ANNUAL REPORT
For the year ended 30 June 2013
Crater Gold Mining Limited (ASX: CGN) ABN 75 067 519 779
(Formerly known as Gold Anomaly Limited)
CORPORATE DIRECTORY
Directors
S W S Chan (Chairman)
G B Starr (Managing Director)
T M Fermanis (Non‐executive Director)
R P Macnab (Non‐executive Director)
R D Parker (Non‐executive Director)
DT Y Sun (Non‐executive Director)
J D Collins‐Taylor (Alternate Non‐executive Director)
Company Secretary
J A Lemon
Registered office
Level 4,
15 – 17 Young Street,
Sydney NSW 2000
AUSTRALIA
Telephone + 61 2 9241 4224
Facsimile + 61 2 9252 2335
email: info@cratergold.com.au
ABN
75 067 519 779
Website address
www.cratergold.com.au
Share registry
Link Market Services Limited
Level 19
324 Queen Street
Brisbane QLD 4000
AUSTRALIA
Postal Address
Level 4
15 – 17 Young Street
Sydney NSW 2000
AUSTRALIA
Telephone: + 61 2 9241 4224
Facsimile: + 61 2 9252 2335
Auditors
BDO East Coast Partnership
ASX Listing
Crater Gold Mining Limited shares are quoted on the
Australian Securities Exchange as "CGN".
SHAREHOLDER CALENDAR
Annual Report: September 2013
Annual General Meeting: November 2013
Half Yearly Report: March 2014
Quarterly Activities Report: last week of October,
January, April and July
CONTENTS
Review of Operations
Directors’ Report
Corporate Governance Statement
Auditor’s Independence Declaration
Financial Report
Directors’ Declaration
ASX Additional Information
Independent Auditor’s Report
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ANNUAL REPORT
For the year ended 30 June 2013
Crater Gold Mining Limited (ASX: CGN) ABN 75 067 519 779
(Formerly known as Gold Anomaly Limited)
Photographs on the front and inside covers are of:
Front cover: High Grade Zone ("HGZ”)
Inside front cover (L to R): Adit driven into HGZ, HGZ adit portal entrance, helicopter landing pad at Base Camp
This page (L to R): Adit portal construction team, core trays for drill samples, portable saw mill used for supply of timber on site
Review of Operations
The twelve months ending 30 June 2013 were progressive and yet challenging for Crater Gold Mining Limited (“CGN” or the
“Company”, formerly Gold Anomaly Limited) and its subsidiary companies (“the Group”). Good progress was made at the flagship
Crater Mountain Project (“the Project”) in Papua New Guinea (“PNG”). This was countered by continued depressed investment
conditions worldwide for junior resources companies in combination with weaker gold and other commodities prices.
During the year FreeFire Technology Ltd (“FreeFire”) became the Company’s major shareholder via a placement and underwriting
of two key rights issues. Due to its commitment FreeFire’s Director and Controller Mr Sam Chan was invited to become Chairman
of the Company. In addition to Mr Chan joining the board, Mr Desmond Sun and Mr Russell Parker were also appointed to the
board. FreeFire’s investment in the Company greatly strengthens the Company’s financial position and strategic corporate
management skills.
James Collins‐Taylor and Sinton Spence resigned as Directors of the Company. Mr Collins‐Taylor was appointed an Alternate
Director to Mr Fermanis and remains as Chairman of both the Audit Committee and the Remuneration & Nomination Committee.
Mr Spence remains as a Director of the Company’s PNG subsidiary, Anomaly Limited. The Company’s Board of Directors pays
tribute to James Collins‐Taylor and Sinton Spence for the very significant contributions they have made to the Company as
Directors.
As outlined in more detail below the company’s focus changed from resource expansion to gold production. As a result Mining
engineer Mr Richard Johnson was appointed as Crater Mountain Project Manager and PNG General Manager. Mr Johnson was
chosen for his hands‐on familiarity with PNG mining. His wide experience includes technical responsibility in both mining and
processing. Mr Johnson will oversee the operations at the High Grade Zone (“HGZ”) at Crater Mountain. Driving the exploration
adit at the HGZ will be under the control of experienced mining project manager Mr Paul Henley, who was a mining foreman for
two years in the late 1990s during the initial underground development and start‐up at Tolukuma. He has worked as a mine
foreman and mine manager in a number of countries.
Subsequent to the end of the financial year, the Company changed its name to Crater Gold Mining Limited. The Directors believe
that this new name is appropriate as it better reflects the Company’s focus on its flagship Crater Mountain Project in PNG and
particularly as the Company moves towards gold production from the HGZ at Crater Mountain.
Crater Mountain, PNG
Key Points
Strategy to test gold mining potential at the HGZ
HGZ exploration adit regulatory approval received
Regional Airborne Geophysical Survey interpretation has been completed and is being assessed
Appointment of Richard Johnson as PNG General Manager
Petrology confirms porphyry copper‐gold potential at depth
Positive metallurgical results from Mixing Zone
Acquisition of 100% of the Project
Background
The Group’s flagship Crater Mountain gold project is located in the Eastern Highlands of PNG near the eastern end of the New
Guinea Orogen geological province, which lies along the northern edge of the Australian continental plate and occupies the
mountainous backbone of the island of New Guinea. The New Guinea Orogen hosts a number of world‐class copper‐gold deposits
including the world’s largest copper‐gold mine at Grasberg in Indonesia’s Papua Province, and Ok Tedi, Frieda River, Yandera and
Wafi‐Golpu in PNG, as well as the Porgera and Hidden Valley gold deposits in PNG. All of these deposits share a common geological
mode of formation in large mineralised hydrothermal systems underlying variably eroded volcanic complexes from mid‐Miocene to
Recent in age.
The Crater Mountain tenement block comprises andesitic volcanic rocks of the ancestral Pliocene Crater Mountain stratovolcano
which grew to an immense size before undergoing caldron collapse on a ring fracture system 20 kilometres in diameter, perhaps 4
million years ago. This event was followed by a long period of volcanic dormancy and deep erosion which continued until about 1
million years ago when renewed andesitic ‐ dacitic volcanic activity formed a string of smaller parasite cones principally within and
east of the northeast quadrant of the collapse structure. The volcanic rocks were intruded through and deposited on a rugged
basement of Chim Formation Mesozoic marine shales, with intermittent reactivation of north‐easterly‐, northerly and north‐
westerly trending deep crustal fractures in the basement controlling the geometry of the sub‐volcanic magmatic and hydrothermal
activity and mineralisation.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
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Review of Operations
Exploration by the Company at Crater Mountain is focused principally at the northern end of the large Nevera Prospect, one of four
prospects identified within the Company’s licences since exploration commenced in the region in the 1970s (see prospects on
simplified geology map below in Figure 1).
Figure 1 ‐ Prospect map ‐ Crater Mountain
The results of mechanical benching and diamond drilling conducted by the Company around the end of a prominent ridge at the
northern end of the Nevera Prospect indicate that the Prospect lies within a typical large and complex New Guinea Orogen
mineralised hydrothermal system, with excellent potential to host a number of deposits within its bounds. Mineralisation is
associated with sub‐volcanic magmatic activity related to the locally‐prominent Nevera Igneous Complex, and four different types
of mineralisation have been identified:
The relatively shallow “Main Zone” or “Mixing Zone” lying 150m to 300m below the northern end of the Prospect ridge,
which comprises low‐sulphidation epithermal carbonate‐base metal sulphide‐gold mixing zone mineralisation in excess of
600m long by 250m wide by 150m thick (with similarities to the Hidden Valley deposit in the nearby Morobe Goldfield)
Note: A JORC compliant inferred resource of 24Mt at 1.0 g/t Au using a 0.5 g/t Au cut‐off for 790,000 ounces has been
defined in the Main Zone; this includes 9.4Mt at 1.46 g/t using a 1.0 g/t Au cut‐off for 440,000 ozs (this inferred resource is
open laterally and perhaps to depth, following down a possible steep plunge to the northeast)
The “High Grade Zone“ (“HGZ”) high grade high‐sulphidation epithermal quartz‐pyrite‐gold mineralisation, extending from
surface to several hundred metres depth (possibly in excess of 500m); local artisanal miners produced an estimated 15,000
ounces from a small area of shallow workings (maximum 50m depth) in the base of a steep mineralised spur from 2005 to
2012
A large porphyry copper‐gold system identified by drilling at +800m depth below the northern end of the ridge (“Golpu“
type from Wafi‐Golpu in the Morobe Goldfield)
A possible lead‐zinc related quartz‐carbonate‐base metal sulphide‐gold stockwork vein and breccia feeder zone (for the
Mixing Zone mineralisation) at the margin of the deep intrusion (+600m) which is causing intense baking and fracturing of
the sub‐volcanic basement shales underlying the Mixing Zone (Porgera “Waruwari“ type).
During the period of high investment demand for large gold deposits (2009 – 2011), the Company’s strategy was to focus on the
potential of the “Mixing Zone” in the northern part of the Nevera prospect.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
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Review of Operations
Under the successful 2010/2011 drilling program the following were identified at Nevera:
a high sulphidation, high grade epithermal quartz‐pyrite‐gold target (High Grade Zone);
a large low sulphidation, lower grade carbonate‐base metal sulphide‐gold “mixing zone ”deposit over an area in excess of
600m by 400m by 150m thick within which an initial (open) resource of 790,000 ozs gold has been inferred
a potential quartz‐galena‐sphalerite‐gold target at depth below the mixing zone, related to a deep, hot intrusion which is
interpreted as the ultimate source of the area’s mineralisation; and
a confirmed porphyry copper‐gold system peripheral to the deep, hot intrusion.
The potential for Nevera is significantly greater than the Company’s current financial resources allow it to crystallise. What has
become evident from the post drilling analysis by management, various independent experts and other groups who have
considered involvement, is that our earlier estimates understate both the prospect and regional area’s potential.
It is this large project potential size which is both the challenge and opportunity for the Company. The challenge is that ongoing
exploration at the Mixing Zone is cash draining. The opportunity is that we believe we are onto a very large deposit.
The Company’s current strategy is to develop the Project’s High Grade Zone (“HGZ”) as an area where small scale mining of gold
could be undertaken. The Company has announced its intention to develop an exploration adit and commence small scale
production at the HGZ with the view of ultimately full scale production at the HGZ. The cash flow generated from the small scale
production at the HGZ is planned to finance ongoing Mixing Zone drilling and exploration at the Nevera Project.
The Board has also determined that the strategy going forward is to evaluate joint venture partnerships to enable sharing of
expenditure and exploration risk. Critical to engaging a joint venture partner is providing data sourced from a detailed helicopter‐
borne high resolution airborne magnetics and radiometrics survey. This will help define on‐going drill targets on the Nevera
Prospect and greatly assist in progressing the other prospects within the Company’s tenements, as well as test the regional
prospectivity between the known licenses, where widespread volcanic ash cover hampers conventional prospecting on the ground.
This survey is now complete with the results are currently being analysed. The information is expected to also enable confidence in
the potential size to make the Project more attractive to companies with larger balance sheets.
MINERALISATION AT THE NORTHERN END OF NEVERA PROSPECT
Figure 2 ‐ Northern End of Nevera prospect
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
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Review of Operations
Activities
Strategy to test gold mining potential at the High Grade Zone (HGZ)
The Company commenced testwork aimed at the early development of the High Grade Zone (“HGZ”) with a view to starting a small
scale operation in 2014.
Local artisanal miners have historically mined the HGZ at high grades; 15,000 ozs of gold are estimated to have been won from
shallow underground workings in a steep spur between 2005 and 2012. The zone is made up of a series of narrow intersecting sub
‐vertical fractures and associated bonanza grade ore shoots up to 1 metre wide related to a high sulphidation epithermal gold
mineralising event sourced in the deep intrusions underlying the northern end of the Nevera Prospect.
It is anticipated that simple gravity methods will be sufficient to recover a significant proportion of the gold from the HGZ (based on
observations of the recovery methods practiced by the local miners). Bulk samples up to several cubic metres in size will be taken
from differing mineralised material for trial processing on site. This processing is to include washing and screening and recovery of
a gravity concentrate which can be directly smelted. Hand sorting and crushing of high grade oversize will be undertaken and it is
possible that all of the ore in selected high grade structures may be crushed and processed as above.
There has been little drilling undertaken on the HGZ to date as the focus had been on the Mixing Zone and deep porphyry‐related
Pb‐Zn‐Au and Cu‐Au potential.
The Company is progressing testwork in the HGZ with bulldozer/excavator benching of the spur and underground exploration,
initially focussing upon confirming the geological expectations of the area and bulk testing processing methods.
The Company is focussed on establishing an operation to mine the HGZ in early 2014, thereby generating cash flow. The Crater
Mountain project has both the potential for near term, low cost production as well as large scale, bulk tonnage, long term
development.
The drop in gold price from around USD1,750 at the beginning of 2013 to its current level of around USD1,350 will impact how
much cash is ultimately generated from this operation but will not change the decision to go ahead unless there is a further
sustained drop in the gold price.
While the Company’s focus is on gold production, it is anticipated that this will initially only be on a small scale and as a result
fluctuations in the gold price will have minimal effect on operations. However fluctuations in the gold price do have an effect on
the general investment environment.
High Grade Zone Exploration Adit – Regulatory Approval Received
A Variation of Approved Programme for EL 1115 at Crater Mountain was granted to the Company’s PNG operating subsidiary
Anomaly Limited (“Anomaly”) to permit the driving of an exploration adit and cross‐cuts at the High Grade Zone in the Nevera
Prospect, with associated underground drilling, sampling and metallurgical testing.
The variation in the work programme is targeted at defining a gold resource beneath the surface gougings and shallow
underground workings conducted by the local village miners from 2005 to 2012.
Geological mapping of remnant surface exposures and several drill intersections have identified the mineralisation as steeply‐
dipping high sulphidation high‐grade quartz‐pyrite‐gold veining and related steeply plunging ore shoots, with a strong potential for
the high gold values worked near surface to extend to depth. Detailed geological mapping of the adit, cross‐cuts and drill core will
allow the Company to develop a more comprehensive understanding of the mineralisation than is possible from mapping and
drilling at the surface, and intensive sampling including limited bulk test work will assist in establishing accurate gold grades and
provide test material for optimising recovery and developing a mine flow sheet.
Regional Airborne Geophysical Survey interpretation has been completed and is being assessed
A detailed helicopter‐borne magnetics and radiometrics survey over the major part of the Company’s Crater Mountain tenements
was completed, after numerous delays caused principally by bad weather. The survey was designed to cover the majority of the
Company’s Crater Mountain tenements, excluding only the very high, steep east‐west ridgeline of the Crater Mountain main range
(resulting in a large northern block and smaller southern block). North‐south lines were flown 100 metres apart with east‐west tie
lines I km apart and the helicopter maintained a nominal terrain separation of 50 metre above tree‐tops. Rain, low cloud base and
terrain difficulties resulted in the long duration of the survey, with more stand‐by days than productive flying days.
The contracting company, Thompson Aviation Limited of Australia, spent the following month “levelling” the raw data for terrain
clearance before handing them on the Company’s geophysical consultant GeoExplore Pty Ltd of Perth for analysis using a variety of
diverse software programs which are in the process of being interpreted and amalgamated into a finished product, with
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
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Review of Operations
preliminary results starting to come in at the end of the Quarter. Results will be overlaid by the Company on Digital Terrain Models
and assessed in detail over the next several months; they are expected to provide new structural and lithological insights as well as
highlight individual magnetics and radiometrics‐related targets. The detail will be examined in GIS by overlaying geo‐referenced
drainage and terrain layers as well as the Company’s geological data.
Appointment of Richard Johnson as PNG General Manager
The Company recruited mining engineer Mr Richard Johnson as Crater Mountain Project Manager and PNG General Manager. Mr
Johnson was chosen for his hands‐on familiarity with PNG mining. In particular he was Divisional Director of DRDGold responsible
for Tolukuma Gold Mine in PNG’s Central Province from 2002 to 2005 and CEO of Allied Gold Limited at Simberi in 2008. His earlier
experience in PNG includes conducting the due diligence for the acquisition of Woodlark from Highlands Gold by Auridiam and
subsequent design and management of a 6‐month drill programme in 1995 ‐ 96. His wide experience includes administrative and
technical responsibility in both mining and processing in many other countries including most recently 3 years managing
exploration in the Kolar Gold Field of India.
Driving the exploration adit at the HGZ will be under the control of experienced mining project manager Mr Paul Henley who was a
mining foreman for two years in the late 1990s during the initial underground development and start‐up at Tolukuma. Mr Henley
was subsequently involved in the massive drainage tunnel at Ok Tedi. He has worked as a mine foreman and mine manager in a
number of countries and holds a current Victorian Mine Manager’s Ticket.
Petrology confirms porphyry copper‐gold
The Company received a final report on the petrology and mineralogy of drill core from hole NEV033 at the Nevera Prospect. The
report by Mr Anthony Coote of Applied Petrologic Services & Research in New Zealand (“APSAR”) included a detailed discussion of
his findings which confirm and highlight the drill hole’s proximity to a nearby major porphyry copper‐gold system. This confirmed
that the Nevera prospect has at least three distinct geological zones of potential; the Mixing Zone, the High Grade Zone and now
the Porphyry copper‐gold zone
Based on the identification in drill core of minerals that are characteristic of the broad propylitic halos that surround porphyry
copper deposits in a number of widely spaced drill holes, an area at least 800m long by 400m wide lying at depth under the
northern end of the prospect ridge is interpreted as being proximal to a porphyry Cu ‐ Au system.
NEV033 was sited and oriented to test this interpretation, its location based particularly on the presence of strong coarse phyllic
alteration in the lower part of drill hole NEV020 which is located higher up the slope from the NEV033 collar, to test for potential
porphyry copper‐gold mineralisation at depth; a cap of strong phyllic alteration is commonly found to overlie deeply buried
porphyry deposits
Positive metallurgical results from Mixing Zone
The Company received encouraging results from initial metallurgical testwork on gold mineralisation sourced from its Nevera
prospect at Crater mountain
A preliminary metallurgical assessment of the “Mixing Zone” gold mineralisation in the Nevera Prospect, involving gravity recovery,
cyanide leaching and flotation testwork, was conducted for the Company by SGS Lakefield Oretest Pty Ltd of Perth, WA, on a 160kg
composite sample of drill core. Samples making up the composite were of split core from a number of intersections between 230m
and 320m in NEV019 and 310m and 340m in NEV025, with an average gold grade of 1.27 g/t Au.
Preliminary results indicate that most gold within the Mixing Zone at the Nevera Prospect could be recovered by fine grinding and
cyanide agitation leaching
Testwork carried out on the composite sample included:
laboratory‐sized Knelson Concentrator gravity separation,
bottle roll cyanidation, and
batch rougher flotation
Using a grind of 75 microns, simple gravity separation recovered more than 50% of the contained gold, whilst bottle roll agitation
cyanide leaching recovered between 76 and 83%, and flotation a little more than 95%. Reprocessing of the Knelson gravity
concentrate using a hand pan showed that final concentrate grades of greater than 100 g/t Au should be readily achievable for this
concentrate.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
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Review of Operations
Cyanidation Testing:
Metallurgical testing showed that the gold leached quickly from the mineralised material at four different grind sizes; from a
“coarse” 180 micron grind to a “standard” 75 micron grind, where the final gold recovery was 76 %. On average, most of the gold
was dissolved into solution in a relatively quick 8 hours.
Grinding characteristics of the ore were found to be good.
The cyanidation results indicate:
Leach kinetics were rapid with leaching essentially complete after 8 hours.
Agreement between assayed and calculated head assays was good in most cases.
Cyanide consumptions were moderately low (0.79 kg/t to 0.92 kg/t).
Gold extraction ranged from 75.0 % (P80 = 180 µm), to 78.9 % (P80 = 75 µm).
Tailings from the cyanidation testing were examined by electron microscope and roughly two‐thirds of the remaining gold was
found to be encased in sulphide and one‐third in silicate, preventing exposure to the cyanide solution at the 75 micron grind:
possible solutions to increase the gold recovery to over 90% is ultra‐fine grinding (perhaps after initial rougher floatation
concentration as above to reduce the bulk for ultra‐fine grinding)
The test results are pleasing as they indicate crushing and grinding characteristics are good, and that at a 75 micron grind more
than 75% of the Mixing Zone gold can be expected to be extracted by agitation leach in 8 hours, with moderate lime and cyanide
usage. A possible method to increase this to more than 90% gold recovery is ultra‐fine grinding. It is noteworthy that simple
floatation of the 75 micron grind produced a concentrate with more than 95% of the gold from the sample, and floatation followed
by ultra‐fine grinding of the resulting concentrate before cyanidation may be the simplest way to increase final cyanide gold
recovery. The Company is confident that further metallurgical testing will provide a flowsheet capable of recovering more than
90% of the gold in the Mixing Zone.
Acquisition of 100% of the Project
Following various approvals by the PNG Government, the Company moved to outright ownership of 90% of the Crater Mountain
Project. In addition, in line with a purchase and sale agreement with the previous owners of the 10% balance of the Project,
following completion of preliminary administrative matters application has been made to the PNG Minister for Mines for the
Minister’s consent to the transfer of the remaining 10% interest to the Company.
Fergusson Island Gold Project, PNG (100%)
Key Points
EL 1972 (Gameta) granted
EL 2180 (Wapolu) granted
EL 1972 (Gameta)
The Company’s re‐application for the area containing the Gameta gold deposit on Fergusson Island, following the expiry in 2010 of
the original Exploration License, EL 1070, was successful, with a new exploration license, EL 1972, being granted to the Company.
EL 2180 ( Wapolu)
The Company’s application for the area containing the Wapolu gold deposit on Fergusson Island was successful, with a new
exploration license EL 2180 being granted subsequent to the end of the reporting year. The Wapolu exploration license, EL 2180,
was lodged following expiry of the original tenement EL 1025, in early 2012
The Gameta and Wapolu gold deposits, located in close proximity to each other on the north coast of Fergusson Island in PNG,
comprise the Company’s Fergusson Island Project, upon which over $15M has been spent since 1996. The Company previously
announced its first resource estimate reported in accordance with the JORC Code for the Gameta deposit, an Inferred Resource of
5.1 million tonnes at 1.8 g/t for 295,000 ounces of gold at a cut‐off grade of 1.0 g/t gold.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
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Review of Operations
Future strategy
The Company’s strategy at Fergusson Island is to review latest technology in refractory gold processing techniques to evaluate if
the overall capital cost of the project can be reduced. One process being considered is the Albion process. This process relies on
floatation followed by ultrafine grinding to expose fine refractory gold. Much of the ore at Gameta and Wapolu is of a refractory
nature (fine gold locked entirely within fine‐grained sulphide or silicate grains and so not accessible to cyaniding). The Company
plans to generate fresh ore for further floatation testing followed by Albion Process testing.
Early desktop analysis of the Albion process are encouraging. In addition, the potential to generate geothermal power from the
Lamalele thermal field on southeast Fergusson Island is being assessed by the PNG government, presenting a possibility of reduced
power costs for development projects on the Island. This would impact favourably on any feasibility to develop the Wapolu and
Gameta deposits as power costs are the most significant operating cost in mining and processing operations.
Joint venture and strategic partnership opportunities are also being evaluated.
Croydon Project, Queensland, Australia (100%)
Key Points
Agreement to acquire Golden Gate Project EPM 18616
Background
The Croydon project in north Queensland is located within an interpreted under cover extension of the world class Mt Isa /
Cloncurry mineral province that hosts the Mt Isa, Century, Earnest Henry and Cannington mines. The project comprises 10
Exploration Permits Mining (EPM) that cover aeromagnetic and gravity anomalies delineated during Government aerial surveys.
The Croydon Polymetallic project emerged from analysis of aerial geophysical data that detected magnetic and gravity anomalies in
Proterozoic rock strata underling a relatively thin cover (100‐130 metres) of Mesozoic sediments. CGN experts examined the
anomalies and selected nine aeromagnetic (A1, A2, A5, A13, A15, A18, A25, A27 and A33) and three gravity (G1, G2 and G3)
anomalies for follow‐up exploration.
Significant vein style polymetallic (zinc, silver and tin) mineralisation has been identified in previous drilling undertaken by the
Company. The mineralisation lies under approximately 100m of cover, some 35km north of Croydon.
Several areas within the Croydon tenements also have identified graphite potential.
Activities
Agreement to acquire Golden Gate Project EPM 18616
The Company announced in July 2012 that it had entered into an agreement with Global Resources Corporation Limited (“Global”)
to acquire from Global an Exploration Permit for Minerals in the Croydon District in North Queensland. At the time the relevant
Exploration Permit was under application by Global. Subsequent to the end of the financial year the exploration Permit was
granted to Global by the Queensland Department of Natural Resources and Mines. The appropriate steps are now being taken for
the Exploration Permit to be transferred to the Company, less a 6% interest to be reserved to Global.
EPM18616 covers an area of 97.2 square kilometres of the historical Croydon Goldfield, which has recorded production of 844,000
ounces of gold and 900,000 ounces of silver in two periods of mining between 1885‐1935 and 1987‐90. The largest producer, the
Golden Gate Lode (480,000 ounces of gold) is located within EPM18616 and EPM9438, tenements now owned 100% by the
Company.
The area of land covered by the relevant Exploration Permit is contiguous to land covered by the Company’s Exploration Permits
nos. 8795 & 9438, north of the town of Croydon.
Graphite at Golden Gate
In July 2004, the Company, when named Gold Aura Ltd, undertook preliminary assessment of a large graphite deposit located at
the Golden Gate mine. The graphite deposit was systematically drilled as part of a regional gold exploration program in the late
1980’s by Central Coast Exploration (CCE). Three vertical reverse circulation holes were drilled by the Company between 2005 and
2007, that confirmed the graphite mineralisation as reported by earlier exploration was present at Golden Gate.
Since the Golden Gate graphite deposit is reasonably well defined by past drilling the exploration program to be conducted by the
Company will involve collection of fresh drill core samples for metallurgical testwork. Should a commercial graphite deposit be
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
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Review of Operations
proven at Golden Gate, the area is well served by infrastructure with the port of Karumba on the Gulf of Carpentaria that services
the Century Pb‐Zn mine being within 150 kilometres from the town of Croydon.
Future strategy
An exploration program will be conducted by the Company that will involve collection of fresh drill core samples to be submitted
for metallurgical testwork.
The Company’s strategy at the Croydon A2 project is to seek a joint partnership. Previous drilling results at the project were
promising with further drilling being justified.
Drilling results at the A2 hole A2‐001 returned a 5m massive sulphide intercept averaging 8% Zn, 180g/t Ag, 0.58% Sn and 0.57% Cu.
Similar high value massive sulphide filled fracture zones are present in six of the other holes drilled and all nine holes drilled
contained thick intercepts of strong Zn‐Ag anomalism indicating the presence of a large mineralizing system. They appear to form
linear patterns with an east‐west strike and apparent vertical dip that suggests continuity of the zones is possible. Present hole
spacing of 200m is too wide for certainty, but if continuous, the massive sulphide zones will represent a sizable polymetallic‐tin
deposit.
Investment in Kenai Resources
On 5 July 2013 the shareholders of Kenai Resources Ltd (TSXV:KAI “Kenai”) voted to accept an agreement whereby Serabi Gold plc.
(AIM:SRB and TSX:SBI “Serabi”) Serabi would acquire all the issued and outstanding common shares of Kenai at 0.85 Serabi shares
in exchange for each Kenai share held. As a result the Company was issued with 17.1m Serabi shares for its original holding of
20.1m Kenai shares.
As at the date of this report the Company has sold some 12m Serabi shares on the TSX and AIM markets.
Corporate
Board Changes
Rights Issues
Name change to Crater Gold Mining Limited
Appointment of Directors
Messrs Sam Chan, Desmond Sun and Russell Parker were appointed as directors of the Company in March 2013.
Mr Chan is a director and the controller of FreeFire Technology Limited.
Resignation of Directors
James Collins‐Taylor and Sinton Spence resigned as directors of the Company in March 2013. Mr Collins‐Taylor has been
appointed as alternate director for Director Thomas Fermanis. Mr Collins‐Taylor also continues to serve as chair of the Company’s
Audit Committee and Remuneration & Nomination Committee.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
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Review of Operations
Rights Issues
In October 2012 the Company undertook an underwritten non‐renounceable pro rata rights issue of two (2) shares for every three
(3) shares held at A$0.0025 (0.25 cents) per share to raise up to $3,745,558 before costs.
Application funds totalling $3,273,831 were received. The issue was undersubscribed by $471,727.22. The rights issue shortfall
was taken up by the underwriter.
Funds raised were used for reducing debt and for working capital in particular to progress the Crater Mountain Project.
In March 2013, the Company undertook an underwritten renounceable pro rata rights issue of eighteen (18) shares for every ten
(10) shares held at A$0.001 (0.1 cent) per share to raise up to approximately $6,985,000 before costs.
Application funds totalling 3,041,618.97 were received. The issue was undersubscribed by $3,943,385.83. The rights issue shortfall
was taken up by the underwriter.
Funds raised have been used to repay a $1.5 million loan to the Company from shareholder FreeFire Technology Ltd (“FreeFire”), to
fund exploration and underground drilling at the Company’s Crater Mountain Project in PNG in preparation for the development of
an adit for underground exploration and production commencement related testwork at the Project’s High Grade Zone, and for
working capital generally.
Name Change to Crater Gold Mining Limited
At the Company’s general meeting held on the 9th of July 2013 shareholders approved the change of the Company’s name from
“Gold Anomaly Limited” to “Crater Gold Mining Limited”.
Schedule of Tenements
Set out below is the schedule of tenements that the Company and its subsidiaries hold as at 30 September 2013:
Project
Tenements particulars
% ownership
Croydon (North Queensland)
Mount Isa (North Queensland)
Fergusson Island (Papua New Guinea)
Crater Mountain (Papua New Guinea)
EPM 8795
EPM 9438
EPM 10302
EPM 13775
EPM 15989
EPM 16002
EPM 16003
EPM 16004
EPM 16046
EPM 16047
EPM 16062
EPM 16662
EPM 18616
EPM 16579
EL 1972
EL 2180
EL 1115
EL 1353
EL 1384
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
10
Review of Operations
The information contained on pages 2 to 10 of this report relating to exploration results and mineral resources at Crater
Mountain, PNG is based on information compiled by Mr P Macnab, Non‐Executive Director of Crater Gold Mining Limited. Mr
Macnab is a Fellow of The Australian Institute of Geoscientists and has the relevant experience in relation to the mineralisation
being reported upon to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves. Mr Macnab consents to the inclusion in the report of the matters
based on his information in the form and context in which it appears.
The information contained on pages 2 to 10 of this report that relates to exploration results at Croydon, Queensland is based
on information compiled by Mr J V McCarthy, MAusIMM, Consulting Geologist. Mr McCarthy is a Member of The Australasian
Institute of Mining and Metallurgy and has the relevant experience in relation to the mineralisation being reported upon to
qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves. Mr McCarthy consents to the inclusion in this report of the matters based on his
information in the form and context in which it appears.
“The twelve months ending 30 June 2013 were progressive and yet
challenging for the Company. Good progress was made at the
flagship Crater Mountain Project in Papua New Guinea. This was
countered by continued depressed conditions worldwide for junior
resources companies in combination with weaker gold and other
commodities prices.”
“FreeFire Technology Ltd (“FreeFire”) became the Company’s major
shareholder… FreeFire’s
the Company greatly
strengthens the Company’s financial position and strategic corporate
management skills”
investment
in
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
11
Directors’ Report
The Directors present their report on the consolidated entity (referred to hereafter as "the Group") consisting of Crater Gold
Mining Limited (referred to hereafter as "the Company") and its controlled entities for the year ended 30 June 2013.
Directors
The following persons were Directors of Crater Gold Mining Limited during the whole of the financial year and up to the date of this
report:
S W S Chan (Non‐executive Director, appointed 29 January
2013. Appointed Non‐Executive Chairman 11 March 2013)
T M Fermanis (Non‐executive Director)
R P Macnab (Non‐executive Director)
G B Starr (Resigned as Executive Chairman on 11 March 2013
and was appointed Managing Director on the same day)
J D Collins‐Taylor (Alternate Director to T M Fermanis,
appointed 11 March 2013)
R D Parker (Non‐executive Director, appointed 12 March 2013)
D T Y Sun (Non‐executive Director, appointed 29 January 2013)
Mr J D Collins‐Taylor was a Non‐executive Director at 1 July 2012. He resigned on 9 March 2013 and was appointed as Alternate
Director to Mr T M Fermanis on 11 March 2013.
Mr J S Spence was a Non‐executive Director at 1 July 2012. He resigned on 9 March 2013.
The Company’s Board of Directors pays tribute to James Collins‐Taylor and Sinton Spence for the very significant contributions they
have made to the Company as directors of the Company. Mr Collins‐Taylor was a director of the Company since 2005 and Mr
Spence was a founding director of Anomaly Limited which merged with the Company in 2009.
Activities
The principal activities of the Group consist of the exploration, evaluation and exploitation of potential world class gold and other
base metal projects. Further details of the Group’s activities are included in the Review of Operation on pages 2 – 7 of this report.
Review of Operations and Results
The Group incurred a loss of $3,060,824 for the year ended 30 June 2013 (2012: loss of $10,795,231). Further details of the
Group’s operations are included on pages 2 – 11 of this report.
Dividends
No dividends of the Company or any entity of the Group have been paid, declared or recommended since the end of the preceding
year. The Directors do not recommend the payment of any dividend for the year ended 30 June 2013.
Significant Changes in the State of Affairs
The Directors are not aware of any significant change in the state of affairs of the Company that occurred during the financial year
other than as reported elsewhere in the Annual Report.
Events Subsequent To Balance Date
As mentioned elsewhere in this report, the Company held an Extraordinary General Meeting on 9 July 2013 at which it was decided
to change the name of the Company from Gold Anomaly Limited to Crater Gold Mining Limited.
On 5 July 2013 the shareholders of Kenai Resources Ltd (TSXV:KAI “Kenai”) voted to accept an agreement whereby Serabi Gold plc.
(AIM:SRB and TSX:SBI “Serabi”) Serabi would acquire all the issued and outstanding common shares of Kenai at 0.85 Serabi shares
in exchange for each Kenai share held. As a result the Company was issued with 17.1m Serabi shares for its original holding of
20.1m Kenai shares.
As at the date of this report the Company has sold some 12m Serabi shares on the TSX and AIM markets. Refer notes 12 and 14.
At an Extraordinary General Meeting held on 26 September 2013 a resolution to consolidate every one hundred shares into one
share in the Company was approved.
Subsequent to the end of the year, FreeFire Technology Limited (“FreeFire”), a major shareholder in the Company, has agreed to
advance a loan of up to $1m to the Company to meet any ongoing funding requirements which may arise prior to the completion of
contemplated future fund raising exercises. The loan will be on standard commercial terms and conditions. The Board considers
that the terms under which this loan will be made are reasonable and no more favourable than the alternative arrangements
available or reasonably expected to be available.
The loan will be repaid out of the proceeds of future fund raising activities.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
12
Directors’ Report
Likely Developments
Likely developments in the Group’s operations in future financial years and the expected results of those operations are referred to
on pages 2– 11.
Future financial performance and outcomes depend on a number of things such as the Group’s ability to continue attract funding
and/or one or more joint venture partners, or alternatively to be bought out by a suitor.
Material business risks that could adversely affect the Company’s financial performance include unavailability of funding and/or
inability to attract one or more joint venture partners; political risk in the Company’s overseas country of operation.
Information on Directors and Secretary
The Directors and Secretary of the Company in office at the date of this report and their qualifications, experience and special
responsibilities are as follows:
S W S Chan (Non‐Executive Chairman)
Mr Chan was appointed a Director of the Company on 29 January 2013 and Non‐
Executive Chairman 11 March 2013
Mr Chan is a director and the controller of FreeFire Technology Limited (“FreeFire”),
the major shareholder in the Company.
Mr Chan received a Bachelor’s degree from the University of Manchester, UK in 1970
and qualified as a chartered accountant in 1973. He was the company secretary of
Yangtzekiang Garment Limited from 1974 to 1988 and has been a director of
Yangtzekiang Garment Limited since 1977. Mr Chan was appointed the Managing
Director of YGM Trading Limited from 1987 to 2006 and the Chief Executive Officer of
YGM Trading Limited from 2006 to 2010. He has been the Vice Chairman of the board
of YGM Trading Limited since 2010
Mr Chan has an interest of 6,453,186,877 ordinary shares in the Company through his
control of FreeFire Technology Limited.
G B Starr BBus, CPA (Managing Director)
Mr Starr was appointed as a Chairman and Director on 19 February 2008 and
Executive Chairman on 26 March 2010. On 11 March 2013 Mr Starr resigned as
Executive Chairman and was appointed Managing Director.
Mr Starr has over 24 years experience in corporate financial management, with the
last 21 years focused on the resources and mining sector, including his most recent
appointment as Chief Executive Officer and President of Golden China Resources
Corporation, and previously as Chief Executive Officer of Michelago Limited and Chief
Executive Officer of Emperor Mines Limited. Mr Starr is a member of the Australian
Society of Certified Practicing Accountants. Mr Starr is President of Kenai Resources
Ltd, a company listed on the Toronto Stock Exchange.
Mr Starr has an interest of 30,100,000 ordinary shares in the Company.
T M Fermanis F Fin, MSAA (Non‐executive Director)
Mr Fermanis has been a Director of the Company since 2 November 2009. Mr
Fermanis has extensive experience in stockbroking and has been an advisor since
1985 with extensive experience in the resource sector. He has been involved in gold
exploration in PNG for a number of years.
Mr Fermanis is a member of the Audit Committee and of the Remuneration and
Nomination Committee.
Mr Fermanis has an interest in 57,114,008 ordinary shares in the Company.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
13
Directors’ Report
R P Macnab BSc (Geology) (Non‐executive Director)
Mr Macnab has been a Director of the Company since 2 November 2009. Mr Macnab
has had a lifetime geological association with PNG including roles as the country’s
Government Geologist, and an independent geological contractor and consultant. He
discovered, or participated in the discovery of a long list of PNG minerals resources
the most significant of which is the world‐class Ladolam gold mine on Lihir Island. Mr
Macnab has had extensive worldwide experience in mineral exploration as well as
financing and developing mineral resource exploitation. Mr Macnab has maintained
his close links with PNG and continues to live on Buka Island, Autonomous Region of
Bougainville, PNG.
Mr Macnab has an interest in 8 ordinary shares in the Company.
R D Parker (Non‐executive Director)
Mr Parker was appointed a Director of the Company on 12 March 2013.
Mr Parker lives in Hong Kong. He is a qualified Marine Engineer and Marine Industries
Manager having graduated from Southamptom Institute of Higher Education, Marine
Division, in Warsash, United Kingdom. Mr Parker is a professional Company Director.
D T Y Sun (Non‐executive Director)
Mr Sun was appointed a Director of the Company on 29 January 2013.
Mr Sun obtained a Bachelor of Economics from the University of Tasmania and held
management positions with the Ford Motor Company in Melbourne and in Brisbane,
as well as with Citibank NA and Lloyds Bank Plc in Hong Kong. He has been an
executive director of several listed companies in Hong Kong and has been engaged in
advisory services on strategic planning and corporate development, mainly in
corporate finance, since 1991.
J D Collins‐Taylor BA Bus, ACA (Alternate Director to Mr Fermanis)
Mr Collins‐Taylor has been a Director since 20 October 2005. He is a Chartered
Accountant and was formerly with Deloitte Touche Tohmatsu for 12 years. Mr
Collins‐Taylor has worked in the private equity and venture capital fields in Asia since
1992. He has extensive finance experience, and has been involved in a number of
major transactions involving companies listed on the London and Hong Kong Stock
Exchanges.
Mr Collins‐Taylor is Chairman of the Audit Committee and of the Remuneration and
Nomination Committee.
Mr Collins‐Taylor has an interest of 13,486,404 ordinary shares in the Company.
J A Lemon BA LLB (Hons), Grad Dip App Fin (Finsia), Grad Dip App Corp Gov, ACSA (Company Secretary)
Mr Lemon has been Company Secretary since 13 February 2006. Mr Lemon is a qualified solicitor and has held a number of
positions as Company Secretary and/or Legal Counsel with various companies, including roles with MIM Holdings Limited,
General Electric Company and Bank of Queensland Limited. Mr Lemon is currently company secretary of several ASX‐listed and
other companies and a director of one ASX‐listed company and of other companies. He was also formerly a director of ASX‐listed
UCL Resources Limited.
Mr Lemon has an interest of 4,570,000 ordinary shares in the Company.
Directors’ Interests in Shares and Options
The Directors’ interests in shares and options of the Company are set out in section (d) of the Remuneration Report and in
note 26 in the financial report.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
14
Directors’ Report
Directors’ Meetings
The Company held 15 Board meetings, 2 Audit Committee meetings and 3 Remuneration and Nomination Committee meetings
during the year. The number of meetings attended by each Director was:
Name
S W S Chan 1
G B Starr
J D Collins‐Taylor 2
T M Fermanis 3
R P Macnab
R D Parker 5
J S Spence 4
D T Y Sun 6
Board
Audit Committee
Remuneration and Nomination
Committee
Eligible to
Attend
Attended
Eligible to
Attend
Attended
Eligible to
Attend
Attended
6
15
11
15
15
4
10
6
6
15
11
15
13
4
6
6
‐
‐
3
1
‐
‐
2
‐
‐
‐
3
1
‐
‐
2
‐
‐
‐
2
1
‐
‐
1
‐
‐
‐
2
1
‐
‐
1
‐
The Eligible to Attend column represents the number of meetings held during the time the Director held office or was a member
of the Committee during the year.
1
2
Mr Chan was appointed a Director on 29 January 2013.
Mr Collins‐Taylor is Chairman of the Audit Committee and of the Remuneration and Nomination Committee. He resigned as a Director of the Company on 9
March 2013 and was appointed an Alternate Director to Mr Fermanis on 11 March 2013.
Mr Fermanis is a member of the Audit Committee from 11 March 2013 and of the Remuneration and Nomination Committee for the full year.
Mr Spence was a member of the Audit Committee until his resignation as a Director of the Company on 9 March 2013.
Mr Parker was appointed a Director on 11 March 2013.
Mr Sun was appointed a Director on 29 January 2013.
3
4
5
6
Environmental Regulation and Performance
The Group is subject to environmental regulation in relation to its former mining activities in North Queensland by the
Environmental Protection Agency of Queensland. The Company complies with the Mineral Resources Act (1989) and
Environmental Protection Act (1994).
Shares under Option
Unissued ordinary shares of the Company under option at the date of this report are as follows:
Expiry date
29 September 2013
19 October 2013
31 October 2013
01 November 2013
22 November 2013
30 November 2013
20 December 2013
20 January 2014
23 February 2014
30 March 2014
03 May 2014
02 June 2014
04 July 2014
04 August 2014
05 September 2014
05 October 2014
08 May 2015
Issue price of shares ($)
$0.0259
$0.0277
$0.0288
$0.0284
$0.0321
$0.0428
$0.0462
$0.0444
$0.0375
$0.0393
$0.0398
$0.0507
$0.0417
$0.0468
$0.0423
$0.0337
$0.0181
Number of shares under option
810,811
505,051
728,155
738,916
655,022
490,196
757,576
788,644
932,836
889,680
880,282
690,608
503,356
449,102
496,689
622,407
13,000,000
Type
Unlisted
Unlisted
Unlisted
Unlisted
Unlisted
Unlisted
Unlisted
Unlisted
Unlisted
Unlisted
Unlisted
Unlisted
Unlisted
Unlisted
Unlisted
Unlisted
Unlisted
Option holders do not have any rights under the options to participate in any share issue of the Company.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
15
Directors’ Report
Shares Issued on the Exercise of Options
51,846 shares of the Company were issued during the year ended 30 June 2013 as a result of the exercise of options over unissued
shares in the Company. They are as follows:
Date of issue
06 October 2011
29 June 2012
No of ordinary shares issued
Amount paid per share ($)
Amount unpaid per share
40,000
11,846
$0.0300
$0.0300
‐
‐
No further shares have been issued on the exercise of options since that date.
Indemnification and Insurance of Directors
During the year, the Company paid premiums of $15,915 (2012: $15,996) to insure the Directors and Officers of the Company in
relation to all liabilities and expenses arising as a result of the performance of their duties in their respective capacities to the
extent permitted by law.
Non‐Audit Services
The Company may decide to employ the auditor on assignments additional to their statutory audit duties where the auditor’s
expertise and experience with the Company are important.
No amounts were paid or are payable to BDO East Coast Partnership for non‐audit services provided during the year.
Remuneration Report (Audited)
The information provided under headings (a) ‐ (d) is provided in accordance with section 300A of the Corporations Act 2001.
These disclosures have been audited.
(a) Principles used to determine the nature and amount of remuneration
The Company has a Remuneration and Nomination Committee. The Board has adopted a Remuneration and Nomination Policy
which provides advice on remuneration and incentive policies and practices and specific recommendations on remuneration
packages and other terms of employment for executive Directors, other senior executives and Non‐executive Directors. The
Corporate Governance Statement provides further information on the role of this Committee.
Executive Remuneration
The remuneration policy ensures that contracts for services are reviewed on a regular basis and properly reflect the duties and
responsibilities of the individuals concerned. The executive remuneration structure is based on a number of factors including
relevant market conditions, knowledge and experience with the industry, organisational experience, performance of the Company
and that the remuneration is competitive in retaining and attracting motivated people. There is no guaranteed pay increases
included in the senior executives' contracts.
Non‐executive Directors
Fees and payments to Non‐executive Directors reflect the demands which are made on, and the responsibilities of, the Directors.
Non‐executive Directors’ fees and payments are reviewed annually by the Board.
Directors' Fees
The current base remuneration was last reviewed with effect from 26 March 2009.
Non‐executive Director’s fees are determined within an aggregate Directors’ fee pool limit, which is periodically recommended for
approval by shareholders. The maximum currently stands at $200,000 per annum and was approved by shareholders at the
Annual General Meeting on 23 November 2010.
The following fees have applied for the year ended 30 June 2013:
Non‐executive Director’s base fee ‐ $35,000 per annum.
Work undertaken by the Non‐executive Directors, in addition to that provided in their role as Non‐executive Directors is
charged at $1,200 per day or pro‐rata for part thereof.
Audit Committee and the Remuneration and Nomination Committee – no additional fees payable.
Except for retirement benefits provided by the superannuation guarantee legislation, there are no retirement benefits for the
Non‐executive Directors.
(b) Details of remuneration
Directors and the key management personnel (as defined in section 300A Corporations Act 2001) of the Company and the
Group are set out in the following tables. The key management personnel of the Company and the Group includes the
Directors as per page 13 and 14 and the following executive officers who have authority and responsibility for the planning,
directing and controlling the activities of the Group.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
16
Directors’ Report
Director / key management
person
Short‐term
Base
Fees/salary
Post‐
employment
Share‐based payments
Total
Other 14
Superannuation
Options 17
% of
total
2013
Non‐executive Directors
S W S Chan 1
J D Collins‐Taylor 2
T M Fermanis
R P Macnab
R D Parker 3
J S Spence 4
D T Y Sun 5
Subtotal
Executive Directors
G B Starr, Managing Director
key management
Other
personnel
G R Boyce 6
R Johnson 7
J A Lemon 8
J McCarthy 9
T Shelley 10
Total
2012
Non‐executive Directors
J D Collins‐Taylor
T M Fermanis
R P Macnab
J S Spence
Subtotal
Executive
key management
B
Starr,
Executive Directors
G
Chairman
K G Chapple 11
Other
personnel
J A Lemon 8
G Dionisio 12
G R Boyce 6
J McCarthy 9
T Shelley 10
P M B Smith 13
J Batista 15
R Buckland 15
Total
14,778
35,000
32,110
35,000
10,694
24,111
14,778
166,471
300,000
182,497
104,165
86,666
45,318
49,500
‐
18,600
147,083
85,496
‐
44,846
‐
295,025
‐
‐
‐
‐
‐
‐
‐
‐
11,807
‐
‐
‐
‐
11,807
5,900
5,900
9.9%
3.0%
5,900
7.9%
17,700
14,778
59,500
196,900
120,496
10,694
74,857
14,778
492,003
27,000
15,734
4.6%
342,734
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
182,497
104,165
86,666
45,318
49,500
934,617
295,025
38,807
33,434
1,302,883
35,000
35,000
35,000
35,000
140,000
‐
81,400
80,858
22,490
184,748
‐
‐
‐
‐
‐
19,708
19,708
‐
19,708
59,124
36.0%
14.5%
25.5%
54,708
136,108
115,858
77,198
383,872
300,000
121,152
‐
4,726
22,500
15,746
52,556
42,120
14.0%
22.9%
375,056
183,744
108,653
42,692
187,425
108,648
41,800
182,954
90,468
75,000
‐
‐
‐
‐
‐
‐
‐
‐
1,398,792
189,474
‐
3,842
‐
‐
‐
16,466
18,094
‐
76,648
23.5%
26.9%
33,366
‐
‐
‐
‐
73,347
‐
‐
142,019
46,534
187,425
108,648
41,800
272,767
108,562
75,000
260,513
1,925,427
Mr S W W Chan was appointed a Director on 29 January 2013.
Mr J D Collins‐Taylor resigned as a Director on 9 March 2013 and was appointed as an Alternate Director to Mr Fermanis on 11 March 2013.
Mr R D Parker was appointed a Director on 11 March 2013.
Mr J S Spence resigned as a Director on 9 March 2013.
Mr D T Y Sun was appointed a Director on 29 January 2013.
Mr G R Boyce was appointed as Senior Financial Consultant on 10 May 2011 and as Chief Financial Officer on 1 November 2011.
Mr R Johnson was appointed Country Manager – PNG on 1 January 2013.
Mr Lemon acts in a part‐time capacity.
Mr J McCarthy was appointed as Project Manager ‐ Croydon on 23 September 2011.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10. Mr T Shelley was appointed Country Manager Papua New Guinea on 25 May 2012 and resigned on 30 September 2012.
11. Mr K G Chapple resigned as an Executive Director on 31 August 2011.
12. Mr Dionisio was appointed as Chief Financial Officer on 25 April 2011 and resigned on 31 October 2011.
13. Mr P M B Smith was appointed as Country Manager – Papua New Guinea on 1 February 2011 and resigned on 24 May 2012.
14.
15. Mr Batista was appointed General Manager, Brazil on 29 April 2011.
16.
17.
The Brazilian operation was sold to Kenai Resources on 19 December 2011.
All outstanding share options for Directors and other key management were cancelled on 5 June 2013.
Other relates to services provided by Directors and in the case of Mr Chapple, amounts salary sacrificed for the lease of a motor vehicle.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
17
Directors’ Report
No other Directors, officers or executives of the Company received any share‐based payments, other than those shown in the
remuneration table above.
All remuneration is on fixed rates. Refer section (c) of this remuneration report. There were no performance based payments
made during the year.
A summary of Director and key management personnel remuneration follows.
Remuneration component
Short term
Post‐employment benefits
Share‐based payments
Total
(c)
Service agreements
2013
$
2012
$
1,230,642
1,588,266
38,807
33,434
76,648
260,513
1,302,883
1,925,427
On appointment to the Board, all Non‐executive Directors enter into a service agreement with the Company in the form of a
letter of appointment. The letter summarises the Board policies and terms, including compensation, relevant to the office of
Director.
Remuneration and other terms of employment for the Executive Directors and other key management personnel are also
formalised in service agreements. Major provisions of the agreements relating to remuneration are set out below:
Key management personnel
Commencement
date
Term of
agreement
Base salary
Superannuation
Period of
notice
G B Starr
Managing Director
J A Lemon
Company Secretary
J McCarthy
Project Manager ‐ Croydon
G Boyce
Chief Financial Officer
R Johnson
Country Manager – PNG
26 March 2010
No fixed term
$300,000 pa
9% of base salary
3 months
13 February 2006
No fixed term
$165 ph
23 September 2011
No fixed term
$1,000 pd
1 November 2011
No fixed term
$925 pd
1 January 2013
No fixed term
$250,000 pa
‐
‐
‐
‐
4 weeks
4 weeks
4 weeks
4 weeks
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
18
Directors’ Report
(d) Equity based compensation
Options granted as part of remuneration for the year ended 30 June 2013
The Employee Share Option Plan (“Plan”) is designed to provide long term incentives for executives to deliver long term shareholder
returns. Participation in the plan is at the Board’s discretion and no individual has a contractual right to participate in the Plan or to
receive any guaranteed benefits.
Options and rights over equity instruments
The number of options over ordinary shares in the Company held during the financial year by each Director and key
management personnel of the Group, including their personally related parties are set out below:
Name
Balance at the
start of the
year
Granted during
the year as
compensation
Exercised
during the
year
Other changes
during the
year
Balance at the
end of the
year
2013
Directors
S W S Chan
G B Starr
J D Collins‐Taylor
T M Fermanis
R P Macnab
R D Parker
J S Spence
D T Y Sun
Key management personnel
G R Boyce
R Johnson
J A Lemon
J V McCarthy
T Shelley
2012
Directors
G B Starr
K G Chapple
J D Collins‐Taylor
T M Fermanis
R P Macnab
J S Spence
Key management personnel
J A Lemon
G Dionisio
G R Boyce
J V McCarthy
R Buckland
J Batista
P M B Smith
T Shelley
‐
10,000,000
3,000,000
1,500,000
‐
‐
1,500,000
‐
‐
‐
2,500,000
‐
‐
12,500,000
9,431,808
3,618,202
1,500,000
‐
1,500,000
2,500,000
‐
‐
‐
3,000,000
‐
4,000,000
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
(10,000,000)
(3,000,000)
(1,500,000)
‐
‐
(1,500,000)
‐
‐
‐
(2,500,000)
‐
‐
(2,500,000)
‐
(618,202)
‐
‐
‐
‐
‐
‐
‐
(3,000,000)
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
10,000,000
9,431,808
3,000,000
1,500,000
‐
1,500,000
2,500,000
‐
‐
‐
‐
‐
4,000,000
‐
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
19
Directors’ Report
(d) Equity based compensation (cont.)
Share holdings
The number of shares in the Company held during the financial year by each Director and key management personnel of the
Group, including their personally related parties are set out below:
Name
2013
Directors
S W S Chan
G B Starr
J D Collins‐Taylor
T M Fermanis
R P Macnab
R D Parker
J S Spence
D T Y Sun
Key management personnel
G R Boyce
R Johnson
J A Lemon
J V McCarthy
T Shelley
2012
Directors
G B Starr
K G Chapple
J D Collins‐Taylor
T M Fermanis
R P Macnab
J S Spence
Key management personnel
J A Lemon
G Dionisio
G R Boyce
J V McCarthy
R Buckland
J Batista
P M B Smith
T Shelley
Balance at
the start of
the year
Granted
during the year
as
compensation
Received
during the
year on
exercise of
options
Other changes
during the
year
Balance at the
end of the year
‐
10,750,000
3,486,404
56,331,217
8
‐
57,750,008
‐
‐
‐
570,000
‐
‐
10,750,000
2,863,616
3,486,404
56,331,217
8
57,000,008
570,000
200,000
‐
‐
‐
‐
250,000
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
6,453,186,877
19,350,000
10,000,000
864,000
‐
‐
18,960,000
6,453,186,877
30,100,000
13,486,404
57,195,217
8
76,710,008
‐
‐
4,000,000
‐
‐
‐
‐
4,570,000
‐
‐
‐
‐
‐
‐
‐
750,000
‐
‐
‐
‐
‐
‐
‐
‐
10,750,000
2,863,616
3,486,404
56,331,217
8
57,750,008
570,000
200,000
‐
‐
‐
‐
250,000
‐
This concludes the Remuneration Report, which has been audited.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
20
Directors’ Report
Auditor’s Independence Declaration
A copy of the auditors’ independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 24.
Corporate Governance
The Board of Directors is responsible for the Corporate Governance of the Group. The Board is committed to achieving the highest
standards of corporate behaviour and accountability. The Company's corporate governance statement is contained in the following
section of this report.
Signed for and on behalf of the Board in accordance with a resolution of the Directors.
On behalf of the Directors
G B Starr
Managing Director
Sydney
30 September 2013
T M Fermanis
Director
“The program confirmed the presence of a major altered and
mineralised system underlying the northern end of Nevera, with the
potential to define a large bulk tonnage gold deposit”
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
21
Corporate Governance Statement
The Listing Rules of the Australian Securities
Exchange require that the Company’s Annual Report
contain a statement disclosing the extent to which
the Company has followed the ASX Corporate
Governance Council’s Corporate Governance
Recommendations (“Recommendations”) during the
financial year. There are 30 Recommendations,
contained within 8 Corporate Governance
“Principles”, and all are addressed in this Statement.
The Recommendations are guidelines rather than
prescriptions, and a company has the flexibility not to
adopt a particular Recommendation if the company
considers it inappropriate to the company’s
particular circumstances, provided the company
explains why it has not followed the particular
Recommendation.
Principle 1 – Lay solid foundations for management
and oversight
The Corporate Governance Charter adopted by the Board
(which can be found on the Company’s website) (“the
Corporate Governance Charter”) provides that the Board’s
broad functions are to:
chart strategy and set financial and other targets for the
Company and its controlled entities (“the Group”);
monitor the implementation and execution of strategy
and performance against financial and other targets;
appoint and oversee the performance of executive
management; and
generally to take an effective leadership role in relation to
the Group.
The Board evaluates the performance of senior executives on
an ongoing basis.
is charged with
The Company’s executive management
managing and directing the day‐to‐day operations of the
Company’s business.
Principle 2 – Structure the Board to add value
The current Board of six members comprises five Non‐
executive Directors and one Executive Director. The names,
skills and experience of the Directors in office at the date of
this Statement and the period of office of each Director are set
out in the Directors' Report. The Directors believe that the
composition of the Board is appropriate for its functions and
responsibilities.
Based on the guidelines accompanying the Recommendations,
for the majority of the reporting period (up to March 2013) the
Board comprised two independent directors (Messrs Collins‐
Taylor and Spence) and three non‐independent directors. Of
the three non‐independent directors, Greg Starr
is the
Company’s Managing Director, employed in an executive
capacity, and Peter Macnab and Tom Fermanis are material
suppliers of professional consulting services to the Company.
Since March 2013 the Board has comprised two independent
directors (Messrs Sun and Parker) and four non‐independent
directors Messrs Starr, Macnab, Fermanis and non‐executive
chairman Sam Chan. Mr Chan is the sole director and
shareholder of a substantial shareholder of the Company, and
therefore not considered
independent according to the
guidelines accompanying the Recommendations.
During the reporting period the Company had a Remuneration
& Nomination Committee. Up to March 2013 the Committee
consisted of two independent Directors, Messrs Collins‐Taylor
and Sinton Spence. Mr Collins‐Taylor resigned as a director of
the Company in March 2013 but remains a member (and
Chairman) of the Committee. The Committee’s other member
since March 2013 is non‐independent director Mr Fermanis.
The Committee has a charter which appears on the Company's
website (www.cratergold.com.au).
The Board evaluates the performance of itself, its committees
and individual Directors. The Remuneration and Nomination
Committee is also charged with making recommendations to
the Board in this regard. During the reporting period the Board
undertook a formal evaluation of its performance.
Principle 3 – Promote ethical and responsible
decision making
The Company is firmly committed to ethical business practices,
a safe workplace and compliance with the law. Fair dealing
with the Company’s suppliers, advisors, customers, employees
and competitors is expected at all levels of the organisation.
All Directors, executive management and employees are
expected to act with integrity to enhance the performance of
the Company.
The Company’s Corporate Governance Charter contains a code
of conduct which provides a guide to the Company’s Directors
as to the practices necessary to maintain confidence in the
Company’s integrity and ethical practices.
The Company is a stated equal opportunity employer, however
has not established a policy concerning diversity as such as the
Company does not believe it would be appropriate for the
Company at this time given the Company’s stage of
development, the industry in which the Company operates, the
Company’s size, and the Company’s circumstances generally.
The Board has not either set measurable objectives for
achieving gender diversity in accordance with a diversity policy
for the foregoing reasons. During the reporting period there
were no women on the Company’s board or in a senior
executive position. The proportion of women employees in the
whole organisation was 33.3% during the first part of the
reporting period and subsequently 0%. It should be noted
however that during the reporting period the Company had
only two or three employees.
Principle 4 – Safeguard
reporting
integrity
in financial
The Board requires that prior to adoption of the annual
accounts the Chief Executive Officer and any Chief Financial
Officer state in writing to the Board that the consolidated
financial statements of the Company and its controlled entities
present a true and fair view in all material respects of the
Group’s financial condition and operational results and are in
accordance with applicable accounting standards.
The Audit Committee is a committee of the Board. It is the
Audit Committee’s responsibility to ensure that an effective
internal control framework exists within the Company. This
includes internal controls to deal with both the effectiveness
and efficiency of
the
safeguarding of assets, the maintenance of proper accounting
records, and the reliability of financial information, as well as
non‐financial considerations such as the benchmarking of
operational key performance indicators.
significant business processes,
Up to March 2013 the Audit Committee comprised two
independent Directors, Messrs Collins‐Taylor and Spence. Mr
Collins‐Taylor resigned as a director of the Company in March
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
22
Corporate Governance Statement
2013 but remains a member (and Chairman) of the Committee.
The Committee’s other member since March 2013 is non‐
independent director Mr Fermanis. The Chairman of the Audit
Committee was not Chairman of the Board. The Board
believes that, given the Company’s size and the financial
acumen of the two Committee members, two is an adequate
number for the Committee at this time.
The Audit Committee has a formal written charter which sets
out the Committee’s role and responsibilities, composition,
structure and membership requirements.
Details of the names and qualifications of the Audit Committee
members and meetings attended by them are contained in the
Directors’ Report. The Audit Committee Charter is published
on the Company’s website. The Audit Committee Charter
for
charges
recommending to the Board the appointment, evaluation and
termination of the external auditor, and reviewing and
discussing with the external auditor all significant relationships
the auditor has with the Company
in order to ensure
independence of the auditor.
the Audit Committee with
responsibility
The Company’s current auditor complies with its obligations
under the Corporations Act 2001 s324DA and consequently an
individual who plays a significant role in the audit of the
Company will rotate off the audit after five years and will not
participate in the audit again for a further two years.
Principle 5 – Make timely and balanced disclosure
The Company has established policies and procedures designed
to ensure compliance with the ASX Listing Rule requirements
so that announcements are made in a timely manner, are
factual, do not omit material information, are balanced, and
are expressed in a clear and objective manner so as to allow
investors to assess the information when making investment
decisions. The Managing Director and Company Secretary are
responsible for interpreting and monitoring the Company's
disclosure policy and the Company Secretary is responsible for
all communications with the ASX.
The Company's Corporate Governance Charter contains
procedures relating to timely and balanced disclosure.
ASX announcements are also published on the Company's
website.
Principle 6 – Respect the rights of shareholders
The Company aims to keep shareholders informed of the
Company's performance and all major developments on an
ongoing basis. The Company regularly communicates to its
shareholders in a timely manner through a communications
strategy that consists of:
relevant disclosures made in accordance with ASX Listing
Rule disclosure requirements;
making documents that have been released publicly
available on the Company's website; and
communicating with shareholders electronically through
the Company's web‐based application.
The Company’s website contains a corporate governance
section that includes copies of charters adopted by the
Company.
The Company routinely requests that the external auditor
attend the Company's annual general meeting and be available
to answer shareholder questions about the conduct of the
audit and the preparation and content of the auditor’s report.
Principle 7 – Recognise and manage risk
The Company recognises that it is necessary to undertake
activities that involve a level of risk in order to achieve high
levels of performance. The Board and Audit Committee are
responsible for the oversight of the Group's risk management
and control framework.
The size of the Company and the comprehensive nature of its
reporting systems have led the Board to conclude that a formal
internal audit process would not be cost effective nor reduce
risk. The Company has established policies for:
the oversight of material business risks; and
the Management of material business risks.
The Board believes that there are adequate controls to ensure
that financial reports provide a truthful and factual position for
the Company.
The Managing Director and the Chief Financial Officer are
required to make an annual written statement to the Board in
accordance with section 295A of the Corporations Act that the
section 295A declaration is founded on a sound system of risk
management and internal control, and that the system is
operating effectively in all material aspects in relation to
financial risk.
Principle 8 – Remunerate fairly and responsibly
The Company had a Remuneration & Nomination Committee
during the reporting period. Up to March 2013 the Committee
consisted of two independent Directors, Messrs Collins‐Taylor
and Sinton Spence. Mr Collins‐Taylor resigned as a director of
the Company in March 2013 but remains a member (and
Chairman) of the Committee. The Committee’s other member
since March 2013 is non‐independent director Mr Fermanis.
Details of the names and qualifications of the Committee
members and meetings attended by them are contained in the
Directors’ Report. The Committee has a charter which is
published on the Company's website.
It is the objective of Crater Gold Mining Limited to provide
maximum stakeholder benefit from the retention of a high
quality Board and executive team by remunerating Directors
and key executives fairly and appropriately with reference to
relevant employment market conditions.
The expected
outcomes of the remuneration policy are:
retention and motivation of key executives;
attraction of quality management to the Company; and
performance incentives which allow executives to share
the rewards of the success of the Company.
The Company’s non‐executive Directors receive Director’s fees.
Non‐executive Directors are not entitled to any retiring
allowance payable upon their retirement as a Director of the
Company. The details of the Directors’ and senior executives’
remuneration are set out in the Directors’ Report.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
23
Auditor’s Independence Declaration
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
24
Consolidated Statement of Profit or Loss
and Other Comprehensive Income
For the Financial Year ended 30 June 2013
Notes
June
2013
$
June
2012
$
Continuing Operations
Revenue
Interest income
Total income
Less:
Administration expense
Corporate compliance expense
Impairment of exploration and evaluation costs
Other expense
Financing expense
Loss before tax
Income tax expense
Loss for the year from continuing operations
Loss for the year from discontinued operations
Loss for the year after income tax expense
Other comprehensive income
5
5
6
6
16
6
8
7
‐
92,276
25,547
25,547
107,292
199,568
(1,581,756)
(1,768,492)
(129,627)
(185,940)
‐
(989,173)
(925,359)
(281,515)
(449,629)
(61,115)
(3,060,824)
(3,086,667)
‐
‐
(3,060,824)
(3,086,667)
‐
(7,708,564)
(3,060,824)
(10,795,231)
Exchange differences on translating foreign operations
24
112,739
2,158,629
Total comprehensive income for the year
(2,948,085)
(8,636,602)
Loss per share from continuing operations attributable to the ordinary equity holders of the Company:
Basic loss ‐ cents per share
Diluted loss ‐ cents per share
9
9
(0.071)
(0.071)
Loss per share from discontinued operations attributable to the ordinary equity holders of the Company:
Basic loss ‐ cents per share
Diluted loss ‐ cents per share
Loss per share attributable to the ordinary equity holders of the Company:
Basic loss ‐ cents per share
Diluted loss ‐ cents per share
9
9
9
9
‐
‐
‐
‐
(0.212)
(0.212)
(0.528)
(0.528)
(0.74)
(0.74)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the
accompanying notes.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
25
Consolidated Statement of Financial Position
As at 30 June 2013
Notes
June
2013
$
June
2012
$
ASSETS
Current assets
Cash and cash equivalents
Other financial assets
Trade and other receivables
Total current assets
Non‐current assets
Other financial assets
Other assets
Exploration and evaluation
Plant and equipment
Total non‐current assets
Total Assets
LIABILITIES
Current liabilities
Trade and other payables
Related party payables
Non interest‐bearing liabilities
Provisions
Total current liabilities
Total liabilities
Net Assets
EQUITY
Contributed equity
Reserves
Accumulated losses
Total Equity
11
12
13
14
15
16
17
18
19
20
21
22
23
23
3,422,826
1,041,501
50,951
4,515,278
479,067
‐
80,343
559,410
33,854
1,148,102
‐
526,609
27,664,200
22,369,698
326,163
163,565
28,024,217
24,207,974
32,539,495
24,767,384
1,075,849
48,270
519,323
102,906
‐
1,421,463
38,398
24,597
1,162,517
2,068,289
1,162,517
2,068,289
31,376,978
22,699,095
48,565,624
37,030,487
3,420,840
3,217,270
(20,609,486)
(17,548,662)
31,376,978
22,699,095
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
26
Consolidated Statement of Changes in Equity
For the Financial Year ended 30 June 2013
Ordinary
equity
Contributed
equity
Notes
$
23
22
22
37,030,487
‐
12,730,197
(1,195,060)
11,535,137
Balance at 1 July 2012
Movement in share based payment reserve
Issue of share capital
Transaction costs
Transactions with owners
Profit (loss) for the period
Other comprehensive income
Exchange differences on translating foreign operations
Total comprehensive income for the period
Balance at 30 June 2013
48,565,624
Balance at 1 July 2011
Movement in share based payment reserve
Issue of share capital
Transaction costs
Transactions with owners
Profit (loss) for the period
Other comprehensive income
23
22
22
26,458,337
‐
11,187,152
(615,002)
10,572,150
Exchange differences on translating foreign operations
Total comprehensive income for the period
Balance at 30 June 2012
37,030,487
‐
‐
‐
‐
‐
‐
Reserves
$
Accumulated
losses
$
Total
$
3,217,270
(17,548,662)
22,699,095
90,831
‐
‐
‐
‐
‐
90,831
12,730,197
(1,195,060)
90,831
‐
11,625,968
‐
(3,060,824)
(3,060,824)
112,739
‐
112,739
112,739
(3,060,824)
(2,948,085)
3,420,840
(20,609,486)
31,376,978
581,111
(6,753,431)
20,286,017
477,530
‐
‐
‐
‐
‐
477,530
11,187,152
(615,002)
477,530
‐
11,049,680
‐
(10,795,231)
(10,795,231)
2,158,629
‐
‐
2,158,629
(10,795,231)
(8,636,602)
3,217,270
(17,548,662)
22,699,095
$
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
27
Consolidated Statement of Cash Flows
For the Financial Year ended 30 June 2013
Notes
June
2013
$
June
2012
$
‐
92,276
(1,394,906)
(825,219)
25,547
(256,458)
107,292
(13,366)
Cash flows from operating activities
Receipts from customers
Payments to suppliers and employees
Interest received
Interest paid
Net cash used in operating activities
31
(1,625,817)
(639,017)
Cash flows from investing activities
Purchases of property plant and equipment
Payments for exploration and evaluation
Payments for other financial assets
Refunds of security deposit
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issue of ordinary shares and options
Share issue costs
Proceeds from borrowings
Proceeds from issue of convertible note
Repayment of convertible notes
Net cash provided by financing activities
Net increase/(decrease) in cash held
Cash at the beginning of the period
Effects of foreign exchange movements on cash transactions and balances
Cash at the end of the period
(211,776)
(246,598)
(5,104,552)
(10,846,130)
‐
(1,638,088)
2,770
7,103
(5,313,558)
(12,723,713)
11,430,563
9,383,255
(1,195,060)
(615,002)
‐
‐
2,100,817
1,600,000
(315,000)
‐
9,920,503
12,469,070
2,981,128
(893,660)
479,067
1,307,899
(37,369)
64,828
3,422,826
479,067
11
11
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
28
Notes to the Financial Statements
1
Summary of Significant Accounting Policies
Crater Gold Mining Limited (the “Company”) and its legal
subsidiaries together are referred to in this financial report
as the Group or the Consolidated Entity.
Details of the principal accounting policies adopted in the
preparation of the financial report are set out below. These
policies have been consistently applied to all years
presented, unless otherwise stated.
Crater Gold Mining Limited is a for profit public company,
limited by shares and domiciled in Australia.
a. Basis of preparation
Accounting
This general purpose financial report has been prepared in
accordance with Australian Accounting Standards (AASB),
other
Australian
authoritative pronouncements of the Australian Accounting
Standards Board and the Corporations Act 2001. These
International
Financial Statements also comply with
Reporting Standards as
International
the
Accounting Standards (IASB).
Interpretation,
issued by
and
Adoption of IFRS
During the year the Group adopted all of the new and
revised Australian Accounting Standards and Interpretations
applicable to its operations which became mandatory.
Changes reflected in this financial report include:
AASB 2010‐4 Amendments to Australian Accounting
Standards arising from the Annual
Improvements
Project
'Financial
in AASB 7
The consolidated entity has applied AASB 2010‐4
amendments from 1 July 2011. The amendments made
numerous non‐urgent but necessary amendments to a
range of Australian Accounting Standards and
Interpretations. The amendments provided clarification
Instruments:
of disclosures
Disclosures', in particular emphasis of the interaction
between quantitative and qualitative disclosures and
the nature and extent of risks associated with financial
instruments; clarified that an entity can present an
income for each
analysis of other comprehensive
component of equity, either
in the statement of
changes in equity or in the notes in accordance with
AASB 101 'Presentation of Financial Instruments'; and
provided guidance on the disclosure of significant
events and transactions in AASB 134 'Interim Financial
Reporting'.
The consolidated entity has applied Interpretation 19
from 1 July 2010. The interpretation clarified that
equity instruments issued to a creditor to extinguish a
financial liability qualifies as consideration paid. The
equity instruments issued are measured at their fair
value, or if not reliably measured, at the fair value of
the
loss
liability extinguished, with any gain or
recognised in profit or loss.
AASB 2010‐5 Amendments to Australian Accounting
Standards
The consolidated entity has applied AASB 2010‐5
amendments from 1 July 2011. The amendments made
numerous editorial amendments
to a range of
Australian Accounting Standards and Interpretations,
including amendments to reflect changes made to the
text of International Financial Reporting Standards by
the International Accounting Standards Board.
AASB 124 Related Party Disclosures (December 2009)
The consolidated entity has applied AASB 124 (revised)
from 1 July 2011. The revised standard simplified the
definition of a related party by clarifying its intended
meaning and eliminating
inconsistencies from the
definition. A subsidiary and an associate with the same
investor are related parties of each other; entities
significantly influenced by one person and entities
significantly influenced by a close member of the family
of that person are no longer related parties of each
other; and whenever a person or entity has both joint
control over a second entity and joint control or
significant influence over a third party, the second and
third entities are related to each other.
AASB 1054 Australian Additional Disclosures
The consolidated entity has applied AASB 1054 from 1
July 2011. The standard sets out the Australian‐specific
disclosures as a result of Phase I of the Trans‐Tasman
to
Convergence Project, which are
International Financial Reporting Standards, for entities
that have adopted Australian Accounting Standards.
in addition
Historical cost convention
The financial report has been prepared under the historical
cost convention, as modified by the revaluation of available‐
for‐sale financial assets, financial assets and liabilities at fair
value through the statement of comprehensive income and
certain classes of plant and equipment.
Critical accounting estimates
The preparation of the financial report in conformity with
Accounting Standards requires the use of certain critical
accounting estimates. It also requires management to
exercise its judgment in the process of applying the Group’s
accounting policies. The areas involving a higher degree of
judgment or complexity, or areas where assumptions and
estimates are significant to the financial statements are
disclosed in note 2.
b. 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 31.
c. Principles of consolidation
Subsidiaries
The consolidated financial statements incorporate the assets
and liabilities of all subsidiaries of the Company or parent
entity as at 30 June 2013 and the results of all subsidiaries
for the year then ended.
Subsidiaries are all those entities (including special purpose
entities) over which the Group has the power to govern the
financial and operating policies, generally accompanying a
shareholding of more than one half of the voting rights. The
existence and effect of potential voting rights that are
currently exercisable or convertible are considered when
assessing whether the Group controls another entity.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
29
Notes to the Financial Statements
Subsidiaries are fully consolidated from the date on which
control
They are de‐
consolidated from the date that control ceases.
is transferred to the Group.
A list of consolidated entities is contained in note 30 to the
financial statements.
The purchase method of accounting is used to account for
the acquisition of subsidiaries by the Group.
Intercompany transactions, balances and unrealised gains on
transactions between Group companies are eliminated.
Unrealised losses are also eliminated unless the transaction
provides evidence of
the asset
transferred. Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with the
policies adopted by the Group.
impairment of
the
Minority interests in the results and equity of subsidiaries
are shown separately in the Statement of Profit or Loss and
Other Consolidated Income and Statement of Financial
Position respectively.
d. Segment reporting
A business segment is a group of assets and operations
engaged in providing products or services that are subject to
risks and returns that are different to those of other
business segments. Segment information is provided on the
internal reporting
same basis as
information used for
purposes by the chief executive and the Board.
In
identifying its operating segments, management generally
follows the Group's project activities.
Each of these
activities is managed separately.
e.
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the
Group’s entities are measured using the currency of the
primary economic environment in which the entity operates
(‘the functional currency’).
The consolidated financial
statements are presented in Australian dollars, which is The
Company’s functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated
into the
functional currency using the exchange rates prevailing at
the dates of the transactions. Foreign exchange gains and
losses resulting from the settlement of such transactions and
from the translation at year end exchange rates of monetary
assets and liabilities denominated in foreign currencies are
recognised in the Statement of Consolidated Income, except
when deferred in equity as qualifying cash flow hedges and
qualifying net investment hedges.
Translation differences on non‐monetary items, such as
equities held at fair value through profit or loss, are reported
as part of the fair value gain or loss. Translation differences
items, such as equities classified as
on non‐monetary
available‐for‐sale financial assets, are included in the fair
value reserve in equity.
Group companies
The results and financial position of all the Group entities
(none of which has the currency of a hyperinflationary
economy) that have a functional currency different from the
presentation currency are translated into the presentation
currency as follows:
assets and liabilities for each Statement of Financial
Position presented are translated at the closing rate at
the date of that Statement of Financial Position;
income and expenses for each income statement are
translated at average exchange rates (unless this is not
a reasonable approximation of the cumulative effect of
the rates prevailing on the transaction dates, in which
case income and expenses are translated at the dates of
the transactions); and
all resulting exchange differences are recognised as a
separate component of equity.
On consolidation, exchange differences arising from the
translation of any net investment in foreign entities, and of
borrowings and other currency instruments designated as
hedges of such investments, are taken to shareholders’
equity. When a foreign operation is sold or borrowings
repaid a proportionate share of such exchange differences
are recognised in the Statement of Profit or Loss and Other
Consolidated Income as part of the gain or loss on sale.
Goodwill and
fair value adjustments arising on the
acquisition of foreign entities are treated as assets and
liabilities of the foreign entities and translated at the closing
rate.
f. Revenue recognition
Revenue is measured at the fair value of the consideration
received or receivable. Amounts disclosed as revenue are
net of returns, trade allowances and duties and taxes paid.
Interest revenue is recognised using the effective interest
rate method, which, for floating rate financial assets, is the
rate inherent in the instrument.
g.
Income Tax
The income tax expense or revenue for the year comprises
current income tax expense or income and deferred tax
expense or income.
Current income tax expense or revenue is the tax payable on
the current period’s taxable income based on the applicable
income tax rate adjusted by changes in deferred tax assets
and liabilities.
is
Current and deferred income tax expense (income)
charged or credited directly to equity instead of the income
statements when the tax relates to items that are credited
or charged directly to equity.
Deferred tax assets and liabilities are ascertained based on
temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the
financial statements. Deferred tax assets also result where
amounts have been fully expensed but future tax deductions
are available. No deferred income tax will be recognised
from the initial recognition of an asset or liability, excluding
a business combination, where there
is no effect on
accounting or taxable profit or loss.
Deferred tax assets and liabilities are calculated at the tax
rates that are expected to apply to the period when the
asset is realised or the liability is settled, based on tax rates
enacted or substantively enacted at reporting date. Their
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
30
Notes to the Financial Statements
in which
measurement also
management expects to recover or settle the carrying
amount of the related asset or liability.
the manner
reflects
Deferred tax assets relating to temporary differences and
unused tax losses are recognised only to the extent that it is
probable that future taxable profit will be available against
which the benefits of the deferred tax asset can be utilised.
in
relation
temporary differences exist
Where
to
investments in subsidiaries, branches, associates, and joint
ventures, deferred tax assets and
liabilities are not
recognised where the timing of the reversal of the
is not
temporary difference can be controlled and
probable that the reversal will occur in the foreseeable
future.
it
Current tax assets and liabilities are offset where a legally
enforceable right of set‐off exists and it is intended that net
settlement or simultaneous realisation and settlement of the
respective asset and liability will occur. Deferred tax assets
and liabilities are offset where a legally enforceable right of
set‐off exists, the deferred tax assets and liabilities relate to
income taxes levied by the same taxation authority on either
the same taxable entity or different taxable entities where it
is intended that net settlement or simultaneous realisation
and settlement of the respective asset and liability will occur
in future periods in which significant amounts of deferred
tax assets or liabilities are expected to be recovered or
settled.
Tax Consolidation
Crater Gold Mining Limited and its wholly‐owned Australian
subsidiaries have formed an income tax consolidated group
under tax consolidation legislation. Each entity in the group
recognises its own current and deferred tax assets and
liabilities. Such taxes are measured using the ‘stand‐alone
taxpayer’ approach to allocation. Current tax liabilities
(assets) and deferred tax assets arising from unused tax
losses and tax credits in the subsidiaries are immediately
transferred to the head entity.
The tax consolidated group has entered a tax funding
the group
arrangement whereby each company
contributes to the income tax payable by the group in
proportion to their contribution to the group’s taxable
income. Differences between the amounts of net tax assets
and liabilities derecognised and the net amounts recognised
pursuant to the funding arrangement are recognised as
either a contribution by, or distribution to the head entity.
in
h.
Leases
Leases of property, plant and equipment where the Group
has substantially all the risks and rewards of ownership are
classified as finance leases.
Finance leases are capitalised at the lease’s inception at the
lower of the fair value of the leased property and the
present value of the minimum lease payments.
The corresponding rental obligations, net of finance charges,
are included in other long term payables. Lease payments
are allocated between the reduction of the lease liability and
the lease interest expense for the period.
The property, plant and equipment acquired under finance
leases are depreciated over the shorter of the asset’s useful
life and the lease term.
i. Acquisition of assets
The purchase method of accounting
is used for all
acquisitions of assets (including business combinations)
regardless of whether equity instruments or other assets are
acquired. Cost is measured as the fair value of the assets
given up, shares issued or liabilities undertaken at the date
of acquisition. Incidental costs directly attributable to the
acquisition are taken to Profit and Loss under AASB 3.
instruments
Where equity instruments are issued in an acquisition, the
is their market price as at
value of the
acquisition date, unless the notional price at which they
could be placed in the market is a better indicator of fair
value.
Transaction costs arising on the issue of equity instruments
are recognised directly in equity.
Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are measured
initially at their fair values at the acquisition date,
irrespective of the extent of any minority interest. The
excess of the cost of acquisition over the fair value of the
Group's share of the identifiable net assets acquired is
recorded as goodwill. If the cost of acquisition is less than
the fair value of the net assets of the subsidiary acquired,
income
the difference
is recognised directly
statement, but only after a
the
identification and measurement of the net assets acquired.
reassessment of
in the
Where settlement of any part of cash consideration is
deferred, the amounts payable in the future are discounted
to their present value as at the date of exchange. The
discount rate used is the entity's incremental borrowing
rate, being the rate at which a similar borrowing could be
obtained from an independent financier under comparable
terms and conditions.
j.
Impairment of assets
Assets that have an indefinite useful life are not subject to
amortisation and are tested annually for impairment. Assets
that are subject
for
impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable.
to amortisation are
reviewed
An impairment loss is recognised for the amount by which
the asset’s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset’s fair value
less costs to sell and value in use.
For the purposes of assessing
impairment, assets are
grouped at the lowest levels for which there are separately
identifiable cash flows (cash generating units).
k. 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, and bank overdrafts. Bank
overdrafts are shown within borrowings in current liabilities
on the Statement of Financial Position.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
31
Notes to the Financial Statements
l.
Investments and other financial assets
Management determines the classification of its investments
at initial recognition and re‐evaluates this designation at
each reporting date.
Loans and receivables
Loans and receivables are non derivative financial assets
with fixed or determinable payments that are not quoted in
an active market. They arise when the Group provides
money, goods or services directly to a debtor with no
intention of selling the receivable. They are included in
current assets, except for those with maturities greater than
12 months after the Statement of Financial Position date
which are classified as non‐current assets. Loans and
receivables are included in receivables in the Consolidated
Statement of Financial Position (note 13).
They are
subsequently measured at amortised cost using the effective
interest rate method.
Available‐for‐sale financial assets
Available for sale financial assets, comprising principally
equity securities, are non‐derivatives that are either
designated in this category or not classified in any of the
other categories.
Recognition and de‐recognition
Purchases and sales of investments are recognised on trade
date ‐ the date on which the Group commits to purchase or
sell the asset. Investments are initially recognised at fair
value plus transaction costs for all financial assets not
carried at fair value through income statements. Financial
assets are derecognised when the rights to receive cash
flows from the financial assets have expired or have been
transferred and the Group has transferred substantially all
the risks and rewards of ownership.
When securities which are classified as available‐for‐sale are
sold, the accumulated fair value adjustments recognised in
equity are included in the income statement as gains and
losses from investment securities.
De‐recognition
Financial assets are derecognised where the contractual
rights to receipt of cash flows expires or the asset is
transferred to another party whereby the entity no longer
has any significant continuing involvement in the risks and
benefits associated with the asset. Financial liabilities are
derecognised where the related obligations are either
discharged, cancelled or expire. The difference between the
carrying value of the financial liability extinguished or
transferred to another party and the fair value of
consideration paid, including the transfer of non‐cash assets
or liabilities assumed, is recognised in income statements.
Subsequent measurement
Available for sale financial assets and financial assets at fair
value through income statements are subsequently carried
at fair value. Gains and losses arising from changes in the
fair value of the financial assets at fair value through income
statements category are included in the income statement in
the period in which they arise. Dividend income from
financial assets at fair value through income statements is
recognised in the income statement as part of revenue from
continuing operations when the Group’s right to receive
payments is established.
Fair value
The fair values of quoted investments are based on current
bid prices. If the market for a financial asset is not active
(and for unlisted securities), the Group establishes fair value
by using valuation techniques. These include reference to
the fair values of recent arm’s length transactions, involving
instruments that are
the same
substantially the same, discounted cash flow analysis, and
option pricing models refined to reflect the issuer’s specific
circumstances.
instruments or other
Impairment
The Group assesses at each balance date whether there is
objective evidence that a financial asset or group of financial
assets is impaired.
In the case of equity securities classified as available for sale,
a significant or prolonged decline in the fair value of a
security below its cost is considered in determining whether
the security is impaired.
If any such evidence exists for available for sale financial
assets, the cumulative loss measured as the difference
between the acquisition cost and the current fair value, less
any impairment loss on that financial asset previously
recognised in income statements is removed from equity
and recognised in the income statement.
Impairment losses recognised in the income statement on
equity instruments are not reversed through the income
statement.
m. Comparatives
When required by Accounting Standards, comparative
figures have been adjusted to conform to changes in the
presentation for the current financial year.
n. Exploration and evaluation expenditure
incurred
Exploration and evaluation expenditure
is
capitalised in respect of each identifiable area of interest.
These costs are only carried forward to the extent that they
are expected to be recouped through the successful
development of the area of interest or when activities in the
areas of interest have not yet reached a stage which permit
reasonable assessment of the existence of economically
recoverable reserves.
The ultimate recoupment of capitalised costs is dependent
on the successful development and commercial exploitation,
or sale, of the respective areas of interest. Accumulated
costs in relation to an abandoned area are written off in full
against profit/loss in the year in which the decision to
abandon the area is made.
Where costs are capitalised on exploration, evaluation and
development, they are amortised over the life of the area of
interest
they relate once production has
commenced. Amortisation charges are determined on a
production output basis, unless a time basis
is more
appropriate under specific circumstances.
to which
Exploration, evaluation and development assets are
assessed for impairment if:
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
32
Notes to the Financial Statements
sufficient data exists to determine technical feasibility and
commercial viability, and
Amortisation of mine development costs is provided using
the unit‐of‐production method.
facts and circumstances suggest that the carrying amount
exceeds the recoverable amount. For the purposes of
impairment testing, exploration and evaluation assets are
allocated to cash‐generating units to which the exploration
activity relates.
A regular review is undertaken of each area of interest to
determine the appropriateness of continuing to carry
forward costs in relation to that area of interest.
o. Plant and equipment
Each class of plant and equipment is carried at cost less,
where applicable, any accumulated depreciation and
impairment losses.
Plant and equipment
Plant and equipment are measured on the cost basis.
The carrying amount of plant and equipment is reviewed
annually by Directors to ensure it is not in excess of the
recoverable amount from these assets. The recoverable
amount is assessed on the basis of the expected net cash
flows that will be received from the asset’s employment and
subsequent disposal. The expected net cash flows have
been discounted to their present values in determining
recoverable amounts.
The cost of fixed assets constructed within the consolidated
group
labour,
includes the cost of materials, direct
borrowing costs and an appropriate proportion of fixed and
variable overheads.
Subsequent costs are included in the asset’s carrying amount
or recognised as a separate asset, as appropriate, only when
it is probable that future economic benefits associated with
the item will flow to the group and the cost of the item can
be measured reliably. All other repairs and maintenance are
charged to the income statement during the financial period
in which they are incurred.
Depreciation
The depreciable amount of all fixed assets is depreciated on
a straight‐line basis over the asset’s useful life to the Group
commencing from the time the asset is held ready for use.
The depreciation rates used for each class of depreciable
assets are:
Asset
Depreciation rates
Plant and Equipment
4% – 50%
The assets’ residual values and useful lives are reviewed, and
adjusted if appropriate, at each Statement of Financial
Position date.
An asset’s carrying amount is written down immediately to
its recoverable amount where there are
indicators of
impairment.
The Company uses the unit‐of‐production basis when
in a
depreciating mine specific assets which results
depreciation/amortisation charge proportional
the
to
depletion of the anticipated remaining
life of mine
production.
p. Trade and other payables
These amounts represent liabilities for goods and services
provided to the Group prior to the end of financial year
which are unpaid. The amounts are unsecured and are
usually paid within 30 days of recognition.
q. Borrowings
Borrowings are initially recognised at fair value including
transaction costs and subsequently at amortised cost.
r.
Employee benefits
Wages and salaries, annual leave and sick leave
Liabilities for wages and salaries, including non‐monetary
benefits, annual leave and accumulating sick leave expected
to be settled within 12 months of the reporting date are
recognised in other payables in respect of employees'
services up to the reporting date and are measured at the
amounts expected to be paid when the liabilities are settled.
Liabilities for non accumulating sick leave are recognised
when the leave is taken and measured at the rates paid or
payable.
Long service leave
The liability for long service leave expected to be settled
more than 12 months from the reporting date is recognised
in the provision for employee benefits and measured as the
present value of expected future payments to be made in
respect of services provided by employees up to the
reporting date using the projected unit credit method.
Consideration is given to expect future wage and salary
levels, experience of employee departures and periods of
service. Expected future payments are discounted using
market yields at the reporting date on national government
bonds with terms to maturity and currency that match, as
closely as possible, the estimated future cash outflows.
Share‐based payment transactions
The group operates equity‐settled share‐based payment
employee share and option schemes. The fair value of the
equity to which employees become entitled is measured at
grant date and recognised as an expense over the vesting
period, with a corresponding increase to an equity account.
The fair value of shares is ascertained as the market bid
price. The fair value of option is ascertained using a Black‐
Scholes pricing model which incorporates all market vesting
conditions.
is
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
is the cumulative amount calculated at each
period
reporting date less amounts already recognised in previous
periods.
The cost of equity‐settled transactions
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
33
Notes to the Financial Statements
s. Contributed equity
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
Incremental costs directly
GST, from the proceeds.
attributable to the issue of new shares or options for the
acquisition of a business are not included in the cost of the
acquisition as part of the purchase consideration.
t.
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit
attributable to equity holders of the Company, excluding any
costs of servicing equity other than ordinary shares, by the
weighted average number of ordinary shares outstanding
during the financial year, adjusted for bonus elements in
ordinary shares issued during the year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the
determination of basic earnings per share to take into
account the after 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.
Potential ordinary shares are anti‐dilutive when their
conversion to ordinary shares would increase earnings per
share or decrease loss per share from continuing operations.
The calculation of diluted earnings per share does not
assume conversion, exercise, or other issue of potential
ordinary shares that would have an anti‐dilutive effect on
earnings per share.
u. Rounding of amounts
The Company is of a kind referred to in Class order 98/100,
issued by the Australian Securities and
Investments
Commission, relating to the ''rounding off'' of amounts in the
financial report. Amounts in the financial report have not
been rounded off in accordance with that Class Order to the
nearest thousand dollars, but to the nearest dollar.
v. Goods and services tax (GST)
Revenues, expenses and assets are recognised net of the
amount of associated GST, unless the GST incurred is not
recoverable from the taxation authority. In this case it is
recognised as part of the cost of acquisition of the asset or
as part of the expense.
Receivables and payables are stated inclusive of the amount
of GST receivable or payable. The net amount of GST
recoverable from, or payable to, the taxation authority is
included with other receivables or payables in the Statement
of Financial Position.
Cash flows are presented on a gross basis. The GST
components of cash flows arising from investing or financing
activities which are recoverable from or payable to the
taxation authority are presented as an operating cash flow.
w. Borrowing costs
Borrowing costs directly attributable to the acquisition,
construction or production of assets that necessarily take a
substantial period of time to prepare for their intended use
or sale, are added to the cost of those assets, until such time
as the assets are substantially ready for their intended use or
sale.
All other borrowing costs are recognised in the income
statement in the period in which they are incurred.
x. Rehabilitation costs
The Company records the present value of the estimated
cost of
legal and constructive obligations to restore
operating locations in the period in which the obligation is
incurred. The nature of restoration activities includes
dismantling and removing structures, rehabilitating mines,
dismantling operating facilities, closure of plant and waste
sites and restoration, reclamation and revegetation of
afflicted areas.
When the liability is initially recorded, the present value of
the estimated cost is capitalised by increasing the carrying
amount of the related mining assets.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
34
Notes to the Financial Statements
y. New Accounting Standards and Interpretations
The following standards and amendments were available for early adoption but have not been applied by the Group in these
financial statements. The Group does not anticipate early adoption of any of the following reporting requirements and does
not expect these requirements to have any material effect on the Group’s financial statements.
AASB amendment
Outline of amendment
AASB 9
Simplifies the classifications of financial assets into two categories:
Financial Instruments
Those carried at amortised cost; and
Those carried at fair value.
Operative Date
(Annual reporting
periods beginning on
or after)
1 January 2013
Simplifies requirements related to embed derivatives that exist in financial
assets that are carried at amortised cost, such that there is no longer a
requirement to account for the embedded derivative separately.
Removes the tainting rules associated with held‐to‐maturity assets.
Investments in equity instruments that are not held for trade can be
designated at fair value through other comprehensive income, with only
dividends being recognised in profit and loss.
in unquoted equity
instruments (and contracts on those
Investments
investments that must be settled by delivery of the unquoted equity
instrument) must be measured at fair value.
limited
However,
circumstances, cost may be an appropriate estimate of fair value.
in
AASB 10
Consolidation
AASB 10 replaces AASB 127 and 3 key elements of control. According to AASB
10 an investor controls an investee if and only if the investor has all the
following:
1 January 2013
(a)
(b)
(c)
power over the investee;
exposure, or rights, to variable returns from its involvement with the
investee; and
the ability to use its power over the investee to affect the amount of
the investor’s returns.
Additional guidance is provided in how to evaluate each of the three limbs
above. While this is not a wholesale change from the current definition of
control within AASB 127 (and for many entities no change in practice will
result) some entities may be impacted by the change. The limbs above are
more principle based rather than hard and fast rules.
AASB 11
Joint Arrangements
AASB 11 replaces the AASB 131 Interests in Joint Ventures. The previous
standard had 3 types of Joint ventures whereas AASB 11 only has two. These
are:
1 January 2013
Joint Operations; and
Joint Ventures.
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. Those parties are called joint
operators.
A joint venture is a joint arrangement whereby the parties that have joint
control of the arrangement have rights to the net assets of the arrangement.
Those parties are called joint venturers.
Joint ventures must now be accounted for using the equity method of
accounting. The option to proportionately consolidate a joint venture entity
has been removed.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
35
Notes to the Financial Statements
AASB amendment
Outline of amendment
AASB 12
Disclosure of Interests
in Other Entities
AASB 12 provides the disclosure requirements for entities that have an
interest
joint arrangement, an associate or an
unconsolidated structured entity. As such, it pulls together and replaces
disclosure requirements from many existing standards.
in a subsidiary, a
The AASB requires an entity to disclose information that enables users of
financial statements to evaluate:
(a)
(b)
the nature of, and risks associated with, its interests in other entities;
and
the effects of those interests on its financial position, financial
performance and cash flows.
Operative Date
(Annual reporting
periods beginning on
or after)
1 January 2013
AASB 13
AASB 13:
1 January 2013
Fair
Measurement
Value
(a)
(b)
(c)
defines fair value;
sets out in a single IFRS a framework for measuring fair value; and
requires disclosures about fair value measurements.
AASB 1053
Application of Tiers of
Australian Accounting
Standards
Fair value is defined as:
“the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement
date (i.e. an exit price)”
This Standard establishes a differential financial reporting framework
consisting of two Tiers of reporting requirements for preparing general
purpose financial statements:
1 July 2013
(a)
Tier 1: Australian Accounting Standards; and
(b)
Tier 2: Australian Accounting Standards – Reduced Disclosure
Tier 2 comprises
recognition, measurement and presentation
requirements of Tier 1 and substantially reduced disclosures corresponding to
those requirements.
the
For‐profit entities in the private sector that have public accountability (as
defined in this Standard) would apply Tier 1 requirements in preparing
general purpose financial statements.
For‐profit private sector entities that do not have public accountability would
apply either Tier 2 or Tier 1 requirements in preparing general purpose
financial statements.
Public accountability means accountability to those existing and potential
resource providers and others external to the entity who make economic
decisions but are not in a position to demand reports tailored to meet their
particular information needs. A for‐profit private sector entity has public
accountability if:
(a)
(b)
its debt or equity instruments are traded in a public market or it is in
the process of issuing such instruments for trading in a public market
(a domestic or foreign stock exchange or an over‐the‐counter market,
including local and regional markets); or
it holds assets in a fiduciary capacity for a broad group of outsiders as
one of its primary businesses. This is typically the case for banks,
credit unions,
insurance companies, securities brokers/dealers,
mutual funds and investment banks.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
36
AASB amendment
Outline of amendment
AASB 2010‐2
AASB 2010‐7
AASB 2010‐8
AASB 2010‐10
AASB 2011‐2
Notes to the Financial Statements
Operative Date
(Annual reporting
periods beginning on
or after)
1 July 2013
This Standard gives effect to Australian Accounting Standards – Reduced
Disclosure Requirements. AASB 1053 provides further information regarding
the differential reporting framework and the two tiers of reporting
requirements for preparing general purpose financial statements.
The Standard makes numerous amendments to Australian Accounting
Standards and Interpretations listed above as a result of the amendments to
AASB 9.
1 January 2013
1 January 2012
The amendments provide a practical approach for measuring deferred tax
liabilities and deferred tax assets when investment property is measured
using the fair value model in AASB 140 Investment Property. Under AASB
112, the measurement of deferred tax liabilities and deferred tax assets
depends on whether an entity expects to recover an asset by using it or by
selling it. However, it is often difficult and subjective to determine the
expected manner of recovery when the investment property is measured
using the fair value model in AASB 140.
To provide a practical approach in such cases, the amendments introduce a
presumption that an investment property is recovered entirely through sale.
Interpretation 121 Income Taxes – Recovery of Revalued Non‐Depreciable
Assets addresses similar issues involving non‐depreciable assets measured
using the revaluation model in AASB 116 Property, Plant and Equipment. The
amendments incorporate Interpretation 121 into AASB 112 after excluding
investment property measured at fair value from the scope of the guidance
previously contained in Interpretation 121.
The amendments to AASB 2009‐11 will only affect early adopters of AASB
2009‐11 (and AASB 9 Financial Instruments as issued in December 2009) as it
has been superseded by AASB 2010‐7 for annual reporting periods beginning
on or after 1 January 2013.
1 January 2013
1 July 2013
AASB 1054 contains the Australian‐specific disclosures that are in addition to
International Financial Reporting Standards. AASB 2011‐1 contains the
related amendments to other Australian Accounting Standards. For example,
some of the disclosure requirements previously in paragraphs Aus15.1‐
Aus15.3 and other paragraphs of AASB 101 are now included in AASB 1054
instead.
This Standard makes amendments to AASB 1054 to introduce reduced
disclosure requirements to that Standard for entities preparing general
purpose financial statements under Australian Accounting Standards –
Reduced Disclosure Requirements. These reflect the reduced disclosure
requirements originally specified in AASB 2010‐2 for AASB 101 disclosures
that are now in AASB 1054.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
37
Notes to the Financial Statements
Operative Date
(Annual reporting
periods beginning on
or after)
1 July 2013
AASB amendment
Outline of amendment
AASB 2011‐4
This Standard makes amendments to Australian Accounting Standard AASB
124 Related Party Disclosures.
These amendments arise from a decision of the AASB to remove the
individual key management personnel (KMP) disclosures from AASB 124 on
the basis they:
are not part of International Financial Reporting Standards (IFRSs), which
include requirements to disclose aggregate (rather than individual)
amounts of KMP compensation;
are not included in New Zealand accounting standards and, accordingly,
their removal is consistent with meeting the 2010 Outcome Proposal of
the Australian and New Zealand governments that for‐profit entities are
able to use a single set of accounting standards and prepare only one set
of financial statements;
are considered by the AASB to be more in the nature of governance
disclosures that are better dealt with as part of the Corporations Act
2001;
were originally included in AASB 124 when fewer similar disclosure
requirements were included in the Corporations Act and, in many
respects, relate to similar disclosure requirements currently in that Act
and therefore detract from the clarity of the requirements applying in
this area; and
could be considered (during the transition period for this Amending
Standard) for inclusion in the Corporations Act or other legislation to the
extent they presently go beyond the requirements in legislation and are
considered appropriate in light of government policy.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
38
Notes to the Financial Statements
2
Critical Accounting Estimates and Judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including
expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the
circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom
equal the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities are set out below.
Exploration and evaluation expenditure
Exploration and evaluation expenditure is reviewed regularly to ensure that the capitalised expenditure is only carried forward to
the extent that it is expected to be recouped through the successful development of the area of interest or when activities in the
area of interest have not yet reached a stage which permits a reasonable assessment of the existence of economically recoverable
reserves. This policy is outlined in note 1.
3
Financial Risk Management
The Group’s major area of risk is managing liquidity and cash balances and embarking on fundraising activities in anticipation of
further projects. The activities expose the Group to a variety of financial risks: market risk (including interest rate risk and price
risk), credit risk and liquidity risk. The Group’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 Group. The Group uses different
methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest
rate, and other risks, ageing analysis for credit risk.
Risk management is carried out under policies set by the Managing Director and approved by the Board of Directors.
The Board provides principles for overall risk management, as well as policies covering specific areas, such as, interest rate risk,
credit risk and investment of excess liquidity.
a) Market risk
Foreign exchange risk
Foreign exchange risk arises when future commercial transactions and recognised assets and liabilities are denominated in a
currency that is not the Group’s functional currency. The Group operates internationally and is exposed to foreign exchange risk
arising from currency exposures to the Papua New Guinea Kina. As the Group is still in the development, exploration and
evaluation stages, it has not needed to use forward contracts to manage foreign exchange risk. The Board will continue to monitor
the Group’s foreign currency exposures.
The Group’s exposure to interest‐rate risk is summarised in the following table. Fixed interest rate items mature within 12 months.
Price risk
The Group is exposed to commodity price risk and will be exposed to revenue risk once gold production starts. The commodity
prices impact the Group’s capacity to raise additional funds and will impact its sales of gold once production starts.
(b) Credit risk
The credit risk on financial assets of the Group which have been recognised in the consolidated Statement of Financial Position is
generally the carrying value amount, net of any provisions for doubtful debts. No items are considered past due or impaired.
(c) Liquidity risk
Prudent liquidity management implies maintaining sufficient cash and marketable securities and the ability of the Group to raise
funds on capital markets. The Managing Director and the Board continue to monitor the Group’s financial position to ensure that it
has available funds to meet its ongoing commitments (refer to note 4).
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
39
Notes to the Financial Statements
3
Financial Risk Management (cont.)
(d) Cash flow interest rate risk
Consolidated
Notes
Floating
interest rate
Fixed interest
rate
Non‐interest
bearing
Total
2013
Financial assets
Cash and cash equivalents
Trade and other receivables
Other financial assets
Weighted average interest rate
Financial liabilities
Trade and other payables
Related party payables
Weighted average interest rate
Net financial assets/(liabilities)
2012
Financial assets
Cash and cash equivalents
Trade and other receivables
Other financial assets
Weighted average interest rate
Financial liabilities
Trade and other payables
Related party payables
Bergen finance facility 1
Weighted average interest rate
Net financial assets/(liabilities)
11
13
12
18
19
11
13
14
18
19
20
3,069,897
‐
‐
3,069,897
2.5%
‐
‐
‐
‐
3,069,897
365,396
‐
‐
365,396
5.9%
‐
‐
‐
‐
‐
365,396
All financial liabilities are due and payable within 12 months.
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
352,929
50,952
1,075,354
1,479,235
3,422,826
50,952
1,075,354
4,549,132
1,075,849
48,270
1,124,119
1,075,849
48,270
1,124,119
355,1166
3,425,013
113,671
80,343
1,674,711
1,868,725
519,323
102,906
1,421,463
2,043,692
479,067
80,343
1,674,711
2,234,121
519,323
102,906
1,421,463
2,043,692
(174,967)
190,429
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
40
Notes to the Financial Statements
3
Financial Risk Management (cont.)
(d) Cash flow interest rate risk (cont.)
1 Bergen institutional financing facility
As announced to the market on 9 May 2012, the Company secured funding from Bergen Global Opportunity Fund, LP (“Bergen”), a
US‐based institutional investor managed by Bergen Asset Management, LLC (“Bergen Asset Management”), under a Convertible
Security Agreement (“the Agreement”). Under the Agreement Bergen would invest up to $7.6 million in the Company with the
funding to be used for progressing the Company’s project exploration and for working capital generally.
$1,600,000 as a first tranche secured by way of a Convertible Security with a face value of $2,050,000; and
A second tranche of between $1,500,000 and $2,000,000 invested approximately 90 days after the investment of the first
tranche secured by way of a Convertible Security with a face value of 122.5% of the investment amount; and
Two additional tranches of between $1,000,000 and $2,000,000 invested at approximately 90 day intervals each after the
investment of the second tranche secured by way of Convertible Securities with a face value of 122.5% of the investment
amounts.
Subject to ASX Listing Rule 7.1, Bergen might convert some or all of each of the Convertible Securities into ordinary shares in the
Company in full or in part at any time prior to the date that was 12 months from the date of issuance of the Convertible Security.
To the extent to which the Convertible Securities had not been converted, the face value of the Convertible Securities outstanding
as of the date that was fifteen months after the date of execution of the Agreement would be repayable by the Company in cash.
Bergen would not convert an amount that was less than $300,000 at any time (except where the balance of a Convertible Security
outstanding was less than $300,000). The Convertible Securities were interest‐free (unless an event of default occured) and
secured, among other things, against 25,000,000 shares of the Company.
The conversion price was to be determined by dividing the relevant amount to be converted by 90% of the average of three daily
volume weighted average prices ("VWAPs") during a specified period prior to the conversion notice date of the Convertible
Security. Alternatively, the conversion price in respect of no more than $2,500,000 of the Convertible Securities was to be equal to
130% of the average of the VWAPs during the 20 trading days prior to the date of execution of the Agreement.
On 11 October 2012 the Company announced that it had entered into a Deed of Arrangement with Bergen to terminate the
Agreement. This involved:
The repayment of $315,000 via an immediate cash payment;
The immediate issue of 50,000,000 shares; and
An outstanding unsecured convertible security of $135,000. This was converted on 20 December 2012 by the issue of
135,000,000 shares
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
41
Notes to the Financial Statements
(e) Fair value estimation
The fair value of assets and financial liabilities must be estimated for recognition and measurement or for disclosure purposes. The
carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values due to
their short term nature. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future
contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments.
The Group measures fair values using the following fair value hierarchy that considers and reflects the significance of the inputs
used in making the measurements:
Level 1
Level 2
Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (as prices) or indirectly (derived from prices).
Level 3
Inputs for the asset or liability that are not based on observable market data (significant unobservable inputs).
The determination of what constitutes ‘observable’ requires significant judgment by the Group. The Group considers observable
data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and
provided by independent sources that are actively involved in the relevant market.
The following table analyses within the fair value hierarchy the Group’s financial assets and liabilities at fair value
30 June 2013
Level 1
Level 2
Level 3
Investments ‐ other
Total
(f) Sensitivity analysis
Foreign currency risk sensitivity analysis
$
1,041,500
1,041,500
$
‐
‐
$
‐
‐
Total
$
1,041,500
1,041,500
The Group is exposed to fluctuations in the value of the Australian Dollar to the PNG Kina (PKG). At 30 June 2013, the effect on
profit and equity of the Consolidated Group as a result of changes in the value of the Australian Dollar to the PKG, with all other
variables remaining constant, is as follows:
Movement
AUD
to
PKG by + 5%
PKG by ‐ 5%
4 Going Concern
Change in
profit $
4,479
(4,479)
Change in
equity $
110,642
(110,642)
The financial statements are prepared on a going concern basis. The Group has cash on hand of $3,422,826 (2012: $479,067) and
incurred a net loss after tax of $3,060,824 (2012: $10,795,231) for the full year. Cash outflows from operating and investing
activities were $6,939,375 (2012: $13,362,730) and as at 30 June 2013, the Group had net current assets of $3,352,761 (2012: Net
current liabilities $1,508,879).
The Company’s key area of expenditure is the Crater Mountain Project in PNG. It is an exploration project with the focus being on
bringing the HGZ into small scale production during the forthcoming year. The Directors are satisfied that plans are in place for the
Group to have positive cash flows through to September 2014. In addition, subsequent to the year end, FreeFire Technology
Limited, a major shareholder, has agreed to provide the Company a loan facility of up to $1m on normal commercial terms and
conditions to meet any funding requirements prior to the completion of contemplated future funds raisings. This loan will be
repaid out of the proceeds of any future fund raising. Should the fund raising not proceed as anticipated the loan will not be called
for payment until such time as the company has sufficient funds available. On this basis the Directors are of the opinion that the
financial statements can be prepared on a going concern basis and the Group will be able to pay its debts as and when they fall due
and payable.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
42
Notes to the Financial Statements
Note
5 Revenue from continuing operations
Royalties
Interest received
6
Expenses
Expenses, excluding finance costs, included in the
Statement of Comprehensive Income classified by nature
Audit fees
Accounting
Consulting fees
Director related expenses
‐ Directors’ fees
‐ reimbursable expenses
Total director related expenses
Depreciation and amortisation expense
Employee benefits expense
Foreign exchange losses (net)
General administration expenses
Insurance
‐ Directors & officers indemnity insurance
‐ other
Total insurance
Kenai transaction costs
Loss on disposals
Marketing and promotion expenses
Occupancy expenses
Settlement of legal case
Share registry / meeting costs
Telephone
Travel
Write down investment
Loss from discontinued operation
7
Loss on sale of subsidiary
June
2013
$
June
2012
$
‐
92,276
25,547
107,292
81,240
39,891
452,553
166,361
3,365
172,726
8,290
479,080
‐
170,929
15,915
13,659
29,574
‐
1,046
43,731
50,210
325,000
129,627
21,602
39,956
596,587
79,280
48,830
411,893
142,287
935
143,222
8,039
640,683
9,735
168,009
25,816
8,162
33,978
93,210
188,305
130,355
38,288
‐
136,867
27,802
77,451
‐
2,636,742
2,235,947
‐
‐
7,708,564
7,708,564
This represents the loss on sale of the Company’s wholly‐owned subsidiary Gold Aura do Brasil Mineração Ltd (“GOAB”) to
Kenai Resources Ltd in terms of a Letter of Agreement signed in December 2011. The final disposal was completed on
30 March 2012. GOAB is the owner of the Sao Chico project.
Kenai Resources Ltd was a related entity as a result of Mr Greg Starr being on the Board of both Companies.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
43
Notes to the Financial Statements
June
2013
$
June
2012
$
‐
‐
Note
8
Income Tax
(a) Income tax
Current tax expense
(b) Numerical reconciliation of income tax revenue to prima facie tax receivable
Loss before income tax
(3,060,824)
(10,795,231)
Tax at the Australian tax rate of 30% (2012 – 30%)
(918,247)
(3,238,569)
Tax effect of amounts which are not deductible (taxable) in calculating taxable
income:
Impairment of foreign investments
Loss on sale of subsidiary
Non‐deductible share based payments
Other
Net adjustment to deferred tax assets and liabilities for tax losses and temporary
differences not recognised
Income tax expense
(c) Tax losses
Unused tax losses for which no deferred tax asset has been recognised
Opening balance
Tax (profit) / loss for the year
Tax losses previously overstated written back
Closing balance
Potential Tax Benefits @ 30%
(d) Unrecognised temporary differences
Temporary differences for which deferred tax assets and liabilities have not been
recognised:
Exploration and evaluation
Property, plant & equipment
Accruals
Employee Entitlements
Capital Raising Costs
Provision for write off of development
Provision for impairment
Unrealised foreign exchange differences
Provision for write down of investment
Business related capital costs
Subtotal
178,976
‐
79,829
(25,168)
‐
2,489,275
69,488
32,170
(684,609)
625,879
684,609
(625,879)
‐
‐
31,152,574
29,126,305
2,826,988
2,026,269
(8,794,697)
25,184,866
31,152,574
7,555,460
9,345,772
(4,710,845)
‐
37,000
48,843
1,730,759
704,949
3,780,879
734,141
125,000
20,458
2,471,184
(19,279,103)
4,930
29,000
36,807
1,053,753
‐
‐
‐
125,000
30,814
(17,998,799)
Potential Tax effect at 30%
741,355
(5,399,640)
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
44
Notes to the Financial Statements
June
2013
Cents
June
2012
Cents
Note
9 Earnings per Share
(a) Basic loss per share
Profit/(loss) from continuing operations attributable to the ordinary equity holders of
the Company
(0.071)
(0.212)
(b) Diluted loss per share
Profit/(loss) from continuing operations attributable to the ordinary equity holders of
the Company
(0.071)
(0.212)
The calculation of basic earnings per share at 30 June 2013 was based on the continuing operations loss attributable to ordinary
shareholders of $3,060,824 (2012 loss: $3,086,667) and a weighted average number of ordinary shares outstanding during the
financial year ended 30 June 2013 of 4,311,810,637 (2012: 1,459,271,059).
(c) Weighted average number of shares used as a denominator
Basic loss per share
Diluted loss per share
2013
Shares
2012
Shares
4,311,810,637
1,459,271,059
4,311,810,637
1,459,271,059
At the year end, the consolidated entity had 38,796,437 options on issue (2012: 73,697,933), representing:
38,796,437 unlisted options with weighted average exercise price of 4.0 cents (2012: 73,697,933 at average 3.62 cents)
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
45
Notes to the Financial Statements
Croydon
$
Fergusson
Island
$
Crater
Mountain
$
Corporate
$
Elimination
$
Consolidated
$
‐
‐
‐
‐
‐
4,710,845
‐
‐
(2,308)
‐
‐
‐
(2,308)
4,262,528
‐
‐
‐
‐
‐
‐
‐
‐
‐
(90,325)
(90,325)
103,563
‐
21,694,445
22,485,138
25,547
(1,046)
(596,587)
(2,398,413)
(2,970,499)
39,900,857
745,114
‐
‐
‐
‐
‐
(33,870,215)
(22,067,735)
‐
‐
(167,956)
(13,891)
199,568
(4,149)
‐
(7,708,564)
(377,062)
‐
(61,119)
(2,001,740)
(452,072)
(9,514,885)
‐
(612,111)
(45,898)
(825,966)
545
3,632,718
16,782,190
13,860,313
32,878,910
1,922,124
(29,149,346)
(17,346,866)
‐
‐
‐
‐
‐
‐
25,547
(1,046)
(596,587)
(2,488,738)
(3,060,824)
32,539,495
1,162,517
199,568
(188,305)
(7,708,564)
(989,173)
(2,108,757)
(10,795,231)
24,767,384
2,068,289
10 Segment Result
Full‐year to 30 June
2013
segment
External
revenue
Loss on disposal
Asset write downs
Other expenses
Segment profit (loss)
Segment assets
Segment liabilities
Full‐year
2012
to 30
June
segment
External
revenue
Loss on disposal
Loss on sale subsidiary
Asset write downs
Other expenses
Segment profit (loss)
Segment assets
Segment liabilities
Reconciliation of Segment Profit to loss for the period from continuing operations:
Segment profit (loss)
Loss for the period from continuing operations
(3,060,824)
(3,060,824)
Segment information is presented using a “management approach”, i.e. segment information is provided on the same basis as
information used for internal reporting purposes by the chief executive and the Board. In identifying its operating segments,
management generally follows the Group's project activities. Each of these activities is managed separately.
Description of segments
Croydon
This project consists of two sub‐projects in far North West Queensland, the Croydon Polymetallic Project and the Croydon Gold
Project.
Fergusson Island
This project consists of two gold exploration projects at Wapolu and Gameta on Fergusson Island, in Milne Bay province, PNG.
Crater Mountain
This is an advanced exploration project located in the PNG Highlands approximately 50kms southwest of Goroka.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
46
Notes to the Financial Statements
June
2013
$
June
2012
$
3,422,826
479,067
Note
11
Current Assets ‐ Cash and Equivalents
Cash at bank and on hand
The effective (weighted average) interest rate on short term bank deposit was 2.5% (2012: 5.9%).
Current Assets ‐ Other Financial Assets
12
Investments ‐ other
1,041,501
1,041,501
‐
‐
At 30 June 2013 the investments consisted of shares in Kenai Resources Ltd (“Kenai”) received upon the sale of the
Company’s Brazilian subsidiary to Kenai in December 2012. See note 7.
On 5 July 2013 the shareholders of Kenai voted to accept an agreement whereby Serabi Gold plc. (AIM:SRB and TSX:SBI
“Serabi”) Serabi would acquire all the issued and outstanding common shares of Kenai at 0.85 Serabi shares in exchange for
each Kenai share held. As a result the Company was issued with 17.1m Serabi shares for its original holding of 20.1m Kenai
shares.
As at the date of this report the Company has sold some 12m Serabi shares on the TSX and AIM markets.
This investment was disclosed under Non‐current assets in 2012
13
Current Assets ‐ Trade and Other Receivables
GST receivable
Other
Non‐Current Assets ‐ Other Financial Assets
14
Investments – other
Security deposits
Investments – other: see Note 12 above
Non‐Current Assets ‐ Other Assets
15
Other assets
Other assets consist of shares in Kenai Resources Ltd to be received upon the
satisfaction of certain events following the sale of the Company’s Brazilian
subsidiary to Kenai in December 2011. These conditions have now been satisfied.
See note 12 above.
45,795
5,156
50,951
54,835
25,508
80,343
‐
33,854
33,854
1,111,479
36,623
1,148,102
‐
‐
526,609
526,609
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
47
Notes to the Financial Statements
16
Non‐Current Assets ‐ Exploration and Evaluation
At the beginning of the year
Cost
Provision for impairment
Net book value
Opening net book value
Expenditure capitalised
Net book value of assets in disposed of subsidiary
Impairment
Effect of movement in exchange rates
Closing net book value
At the end of the year
Cost
Provision for impairment
Net book value
23,358,871
(989,173)
21,644,312
(2,673,926)
22,369,698
18,970,386
22,639,698
5,143,531
‐
‐
150,971
27,664,200
18,970,386
12,138,312
(9,798,467)
(989,173)
2,048,640
22,369,698
28,653,373
(989,173)
23,358,871
(989,173)
27,664,200
22,369,698
The ultimate recoupment of costs carried forward for exploration and evaluation assets is dependent on the successful
development and commercial exploitation or sale of the respective areas.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
48
Notes to the Financial Statements
June
2013
$
June
2012
$
425,044
(98,881)
326,163
47,190
(47,190)
‐
242,594
(79,029)
163,565
47,190
(47,190)
‐
326,163
163,565
Note
17
Non‐Current Assets ‐ Plant and Equipment
Plant and equipment
Cost
Accumulated depreciation
Net book value
Equipment under finance lease
Cost
Accumulated depreciation
Net book value
Total
A reconciliation of the carrying amounts of each class of property, plant and equipment at the beginning and end of the current and
prior financial years are set out below.
Carrying amount as at 1 July 2011
Additions
Disposals of assets in continuing operations
Net book value of assets in disposed of subsidiary
Depreciation expense
Depreciation capitalised
Effect of movements in exchange rates
Carrying amount as at 30 June 2012
Additions
Disposals
Depreciation expense
Depreciation capitalised
Effect of movements in exchange rates
Carrying amount as at 30 June 2013
Note
18
Current Liabilities ‐ Trade and Other Payables
Trade payables
Accruals
Other payables
Plant and
equipment
2,896,549
246,598
(188,304)
(2,472,967)
(8,039)
(44,495)
(265,777)
163,565
211,776
(1,046)
(8,290)
(38,979)
(863)
326,163
June
2012
$
186,424
251,006
81,893
519,323
June
2013
$
281,345
686,588
107,916
1,075,849
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
49
Notes to the Financial Statements
Note
19
Related Party Payables
G R Boyce (Professional‐Edge Pty Ltd)
R Buckland
T Fermanis
R Johnson
J A Lemon
P Macnab (Madehas Enterprises Ltd)
J V McCarthy
T Shelley
Current Liabilities – Non‐interest Bearing liabilities
20
Convertible note
Refer to note 3(d) for detailed information on financial instruments.
Current Liabilities – Provisions
21
Employee entitlements
Balance as at 1 July
Entitlements provided
Entitlements taken
Employee entitlements
22 Contributed Equity
(a)
Share capital
Equity Securities Issued
For the financial year ended 30 June 2013
As at 1 July 2012
Shares issued
As at 30 June 2013
For the financial year ended 30 June 2012
As at 1 July 2011
Shares issued
As at 30 June 2012
(b)
Ordinary Shares
June
2013
$
21,686
‐
‐
20,833
2,314
‐
3,437
‐
48,270
June
2012
$
49,896
5,300
(2,790)
‐
2,269
12,000
5,500
30,731
102,906
‐
‐
1,421,463
1,421,463
24,497
29,423
(15,622)
38,398
121,883
31,856
(129,142)
24,597
No. of ordinary
shares
Total
$
1,657,334,932
9,208,228,084
10,865,563,016
37,030,487
11,535,137
48,565,624
1,223,710,913
433,624,019
1,657,334,932
26,458,337
10,572,150
37,030,487
Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to
the number of shares and the amounts paid on those shares.
On a show of hands, every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote and
upon a poll, each share is entitled to one vote.
(c)
Employee Share Option Plan
Information relating to the Employee Share Option Plan, including details of options issued, exercised, lapsed and outstanding
during the financial year is set out in note 27(b).
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
50
Notes to the Financial Statements
22
Contributed Equity (cont.)
(d) Movements in share capital
Date
Details
For the financial year ended 30 June 2013
01‐Jul‐12
05‐Jul‐12
25‐Jul‐12
06‐Aug‐12
22‐Aug‐12
26‐Sep‐12
05‐Oct‐12
12‐Oct‐12
19‐Nov‐12
19‐Dec‐12
03‐May‐13
Balance 1 July ‐ Ordinary Shares
Bergen convertible note loan conversion
Bergen convertible note loan conversion
Bergen convertible note loan conversion
Bergen convertible note loan conversion
Bergen convertible note loan conversion
FreeFire Technology Limited
Bergen convertible note termination fee
Rights Issue
Bergen convertible note loan conversion
Rights Issue
Less: Transaction costs arising on share issues
No. of shares
1,657,334,932
50,000,000
50,000,000
60,000,000
75,000,000
25,000,000
280,000,000
50,000,000
1,498,223,288
135,000,000
6,985,004,796
10,865,563,016
Value
$
37,030,487
234,146
234,146
234,146
234,146
78,049
700,000
150,000
3,745,558
135,000
6,985,005
(1,195,059)
48,565,624
In October 2012 the Company raised $700,000 through the issue of shares at 0.25c per share to FreeFire Technology Ltd, a
company registered in Hong Kong.
In November 2012 the Company raised $3,745,558 at 0.25c per share in a 2 for 3 non‐renounceable Rights Issue. The Rights
Issue was underwritten by FreeFire Technology Ltd.
In April 2013 the Company raised $6,985,005 at 0.01c per share in an 18 for 10 renounceable Rights Issue. The Rights Issue
was underwritten by FreeFire Technology Ltd.
For the financial year ended 30 June 2012
01‐Jul‐11
05‐Jul‐11
26‐Jul‐11
29‐Jul‐11
04‐Aug‐11
04‐Aug‐11
05‐Sep‐11
05‐Sep‐11
06‐Oct‐11
06‐Oct‐11
06‐Oct‐11
06‐Oct‐11
25‐Jan‐12
22‐Mar‐12
16‐Apr‐12
01‐May‐12
09‐May‐12
08‐Jun‐12
29‐Jun‐12
Balance 1 July ‐ Ordinary Shares
Spring Tree loan conversion
Placement of shares at 4.0 cents
Issue of shares at 3.9 cents
Spring Tree collateral shares cancelled
Spring Tree loan conversion
Spring Tree collateral shares cancelled
Spring Tree loan conversion
Spring Tree collateral shares cancelled
Spring Tree loan conversion
Spring Tree loan conversion
Option exercise at 3.0 cents
Placement of shares at 2.0 cents
Share Purchase Plan at 2.0 cents
Issue of shares at 1.5 cents
Issue of shares at 1.5 cents
Issue of shares as collateral for Bergen facility
Bergen convertible note conversion
Option exercise at 3.0 cents
Less: Transaction costs arising on share issues
1,223,710,913
5,033,557
150,000,000
12,000,000
(4,491,018)
4,491,018
(4,966,887)
4,966,887
(542,095)
542,095
5,681,971
40,000
104,734,983
64,350,000
31,250,000
2,188,329
25,000,000
33,333,333
11,846
1,657,334,932
26,458,337
150,000
6,000,000
468,000
‐
150,000
‐
150,000
‐
13,064
136,936
1,200
2,094,700
1,287,000
468,750
33,000
‐
234,146
355
(615,001)
37,030,487
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
51
Notes to the Financial Statements
22 Contributed Equity (cont.)
(e) Movement in options
Date
Details
Listed
Unlisted
Total
Class of options
For the financial year ended 30 June 2013
01‐Jul‐12
Opening Balance
01‐Apr‐13
Options expired
07‐Apr‐13
Options expired
27‐May‐13 Options expired
05‐Jun‐13
ESOP cancelled
24‐Jun‐13
Options expired
For the financial year ended 30 June 2012
01‐Jul‐11
Opening Balance
01‐Jul‐11
ESOP forfeited
01‐Jul‐11
ESOP forfeited
05‐Jul‐11
Spring Tree Options (refer note 28)
05‐Aug‐11
Spring Tree Options (refer note 28)
06‐Sep‐11
Spring Tree Options (refer note 28)
06‐Oct‐11
Spring Tree Options (refer note 28)
06‐Oct‐11
Options exercised at 3.0 cents
22‐Mar‐12
Share Purchase Plan
16‐Apr‐12
New Guinea Gold
09‐May‐12
Bergen Options
29‐Jun‐12
Options exercised at 3.0 cents
30‐Jun‐12
ESOP forfeited
30‐Jun‐12
ESOP forfeited
30‐Jun‐12
Options expired
‐
73,697,933
73,697,933
(2,000,000)
(2,000,000)
(11,000,000)
(11,000,000)
(2,577,320)
(2,577,320)
(18,500,000)
(18,500,000)
(824,176)
(824,176)
‐
38,796,437
38,796,437
112,182,905
63,626,379
175,809,284
(1,000,000)
(1,000,000)
(1,000,000)
(1,000,000)
503,356
449,102
496,689
622,407
503,356
449,102
496,689
622,407
(40,000)
104,734,983
46,625,000
1,000,000
(40,000)
46,625,000
1,000,000
13,000,000
13,000,000
(11,846)
(11,846)
(1,500,000)
(1,500,000)
(1,500,000)
(1,500,000)
(264,491,042)
(264,491,042)
‐
73,697,933
73,697,933
25‐Jan‐12
Sophisticated and professional investors (through Patersons)
104,734,983
Each option entitles the holder to purchase one share. The names of all persons who currently hold share options, granted at any
time, are entered in the register kept by the Company, pursuant to Section 168 of the Corporations Act 2001, which may be
inspected free of charge. Persons entitled to exercise these options have no right, by virtue of the options, to participate in any
share issue by the parent entity or any other body corporate.
The model inputs for options granted during the year ended 30 June 2012 included:
Options were granted for no consideration;
Exercise prices of 3.5 cents and 4.5cents;
Grant dates of 31 March 2011 and 30 May 2011;
Expiry date of 30 June 2015;
Vesting periods between 0 years and 3.1 years;
Share prices at grant date of 3.2 cents and 4.6 cents;
Expected volatility of the company’s shares 95.25%;
Expected dividend yield of 0%; and
Risk free rates of 5.33% and 5.45%.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
52
Notes to the Financial Statements
Note
23
Reserves and Accumulated Losses
Reserves
Share based payment reserve
Share cancellation reserve
Foreign currency translation reserve
Movements
Share‐based Payments Reserve
Balance 1 July 2012
Fair value of Employee Share Option Plan share options
Fair value of Bergen facility repayment
Fair value of options issued in connection with repayment of the 2nd Spring Tree
finance facility
Balance 30 June 2013
Share Cancellation Reserve
Balance 1 July 2012
Balance 30 June 2013
Foreign currency translation reserve
Balance 1 July 2012
Currency translation differences
Balance 30 June 2013
Accumulated Losses
Movements in accumulated losses were as follows:
Balance 1 July 2012
Loss for the year
Balance 30 June 2013
Nature and purpose of reserves
Share‐based payments reserve
The share‐based payments reserve is used to recognise:
June
2013
$
June
2012
$
1,441,616
30,000
1,949,225
1,350,785
30,000
1,836,485
3,420,841
3,217,270
1,350,785
90,831
‐
873,255
345,014
91,484
‐
41,032
1,441,616
1,350,785
30,000
30,000
30,000
30,000
1,836,485
112,739
(322,144)
2,158,629
1,949,224
1,836,485
(17,548,662)
(3,060,824)
(6,753,431)
(10,795,231)
(20,609,486)
(17,548,662)
The fair value of options issued to employees and Directors; and
The fair value of options issued as consideration for goods or services rendered.
Foreign currency translation reserve
Exchange differences arising on translation of the foreign controlled entity are taken to the foreign currency translation reserve.
The reserve is recognised in the Consolidated Statement of Comprehensive Income when the net investment is disposed.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
53
Notes to the Financial Statements
Note
24
Commitments
Operating leases
Committed at the reporting date but not recognised as liabilities, payable:
Within one year
25
Guarantees and Deposits
Non‐Current
Deposit lodged with the Department of Mines
Accommodation and rental bonds
Deposit lodged with PNG Department of Mining and Petroleum
26
Director and Key Management Personnel Disclosures
(a) Directors
The following persons were Directors of the Company during the financial year:
June
2013
$
June
2012
$
34,632
34,632
24,495
24,495
27,500
6,355
‐
33,855
27,500
9,123
‐
36,623
Name
S W S Chan
G B Starr
G B Starr
J D Collins‐Taylor
T M Fermanis
R P Macnab
R D Parker
J S Spence
D T Y Sun
J D Collins‐Taylor
Position
Chairman
Chairman (Executive)
Managing Director
Director (Non‐executive)
Director (Non‐executive)
Director (Non‐executive)
Director (Non‐executive)
Director (Non‐executive)
Director (Non‐executive)
Alternate Director (Non‐executive)
Period
Appointed Director 29 January 2013
and Chairman 11 March 2013
Resigned 11 March 2013
Appointed 11 March 2013
Resigned 9 March 2013
Full year
Full year
Appointed 12 March 2013
Resigned 9 March 2013
Appointed 29 January 2013
Appointed 11 March 2013
(b)
Key management personnel
The following persons also had authority and responsibility for planning, directing and controlling the activities of the Group,
directly or indirectly, during the financial year:
Name
2013
G R Boyce
J A Lemon
R Johnson
J V McCarthy
T Shelley
2012
J A Lemon
G Dionisio
G R Boyce
J V McCarthy
R Buckland
J Batista
P M B Smith
T Shelley
Position
Period
Chief Financial Officer
Company Secretary
Country Manager – Papua New Guinea
Project Manager ‐ Croydon
Country Manager – Papua New Guinea
Full year
Full year
Appointed 1 January 2013
Full year
Resigned 20 September 2012
Company Secretary
Chief Financial Officer
Chief Financial Officer
Project Manager ‐ Croydon
Country Manager ‐ Brazil
General Manager ‐ Brazil
Country Manager – Papua New Guinea
Country Manager – Papua New Guinea
Full year
Resigned 31 October 2011
Appointed 1 November 2011
Appointed 23 September 2011
Brazil operation disposed of 19 December 2011
Brazil operation disposed of 19 December 2011
Resigned 24 May 2012
Appointed 25 May 2012
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
54
Notes to the Financial Statements
26 Director and Key Management Personnel Disclosures (cont.)
(b)
Key management personnel (cont.)
The aggregate compensation made to directors and other members of key management personnel of the consolidated entity is
set out below:
Remuneration component
Short term
Post‐employment benefits
Share‐based payments
Total
2013
$
1,230,642
38,807
33,434
1,302,883
2012
$
1,588,266
76,648
260,513
1,925,427
(c)
Equity instrument disclosures relating to Directors and key management personnel
Options and rights over equity instruments
The number of options over ordinary shares in the Company held during the financial year by each Director and key
management personnel of the Group, including their personally related parties are set out below:
Name
Balance at the
start of the
year
Granted during
the year as
compensation
Exercised
during the
year
Other changes
during the
year
Balance at the
end of the
year
2013
Directors
S W S Chan
G B Starr
J D Collins‐Taylor
T M Fermanis
R P Macnab
R D Parker
J S Spence
D T Y Sun
Key management personnel
G R Boyce
R Johnson
J A Lemon
J V McCarthy
T Shelley
2012
Directors
G B Starr
K G Chapple
J D Collins‐Taylor
T M Fermanis
R P Macnab
J S Spence
Key management personnel
J A Lemon
G Dionisio
G R Boyce
J V McCarthy
R Buckland
J Batista
P M B Smith
T Shelley
‐
10,000,000
3,000,000
1,500,000
‐
‐
1,500,000
‐
‐
‐
2,500,000
‐
‐
12,500,000
9,431,808
3,618,202
1,500,000
‐
1,500,000
2,500,000
‐
‐
‐
3,000,000
‐
4,000,000
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
(10,000,000)
(3,000,000)
(1,500,000)
‐
‐
(1,500,000)
‐
‐
‐
(2,500,000)
‐
‐
(2,500,000)
‐
(618,202)
‐
‐
‐
‐
‐
‐
‐
(3,000,000)
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
10,000,000
9,431,808
3,000,000
1,500,000
‐
1,500,000
2,500,000
‐
‐
‐
‐
‐
4,000,000
‐
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
55
Notes to the Financial Statements
26 Director and Key Management Personnel Disclosures (cont.)
(c)
Equity instrument disclosures relating to Directors and key management personnel (cont.)
Share holdings
The number of shares in the Company held during the financial year by each Director and key management personnel of the
Group, including their personally related parties are set out below:
Name
2013
Directors
S W S Chan
G B Starr
J D Collins‐Taylor
T M Fermanis
R P Macnab
R D Parker
J S Spence
D T Y Sun
Key management personnel
G R Boyce
R Johnson
J A Lemon
J V McCarthy
T Shelley
2012
Directors
G B Starr
K G Chapple
J D Collins‐Taylor
T M Fermanis
R P Macnab
J S Spence
Key management personnel
J A Lemon
G Dionisio
G R Boyce
J V McCarthy
R Buckland
J Batista
P M B Smith
T Shelley
Balance at
the start of
the year
Granted
during the year
as
compensation
Received
during the year
on exercise of
options
Other changes
during the
year
Balance at the
end of the year
‐
10,750,000
3,486,404
56,250,008
8
‐
57,750,008
‐
‐
‐
570,000
‐
‐
10,750,000
2,863,616
3,486,404
56,250,008
8
57,000,008
570,000
200,000
‐
‐
‐
‐
250,000
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
6,453,186,877
19,350,000
10,000,000
864,000
‐
‐
18,960,000
6,453,186,877
30,100,000
13,486,404
57,114,008
8
76,710,008
‐
‐
4,000,000
‐
‐
‐
‐
‐
‐
‐
750,000
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
4,570,000
‐
‐
10,750,000
2,863,616
3,486,404
56,250,008
8
57,750,008
570,000
200,000
‐
‐
‐
‐
250,000
‐
(d)
Transactions with Directors and key management personnel
Mr J S Spence is a Director of Sinton Spence Chartered Accountants PNG, a firm that provides accounting services to the
Company in PNG. The Board considers that the terms under which these services are provided are reasonable and no more
favourable than the alternative arrangements available or reasonably expected to be available.
Mr S W S Chan is a director and the controller of FreeFire Technology Limited (“FreeFire”), the major shareholder in the
Company. During the year the Company paid FreeFire $220,000 in loan establishment fees, $36,262 in interest and
$1,023,056 in underwriting fees (2012: Nil). The Board considers that the terms under which these payments were made are
reasonable and no more favourable than the alternative arrangements available or reasonably expected to be available.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
56
Notes to the Financial Statements
27
(a)
Share Option Based Payments
Recognised share option based payment expenses
The expense recognised for share options granted for employee services received during the year is shown in the table below:
Expense arising from equity settled share‐based payment transactions
June
2013
$
72,927
72,927
June
2012
$
231,628
231,628
(b)
Employee Share Option Plan
The establishment of the Crater Gold Mining Employee Share Option Plan (“the Plan”) was approved by shareholders on 22 June
2007. The Plan is designed to provide long term incentives for executives, staff and contractors to deliver long term shareholder
returns. Participation in the Plan is at the Board’s discretion and no individual has a contractual right to participate in the Plan or
to receive any guaranteed benefits. Options granted under the Plan carry no dividend or voting rights.
Summary of options granted under the Employee Share Option Plan
The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options
issued during the year:
2013
No.
WAEP $
2012
No.
WAEP $
Outstanding at the beginning of the year
Granted
Cancelled
Forfeited
Exercised
Expired
Outstanding at the end of the year
Exercisable at the end of the year
31,250,000
‐
(18,500,000)
‐
‐
‐
12,750,000
11,416,667
$0.041
‐
$0.040
‐
‐
‐
$0.042
$0.041
36,250,000
‐
(5,000,000)
(5,000,000)
‐
‐
31,250,000
21,416,666
$0.041
‐
$0.040
$0.040
‐
‐
$0.041
$0.040
All Employee Share Options outstanding at 30 June 2013 expire on 15 June 2015 (2012: 15 June 2015).
Option pricing model – Employee Share Option Plan
The fair value of the equity‐settled share options granted under the Employee Share Option Plan is estimated as at the date of
grant using a Black‐Scholes option pricing Model taking into account the terms and conditions upon which the options were
granted. The model takes into account the historic dividends and share price volatilities and each comparator company to
produce a predicted distribution of relative share performance.
Historical volatility of 95.25% has been the basis for determining expected share price volatility as it is not expected that this
volatility will change significantly over the life of the options. The expected life of the options is taken to be the full period of time
from grant date to expiry date as there is no expectation of early exercise of the options. The options are options to subscribe for
ordinary shares in the capital of the Company. The options are issued for no consideration. A risk free rate of 5.45% was used in
the model. Shares issued on exercise of the option will rank pari passu with all existing shares of the Company from the date of
issue.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
57
Notes to the Financial Statements
27
Share Option Based Payments (cont.)
(c)
Share option based payments made to unrelated party
The Company did not issue any options over ordinary shares to extinguish its liabilities (2012: 16,071,554). Details of these
liabilities for 2012 are shown at note 28.
The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options
on issue to unrelated parties in settlement of liabilities:
2013
No.
WAEP $
2012
No.
WAEP $
Outstanding at the beginning of the year
Granted
Forfeited
Exercised
Expired
40,447,933
‐
‐
‐
(14,401,496)
$0.0320
‐
‐
‐
$0.0411
27,376,379
16,071,554
‐
‐
(3,000,000)
$0.0386
$0.0217
‐
‐
$0.0300
Outstanding at the end of the year
26,046,437
$0.0270
40,447,933
$0.0386
Exercisable at the end of the year
26,046,437
$0.0270
40,447,933
$0.0320
The exercise price for options on issue ranges from $0.0181 to $0.0507 per option.
28 Equity settled liabilities
(a)
Share based payments
2013
Date
5 July 2012
25 July 2012
6 August 2012
22 August 2012
26 September 2012
12 October 2012
19 December 2012
Creditor
Bergen
Bergen
Bergen
Bergen
Bergen
Bergen
Bergen
No. of
shares
Value per
share
Total
Valuation
$
50,000,000
50,000,000
60,000,000
75,000,000
25,000,000
50,000,000
135,000,000
$0.0060
$0.0060
$0.0050
$0.0040
$0.0040
$0.0030
$0.0010
300,000 Value of principal
300,000 Value of principal
300,000 Value of principal
300,000 Value of principal
100,000 Value of principal
150,000 Value of termination fee
135,000 Value of principal
445,000,000
$0.0036
1,585,000
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
58
Notes to the Financial Statements
28 Equity settled liabilities (cont.)
(a)
Share based payments (cont.)
2012
Date
5 July 2011
4 August 2011
4 August 2011
Creditor
Spring Tree
Spring Tree
Spring Tree
No. of
shares
Value per
share
5,033,557
4,491,108
$0.018
$0.018
(4,491,108)
‐
Total
Valuation
$
150,000 Value of principal
150,000 Value of principal
‐
Collateral
cancelled
5 September 2011
Spring Tree
4,966,887
$0.018
150,000 Value of principal
5 September 2011
Spring Tree
(4,966,887)
‐
6 October 2011
6 October 2011
Spring Tree
Spring Tree
542,095
$0.018
(542,095)
‐
‐
Collateral
cancelled
13,064 Value of principal
Collateral
cancelled
‐
shares
shares
shares
6 October 2011
Shares issued as per above were issued to Spring Tree as repayments of loan.
Spring Tree
5,681,971
$0.018
136,936 Value of principal
29 July 2011
Payment to Yamana Gold Inc was for consideration of purchase price for their 33% share in PNG Fergusson Island gold project
468,000 Agreed value
Yamana Gold Inc
12,000,000
$0.039
16 April 2012
Payment to New Guinea Gold Corp was for consideration of purchase price for their 10% share in the Crater Mountain JV
project
468,750 Agreed value
New Guinea Gold
31,250,000
$0.015
1 May 2012
Payment to Alpha Securities Limited for services provided
Alpha Securities Ltd
2,188,329
$0.015
33,000 Value of services provided
9 May 2012
8 June 2012
Bergen
Bergen
25,000,000
33,333,333
114,487,190
‐
$0.009
$0.016
‐
Loan collateral
300,000 Value of principal
1,869,750
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
59
Notes to the Financial Statements
28 Equity settled liabilities (cont.)
(b) Option based payments
The Company did not issue any options over ordinary shares to extinguish its liabilities (2012: 16,071,554). Details of these
issues and other relevant information required to be disclosed under Accounting Standard AASB 2 are shown in the following
table:
2013
Grant Date
Expiry Date
No. of
unlisted
option
Value per
option
None
N/a
‐
‐
Total
$
‐
Exercise
price
Life of
option
Under‐
lying
share
price
Expected
share price
volatility
Risk free
interest
rate
‐
‐
‐
‐
‐
2012
05‐Jul‐11
04‐Jul‐14
503,356
$0.0200
10,090
$0.0417
05‐Aug‐11
04‐Aug‐14
449,102
$0.0208
9,330
$0.0468
06‐Sep‐11
05‐Sep‐14
496,689
$0.0230
11,428
$0.0423
06‐Oct‐11
05‐Oct‐14
622,407
$0.0164
10,185
$0.0337
3.0
3.0
3.0
3.0
$0.033
$0.035
$0.037
$0.027
95.25%
95.25%
95.25%
95.25%
5.02%
4.49%
4.20%
4.37%
2,071,554
$0.0198
41,033
$0.0405
The above options were issued to Spring Tree Special Opportunities Fund LLP for interest payments on the facility. They are
unlisted options. They were valued using the Black‐Scholes valuation method.
16‐Apr‐12
30‐Jun‐12
1,000,000
$.0004
1,000,000
$.0004
351
351
$0.0300
$0.0300
0.2
$0.015
95.25%
3.86%
The above options were issued to New Guinea Gold Corp as part consideration for their 10% share in the Crater Mountain gold
project. They are listed options. They were valued using the Black‐Scholes valuation method
09‐May‐12
09‐May‐15
13,000,000
$.0070
91,484
$0.0181
3.0
$0.012
95.25%
3.28%
13,000,000
$.0070
91,484
$0.0181
The above options were issued to Bergen Global Opportunity Fund, LP as part establishment cost on the facility. They are
unlisted options. They were valued using the Black‐Scholes valuation method
16,071,554
$0.0083
132,868
$0.0217
All options granted vest immediately.
Note
29 Remuneration of Auditors
BDO
Audit and review of financial reports
Non‐audit services
Smiths Chartered Accountants
(Auditors of Anomaly Limited)
Audit and review of financial reports
Non‐audit services
June
2013
$
78,650
‐
78,650
2,590
‐
2,590
June
2012
$
67,500
‐
67,500
11,780
‐
11,780
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
60
Notes to the Financial Statements
30
(a)
Subsidiaries
Ultimate controlling entity
Crater Gold Mining Limited is the ultimate controlling entity for the Group.
(b)
Subsidiaries
Name of entity
Country
Incorporation
of
Class of shares
Percentage ownership
Anomaly Resources Limited
Australia
Ordinary
Anomaly Limited
Gold Aura (PNG) Limited
Papua New Guinea
Ordinary
Papua New Guinea
Ordinary
2013
%
100
100
‐
2012
%
100
100
100
The proportion of ownership interest is equal to the proportion of voting power held.
On 31 July 2012 Anomaly Limited and Gold Aura (PNG) Limited merged to form a single entity. The merged entity is known as
Anomaly Limited.
Note
31
Parent Entity information
Statement of Comprehensive Income
Loss after income tax
Total Comprehensive Income
Statement of Financial Position
Total current assets
Total assets
Total current liabilities
Total liabilities
Equity
Contributed equity
Reserves
Accumulated losses
Total Equity
Guarantee
June
2013
$
June
2012
$
(2,971,251)
(9,517,193)
(2,971,251)
(9,517,193)
4,312,127
416,957
44,611,702
37,141,438
745,115
1,922,124
745,115
1,922,124
70,853,709
59,318,572
2,648,820
2,557,989
(29,635,942)
(26,664,691)
43,866,587
35,211,870
The parent company had no bank guarantees in respect of its subsidiaries as at 30 June 2013 (2012: Nil)
Contingent liabilities
The parent company had no contingent liabilities as at 30 June 2013 (2012: Nil).
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
61
Notes to the Financial Statements
Note
32 Reconciliation of loss for the period from continuing operations to net
cash inflow/(outflow) from operating activities
June
2013
$
June
2012
$
Loss for the period from continuing operations
(3,060,824)
(3,086,667)
Adjustments for non‐cash income and expense items:
Depreciation and amortisation
Written down value of fixed asset disposals
Non‐cash interest transactions
Write down investment
Sale of subsidiary
Exploration costs written off
Payables settled by equity payments
Change in operating assets and liabilities:
Decrease/(increase) in trade and other receivables
(Decrease)/increase in trade creditors and accruals
(Decrease)/increase in employee entitlements
8,290
1,047
193,171
596,587
‐
‐
90,831
29,390
501,890
13,801
8,039
188,304
359,007
‐
651,349
989,173
378,014
69,676
(98,626)
(97,286)
Net cash (outflow) from operating activities
(1,625,817)
(639,017)
33
Unincorporated Joint Ventures
The Company previously had an unincorporated Joint Venture agreement with Triple Plate Junction plc (“TPJ”) in relation to
the Crater Mountain licences. These Joint Ventures were held as Jointly Controlled Operations. In April 2013 the Company,
TPJ and Celtic Minerals (“Celtic”) contracted for the Company to acquire TP’s and Celtic’s respective 8% and 2% interests in the
Crater Mountain Project. From that date the Company and TPJ have regarded themselves as not operating in a joint venture
relationship.
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
62
Notes to the Financial Statements
33
Post Balance Date Events
Name Change to Crater Gold Mining Limited
At the Company’s general meeting held on the 9th of July 2013 shareholders approved the change of the Company’s name from
“Gold Anomaly Limited” to “Crater Gold Mining Limited”.
Sale of Kenai Resources Ltd shares to Serabi Gold plc
In May 2013 the Boards of Directors of Kenai Resources Ltd (TSXV:KAI “Kenai”) and Serabi Gold plc. (AIM:SRB and TSX:SBI “Serabi”)
announced that they had entered into an agreement, subject to the approval of shareholders of Kenai and other conditions
precedent, whereby Serabi would acquire all the issued and outstanding common shares of Kenai (“Kenai Shares”) by way of a Plan
of Arrangement (“the Arrangement”).
Crater Gold Mining Limited owned some 13% (some 14 million shares of 105 million issued Kenai shares) of Kenai Resources, and
was entitled to a further 5.1 million Serabi shares if the Arrangement completed.
Highlights of the Arrangement included: Shareholders of Kenai receiving 0.85 of one new ordinary share of Serabi (a “Serabi Share”)
in exchange for each Kenai Share held (the “Exchange Ratio”).
Approval for the Arrangement by special resolution of Kenai’s shareholders was passed at a meeting of its shareholders on the 5th
July 2013.
Loan from FreeFire Technology Limited
Subsequent to the end of the year, FreeFire Technology Limited (“FreeFire”), a major shareholder in the Company, has agreed to
advance a loan of up to $1m to the Company to meet any ongoing funding requirements which may arise prior to the completion of
contemplated future fund raising exercises. The loan will be on standard commercial terms and conditions. The Board considers
that the terms under which this loan will be made are reasonable and no more favourable than the alternative arrangements
available or reasonably expected to be available.
The loan will be repaid out of the proceeds of future fund raising activities.
Consolidation of Share Capital
At an Extraordinary General Meeting held on 26 September 2013 a resolution to consolidate every one hundred shares into one
share in the Company was approved.
Acquisition of 100% of the Crater Mountain Project
Following various approvals by the PNG Government, the Company moved to outright ownership of 90% of the Crater Mountain
Project. In addition, in line with a purchase and sale agreement with the previous owners of the 10% balance of the Project (see
note 32), following completion of preliminary administrative matters application has been made to the PNG Minister for Mines for
the Minister’s consent to the transfer of the remaining 10% interest to the Company.
Agreement to acquire Golden Gate Project EPM 18616
The Company announced in July 2012 that it had entered into an agreement with Global Resources Corporation Limited (“Global”)
to acquire from Global an Exploration Permit for Minerals in the Croydon District in North Queensland. At the time the relevant
Exploration Permit was under application by Global. Subsequent to the end of the financial year the exploration Permit was
granted to Global by the Queensland Department of Natural Resources and Mines. The appropriate steps are now being taken for
the Exploration Permit to be transferred to the Company, less a 6% interest to be reserved by Global.
34
Contingent Liabilities
The Company does not have any contingent liabilities (2012: Nil).
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
63
Directors’ Declaration
1
the financial statements and notes set out on pages 25 to 64 are in accordance with the Corporations Act 2001, including:
(a) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional
reporting requirements; and
(b) giving a true and fair view of the Company’s and Group's financial position as at 30 June 2013 and of their
performance, as represented by the results of their operations, changes in equity and cash flows, for the year ended
on that date; and
2
the Managing Director has declared that:
(a) the financial records of the Company for the financial year have been properly maintained in accordance with
section 286 of the Corporations Act 2001; and
(b) the financial statements and notes for the financial year comply with the Accounting Standards; and
(c)
the financial statements and notes for the financial year give a true and fair view;
3
in the Directors’ opinion 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 financial statements and notes set out on pages 25 to 64 are in accordance with International Financial Reporting Standards.
The audited remuneration disclosures set out on pages 16 to 20 of the Directors’ report comply with International Financial
Reporting Standards and Section 300A of the Corporations Act 2001.
The Directors have been given the declarations by the Chief Executive Officer and Chief Financial Officer required by section 295A
of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Directors.
G B Starr
Managing Director
30 September 2013
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
64
Independent Audit Report
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
65
Independent Audit Report
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
66
ASX Additional Information
The following information is required to be disclosed under ASX Listing Rule 4:10 and is not disclosed elsewhere in this Report.
This information is correct as at 23 September 2013.
Substantial Shareholders
No substantial shareholders are recorded in the Company’s register of substantial shareholders.
Name
Freefire Technology Ltd
Voting Rights
Number of shares
% holding
6,453,186,877
59.39
Ordinary shares – on a show of hands, are one vote for every registered holder and on a poll, are one vote for each share held by
registered holders. Options holders have no voting rights.
Holders of Each Class of Equity Security
Name
Fully paid ordinary Shares
Unlisted Options (exercisable at $0.0259 per option on or before 29 September 2013)
Unlisted Options (exercisable at $0.0277 per option on or before 19 October 2013)
Unlisted Options (exercisable at $0.0288 per option on or before 31 October 2013)
Unlisted Options (exercisable at $0.0284 per option on or before 1 November 2013)
Unlisted Options (exercisable at $0.0321 per option on or before 22 November 2013)
Unlisted Options (exercisable at $0.0428 per option on or before 30 November 2013)
Unlisted Options (exercisable at $0.0462 per option on or before 20 December 2013)
Unlisted Options (exercisable at $0.0444 per option on or before 20 January 2014)
Unlisted Options (exercisable at $0.0375 per option on or before 23 February 2014)
Unlisted Options (exercisable at $0.0393 per option on or before 30 March 2014)
Unlisted Options (exercisable at $0.035 per option on or before 30 June 2015) (ESOP)
Unlisted Options (exercisable at $0.045 per option on or before 30 June 2015) (ESOP)
Unlisted Options (exercisable at $0.0398 per option on or before 3 May 2014)
Unlisted Options (exercisable at $0.0507 per option on or before 2 June 2014)
Unlisted Options (exercisable at $0.0417 per option on or before 4 July 2014)
Unlisted Options (exercisable at $0.0468 per option on or before 4 August 2014)
Unlisted Options (exercisable at $0.0423 per option on or before 5 September 2014)
Unlisted Options (exercisable at $0.0337 per option on or before 5 October 2014)
Unlisted Options (exercisable at $0.0181 per option on or before 8 May 2015)
Fully paid ordinary Shares under Escrow
Code
CGN
CGNO15
CGNO16
CGNO17
CGNO18
CGNO19
CGNO20
CGNO21
CGNO22
CGNO23
CGNO24
CGNO25
CGNO26
CGNO27
CGNO28
CGNO32
CGNO33
CGNO34
CGNO35
CGNO36
CGNESC6
Number of
holders
4,240
3
3
3
3
3
3
3
3
3
3
2
3
3
3
3
3
3
3
1
1
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
67
Top 20 Holders of Ordinary Shares
Name
Freefire Technology Ltd
Mr Joe Holloway
HSBC Custody Nominees (Australia) Limited
Mr Ram Shanker Kangatharan
Mr James Sinton Spence
JP Morgan Nominees Australia Limited
M Chung Pty Ltd
Mr Thomas Mark Fermanis
Mr Vineet Jindal
Mr Paul Thomas Mcgreal
G & W Aust Pty Ltd
ABN Amro Clearing Sydney Nominees Pty Ltd
Ms Maureen Kiau
Mr George Koutroumbas
Jefko Pty Ltd
Delpure Pty Limited
Mr Peter‐John Smerekanycz
Mr Gary Thomas Weeks + Mrs Elizabeth Mary Weeks
Helen Ma Pty Ltd
Mr Barry Rowland Butler + Mrs Julie Butler
ASX Additional Information
Number of shares
% holding
6,453,186,877
59.39
264,352,425
119,865,105
108,000,000
76,710,008
73,484,861
65,404,000
55,770,008
50,000,000
50,000,000
42,933,346
41,090,856
37,500,000
36,515,542
32,333,334
30,074,822
30,000,000
29,764,000
29,626,861
28,466,677
2.43
1.10
0.99
0.71
0.68
0.60
0.51
0.46
0.46
0.40
0.38
0.35
0.34
0.30
0.28
0.28
0.27
0.27
0.26
7,655,078,722
70.46
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
68
Holders of Unlisted Options
Name
EZH Holdings (DE) Two LLC
Vladimir Efros
Jeffrey Easton + Pegah Easton
EZH Holdings (DE) Two LLC
Vladimir Efros
Jeffrey Easton + Pegah Easton
EZH Holdings (DE) Two LLC
Vladimir Efros
Jeffrey Easton + Pegah Easton
EZH Holdings (DE) Two LLC
Vladimir Efros
Jeffrey Easton + Pegah Easton
EZH Holdings (DE) Two LLC
Vladimir Efros
Jeffrey Easton + Pegah Easton
EZH Holdings (DE) Two LLC
Vladimir Efros
Jeffrey Easton + Pegah Easton
EZH Holdings (DE) Two LLC
Vladimir Efros
Jeffrey Easton + Pegah Easton
EZH Holdings (DE) Two LLC
Vladimir Efros
Jeffrey Easton + Pegah Easton
EZH Holdings (DE) Two LLC
Vladimir Efros
Jeffrey Easton + Pegah Easton
EZH Holdings (DE) Two LLC
Vladimir Efros
Jeffrey Easton + Pegah Easton
EZH Holdings (DE) Two LLC
Vladimir Efros
Jeffrey Easton + Pegah Easton
EZH Holdings (DE) Two LLC
Vladimir Efros
Jeffrey Easton + Pegah Easton
EZH Holdings (DE) Two LLC
Vladimir Efros
Jeffrey Easton + Pegah Easton
EZH Holdings (DE) Two LLC
Vladimir Efros
Jeffrey Easton + Pegah Easton
EZH Holdings (DE) Two LLC
Vladimir Efros
Jeffrey Easton + Pegah Easton
EZH Holdings (DE) Two LLC
Vladimir Efros
Jeffrey Easton + Pegah Easton
Bergen Global Opportunity Fund LP
ASX Additional Information
Code
CGNO15
CGNO15
CGNO15
CGNO16
CGNO16
CGNO16
CGNO17
CGNO17
CGNO17
CGNO18
CGNO18
CGNO18
CGNO19
CGNO19
CGNO19
CGNO20
CGNO20
CGNO20
CGNO21
CGNO21
CGNO21
CGNO22
CGNO22
CGNO22
CGNO23
CGNO23
CGNO23
CGNO24
CGNO24
CGNO24
CGNO27
CGNO27
CGNO27
CGNO28
CGNO28
CGNO28
CGNO32
CGNO32
CGNO32
CGNO33
CGNO33
CGNO33
CGNO34
CGNO34
CGNO34
CGNO35
CGNO35
CGNO35
CGNO36
Number of
unlisted options
304,054
263,514
243,243
189,394
164,141
151,516
273,058
236,651
218,446
277,093
240,148
221,675
245,633
212,882
196,507
183,824
159,314
147,058
284,091
246,212
227,273
295,742
256,309
236,593
349,813
303,172
279,851
333,630
289,146
266,904
330,106
286,092
264,084
258,978
224,448
207,182
188,758
163,591
151,007
168,413
145,958
134,731
186,258
161,424
149,007
233,403
202,282
186,722
13,000,000
% holding
37.50
32.50
30.00
37.50
32.50
30.00
37.50
32.50
30.00
37.50
32.50
30.00
37.50
32.50
30.00
37.50
32.50
30.00
37.50
32.50
30.00
37.50
32.50
30.00
37.50
32.50
30.00
37.50
32.50
30.00
37.50
32.50
30.00
37.50
32.50
30.00
37.50
32.50
30.00
37.50
32.50
30.00
37.50
32.50
30.00
37.50
32.50
100.00
100.00
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
69
ASX Additional Information
Distribution of Equity Securities
Class of Security
Security
Code
1 to 1,000
1,001 to
5,000
5,001 to
10,000
10,001 to
100,000
100,001
and Over
Total
Fully paid ordinary
Shares
CGN
422
83
146
1,253
2,336
4,240
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
CGNO15
CGNO16
CGNO17
CGNO18
CGNO19
CGNO20
CGNO21
CGNO22
CGNO23
CGNO24
CGNO25
CGNO26
CGNO27
CGNO28
CGNO32
CGNO33
CGNO34
CGNO35
CGNO36
Fully paid ordinary
Shares under Escrow
CGNESC6
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
3
3
3
3
3
3
3
3
3
3
2
3
3
3
3
3
3
3
1
1
3
3
3
3
3
3
3
3
3
3
2
3
3
3
3
3
3
3
1
1
Number of holders holding less than a marketable parcel of shares
A marketable parcel is defined by the Market Rule Procedures of the ASX as a parcel of securities with a value of not less than $500.
The number of ordinary shareholders holding less than a marketable parcel of shares is 2,983.
On market buy‐back
There is no current on market buy‐back
Crater Gold Mining Limited
(formerly Gold Anomaly Limited)
70