHONY + T L
SYMORGH INV PL
HALLIDAY HAMISH PETER
BLU BONE PL
BAHEN MARK JOHN + M P
SERLETT PL
FAR EAST CAP LTD
CAWOOD PHILIP JOHN
SLAM CONS PL
J P MORGAN NOM AUST PL
BT PORTFOLIO SVCS LTD
HARDEN MARCUS
SCHWERTFEGER TRAVIS
SCHAMMER PL
BAXTER STEPHEN PAUL + S
10,106,119
7,000,333
6,573,690
4,729,540
4,570,010
4,500,000
4,496,666
3,850,000
3,666,667
3,543,585
3,500,273
3,462,820
3,000,000
2,900,000
2,523,292
2,500,000
2,391,650
2,350,000
2,333,334
2,076,924
80,074,903
% Held of Issued
Ordinary Capital
5.32%
3.68%
3.46%
2.49%
2.41%
2.37%
2.37%
2.03%
1.93%
1.86%
1.84%
1.82%
1.58%
1.53%
1.33%
1.32%
1.26%
1.24%
1.23%
1.09%
42.16
Alicanto Minerals Limited | 58
Tenement Listing (continued)
As at 17 September 2019
Project
Location
Tenement
Interest as at 17
September 2019
Naverberg
Naverberg
Naverberg
Oxberg
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Sweden
Sweden
Sweden
Sweden
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Naverberg nr 1
Naverberg nr 2
Naverberg nr 3
Oxberg 1010
Y-33/000/04, PPMS/680/04
Y-33/001/04, PPMS/681/04
Y-31/000/04, PPMS/463/04
Y-31/001/04, PPMS/464/04
J-81/000/02, PPMS/884/02
J-81/001/02, PPMS/885/02
J-81/002/02, PPMS/886/02
51/002/94, Ituni #1
51/003/94, Ituni #2
51/324/74, May
53/2014/731
53/2014/732
53/2014/733
P-128/000/02P-126/MP/000/13
P-128/003/02P-60/MP/000/12
P-128/004/02P-61/MP/000/12
P-109/001/2000P-63/MP/000/12
P-8/000/94P-33/MP/000/11
P-8/001P-33/MP/001/11
P-8/002P-33/MP/002/11
P-17/000P-34/MP/000/11
P-109/004/2000P-88/MP/003/12
P-17/001P-151/MP/000/14
P-109/000/2000P-88/MP/000/12
P-109/002/2000P-88/MP/001/12
P-109/003/2000P-88/MP/002/12
P-109/005/2000P-88/MP/004/12
P-128/001/02P-149/MP/000/13
P-128/002/02P-149/MP/001/13
51/2005/235, Dennis #1
51/2005/236, Dennis #2
51/2005/237, Dennis #3
51/2005/238, Dennis #4
51/1983/034, Wintime
51/1983/035, Intime
51/1984/028, Ester aka Esta
S-182/MP/000/2014 PPMS/631/07
100%4
100%4
100%4
100%4
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Alicanto Minerals Limited | 59
Tenement Listing (continued)
As at 17 September 2019
Project
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Location
Tenement
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
S-78/MP/000/2012 PPMS/629/07
P-9/000, PPMS/76/94
P-9/001, PPMS/77/94
P-9/002, PPMS/78/94
PPMS/76/94 P-39/MP/000/11
PPMS/77/94 P-39/MP/001/11
PPMS/78/94 P-39/MP/002/11
Y-1/MP/000/06, MP 91/2007
K-1004/MP/000/2017
MP085/2017
K-1004/MP/001/2017
MP086/2017
PL 10/2014, GS14: S-62
PL 11/2014, GS14: S-63
P-175/MP/000/2015
P-175/MP/001/2015
P-175/MP/002/2015
P-184/MP/000/2015
PL-09/2011, GS14: B-22
PL-10/2011, GS14: B-23
P-633/000, PPMS/1190/2015
P-633/001, PPMS/1191/2015
P-633/002, PPMS/1192/2015
P-633/003, PPMS/1193/2015
P-633/004, PPMS/1194/2015
P-633/005, PPMS/1195/2015
P-642/000, PPMS/123/2016
51/1989/104
51/1989/105
51/1989/106
53/2011/519
53/2011/520
53/2011/521
51/1983/038
51/1984/023
51/2010/311
51/2010/312
51/2010/313
51/1979/020 (No. 56812)
51/1988/058 (No. 84091)
51/1990/025
51/1990/026
Interest as at 17
September 2019
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
80%1
80%1
80%1
80%1
80%1
80%1
80%1
80%1
80%1
80%
80%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Alicanto Minerals Limited | 60
Tenement Listing (continued)
As at 17 September 2019
Project
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Location
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Tenement
53/2004/036
53/2004/037
53/2004/038
53/2008/004
53/2008/005
53/2008/006
53/2008/007
53/2008/008
53/2008/009
53/2008/010
53/2008/011
53/2011/518
51/1992/149
51/1992/150
51/2010/325
51/2010/326
51/2010/327
51/2010/329
51/2010/330
51/2010/331
51/2010/332
51/1982/028
51/1986/020
51/1986/021
51/1986/022
51/1986/023
51/1986/024
51/1986/043
51/1987/093
51/1987/094
51/1987/101
51/1987/102
51/1987/110
51/1988/104
51/1988/136
51/1989/259
51/1993/005
51/1993/006
51/1993/007
51/1993/008
51/1981/019
51/1981/020
51/1981/021
Interest as at 17
September 2019
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Alicanto Minerals Limited | 61
Tenement Listing (continued)
As at 17 September 2019
Project
Location
Tenement
Interest as at 17
September 2019
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Arakaka
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
51/1981/022
51/1981/023
PPMS/1068/2002
PPMS/1069/2002
PPMS/1060/2002
PPMS/1062/2002
PPMS/1070/2002
PPMS/1071/2002
J-1007/MP/000/16
J-1007/MP/001/16
J-1007/MP/002/16
J-1007/MP/003/16
J-1007/MP/004/16
J-1007/MP/005/16
J-1007/MP/006/16
J-1007/MP/007/16
J-1007/MP/008/16
51/2004/184
51/2005/019
51/2004/185
51/2005/020
51/2002/031
51/1994/118
51/2002/33
51/2002/34
51/2002/35
51/2002/36
51/1994/112
51/2002/32
51/1994/111
51/2001/09
51/2005/01
51/2005/02
51/2005/03
51/2005/04
51/2005/05
51/2005/06
51/2005/07
Rose 8
Rose 9
51/2002/27
51/1981/022
51/1981/023
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Alicanto Minerals Limited | 62
Tenement Listing (continued)
Mining tenements held at the end of June 2019 quarter (continued)
Project
Location
Tenement
Interest as at 17
September 2019
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
B-19/MP/000
D-15/MP/000
D-16/MP/000
R-31/MP/002
R-31/MP/003
R-31/MP/004
R-31/MP/005
R-31/MP/000
R-31/MP/001
J-10/MP/000
J-14/MP/000
J-14/MP/001
J-14/MP/002
B-19/MP/000
Baggie
Owen #1
Owen
Emillio
Anita
Joy #2
Joy #3
Patsy
Patsy #1
Karen
Karen #1
Sherry
Sherry #1
Sherry #2
Tracy
Queen
Queen #1
Nick
Nick #1
Ray
Ray #1
Jeff
Sherry #2
Tracy
Queen
Queen #1
Nick
Nick #1
Ray
Ray #1
Jeff
Sist
Camy
Shelda
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%2
100%3
100%3
100%3
Alicanto Minerals Limited | 63
Tenement Listing (continued)
Project
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Ianna
Tassawini
Tassawini
Tassawini
Tassawini
Location
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Guyana
Tenement
Commie #2
Irean
Chester #2
King Ransom #1
King Ransom #2
King Ransom #3
King Ransom #4
King Ransom #5
King Ransom #6
King Ransom #7
King Ransom #8
King Ransom #9
King Ransom 1
King Ransom 2
King Ransom 3
King Ransom 4
King Ransom 5
B-505/001
Yo
Lyn
Pam
Lady Amy1
Lady Amy2
Lady Amy3
Lady Amy4
Karen #2
Karen #3
Karen #4
Karen #5
Lady Crystal
Lady Crystal#1
Lady Crystal#2
B-85/MP/000
V-04/MP/000, MP 47/98
V-5/MP/000, MP 23/01
V-5/MP/001, MP 24/01
V-5/MP/002, MP 25/01
Interest as at 3
September 2019
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%3
100%
100%
100%
100%
1 Interest held subject to Option Agreement announced 5 February 2016.
2 Exclusive rights to acquire subject to terms of Option & Acquisition Agreement announced 8 November 2016 including option payments and minimum expenditure
requirements to maintain option.
3 Interest held subject to Option Agreements announced 1 September 2017
4 Interest held subject to Option agreement dated 1 May 2019.
Notes
E:
PL:
PPMS:
MP:
Exploration License
Prospecting License
Prospecting License Medium Scale
Mining Permit
Alicanto Minerals Limited | 64