Cohiba Minerals Limited
ABN 72 149 026 308
Annual Report - 30 June 2020
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Cohiba Minerals Limited
Contents
30 June 2020
Corporate directory
Review of operations
Directors' report
Auditor's independence declaration
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 Cohiba Minerals Limited
Shareholder information
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Cohiba Minerals Limited
Corporate directory
30 June 2020
Directors
Company secretaries
Registered office
Principal place of business
Share register
Auditor
Mr Mordechai Benedikt (Executive Chairman)
Mr Nachum Labkowski (Non-Executive Director)
Mr Andrew Graham (Chief Executive Officer and Executive Director)
Mr Justin Mouchacca
Mr Romy Hersham
Level 21, 459 Collins Street
Melbourne, VIC 3000
Ph: (03) 8630 3321
Level 21, 459 Collins Street
Melbourne, VIC 3000
Automic Registry Services
Level 5
126 Philip Street
Sydney NSW 2010
Ph: (02) 9698 5414
William Buck
Level 20, 181 William Street
Melbourne VIC 3000
Stock exchange listing
Cohiba Minerals Limited securities are listed on the Australian Securities Exchange
(ASX codes: CHK and CHKOA)
Website
www.cohibaminerals.com.au
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Review of operations
30 June 2020
Highlights
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Modelling of the detailed magnetotelluric (MT) survey results over the Horse Well area completed with final
3D views delineating the broader “feeder” zone.
Infill magnetotelluric (MT) survey completed over the Horse Well area confirmed presence of “conductive
zone” in the depth range from about 600 – 900 m.
Detailed review of the 1D inversion results from the magnetotelluric (MT) survey at Horse Well completed to
produce a 3D inversion model for enhanced target definition prior to deep drilling.
Exploration Program for Environment Protection and Rehabilitation (PEPR) and Heritage Survey successfully
completed for final approval of the drilling program at Horse Well and Pernatty C.
Extensive soil geochemistry survey (>450 samples) completed over the southern part of the Pernatty C area
to further investigate potential for “Mt Gunson style” mineralisation.
Assays from Pernatty C soil survey returned multiple anomalous results for copper, lead, zinc, and cobalt.
Resistivity and Induced Polarisation (IP) survey completed over the southern part of the Pernatty C area
showed significant structural control and potential for “Mt Gunson” / “Zambian Copper Belt” style
mineralisation.
Mining Proposal and Mine Closure Plan for the Pyramid Lake (WA) gypsum project continued to advance with
completion of Flora, Fauna and Invertebrate studies, site survey and block modelling.
All tenements within the Horse Well, Pernatty C (Mt Gunson) and Lake Torrens areas maintained in good
standing.
All tenements in Queensland (Wee MacGregor, Mt Gordon, Success and Mt Cobalt) maintained in good
standing and included a partial relinquishment (14 sub-blocks) of ground at Mt Cobalt.
Cohiba Minerals achieved milestone target in gaining 51% of Olympic Domain tenements under Farm-In
Agreement.
South Australian (Olympic Domain) Tenements
“Horse Well” Area
During the September quarter the Company completed modelling of the detailed magnetotelluric (MT) survey results over
the Horse Well area and generated 3-Dimensional images which further delineated the broader “feeder” zone (Figures 1 and
2).
In the December quarter the Company engaged Zonge to conduct an infill magnetotelluric (MT) survey within the Horse Well
area to provide further target delineation over some key areas (Figure 3). The results from the infill magnetotelluric survey
(Figure 3) further reinforced the previous survey results indicating the presence of a “conductive zone” in the 600 – 900 m
range, which may reflect the presence of sulphides within an IOCG environment.
The Company compiled all of the MT results and the 3D inversion modelling of the MT data confirmed the presence of a
NW-SE trending feature coincident with the previously interpreted “feeder” zone which is associated with Iron Oxide-Copper-
Gold (IOCG) systems.
A persistent low resistivity feature from approximately 400 metres below the surface, within this NW-SE trending zone, and
offset from significant gravity and magnetic anomalies provided further drill-ready targets.
The resistivity maps (plans) in Figures 4 – 7, from 400 m to 750 m below the surface depict the top of the “feeder” zone well
and showed strong correlation to the previous MT survey work (Figure 8). Resistivity data collected with audio
magnetotelluric (MT) surveys showed itself to be a potential vector (pointer) to IOCG mineralisation.
Resistivity profiles (cross-sections) were generated across the upper part of the “feeder” zone area and showed a persistent
low resistivity (high conductivity) zone from approximately 400 m below the surface (Figures 9 - 12). The 3D inversion
modelling confirmed the location of the four proposed drill holes at Horse Well, which were selected to test the coincident
gravity, magnetic and magnetotelluric anomalies.
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Figure 1: 3D model of the detailed magnetotelluric survey results showing broad “feeder” zone and position of proposed drill
hole.
Figure 2: Cross-section of the Horse Well area showing the magnetotelluric (MT) survey results depicting an IOCG
conductor, the associated “feeder” zone, a potential residual gravity anomaly and the location of a proposed drill hole
(HWDDH).
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Figure 3: Infill magnetotelluric survey (blue stars) within the Horse Well area showing “conductive zone” and location of
existing drill hole (HWDDH01).
Figure 4: Resistivity plan view at -400 m below surface showing strong NW-SE trend (black dashed).
Figure 5: Resistivity plan view at 500 m below surface showing strong NW-SE trend (black dashed).
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Figure 6: Resistivity plan view at 600 m below surface showing strong NW-SE trend (red).
Figure 7: Resistivity plan view at 750 m below surface showing strong NW-SE trend (orange).
Figure 8: Cross section of original MT survey data showing proposed “feeder” zone at depth (MT resistivity section), surface
trend of feeder zone (dashed black line) and proposed diamond drill holes.
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Figure 9: E-W profile through Horse Well area (location shown by red line on plan top right corner).
Figure 10: E-W profile through Horse Well area (location shown by red line on plan top right corner).
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30 June 2020
Figure 11: E-W profile through Horse Well area (location shown by red line on plan top right corner).
Figure 12: N-S profiles through Horse Well area (location shown by red line on plan top right corner).
The Company designed an exploration program to target potential IOCG mineralisation associated with these “feeder”
zones (identified from the MT survey). The exploration drilling program within the Horse Well area comprised four drill holes
(Figure 13) which were selected to test the coincident gravity, magnetic and magnetotelluric (MT) anomalies.
In addition to the Horse Well drill holes an additional two drill holes were planned for the Pernatty area (Figure 14) to
investigate coincident geochemical and magnetic anomalies for sediment-hosted base metals (i.e. Mt Gunson style/Zambian
Copper Belt style mineralisation).
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Figure 13: The Horse Well area showing the location of the four (4) proposed drill sites.
Figure 14: The Pernatty area showing the location of the two (2) proposed drill sites.
Pernatty “C” Area
During the March 2020 quarter the Company engaged the services of Fireant Resources Pty Ltd to undertake a Resistivity
and Induced Polarisation (IP) survey over the southern part of the Pernatty “C” (EL5970) area to further investigate the
potential for “Mt Gunson style” mineralisation. Fireant Resources also conducted soil and rock chip geochemical sampling at
the same time to streamline activities and control costs.
Multiple resistivity and IP traverses were completed over the southern part of Pernatty “C” during February and March 2020
and a total of 460 combined soil and rock samples were collected. Numerous calcrete outcrops were observed and mapped.
Figure 15 shows the location of samples collected and mapped outcrops of calcrete (refer to ASX announcement of 27 April
2020). The electrical resistivity and IP geophysics survey lines were conducted over areas of known geophysical
anomalism, including magnetic and gravity highs/lows as well as areas of observable outcrop.
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Initially soil sampling was implemented on a grid-based system where soil samples were taken at locations spaced in a
uniform grid pattern was pre-determined on 30m east-west and 300m north-south spacing. The soil sampling rationale was
then changed to target not only directly within and adjacent to calcrete outcrops but in a systematic approach traversing
around the calcrete outcrop zone up to 150 metres away.
Assay results from soil sampling showed anomalous values of copper-zinc-lead of which were analogous to historic soil
sampling within the historic Mt Gunson copper mining district mines and deposits; as well as path-finder elements Ca, Mg,
Fe, Mn, Cr, Co, Ni, As, Bi, Th, U, Ag and Au.
Table 1 shows soil sample assay results of Pernatty “C” where Copper => 11ppm Cu and Zinc => 28ppm Zn and Lead =>
5ppm Pb.
Multiple follow-up targets were identified within the southern part of Pernatty “C” from soil sampling that showed anomalous
values for copper, zinc, lead and other path-finder elements including iron, manganese, calcium, nickel and cobalt. Figure
17 shows a heat map generated from Copper in soils derived from the assay results, initial target zones are shown in white
circled areas.
Figure 15: Location of soil and rock sampling within the south-eastern part of Pernatty “C” (EL5970).
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Table 1: Assay results of selected surface samples at Pernatty “C”.
The geophysics survey utilised the FlashRES-Universal 96 data acquisition system developed by ZZ Resistivity Imaging,
Australia. Long survey lines of up to 630 metres in length (with 10m electrode spacing) provided a survey comprising 61
channels (64 electrodes); and short survey lines of up to 96 metres in length (with 3m electrode spacing) provided a survey
comprising 29 channels (32 electrodes). Data was acquired both through conventional arrays i.e. Wenner, Schlumberger;
and ZZ unconventional arrays. The ZZ array is far more advanced that other conventional arrays as it acquires data from a
continuous spread of electrodes, avoiding traditional acquisition pattern limitations. The final result was a true resistivity
distribution map rather than the traditional apparent resistivity map or curve. This allows easier and more accurate
interpretation. Data Inversion of the survey was processed using ZZ’s 2.5D inversion techniques.
The results of the geophysical survey are shown in Figure 16a (ZZ Array), Figure 16b (Schlumberger Array), and Figure 16c
(Wenner Array).
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Figure 16: Results of geophysical survey showing true resistivity in ohm metres using the a) ZZ Array b) Schlumberger Array
and c) Wenner Array.
Figure 17: Heat map showing copper values in soils and initial targets defined (white circled areas)
Potential drilling targets were generated over the area where there was a correlation between geochemical and geophysical
survey results. Figure 18 shows copper-zinc-lead target areas over (1) South Australia Second Vertical Derivative (2VD) of
the Total Magnetic Intensity (TMI) Reduced to Pole (RIP) Low Pass Filtered image; (2) South Australia First Vertical
Derivative (1VD) Gravity Image; and (3) Pernatty “C” Gravity data image.
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(1) SA 2VD TMI RTP LPF
(2) SA 1VD GRAVITY
(3) PERNATTY “C” GRAVITY
Figure 18: Copper-Zinc-Lead target areas with Total Magnetic Intensity and Gravity images.
The true resistivity survey inversion results with interpretation were generated and are shown in Figure 19 Inferred faults are
shown in black lines. Light blue zones (1 to 5 Ω) are inferred to be aquifers, clays, wet sands or possibility shales; blue to
cyan and light green zones (5 to 40 Ω) are inferred to be shales; green to yellow and orange zones (40 to 80 Ω) are inferred
to be sandstones; and higher resistivity areas (+80 Ω) are inferred to be the Tapley Hill Formation. An exploration target was
defined between two inferred faults targeting the sandstone layer above the inferred Tapley Hill formation (Figure 19).
Figure 19: True resistivity section of the lower Pernatty C area between points A and B showing an exploration target zone
and interpretation of faults and stratigraphy.
Heritage Survey
As part of the approval process for exploration drilling at Horse Well and Pernatty C a Heritage Survey was completed with
the Kokatha Aboriginal Corporation (KAC), Australian Heritage Surveys and Euro Exploration Pty Ltd. The survey was
preceded by an Exploration Program for Environment Protection and Rehabilitation (E-PEPR) which was submitted to both
the Department for Energy and Mining (SA) and the KAC prior to the Heritage survey being arranged. The Heritage Survey
was conducted on July 7 – 10, 2020 and was approved by the KAC and the Department of Energy and Mining, South
Australia.
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Western Australia Tenements
Pyramid Lake Update (E74/594)
Cohiba Minerals Limited holds (100%) exploration licence E74/594, which covers all of Pyramid Lake in south-western
Western Australia, for a total of 11,266 hectares or 112.66 km2. Pyramid Lake itself is a salt-lake covering 6,632 hectares
located 115 kilometres northwest of the town of Esperance on the northern limit of the agricultural area (Figure 20).
Figure 20: Location of Cohiba’s Pyramid Lake Exploration Licence (from Hydrominex 2018).
The E74/594 property (Figure 4) is located 115 km northwest of Esperance (150 km by road) and is accessed from the
highway linking Ravensthorpe and Esperance.
The completion of the Mining Operations Plan, Mining Lease (ML) application and the Mine Closure Plan was contracted out
to Groundwork Plus and at the time of this report the Flora, Fauna and Invertebrate studies were completed, the detailed
site survey (Figure 21) was completed and the Mine plan was well underway.
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Figure 21: Drone survey area (yellow outline) and gypsum resource (red outline).
All activities on site were communicated to (via an Activity Report) and approved by the Esperance Tjaltjraak Native Title
Aboriginal Corporation (PBC).
Queensland Tenements
Wee MacGregor Project Update
The Wee MacGregor group comprises three granted mining licences, ML 2504, ML 2773, and ML 90098. These licences
are located approximately 60km southeast of Mt. Isa with access via the sealed Barkly Highway and the unsealed Fountain
Springs Road.
The Company has had a number of discussions with different parties to evaluate all options on the table whilst also
extracting the best outcome for shareholders.
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Queensland Exploration Licences
The Company holds various exploration licences through its wholly owned subsidiary Cobalt X Pty Ltd. As at the date of this
report the Company is the holder of the following mineral exploration licences pursuant to the Mineral Resources Act 1989
(QLD):
• exploration licence EPM26377 (Mt Gordon Mine Area 1),
• exploration licence EPM26376 (Mt Gordon Mine Area 2),
• exploration licence EPM26380 (Success Mine Area 1); and,
• exploration licence EPM26379 (Mt Cobalt Mine Area).
Cobalt X also held various contractual rights with third parties to facilitate the acquisition by it of additional mining and
exploration projects and related plant and equipment (Project Rights) including rights to negotiate for the acquisition of a
vat leach processing plant in the Mt. Isa region (referred to as the Lady Jenny processing plant). The nature and status of
these Project Rights is described in detail in the Company’s Notice of General Meeting (Notice) dated 26 May 2017.
A partial relinquishment of the Mt Cobalt tenement occurred during the March quarter with a reduction in size from 37 sub-
blocks to 23 sub-blocks (38% reduction). The partial relinquishment was formally acknowledged and accepted by the
Department of Natural Resources Mines and Energy on April 25, 2020.
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Directors' report
30 June 2020
The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter
as the 'consolidated entity') consisting of Cohiba Minerals Limited (referred to hereafter as the 'Company' or 'parent entity')
and the entities it controlled at the end of, or during, the year ended 30 June 2020.
Directors
The following persons were Directors of Cohiba Minerals Limited during the whole of the financial year and up to the date
of this report, unless otherwise stated:
Mr Mordechai Benedikt (Executive Director) - appointed Executive Chairman 17 June 2020
Mr Andrew Graham (Chief Executive Officer and Executive Director) - appointed Chief Executive Officer 24 February 2020,
appointed Executive Director 17 June 2020
Mr Nachum Labkowski (Non-Executive Director)
Mr Avi Kimelman (Non-Executive Chairman) - resigned 17 June 2020
Dr Robert Beeson (Non-Executive Director) - resigned 28 February 2020
Principal activities
The principal activity of the consolidated entity during the year was the exploration for natural resources, including metals,
precious metals, lithium, cobalt and minerals. There have been no significant changes in the nature of those activities
during the period.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Review of operations
The loss for the consolidated entity after providing for income tax amounted to $1,288,926 (30 June 2019: $1,096,712).
Financial performance
In the current year, operating expenses increased by $192,320 to $1,311,275 (2019: $1,118,955), driven by the following:
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Write down of investments recognised during the year of $291,418 (2019: nil); and
Higher employment expenses from share based payment expenses in the current year of $190,750 (2019: nil).
It is noted that the above movements were offset by an overall reduction of corporate and administration expenditure of
$261,536.
Financial position
Net assets of the consolidated entity slightly decreased from $4,014,704 to $3,956,176, mainly attributable to the write
down of investments and decrease in cash balances. This decrease was offset by a 20% increase in exploration and
evaluation assets.
Cash flow
The Company successfully raised a net amount of $1,047,915 during the year from capital raising activities to accelerate
exploration activities. This included issuing a total of 226,088,019 fully paid ordinary shares through a Rights Issue and a
total of 142,552,674 unlisted options through an offer during the year.
Refer to the detailed review of operations preceding this report for further information on the consolidated entity’s activities.
Significant changes in the state of affairs
On 22 May 2020, the Company:
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Issued 206,088,019 fully paid ordinary shares through a Rights Issue at $0.004 per share;
Issued 103,044,050 free attaching unlisted options, with an exercise price of $0.01, expiring 22 May 2022; and
Issued 35,000,000 unlisted options to directors, management, and consultants, with an exercise price of $0.01,
expiring 22 May 2022.
On 18 June 2020, the Company issued 142,552,674 unlisted options as approved at the General Meeting on 22 May 2020.
The options had an issue price of $0.001, have an exercise price of $0.01, and expire 22 May 2022.
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Directors' report
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On 19 June 2020, the Company:
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Issued 20,000,000 fully paid ordinary shares at $0.004 per share, as part of the Rights Issue shortfall facility; and
Issued 10,000,000 free attaching unlisted options, with an exercise price of $0.01, expiring 22 May 2022.
There were no other significant changes in the state of affairs of the consolidated entity during the financial year.
Matters subsequent to the end of the financial year
On 14 July 2020, the Company announced that 290,596,724 unlisted options would be quoted. The options will have the
listed ASX code CHKOA and commence trading on 15 July 2020.
On 20 August 2020, the Company issued 795,000 fully paid ordinary shares at $0.01 per share, on exercise of 795,000
CHKOA quoted options.
On 28 August 2020, the Company issued 312,500 fully paid ordinary shares at $0.01 per share, on exercise of 312,500
CHKOA quoted options.
On 2 September 2020, the Company:
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Issued 143,125,000 fully paid ordinary shares at $0.016 per share, as part of a Placement raising $2.29 million.
Directors of the Company also agreed to apply for $290k worth of additional shares through the Placement, which will
be subject to shareholder approval at the next general meeting of shareholders; and
Issued 71,562,492 CHKOA free attaching quoted options, with an exercise price of $0.01, expiring 22 May 2022.
On 16 September 2020, the Company announced that it had notified Olympic Domain Pty Ltd that it has exceeded the $1.5
million expenditure requirement to secure an 80% ownership in the Olympic Domain tenements in South Australia and is
awaiting final acknowledgement from Olympic Domain.
On 22 September 2020, the Company issued 212,500 fully paid ordinary shares at $0.01 per share, on exercise of 212,500
CHKOA quoted options.
No other matter or circumstance has 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.
Likely developments and expected results of operations
During the previous financial years, the Company has entered into agreements to acquire new projects and project rights
and the success of the Company will depend on exploration activities proposed to be carried out on the current projects
areas of interest which have been acquired or granted to the consolidated entity.
The Company continues to review potential new opportunities, if the Directors are successful in acquiring new projects or
entering into a joint venture, it is expected that part of the funding held by the Company may be directed to the purchase of
that project and to the exploration and development plan for that project. It may be that additional cash will be required to
fund any of these events should they eventuate. In that case the Directors will be required to review the funding options
available to the Company.
Environmental regulation
The consolidated entity holds participating interests in a number of exploration tenements. The various authorities granting
such tenements require the tenement holder to comply with the terms of the grant of the tenement and all directions given
to it under those terms of the tenement. To the best of the Directors' knowledge, the Group has adequate systems in place
to ensure compliance with the requirements of all environmental legislation described above and are not aware of any
breach of those requirements during the financial year and up to the date of the Directors' report.
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Directors' report
30 June 2020
Information on Directors
Name:
Title:
Experience and expertise:
Mr Mordechai Benedikt
Executive Chairman
Mr Benedikt is an experienced businessman with an extensive background in food
imports for over 12 years. He is very active in export trade from Australia to Asia,
building a vast network overseas. More recently he has been actively involved in
commercial property and substantial investments in the public sector. Mr Benedikt
controls Jascot Rise Pty Ltd, a substantial shareholder in the Company.
Abilene Oil and Gas Limited (ASX: ABL)
Other current directorships:
Former directorships (last 3 years): None
Interests in shares:
Interests in options:
39,677,784 fully paid ordinary shares
20,359,527 listed CHKOA options
Name:
Title:
Experience and expertise:
Mr Nachum Labkowski
Non-Executive Director
Mr Labkowski is the CEO and principal investor in Halevi Enterprises, a private equity
firm. Halevi Enterprises with, Mr Labkowski’s leadership, currently holds equity in over
30 private companies, which invest in real estate worldwide. Mr Labkowski’s unique
approach to investing has provided significant returns to those companies he has
invested in to date.
Other current directorships:
None
Former directorships (last 3 years): None
Interests in shares:
Interests in options:
8,856,750 fully paid ordinary shares
1,897,875 listed CHKOA options
Name:
Title:
Experience and expertise:
Dr Robert Beeson
Non-Executive Director (resigned 28 February 2020)
Dr Beeson (BSc Hons and Ph.D. in geology) has very extensive global experience in
the mining industry. He has previously held senior management positions in resource
companies, including Managing Director of Drake Resources Limited and Aura
Energy Limited. He has a range of experience in project identification, valuation and
acquisition, strategy development, and in leading and managing exploration teams.
Aura Energy Ltd (ASX: AEE)
Other current directorships:
Former directorships (last 3 years): None
Interests in shares:
Interests in options:
N/A
N/A
Name:
Title:
Experience and expertise:
Other current directorships:
Former directorships (last 3 years): None
Interests in shares:
Interests in options:
N/A
N/A
Mr Avi Kimelman
Non-Executive Chairman (resigned 17 June 2020)
Mr Kimelman has held senior positions in both local and overseas listed entities
across a diverse range of businesses, industries and investment disciplines. He has
developed a reputation within the resources sector for identifying valuable assets and
projects around the globe, raising capital for these projects through his extensive
investor network as well as successfully negotiating the related transactions,
particularly in the mining/oil and gas sector. He has been active in sourcing and
securing various projects overseas whilst maintaining interests in both printing and
manufacturing plants in Australia.
Nova Minerals Limited (ASX:NVA)
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Directors' report
30 June 2020
Name:
Title:
Experience and expertise:
Mr Andrew Graham
Chief Executive Officer and Executive Director (appointed 17 June 2020)
Mr Graham has 30 years of technical, operational and managerial experience in the
resources sector with both private and public companies in Australia and overseas.
He has founded multiple companies in the mining, mineral processing, consulting and
environmental sectors and has a passion for business building through strong
leadership, technical excellence and strategic focus. Mr Graham has built a global
network of investors, innovators and technical and commercial specialists. He has
been involved in raising hundreds of millions of investment capital, building large
teams of specialists and developing numerous projects from greenfields exploration
to operating mines. He has qualifications in applied geology, economic geology,
management, training and quarry management and is a member of the Australasian
Institute of Mining and Metallurgy and the Institute of Quarrying.
Other current directorships:
None
Former directorships (last 3 years): None
None
Interests in shares:
3,000,000 listed CHKOA options
Interests in options:
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all
other types of entities, unless otherwise stated.
'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and
excludes directorships of all other types of entities, unless otherwise stated.
Company secretaries
Mr Justin Mouchacca, CA
Mr Mouchacca holds a Bachelor of Business majoring in Accounting. Justin became a Chartered Accountant in 2011 and
from July 2013 to June 2019 was a Director of chartered accounting firm, Leydin Freyer Corp Pty Ltd. Since July 2019, Mr
Mouchacca has been principal of JM Corporate Services Pty Ltd, a firm specialising in outsourced company secretarial
services and financial duties. Justin has over 13 years’ experience in the accounting profession including 8 years in the
corporate secretarial services and is a company secretary and finance officer for a number of entities listed on the
Australian Securities Exchange.
Mr Romy Hersham
Mr Hersham was appointed on 22 May 2019 and has completed a Bachelor of Law (Hons) and Arts at Monash University,
and also completed a certificate in Governance Practice (Company Secretary) at the Governance Institute of Australia.
Meetings of Directors
The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 2020, and
the number of meetings attended by each Director were:
Mordechai Benedikt
Nachum Labkowski
Robert Beeson
Avi Kimelman
Andrew Graham
Full Board
Attended
Held
5
5
2
5
-
5
5
2
5
-
Held: represents the number of meetings held during the time the Director held office.
Remuneration report (audited)
The remuneration report details the key management personnel remuneration arrangements for the consolidated entity, in
accordance with the requirements of the Corporations Act 2001 and its Regulations.
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Directors' report
30 June 2020
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the entity, directly or indirectly, including all directors.
The remuneration report is set out under the following main headings:
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Principles used to determine the nature and amount of remuneration
Details of remuneration
Service agreements
Share-based compensation
Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
The objective of the consolidated entity's executive reward framework is to ensure reward for performance is competitive
and appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic
objectives and the creation of value for shareholders, and it is considered to conform to the market best practice for the
delivery of reward. The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for
good reward governance practices:
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competitiveness and reasonableness
acceptability to shareholders
performance linkage / alignment of executive compensation
transparency
The Board is responsible for determining and reviewing remuneration arrangements for its directors and executives. The
performance of the company depends on the quality of its directors and executives. The remuneration philosophy is to
attract, motivate and retain high performance and high quality personnel.
The Board has structured an executive remuneration framework that is market competitive and complementary to the
reward strategy of the company.
The reward framework is designed to align executive reward to shareholders' interests. The Board have considered that it
should seek to enhance shareholders' interests by:
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having economic profit as a core component of plan design
focusing on sustained growth in shareholder wealth and growth in share price and delivering constant or increasing
return on assets as well as focusing the executive on key non-financial drivers of value
In accordance with best practice corporate governance, the structure of non-executive director and executive director
remuneration is separate.
Non-executive directors remuneration
Fees and payments to non-executive directors reflect the demands and responsibilities of their role. Non-executive
directors' fees and payments are reviewed annually by the Board as a whole. The chairman's fees are determined
independently to the fees of other non-executive directors based on comparative roles in the external market. The
chairman is not present at any discussions relating to the determination of his own remuneration.
ASX listing rules require the aggregate non-executive directors remuneration be determined periodically by a general
meeting. The most recent determination was at the Annual General Meeting held on 16 May 2012, where the shareholders
approved an aggregate remuneration of $250,000.
Executive remuneration
The company aims to reward executives with a level and mix of remuneration based on their position and responsibility,
which has both fixed and variable components.
The executive remuneration and reward framework generally has two components:
●
●
base pay and non-monetary benefits
share-based payments
The combination of these comprises the executive's total remuneration.
Fixed remuneration, consisting of base salary, and non-monetary benefits, are reviewed annually by the Board,
predominantly non-executive Director, based on individual and business unit performance, the overall performance of the
consolidated entity and comparable market remunerations.
21
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Cohiba Minerals Limited
Directors' report
30 June 2020
The long-term incentives ('LTI') include share-based payments. During the 2020 financial year, options were issued to
directors which formed part of their remuneration.
Consolidated entity performance and link to remuneration
The remuneration of directors and executives are not linked to the performance, share price or earnings of the
consolidated entity.
Voting and comments made at the company's 2019 Annual General Meeting ('AGM')
At the 2019 AGM, 99.26% of the votes received supported the adoption of the remuneration report for the year ended 30
June 2019. The company did not receive any specific feedback at the AGM regarding its remuneration practices.
Details of remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the consolidated entity are set out in the following tables.
The key management personnel of the consolidated entity consisted of the following Directors of Cohiba Minerals Limited:
●
●
●
Mr Mordechai Benedikt (Executive Director) - appointed Executive Chairman 17 June 2020
Mr Nachum Labkowski (Non-Executive Director)
Mr Andrew Graham (Chief Executive Officer and Executive Director) - appointed Chief Executive Officer 24 February
2020, appointed Executive Director 17 June 2020
Mr Avi Kimelman (Non-Executive Chairman) - resigned 17 June 2020
Dr Robert Beeson (Non-Executive Director) - resigned 28 February 2020
●
●
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Cash salary
and fees
$
Cash
bonus
$
Non-
Super-
monetary annuation
$
$
Long
service
leave
$
Equity-
settled
$
Total
$
60,000
68,000
29,224
164,000
36,000
357,224
-
-
-
-
-
-
-
-
-
-
-
-
5,700
-
2,776
-
-
8,476
-
-
-
-
-
-
81,750
-
-
147,450
68,000
32,000
49,050
16,350
147,150
213,050
52,350
512,850
2020
Non-Executive Directors:
Avi Kimelman*
Nachum Labkowski
Robert Beeson**
Executive Directors:
Mordechai Benedikt
Andrew Graham
*
**
Resigned 17 June 2020.
Resigned 28 February 2020.
No termination benefits were paid to the resigning directors.
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Cohiba Minerals Limited
Directors' report
30 June 2020
2019
Non-Executive Directors:
Avi Kimelman
Nachum Labkowski
Robert Beeson
Executive Directors:
Mordechai Benedikt
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Cash salary
and fees
$
Cash
bonus
$
Non-
Super-
monetary annuation
$
$
Long
service
leave
$
Equity-
settled
$
Total
$
5,000
69,000
43,836
180,000
297,836
-
-
-
-
-
-
-
-
-
-
-
-
4,164
-
4,164
-
-
-
-
-
-
-
-
-
-
5,000
69,000
48,000
180,000
302,000
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Name
Directors:
Mordechai Benedikt
Andrew Graham
Nachum Labkowski
Robert Beeson
Avi Kimelman
Fixed remuneration
2019
2020
At risk - STI
At risk - LTI
2020
2019
2020
2019
77%
65%
100%
100%
45%
100%
-
100%
100%
100%
-
-
-
-
-
-
-
-
-
-
23%
35%
-
-
55%
-
-
-
-
-
Service agreements
Remuneration and other terms of employment for key management personnel are formalised in service agreements.
Details of these agreements are as follows:
Name:
Title:
Agreement commenced:
Term of agreement:
Details:
Mordechai Benedikt
Executive Director
20 May 2016
Contract is for a period of 2 years from the commencement date
Mr Benedikt was remunerated at $180,000 per annum, however was reduced to
$132,000 in efforts to reduce company costs due to current market conditions.
The contract may be terminated at any time with 3 months' written notice being
provided by either the Company or Mr Benedikt. Upon expiration of the term the
contract may be renewed by mutual agreement.
Name:
Title:
Agreement commenced:
Term of agreement:
Details:
Andrew Graham
Executive Director
24 February 2020
This contract will continue from commencement date until terminated.
Mr Graham will be remunerated at $7,000 per month.
Key management personnel have no entitlement to termination payments in the event of removal for misconduct.
Share-based compensation
Issue of Shares
There were no shares issued to Directors and other key management personnel as part of compensation during the year
ended 30 June 2020.
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Cohiba Minerals Limited
Directors' report
30 June 2020
Options
The terms and conditions of each grant of options over ordinary shares affecting remuneration of Directors and other key
management personnel in this financial year or future reporting years are as follows:
Grant date
22/05/2020
Vesting date and
exercisable date
22/05/2020
Expiry date
22/05/2022
Options granted carry no dividend or voting rights.
Additional disclosures relating to key management personnel
Fair value
per option
Exercise price at grant date
$0.010
$0.055
Share holding
The number of shares in the Company held during the financial year by each Director and other members of key
management personnel of the consolidated entity, including their personally related parties, is set out below:
Balance at Received
as part of
the start of
the year
remuneration Additions**
Balance at
the end of
the year
Other
Ordinary shares
Avi Kimelman*
Nachum Labkowski
Mordechai Benedikt
20,339,874
5,904,500
19,785,189
46,029,563
- 10,000,000
-
2,952,250
- 19,892,595
- 32,844,845
-
(30,339,874)
-
8,856,750
- 39,677,784
(30,339,874) 48,534,534
*
**
Mr Kimelman resigned on 17 June 2020.
Relates to on-market purchases at arms-length terms.
Option holding
The number of options over ordinary shares in the Company held during the financial year by each Director and other
members of key management personnel of the consolidated entity, including their personally related parties, is set out
below:
Balance at
the start of
Balance at
the end of
the year
Granted as
remuneration
Disposed /
Options over ordinary shares
Avi Kimelman*
Nachum Labkowski
Mordechai Benedikt
Andrew Graham
25,733,334 15,000,000
-
7,843,500
9,000,000
12,826,457
3,000,000
-
46,403,291 27,000,000
*
Mr Kimelman resigned on 17 June 2020.
The options acquired were part of the capital raising during May 2020.
All options granted during the year vested immediately.
expired
Other
the year
(15,000,000)
1,897,875
(25,733,334)
(7,843,500)
-
1,897,875
(12,826,457) 11,359,527 20,359,527
3,000,000
(1,742,598) 25,257,402
-
(46,403,291)
-
Loans to key management personnel and their related parties
There were no loans to Key Management Personnel at any time during the financial year (2019: Nil).
Other transactions with key management personnel and their related parties
During the year the Company incurred $87,000 in consulting fees to Carraway Corporate Pty Ltd, an entity associated with
Avi Kimelman. The transactions were made at arms-length terms.
The following balances were outstanding at the reporting date in relation to transactions with related parties.
24
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Cohiba Minerals Limited
Directors' report
30 June 2020
Trade and other payables to relates parties
Carraway Corporate Pty Ltd
Mineral Strategies Pty Ltd
Consolidated
30 June 2020 30 June 2019
7,700
8,700
-
-
Andrew Graham receives his Chief Executive Officer and director fees through an associated entity, Mineral Strategies Pty
Ltd.
There were no other transactions with key management personnel and their related parties.
This concludes the remuneration report, which has been audited.
Shares under option
Unissued ordinary shares of Cohiba Minerals Limited under option at the date of this report are as follows:
Grant date
22 May 2020
Expiry date
22 May 2022
Exercise
price
Number
under option
$0.010 360,839,216
No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of
the Company or of any other body corporate.
All shares under options are fully vested and exercisable.
Shares issued on the exercise of options
The following ordinary shares of Cohiba Minerals Limited were issued during the year ended 30 June 2020 and up to the
date of this report on the exercise of options granted:
Date options exercised
20 August 2020
28 August 2020
Exercise
price
Number of
shares issued
$0.010
$0.010
795,000
312,500
1,107,500
The options were granted on 22 May 2020.
Indemnity and insurance of officers
The consolidated entity has agreed to indemnify all the directors of the consolidated entity for any liabilities to another
person (other than the consolidated entity or related body corporate) that may arise from their position as directors of the
consolidated entity, except where the liability arises out of conduct involving a lack of good faith.
During the financial year, the consolidated entity paid a premium in respect of a contract to insure the directors and
executives of the consolidated entity against a liability to the extent permitted by the Corporations Act 2001. The contract of
insurance prohibits disclosure of the nature of the liability and the amount of the premium.
Indemnity and insurance of auditor
The consolidated entity has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor
of the consolidated entity or any related entity against a liability incurred by the auditor.
During the financial year, the consolidated entity has not paid a premium in respect of a contract to insure the auditor of the
consolidated entity or any related entity.
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Cohiba Minerals Limited
Directors' report
30 June 2020
Proceedings on behalf of the consolidated entity
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on
behalf of the consolidated entity, or to intervene in any proceedings to which the consolidated entity is a party for the
purpose of taking responsibility on behalf of the consolidated entity for all or part of those proceedings.
Non-audit services
There were no non-audit services provided during the financial year by the auditor.
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
William Buck Audit (Vic) Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001.
Rounding of amounts
Cohiba Minerals Limited is a type of Company that is referred to in ASIC Corporations (Rounding in Financial/Directors’
Reports) Instrument 2016/191 and therefore the amounts contained in this report and in the financial report have been
rounded to the nearest dollar.
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
___________________________
Mordechai Benedikt
Executive Chairman
30 September 2020
26
For personal use only
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE
CORPORATIONS ACT 2001 TO THE DIRECTORS OF COHIBA MINERALS LIMITED
I declare that, to the best of my knowledge and belief during the year ended 30 June 2020
there have been:
― No contraventions of the auditor independence requirements as set out in the
Corporations Act 2001 in relation to the audit; and
― No contraventions of any applicable code of professional conduct in relation to the
audit.
William Buck Audit (Vic) Pty Ltd
ABN: 59 116 151 136
N.S. Benbow
Director
Melbourne, dated this 30th day of September, 2020
For personal use only
Cohiba Minerals Limited
Statement of profit or loss and other comprehensive income
For the year ended 30 June 2020
Income
Interest income
Government grant income
Foreign exchange gain on investments
Expenses
Employment expenses
Corporate expenses
Write off of investments
Write off of exploration and evaluation
Loss before income tax expense
Income tax expense
Loss after income tax expense for the year attributable to the owners of
Cohiba Minerals Limited
Other comprehensive income for the year, net of tax
Total comprehensive loss for the year attributable to the owners of Cohiba
Minerals Limited
Consolidated
Note
2020
$
2019
$
4,087
10,000
8,262
22,349
22,243
-
-
22,243
5
8
(521,661)
(419,652)
(291,418)
(78,544)
(302,000)
(681,188)
-
(135,767)
(1,288,926)
(1,096,712)
-
-
(1,288,926)
(1,096,712)
-
-
(1,288,926)
(1,096,712)
Cents
Cents
Basic earnings per share
Diluted earnings per share
24
24
(0.19)
(0.19)
(0.18)
(0.18)
The above statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
28
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Cohiba Minerals Limited
Statement of financial position
As at 30 June 2020
Assets
Current assets
Cash and cash equivalents
Other receivables
Investments
Prepayments
Total current assets
Non-current assets
Exploration and evaluation
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Borrowings
Employee benefits
Total current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Accumulated losses
Total equity
Consolidated
Note
2020
$
2019
$
6
7
8
9
10
11
904,285
120,210
-
53,758
1,078,253
1,195,245
116,109
283,688
18,899
1,613,941
2,990,360
2,990,360
2,461,600
2,461,600
4,068,613
4,075,541
102,138
10,088
211
112,437
60,837
-
-
60,837
112,437
60,837
3,956,176
4,014,704
12
11,016,910
190,750
(7,251,484)
9,977,262
394,181
(6,356,739)
3,956,176
4,014,704
The above statement of financial position should be read in conjunction with the accompanying notes
29
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Cohiba Minerals Limited
Statement of changes in equity
For the year ended 30 June 2020
Consolidated
Balance at 1 July 2018
Issued
capital
$
Reserves
$
Accumulated
losses
$
Total equity
$
8,552,541
496,081
(5,436,927)
3,611,695
Loss after income tax expense for the year
Other comprehensive income for the year, net of tax
Total comprehensive loss for the year
-
-
-
-
-
-
(1,096,712)
-
(1,096,712)
-
(1,096,712)
(1,096,712)
Issue of ordinary shares, net of transaction costs
Expiry of unlisted options
1,424,721
-
75,000
(176,900)
-
176,900
1,499,721
-
Balance at 30 June 2019
9,977,262
394,181
(6,356,739)
4,014,704
Consolidated
Balance at 1 July 2019
Loss after income tax expense for the year
Other comprehensive income for the year, net of tax
Total comprehensive loss for the year
Issue of ordinary shares, net of transaction costs
Issue of unlisted options to CHK holders
Expiry of options
Share based payments
Issued
capital
$
Reserve
$
Accumulated
losses
$
Total equity
$
9,977,262
394,181
(6,356,739)
4,014,704
-
-
-
-
-
-
(1,288,926)
-
(1,288,926)
-
(1,288,926)
(1,288,926)
897,095
142,553
-
-
-
-
(394,181)
190,750
-
-
394,181
-
897,095
142,553
-
190,750
Balance at 30 June 2020
11,016,910
190,750
(7,251,484)
3,956,176
The above statement of changes in equity should be read in conjunction with the accompanying notes
30
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Cohiba Minerals Limited
Statement of cash flows
For the year ended 30 June 2020
Cash flows from operating activities
Payments to suppliers & employees
Interest received
Government grants received
Consolidated
Note
2020
$
2019
$
(745,657)
4,087
10,000
(1,105,450)
22,243
-
Net cash used in operating activities
23
(731,570)
(1,083,207)
Cash flows from investing activities
Payments for exploration and evaluation assets
Payments for investment in preference shares
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issue of shares
Payments for capital raising costs
Proceeds from issue of options
Net cash from financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
(607,305)
-
(842,318)
(283,688)
(607,305)
(1,126,006)
912,619
(7,257)
142,553
1,606,734
(100,280)
-
1,047,915
1,506,454
(290,960)
1,195,245
(702,759)
1,898,004
Cash and cash equivalents at the end of the financial year
6
904,285
1,195,245
The above statement of cash flows should be read in conjunction with the accompanying notes
31
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Cohiba Minerals Limited
Notes to the financial statements
30 June 2020
Note 1. General information
The financial statements cover Cohiba Minerals Limited as a consolidated entity consisting of Cohiba Minerals Limited and
the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars,
which is Cohiba Minerals Limited's functional and presentation currency.
Cohiba Minerals Limited is a listed public Company limited by shares, incorporated and domiciled in Australia. Its
registered office and principal place of business is:
Level 21, 459 Collins Street
Melbourne, VIC 3000
Ph: (03) 8630 3321
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 September 2020.
The Directors have the power to amend and reissue the financial statements.
Note 2. Significant accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out either in the respective
notes or below. These policies have been consistently applied to all the years presented, unless otherwise stated.
New or amended Accounting Standards and Interpretations
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 period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial
performance or position of the consolidated entity.
The following Accounting Standards and Interpretations are most relevant to the consolidated entity:
AASB 16 Leases
The consolidated entity has adopted AASB 16 from 1 July 2019. The standard replaces AASB 117 'Leases' and for lessees
eliminates the classifications of operating leases and finance leases. Except for short-term leases and leases of low-value
assets, right-of-use assets and corresponding lease liabilities are recognised in the statement of financial position.
Straightline operating lease expense recognition is replaced with a depreciation charge for the right-of-use assets (included
in operating costs) and an interest expense on the recognised lease liabilities (included in finance costs). In the earlier
periods of the lease, the expenses associated with the lease under AASB 16 will be higher when compared to lease
expenses under AASB 117. However, EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) results
improve as the operating expense is now replaced by interest expense and depreciation in profit or loss. For classification
within the statement of cash flows, the interest portion is disclosed in operating activities and the principal portion of the
lease payments are separately disclosed in financing activities. For lessor accounting, the standard does not substantially
change how a lessor accounts for leases.
In applying AASB 16, there was no impact on the financial statements. As the consolidated entity is not party to any leasing
arrangements, there were no right-of-use assets and corresponding lease liabilities recognised in the statement of financial
position.
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, except for the following:
32
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Cohiba Minerals Limited
Notes to the financial statements
30 June 2020
Note 2. Significant accounting policies (continued)
●
Investments in preference shares, which are measured at fair value.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the consolidated entity's accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the
financial statements, are disclosed in note 3.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity
only. Supplementary information about the parent entity is disclosed in note 20.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Cohiba Minerals Limited
('Company' or 'parent entity') as at 30 June 2020 and the results of all subsidiaries for the year then ended. Cohiba
Minerals Limited and its subsidiaries together are referred to in these financial statements as the 'consolidated entity'.
Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity
when the consolidated entity 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 to direct the activities of the entity. Subsidiaries are fully consolidated
from the date on which control is transferred to the consolidated entity. They are de-consolidated from the date that control
ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset
transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the
policies adopted by the consolidated entity.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest,
without the loss of control, is accounted for as an equity transaction, where the difference between the consideration
transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity
attributable to the parent.
Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and
non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The
consolidated entity recognises the fair value of the consideration received and the fair value of any investment retained
together with any gain or loss in profit or loss.
Foreign currency translation
The financial statements are presented in Australian dollars, which is Cohiba Minerals Limited's functional and presentation
currency.
Foreign currency transactions
Foreign currency transactions are translated into Australian dollars 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 at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in profit or loss.
Interest
Interest revenue is recognised as interest accrues using the effective interest method.
Accounting policy for Government grants
Government grants are recognised where there is reasonable assurance that the grant will be received and all attached
conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic
basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates
to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset.
33
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Cohiba Minerals Limited
Notes to the financial statements
30 June 2020
Note 2. Significant accounting policies (continued)
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
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.
Joint operations
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the
assets, and obligations for the liabilities, relating to the arrangement. The consolidated entity has recognised its share of
jointly held assets, liabilities, revenues and expenses of joint operations. These have been incorporated in the financial
statements under the appropriate classifications.
Goods and Services Tax ('GST') and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not
recoverable from the tax authority. In this case it is recognised as part of the cost of the 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 tax authority is included in other receivables or other 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 tax authority, are presented as operating cash flows.
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 annual reporting period ended 30 June 2020.
The consolidated entity has not yet assessed the impact of these new or amended Accounting Standards and
Interpretations.
Note 3. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that
affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in
relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates
and assumptions on historical experience and on other various factors, including expectations of future events,
management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will
seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next
financial year are discussed below.
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 consolidated entity 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 consolidated entity 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 consolidated entity
unfavourably as at the reporting date or subsequently as a result of the Coronavirus (COVID-19) pandemic.
34
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Notes to the financial statements
30 June 2020
Note 3. Critical accounting judgements, estimates and assumptions (continued)
Share-based payment transactions
The Company measures the cost of equity-settled transactions with employees, consultants and suppliers by reference to
the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using the
Black Scholes model taking into account the terms and conditions upon which the instruments were granted. A significant
judgement comes from the expected price volatility of the underlying share. The accounting estimates and assumptions
relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities
within the next annual reporting period but may impact profit or loss and equity.
Allowance for expected credit losses
The allowance for expected credit losses assessment requires a degree of estimation and judgement. It is based on the
lifetime expected credit loss, grouped based on days overdue, and makes assumptions to allocate an overall expected
credit loss rate for each group. These assumptions include historical collection rates.
Fair valuation assessment of preference shares investment
In the previous financial year, the consolidated entity invested in preference shares in a US-based financial corporation.
Details of the rights and terms of these preference shares are disclosed in note 8. At initial recognition, the preference
shares were accounted for at fair value, with changes in fair value taken to the profit or loss.
As at 30 June 2020, the Directors considered the fair value of this investment, which was classified as a Level 3 investment
consistent with the prior year due to the limited market data available to value the investment (2019: Level 3). In
considering the fair valuation, the Directors considered the ability of the investee to continue to accrue and distribute an
annual 8% dividend return under the terms of the investment.
Given a delay in receiving the prior year's distribution, and from an analysis of the financial performance and position of the
investee, based upon unaudited financial information provided by the investee, coupled with more broader macroeconomic
factors impacting the investee's financial performance, including the impact of the COVID pandemic, it was determined the
recoverable amount of the investment was zero. As a consequence the investment was fully written down during the year.
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only if the consolidated entity considers it is
probable that future taxable amounts will be available to utilise those temporary differences and losses.
Exploration and evaluation costs
Exploration and evaluation costs have been capitalised on the basis that the consolidated entity will commence commercial
production in the future, from which time the costs will be amortised in proportion to the depletion of the mineral resources.
Key judgements are applied in considering costs to be capitalised which includes determining expenditures directly related
to these activities and allocating overheads between those that are expensed and capitalised. In addition, costs are only
capitalised that are expected to be recovered either through successful development or sale of the relevant mining interest.
Factors that could impact the future commercial production at the mine include the level of reserves and resources, future
technology changes, which could impact the cost of mining, future legal changes and changes in commodity prices. To the
extent that capitalised costs are determined not to be recoverable in the future, they will be written off in the period in which
this determination is made.
Impairment of exploration and evaluation costs
The consolidated entity assesses impairment of exploration and evaluation costs at each reporting date by evaluating
conditions specific to Cohiba Minerals and to the particular asset that may lead to impairment. If an impairment trigger
exists, the recoverable amount of the asset is determined. This involves fair value less costs of disposal or value-in-use
calculations, which incorporate a number of key estimates and assumptions.
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Notes to the financial statements
30 June 2020
Note 4. Operating segments
Identification of reportable operating segments
The consolidated entity has identified its operating segments based on the investment decisions of the board and used by
the chief operating decision makers in assessing performance and in determining the allocation of resources. The
consolidated entity operates in one segment being the evaluation and exploration of resources in the Oceania region.
Accounting policy for operating segments
Operating segments are presented using the 'management approach', where the information presented is on the same
basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the
allocation of resources to operating segments and assessing their performance.
Note 5. Employment expenses
Director fees
Superannuation expense
Share based payment expense
Note 6. Current assets - cash and cash equivalents
Cash at bank
Consolidated
2020
$
2019
$
322,435
8,476
190,750
297,836
4,164
-
521,661
302,000
Consolidated
2020
$
2019
$
904,285
1,195,245
Accounting policy for 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.
Note 7. Current assets - Other receivables
Other receivables - Amounts due from investors for capital raised*
GST receivable
Consolidated
2020
$
2019
$
93,250
26,960
101,518
14,591
120,210
116,109
* Subsequent to year end, an amount of $50,000 was received by the Company.
Accounting policy for other receivables
Other receivables are measured at amortised cost using the effective interest method, less any provision for impairment.
Impairment
Allowances for impairment are recognised using an 'expected credit loss' ('ECL') model. Impairment is measured using a
12- month ECL method unless the credit risk on a financial instrument has increased significantly since initial recognition in
which case the lifetime ECL method is adopted.
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Notes to the financial statements
30 June 2020
Note 8. Current assets - investments
Preference shares
Reconciliation
Reconciliation of the fair values at the beginning and end of the current and previous
financial year are set out below:
Opening fair value
Additions
FX revaluation gain
Write off of assets
Closing fair value
Consolidated
2020
$
2019
$
-
283,688
283,688
-
7,730
(291,418)
-
283,688
-
-
-
283,688
Refer to note 15 for further information on fair value measurement.
During the prior year the consolidated entity invested in unlisted preference shares, at USD $1 per share, in a US based
corporation. Holders are entitled an annual 8% dividend. Holders do not have any voting rights.
As at 30 June 2020, the Directors considered the fair value of this investment, which was classified as a Level 3 investment
consistent with the prior year due to the limited market data available to value the investment (2019: Level 3). In
considering the fair valuation, the Directors considered the ability of the investee to continue to accrue and distribute an
annual 8% dividend return under the terms of the investment.
Given a delay in receiving the prior year's distribution, and from an analysis of the financial performance and position of the
investee, based upon unaudited financial information provided by the investee, coupled with more broader macroeconomic
factors impacting the investee's financial performance, including the impact of the COVID pandemic, it was determined the
recoverable amount of the investment was zero. As a consequence the investment was fully written down during the year.
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income are classified as
financial assets at fair value through profit or loss. Typically, such financial assets will be either: (i) held for trading, where
they are acquired for the purpose of selling in the short-term with an intention of making a profit, or a derivative; or (ii)
designated as such upon initial recognition where permitted.
Fair value movements and foreign exchange gains and losses are recognised in profit or loss.
Note 9. Non-current assets - exploration and evaluation
Exploration and evaluation assets
Consolidated
2020
$
2019
$
2,990,360
2,461,600
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Notes to the financial statements
30 June 2020
Note 9. Non-current assets - exploration and evaluation (continued)
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out
below:
Consolidated
Balance at 1 July 2018
Expenditure during the year
Write off of assets
Balance at 30 June 2019
Expenditure during the year
Write off of assets
Balance at 30 June 2020
Capitalised
exploration and
evaluation
expenditure
$
1,734,362
863,005
(135,767)
2,461,600
607,304
(78,544)
2,990,360
During the year, the consolidated entity has carried out a review of the carrying amount of exploration and evaluation
assets and recorded an impairment charge of $78,544. This was due to the partial relinquishment of exploration licence
EPM 26379.
Olympic Domain Farm-in Agreement
On 7 March 2018 the Company entered into a Farm-in Agreement with Olympic Domain Pty Ltd (Arrangement) for a
proposed joint venture in respect of seven distinct exploration tenements located in South Australia. Under the present
conditions of the Arrangement, the Company will be entitled to form a joint venture upon achievement of a number of
Stages in the Arrangement.
●
●
●
Stage 1 requires minimum expenditure of $500,000 (Minimum Expenditure) within one year of the execution of the
Farm-in Agreement and a maximum of $100,000 as reimbursement to Olympic Domain in connection with the
previous development of the tenements. Following completion of the Stage 1 expenditure the Company will acquire a
30% interest in the tenements;
Stage 2 requires minimum expenditure of $1,000,000 within two years of the execution of the Farm-in Agreement,
and a maximum of $100,000 as reimbursement to Olympic Domain in connection with the previous development of
the tenements. Following completion of the Stage 2 expenditure the Company will acquire a further 21% interest in
the tenements; and
Stage 3 requires minimum expenditure of $1,500,000 within three years of the execution of the Farm-in Agreement.
Following completion of the Stage 3 expenditure the Company will acquire a further 29% interest in the tenements.
Stage 1 was completed in the previous the year, and on 5 May 2020 the Company announced that it had received
confirmation from Olympic Domain that Stage 2 had been achieved. On 2 July 2020 the Company announced that the
Deputy Executive Director, Mineral Resources SA had informed the Company of the approval and subsequent transfer of
51% ownership of the Olympic Domain tenements to Cohiba Minerals Ltd.
On 16 September 2020, the Company announced that it had notified Olympic Domain Pty Ltd that it has exceeded the $1.5
million expenditure requirement to secure an 80% ownership in the Olympic Domain tenements in South Australia and is
awaiting final acknowledgement from Olympic Domain.
Exploration and evaluation expenditure made for the purposes of the Arrangement, has been assessed as being able to be
capitalised under the consolidated entity’s accounting policy for such expenditure.
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Notes to the financial statements
30 June 2020
Note 9. Non-current assets - exploration and evaluation (continued)
Accounting policy for exploration and evaluation assets
Exploration and evaluation expenditure in relation to separate areas of interest for which rights of tenure are current is
carried forward as an asset in the statement of financial position where it is expected that the expenditure will be recovered
through the successful development and exploitation of an area of interest or its sale. Alternatively, exploration activities
are continuing in an area and activities have not reached a stage which permits a reasonable estimate of the existence or
otherwise of economically recoverable reserves. Where a project or an area of interest has been abandoned, the
expenditure incurred thereon is written off in the year in which the decision is made.
Note 10. Current liabilities - trade and other payables
Trade payables
Accrued expenses
Consolidated
2020
$
2019
$
75,569
26,569
31,829
29,008
102,138
60,837
Refer to note 14 for further information on financial instruments.
Accounting policy for trade and other payables
These amounts represent liabilities for goods and services provided to the consolidated entity 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.
Note 11. Current liabilities - borrowings
Premium funding
Refer to note 14 for further information on financial instruments.
Consolidated
2020
$
2019
$
10,088
-
The funding arrangement has a flat 4.95% interest rate, with the final instalment to be paid on 28 November 2020.
Note 12. Equity - issued capital
Consolidated
2020
Shares
2019
Shares
2020
$
2019
$
Ordinary shares - fully paid
Options over ordinary shares
890,702,261 664,614,242 10,874,357
142,553
142,552,674
-
9,977,262
-
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Cohiba Minerals Limited
Notes to the financial statements
30 June 2020
Note 12. Equity - issued capital (continued)
Movements in ordinary share capital
Details
Date
Shares
Issue price
$
Balance
Issue of ordinary shares
Less: capital raising costs
Balance
Rights issue
Issue of shortfall shares
Less: capital raising costs
1 July 2018
12 December 2018
557,947,574
106,666,668
$0.015
30 June 2019
22 May 2020
19 June 2020
664,614,242
206,088,019
20,000,000
$0.004
$0.004
8,552,541
1,600,000
(175,279)
9,977,262
824,352
80,000
(7,257)
Balance
30 June 2020
890,702,261
10,874,357
Movements in options
Details
Balance
Balance
Issue of share options
Balance
Date
Options
Issue price
$
1 July 2018
-
30 June 2019
18 June 2020
-
142,552,674
$0.001
30 June 2020
142,552,674
-
-
142,553
142,553
On 18 June 2020, the Company issued 142,552,674 unlisted options as approved at the General Meeting on 22 May 2020.
The options had an issue price of $0.001, have an exercise price of $0.01, and expire 22 May 2022.
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.
Share buy-back
There is no current on-market share buy-back.
Capital risk management
The consolidated entity's objectives when managing capital is to safeguard its ability to continue as a going concern, so
that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure
to reduce the cost of capital.
In order to maintain or adjust the capital structure, the consolidated entity may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
The consolidated entity would look to raise capital when an opportunity to invest in a business or company was seen as
value adding relative to the current Company's share price at the time of the investment. The consolidated entity is not
actively pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in
order to maximise synergies.
The Company seeks to ratify its placement capacity at each Annual General Meeting and General Meeting.
The capital risk management policy remains unchanged from previous financial years.
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Cohiba Minerals Limited
Notes to the financial statements
30 June 2020
Note 12. Equity - issued capital (continued)
Accounting policy for 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.
Note 13. Equity - dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Note 14. Financial instruments
Financial risk management objectives
The consolidated entity's activities expose it to financial risks such as market risk (foreign currency risk and price risk) and
liquidity risk. The consolidated entity's overall risk management program focuses on the unpredictability of financial
markets and seeks to minimise potential adverse effects on the financial performance of the consolidated entity. The
consolidated entity uses different methods to measure different types of risk to which it is exposed. These methods include
maturity analysis in the case of liquidity risk.
Risk management is carried out by the Board of Directors ('the Board'). These policies include identification and analysis of
the risk exposure of the consolidated entity and appropriate procedures, controls and risk limits.
Market risk
Foreign currency risk
The consolidated entity undertakes certain transactions denominated in foreign currency and is exposed to foreign
currency risk through foreign exchange rate fluctuations.
Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities
denominated in a currency that is not the entity's functional currency. The risk is measured using sensitivity analysis and
cash flow forecasting.
The carrying amount of the consolidated entity's foreign currency denominated financial assets and financial liabilities at
the reporting date were as follows:
Consolidated
US dollars
Assets
2020
$
2019
$
Liabilities
2020
$
2019
$
-
283,688
-
-
The consolidated entity held an investment in preference shares denominated in foreign currencies of $0 (2019: $283,688).
Based on this exposure, the following sensitivity analysis has been performed. The percentage change is the expected
overall volatility of the significant currencies, which is based on management's assessment of reasonable possible
fluctuations taking into consideration movements over the last 12 months each year and the spot rate at each reporting
date.
Consolidated - 2019
% change
profit before
tax
Effect on
equity
% change
profit before
tax
Effect on
equity
AUD strengthened
Effect on
AUD weakened
Effect on
US dollars
1%
2,837
2,837
(1%)
(2,837)
(2,837)
Price risk
The consolidated entity is exposed to equity securities price risk from short term investments in preference shares.
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Notes to the financial statements
30 June 2020
Note 14. Financial instruments (continued)
Consolidated - 2019
% change
profit before
tax
Effect on
equity
% change
profit before
tax
Effect on
equity
Average price increase
Effect on
Average price decrease
Effect on
Preference shares
10%
28,369
28,369
(10%)
(28,369)
(28,369)
The assumed movement in basis points for the price sensitivity analysis is based on the currently observable market
environment.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
consolidated entity. The consolidated entity has a strict code of credit, including obtaining agency credit information,
confirming references and setting appropriate credit limits. The consolidated entity obtains guarantees where appropriate
to mitigate credit risk. The maximum exposure to credit risk at the reporting date to recognised financial assets is the
carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position
and notes to the financial statements. The consolidated entity does not hold any collateral.
The consolidated entity has adopted a lifetime expected loss allowance in estimating expected credit losses to trade
receivables.
Current
$
31 - 60 days
past due
$
61 - 90 days
past due
$
> 91 days
past due
$
Total
$
Financial assets
Other receivables*
-
-
-
93,250
93,250
*
The current expected credit loss rate is zero, with no expected credit loss to be recorded.
Liquidity risk
Ultimate responsibility for liquidity risk management rests with the board of directors, who have built an appropriate liquidity
risk management framework for the management of the consolidated entity’s short, medium and long-term funding and
liquidity management requirements. The consolidated entity manages liquidity risk through capital raising activities, and
continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
The consolidated entity did not have any undrawn facilities at its disposal as at reporting date. Vigilant liquidity risk
management requires the consolidated entity to maintain sufficient liquid assets (mainly cash and cash equivalents) and
available borrowing facilities to be able to pay debts as and when they become due and payable.
The consolidated entity manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by
continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities.
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
42
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Cohiba Minerals Limited
Notes to the financial statements
30 June 2020
Note 15. Fair value measurement
Fair value hierarchy
The following tables detail the consolidated entity's assets and liabilities, measured or disclosed at fair value, using a three
level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
or indirectly
Level 3: Unobservable inputs for the asset or liability
Consolidated - 2019
Assets
Preference shares (unlisted)
Total assets
Level 1
$
Level 2
$
Level 3
$
Total
$
-
-
-
-
283,688
283,688
283,688
283,688
There were no transfers between levels during the financial year.
Valuation techniques for fair value measurements categorised within level 3
The fair value of financial instruments that are not traded in an active market is determined using valuation techniques.
These valuation techniques maximise the use of observable market data where it is available and rely as little as possible
on entity-specific estimates. If one or more of the significant inputs is not based on observable market data, the instrument
is included in Level 3.
Valuations are the responsibility of the Directors of the consolidated entity and may use the services of independent
valuers to determine appropriateness of valuation of unlisted investments. The Directors review the valuation policies of the
consolidated entity on an annual basis, to ensure adherence to industry best practices.
The Directors have made valuation judgements to determine that the fair value of the unlisted preference shares at
reporting date is its cost. The Directors concluded that the carrying amount of the shares reflects its fair value.
Level 3 assets and liabilities
Movements in level 3 assets and liabilities during the current and previous financial year are set out below:
Consolidated
Balance at 1 July 2018
Additions
Balance at 30 June 2019
Gains recognised in profit or loss
Write off of assets
Balance at 30 June 2020
Preference
shares
(unlisted)
$
Total
$
-
283,688
-
283,688
283,688
7,730
(291,418)
283,688
7,730
(291,418)
-
-
Accounting policy for fair value measurement
Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the
significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and
transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair
value measurement.
43
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Cohiba Minerals Limited
Notes to the financial statements
30 June 2020
Note 15. Fair value measurement (continued)
For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either
not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge
and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an
analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison,
where applicable, with external sources of data.
Note 16. Key management personnel disclosures
Directors
The following persons were Directors of Cohiba Minerals Limited during the financial year:
Mr Mordechai Benedikt (Executive Director)
Mr Nachum Labkowski (Non-Executive Director)
Mr Andrew Graham (Chief Executive Officer and Executive
Director)
Mr Avi Kimelman (Non-Executive Chairman)
Dr Robert Beeson (Non-Executive Director)
Appointed Executive Chairman 17 June 2020
Appointed Chief Executive Officer 24 February 2020,
appointed Executive Director 17 June 2020
Resigned 17 June 2020
Resigned 28 February 2020
Compensation
The aggregate compensation made to Directors and other members of key management personnel of the consolidated
entity is set out below:
Short-term employee benefits
Post-employment benefits
Share-based payments
Note 17. Remuneration of auditors
Consolidated
2020
$
2019
$
357,224
8,476
147,150
297,836
4,164
-
512,850
302,000
During the financial year the following fees were paid or payable for services provided by William Buck, the auditor of the
Company:
Audit services - William Buck
Audit or review of the financial statements
Note 18. Commitments
Consolidated
2020
$
2019
$
32,270
29,000
The consolidated entity has to perform minimum exploration work and expend minimum amounts of money on its
tenements. The overall expenditure requirement tends to be limited in the normal course of the consolidated entity's
through
tenement portfolio management
relinquishment of parts of the whole of tenements deemed on prospective. Should the consolidated entity wish to preserve
interest in its current tenements the amount which may be required to be expended is as follows:
through expenditure exemption approvals and expenditure reductions
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Notes to the financial statements
30 June 2020
Note 18. Commitments (continued)
Planned Exploration Expenditure
Within one year
One to five years
Total commitment
Olympic Domain Farm-in Agreement
Consolidated
2020
$
2019
$
2,627,500
358,500
160,600
606,500
2,986,000
767,100
During the previous financial year, the Company entered into a Farm-in Agreement with Olympic Domain Pty Ltd (Olympic
Domain) with the right to earn up to 80% in a number of tenements located in South Australia.
The Farm-in Agreement includes 3 stages of earn-in whereby the Company will acquire a relevant interest as follows:
●
●
●
Stage 1 requires minimum expenditure of $500,000 (Minimum Expenditure) within one year of the execution of the
Farm-in Agreement and a maximum of $100,000 as reimbursement to Olympic Domain in connection with the
previous development of the tenements. Following completion of the Stage 1 expenditure the Company will acquire a
30% interest in the tenements;
Stage 2 requires minimum expenditure of $1,000,000 within two years of the execution of the Farm-in Agreement, and
a maximum of $100,000 as reimbursement to Olympic Domain in connection with the previous development of the
tenements. Following completion of the Stage 2 expenditure the Company will acquire a further 21% interest in the
tenements; and
Stage 3 requires minimum expenditure of $1,500,000 within three years of the execution of the Farm-in Agreement.
Following completion of the Stage 3 expenditure the Company will acquire a further 29% interest in the tenements.
Stage 1 was previously achieved, which was announced on 27 February 2019.
During the current year the Company achieved Stage 2, as announced on 5 May 2020.
On 16 September 2020, the Company announced that it had notified Olympic Domain Pty Ltd that it has exceeded the $1.5
million expenditure requirement.
Note 19. Related party transactions
Subsidiaries
Interests in subsidiaries are set out in note 21.
Key management personnel
Disclosures relating to key management personnel are set out in note 16 and the remuneration report included in the
Directors' report.
Transactions with related parties
During the year the Company incurred $87,000 in consulting fees to Carraway Corporate Pty Ltd, an entity associated with
Avi Kimelman. The transactions were made at arms-length terms.
Receivable from and payable to related parties
The following balances were outstanding at the reporting date in relation to transactions with related parties.
Trade and other payables to related parties
Carraway Corporate Pty Ltd
Mineral Strategies Pty Ltd
45
Consolidated
30 June 2020 30 June 2019
7,700
8,700
-
-
For personal use only
Cohiba Minerals Limited
Notes to the financial statements
30 June 2020
Note 19. Related party transactions (continued)
Andrew Graham receives his Chief Executive Officer and director fees through an associated entity, Mineral Strategies Pty
Ltd.
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
Note 20. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Loss after income tax
Total comprehensive loss
Statement of financial position
Total current assets
Total assets
Total current liabilities
Total liabilities
Equity
Issued capital
Share based payments options reserve
Accumulated losses
Total equity
Parent
2020
$
2019
$
(1,288,926)
(1,716,280)
(1,288,926)
(1,716,280)
Parent
2020
$
2019
$
1,847,069
1,613,940
4,115,319
3,493,843
112,437
60,837
112,437
60,837
11,016,910 10,062,262
309,181
(6,938,437)
190,750
(7,204,778)
4,002,882
3,433,006
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2020 (30 June 2019: nil).
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2020 (30 June 2019: nil)
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2020 (30 June 2019: nil)
46
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Cohiba Minerals Limited
Notes to the financial statements
30 June 2020
Note 21. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 2:
Name
Charge Lithium Pty Ltd
Cobalt X Pty Ltd
Note 22. Events after the reporting period
Principal place of business /
Country of incorporation
Australia
Australia
Ownership interest
2019
2020
%
%
100%
100%
100%
100%
On 14 July 2020, the Company announced that 290,596,724 unlisted options would be quoted. The options will have the
listed ASX code CHKOA and commence trading on 15 July 2020.
On 20 August 2020, the Company issued 795,000 fully paid ordinary shares at $0.01 per share, on exercise of 795,000
CHKOA quoted options.
On 28 August 2020, the Company issued 312,500 fully paid ordinary shares at $0.01 per share, on exercise of 312,500
CHKOA quoted options.
On 2 September 2020, the Company:
●
●
Issued 143,125,000 fully paid ordinary shares at $0.016 per share, as part of a Placement raising $2.29 million.
Directors of the Company also agreed to apply for $290k worth of additional shares through the Placement, which will
be subject to shareholder approval at the next general meeting of shareholders; and
Issued 71,562,492 CHKOA free attaching quoted options, with an exercise price of $0.01, expiring 22 May 2022.
On 16 September 2020, the Company announced that it had notified Olympic Domain Pty Ltd that it has exceeded the $1.5
million expenditure requirement to secure an 80% ownership in the Olympic Domain tenements in South Australia and is
awaiting final acknowledgement from Olympic Domain.
On 22 September 2020, the Company issued 212,500 fully paid ordinary shares at $0.01 per share, on exercise of 212,500
CHKOA quoted options.
No other matter or circumstance has 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.
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Cohiba Minerals Limited
Notes to the financial statements
30 June 2020
Note 23. Reconciliation of loss after income tax to net cash used in operating activities
Loss after income tax expense for the year
(1,288,926)
(1,096,712)
Consolidated
2020
$
2019
$
Adjustments for:
Share-based payments
Write off of exploration and evaluation
Write off of investments
Change in operating assets and liabilities:
Decrease/ (increase) in prepayments
Decrease/ (increase) in trade and other receivables
Increase/ (decrease) in trade and other payables
Increase/ (decrease) in employee benefits
Net cash used in operating activities
Note 24. Loss per share
190,750
78,544
291,418
-
135,767
-
(34,859)
(12,369)
43,661
211
(3,651)
11,764
(130,375)
-
(731,570)
(1,083,207)
Consolidated
2020
$
2019
$
Loss after income tax attributable to the owners of Cohiba Minerals Limited
(1,288,926)
(1,096,712)
Weighted average number of ordinary shares used in calculating basic earnings per share
687,237,345 616,395,163
Weighted average number of ordinary shares used in calculating diluted earnings per share 687,237,345 616,395,163
Number
Number
Basic earnings per share
Diluted earnings per share
Cents
Cents
(0.19)
(0.19)
(0.18)
(0.18)
No options or performance rights have been included in the weighted average number of ordinary shares for the purposes
of calculating diluted EPS as they do not meet the requirements for inclusion in AASB 133 “Earnings per Share”. The rights
to options are non-dilutive as the consolidated entity is loss generating.
Accounting policy for earnings per share
Basic loss per share
Basic loss per share is calculated by dividing the profit attributable to the owners of Cohiba Minerals Limited, 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 financial year.
Diluted loss per share
Diluted loss per share adjusts the figures used in the determination of basic earnings per share to take into account the
after income tax effect of interest and other financing costs associated with 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.
48
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Cohiba Minerals Limited
Notes to the financial statements
30 June 2020
Note 25. Share-based payments
Set out below are summaries of options granted during the year and on issue at the end of the financial year from equity-
settled share-based payment transactions:
2020
Grant date
Expiry date
price
Exercise
Balance at
the start of
the year
Granted
Exercised
Expired
Balance at
the end of
the year
19/04/2017
16/03/2018
12/12/2018
22/05/2020
17/05/2020
18/04/2020
18/04/2020
22/05/2022
$0.036 20,000,000
$0.018 12,000,000
$0.180 15,000,000
$0.010
-
-
-
- 35,000,000
47,000,000 35,000,000
-
-
-
-
-
(20,000,000)
(12,000,000)
(15,000,000)
-
-
-
- 35,000,000
(47,000,000) 35,000,000
During the year the consolidated entity issued 35,000,000 unlisted options to directors, management and consultants.
All options were exercisable at the end of the financial year.
2019
Grant date
Expiry date
price
Exercise
Balance at
the start of
the year
Granted
Exercised
Expired
Balance at
the end of
the year
17/11/2015
27/05/2016
19/04/2017
16/03/2018
12/12/2018
17/11/2018
27/05/2019
17/05/2020
18/04/2020
18/04/2020
4,500,000
$0.029
$0.032 16,167,187
$0.036 20,000,000
$0.018 12,000,000
$0.180
-
-
-
-
- 15,000,000
52,667,187 15,000,000
-
-
-
-
-
-
(4,500,000)
(16,167,187)
-
-
- 20,000,000
- 12,000,000
- 15,000,000
(20,667,187) 47,000,000
For the options granted during the current financial year, the valuation model inputs used to determine the fair value at the
grant date, are as follows:
Grant date
Expiry date
Share price Exercise
at grant date
price
Expected
volatility
Dividend
Risk-free
Fair value
yield
interest rate at grant date
22/05/2020
22/05/2022
$0.008
$0.010
150.82%
-
0.26%
$0.005
Reconciliation of share based payments expense recorded in the statement of profit and loss relating to each class of
share based payment:
Consolidated
30 June 2020 30 June 2019
Options issued to directors, management, and consultants
190,750
-
Accounting policy for share-based payments
Equity-settled share-based compensation benefits are provided to employees, consultants and suppliers.
Equity-settled transactions are awards of shares, performance rights or options over shares, that are provided to
employees in exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of
services, where the amount of cash is determined by reference to the share price.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is determined using the 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 price volatility of the underlying share, the expected dividend yield and the risk free
interest rate for the term of the option, together with non-vesting conditions that do not determine whether the company
receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.
49
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Cohiba Minerals Limited
Notes to the financial statements
30 June 2020
Note 25. Share-based payments (continued)
The cost of equity-settled transactions are usually recognised as an expense with a corresponding increase in equity over
the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the
best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount
recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already
recognised in previous periods.
The cost of equity-settled transactions can also be recognised as capital raising costs recorded against equity, with the
same recognition approach as above.
Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions
are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are
satisfied.
50
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Cohiba Minerals Limited
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 2 to the financial statements;
the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as
at 30 June 2020 and of its performance for the financial year ended on that date; 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.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
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
___________________________
Mordechai Benedikt
Executive Chairman
30 September 2020
51
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Cohiba Minerals Limited
Independent auditor’s report to members
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Cohiba Minerals Limited (the Company) and its
controlled entities (the Group), which comprises the consolidated statement of financial
position as at 30 June 2020, the consolidated statement of profit or loss and other
comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies and other explanatory
information, 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 2020 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 Group 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
(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 believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
For personal use only
Key Audit Matters
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. These matters were 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 these matters.
CARRYING VALUE AND CAPITALISATION OF EXPLORATION AND EVALUATION ASSETS
Area of focus
How our audit addressed it
The Group has incurred exploration and evaluation
costs for exploration projects in Australia over a
number of years.
The Group holds the right to explore and evaluate
those projects through either a direct ownership of
the underlying area of interest or through Farm-in
Arrangements with third parties (who hold the
underlying right to the area of interest).
There is a risk that the Group may lose or relinquish
its rights to further explore and evaluate those
areas of interest and therefore amounts capitalized
to the statement of financial position from the
current and historical periods be no longer
recoverable.
During the year the Group impaired $78,544 on
projects where the underlying tenement was
expected to be relinquished.
In order to meet this risk, our audit procedures
included the following:
— Understanding and vouching the underlying
contractual entitlement to explore and
evaluate each area of interest, be this
through Farm-in Arrangement and/or directly
through to the underlying tenement,
including an evaluation of the requirement to
renew that tenement at its expiry;
— Examining project spend per each area of
interest and comparing this spend to the
minimum expenditure requirements set out
in the underlying tenement expenditure plan;
— Examining project spend to each area of
interest to ensure that it is directly
attributable to that area of interest; and
— From an overall perspective, comparing the
market capitalisation of the Group to the net
carrying value of its assets on the statement
of financial position to identify any other
additional indicators of impairment.
We also assessed the adequacy of the Group’s
disclosures in respect of capitalised exploration
costs and the planned expenditures under either
direct tenement agreements or as applicable
under Farm-in Arrangements.
For personal use only
VALUATION OF INVESTMENT IN PREFERENCE SHARES
Area of focus
How our audit addressed it
In order to meet this risk, our audit procedures
included the following:
— Confirmation procedures were conducted;
and
— Discussions with management were
conducted to assess the investee’s ability to
pay out the dividend entitlement for current
and future dividend and the impact of the
current economic environment on the
valuation of the investment.
We also assessed the adequacy of the
disclosures relating to the investment in
accordance with the applicable accounting
standards, including re-confirming that the
investment is with a third party, unconnected
directly or indirectly to the Group.
The Group holds preference shares in an unlisted
US-based investment it made in the 2019 financial
year. The investment is with a third party and was
made on arms-length terms. These preference
shares have entitlement to 8% annual dividends, no
voting rights but have wind-up rights that rank
above ordinary shareholders of the investee. At
initial recognition, the investment has been
classified as a fair value investment, with changes
in its fair value taken to the profit or loss.
Since its initial recognition through to 30 June 2020
the investment has been classified as level 3 fair
valuation, principally on the basis that the
preference shares are not quoted, together with the
limited availability of market data supporting the
investment valuation.
In assessing the fair valuation of the investment as
at 30 June 2020, the directors considered the
following key assumptions:
— The right to dividends and the likelihood of
payout of those accrued dividends as at 30
June 2020;
— The underlying financial performance and
position of the investee, including its solvency,
future prospects and the strength of its
available working capital in order to maintain
the 8% per annum dividend entitlement; and
— Broader macroeconomic factors impacting the
investee's financial performance, including the
impact of the COVID pandemic
It was determined the recoverable amount of the
investment was zero. As a result, the investment
was fully written down during the year.
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 30 June 2020, but does not include the financial
report and the auditor’s report thereon.
For personal use only
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, 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 Group 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 Group 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 Group 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 these financial statements is located at the
Auditing and Assurance Standards Board website at:
http://www.auasb.gov.au/auditors_responsibilities/ar1.pdf
This description forms part of our independent auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 30 June
2020.
In our opinion, the Remuneration Report of Cohiba Minerals Limited for the year ended 30 June 2020
complies with section 300A of the Corporations Act 2001.
For personal use only
Responsibilities
The directors of the Group 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.
William Buck Audit (Vic) Pty Ltd
ABN: 59 116 151 136
N.S. Benbow
Director
Melbourne, 30 September 2020
For personal use only
Cohiba Minerals Limited
Shareholder information
30 June 2020
The shareholder information set out below was applicable as at 14 September 2020.
Distribution of equitable securities
Analysis of number of equitable security holders by size of holding:
Number
Number
of options
over
ordinary
shares
(CHKOA)
of holders
of ordinary
shares
1 to 1,000
1,001 to 5,000
5,001 to 10,000
10,001 to 100,000
100,001 and over
Holding less than a marketable parcel
Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest security holders of quoted equity securities are listed below:
129
7
2
461
864
1,463
243
7
2
10
135
326
480
85
Ordinary
shares
ordinary
Shares
% of total
Number held
shares
issued
39,677,784
30,000,006
24,000,000
19,178,233
15,304,398
15,250,000
13,030,745
12,500,000
12,500,000
11,937,500
11,605,688
11,524,823
11,462,975
11,050,000
10,884,864
10,292,032
10,290,101
9,734,904
9,000,000
8,856,750
3.83
2.90
2.32
1.85
1.48
1.47
1.26
1.21
1.21
1.15
1.12
1.11
1.11
1.07
1.05
0.99
0.99
0.94
0.87
0.86
298,080,803
28.79
Jascot Rise Pty Ltd (Jascot Rise A/C)
Jamora Nominees Pty Ltd (Kaboonk Discretionary A/C)
Kushkush Investments Pty Ltd (Alexandra Discretionary A/C)
Gefen Investments Pty Ltd
Citicorp Nominees Pty Limited
Ms Sihol Marito Gultom
Bd Penfold Pty Ltd (B Merkaz Super Fund A/C)
Mr Kenneth David Rogers
Mr Zhi Wei Yuan & Mrs Sui Shan Lu
Traditional Securities Group Pty Ltd (Lpr Family A/C)
Indomain Enterprises Pty Ltd (U C Mondello Family A/C)
Bnp Paribas Nominees Pty Ltd (Ib Au Noms Retailclient Drp)
Mr Salvatore Di Vincenzo
M & T K Pty Ltd (Mtk Superannuation Fund)
Comsec Nominees Pty Limited
Ms Chunyan Niu
Mr Shimshon Heller
Mr Itzhak Benedikt (Benedikt Imports P/Fund A/C)
Mr Avrohom M Kimelman & Mrs C Kimelman (Kimelman Super Fund A/C)
Mr Nachum Labkowski
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Cohiba Minerals Limited
Shareholder information
30 June 2020
Mr Peter Andrew Proksa
Mr David Fagan
Kushkush Investments Pty Ltd (Alexandra Discretionary A/C)
Jascot Rise Pty Ltd (Jascot Rise A/C)
Ms Chunyan Niu
Kushkush Investments Pty Ltd (Alexandra Discretionary A/C)
Jascot Rise Pty Ltd (Jascot Rise A/C)
Mr Ryan A Mcmahon
Erlichster Investment Pty Ltd (Erlichster Investment A/C)
Bd Penfold Pty Ltd (B Merkaz Super Fund A/C)
Tyrrhenian Holdings Pty Ltd (Tyrrhenian A/C)
Mr Ross Dix Harvey
Finclear Nominees Pty Ltd (Accumulation Entrepot A/C)
Danche Simens
Traditional Securities Group Pty Ltd (Lpr Family A/C)
Mr Nan Shu Chen
Polarity B Pty Ltd
Sl Investors Pty Ltd (Sl Superfund A/C)
Indomain Enterprises Pty Ltd (U C Mondello Family A/C)
Attollo Investments Pty Ltd (Attollo Investment A/C)
Options over
shares
ordinary ordinary
shares %
of total
options
19,253,847
16,600,000
15,000,000
11,359,527
10,400,000
10,000,000
9,000,000
7,141,615
6,612,213
6,507,692
6,306,667
5,750,000
5,254,140
5,000,000
4,020,834
3,800,000
3,750,001
3,346,154
3,236,366
3,194,444
5.33
4.60
4.15
3.15
2.88
2.77
2.49
1.98
1.83
1.80
1.75
1.59
1.46
1.38
1.11
1.05
1.04
0.93
0.90
0.88
155,533,500
43.07
Unquoted equity securities
There are no unquoted equity securities.
Substantial holders
The Company has not received any substantial shareholder notices as at the date of this report.
Voting rights
The voting rights attached to ordinary shares are set out below:
Ordinary shares
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.
There are no other classes of equity securities.
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Cohiba Minerals Limited
Shareholder information
30 June 2020
Tenements
Description
Exploration Licence (WA)
Exploration Licence (QLD)
Exploration Licence (QLD)
Exploration Licence (QLD)
Exploration Licence (QLD)
Right to earn up to 80% - farm-in agreement
Right to earn up to 80% - farm-in agreement
Right to earn up to 80% - farm-in agreement
Right to earn up to 80% - farm-in agreement
Right to earn up to 80% - farm-in agreement
Right to earn up to 80% - farm-in agreement
Right to earn up to 80% - farm-in agreement
Right to earn up to 80% - farm-in agreement
Right to earn up to 80% - farm-in agreement
Right to earn up to 80% - farm-in agreement
Corporate Governance Statement
Tenement number
E74/594
EPM26376
EPM26377
EPM26379
EPM26380
ML 2054
ML 2773
ML 90098
EL 6118
EL 6119
EL 6120
EL 6121
EL 6122
EL 6183
EL 5970
Interest
owned %
100.00
100.00
100.00
100.00
100.00
-
-
-
51.00
51.00
51.00
51.00
51.00
51.00
51.00
The Company’s 2020 Corporate Governance Statement has been released to ASX on this day and is available on the
Company’s website at: https://www.cohibaminerals.com.au/our-company/corporate-governance/
Annual General Meeting
Cohiba Minerals Limited advises that its Annual General Meeting will be held on or about 27 November 2020. The time and
other details relating to the meeting will be advised in the Notice of Meeting to be sent to all Shareholders and released to
ASX immediately upon despatch.
59
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