Australian Gold and Copper Ltd
ABN 65 633 936 526
Annual Report for the year ended 30 June 2020
Australian Gold and Copper Ltd
Directors’ report
30 June 2020
The directors present their report, together with the financial statements, on Australian Gold and Copper
Ltd (referred to hereafter as the 'company') for the year ended 30 June 2020.
Directors
The following persons were directors of Australian Gold and Copper Ltd from incorporation up to the
date of this report, unless otherwise stated:
David Berrie
David Richardson
Andrea Betti (appointed 26 October 2020)
Malcolm Norris (resigned 30 October 2020)
Principal activities
During the year, the company had no principal activities.
Dividends
No dividends were paid or declared during the financial period. No dividend has been recommended.
Review of operations
The loss for the company after providing for income tax was $3,500 (2019: $3,500).
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the company during the financial period.
Matters subsequent to the end of the financial year
The impact of the Coronavirus (COVID-19) pandemic is ongoing. It is not practicable to estimate the
potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is
dependent on measures imposed by the Australian Government and other countries, such as
maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus
that may be provided.
The Company’s parent, Magmatic Resources Ltd (MAG) announced to the ASX on 18 September 2020
that the Company had entered into a binding term sheet to purchase two Central Lachlan
gold/polymetallic projects from private company, New South Resources Pty Ltd (NSR). NSR will receive
as consideration shares in the Company amounting to a 40% interest in pre the initial public offering
(IPO) proposed to be undertaken by the Company for their Cargelligo and Gundagai projects (NSR
Tenements). MAG will hold the remaining 60% in the Company pre-IPO.
Subject to MAG shareholder approvals, and all necessary regulatory approvals, compliance with ASX
escrow requirements and waivers, MAG and NSR have the right to distribute in specie around 80% of
their holdings in the Company to their respective shareholders.
The demerger of Moorefield from MAG and the NSR acquisitions remain contingent on MAG’s
shareholders approval, satisfactory tax ruling being received from the ATO regarding tax implications
of a distribution in specie for MAG shareholders, necessary regulatory approvals, compliance with 2
ASX escrow requirements and waivers and will be considered at MAG’s upcoming Annual General
Meeting.
On 26 October 2020 Andrea Betti was appointed as Director and joint Company Secretary, with
Malcolm Norris resigning as a director effective 30 October 2020.
There have been no other matters or circumstances that have arisen since 30 June 2020 that has
significantly affected, or may significantly affect the company's operations, the results of those
operations, or the company's state of affairs in future financial years.
Likely developments and expected results of operations
Information on likely developments in the operations of the company and the expected results of
operations have not been included in this report because the directors believe it would be likely to result
in unreasonable prejudice to the company.
2
Australian Gold and Copper Ltd
Directors’ report
30 June 2020
Environmental regulation
The company is not subject to any significant environmental regulation under Australian Commonwealth
or State law.
Information on directors
Name:
Title:
Qualifications, experience
and expertise:
Special responsibilities:
Name:
Title:
Qualifications, experience
and expertise:
Special responsibilities:
Name:
Title:
Qualifications, experience
and expertise:
Special responsibilities:
Name:
Title:
Qualifications, experience
and expertise:
Special responsibilities:
David Berrie
Non-Executive Director, Company Secretary
Mr. David Berrie has over 30 years’ experience in the mining industry.
Mr Berrie worked as a solicitor in the mining team at Clayton Utz before
joining the international mining house Western Mining Corporation in
1987 with much of that time spent in the exploration division before
transitioning over to BHP Billiton. Mr Berrie has extensive public
company experience. Mr Berrie has a Bachelor of Laws and a
Bachelor of Juris Prudence from the University of Western Australia.
Company Secretary
David Richardson
Non-Executive Director
Mr Richardson has extensive international corporate experience
including 15 years in Japan in Asia Pacific regional director positions
with organisations such as Pacific Dunlop Ltd and Amcor Ltd.
Expertise includes venture capital and finance.
Mr Richardson founded Magmatic Resources Limited (ASX:MAG) in
2014, listing it on the ASX in 2017 and is currently the Executive
Chairman of Magmatic Resources Limited.
None
Andrea Betti (appointed 26 October 2020)
Non-Executive Director and Company Secretary
Ms. Betti is an accounting and corporate governance professional with
over 20 years experience in accounting, corporate governance,
finance and corporate banking. She has acted as Chief Financial
Officer and Company Secretary for companies in the private and
publicly listed sectors, as well as senior executive roles in the banking
and finance industry. Ms. Betti is a member of the Institute of Chartered
Accountants in Australia and New Zealand and an associate member
of the Governance Institute of Australia. Ms Betti is currently a Director
of a corporate advisory company based in Perth that provides
corporate and other advisory services to public listed companies. She
has a Bachelor of Commerce, Graduate Diploma in Corporate
Governance, Graduate Diploma in Applied Finance and Investment
and a Masters of Business Administration.
None
Malcolm Norris (resigned 30 October 2020)
Non-Executive Director
Mr. Malcolm Norris is a geologist with extensive experience in
business management, asset transactions and exploration with a
focus on porphyry discovery. He is currently the managing director of
Sunstone Metals Limited (ASX:STM). Previously chief executive
officer and managing director of SolGold Plc, Mr Norris holds a
Bachelor of Science (Geology, Hons 1) from the University of
Queensland, a Master of Science from the University of Western
Ontario and a Master of Applied Finance (Kaplan).
None
3
Australian Gold and Copper Ltd
Directors’ report
30 June 2020
Company secretary
David Berrie LLB has held the role of Company Secretary since incorporation on 5 June 2019. Andrea
Betti was appointed as joint Company Secretary on 26 October 2020.
Meetings of directors
There were no directors’ meetings held during the financial period. The company does not have a
formally constituted audit committee or remuneration committee as the board considers that the
company’s size and type of operation do not warrant such committees.
Shares under option
There were no shares of Australian Gold and Copper Ltd under option at the date of this report.
Shares issued on the exercise of options
There were no ordinary shares of Australian Gold and Copper Ltd that were issued during the financial
period and up to the date of this report on the exercise of options granted.
Indemnity and insurance of officers
The company has not, during or since the end of the financial period, indemnified or agreed to indemnify
the directors and executives of the company for costs incurred, in their capacity as a director or
executive, for which they may be held personally liable.
During the financial period, the company has not paid a premium in respect of a contract to insure the
directors or executives of the company or any related entity.
Whilst the Company is a wholly owned subsidiary of Magmatic Resources Limited, its directors,
executives and officers are covered under the group insurance policy held by Magmatic Resources Ltd.
Indemnity and insurance of auditor
The company has not, during or since the end of the financial period, indemnified or agreed to indemnify
the auditor of the company or any related entity against a liability incurred by the auditor.
During the financial period, the company has not paid a premium in respect of a contract to insure the
auditor of the company or any related entity.
Proceedings on behalf of the company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring
proceedings on behalf of the company, or to 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 part of those
proceedings.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations
Act 2001 is set out immediately after this directors' report.
Auditor
BDO Audit (WA) Pty Ltd were appointed on 30 October 2020 as per section 327A of the Corporations
Act 2001.
Non-audit services
No amounts were paid or payable to the auditor for non-audit services provided during the year ended
30 June 2020.
4
Australian Gold and Copper Ltd
Directors’ report
30 June 2020
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the
Corporations Act 2001.
On behalf of the directors
Andrea Betti
Director
30 October 2020
Perth
5
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
38 Station Street
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
Australia
DECLARATION OF INDEPENDENCE BY DEAN JUST TO THE DIRECTORS OF AUSTRALIAN GOLD AND
COPPER LIMITED
As lead auditor of Australian Gold and Copper Limited for the year ended 30 June 2020, I declare that,
to the best of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
Dean Just
Director
BDO Audit (WA) Pty Ltd
Perth, 30 October 2020
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent firms. Liability by a scheme approved under Professional Standards Legislation.
Australian Gold and Copper Ltd
Contents
30 June 2020
Statement of profit or loss and other comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
Directors' declaration
Independent auditor's report to the members of Australian Gold and Copper Ltd
8
9
10
11
12
17
18
General information
The financial statements cover Australian Gold and Copper Ltd. The financial statements are presented
in Australian dollars, which is Australian Gold and Copper Ltd's functional and presentation currency.
Australian Gold and Copper Ltd is an unlisted public company limited by shares, incorporated and
domiciled in Australia. Its registered office and principal place of business is:
Suite 7
55 Hampden Road
Nedlands Perth WA 6009
A description of the nature of the consolidated entity's operations and its principal activities are included
in the directors' report, which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors, on 30
October 2020. The directors have the power to amend and reissue the financial statements.
7
Australian Gold and Copper Ltd
Statement of profit or loss and other comprehensive income
For the year ended 30 June 2020
Expenses
Audit fees
Loss before income tax
Income tax expense
2020
$
2019
$
(3,500.00)
(3,500.00)
(3,500.00)
(3,500.00)
-
-
Loss after income tax expense for the period
(3,500.00)
(3,500.00)
Other comprehensive income
-
-
Total comprehensive loss for the period
(3,500.00)
(3,500.00)
The above statement of profit or loss and other comprehensive income should be read in conjunction
with the accompanying notes
8
Australian Gold and Copper Ltd
Statement of financial position
As at 30 June 2020
Assets
Current assets
Cash and cash equivalents
Total current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Total current liabilities
Total liabilities
Net assets/(liabilities)
Equity
Issued capital
Accumulated losses
Total equity/(deficiency)
Notes
2020
$
2019
$
2
3
4
0.01
0.01
0.01
0.01
0.01
0.01
7,000.00
7,000.00
3,500.00
3,500.00
7,000.00
3,500.00
(6,999.99)
(3,499.99)
0.01
(7,000.00)
(6,999.99)
0.01
(3,500.00)
(3,499.99)
The above statement of financial position should be read in conjunction with the accompanying notes
9
Australian Gold and Copper Ltd
Statement of changes in equity
For the year ended 30 June 2020
Balance at 5 June 2019
Loss after income tax expense for the
period
Other comprehensive income for the
period, net of tax
Total comprehensive loss for the
period, net of tax
Issued
capital
$
Accumulated
losses
$
Total equity
$
-
-
-
-
-
-
(3,500.00)
(3,500.00)
-
-
(3,500.00)
(3,500.00)
Contributions of equity
0.01
-
0.01
Balance at 30 June 2019
0.01
(3,500.00)
(3,499.99)
Balance at 1 July 2019
0.01
(3,500.00)
(3,499.99)
Loss after income tax expense for the
year
Other comprehensive income for the
year, net of tax
Total comprehensive loss for the
year, net of tax
-
-
-
(3,500.00)
(3,500.00)
-
-
(3,500.00)
(3,500.00)
Balance at 30 June 2020
0.01
(7,000.00)
(6,999.99)
The above statement of changes in equity should be read in conjunction with the accompanying notes
10
Australian Gold and Copper Ltd
Statement of cash flows
For the year ended 30 June 2020
Notes
2020
$
2019
$
Cash flow from financing activities
Proceeds from issue of shares
Net cash received from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial
period
Cash and cash equivalents at the end of the financial period
2
-
-
-
0.01
0.01
0.01
0.01
0.01
-
0.01
The above statement of cash flows should be read in conjunction with the accompanying notes
11
Australian Gold and Copper Ltd
Notes to the financial statements
For the year ended 30 June 2020
Note 1. Significant accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out
below. These policies have been consistently applied to all the periods presented, unless otherwise
stated.
New or amended Accounting Standards and Interpretations adopted
The consolidated entity has adopted all of the new or amended Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for
the current reporting year.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been
early adopted.
None of the new or amended Accounting Standards and Interpretations are relevant to the company.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian
Accounting Standards and Interpretations issued by the Australian Accounting Standards Board
('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial
statements also comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board ('IASB').
Historical cost convention
The financial statements have been prepared under the historical cost convention.
Critical accounting estimates and judgements
The directors evaluate estimates and judgements incorporated into the financial statements based on
historical knowledge and best available current information. Estimates assume a reasonable
expectation of future events and are based on current trends and economic data, obtained both
externally and within the company.
Coronavirus (COVID-19) pandemic
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19)
pandemic has had, or may have, on the company based on known information. This consideration
extends to the nature of the products and services offered, customers, supply chain, staffing and
geographic regions in which the company operates. Other than as addressed in specific notes, there
does not currently appear to be either any significant impact upon the financial statements or any
significant uncertainties with respect to events or conditions which may impact the company
unfavourably as at the reporting date or subsequently as a result of the Coronavirus (COVID-19)
pandemic.
In the opinion of the directors, there have been no other significant estimates or judgements used in
the preparation of this financial report.
Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income
based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax
assets and liabilities attributable to temporary differences, unused tax losses and the adjustment
recognised for prior periods, where applicable.
12
Australian Gold and Copper Ltd
Notes to the financial statements
For the year ended 30 June 2020
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected
to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are
enacted or substantively enacted, except for:
When the deferred income tax asset or liability arises from the initial recognition of goodwill or
an asset or liability in a transaction that is not a business combination and that, at the time of
the transaction, affects neither the accounting nor taxable profits; or
When the taxable temporary difference is associated with interests in subsidiaries, associates
or joint ventures, and the timing of the reversal can be controlled and it is probable that the
temporary difference will not reverse in the foreseeable future.
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.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each
reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable
that future taxable profits will be available for the carrying amount to be recovered. Previously
unrecognised deferred tax assets are recognised to the extent that it is probable that there are future
taxable profits available to recover the asset.
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-
current classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or
consumed in the consolidated entity's normal operating cycle; it is held primarily for the purpose of
trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or
cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12
months after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the consolidated entity's
normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12
months after the reporting period; or there is no unconditional right to defer the settlement of the
liability for at least 12 months after the reporting period. All other liabilities are classified as non-
current.
Deferred tax assets and liabilities are always classified as non-current.
Cash and cash equivalents
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. For the statement of cash flows presentation purposes, cash and cash equivalents also
includes bank overdrafts, which are shown within borrowings in current liabilities on the statement of
financial position.
Trade and other payables
These amounts represent liabilities for goods and services provided to the company prior to the end of
the financial year and which are unpaid. Due to their short-term nature they are measured at amortised
cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of
recognition.
Issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.
13
Australian Gold and Copper Ltd
Notes to the financial statements
For the year ended 30 June 2020
Going concern
The financial statements have been prepared on the going concern basis, which contemplates the
continuity of normal business activities and the realisation of assets and the discharge of liabilities in
the normal course of business.
As disclosed in the financial statements, the company has not commenced trading and incurred a loss
before income tax of $3,500 (2019: $3,500) and had no cash flows from operating activities for the
year ended 30 June 2020 (2019: nil). As at 30 June 2020, the company had net current assets of
$(6,999.99) (2019: $(3,499.99)).
Prior to reporting date, on 31 January 2020, the World Health Organisation (WHO) announced a
global health emergency because of a new strain of coronavirus originating in Wuhan, China (COVID-
19 outbreak) and the risks to the international community as the virus spreads globally beyond its
point of origin. Because of the rapid increase in exposure globally, on 11 March 2020, the WHO
classified the COVID-19 outbreaks as a pandemic. These events are having a significant impact and
recovery from the COVID-19 is unknown but it may have an impact on the company’s activities and
potentially impact on being able to raise capital in an uncertain market.
In context of this operating environment, the ability of the company to continue as a going concern is
depending on securing additional funding through debt or equity to continue to funds its operational
activities. These conditions indicate a material uncertainty that may cause a significant doubt about
the entity’s ability to continue as a going concern and therefore, that it may be unable to realise its
assets and discharge its liabilities in the normal course of business.
The directors believe that there are reasonable grounds to believe that the company will continue as a
going concern, after consideration of the following factors:
The company is pursuing an initial public offering to the Official List of the Australian
Securities Exchange to raise funding to continue commercialisation of the business.
In accordance with the Corporations Act 2001, the company has plans to raise further working
capital through the issue of equity during the financial year end 30 June 2021; and
The company continues to keep costs at a minimum in order to conserve cash reserves for
the year ended 30 June 2020.
The company will continue to receive financial support from Magmatic Resources Limited for
the next 12 months to assist in meeting Australian Gold and Copper Ltd’s obligations as and
when they fall due.
Accordingly, the Directors believe that the company will be able to continue as a going concern and
that it is appropriate to adopt the going concern basis in the preparation of the financial report.
Should the company not be able to continue as a going concern, it may be required to realise its
assets and discharge its liabilities other than in the ordinary course of business, and at amounts that
differ from those stated in the financial statements or raise additional capital through equity or debts
raisings and that the financial reports does not include any adjustments relating to the recoverability
and classification or recorded asset amounts or liabilities that might be necessary should the
company not continue as a going concern and meet its debts as and when they become due and
payable. The directors plan to continue the company’s operations on the basis s outlined above and
believe there will be sufficient funds for the company to meet its obligations and liabilities for at least
twelve months from the date of this report.
The financial report does not include any adjustments relating to the amounts or classification of
recorded assets or liabilities that might be necessary if the company is not able to continue as a going
concern.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but
are not yet mandatory, have not been early adopted by the consolidated entity for the financial year
ended 30 June 2020. The company's assessment of the impact of these new or amended Accounting
Standards and Interpretations, most relevant to the consolidated entity, are set out below.
14
Australian Gold and Copper Ltd
Notes to the financial statements
For the year ended 30 June 2020
Conceptual Framework for Financial Reporting (Conceptual Framework)
The revised Conceptual Framework is applicable to annual reporting periods beginning on or after 1
July 2021 and early adoption is permitted. The Conceptual Framework contains new definition and
recognition criteria as well as new guidance on measurement that affects several Accounting
Standards. Where the consolidated entity has relied on the existing framework in determining its
accounting policies for transactions, events or conditions that are not otherwise dealt with under the
Australian Accounting Standards, the consolidated entity may need to review such policies under the
revised framework. At this time, the application of the Conceptual Framework is not expected to have
a material impact on the consolidated entity's financial statements.
Note 2. Cash and cash equivalents
Cash on hand
Note 3. Trade and other payables
Accrued expenses
Note 4. Issued capital
2020
$
2019
$
0.01
0.01
0.01
0.01
2020
$
2019
$
7,000.00
7,000.00
3,500.00
3,500.00
2020
Shares
2019
Shares
2020
$
2019
$
Ordinary shares – fully paid
1
1
0.01
0.01
Movements in ordinary share capital
There were no movements in ordinary share capital during the year ended 30 June 2020.
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the
company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary
shares have no par value and the company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and
upon a poll each share shall have one vote.
Note 5. Events after the reporting period
The impact of the Coronavirus (COVID-19) pandemic is ongoing. It is not practicable to estimate the
potential impact, positive or negative, after the reporting date. The situation is rapidly developing and
is dependent on measures imposed by the Australian Government and other countries, such as
maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus
that may be provided.
The Company’s parent, Magmatic Resources Ltd (MAG) announced to the ASX on 18 September
2020 that the Company had entered into a binding term sheet to purchase two Central Lachlan
gold/polymetallic projects from private company, New South Resources Pty Ltd (NSR). NSR will
receive as consideration shares in the Company amounting to a 40% interest in pre the initial public
offering (IPO) proposed to be undertaken by the Company for their Cargelligo and Gundagai projects
(NSR Tenements). MAG will hold the remaining 60% in the Company pre-IPO.
15
Australian Gold and Copper Ltd
Notes to the financial statements
For the year ended 30 June 2020
Subject to MAG shareholder approvals, and all necessary regulatory approvals, compliance with ASX
escrow requirements and waivers, MAG and NSR have the right to distribute in specie around 80% of
their holdings in the Company to their respective shareholders.
The demerger of Moorefield from MAG and the NSR acquisitions remain contingent on MAG’s
shareholders approval, satisfactory tax ruling being received from the ATO regarding tax implications
of a distribution in specie for MAG shareholders, necessary regulatory approvals, compliance with 2
ASX escrow requirements and waivers and will be considered at MAG’s upcoming Annual General
Meeting.
No other matters or circumstances have arisen since 30 June 2020 that has significantly affected, or
may significantly affect the consolidated entity's operations, the results of those operations, or the
consolidated entity's state of affairs in future financial years.
Note 6. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by BDO, the
auditor of the company:
Audit services - BDO
Audit or review of the financial statements
2020
$
2019
$
3,500.00
3,500.00
There were no fees paid or payable for the year ended 30 June 2020 for:
non-audit services provided by the auditor of the company (2019: nil);
audit or non-audit services provided by any network firm of the company’s auditor (2019: nil);
or
audit services provided by any unrelated firms (2019: nil).
Note 7. Key management personnel disclosures
Compensation
The aggregate compensation made to directors and other members of key management personnel of
the consolidated entity for the financial year was nil.
Note 8. Contingent assets
There were no contingent assets as at 30 June 2020.
Note 9. Contingent liabilities
There were no contingent liabilities as at 30 June 2020.
Note 10. Commitments
There were no capital or lease commitments as at 30 June 2020.
Note 11. Related party transactions
There were no transactions with related parties of the company during the year.
Note 12. Reconciliation of profit after income tax to net cash from operating activities
Loss after income tax expense for the period
Increase in trade and other payables
Net cash from operating activities
2020
$
2019
$
(3,500.00)
3,500.00
(3,500.00)
3,500.00
-
-
16
Australian Gold and Copper Ltd
Directors’ declaration
30 June 2020
In the directors’ opinion:
the attached financial statements and notes comply with the Corporations Act 2001, the
Accounting Standards, the Corporations Regulations 2001 and other mandatory professional
reporting requirements;
the attached financial statements and notes comply with International Financial Reporting
Standards as issued by the International Accounting Standards Board as described in note 1
to the financial statements; 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.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the
Corporations Act 2001.
On behalf of the directors
Andrea Betti
Director
30 October 2020
Perth
17
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
38 Station Street
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of Australian Gold and Copper Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Australian Gold and Copper Limited (the Company), which
comprises the statement of financial position as at 30 June 2020, the statement of profit or loss and
other comprehensive income, the statement of changes in equity and the statement of cash flows for
the year then ended, and notes to the financial report, including a summary of significant accounting
policies, and the directors’ declaration.
In our opinion the accompanying financial report of Australian Gold and Copper Limited, is in
accordance with the Corporations Act 2001, including:
(i)
Giving a true and fair view of the Company’s financial position as at 30 June 2020 and of its
financial performance for the year ended on that date; 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
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (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 confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Material uncertainty related to going concern
We draw attention to Note 1 in the financial report which describes the events and/or conditions which
give rise to the existence of a material uncertainty that may cast significant doubt about the entity’s
ability to continue as a going concern and therefore the entity may be unable to realise its assets and
discharge its liabilities in the normal course of business. Our opinion is not modified in respect of this
matter.
Other information
The directors are responsible for the other information. The other information obtained at the date of
this auditor’s report is information included in the Director’s report, but does not include the financial
report and our auditor’s report thereon.
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent firms. Liability by a scheme approved under Professional Standards Legislation.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion 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 on the other information obtained prior to the date of this
auditor’s report, 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 Company’s ability 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.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
http://www.auasb.gov.au/auditors_responsibilities/ar4.pdf
This description forms part of our auditor’s report.
BDO Audit (WA) Pty Ltd
Dean Just
Director
Perth, 30 October 2020